Core Viewpoint - The company DaShi Intelligent (002421) announced plans for significant share reductions by its chairman and general manager, amidst a backdrop of declining financial performance and investor dissatisfaction with stock price trends [1][4]. Group 1: Shareholding and Reduction Plans - Chairman Liu Pang plans to reduce his holdings by up to 30.41 million shares, representing 1.43% of the total share capital [1]. - General Manager Su Junfeng intends to reduce his holdings by up to 1.96 million shares, accounting for 0.09% of the total share capital [1]. - Liu Pang directly holds 5.74% of the shares and controls an additional 12.78% through a management company, totaling 18.52% [2][3]. Group 2: Financial Performance - DaShi Intelligent's revenue decreased by 26.8% year-on-year in the first half of the year, with a staggering net profit decline of 7900.70% [1]. - The company reported a net loss exceeding 88 million yuan, indicating a significant financial setback [7]. - The company anticipates a further net profit loss of over 300 million yuan, which has not yet been accounted for in the financial statements [8][10]. Group 3: Market Reaction and Management Response - The stock price has shown a downward trend since peaking in March, with a recent price of 3.48 yuan per share, down 0.57% [4]. - Investors expressed dissatisfaction with the prolonged low stock price, which management acknowledged, emphasizing their commitment to innovation and technology investment [4][5]. - Management remains optimistic about future recovery despite the current challenges, referring to the recent performance as a short-term fluctuation [1][5].

Core Viewpoint - The company DaShi Intelligent (002421) announced plans for share reductions by its chairman Liu Pang and general manager Su Junfeng, amidst significant declines in revenue and net profit in the first half of the year [2][9]. Group 1: Share Reduction Plans - Liu Pang plans to reduce his holdings by up to 30.4142 million shares, representing 1.43% of the total share capital, while Su Junfeng intends to reduce his holdings by up to 1.9647 million shares, or 0.09% of the total share capital [2]. - Prior to the announcement, Liu Pang directly held 5.74% of DaShi Intelligent's shares and controlled an additional 12.78% through Changdu DaShi Enterprise Management Co., totaling 18.52% [3][4]. - Su Junfeng holds 0.37% of the shares and was recently promoted to general manager [5]. Group 2: Financial Performance - In the first half of the year, DaShi Intelligent's revenue decreased by 26.8%, and the net profit dropped significantly by 7900.70% [2][9]. - The company reported a net loss exceeding 88 million yuan, with an anticipated additional loss of over 300 million yuan not yet accounted for [9][10]. - The management expressed confidence in future transformations despite the current financial challenges [2]. Group 3: Market Reactions and Challenges - The company's stock price has been on a downward trend since peaking in early 2025, with a recent price of 3.48 yuan per share, down 0.57% [6]. - Investors have expressed dissatisfaction with the prolonged low stock price, which they believe harms both the company and its investors [6]. - The management reiterated their commitment to innovation and technology investment, hoping these efforts will eventually reflect in the company's market value and stock price [6]. Group 4: Future Outlook - The year 2025 marks the 30th anniversary of DaShi Intelligent and the beginning of its three-year "healthy growth period" plan, but the recent financial performance poses significant challenges to achieving profitability [9][10]. - The company faces pressure to achieve revenue growth in 2025, given the poor performance in the first half of the year and the implications of the recent project disposals [10].

