爪 哇 控 股 有 限 公 司* S E A HOLDINGS LIMITED （於百慕達註冊成立之有限公司） (股份代號：251) 二零二五年九月二十九日 各已登記股東： S E A Holdings Limited 爪哇控股有限公司（「本公司」） - 二零二五年中期報告（「本次公司通訊」）的刊發通知 本次公司通訊的英文及中文版本已載於本公司網站 www.seagroup.com.hk「投資者關係」一欄， 閣 下可於「財務報告」及「最新消息/公告」項下閱覽本次公司通訊。此文件亦已載於香港交易及 結算所有限公司（「香港交易所」）網站 www.hkexnews.hk。如 閣下已選擇收取公司通訊的印刷 本，隨本函附上本次公司通訊的印刷本。 公司通訊指本公司發出或將發出，按香港聯合交易所有限公司證券上市規則第 1.01 條所定義向任 何本公司股份持有人提供資料或供其採取行動之任何文件，包括但不限於： (i) 董事會報告、 年度賬目連同核數師報告以及（如適用）財務摘要報告；(ii) 中期報告及（如適用）中期摘要報告； (iii) 會議通告；(iv) 上市文件；(v) 通函；及 (vi) 代表委任表格。 若 閣下欲 ( ...

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 204.3 million, a slight increase from HKD 203.5 million in 2024, representing a growth of 0.4%[9] - Operating profit before fair value changes of investment properties was HKD 103.7 million, up from HKD 96.9 million in 2024, indicating a growth of 7.5%[9] - The group reported a loss attributable to shareholders of HKD 159,400,000, compared to a loss of HKD 72,000,000 in 2024, equating to a basic loss per share of HKD 0.265[51] - The company reported a loss of HKD 159,388,000 for the period, compared to a loss of HKD 72,046,000 in the previous year, indicating an increase in losses of 121.5%[106] - The company’s basic and diluted loss per share was HKD 26.5, compared to HKD 12.0 in the previous year, indicating a worsening of 120.8%[106] Asset and Equity Information - The net asset value attributable to shareholders as of June 30, 2025, was HKD 8.04 billion, with a net asset value per share of HKD 13.4[9] - As of June 30, 2025, the group's total assets in Hong Kong were valued at HKD 4,277.0 million, down from HKD 4,451.4 million at the end of 2024[52] - Total assets as of June 30, 2025, were HKD 9,318,864,000, a decrease from HKD 9,698,472,000 at the end of 2024, representing a decline of 3.9%[109] - As of June 30, 2025, total equity decreased to HKD 3,886,181,000 from HKD 3,923,454,000 as of December 31, 2024, reflecting a decline of approximately 0.95%[110] Investment Properties - The investment property at 1 Shouson Hill Road has a total floor area of approximately 22,000 square feet and is fully owned[24] - The property at 33 Old Broad Street in London has a net internal area of 191,165 square feet and is fully owned[32] - The total value of investment properties for the subsidiary in the UK was HKD 4,010,700,000 as of June 30, 2025, an increase from HKD 3,683,400,000 as of December 31, 2024[73] - The fair value change of investment properties resulted in a loss of HKD 102,665,000, with no such loss reported in the previous year[106] - The property investment segment reported external revenue of HKD 108,296,000, while the hotel operations segment generated HKD 82,165,000 in revenue for the six months ended June 30, 2025[122] Dividends and Share Information - The company declared an interim dividend of HKD 0.02 per share[9] - The board declared an interim dividend of HKD 0.02 per share for the six months ending June 30, 2025, consistent with the previous year[53] - The company declared dividends amounting to HKD 18,064,000 during the period[111] - As of June 30, 2025, the total issued shares of the company amounted to 602,122,726, with significant shareholdings by directors, including 446,392,255 shares held by director 呂榮梓, representing 74.14% of the issued capital[86] Financial Strategy and Market Outlook - The company is focusing on expanding its property portfolio in both Hong Kong and London, targeting high-value residential and commercial developments[9] - The strategic plan includes potential acquisitions to enhance the company's market position and asset base[9] - The company remains confident in Hong Kong's resilience and growth potential despite ongoing geopolitical tensions and trade uncertainties, aiming to seize optimal opportunities in a dynamic market[81] - The company has implemented appropriate economic stimulus measures in response to the geopolitical tensions and trade uncertainties affecting growth[77] Cash Flow and Financing - The net cash generated from operating activities was HKD 118,877,000, a decrease of 50.5% compared to HKD 239,618,000 for the same period in 2024[115] - The net cash used in investing activities was HKD 154,686,000, a significant decline from the net cash generated of HKD 358,512,000 in the previous year[115] - The financing activities resulted in a net cash outflow of HKD 632,558,000, compared to HKD 780,494,000 in the prior period, indicating a reduction of 19%[115] - The group has a committed revolving credit facility of approximately HKD 1 billion from seven well-known financial institutions, ensuring liquidity for future business development[69] Economic and Market Conditions - The global economic growth is projected to slow from 3.3% in 2024 to 2.8% in 2025, according to the International Monetary Fund[76] - China's economy grew by 5.2% in Q2 2025, slightly down from 5.4% in Q1, but still above market expectations[77] - The Hong Kong real estate market continues to face challenges, with slow recovery in property prices reflecting weak consumer sentiment[78] Corporate Governance - The company has implemented corporate governance principles in accordance with the listing rules, ensuring compliance and enhancing performance[83] - The board is responsible for maintaining effective risk management and internal control systems to protect shareholder interests and company assets[84] - The company emphasizes adherence to the Corporate Governance Code and the Listing Rules[177] - The company has established various committees, including the Audit Committee and the Remuneration Committee, to ensure effective governance[178]

