[Company Overview](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) This section provides an overview of the company's board members and their roles [Board of Directors](index=2&type=section&id=%E5%9F%B7%E8%A1%8C%E8%91%A3%E4%BA%8B) The report lists the executive, non-executive, and independent non-executive directors, CFO, and company secretary of Luen Thai Holdings Limited, noting changes in independent non-executive director appointments - The Board of Directors includes Chairman Wang Weimin, Permanent Honorary Chairman Dr. Henry Tan, CEO Raymond Tan as executive directors, Huo Yushan as a non-executive director, and Chan Ming Yan, Li Cheuk Ran, Shi Min as independent non-executive directors. **Shi Min was appointed on March 29, 2025**, while **Wang Jing retired on the same day**[6](index=6&type=chunk)[7](index=7&type=chunk) [Review Report on Interim Financial Information](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) This section presents the independent auditor's review report on the interim financial information [Independent Auditor's Review Report](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) PricewaterhouseCoopers reviewed Luen Thai Holdings Limited's interim financial information for the six months ended June 30, 2025, concluding no material matters indicated non-compliance with HKAS 34 - PricewaterhouseCoopers reviewed the interim financial information, confirming its preparation in all material respects in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=%E7%AE%80%E6%98%8E%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the condensed consolidated financial statements, including the statement of financial position, income, comprehensive income, changes in equity, and cash flows [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets increased to **USD 480,924 thousand**, driven by higher current assets, particularly inventory and cash balances, with total liabilities also rising due to increased borrowings Condensed Consolidated Statement of Financial Position Key Data (USD thousands) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 162,498 | 165,811 | -3,313 | | Total current assets | 318,426 | 280,172 | +38,254 | | **Total assets** | **480,924** | **445,983** | **+34,941** | | **Equity** | | | | | Equity attributable to owners of the Company | 156,076 | 155,954 | +122 | | Non-controlling interests | 629 | 748 | -119 | | **Total equity** | **156,705** | **156,702** | **+3** | | **Liabilities** | | | | | Total non-current liabilities | 29,266 | 26,079 | +3,187 | | Total current liabilities | 294,953 | 263,202 | +31,751 | | **Total liabilities** | **324,219** | **289,281** | **+34,938** | [Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, revenue slightly decreased, but gross profit increased, leading to a **profit attributable to owners of USD 373 thousand**, a turnaround from a **loss of USD 9,728 thousand** in the prior period Condensed Consolidated Statement of Profit or Loss Key Data (USD thousands) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | -2.9% | | Cost of sales | (254,645) | (265,901) | -4.2% | | Gross profit | 41,179 | 38,621 | +6.6% | | Operating profit/(loss) | 4,583 | (2,602) | Turned loss into profit | | Finance costs — net | (4,795) | (6,412) | -25.2% | | Profit/(loss) for the period | 254 | (9,808) | Turned loss into profit | | Profit/(loss) attributable to owners of the Company | 373 | (9,728) | Turned loss into profit | | Basic earnings/(loss) per share (US cents) | 0.04 | (0.94) | Turned loss into profit | [Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, profit for the period was **USD 254 thousand**, resulting in a total comprehensive income of **USD 3 thousand** after other comprehensive losses, a significant improvement from a **USD 9,343 thousand** loss in the prior period Condensed Consolidated Statement of Comprehensive Income Key Data (USD thousands) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Profit/(loss) for the period | 254 | (9,808) | Turned loss into profit | | Currency translation differences | (251) | 465 | Switched to loss | | **Total comprehensive income/(loss) for the period** | **3** | **(9,343)** | **Significant improvement** | | Total comprehensive income/(loss) attributable to owners of the Company | 122 | (8,946) | Significant improvement | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, equity attributable to owners of the Company slightly increased from **USD 155,954 thousand** to **USD 156,076 thousand**, primarily due to profit for the period offsetting some currency translation differences Condensed Consolidated Statement of Changes in Equity Key Data (USD thousands) | Indicator | January 1, 2025 | June 30, 2025 | January 1, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 155,954 | 156,076 | 190,668 | 181,722 | | Non-controlling interests | 748 | 629 | 1,018 | 621 | | **Total equity** | **156,702** | **156,705** | **191,686** | **182,343** | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash outflow from operating activities significantly decreased, while net cash inflow from financing activities increased, leading to a **net increase in cash and bank balances of USD 19,191 thousand** and an **ending balance of USD 72,756 thousand** Condensed Consolidated Statement of Cash Flows Key Data (USD thousands) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Net cash outflow from operating activities | (4,851) | (11,114) | Improved 56.3% | | Net cash inflow from investing activities | 474 | 224 | Increased 111.6% | | Net cash inflow from financing activities | 23,568 | 16,638 | Increased 41.6% | | Net increase in cash and bank balances | 19,191 | 5,748 | Increased 233.9% | | Cash and bank balances at end of period | 72,756 | 81,212 | -10.4% | [Notes to the Condensed Consolidated Interim Financial Information](index=11&type=section&id=%E7%AE%80%E6%98%8E%E5%90%88%E5%B9%B6%E4%B8%AD%E6%9C%9F%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99%E9%99%84%E6%B3%A8) This section provides detailed notes