聚焦二 *ST步森（002569）：筹划出售陕西步森35%股权预计构成重大资产重组；罗博特科等公司拟赴港上 市；旷达科技：实控人拟变更为株洲市国资委 8日起复牌；向日葵：筹划重大资产重组 8日起停牌；亿 华通：终止重大资产重组事项；多家公司高层人事变动；贵州茅台：控股股东取得增持股份贷款承诺 函；ST帕瓦：因涉嫌信披违法违规公司及共同实控人之一张宝被证监会立案；ST岭南：公司及原控股 股东因涉嫌信披违法违规被证监会立案…… 今日看点 聚焦一 *ST步森：筹划出售陕西步森35%股权预计构成重大资产重组 公司筹划以现金方式向南通二纺机有限公司出售陕西步森服饰智造有限公司（以下简称"陕西步森"） 35%的股权。本次交易完成后，公司将不再持有陕西步森任何股权。经初步测算，本次交易预计构成重 大资产重组。本次交易不涉及公司发行股份，不构成重组上市，亦不会导致公司控制权的变更。本次交 易尚处于初步筹划阶段，交易方案、交易价格等核心要素仍需进一步论证和协商，且需按照相关法律、 法规及公司章程的规定履行必要的内外部决策和审批程序。 旷达科技：实控人拟变更为株洲市国资委 8日起复牌 公司控股股东、实际控制人沈介良于2025年9 ...

Group 1 - The company *ST Bosen (002569.SZ)* plans to sell 35% of its stake in Shaanxi Bosen Apparel Intelligent Manufacturing Co., Ltd. to Nantong Erfangji Co., Ltd. [1] - The transaction will be conducted in cash, and after completion, the company will no longer hold any equity in Shaanxi Bosen [1] - The transaction is currently in the preliminary planning stage, with core elements such as the transaction plan and price still needing further verification and negotiation [1]

Group 1 - The company *ST Bosen (002569.SZ) announced plans to optimize its asset structure and improve cash flow by selling a 35% stake in Shaanxi Bosen Apparel Intelligent Manufacturing Co., Ltd. to Nantong Erfangji Co., Ltd. [1] - After the completion of this transaction, the company will no longer hold any equity in Shaanxi Bosen [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 冠城鐘錶珠寶集團有限公司 呈交日期: 2025年9月1日 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) | 00256 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 4,351,888,206 | | 0 | | 4,351,888,206 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 4,351,888,206 | | 0 | | 4,351,888,206 | 第 ...

[Citychamp Watch & Jewellery Group Limited: Clarification Announcement on Interim Results](index=1&type=section&id=clarification_announcement_overview) [Purpose and Background of the Announcement](index=1&type=section&id=purpose_background) This announcement clarifies a clerical error in the unaudited interim results for the six months ended June 30, 2025, published on August 28, 2025 - This clarification announcement corrects a clerical error in the unaudited interim results for the six months ended June 30, 2025, published on August 28, 2025[2](index=2&type=chunk) [Details of Error Correction](index=1&type=section&id=error_correction_details) The interim results are corrected for Ebo Group's watch business, changing a reported net profit after tax of HKD 23.271 million to a net loss of the same amount - The error occurred in the "Management Discussion and Analysis – Operating Results – I. Watch, Clock Products and Watch Accessories Business" section[2](index=2&type=chunk) Correction of Ebo Group's Net Amount After Tax for the Six Months Ended June 30, 2025 | Metric | Originally Disclosed (HKD) | Corrected (HKD) | | :--- | :--- | :--- | | Net Amount After Tax | Profit 23,271,000 | Loss 23,271,000 | - Except for the above correction, all other information contained in the interim results announcement remains unchanged[3](index=3&type=chunk) [Board of Directors Information](index=1&type=section&id=board_members_info) The announcement discloses the composition of the company's board of directors as of August 30, 2025, including five executive directors and three independent non-executive directors - As of August 30, 2025, the company's executive directors include Mr. HONG Kong Lung, Mr. SIU Kam Wah, Mr. SHI Tao, Mr. HON Hau Kwong, and Mr. Teguh Halim[3](index=3&type=chunk) - As of August 30, 2025, the company's independent non-executive directors include Dr. KWONG Chun Wai, Mr. KAM Chak Ming, and Ms. CHAN Lai Wah[3](index=3&type=chunk)

Core Viewpoint - The company reported a significant decline in total revenue and a net loss for the first half of the fiscal year ending June 30, 2025, indicating financial challenges ahead [1] Financial Performance - Total revenue for the six months was HKD 524 million, representing a year-on-year decrease of 26.3% [1] - The net loss attributable to shareholders was HKD 42.045 million, compared to a net profit of HKD 7.024 million in the same period last year [1] - Basic loss per share was HKD 0.97 [1]

Core Viewpoint - Crown City Watch and Jewelry (00256) reported a significant decline in financial performance for the first half of 2025, with a shift from profit to loss [1] Financial Performance - Total revenue for the company was approximately HKD 524 million, representing a year-on-year decrease of 26.3% [1] - The loss attributable to shareholders amounted to HKD 42.045 million, marking a transition from profit to loss compared to the previous year [1] - Earnings per share reflected a loss of HKD 0.97 [1]

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) H1 2025: EBITDA HKD 14.22M, loss to owners HKD 42.05M, revenue down 26.3%, net assets up 6.4% to HKD 4.02B Key Unaudited Financial Data for H1 2025 | Indicator | June 30, 2025 (HKD '000) | June 30, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Income Statement:** | | | | | Total Revenue | 523,692 | 710,313 | -26.3 | | Operating Expenses | 411,705 | 484,046 | -14.9 | | Gross Profit from Non-Banking & Financial Business | 125,263 | 224,068 | -44.1 | | Gross Profit from Banking & Financial Business | 243,220 | 238,499 | 2.0 | | EBITDA | 14,216 | 83,843 | -83.0 | | Loss/Profit before Tax | (42,847) | 13,192 | N/A | | Net Loss/Profit after Tax | (51,649) | 3,708 | N/A | | Loss/Earnings per Share attributable to Owners of the Company (HK cents) | (0.97) | 0.16 | N/A | | **Balance Sheet (period-end):** | | | | | Total Assets | 20,088,793 | 17,963,825 | 11.8 | | Total Liabilities | 16,064,427 | 14,181,780 | 13.3 | | Total Equity | 4,024,366 | 3,782,045 | 6.4 | - The loss attributable to owners of the Company for the period was **HKD 42.05 million**[4](index=4&type=chunk) - The Group's net assets as of June 30, 2025, were **HKD 4.02 billion**, representing a **6.4% increase** compared to December 31, 2024[4](index=4&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The Group aims to be a diversified, sustainable conglomerate, implementing strategic measures across its watch, banking, and investment segments to optimize operations, control costs, and enhance competitiveness despite challenges - The Group aims to continuously be a diversified conglomerate with sustainable long-term development capabilities[5](index=5&type=chunk) - The Group comprises three main segments: watch, clock products and watch accessories business, banking and financial business, and various investment businesses[8](index=8&type=chunk) [Our Strategy](index=2&type=section&id=%E6%88%91%E5%80%91%E4%B9%8B%E7%AD%96%E7%95%A5) The Group adopts a long-term corporate strategy, allocating capital and personnel to