Core Viewpoint - ST Xintong (600289.SH) reported a significant decline in both revenue and net profit for the first half of the year, indicating financial distress and operational challenges [1] Financial Performance - The company achieved operating revenue of 65.5273 million yuan, a year-on-year decrease of 47.61% [1] - The net profit attributable to shareholders of the listed company was -95.1607 million yuan, representing a year-on-year decline of 1,269.50% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -102.1974 million yuan [1]

Group 1 - The company Wing On Co (00289) announced the appointment of Ms. Choi Siu Ting as an independent non-executive director and a member of the nomination committee, effective from September 1, 2025 [1]

Group 1 - The company WING ON CO (00289) announced the appointment of Ms. Cai Xiaoting as an independent non-executive director and a member of the nomination committee, effective from September 1, 2025 [1]

Group 1 - WING ON CO (00289.HK) appointed Cai Xiaoting as an independent non-executive director and member of the nomination committee, effective from September 1, 2025 [1] - On October 24, WING ON CO repurchased 23,000 shares at a cost of HKD 295,400 [1] - On April 26, WING ON CO repurchased 2,000 shares at a cost of HKD 34,800 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 WING ON COMPANY INTERNATIONAL LIMITED 永安國際有限公司 蔡女士，現年56歲，持有香港大學法學士學位（LLB）及法學專業證書（PCLL）。她於 香港、英格蘭及威爾斯獲得律師資格。蔡女士於2001年至2024年曾擔任的近律師行合 夥人及於2015年至2024年曾擔任的近律師行知識產權部門的聯席主管。她在香港和中 國內地知識產權工作的各個方面擁有超過30年的諮詢經驗。 蔡女士獲委任後，提名委員會將包括四位成員，即梁永寧先生（主席），郭志樑先生， Nicholas James Debnam 先生及蔡女士。 （百慕達註冊成立有限公司） （股份代號︰289） 蔡女士於2011年至2024年曾為香港律師會知識產權委員會之會員及於2021年至2024年曾 為香港貿易發展局亞洲知識產權營商論壇策劃委員會之會員。她亦曾於2016年至2020 年擔任香港大學法律學院的客座副教授及曾於20 ...

Core Viewpoint - WING ON CO (00289.HK) reported a revenue of HKD 416 million for the six months ending June 30, 2025, representing a year-on-year decrease of 13.3% [1] Financial Performance - The company recorded a loss attributable to shareholders of HKD 150 million, an improvement from a loss of HKD 240 million in the same period last year [1] - The basic loss per share was HKD 0.519 [1] Revenue Breakdown - The decline in revenue was primarily due to decreased income from the group's department store operations and property investment [1]

Core Viewpoint - WING ON CO (00289) reported a decline in revenue and an increase in losses for the six months ending June 30, 2025, primarily due to decreased performance in its department store and property investment segments [1] Financial Performance - The company achieved revenue of HKD 416 million, representing a year-on-year decrease of 13.28% [1] - The loss attributable to shareholders was HKD 150 million, which is a year-on-year reduction of 37.27% [1] - The loss per share was HKD 0.519 [1] Business Segments - The decline in revenue was mainly attributed to reduced income from the department store business and property investments [1]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 永安國際有限公司 | | 股份代號 | 00289 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止6個月之中期股息 | | | 公告日期 | 2025年8月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.43 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.43 HKD | | 匯率 | 1 HKD : 1 ...