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: | 信德集團有限公司 | | | 呈交日期: | 2025年9月3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) | 00242 | 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 | | | 3,017,661,785 | | 0 | | 3,017,661,785 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, with a total revenue of HKD 1.346 billion, representing a year-on-year decrease of 37.8% [1] Financial Performance - The loss attributable to the company's owners was HKD 120 million, which shows a substantial narrowing of 71.9% compared to the previous period [1] - The basic loss per share was reported at HKD 0.04 [1]

[Company Announcements and Key Financial Highlights](index=1&type=section&id=Company%20Announcements%20and%20Key%20Financial%20Highlights) This section provides an overview of the company's interim results and dividend policy [Interim Results Overview](index=1&type=section&id=Group%20Performance) Shun Tak Holdings Limited reported a significant reduction in loss attributable to owners for the six months ended June 30, 2025, with adjusted profit reversing previous losses Key Financial Performance H1 2025 | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Unaudited Loss Attributable to Owners of the Company | (120) | (428) | Loss narrowed | Adjusted Financial Performance H1 2025 | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Adjusted Profit/(Loss) Attributable to Owners | 270 | (108) | Turned from loss to profit | Basic Loss Per Share | Metric | H1 2025 (HK Cents) | H1 2024 (HK Cents) | Change | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (4.0) | (14.2) | Loss narrowed | [Interim Dividend](index=1&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for H1 2025, consistent with H1 2024[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including the income statement, comprehensive income statement, and balance sheet [Condensed Consolidated Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue decreased, but operating profit significantly increased due to other net gains and cost control, leading to a narrowed loss Key Data from Condensed Consolidated Income Statement | Metric | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,345,992 | 2,162,476 | Decrease 37.76% | | Other income | 170,149 | 138,038 | Increase 23.26% | | Other net gains | 271,606 | — | New | | Operating profit | 509,217 | 199,719 | Increase 154.96% | | Finance costs | (275,825) | (351,392) | Decrease 21.51% | | Loss for the period | (94,623) | (413,151) | Loss narrowed 77.12% | | Loss attributable to owners of the Company | (120,450) | (428,108) | Loss narrowed 71.83% | | Basic loss per share (HK Cents) | (4.0) | (14.2) | Loss narrowed 71.83% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group reported a significant improvement in total comprehensive income for the period, turning from a loss to a gain, driven by currency translation differences and fair value changes of equity instruments Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | (94,623) | (413,151) | Loss narrowed 77.12% | | Currency translation differences | 447,290 | (247,625) | Turned from loss to profit | | Share of currency translation differences of joint ventures | 134,939 | (117,436) | Turned from loss to profit | | Equity instruments at fair value through other comprehensive income: Changes in fair value | 166,746 | 43,988 | Increase 279.08% | | Other comprehensive income/(loss) for the period (net of tax) | 780,863 | (410,702) | Turned from loss to profit | | Total comprehensive income/(loss) for the period | 686,240 | (823,853) | Turned from loss to profit | | Total comprehensive income/(loss) attributable to owners of the Company | 654,676 | (832,858) | Turned from loss to profit | [Condensed Consolidated Balance Sheet](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's net assets and total equity increased, with a significant rise in net current assets due to reduced current bank borrowings Key Data from Condensed Consolidated Balance Sheet | Metric | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 31,468,432 | 31,415,185 | Increase 0.17% | | Total current assets | 18,732,803 | 18,788,713 | Decrease 0.30% | | Total current liabilities | 5,092,416 | 6,889,054 | Decrease 26.08% | | Net current assets | 13,640,387 | 11,899,659 | Increase 14.63% | | Net assets | 33,178,127 | 32,732,387 | Increase 1.36% | | Total equity | 33,178,127 | 32,732,387 | Increase 1.36% | | Bank borrowings (current) | 3,858,352 | 5,617,689 | Decrease 31.32% | | Bank borrowings (non-current) | 11,211,562 | 9,817,943 | Increase 14.19% | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section