opportunistic areas to generate returns exceeding the cost of capital and foster sustainable growth - The Group formulates its corporate strategy from a long-term perspective, deploying capital and personnel into areas full of opportunities to create long-term returns exceeding the cost of capital[5](index=5&type=chunk) - The Group intends to continuously be a diversified conglomerate with sustainable long-term development capabilities[5](index=5&type=chunk) [Operating Results](index=3&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) For H1 2025, total revenue decreased by 26.3% to HKD 523.69 million, operating expenses fell 14.9%, non-banking gross profit dropped 44.1%, while banking gross profit slightly increased 2.0%, leading to an 83.0% EBITDA reduction and a net loss of HKD 51.65 million H1 2025 Operating Results Overview | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 523,692 | 710,313 | -26.3 | | Operating Expenses | 411,705 | 484,046 | -14.9 | | Gross Profit from Non-Banking & Financial Business | 125,263 | 224,068 | -44.1 | | Gross Profit from Banking & Financial Business | 243,220 | 238,499 | 2.0 | | EBITDA | 14,216 | 83,843 | -83.0 | | Net Loss after Tax | (51,649) | 3,708 (Profit) | N/A | [I. Watch, Clock Products and Watch Accessories Business](index=4&type=section&id=I.%20%E9%90%98%E9%8C%B6%E3%80%81%E6%99%82%E8%A8%88%E7%94%A2%E5%93%81%E5%8F%8A%E9%90%98%E9%8C%B6%E9%85%8D%E4%BB%B6%E6%A5%AD%E5%8B%99) The watch business segment faced challenges in H1 2025 with widespread revenue declines, particularly for Corum, Eterna, and Ernest Borel, prompting inventory optimization, cost reduction, centralized management, and new product development H1 2025 Watch, Clock Products and Watch Accessories Business Segment Revenue and Net Profit/(Loss) | Company Name | Revenue (HKD) | Net Profit/(Loss) after Tax (HKD) | Revenue Growth/(Decline) (%) | | :--- | :--- | :--- | :--- | | Zhuhai Rossini Watch Industry Co., Ltd. | 100,326,000 | 2,497,000 | (32.4) | | Ebo Precision Group | 54,990,000 | 23,271,000 | (40.8) | | Ernest Borel Group | 37,420,000 | (12,427,000) | (6.6) | | Corum, Eterna and Tivoli Group | 20,413,000 | (27,177,000) | (80.1) | | Other Companies | 58,380,000 | (4,555,000) | (22.9) | [I.A Local Own Brands – Zhuhai Rossini Watch Industry Co., Ltd. and Ebo Precision Group](index=4&type=section&id=I.A%20%E6%9C%AC%E5%9C%B0%E8%87%AA%E6%9C%89%E5%93%81%E7%89%8C%EF%BC%8D%E7%8F%A0%E6%B5%B7%E7%BE%85%E8%A5%BF%E5%B0%BC%E8%A1%A8%E6%A5%AD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E5%8F%8A%E4%BE%9D%E6%B3%A2%E7%B2%BE%E5%93%81%E9%9B%86%E5%9C%98) Local own brands are addressing market challenges by optimizing inventory and receivables, implementing cost reduction and efficiency measures, strengthening centralized control, and investing in smartwatches and cultural creative product lines - Inventory and accounts receivable management were optimized, leading to a decrease in overall watch inventory value and improved capital efficiency, with bad debt risks significantly reduced through stratified collection and legal recovery measures[13](index=13&type=chunk) - Cost reduction and efficiency measures included cross-brand integration, establishment of regional management centers, streamlining redundant layers, implementation of a five-tier classification management system for national direct-operated stores, and optimization of organizational structure[15](index=15&type=chunk) - New product R&D and innovation involved active investment in smartwatch R&D and production, collaboration with third-party tech companies, and expansion into cultural creative product lines, including wedding and business jewelry watch series, targeting the light luxury accessories market[14](index=14&type=chunk)[16](index=16&type=chunk) [I.B International Own Brand – Ernest Borel Group](index=6&type=section&id=I.B%20%E5%9C%8B%E5%A4%96%E8%87%AA%E6%9C%89%E5%93%81%E7%89%8C%EF%BC%8D%E4%BE%9D%E6%B3%A2%E8%B7%AF%E9%9B%86%E5%9C%98) Ernest Borel Group is optimizing inventory through precise evaluation and strict approval, promoting slow-moving items via overseas channels and e-commerce, enhancing official media promotion, and planning expansion into Southeast Asian and North American markets - Inventory structure optimization involved precise real-time inventory evaluation, ordering only when out of stock, and strict cross-departmental approval processes to effectively avoid duplicate orders and reduce inventory pressure[18](index=18&type=chunk) - Promotion activities were strengthened through active management of official media platforms like Weibo, WeChat, Xiaohongshu, Douyin, Kuaishou, Facebook, and Instagram to enhance brand exposure, alongside in-store multi-level gift-with-purchase events and new product promotions during key holidays[20](index=20&type=chunk) - Channel expansion for 2025 focuses on Southeast Asian and North American markets, improving duty-free store sales, launching region-specific products, optimizing channel distribution, establishing strategic distribution partnerships, entering major e-commerce and retail channels, and exploring collaborations with live-streaming platforms[21](index=21&type=chunk) [I.C Non-Own Brands](index=8&type=section&id=I.C%20%E9%9D%9E%E8%87%AA%E6%9C%89%E5%93%81%E7%89%8C) For H1 2025, the Group's four distribution companies for non-own brands recorded revenue of HKD 38.94 million, a 28.8% year-on-year decrease, and a net loss after tax of HKD 1.93 million, an increase in loss H1 2025 Financial Performance of Non-Own Brand Business | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 38,942,000 | 54,669,000 | -28.8 | | Net Loss after Tax | (1,927,000) | (1,717,000) | 12.2 (Loss Widened) | [I.D Others](index=8&type=section&id=I.D%20%E5%85%B6%E4%BB%96) Other non-core watch, clock products, and watch accessories business subsidiaries recorded revenue of HKD 19.44 million in H1 2025, a 7.7% year-on-year decrease, and a significantly widened net loss after tax of HKD 2.63 million H1 2025 Financial Performance of Other Watch Businesses | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 19,438,000 | 21,064,000 | -7.7 | | Net Loss after Tax | (2,628,000) | (715,000) | 267.6 (Loss Widened) | [II.A Wealthy Land Bank Co., Ltd.](index=8&type=section&id=II.A%20%E5%AF%8C%E5%9C%B0%E9%8A%80%E8%A1%8C%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Wealthy Land Bank's H1 2025 revenue grew 2.0% to HKD 243.22 million, with net profit attributable to owners up 0.7%, driven by a 63% surge in trading income despite a 7.2% drop in net interest and dividend income, while total assets and AUM significantly increased H1 2025 Key Financial Data for Wealthy Land Bank | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 