[Consolidated Income Statement](index=1&type=section&id=Consolidated%20Income%20Statement) The company's consolidated income statement shows a reduced loss for the period, driven by increased other net gains despite a decline in revenue Key Consolidated Income Statement Data (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 416,238 | 479,998 | -13.3% | | Other income | 60,331 | 76,987 | -21.6% | | Other net gains | 220,817 | 106,678 | +107.0% | | Operating profit | 355,043 | 304,308 | +16.7% | | Net loss on fair value adjustment of investment properties | (470,513) | (515,758) | -8.7% | | Loss before tax | (119,221) | (225,808) | -47.2% | | Loss for the period | (149,165) | (242,859) | -38.6% | | Loss attributable to equity holders of the Company | (150,288) | (239,576) | -37.3% | | Basic and diluted loss per share | (51.9) HK cents | (82.5) HK cents | -37.1% | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The consolidated statement of comprehensive income reflects a significant improvement, moving from a total comprehensive loss to a total comprehensive income, primarily due to positive foreign currency translation adjustments Key Consolidated Statement of Comprehensive Income Data (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (149,165) | (242,859) | -38.6% | | Other comprehensive income for the period | 202,827 | (84,318) | +340.5% | | Total comprehensive income for the period | 53,662 | (327,177) | +116.4% | | Total comprehensive income attributable to equity holders of the Company | 52,259 | (323,886) | +116.2% | - In the first half of 2025, other comprehensive income turned from a loss in the same period of 2024 to a gain, primarily due to the positive impact of foreign currency translation adjustments, especially exchange differences arising from the translation of financial statements of subsidiaries outside Hong Kong[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The consolidated statement of financial position shows a slight decrease in total equity, with increased liquid assets offset by a significant reduction in interests in an associate Key Consolidated Statement of Financial Position Data (As at June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Investment properties | 12,606,565 | 12,873,724 | -2.1% | | Interests in an associate | 123,259 | 308,586 | -60.1% | | Securities held for trading | 2,355,572 | 2,208,591 | +6.6% | | Cash and bank balances | 2,410,507 | 2,079,994 | +15.9% | | Total assets less current liabilities | 17,601,554 | 17,663,957 | -0.4% | | **Liabilities** | | | | | Total current liabilities | 544,803 | 404,645 | +34.6% | | Total non-current liabilities | 846,630 | 805,609 | +5.1% | | **Equity** | | | | | Total equity attributable to equity holders of the Company | 16,728,405 | 16,833,232 | -0.6% | | Total equity | 16,754,924 | 16,858,348 | -0.6% | - As at June 30, 2025, the Group's current assets significantly increased, mainly driven by growth in securities held for trading and cash and bank balances, but interests in an associate substantially decreased[5](index=5&type=chunk) [Consolidated Statement of Changes in Equity](index=4&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) The consolidated statement of changes in equity indicates a slight decline in total equity attributable to shareholders, influenced by the loss for the period and share repurchases, partially offset by other comprehensive income - For the six months ended June 30, 2025, total equity attributable to equity holders of the Company was **HKD 16,728,405 thousand**, a slight decrease from **HKD 16,833,232 thousand** as at December 31, 2024, primarily due to the loss for the period and share repurchases, partially offset by other comprehensive income[6](index=6&type=chunk) - Other comprehensive income for the period recorded **HKD 202,827 thousand** in the first half of 2025, compared to a loss of **HKD 84,318 thousand** in the same period of 2024, indicating a positive impact from foreign currency translation adjustments and fair value changes of other investments[6](index=6&type=chunk) - The Company repurchased shares with a par value of **HKD 33 thousand** in the first half of 2025 and paid a premium and transaction costs of **HKD 3,749 thousand**, reflecting share repurchase activities[6](index=6&type=chunk) [Condensed Consolidated Cash Flow Statement](index=5&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) The condensed consolidated cash flow statement shows an increase in net cash from operating activities and a significant rise in net increase in cash and cash equivalents, despite a substantial decrease in net cash from investing activities Key Condensed Consolidated Cash Flow Statement Data (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 92,163 | 75,519 | +22.0% | | Net cash from investing activities | 51,373 | 495,636 | -89.6% | | Net cash used in financing activities | (14,469) | (13,696) | +5.6% | | Net increase in cash and cash equivalents | 574,103 | 112,423 | +410.7% | | Cash and cash equivalents at June 30 | 2,178,309 | 1,830,487 | +19.0% | - In the first half of 2025, net cash from operating activities increased, but net cash from investing