details the basis of preparation, accounting policies, and significant impacts of revised standards on the interim financial statements [Basis of Preparation and Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and HKEX Listing Rules, consistent with 2024 policies, with key management estimates and judgments applied - The financial statements are prepared in accordance with HKEX Listing Rules and HKAS 34, with accounting policies consistent with the 2024 annual financial statements, except for newly adopted standards[8](index=8&type=chunk) - Management applied key accounting estimates and judgments in preparing the financial statements[9](index=9&type=chunk) [Impact of Revised Standards](index=7&type=section&id=Impact%20of%20Revised%20Standards) The Group adopted certain standard amendments effective January 1, 2025, with no material impact, and is evaluating new standards like HKFRS 18, which may affect financial statement presentation - Adopted amendments to HKAS 21 and HKFRS 1 had no material impact on current period results and financial position[10](index=10&type=chunk) - The Group is assessing the impact of HKFRS 18 'Presentation and Disclosure in Financial Statements', which may affect the classification of income and expenses in the consolidated income statement, report structure, and additional disclosures[11](index=11&type=chunk) - Other unadopted standard amendments are not expected to have a material impact on the Group's results[13](index=13&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The Group operates in four reportable segments: Property, Hospitality and Leisure, Transportation, and Investments, with Property showing significant profit and Hospitality and Leisure narrowing losses - The Group has four reportable segments: Property, Hospitality and Leisure, Transportation, and Investments, each with distinct business and market strategies[14](index=14&type=chunk) Segment Results H1 2025 | Segment | Segment Results (HKD Thousand) | Fair Value Changes of Investment Properties (HKD Thousand) | Share of Results of Joint Ventures (HKD Thousand) | Share of Results of Associates (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Property | 597,687 | (167,964) | (220,840) | (23,182) | | Hospitality and Leisure | (53,900) | — | (10,513) | (6,286) | | Transportation | — | — | — | 21 | | Investments | 53,507 | — | — | (33,515) | | Consolidated | 597,294 | (167,964) | (231,353) | (62,962) | Segment Assets and Liabilities as of June 30, 2025 | Segment | Segment Assets (HKD Thousand) | Joint Ventures (HKD Thousand) | Associates (HKD Thousand) | Segment Liabilities (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Property | 23,361,259 | 10,008,988 | 4,492,047 | 634,014 | | Hospitality and Leisure | 4,637,915 | (234,167) | 93,563 | 209,446 | | Transportation | 225,337 | — | 388,298 | 25 | | Investments | 1,793,925 | — | 584,961 | 12,107 | | Consolidated | 30,018,436 | 9,774,821 | 5,558,869 | 855,592 | [Operating Profit and Other Net Gains](index=12&type=section&id=Operating%20Profit) Operating profit for H1 2025 significantly increased, primarily driven by net exchange gains, stable interest and dividend income, and a substantial decrease in property inventory sales costs Composition of Operating Profit | Item | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Net exchange gains | 271,606 | — | New | | Interest income from bank deposits and others | 122,865 | 116,995 | Increase 5.02% | | Rental income from investment properties | 106,805 | 109,374 | Decrease 2.35% | | Dividend income from listed investments | 5,376 | 9,253 | Decrease 41.90% | | Dividend income from unlisted investments | 62,555 | 57,996 | Increase 7.86% | | Cost of inventories sold — properties | 347,556 | 1,090,998 | Decrease 68.14% | | Net exchange (gains)/losses | (271,606) | 99,202 | Turned from loss to profit | [Finance Costs](index=13&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs decreased by 21.51%, mainly due to a reduction in interest on bank borrowings Finance Costs Details | Item | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 261,795 | 336,766 | Decrease 22.39% | | Interest on lease liabilities | 1,758 | 2,561 | Decrease 31.36% | | Other finance costs | 12,272 | 12,065 | Increase 1.72% | | Total finance costs | 275,825 | 351,392 | Decrease 21.51% | [Taxation](index=13&type=section&id=Taxation) Total taxation for H1 2025 slightly decreased, driven by a significant reduction in non-Hong Kong taxes and tax credits from deferred tax movements Taxation Details | Item | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 