243,220,000 | 238,499,000 | 2.0 | | Net Profit after Tax attributable to Owners of the Company | 45,713,000 | 45,393,000 | 0.7 | | Net Interest and Dividend Income | 128,508,000 | 138,474,000 | -7.2 | | Net Commission and Service Fee Income (CHF) | +400,000 | - | +4.0 | | Trading Income | 20,941,000 | 12,941,000 (Estimated) | +63.0 | | Operating Expenses | 168,460,000 | 171,198,000 | -1.6 | | Total Assets | 15,485,785,000 | 13,432,540,000 (Dec 31, 2024) | 15.3 | | Assets Under Management (CHF) | 3,900,000,000 | 3,500,000,000 (Dec 2024) | 11.4 | | Total Capital Ratio | 20.3% | - | - | | Leverage Ratio | 6.6% | - | - | | Liquidity Coverage Ratio | 487% | - | - | - The decrease in net interest and dividend income was primarily due to anticipated interest rate cuts and the depreciation of the US dollar against the Swiss franc[24](index=24&type=chunk) - The significant increase in trading income was mainly attributable to higher client trading volumes in foreign exchange business[25](index=25&type=chunk) - The bank continues to advance its HORIZON strategy and has developed specific strategies for Asia, thoroughly analyzing business opportunities in Indonesia, the Philippines, and Japan[27](index=27&type=chunk) - Digital transformation of internal client onboarding processes is being accelerated to expedite account opening and enhance transparency[28](index=28&type=chunk) - Wealthy Land Wealth Management (Hong Kong) Limited continues to provide wealth management solutions for high-net-worth individuals in Asia, covering Hong Kong, Singapore, and Liechtenstein[28](index=28&type=chunk) [III.A Listed Equity Investments](index=11&type=section&id=III.A%20%E4%B8%8A%E5%B8%82%E8%82%A1%E6%9C%AC%E6%8A%95%E8%B3%87) The Group's listed equity investments include Citychamp Dartong New Materials Co., Ltd. and Min Xin Holdings Limited, with Citychamp Dartong generating fair value gains due to rising share prices, while Min Xin Holdings incurred fair value losses from declining share prices, which the Group intends to hold long-term Listed Equity Investments Overview (June 30, 2025) | Investment Item | Number of Shares Held | Market Price (per share) | Fair Value (HKD) | % of Total Assets | Net Fair Value Change Gain/(Loss) (HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Citychamp Dartong New Materials Co., Ltd. | 9,154,370 shares | RMB 2.98 (HKD 3.26) | 29,879,000 | 0.15 | 4,066,000 (Gain) | | Min Xin Holdings Limited | 88,150,000 shares | HKD 2.1 | 185,115,000 | 0.92 | (17,630,000) (Loss) | - The Group's investment in Citychamp Dartong generated a net fair value change gain of **HKD 4.07 million** recognized in other comprehensive income, primarily due to an increase in share price[32](index=32&type=chunk) - The Group's investment in Min Xin generated a net fair value change loss of **HKD 17.63 million**, primarily due to a decrease in share price[34](index=34&type=chunk) [III.B Property Investments](index=12&type=section&id=III.B%20%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) The Group's property investments in mainland China and Hong Kong are fully leased, generating stable rental income of HKD 8.94 million in H1 2025, a 25.5% year-on-year decrease, with net profit after tax falling 34.5% to HKD 7.69 million H1 2025 Financial Performance of Property Investment Business | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Rental Income | 8,943,000 | 11,992,000 | -25.5 | | Net Profit after Tax | 7,692,000 | 11,729,000 | -34.5 | [Liquidity, Financial Resources and Capital Structure](index=13&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group's unsecured cash and bank balances significantly decreased to HKD 1.09 billion, while the debt-to-equity ratio improved to 19.1%, with capital commitments of HKD 270 million primarily for associate and property investments, and borrowings secured by subsidiary guarantees and property charges Liquidity and Capital Structure Overview | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Unsecured Cash and Bank Balances | 1,094,118 | 3,724,213 | -70.6 | | Borrowings | 534,350 | 595,082 | -10.3 | | Shareholders' Equity | 4,024,366 | 3,782,045 | 6.4 | | Debt-to-Equity Ratio | 19.1% | 22.0% | -2.9 percentage points | - Total capital commitments amounted to approximately **HKD 270 million**, primarily invested in an associate company and a property project[37](index=37&type=chunk) - Borrowings are primarily secured by corporate guarantees provided by certain subsidiaries, equity interests, and legal charges over land and buildings of non-banking and financial businesses with a carrying value of **HKD 236.13 million**[39](index=39&type=chunk) [Financial Review](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total assets grew 11.8% to HKD 20.09 billion, driven by a significant increase in amounts due from banks, while total liabilities rose 13.3% due to increased amounts due to customers, resulting in a net loss attributable to owners of HKD 42.05 million [(1) Total Assets](index=14&type=section&id=(1)%20%E7%B8%BD%E8%B3%87%E7%94%A2) The Group's total assets increased by 11.8% from HKD 17.96 billion to HKD 20.09 billion as of June 30, 2025, with cash and deposits significantly decreasing by 70.6% while amounts due from banks substantially increased by 115.9% Changes in Total Asset Composition | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 20,088,793 | 17,963,825 | 11.8 | | Cash and Bank Balances | 51,468 | 66,336 | -22.4 | | Cash Held for Customers | 46,411 | 57,917 | -19.9 | | Demand Deposits with Central Banks | 1,042,650 | 3,657,877 | -71.5 | | Amounts Due from Banks - Daily | 5,820,401 | 2,696,501 | 115.9 | | Amounts Due from Banks - Other Claims | 66,355 | 56,341 | 17.8 | | Amounts Due from Banks - Precious Metals | 259,632 | 192,782 | 34.7 | [(2) Investments](index=14&type=section&id=(2)%20%E6%8A%95%E8%B3%87) The Group's investment portfolio includes trading portfolio investments, derivative financial assets, other financial assets at amortized cost, and other financial assets at fair value through other comprehensive income, primarily comprising listed equity and diversified debt instruments Investment Portfolio Overview (June 30, 2025) | Investment Category | Amount (HKD '000) | | :--- | :--- | | Trading Portfolio Investments | 35,426 | | Derivative Financial Assets | 923 | | Other Financial Assets at Amortized Cost | 4,670,112 | | Other Financial Assets at Fair Value through Other Comprehensive Income | 220,486 | - Trading portfolio investments are primarily held to maintain a certain level of liquidity for unforeseen capital expenditures and to generate short-term returns from listed equities[44](index=44&type=chunk) - The portfolio