activities significantly decreased, primarily due to a larger reduction in bank time deposits in the same period of 2024[7](index=7&type=chunk) - The net increase in cash and cash equivalents for the period grew significantly from **HKD 112,423 thousand** in the same period of 2024 to **HKD 574,103 thousand** in 2025, mainly benefiting from improved operating cash flow and positive exchange rate movements[7](index=7&type=chunk) [Notes to the Unaudited Interim Financial Results](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Results) This section provides detailed notes on the unaudited interim financial results, covering preparation basis, accounting policy changes, revenue breakdown, segment reporting, other income, loss before tax components, income tax, dividends, earnings per share, interests in an associate, and accounts receivables/payables [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) This interim report is prepared in accordance with HKEX Listing Rules and HKAS 34, using consistent accounting policies with the 2024 annual financial statements, and has been reviewed by KPMG and the Audit Committee - The interim financial report is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[8](index=8&type=chunk) - The accounting policies are consistent with those adopted in the 2024 annual financial statements, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[8](index=8&type=chunk) - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 and by the Company's Audit Committee[9](index=9&type=chunk) [2. Changes in Accounting Policies](index=7&type=section&id=2.%20Changes%20in%20Accounting%20Policies) The Group's adoption of HKFRS amendments in the current period had no material impact on current or prior period results or financial position, and no new standards or interpretations not yet effective were early adopted - Amendments to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants had no material impact on the Group's current or prior period results and financial position[10](index=10&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective in the current accounting period[11](index=11&type=chunk) [3. Revenue](index=7&type=section&id=3.%20Revenue) The Group's primary businesses are department store operations and property investment, with total revenue decreasing by **13.3%** to **HKD 416,238 thousand** in the first half of 2025, due to declines in both segments - The Group's principal activities are operating department stores and property investment[12](index=12&type=chunk) Revenue by Category (For the six months ended June 30) | Revenue Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Department store business (sales of goods, counter sales, consignment sales) | 232,758 | 272,204 | -14.5% | | Property management fees and other rental-related income | 24,368 | 27,652 | -11.9% | | Rental income from investment properties | 159,112 | 180,142 | -11.7% | | **Total Revenue** | **416,238** | **479,998** | **-13.3%** | [4. Segment Reporting](index=8&type=section&id=4.%20Segment%20Reporting) The Group manages and reports its operations through two segments: department store business and property investment; in the first half of 2025, department store revenue and profit declined, while property investment revenue also decreased, yet it remains the primary contributor to the Group's profit [4.1 Segment Results, Assets and Liabilities](index=8&type=section&id=4.1%20Segment%20Results%2C%20Assets%20and%20Liabilities) Department store business revenue decreased by **14.5%** to **HKD 232,758 thousand**, recording an operating loss of **HKD 38,514 thousand**; property investment revenue decreased by **13.8%** to **HKD 226,766 thousand**, with a segment profit of **HKD 158,810 thousand**, and its assets significantly exceed those of the department store business - The Group manages its businesses through two segments: department store business and property investment[13](index=13&type=chunk) Segment Results (For the six months ended June 30) | Metric | Department Store Business 2025 (Thousand HKD) | Department Store Business 2024 (Thousand HKD) | Property Investment 2025 (Thousand HKD) | Property Investment 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 232,758 | 272,204 | 183,480 | 207,794 | | Reportable segment profit/(loss) | (38,514) | (27,041) | 158,810 | 192,545 | | Depreciation and amortisation | 15,930 | 12,984 | 21,554 | 28,501 | Segment Assets and Liabilities (As at June 30) | Metric | Department Store Business 2025 (Thousand HKD) | Department Store Business 2024 (Thousand HKD) | Property Investment 2025 (Thousand HKD) | Property Investment 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Reportable segment assets | 225,655 | 219,570 | 12,852,644 | 13,116,577 | | Reportable segment liabilities | 171,957 | 213,746 | 96,092 | 101,199 | [4.2 Reconciliation of Reportable Segment Profit, Assets and Liabilities](index=10&type=section&id=4.2%20Reconciliation%20of%20Reportable%20Segment%20Profit%2C%20Assets%20and%20Liabilities) Segment profit is reconciled to consolidated loss before tax after adjusting for other income, other net gains, finance costs, net loss on fair value