5,182 | 3,894 | Increase 33.08% | | Non-Hong Kong taxation | 94,987 | 155,310 | Decrease 38.84% | | Total current period taxation | 100,169 | 159,204 | Decrease 37.08% | | Deferred taxation | (66,469) | (124,177) | Tax credit decreased | | Total taxation | 33,700 | 35,027 | Decrease 3.80% | - Hong Kong Profits Tax rate is **16.5%**, with non-Hong Kong taxation primarily from Macau (**12%**), China (**25%**), and Singapore (**17%**)[20](index=20&type=chunk) [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) Basic loss per share for the six months ended June 30, 2025, significantly narrowed to 4.0 HK cents, with no dilutive effect Loss Per Share Data | Metric | H1 2025 (HK Cents) | H1 2024 (HK Cents) | Change | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (4.0) | (14.2) | Loss narrowed 71.83% | | Diluted Loss Per Share | (4.0) | (14.2) | Loss narrowed 71.83% | - Loss per share is calculated based on a loss attributable to owners of the Company of **HKD 120,450,000** and a weighted average of **3,017,661,785** ordinary shares outstanding[22](index=22&type=chunk) [Trade and Other Receivables and Payables](index=14&type=section&id=Trade%20and%20Other%20Receivables%20and%20Payables) Trade receivables significantly decreased, while trade payables increased as of June 30, 2025, with the Group's credit period generally ranging from zero to sixty days - The Group's credit period to customers generally ranges from **zero to sixty days**, with trade receivables managed according to market requirements and credit policies[23](index=23&type=chunk) Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | 0 to 30 days | 120,073 | 491,831 | Decrease 75.59% | | 31 to 60 days | 17,085 | 18,079 | Decrease 5.50% | | 61 to 90 days | 7,162 | 6,413 | Increase 11.68% | | Over 90 days | 44,718 | 12,614 | Increase 254.51% | | Total | 189,038 | 528,937 | Decrease 64.26% | Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | 0 to 30 days | 210,659 | 146,115 | Increase 44.17% | | 31 to 60 days | 873 | 1,850 | Decrease 52.81% | | 61 to 90 days | 100 | 40 | Increase 150.00% | | Over 90 days | 1,098 | 1,104 | Decrease 0.54% | | Total | 212,730 | 149,109 | Increase 42.67% | [Events After the Reporting Period](index=15&type=section&id=Events%20After%20the%20Reporting%20Period) On July 28, 2025, a Group subsidiary entered into an agreement to sell office and retail units in Zhuhai for RMB 724.2 million - On July 28, 2025, Zhuhai Hengqin Shun Tak sold Zhuhai office and retail units to SJM — Investments Limited for **RMB 724.2 million**[26](index=26&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) This section provides a detailed review of the Group's performance across its Property, Hospitality and Leisure, Transportation, and Investments segments [Property](index=16&type=section&id=Property) Despite a weak macroeconomic environment, the Property segment recorded a profit of HKD 598 million in H1 2025, driven by development project revenue and net exchange gains, with strong sales in high-end residential projects and improved occupancy in commercial properties Property Segment Performance | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Profit recorded | 598 | 363 | Increase 64.74% | - Macau Nova City has sold **93%** (total **1,775 units**), and Nova Park has sold **98%** (total **620 units**)[27](index=27&type=chunk) - Singapore Park Nova has sold **94%** (total **54 residential units**), with one penthouse becoming one of the highest average selling price condominiums in Singapore's residential property market[28](index=28&type=chunk)[29](index=29&type=chunk) Shanghai Projects Occupancy Rates | Project | H1 2025 Occupancy Rate | H1 2024 Occupancy Rate | Change | | :--- | :--- | :--- | :--- | | Shanghai Qiantan 31 Retail Space | 87% | 83% | Increase 4 percentage points | | Shanghai Qiantan 31 Office | 72% | 59% | Increase 13 percentage points | | Shanghai Suhewan 'MixC World' | 95% | 91% | Increase 4 percentage points | | Shanghai Suhewan 'Suhewan Centre' Office | 69% | 55% | Increase 14 percentage points | - Macau Nova Mall occupancy rate increased to **85%** (H1 2024: **84%**), but One Central suffered from the general retail environment[30](index=30&type=chunk) [Hospitality and Leisure](index=18&type=section&id=Hospitality%20and%20Leisure) Despite global economic slowdown, the Hospitality and Leisure segment narrowed its loss by 40% year-on-year, driven by stable tourism recovery, improved hotel occupancy rates, and active cultural tourism development Hospitality and Leisure Segment Performance | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Loss recorded | (54) | (86) | Loss narrowed 40% | - The Group holds interests in **ten hotels**, and its subsidiary hotel management company, Artyzen Hospitality Group, manages **seventeen hotels and serviced apartments**[31](index=31&type=chunk) Hotel Average Occupancy Rates | Region | H1 2025 Occupancy Rate | H1 2024 Occupancy Rate | Change | | :--- | :--- | :--- | :--- | | Hong Kong SkyCity Marriott Hotel | 76.5% | 70.9% | Increase 5.6 percentage points | | Mainland China Operations | 56.7% | 46.3% | Increase 10.4 percentage points | | Macau Operations | 73.8% | 60.9% | Increase 12.9 percentage points | | Mandarin Oriental Macau | 79.3% | 63.4% | Increase 15.9 percentage points | | Artyzen Singapore | 45.7% | — | — | - Revenue from cultural and artistic performance venues at Shanghai Qiantan 31 significantly increased, solidifying its position as a cultural and commercial activity hub[33](index=33&type=chunk) - The 'Adventure Theme Zone' project at Hong Kong Ocean Park, developed in partnership with AJ Hackett International Group, has completed site handover and entered the scheme design phase, with completion expected in **2028**[33](index=33&type=chunk) [Transportation](index=19&type=section&id=Transportation) The Transportation segment achieved break-even results, focusing on building a comprehensive Greater Bay Area multi-modal transport network, including new ferry services and tourism initiatives - The Transportation segment integrates 'Tourism+' and 'Transportation+' concepts into its business strategy to strengthen its intermodal network[34](index=34&type=chunk) - In June 2025, the Group signed an MOU with Shenzhen Airport (Group) Co., Ltd. to provide ferry operation and management services connecting Shenzhen Airport Terminal to Macau and Hong Kong[34](index=34&type=chunk) - TurboJET participated in the 'Fly to Macau' promotion program for the second consecutive year and launched travel packages[35](index=35&type=chunk) - Macau Maritime Tour launched a new 'Outer Harbour — Barra' route, enhancing the visitor experience in Macau[35](index=35&type=chunk) - The segment recorded break-even results in H1 2025 (H1 2024: share of profit of **HKD 6 million**), primarily impacted by the reversal of deferred tax assets[35](index=35&type=chunk) [Investments](index=20&type=section&id=Investments) The Investments segment recorded a profit of HKD 54 million, driven by dividends from Macau gaming operations and sales growth in retail ventures, while maintaining Kai Tak Cruise Terminal's market dominance - The Group is a long-term investor in Sociedade de Turismo e Diversões de Macau, S.A., receiving **HKD 63 million** in dividends in H1 2025 (H1 2024: **HKD 58 million**)[36](index=36&type=chunk) - Kai Tak Cruise Terminal maintained its dominant market share of approximately **two-thirds** in Hong Kong and welcomed new cruise routes[36](index=36&type=chunk) - Toys 'R' Us and Stecco Natura stores under Shun Tak East West Limited both recorded sales growth during the reporting period[36](index=36&type=chunk) Investments Segment Performance | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Profit recorded | 54 | 51 | Increase 5.88% | [Developments and Outlook](index=21&type=section&id=Developments%20and%20Outlook) The Group remains optimistic about the H2 2025 tourism outlook, focusing on its "Tourism+" strategy, key project developments, and expanding its healthcare property and transportation networks - The Group anticipates an optimistic outlook for the tourism and leisure industry in H2 2025, continuing to strictly monitor costs, flexibly manage transport schedules, and enhance service quality[37](index=37&type=chunk) - The 'Tourism+' strategy is the Group's core driver, aiming to solidify its position as a leading integrated cultural tourism enterprise[37](index=37&type=chunk) - The 'Aerial Adventure Theme Zone' project at Hong Kong Ocean Park has entered its initial scheme design phase, expected to introduce world-class high-altitude adventure tourism attractions[37](index=37&type=chunk) - The Group is planning a new Artyzen hotel in Xi'an, expected to open in **Q1 2028**, in response to the 'Belt and Road' initiative[38](index=38&type=chunk) - The Group has signed an agreement to sell part of its Hengqin integrated development project (approximately **19,781 square meters** of office and retail units), with the buyer planning to convert them into three-star hotel facilities in response to Greater Bay Area hotel policies[38](index=38&type=chunk) - The Group is actively advancing its healthcare property development strategy, with the Kunming South High-Speed Rail