of listed debt instruments at amortized cost consists of 60 instruments diversified by maturity, geography, segment, and currency, with the vast majority considered upper-medium grade instruments with low credit risk[48](index=48&type=chunk) [(3) Total Liabilities](index=19&type=section&id=(3)%20%E7%B8%BD%E8%B2%A0%E5%82%B5) The Group's total liabilities increased by 13.3% to HKD 16.06 billion as of June 30, 2025, primarily due to an increase in amounts due to customers Changes in Total Liability Composition | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Liabilities | 16,064,427 | 14,181,780 | 13.3 | | Amounts Due to Customers - Precious Metals | 259,308 | 193,069 | 34.3 | | Other Amounts Due to Customers (primarily bank deposits) | 14,014,828 | 12,140,101 | 15.4 | [(4) Gross Profit from Non-Banking and Financial Businesses](index=19&type=section&id=(4)%20%E9%9D%9E%E9%8A%80%E8%A1%8C%E5%8F%8A%E9%87%91%E8%9E%8D%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%AF%9B%E5%88%A9) Gross profit from non-banking and financial businesses decreased by HKD 98.81 million, or 44.1%, to HKD 125.26 million compared to the same period last year Gross Profit from Non-Banking and Financial Businesses | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit from Non-Banking & Financial Business | 125,263 | 224,068 | -44.1 | [(5) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)](index=20&type=section&id=(5)%20%E7%A8%85%E6%81%AF%E6%8A%98%E8%88%8A%E5%8F%8A%E6%94%A4%E9%8A%B7%E5%89%8D%E5%88%A9%E6%BD%A4(EBITDA)) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) decreased by HKD 69.63 million, or 83.0%, to HKD 14.22 million compared to the same period last year EBITDA | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | EBITDA | 14,216 | 83,843 | -83.0 | [(6) Selling and Distribution Expenses](index=20&type=section&id=(6)%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E8%B2%BB%E7%94%A8) Total selling and distribution expenses decreased by HKD 44.46 million, or 28.9%, to HKD 109.39 million compared to the same period last year Selling and Distribution Expenses | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 109,386 | 153,846 | -28.9 | [(7) Administrative Expenses](index=20&type=section&id=(7)%20%E8%A1%8C%E6%94%BF%E8%B2%BB%E7%94%A8) Total administrative expenses decreased by HKD 27.88 million, or 8.4%, to HKD 302.32 million compared to the same period last year Administrative Expenses | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 302,319 | 330,200 | -8.4 | [(8) Share of Profit of an Associate](index=20&type=section&id=(8)%20%E6%87%89%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%BA%A2%E5%88%A9) Share of profit from associate Jun Guang Industrial Co., Ltd. decreased by 26.7% to HKD 4.15 million, with Jun Guang being a leading OEM quartz watch manufacturer in mainland China Share of Profit of an Associate | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Share of Profit of an Associate | 4,147 | 5,655 | -26.7 | [(9) Finance Costs for Non-Banking Businesses](index=20&type=section&id=(9)%20%E9%9D%9E%E9%8A%80%E8%A1%8C%E6%A5%AD%E5%8B%99%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs for non-banking businesses decreased by 1.2% to HKD 21.78 million, primarily comprising interest expenses on bank borrowings, bank overdrafts, and lease liabilities Finance Costs for Non-Banking Businesses | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs for Non-Banking Businesses | 21,782 | 22,045 | -1.2 | [(10) Net Loss Attributable to Owners of the Company](index=20&type=section&id=(10)%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) The net loss attributable to owners of the Company was HKD 42.05 million, compared to a net profit of HKD 7.02 million in the same period last year Net Loss Attributable to Owners of the Company | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Net Loss Attributable to Owners of the Company | (42,045) | 7,024 (Profit) | [(11) Inventories](index=20&type=section&id=(11)%20%E5%AD%98%E8%B2%A8) Inventories increased by 1.9% to HKD 1.54 billion as of June 30, 2025, compared to December 31, 2024 Inventories | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Inventories | 1,542,781 | 1,513,833 | 1.9 | [(12) Events After the Reporting Period](index=20&type=section&id=(12)%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group has no significant events after the reporting period requiring disclosure as of the date of this announcement - The Group has no significant events after the reporting period requiring disclosure[63](index=63&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=21&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) For H1 2025, the Group reported total revenue of HKD 523.69 million, a 26.3% year-on-year decrease, with a net loss of HKD 51.65 million, and total other comprehensive income of HKD 291.69 million, primarily due to exchange differences on translation Condensed Consolidated Statement of Comprehensive Income Summary | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Total Revenue | 523,692 | 710,313 | | Loss/Profit for the Period | (51,649) | 3,708 | | Other Comprehensive Income for the Period | 291,685 | (346,821) | | Total Comprehensive Income for the Period | 240,036 | (343,113) | | Loss/Profit for the Period attributable to Owners of the Company | (42,045) | 7,024 | | Total Comprehensive Income for the Period attributable to Owners of the Company | 244,196 | (338,116) | | Basic and Diluted Loss/Earnings per Share (HK cents) | (0.97) | 0.16 | - Other comprehensive income for the period was primarily affected by exchange differences on translation of presenting currency of **HKD 302.39 million**[65](index=65&type=chunk) [Condensed Consolidated Statement of Financial Position](index=23&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets increased 11.8% to HKD 20.09 billion, total liabilities rose 13.3% to HKD 16.06 billion, and total equity grew 6.4% to HKD 4.02 billion, with a significant increase in amounts due from banks and a decrease in cash and deposits Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | **Assets:** | | | | Cash and Deposits | 1,140,529 | 3,782,130 | | Amounts Due from Customers | 2,942,445 | 2,659,182 | | Amounts Due from Banks | 6,145,570 | 2,945,270 | | Trading Portfolio Investments | 35,426 | 39,564 | | Other Financial Assets at Amortized Cost | 4,670,112 | 3,511,829 | | Total Assets | 20,088,793 | 17,963,825 | | **Liabilities:** | | | | Amounts Due to Customers | 14,274,136 | 12,333,170 | | Borrowings | 534,350 | 595,082 | | Total Liabilities | 16,064,427 | 14,181,780 | | **Equity:** | | | | Total Equity | 4,024,366 | 3,782,045 | - Total assets increased primarily due to a significant