adjustment of investment properties, share of loss of an associate, and unallocated head office and corporate expenses; consolidated total assets and liabilities are also adjusted by eliminating inter-segment balances and including unallocated items - Consolidated loss before tax was **HKD (119,221) thousand**, narrowing from **HKD (225,808) thousand** in the same period of 2024, mainly due to a significant increase in other net gains and a reduction in net loss on fair value adjustment of investment properties[18](index=18&type=chunk) - As at June 30, 2025, consolidated total assets amounted to **HKD 18,146,357 thousand**, and consolidated total liabilities were **HKD 1,391,433 thousand**[18](index=18&type=chunk) [5. Other Income and Other Net Gains](index=11&type=section&id=5.%20Other%20Income%20and%20Other%20Net%20Gains) In the first half of 2025, other income decreased by **21.6%** to **HKD 60,331 thousand**, mainly due to lower interest income from bank deposits and dividend income from securities investments, while other net gains significantly increased by **107.0%** to **HKD 220,817 thousand**, driven by net gains from fair value remeasurement of securities held for trading and foreign exchange net gains Other Income (For the six months ended June 30) | Income Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 38,896 | 49,882 | -22.0% | | Dividend income from securities investments | 13,331 | 15,619 | -14.6% | | Interest income from securities investments | 4,642 | 5,909 | -21.4% | | Others | 3,462 | 5,577 | -37.9% | | **Total** | **60,331** | **76,987** | **-21.6%** | Other Net Gains (For the six months ended June 30) | Gain Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Net gains from remeasurement of securities held for trading to fair value | 158,238 | 79,129 | +100.0% | | Net gains on disposal of securities held for trading | 46,773 | 30,214 | +54.8% | | Foreign exchange net gains/(losses) | 16,008 | (2,655) | +703.0% | | Net loss on disposal of machinery and equipment | (202) | (10) | +1920.0% | | **Total** | **220,817** | **106,678** | **+107.0%** | [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) The components of loss before tax show a slight decrease in finance costs, reduced net rental income from investment properties, a marginal increase in staff costs, an overall decrease in depreciation due to lower depreciation of right-of-use assets, and a reduction in cost of sales Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 1,313 | 1,792 | -26.7% | | Net rental income from investment properties | (128,156) | (154,628) | -17.2% | | Staff costs (excluding directors' emoluments) | 99,896 | 97,478 | +2.5% | | Depreciation | 25,206 | 27,364 | -7.9% | | Directors' emoluments | 14,483 | 14,663 | -1.2% | | Cost of sales | 106,885 | 122,594 | -12.8% | - In the first half of 2025, interest on secured bank borrowings amounted to **HKD 142 thousand**, compared to zero in the same period of 2024, indicating new related borrowings[20](index=20&type=chunk) [7. Income Tax in the Consolidated Income Statement](index=13&type=section&id=7.%20Income%20Tax%20in%20the%20Consolidated%20Income%20Statement) Total income tax expense for the period increased to **HKD 29,944 thousand**, primarily due to higher Hong Kong profits tax provision and a shift from deferred tax reversal to origination Income Tax Expense (For the six months ended June 30) | Tax Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Current provision for Hong Kong profits tax | 18,028 | 22,221 | -18.9% | | Current provision for taxation outside Hong Kong | 6,575 | 11,990 | -45.1% | | Deferred tax (origination and reversal of temporary differences) | 5,341 | (17,160) | +131.1% | | **Total Income Tax Expense** | **29,944** | **17,051** | **+75.6%** | - Hong Kong profits tax provision is calculated at **16.5%**, with some subsidiaries applying a two-tiered profits tax rate (first **HKD 2 million** taxed at **8.25%**)[21](index=21&type=chunk) [8. Dividends](index=14&type=section&id=8.%20Dividends) The Board declared an interim dividend of **43 HK cents** per share, an increase from the prior year, while the final dividend approved and payable for the previous financial year decreased to **53 HK cents** per share [8.1 Interim Dividends Payable to Equity Holders of the Company](index=14&type=section&id=8.1%20Interim%20Dividends%20Payable%20to%20Equity%20Holders%20of%20the%20Company) The Board declared an interim dividend of **43 HK cents** per share, totaling **HKD 124,378 thousand**, an increase from **32 HK cents** per share (totaling **HKD 92,744 thousand**) in the same period of 2024 Interim Dividends (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Declared after interim period | 124,378 | 92,812 | +34.0% | | Attributable to shares repurchased | - | (68) | - | | **Total Interim Dividends** | **124,378** | **92,744** | **+34.1%** | | Interim dividend per share | 43 HK cents | 32 HK cents | +34.4% | - The interim dividend will be paid on **October 24, 2025**, to shareholders registered on the register of members as at **October 10, 2025**[32](index=32&type=chunk) [8.2 Dividends Attributable to the Previous Financial Year and