Station integrated development project expected to open in **Q4 2025**, and most facilities at the Tianjin South High-Speed Rail Station integrated development project already operational[39](index=39&type=chunk) - Construction of the Beijing Tongzhou integrated development project is progressing as scheduled, with two office towers and one serviced apartment building expected to obtain completion records in **2026**[39](index=39&type=chunk) - The Transportation segment will continue to enhance the Greater Bay Area's sea, land, and air cross-border intermodal transport network and explore low-altitude economy development[40](index=40&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This section provides an overview of the Group's liquidity, financial resources, capital structure, and financial risk management [Liquidity, Financial Resources and Capital Structure](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's bank balances and deposits increased, with substantial unutilized banking facilities and an improved capital-to-debt ratio, indicating a robust financial position Liquidity and Capital Structure | Metric | June 30, 2025 (HKD Million) | December 31, 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Bank balances and deposits | 8,479 | 7,810 | Increase 8.57% | | Total available banking facilities | 18,880 | — | — | | Unutilized banking facilities | 3,747 | — | — | | Outstanding principal amount of bank borrowings | 15,133 | — | — | | Net borrowings | 6,591 | — | — | | Capital-to-debt ratio | 21.2% | 25.1% | Decrease 3.9 percentage points | Maturity Profile of Principal Borrowings | Maturity Period | Percentage of Total | | :--- | :--- | | Within one year | 25% | | One to two years | 33% | | Two to five years | 41% | | Over five years | 1% | | Total | 100% | [Material Acquisitions, Disposals and Commitments](index=23&type=section&id=Material%20Acquisitions%2C%20Disposals%20and%20Commitments) The Group had no material acquisitions or disposals during the period but has commitments for a theme park development and unfulfilled capital commitments for a healthcare property investment - No material acquisitions or disposals occurred during the period[44](index=44&type=chunk) - The Group has unfulfilled commitments of approximately **HKD 33 million** for the development of the Adventure Theme Zone at a Hong Kong theme park[44](index=44&type=chunk) - The Group holds a **30%** interest in Perennial HC Holdings Pte. Ltd. (HC Co) and has unfulfilled capital commitments of approximately **USD 64 million** (approximately **HKD 503 million**) for its investment in China healthcare property projects[45](index=45&type=chunk) [Pledged Assets](index=24&type=section&id=Pledged%20Assets) As of the period end, the Group pledged assets with a total book value of HKD 11,423 million as collateral for bank loans, with some secured by subsidiary shares Pledged Assets Status | Metric | June 30, 2025 (HKD Million) | December 31, 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total book value of pledged assets | 11,423 | 10,983 | Increase 4.01% | | Principal amount of pledged bank loans | 4,743 | 4,976 | Decrease 4.68% | | Principal amount of bank loans secured by shares of subsidiaries | 518 | 533 | Decrease 2.81% | [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of the period end, the Group had no significant contingent liabilities, though a corporate guarantee for an associate was utilized for HKD 100 million as of December 31, 2024 - As of the period end, the Group had no significant contingent liabilities[47](index=47&type=chunk) - As of December 31, 2024, the Company's corporate guarantee for banking facilities provided to an associate was utilized for **HKD 100 million**[47](index=47&type=chunk) [Financial Risks](index=24&type=section&id=Financial%20Risks) The Group employs a prudent financial risk management policy to minimize currency and interest rate risks, with most funds at floating rates and regular foreign exchange reviews - The Group adopts a prudent policy to manage financial risks, minimizing currency and interest rate exposures[48](index=48&type=chunk) - Most funds raised are at floating interest rates, with approximately **71%** of bank deposits, cash, and bank balances denominated in HKD, MOP, and USD[48](index=48&type=chunk) - The Group will periodically review its foreign exchange position and market conditions to determine the need for hedging[48](index=48&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers the Group's human resources, securities transactions, corporate governance practices, and the review of financial