Market Overview - A-shares opened lower and experienced fluctuations, with the ChiNext Index dropping over 1% and falling below 3200 points, while the Shanghai Composite Index and Shenzhen Component Index also showed slight declines [1] - The number of rising stocks slightly exceeded that of falling stocks, with trading volume showing a slight contraction trend [1] Sector Performance - The chemical fiber, wind power equipment, performance pre-increase, and energy metals sectors saw the largest gains, while consumer electronics, cloud services, chemical pharmaceuticals, and copper cable high-speed connections experienced the largest declines [1] Wind Power Industry Insights - International giants are optimistic about China's wind power construction, with Morgan Stanley noting that the industry has successfully reversed a vicious competition situation after a challenging period from 2022 to 2024 [5] - It is expected that the average annual new installed capacity during the "14th Five-Year Plan" period will exceed 110 GW, potentially reaching around 120 GW between 2028 and 2030 [5] - The establishment of a self-regulatory convention among 12 major wind turbine manufacturers has contributed to a more stable development of the wind power industry [5] - Wind power is becoming more attractive for investment compared to photovoltaic power due to favorable power curves and electricity price prospects [6] Chemical Industry Developments - The chemical sector showed collective gains, particularly in the chemical fiber direction, with significant increases in stock prices and trading volume [7] - After a "de-involution" inventory cycle in 2024, some sub-industries within the chemical sector are showing clear signs of profit recovery [10] - Prices for refrigerants have significantly increased, with R32, R134a, and R125 prices rising by 44.19%, 22.35%, and 8.33% respectively [10] - The modified plastics sector is experiencing rapid growth due to increased demand from humanoid robots and lightweight requirements in new energy vehicles [10] - The potassium fertilizer market is benefiting from reduced overseas supply and strong global demand, leading to substantial revenue growth for related companies [10][13]

Market Overview - A-shares opened lower and experienced fluctuations, with the ChiNext Index dropping over 1% and falling below 3200 points, while the Shanghai Composite Index and Shenzhen Component Index also showed slight declines [1] - The number of rising stocks slightly exceeded that of falling stocks, with trading volume showing a slight contraction trend [1] Wind Power Industry - Wind power concept stocks surged in the morning, with the sector index increasing over 5%, reaching a two-and-a-half-year high, and half-day trading volume exceeding the previous day's total [3] - Morgan Stanley reported a positive outlook for China's wind power industry, expecting an average annual new installed capacity of over 110GW during the 14th Five-Year Plan period, with potential to reach about 120GW between 2028 and 2030 [6] - The establishment of a self-regulatory agreement among 12 major wind turbine manufacturers has contributed to a more stable development of the wind power industry [6] - Wood Mackenzie forecasts unprecedented growth in the global wind power market over the next decade, with an expected new installed capacity of 170GW in 2025 [7] Chemical Industry - The chemical sector saw a collective rise, particularly in the chemical fiber segment, with the index increasing over 4% and half-day trading volume surpassing the previous day's total [8] - After a "de-involution" inventory cycle in 2024, signs of profit recovery are evident in some chemical sub-industries [9] - Prices of refrigerants have significantly increased, with R32, R134a, and R125 prices rising by 44.19%, 22.35%, and 8.33% respectively [11] - The demand for modified plastics is surging due to the growth in humanoid robots and lightweight requirements for new energy vehicles, leading to rapid earnings growth for related companies [11] - The potassium fertilizer market has seen substantial revenue growth due to reduced overseas supply and strong global demand, with four listed potassium fertilizer companies reporting a combined revenue increase of 3.57% [11][12]

Core Viewpoint - Tianqi Mould's actual controller is set to change to Urumqi State-owned Assets, following the termination of the previous agreement with Anhui Chaocheng New Materials Technology Co., Ltd. and the signing of a new share transfer agreement with Xinjiang Jianda Fanyu Industrial Investment Fund Partnership [1][9]. Group 1: Share Transfer Agreement - On September 24, Tianqi Mould's controlling shareholders signed a share transfer agreement with Xinjiang Jianda Fanyu, intending to transfer a total of 162 million shares, representing 15.94% of the company's total equity [3][6]. - The agreed transfer price is 6.364 CNY per share, totaling approximately 1.03 billion CNY [8]. - If the transaction is approved and completed, the controlling shareholder will change to Jianda Fanyu, and the actual controller will be the Urumqi Economic and Technological Development Zone State-owned Assets Supervision and Administration Commission [8]. Group 2: Termination of Previous Agreement - The previous share transfer intention agreement with Anhui Chaocheng was terminated due to the inability to reach consensus on share quantity, payment methods, and funding sources [9][12]. - The agreement with Anhui Chaocheng was signed on July 9, 2024, for the same number of shares (162 million), which represented 17.17% of the company's total equity at that time [12]. Group 3: Historical Context of Control Changes - This marks the fourth attempt at a change of control for Tianqi Mould since 2020, with previous attempts involving different parties, including state-owned enterprises and private companies [13][14]. - The controlling shareholders, consisting of eight natural persons, are motivated to sell control due to age considerations, with the oldest born in 1948 and the youngest in 1970 [15]. Group 4: Company Performance - Tianqi Mould is a leading enterprise in the domestic automotive mould industry, established in 1996 and listed in 2010 [15]. - The company reported a revenue of 1.016 billion CNY for the first half of 2025, a decrease of 15.46% year-on-year, and a net profit of 21.90 million CNY, down 78.72% year-on-year [15].