Approved and Payable to Equity Holders of the Company During the Interim Period](index=14&type=section&id=8.2%20Dividends%20Attributable%20to%20the%20Previous%20Financial%20Year%20and%20Approved%20and%20Payable%20to%20Equity%20Holders%20of%20the%20Company%20During%20the%20Interim%20Period) The final dividend approved and payable during the period was **53 HK cents** per share, totaling **HKD 153,304 thousand**, a decrease from **60 HK cents** per share (totaling **HKD 174,057 thousand**) in the same period of 2024 Final Dividends (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Approved during interim period | 153,474 | 174,250 | -11.9% | | Attributable to shares repurchased | (170) | (193) | -12.0% | | **Total Final Dividends** | **153,304** | **174,057** | **-11.9%** | | Final dividend per share | 53 HK cents | 60 HK cents | -11.7% | [9. Basic and Diluted Loss Per Share](index=15&type=section&id=9.%20Basic%20and%20Diluted%20Loss%20Per%20Share) Basic loss per share for the period narrowed to **51.9 HK cents**; adjusted basic earnings per share, excluding net loss on fair value adjustment of investment properties and related deferred tax, was **111.0 HK cents**, significantly higher than the prior year [9.1 Basic Loss Per Share](index=15&type=section&id=9.1%20Basic%20Loss%20Per%20Share) For the six months ended June 30, 2025, the consolidated loss attributable to equity holders of the Company was **HKD 150,288 thousand**, with basic loss per share of **51.9 HK cents**, an improvement from **82.5 HK cents** in the same period of 2024 Basic Loss Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated loss attributable to equity holders of the Company (Thousand HKD) | (150,288) | (239,576) | -37.3% | | Weighted average number of shares in issue (Thousand shares) | 289,349 | 290,252 | -0.3% | | Basic loss per share (HK cents) | (51.9) | (82.5) | -37.1% | - There were no dilutive potential ordinary shares in issue during the reporting period[26](index=26&type=chunk) [9.2 Adjusted Basic Earnings Per Share Excluding Net Loss on Fair Value Adjustment of Investment Properties Less Related Deferred Tax](index=15&type=section&id=9.2%20Adjusted%20Basic%20Earnings%20Per%20Share%20Excluding%20Net%20Loss%20on%20Fair%20Value%20Adjustment%20of%20Investment%20Properties%20Less%20Related%20Deferred%20Tax) Excluding net loss on fair value adjustment of investment properties and related deferred tax, the Group's basic profit attributable to equity holders of the Company increased by **27.2%** to **HKD 321,199 thousand**, with basic earnings per share of **111.0 HK cents**, for the six months ended June 30, 2025 Adjusted Basic Earnings Per Share (For the six months ended June 30) | Metric | 2025 (Thousand HKD) | 2025 (HK cents) | 2024 (Thousand HKD) | 2024 (HK cents) | | :--- | :--- | :--- | :--- | :--- | | Loss attributable to equity holders of the Company in the consolidated income statement | (150,288) | (51.9) | (239,576) | (82.5) | | Add: Net loss on fair value adjustment of investment properties | 470,513 | 162.6 | 515,758 | 177.7 | | Less: Decrease in deferred tax liabilities relating to net loss on fair value adjustment of investment properties | (35) | (0.0) | (20,167) | (7.0) | | Add/(Less): Investment property valuation gains/(losses) attributable to non-controlling interests less related deferred tax | 1,009 | 0.3 | (3,403) | (1.2) | | **Basic profit attributable to equity holders of the Company** | **321,199** | **111.0** | **252,612** | **87.0** | [10. Interests in an Associate](index=16&type=section&id=10.%20Interests%20in%20an%20Associate) The Group's interests in an associate significantly decreased by **60.1%** to **HKD 123,259 thousand**; for the six months ended June 30, 2025, the Group received dividends and distributions of **HKD 185,069 thousand** from the associate, with no such income in the prior year Interests in an Associate (As at June 30) | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Share of net assets excluding intangible assets | 119,782 | 304,898 | -60.7% | | Share of intangible assets of an associate | 3,477 | 3,688 | -5.7% | | **Total** | **123,259** | **308,586** | **-60.1%** | - For the six months ended June 30, 2025, the Group received dividends and distributions of **HKD 185,069 thousand** from an associate (2024: nil)[28](index=28&type=chunk) [11. Accounts Receivable, Deposits and Prepayments](index=16&type=section&id=11.%20Accounts%20Receivable%2C%20Deposits%20and%20Prepayments) Total accounts receivable, deposits, and prepayments increased by **33.5%** to **HKD 84,521 thousand**, mainly due to increases in other receivables, deposits, and prepayments, while trade receivables slightly decreased, with most being current or less than one month overdue Accounts Receivable, Deposits and Prepayments (As at June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 10,312 | 11,276 | -8.5% | | Other receivables | 18,144 | 13,692 | +32.5% | | Deposits and prepayments | 56,065 | 38,370 | +46.1% | | **Total** | **84,521** | **63,338** | **+33.5%** | Ageing Analysis of Trade Receivables (As at June 30) | Ageing | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Due (not overdue) or overdue less than 1 month | 9,728 | 10,750 | | Overdue 1 to 3 months | 151 | 265 | | Overdue more than 3 months but less than 12 months | 433 | 261 | [12. Accounts Payable and Accrued Expenses](index=17&type=section&id=12.