statements [Human Resources](index=25&type=section&id=Human%20Resources) The Group employs approximately 1,700 staff, offering competitive remuneration, performance-based promotions, and fostering team spirit through activities and training - The Group employs approximately **1,700 employees** (excluding joint ventures and associates)[49](index=49&type=chunk) - The Group adopts competitive remuneration packages, with promotions and salary increments based on individual performance[49](index=49&type=chunk) - The Group organizes social activities and encourages employee participation in training programs to foster team spirit[49](index=49&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[50](index=50&type=chunk) [Corporate Governance Code](index=25&type=section&id=Corporate%20Governance%20Code) The Group complied with most Corporate Governance Code provisions, with exceptions regarding independent non-executive director tenure and the combined roles of Chairman and Chief Executive, which have been addressed or deemed appropriate - The Group complied with all provisions of the Corporate Governance Code, except for Code Provision B.2.4(b) (tenure of independent non-executive directors) and C.2.1 (separation of Chairman and Chief Executive roles)[51](index=51&type=chunk) - Although three INEDs served for over nine years, the Board believes their independent judgment was unaffected; the Company appointed new INEDs on **July 2, 2025**, to comply with the Code[52](index=52&type=chunk)[53](index=53&type=chunk) - The Board believes combining the roles of Chairman and Chief Executive by Ms. Pansy Ho is in the Company's best interest, as all major decisions are discussed by the Board and committees, with independent advice from **four INEDs**[54](index=54&type=chunk) [Review by Audit and Risk Management Committee](index=26&type=section&id=Review%20by%20Audit%20and%20Risk%20Management%20Committee) The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, were reviewed by the Audit and Risk Management Committee and external auditors - The unaudited condensed consolidated interim financial statements have been reviewed by the Audit and Risk Management Committee[55](index=55&type=chunk) - External auditor PricewaterhouseCoopers reviewed the financial statements in accordance with Hong Kong Standard on Review Engagements 2410[55](index=55&type=chunk)

Financial Performance - The company's total operating revenue for the first half of 2025 was 273 million yuan, an increase of 34.34 million yuan compared to the same period last year, representing a year-on-year growth of 14.37% [1] - The net profit attributable to shareholders was -58.74 million yuan [1] - The net cash inflow from operating activities was 3.07 million yuan, an increase of 470,400 yuan compared to the same period last year, reflecting a year-on-year increase of 18.07% [1] Financial Ratios - The company's latest debt-to-asset ratio is 12.55%, ranking 4th among disclosed peers, with a decrease of 0.26 percentage points compared to the same period last year [3] - The latest gross profit margin is -2.14% [3] - The latest return on equity (ROE) is -2.00% [3] Efficiency Metrics - The diluted earnings per share is -0.06 yuan [4] - The latest total asset turnover ratio is 0.08 times, an increase of 0.02 times compared to the same period last year, achieving a year-on-year growth of 36.52% [4] - The number of shareholders is 52,700, with the top ten shareholders holding 278 million shares, accounting for 29.06% of the total share capital [4]

Core Viewpoint - ST Kevin reported a revenue of 273 million RMB for the first half of 2025, marking a year-on-year increase of 14.37%, driven by the successful launch of new game products [1] Group 1: Financial Performance - The company achieved a revenue of 273 million RMB, reflecting a 14.37% increase compared to the previous year [1] - The growth was attributed to the active iteration and launch of new game products, which contributed to incremental revenue [1] Group 2: Market Strategy and Operations - ST Kevin continued to deepen its market layout and optimize product structure in the gaming sector, achieving steady operational growth despite intensified competition [1] - The company is focusing on innovative business models and has made significant progress in its operational strategies [1] Group 3: Shareholder Composition - The top ten shareholders of ST Kevin include seven well-known "bull teams," indicating potential market movements [1][6] - Notable shareholders include Wei Wei and members of the "bull team F4," who have a history of collaborative investments [2][4] - The presence of these influential shareholders may impact the future market performance of ST Kevin [6] Group 4: Future Prospects - Upcoming highlights for ST Kevin include the release of games like "World of the Veil" and "All-Star Awakening," which are set to be published by Tencent [6] - The company plans to apply for the removal of its ST designation in December, which could enhance its market perception [6] - The general manager, He Xiaowei, has acquired a 5% stake from the controlling shareholder, indicating confidence in the company's future [6]