Core Viewpoint - Tianqi Mould's control change is occurring unexpectedly after more than a year of progress, with a new shareholder agreement signed on September 24, 2024 [2] Group 1: Share Transfer Details - Tianqi Mould's controlling shareholders, Hu Jingsheng and others, signed a share transfer agreement with Xinjiang Jianda Fanyu Industrial Investment Fund Partnership, transferring 162 million shares, accounting for 15.9367% of the total share capital [2] - The agreed transfer price is RMB 6.364 per share, totaling RMB 1.03 billion, which is at a discount compared to the market price of RMB 6.72 per share on September 25 [2] Group 2: Changes in Control - If the transaction is completed, the controlling shareholder will change from Hu Jingsheng and others to Jianda Fanyu, with the actual controller becoming the State-owned Assets Supervision and Administration Commission of Urumqi Economic and Technological Development Zone [2] - Tianqi Mould previously had an agreement with Anhui Chaocheng New Materials Technology Co., Ltd. to transfer the same number of shares, which has now been terminated due to failure to reach consensus on key terms [3][4] Group 3: Company Background and Future Outlook - Tianqi Mould is a private listed company in the automotive mould industry, focusing on the design and manufacturing of automotive moulds and complete vehicle process equipment [3] - The share transfer aims to leverage state-owned resources and management experience to improve the company's operational status, enhance profitability, and increase risk resistance, ultimately creating a platform for state capital operation [5]

Core Viewpoint - After the new controlling shareholder took over, the company Jinzi Ham (002515) is attempting cross-industry investment by acquiring a stake in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. [2][8] Group 1: Investment Details - Jinzi Ham's wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., plans to invest up to 300 million yuan to acquire no more than 20% equity in Zhongsheng Microelectronics through capital increase [2][6] - The investment will occur in two rounds: the first round involves 100 million yuan at a pre-investment valuation of 1 billion to 1.3 billion yuan, while the second round will depend on the successful verification of a specific chip [6][7] - Zhongsheng Microelectronics specializes in high-speed optical module core chips and has been recognized as a potential unicorn in China [6][9] Group 2: Financial Performance - Zhongsheng Microelectronics has not yet turned a profit, reporting revenues of 204,900 yuan in 2024 and a net loss of 38.83 million yuan [7] - For the first seven months of 2025, the company generated revenues of 51,110 yuan with a net loss of 2.04 million yuan [7] - Jinzi Ham's management acknowledged the risk of overvaluation in this transaction, with a potential appreciation rate of 9,710% based on the pre-investment valuation [7] Group 3: Company Background - Jinzi Ham, established in 1994 and listed in 2010, primarily produces various types of ham and meat products [9] - The company has faced declining performance, with a 14.73% year-on-year drop in revenue to 170 million yuan in the first half of the year [9] - The new controlling shareholder, Zheng Qingsheng, took over in June 2023, marking a significant shift in the company's direction [9][10]

Core Viewpoint - The company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [1][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from American optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit attributable to shareholders of RMB 22.92 million, down 25.11% year-on-year [8]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [8]. Group 3: Strategic Rationale - The investment aligns with the company's overall development strategy, allowing for more efficient use of idle funds and capitalizing on the trends of the digital economy [8]. - The framework agreement signed is a preliminary intention, and the transaction is still subject to uncertainties, making it difficult to predict its impact on the company's operational performance [8].

Core Viewpoint - Company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [2][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from U.S. optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit of RMB 22.92 million, down 25.11% [7]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [7]. Group 3: Market Position and Future Outlook - Jinzi Ham's core business includes various meat products, with a leading market share and brand recognition [7]. - The investment in Zhongsheng Microelectronics aligns with the company's long-term strategy to leverage idle funds and capitalize on the digital economy trend, potentially improving future business performance [7].

Core Viewpoint - PearlHope, a wholly-owned subsidiary, sold 170,000 shares of Barrick Mining at a price of $29.5 per share, totaling $5.01 million, which will be used for general operating funds and future investment opportunities [1] Group 1: Company Overview - Barrick Mining is an investment holding company listed on the New York Stock Exchange and the Toronto Stock Exchange [1] - The company primarily engages in the production and sale of gold and copper, as well as exploration and mineral development activities [1]