%20Accounts%20Payable%20and%20Accrued%20Expenses) Total accounts payable and accrued expenses increased by **42.6%** to **HKD 423,270 thousand**, primarily due to increases in trade and other payables and accrued expenses, with most trade and other payables being current or not yet due Accounts Payable and Accrued Expenses (As at June 30) | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and other payables | 369,371 | 246,574 | +49.8% | | Accrued expenses | 53,899 | 50,208 | +7.3% | | **Total** | **423,270** | **296,782** | **+42.6%** | Ageing Analysis of Trade and Other Payables (As at June 30) | Ageing | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Not yet due | 181,072 | 196,597 | | Current or overdue less than 1 month | 187,626 | 47,103 | | Overdue 1 to 3 months | 200 | 2,636 | - The credit period granted to the Group typically ranges from **30 to 90 days** from the invoice date[30](index=30&type=chunk) [Interim Results and Dividends](index=18&type=section&id=Interim%20Results%20and%20Dividends) The Group's interim results show a **13.3%** decrease in revenue to **HKD 416.2 million**, but a **37.3%** reduction in loss attributable to shareholders to **HKD 150.3 million**, driven by increased investment portfolio gains, leading to an adjusted basic earnings per share of **111.0 HK cents** and an interim dividend of **43 HK cents** per share - For the six months ended June 30, 2025, the Group's revenue was **HKD 416.2 million**, a **13.3%** decrease, mainly due to reduced revenue from department store business and property investment[31](index=31&type=chunk) - The Group recorded a loss attributable to shareholders of **HKD 150.3 million**, a **37.3%** reduction from **HKD 239.6 million** in the same period of 2024, primarily due to increased investment portfolio gains[31](index=31&type=chunk) - Excluding net loss on fair value adjustment of investment properties and related deferred tax, the Group's basic profit attributable to shareholders increased by **27.2%** to **HKD 321.2 million**, with basic earnings per share of **111.0 HK cents**[31](index=31&type=chunk) - The Board resolved to declare an interim dividend of **43 HK cents** per share (2024: **32 HK cents**), totaling **HKD 124,378,000**[32](index=32&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=Liquidity%20and%20Financial%20Resources) This section details the Group's liquidity and financial resources, including overall financial position, borrowings, gearing ratio, financing policies, capital commitments, and contingent liabilities [Overall Financial Position](index=18&type=section&id=Overall%20Financial%20Position) As at June 30, 2025, shareholders' equity slightly decreased to **HKD 16,728.4 million**, while cash and listed marketable securities increased to **HKD 3,624.3 million**, indicating the Group's sufficient liquidity with available bank facilities Overall Financial Position (As at June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Shareholders' equity | 16,728.4 | 16,833.2 | -0.6% | | Cash and listed marketable securities | 3,624.3 | 3,256.7 | +11.3% | - The Group has sufficient liquidity to meet its current commitments and working capital requirements[33](index=33&type=chunk) [Borrowings and Group Assets Pledged](index=18&type=section&id=Borrowings%20and%20Group%20Assets%20Pledged) As at June 30, 2025, the Group's total borrowings increased to **HKD 65.0 million**, comprising a one-year Japanese Yen borrowing that was fully repaid on July 28, 2025, with no anticipated liquidity difficulties Borrowings and Assets Pledged (As at June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total borrowings | 65.0 | 59.3 | +9.6% | | Carrying value of pledged assets | 178.5 | 158.3 | +12.8% | - The borrowing was a one-year Japanese Yen borrowing used for investing in securities held for trading, and it was fully repaid on its maturity date of **July 28, 2025**[34](index=34&type=chunk) - The Group does not anticipate any liquidity difficulties[34](index=34&type=chunk) [Gearing Ratio](index=18&type=section&id=Gearing%20Ratio) As at June 30, 2025, the Group's gearing ratio remained stable at **0.4%**, consistent with December 31, 2024, indicating a stable level of financial leverage Gearing Ratio (As at June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio | 0.4% | 0.4% | [Financing and Financial Policies](index=19&type=section&id=Financing%20and%20Financial%20Policies) The Group adopts a prudent financing and financial policy, with foreign exchange fluctuations primarily stemming from net investments in subsidiaries outside Hong Kong, and cash and bank balances mainly denominated in HKD, USD, and AUD - The Group adopts prudent financing and financial policies[36](index=36&type=chunk) - Foreign exchange fluctuations primarily arise from net investments in subsidiaries outside Hong Kong, which amounted to **HKD 3,388.4 million** as at **June 30, 2025**[36](index=36&type=chunk) - The Group's cash