rise in amounts due from banks, from **HKD 2.95 billion** to **HKD 6.15 billion**[66](index=66&type=chunk) - Total liabilities increased mainly attributable to amounts due to customers, from **HKD 12.33 billion** to **HKD 14.27 billion**[67](index=67&type=chunk) [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=25&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes to the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, covering preparation basis, accounting policies, segment information, revenue, other income, finance costs, income tax, dividends, EPS, investments, receivables, payables, inventories, intangible assets, goodwill, and borrowings [1. Basis of Preparation](index=25&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The unaudited condensed interim financial information is prepared in accordance with HKAS 34 Interim Financial Reporting and Appendix D2 of the Listing Rules, presented in HKD, and approved for publication by the Board - The unaudited interim financial information has been prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules[68](index=68&type=chunk) - All amounts have been rounded to the nearest thousand (HKD '000) and were approved for publication by the Board on August 28, 2025[68](index=68&type=chunk) [2. Summary of Significant Accounting Policies](index=25&type=section&id=2.%20%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%B3%87%E6%96%99%E6%A6%82%E8%A6%81) The unaudited interim financial information is prepared using the same accounting policies and calculation methods as the 2024 annual financial statements, with no early adoption of new or revised HKFRSs - The unaudited interim financial information has been prepared in accordance with the accounting policies and methods of computation used in the 2024 annual financial statements[69](index=69&type=chunk) - The Group has not early adopted any new or revised HKFRSs that have been issued but are not yet effective[69](index=69&type=chunk) [3. Segment Information](index=25&type=section&id=3.%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operating segments include watch and clock products, property investment, and banking and financial businesses, with H1 2025 segment results showing a loss of HKD 53.48 million for watches, profit of HKD 7.69 million for property, and profit of HKD 53.61 million for banking - The Group's principal operating segments are: (a) manufacture and distribution of watch and clock products and watch accessories; (b) property investment; and (c) banking and financial business[71](index=71&type=chunk) H1 2025 Segment Results | Segment | Segment Revenue (HKD '000) | Segment Results (HKD '000) | | :--- | :--- | :--- | | Watch and Clock Products and Watch Accessories Business | 271,529 | (53,479) | | Property Investment | 8,943 | 7,692 | | Banking and Financial Business | 243,220 | 53,609 | | Total | 523,692 | 7,822 | [4. Revenue](index=28&type=section&id=4.%20%E6%94%B6%E5%85%A5) The Group's revenue primarily derives from banking net interest, service and commission, and trading income, alongside non-banking goods sales and rental income, with H1 2025 seeing a decline in banking net interest and service fees but a significant increase in trading income, and a substantial decrease in non-banking goods sales - The Group is principally engaged in the manufacture and distribution of watch and clock products and watch accessories business, property investment and banking and financial business[74](index=74&type=chunk) H1 2025 Revenue Composition | Revenue Category | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Net Interest Income from Banking Business | 127,667 | 138,236 | | Net Service Fee and Commission Income from Banking Business | 93,466 | 86,937 | | Trading Income from Banking Business | 20,941 | 13,147 | | Income from Financial Business | 1,146 | 179 | | Sales of Goods from Non-Banking & Financial Business | 271,529 | 459,822 | | Rental Income from Non-Banking & Financial Business | 8,943 | 11,992 | | Total Revenue | 523,692 | 710,313 | [5. Other Recurring Income and Net Other Gains or Losses](index=30&type=section&id=5.%20%E5%85%B6%E4%BB%96%E7%B6%93%E5%B8%B8%E6%80%A7%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%88%96%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Other recurring income and net other gains or losses significantly decreased to HKD 18.01 million for H1 2025, down from HKD 51.06 million in the prior year, primarily due to lower net exchange gains, dividend income from financial assets at fair value through other comprehensive income, and other miscellaneous income Other Recurring Income and Net Gains | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Net Exchange Gains | 3,124 | 16,059 | | Net Fair Value Change Gains on Trading Portfolio Investments | 62 | 72 | | Fair Value Change Gains on Financial Liabilities at Fair Value through Profit or Loss | 12,495 | 12,162 | | Dividend Income from Financial Assets at Fair Value through Other Comprehensive Income | – | 7,934 | | Other Miscellaneous Income | 717 | 11,709 | | Total | 18,010 | 51,061 | [6. Finance Costs for Non-Banking and Financial Businesses](index=31&type=section&id=6.%20%E9%9D%9E%E9%8A%80%E8%A1%8C%E5%8F%8A%E9%87%91%E8%9E%8D%E6%A5%AD%E5%8B%99%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs for non-banking and financial businesses slightly decreased by 1.2% to HKD 21.78 million, primarily comprising interest expenses on lease liabilities, bank borrowings, bank overdrafts, and other borrowings Finance Costs for Non-Banking and Financial Businesses | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Interest on Lease Liabilities | 2,657 | 1,645 | | Interest Expenses on Bank Borrowings, Bank Overdrafts and Other Borrowings | 19,125 | 20,400 | | Total | 21,782 | 22,045 | [7. Loss/Profit Before Income Tax](index=31&type=section&id=7.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%BA%A2%E5%88%A9) The Group recorded a loss before income tax of HKD 42.85 million, compared to a profit of HKD 13.19 million in the prior year, after deducting depreciation of property, plant and equipment of HKD 30.17 million and amortization of intangible assets of HKD 5.11 million Loss/Profit Before Income Tax | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Loss/Profit Before Income Tax | (42,847) | 13,192 | | Depreciation of Property, Plant and Equipment | 30,167 | 48,627 | | Amortization of Intangible Assets | 5,114 | 6,043 | [8. Income Tax Expense](index=31&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Total income tax expense for the period was HKD 8.80 million, a 7.2% decrease year-on-year, with no Hong Kong profits tax provision, Chinese subsidiaries taxed at 15% to 25%, and overseas taxes calculated at applicable rates Income Tax Expense | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | People's Republic of China | 1,571 | 1,447 | | Liechtenstein | 7,722 | 7,457 | | Switzerland | – | 332 | | Deferred Tax for the Period | (491) | 248 | | Total Income Tax Expense | 8,802 | 9,484 | - No provision for Hong Kong profits tax has been made as the Group did not generate any assessable profits in Hong Kong[82](index=82&type=chunk) - Dividend income from companies incorporated in China is subject to a 5% PRC withholding tax[83](index=83&type=chunk) [9. Dividends](index=31&type=section&id=9.