Core Viewpoint - The announcement of the share transfer by Caesar Culture (ST Kevin) indicates a strategic move to align the interests of management and shareholders, enhancing the company's long-term growth potential through the involvement of experienced management [1][2]. Group 1: Share Transfer Details - The controlling shareholder, Caesar Group (Hong Kong), plans to transfer 47.83 million shares (5% of total shares) to the company's general manager, He Xiaowei, at a price of 3.33 yuan per share, totaling 159 million yuan [1]. - He Xiaowei has committed to a 36-month lock-up period, reflecting confidence in the company's long-term development [2]. Group 2: Management and Shareholder Alignment - The share transfer binds the core management team with shareholder interests, allowing He Xiaowei to participate in decision-making with a dual role as both a major shareholder and manager [2]. - This transaction is seen as a way to enhance responsibility and long-term value focus, transitioning He Xiaowei from a "professional manager" to a "business partner" [2]. Group 3: Industry Context and Comparisons - Similar cases in the gaming industry, such as the share transfer by 37 Interactive Entertainment's major shareholder to a core director, have shown positive outcomes in aligning interests and driving strategic initiatives [2]. - The transaction is viewed as a method of "exchanging equity for capability," which is expected to improve ST Kevin's competitive edge and resource access in the gaming market [2]. Group 4: Future Prospects - ST Kevin is anticipated to apply for the removal of its ST designation by December 4, 2025, following the new delisting regulations, which could restore its original stock name [4]. - Recent reports indicate a positive sentiment from new individual shareholders, suggesting increased confidence in ST Kevin's future performance [4][6].

Core Viewpoint - The announcement by ST Kevin regarding the transfer of shares from its controlling shareholder to the general manager reflects confidence in the company's long-term development prospects and sends a positive signal to the capital market [1][2] Group 1: Share Transfer Details - ST Kevin's controlling shareholder, Caesar Group (Hong Kong) Limited, plans to transfer 47.833 million unrestricted shares to the general manager, He Xiaowei, at a price of 3.33 yuan per share, totaling approximately 159.28 million yuan [1] - Following this transfer, He Xiaowei's shareholding in ST Kevin will increase from 0.08% to 5.08%, making him a shareholder with over 5% ownership [1] Group 2: Company Strategy and Product Development - Since its transformation, ST Kevin has focused on the adaptation and distribution of IP games, with a development team led by He Xiaowei [1] - Successful products developed by the team include titles such as "Three Kingdoms 2017," "Saint Seiya: Awakening," and "Dragon Ball" [1] - Current IP reserves include projects like "World of the Sky," "All-Star Awakening," "Ultraman: Light Warriors," "One Piece," and "Yu Yu Hakusho" [1] Group 3: Market Impact and Future Prospects - The transfer of shares indicates the management's recognition of the company's future development and investment value, strengthening the bond between core team members and the company [2] - The ongoing testing of notable IP adaptations like "World of the Sky" by Tencent and "All-Star Awakening" is expected to inject new momentum into the company's business and performance growth [2]

Group 1 - The core point of the article is that ST Kevin (002425.SZ) announced a share transfer agreement where its controlling shareholder, Caesar Group (Hong Kong) Limited, will transfer 47,833,300 shares, representing 5.00% of the company's total share capital, to the company's director and general manager, He Xiaowei [1] - The transfer price is set at 3.33 yuan per share, resulting in a total transaction value of 159 million yuan [1] - There is no relationship between the transferee and the controlling shareholder, indicating an independent transaction [1]