and bank balances are primarily denominated in **HKD, USD, and AUD**[36](index=36&type=chunk) [Capital Commitments and Contingent Liabilities](index=19&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As at June 30, 2025, the Group's total capital commitments significantly decreased to **HKD 26.8 million**, and there were no contingent liabilities at the period end Capital Commitments (As at June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total capital commitments | 26.8 | 58.1 | -53.9% | - As at **June 30, 2025**, and **December 31, 2024**, the Group had no contingent liabilities[37](index=37&type=chunk) [Half-Year Performance Review](index=19&type=section&id=Half-Year%20Performance%20Review) This section reviews the Group's half-year performance across its department store business, property investment, interests in an associate, other investments, staff, and outlook for the remainder of 2025 [Department Store Business](index=19&type=section&id=Department%20Store%20Business) Hong Kong's retail sector faces ongoing challenges from increased overseas travel, cross-border shopping, and e-commerce competition; the Group's department store business revenue decreased by **14.5%** to **HKD 232.8 million**, resulting in an operating loss of **HKD 38.5 million**, primarily due to reduced customer traffic and spending power - Hong Kong's retail sector faces ongoing challenges, including continued overseas travel, increased cross-border shopping, changes in mainland visitor shopping patterns, and competition from mainland e-commerce and low-price stores[38](index=38&type=chunk) Department Store Business Key Data (For the six months ended June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 232.8 | 272.2 | -14.5% | | Operating loss | (38.5) | (27.0) | +42.6% | - The Group has completed the renovation of its Wing On Plus branch on Nathan Road and is committed to adjusting its merchandise mix to meet customer demand, but the market downturn has affected implementation progress[38](index=38&type=chunk) [Property Investment](index=19&type=section&id=Property%20Investment) Property investment income decreased to **HKD 158.8 million**; net income from Hong Kong commercial investment properties decreased by **13.2%** with an occupancy rate of approximately **89%**, while net income from Melbourne, Australia commercial office properties decreased by **28.4%** with an occupancy rate falling to approximately **76%**, and the Group plans facility upgrades for the Melbourne property Property Investment Income (For the six months ended June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property investment income | 158.8 | 192.5 | -17.5% | | Net income from Hong Kong commercial investment properties | 124.8 | 143.8 | -13.2% | | Net income from Melbourne, Australia commercial office properties | 35.5 | 49.6 | -28.4% | Property Occupancy Rates (As at June 30) | Property Location | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong commercial investment properties | About 89% | 91% | | Melbourne, Australia commercial office properties | About 76% | 85% | - The Group is conducting a feasibility study for building facility upgrades at its commercial office property at **333 Collins Street, Melbourne, Australia**, with concept designs expected to be finalized by the end of **2025**[39](index=39&type=chunk) [Interests in an Associate](index=20&type=section&id=Interests%20in%20an%20Associate) For the six months ended June 30, 2025, the Group recorded a share of loss from an associate of **HKD 2.4 million**, a significant narrowing from **HKD 12.6 million** in the same period of 2024, primarily due to reduced losses from the automobile dealership business in the People's Republic of China Share of Loss from an Associate After Tax (For the six months ended June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Share of loss from associate's automobile dealership business after tax | (4.7) | (16.2) | -71.0% | | **Total Share of Loss from an Associate After Tax** | **(2.4)** | **(12.6)** | **-81.0%** | [Others](index=20&type=section&id=Others) As at June 30, 2025, the Group's total investment portfolio value increased to **HKD 2,355.6 million**, generating **HKD 219.8 million** in gains, mainly from fair value remeasurement and disposal of securities held for trading, with foreign currency exchange also recording a net gain of **HKD 16.0 million** Investment Portfolio and Gains (As at June 30) | Metric | 2025 (Million HKD) | 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total investment portfolio value | 2,355.6 | 2,208.6 | +6.6% | | Investment portfolio gains | 219.8 | 127.8 | +72.0% | | Foreign currency exchange net gains/(losses) | 16.0 | (2.7) | +692.6% | - The investment portfolio includes equity and debt securities, investment funds, and strategic and structured products managed by professional investment managers[41](index=41&type=chunk) [Staff](index=20&type=section&id=Staff) As at June 30, 2025, the Group had **517** employees, a slight decrease from December 31, 2024, with no significant changes in remuneration policies, bonus schemes, or mandatory provident fund schemes Number of Staff (As