%20%E8%82%A1%E6%81%AF) The Directors do not recommend the payment of an interim dividend for the period ended June 30, 2025 - The Directors do not recommend the payment of an interim dividend for the period ended June 30, 2025[84](index=84&type=chunk) [10. Loss/Earnings Per Share](index=32&type=section&id=10.%20%E6%AF%8F%E8%82%A1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E7%87%9F%E5%88%A9) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the Company were 0.97 HK cents, compared to earnings per share of 0.16 HK cents in the prior year Loss/Earnings Per Share | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss/Profit attributable to Owners of the Company (HKD '000) | (42,045) | 7,024 | | Weighted Average Number of Shares (thousands) | 4,351,889 | 4,351,889 | | Basic and Diluted Loss/Earnings per Share (HK cents) | (0.97) | 0.16 | [11. Trading Portfolio Investments](index=32&type=section&id=11.%20%E4%BA%A4%E6%98%93%E7%B5%84%E5%90%88%E6%8A%95%E8%B3%87) As of June 30, 2025, total trading portfolio investments decreased by 10.4% to HKD 35.43 million, primarily comprising Hong Kong-listed equity instruments, unlisted debt instruments, and unlisted investment fund units, with a fair value gain of HKD 62,000 for the period Trading Portfolio Investments | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Total Equity Instruments | 15,343 | 15,639 | | Unlisted Debt Instruments of Financial Institutions | 250 | 4,439 | | Unlisted Investment Fund Units | 19,833 | 19,486 | | Total Trading Portfolio Investments | 35,426 | 39,564 | - Investments under trading portfolio investments are held for trading purposes, with a fair value gain of **HKD 62,000** for the period[88](index=88&type=chunk)[89](index=89&type=chunk) [12. Financial Assets at Fair Value Through Other Comprehensive Income](index=33&type=section&id=12.%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E4%B9%8B%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, financial assets at fair value through other comprehensive income totaled HKD 220.49 million, a 5.7% decrease, primarily comprising listed equity interests in Min Xin Holdings Limited (Hong Kong) and Citychamp Dartong Co., Ltd. (outside Hong Kong), with a fair value decrease of HKD 13.56 million for the period Financial Assets at Fair Value Through Other Comprehensive Income | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Listed Equity Instruments in Hong Kong | 185,115 | 202,745 | | Listed Equity Instruments outside Hong Kong | 29,878 | 25,812 | | Unlisted Equity Investments | 5,493 | 5,336 | | Total | 220,486 | 233,893 | - The fair value of financial assets at fair value through other comprehensive income decreased by **HKD 13.56 million** during the period[90](index=90&type=chunk) - Listed equity investments in Hong Kong refer to a **14.76% equity interest** in Min Xin Holdings Limited, while listed equity investments outside Hong Kong refer to a **0.66% equity interest** in Citychamp Dartong Co., Ltd[91](index=91&type=chunk) [13. Trade Receivables](index=34&type=section&id=13.%20%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade receivables slightly decreased by 1.0% to HKD 368.22 million, with the majority originating from the watch, clock products, and watch accessories business, and the largest portion of aging over six months Trade Receivables Composition and Aging Analysis | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Trade Receivables from Watch, Clock Products and Watch Accessories Business | 358,135 | 370,311 | | Trade Receivables from Financial Business - Cash Clients | 10,089 | 1,800 | | Total | 368,224 | 372,111 | | **Aging of Watch Business Trade Receivables:** | | | | 1 to 3 Months | 89,518 | 73,523 | | 4 to 6 Months | 82,244 | 21,555 | | Over 6 Months | 186,373 | 275,233 | - Major customers are generally granted credit terms of one to six months, determined by management based on industry practice and client creditworthiness[92](index=92&type=chunk) [14. Other Financial Assets at Amortized Cost](index=34&type=section&id=14.%20%E6%8C%89%E6%94%A4%E9%8A%B7%E6%88%90%E6%9C%AC%E5%88%97%E8%B3%B9%E4%B9%8B%E5%85%B6%E4%BB%96%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, listed debt instruments at amortized cost increased by 33.0% to HKD 4.67 billion, primarily issued by governments and public sector entities, followed by financial institutions and corporations Other Financial Assets at Amortized Cost | Issuer | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Governments and Public Sector Entities | 3,715,433 | 2,519,712 | | Financial Institutions | 528,323 | 542,825 | | Corporations | 426,356 | 449,292 | | Total | 4,670,112 | 3,511,829 | [15. Inventories](index=35&type=section&id=15.%20%E5%AD%98%E8%B2%A8) As of June 30, 2025, total inventories increased by 1.9% to HKD 1.54 billion, with a significant increase in work-in-progress, while raw materials and finished goods and merchandise decreased Inventories Composition | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Raw Materials | 187,656 | 274,076 | | Work-in-Progress | 618,323 | 310,614 | | Finished Goods and Merchandise | 736,802 | 929,143 | | Total | 1,542,781 | 1,513,833 | [16. Intangible Assets](index=35&type=section&id=16.%20%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, the carrying value of intangible assets slightly increased to HKD 81.86 million, primarily comprising brand names, technical know-how, and customer relationships, all attributable to the watch, clock products, and watch accessories business Carrying Value of Intangible Assets | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Brand Names | 49,190 | 42,819 | | Computer Software | 1,143 | 1,181 | | Technical Know-how | 26,011 | 26,899 | | Customer Relationships | 5,518 | 8,721 | | Total | 81,862 | 79,620 | - All intangible assets are attributable to the watch, clock products and watch accessories business[94](index=94&type=chunk) [17. Goodwill](index=36&type=section&id=17.