at June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total number of employees | 517 | 531 | - There were no significant changes to the Group's remuneration policies, bonus schemes, mandatory provident fund schemes, and other related information compared to what was disclosed in the 2024 annual report[42](index=42&type=chunk) [Outlook for the Remainder of 2025](index=20&type=section&id=2025%E5%B9%B4%E9%A4%98%E4%B8%8B%E5%B1%95%E6%9C%9B) The Group anticipates continued intense competition and weak consumer confidence for its department store business in the second half of 2025, focusing on controlling operating expenses and adjusting merchandise mix; while Hong Kong and Melbourne office leasing markets are expected to remain weak, the Group is confident in facing future challenges with its robust financial position - The department store business continues to face intense competition and weak consumer confidence challenges in the remainder of the year[43](index=43&type=chunk) - The Group will make every effort to control operating expenses while striving to adjust its merchandise mix to meet customer preferences[43](index=43&type=chunk) - The office leasing markets in Hong Kong and Melbourne are expected to remain weak, but investment properties will continue to generate rental income in line with market conditions[43](index=43&type=chunk) - With its robust financial position, the Group is confident in meeting future challenges[43](index=43&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The Company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules for the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules of the Stock Exchange[44](index=44&type=chunk) [Directors' Securities Transactions](index=20&type=section&id=Directors'%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct, and all directors confirmed compliance for the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions[45](index=45&type=chunk) - All directors have confirmed compliance with the standards set out in the Model Code for the six months ended June 30, 2025[45](index=45&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Shares) The Company repurchased **322,000** shares for a total of **HKD 3,767 thousand** during the six months ended June 30, 2025, with no other purchases, sales, or redemptions of its listed shares by the Company or its subsidiaries Details of Share Repurchases by the Company (For the six months ended June 30, 2025) | Year/Month | Number of shares repurchased | Repurchase price per share (Highest/Lowest HKD) | Total price paid (Thousand HKD) | | :--- | :--- | :--- | :--- | | 2025 January | 129,000 | 11.80 / 11.78 | 1,520 | | 2025 February | 53,000 | 11.82 / 11.68 | 623 | | 2025 March | 59,000 | 11.72 / 11.70 | 692 | | 2025 April | 63,000 | 11.62 / 11.40 | 724 | | 2025 May | 18,000 | 11.56 / 11.56 | 208 | | **Total** | **322,000** | | **3,767** | - Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the six months ended June 30, 2025[46](index=46&type=chunk) [By Order of the Board](index=21&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Chairman Mr. Kwok Chi Leung on August 26, 2025, detailing the composition of the Board of Directors - This announcement was issued by Mr. Kwok Chi Leung, Chairman, on **August 26, 2025**[47](index=47&type=chunk) - The Board of Directors comprises Executive Directors Mr. Kwok Chi Leung (Chairman), Mr. Kwok Chi Hang (Vice Chairman and Chief Executive Officer), Dr. Kwok Chi Piu, and Mr. Kwok Chi Yat, as well as Independent Non-executive Directors Ms. Tam Wai Chu, Mr. Leung Wing Ning, and Mr. Nicholas James Debnam[47](index=47&type=chunk)

Core Viewpoint - *ST SAILONG (002898) has shown a significant increase in stock price, closing at 15.59 yuan, up 4.98% as of August 19, 2025, indicating positive market sentiment despite declining financial performance [1] Financial Performance - The latest quarterly report for *ST SAILONG shows total revenue of 54.09 million yuan, a year-on-year decrease of 22.16% [1] - The net profit attributable to shareholders is 1.04 million yuan, down 163.94% year-on-year [1] - The non-recurring net profit is 1.11 million yuan, reflecting a substantial decrease of 228.58% year-on-year [1] - Key financial ratios include a current ratio of 0.975, a quick ratio of 0.629, and a debt-to-asset ratio of 38.15% [1] Market Activity - The stock experienced a trading volume of 33,600 lots and a transaction amount of 51.56 million yuan [1] - The net inflow of main funds was 11.53 million yuan, accounting for 22.36% of the transaction amount [1] - Large orders saw a net inflow of 13.74 million yuan, representing 26.64% of the transaction amount, while small orders had a net outflow of 6.19 million yuan, making up 12.01% [1] Company Overview - SAILONG Pharmaceutical Group Co., Ltd. was established in 2002 and is located in Zhuhai City, primarily engaged in the pharmaceutical manufacturing industry [2] - The company has a registered capital of 176 million yuan and has made investments in 12 enterprises [2] - SAILONG has participated in 6 bidding projects and holds 32 trademark registrations and 38 patents, along with 39 administrative licenses [2]