%20%E5%95%86%E8%AD%BD) As of June 30, 2025, the carrying value of goodwill increased by 9.1% to HKD 1.06 billion, with HKD 759.45 million attributable to the watch, clock products, and watch accessories business, and HKD 302.44 million to the banking and financial business Carrying Value of Goodwill | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Balance at Period/Beginning of Year | 1,061,886 | 973,406 | | Goodwill from Watch, Clock Products and Watch Accessories Business | 759,447 | 710,120 | | Goodwill from Banking and Financial Business | 302,439 | 263,286 | [18. Trade Payables](index=36&type=section&id=18.%20%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade payables decreased by 10.0% to HKD 171.44 million, with the majority originating from the watch, clock products, and watch accessories business, and the proportion of aging over six months increasing Trade Payables Composition and Aging Analysis | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Trade Payables from Watch, Clock Products and Watch Accessories Business | 169,089 | 187,775 | | Trade Payables from Financial Business - Cash Clients | 2,346 | 2,346 | | Total | 171,435 | 190,121 | | **Aging of Watch Business Trade Payables:** | | | | 1 to 3 Months | 48,693 | 127,183 | | 4 to 6 Months | 31,719 | 9,152 | | Over 6 Months | 88,677 | 51,440 | [19. Borrowings](index=37&type=section&id=19.%20%E5%80%9F%E8%B2%B8) As of June 30, 2025, total Group borrowings decreased by 10.3% to HKD 534.35 million, primarily comprising bank overdrafts, bank borrowings, and other loans, secured by various assets, with no covenant breaches known to the Directors Borrowings Composition | Item | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Bank Overdrafts | 25,512 | 29,519 | | Bank Borrowings | 413,573 | 470,628 | | Other Loans | 95,265 | 94,935 | | Total | 534,350 | 595,082 | - Borrowings are primarily secured by corporate guarantees provided by certain subsidiaries of the Group, equity interests, subordinated deeds signed by directors, guarantees from certain national governments, personal guarantees, legal charges over certain property, plant and equipment, standby letters of credit, and personal guarantees provided by the Directors of the Company[99](index=99&type=chunk)[102](index=102&type=chunk) - As of the date of this announcement, the Directors of the Company are not aware of any covenant breaches[100](index=100&type=chunk) [Outlook](index=39&type=section&id=%E5%89%8D%E6%99%AF) China's economy is projected to continue growing, driven by exports and government fiscal measures, though global risks like Middle East tensions and the Ukraine war persist, while the Group anticipates a gradual recovery in China's consumer market and will actively pursue its Asia strategy for Wealthy Land Bank - The International Monetary Fund has significantly raised China's GDP growth forecast for 2025 from 4.0% to **4.8%**, and for 2026 to **4.2%**[103](index=103&type=chunk) - China's economic growth is primarily driven by exports, with the depreciation of the RMB enhancing export competitiveness, while government fiscal measures provide some support for domestic consumption[103](index=103&type=chunk) - Downside risks include potential disruptions to global supply chains and rising energy and raw material prices due to the Middle East situation and the Ukraine war, as well as high fiscal deficits in developed countries possibly leading to tighter capital flows and increased financing costs[104](index=104&type=chunk) - Wealthy Land Bank will actively promote its Asia strategy, explore business opportunities, and implement diverse asset management approaches to mitigate the impact of declining US dollar interest rates on its banking business[104](index=104&type=chunk) [Employees and Remuneration Policy](index=40&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group employed 2,037 full-time staff globally, with remuneration determined by market conditions and individual performance, including year-end bonuses, medical insurance, retirement benefits, and performance-based incentives, with Hong Kong employees participating in MPF and mainland China employees in social security schemes Employee Count (June 30, 2025) | Region | Number of Full-time Employees | | :--- | :--- | | Hong Kong and Mainland China | 1,834 | | Europe | 203 | | Total | 2,037 | - Employee remuneration is determined and reviewed through fair negotiation, referencing market conditions and individual performance, and includes year-end double pay, medical insurance, and retirement benefits, with bonuses and incentives based on operating results and individual performance[105](index=105&type=chunk) - Hong Kong employees participate in the Mandatory Provident Fund Scheme, while employees of mainland China subsidiaries participate in social security schemes managed and operated by local authorities[105](index=105&type=chunk) [Interim Dividend](index=40&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[106](index=106&type=chunk) [Corporate Governance Code](index=40&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company complied with the applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules for H1 2025, except for the Chairman's absence from the AGM due to other commitments - The Company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[107](index=107&type=chunk) - The Chairman of the Board was unable to attend the Company's Annual General Meeting held on May 29, 2025, due to other commitments, which is an exception to Code Provision F.2.2 of the Corporate Governance Code[107](index=107&type=chunk) [Standard Code for Securities Transactions by Directors](index=41&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted the Standard Code as the code of conduct for Directors' securities transactions, and all Directors confirmed compliance with its required standards for the six months ended June 30, 2025 - The Company has adopted the Standard Code as the code of conduct for Directors' dealings in the Company's securities[108](index=108&type=chunk) - The Directors have confirmed compliance with the required standards set out in the Standard Code for the six months ended June 30, 2025[108](index=108&type=chunk) [Corporate Governance](index=41&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board and management are committed to maintaining high corporate governance standards, emphasizing ethical conduct, transparency, and responsible decision-making, supported by a robust governance structure adapted to the evolving business environment - The Board and management team are committed to maintaining and enhancing high standards of corporate governance, emphasizing ethical conduct, transparency, and responsible decision-making[109](index=109&type=chunk) - The Group has established a robust governance framework, with the assistance of external professional advisors and internal expertise, designed to adapt to the evolving business environment[109](index=109&type=chunk) [Environmental, Social and Governance (ESG)](index=41&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%EF%BC%88ESG%EF%BC%89) ESG is integral to the Group's sustainable practices, focusing on environmental impact and energy efficiency, with the 2024 ESG report prepared under new climate disclosure standards for enhanced transparency - ESG is an integral part of the Group's responsible and sustainable business practices[110](index=110&type=chunk) - The Group is committed to improving energy efficiency and has prepared its 2024 ESG report in accordance with the new climate disclosure standards implemented by The Stock Exchange of Hong Kong Limited[110](index=110&type=chunk) [Risk Management](index=42&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) Risk management is paramount, with the Risk Management Committee regularly reviewing risks and emerging threats, while the Group assesses business resilience through internal controls, scenario analysis, and stress testing, ensuring functional separation in banking operations for effective oversight - The Risk Management Committee regularly convenes to review existing risks, identify emerging threats, and formulate comprehensive strategies to mitigate potential impacts[111](index=111&type=chunk) - The risk management approach includes establishing internal control systems, conducting scenario analysis, and stress testing to assess business resilience under various conditions[111](index=111&type=chunk) - In banking operations, functional separation of monitoring departments is ensured to facilitate independent oversight and effective communication of findings to senior management[111](index=111&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[112](index=112&type=chunk) [Review of Financial Statements](index=42&type=section&id=%E5%AF%A9%E9%96%B1%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Company's Audit Committee reviewed the Group's unaudited financial statements for the six months ended June 30, 2025, and was satisfied they were prepared in accordance with applicable accounting standards and fairly presented the Group's financial position and results - The Company's Audit Committee has reviewed the Group's unaudited financial statements for the six months ended June 30, 2025[113](index=113&type=chunk) - The Audit Committee is satisfied that the unaudited financial statements were prepared in accordance with applicable accounting standards and fairly presented the Group's financial position and results[113](index=113&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=42&type=section&id=%E5%88%8A%E8%BC%89%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The 2025 interim results announcement has been published on the HKEX and Company websites, and the 2025 interim report will be dispatched to shareholders and published on both websites in due course - The 2025 interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's websites (www.irasia.com/listco/hk/citychamp and www.citychampwj.com)[114](index=114&type=chunk) - The 2025 interim report will be dispatched to the Company's shareholders in due course and will be published on the HKEX and the Company's websites, respectively[114](index=114&type=chunk) [Acknowledgement](index=43&type=section&id=%E8%87%B4%E6%84%8F) The Group's financial performance and strategic initiatives reflect the collective efforts of the Board and management, with Company Secretary Ho Suk Han extending sincere gratitude to employees, clients, suppliers, banks, advisors, partners, and shareholders for their strong support - The Group's financial performance and strategic initiatives fully reflect the collective efforts made by the Board and management to achieve their objectives[115](index=115&type=chunk) - Company Secretary Ho Suk Han, on behalf of the Board, extends sincere gratitude to employees, clients, suppliers, banks, professional advisors, business partners, and shareholders for their strong support[115](index=115&type=chunk)[116](index=116&type=chunk)

Group 1 - The stock price of Guancheng Watch and Jewelry (00256) fell by 5.88% on August 26, reaching 0.32 HKD per share with a trading volume of 27.98 million HKD [1] - Guancheng Watch and Jewelry Group Limited is a leading Chinese company engaged in the design, research and development, manufacturing, and sales of watches, owning well-known brands "Ebo" and "Rossini" [1] - According to the World Brand Lab, the brand value of "Ebo" and "Rossini" reached 3.5 billion RMB and 5.2 billion RMB respectively in 2013 [1] Group 2 - As of the 2024 annual report, Guancheng Watch and Jewelry reported total revenue of 1.237 billion RMB and a net profit of -235 million RMB [2] - Guancheng Watch and Jewelry is set to disclose its mid-year report for the fiscal year 2025 on August 28 [3]

Core Insights - *ST Bosen (002569.SZ) reported a total operating revenue of 51.95 million yuan for the first half of 2025, a decrease of 17.49 million yuan compared to the same period last year, representing a year-on-year decline of 25.19% [1] - The company recorded a net profit attributable to shareholders of -10.46 million yuan, a decrease of 4.19 million yuan from the same period last year [1] - Operating cash flow showed a net outflow of -1.03 million yuan, a decrease of 3.09 million yuan compared to the same period last year, reflecting a year-on-year decline of 150.34% [1] Financial Performance - As of June 30, 2025, the asset-liability ratio of *ST Bosen was 85.89%, an increase of 2.03 percentage points from the previous quarter and an increase of 25.09 percentage points from the same period last year [3] - The gross profit margin was 30.17%, a decrease of 6.78 percentage points from the previous quarter and a decrease of 6.62 percentage points from the same period last year [3] - Return on equity (ROE) was -43.54%, a decrease of 36.22 percentage points compared to the same period last year [3] Earnings and Efficiency Metrics - The diluted earnings per share were -0.07 yuan, a decrease of 0.03 yuan from the same period last year [4] - The total asset turnover ratio was 0.30 times, a decrease of 0.01 times compared to the same period last year, reflecting a year-on-year decline of 2.36% [4] - The inventory turnover ratio was 0.96 times, a decrease of 0.21 times from the same period last year, representing a year-on-year decline of 17.77% [4] Shareholder Information - The number of shareholders was 4,847, with the top ten shareholders holding 62.71 million shares, accounting for 43.55% of the total share capital [5]