supporting the condensed consolidated interim financial information, covering general information, basis of preparation, accounting policies, estimates, financial risk management, segment information, and other financial details [General Information](index=11&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Luen Thai Holdings Limited primarily manufactures and trades apparel and accessories with production facilities in China, Cambodia, the Philippines, and Myanmar, listed on the HKEX Main Board, with interim financial information presented in USD and unaudited - The Group's principal activities are the manufacturing and trading of **apparel and accessories**, with production facilities located in China, Cambodia, the Philippines, and Myanmar[19](index=19&type=chunk) - The Company is primarily listed on the Main Board of The Stock Exchange of Hong Kong Limited, and this condensed consolidated interim financial information is presented in **USD** and is **unaudited**[20](index=20&type=chunk)[21](index=21&type=chunk) [Basis of Preparation](index=11&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 'Interim Financial Reporting' and should be read with the Company's annual report for the year ended December 31, 2024, with income tax accrued using the applicable tax rate on the expected annual total earnings - The condensed consolidated interim financial information has been prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'**[22](index=22&type=chunk) - Income tax is accrued using the tax rate that would be applicable to the expected total annual earnings[23](index=23&type=chunk) [Accounting Policies](index=12&type=section&id=3%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The Group's accounting policies are consistent with the 2024 annual financial statements, adopting only HKAS 21 and HKFRS 1 (amendments) — Lack of Exchangeability effective for FY2025 with no significant impact, while assessing the potential impact of HKFRS 18 - The accounting policies applied are consistent with those of the annual financial statements for the year ended December 31, 2024, with the adoption of **HKAS 21** and **HKFRS 1 (amendments) — Lack of Exchangeability** effective for the 2025 financial year, which are not expected to have a significant impact[24](index=24&type=chunk)[25](index=25&type=chunk) - The Group is currently assessing the potential impact of adopting **HKFRS 18 (Presentation and Disclosure in Financial Statements)**, which primarily affects the presentation of the consolidated statement of comprehensive income and cash flows[27](index=27&type=chunk) [Estimates](index=13&type=section&id=4%20%E4%BC%B0%E8%A8%88) Management's significant judgments, estimates, and assumptions in preparing the interim financial information are consistent with those applied in the 2024 consolidated financial statements, though actual results may differ from estimates - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty in preparing the condensed consolidated interim financial information are the same as those applied to the consolidated financial statements for the year ended December 31, 2024[28](index=28&type=chunk) [Financial Risk Management](index=13&type=section&id=5%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group faces market risks (foreign exchange and interest rate), credit risk, and liquidity risk, with no significant changes in risk management policies since December 31, 2024, and derivative financial instruments are measured at fair value as Level 2 financial instruments - The Group's activities expose it to a variety of financial risks: **market risk** (including foreign exchange risk and cash flow interest rate risk), **credit risk**, and **liquidity risk**[29](index=29&type=chunk) - There have been **no changes** in the risk management policies since December 31, 2024[30](index=30&type=chunk) Fair Value of Derivative Financial Instruments (USD thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Derivative financial instruments (liabilities) | 167 | — | | Derivative financial instruments (assets) | — | 31 | [Segment Information](index=15&type=section&id=6%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group primarily operates in two segments: apparel and accessories; for the six months ended June 30, 2025, the apparel segment saw decreased revenue but significantly reduced losses, while the accessories segment experienced revenue growth but a slight profit decline, with overall segment profit turning from loss to gain Segment Revenue and Profit (USD thousands) | Segment | June 30, 2025 Revenue | June 30, 2024 Revenue | Revenue Change | June 30, 2025 Segment Profit/(Loss) | June 30, 2024 Segment Profit/(Loss) | Profit Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Apparel | 171,553 | 183,362 | -6.4% | (2,741) | (9,635) | Improved 71.6% | | Accessories | 124,271 | 121,160 | +2.6% | 5,040 | 5,277 | -4.5% | | **Group Total** | **295,824** | **304,522** | **-2.9%** | **2,299** | **(4,358)** | **Turned loss into profit** | Revenue Analysis by Category (USD thousands) | Category | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Sales of apparel, textiles and accessories | 292,347 | 299,592 | -2.4% | | Other income | 3,477 | 4,930 | -29.5% | | **Total Revenue** | **295,824** | **304,522** | **-2.9%** | [Intangible Assets and Property, Plant and Equipment](index=18&type=section&id=7%20%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2%E4%BB%A5%E5%8F%8A%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) As of June 30, 2025, the total net book value of intangible assets and property, plant, and equipment was **USD 125,181 thousand**, a decrease from the beginning of the year; goodwill impairment tests for apparel and accessories cash-generating units resulted in no impairment loss, but key assumptions for value-in-use calculations were updated Net Book Value of Intangible Assets and Property, Plant and Equipment (USD thousands) | Indicator | June 30, 2025 | January 1, 2025 | June 30, 2024 | January 1, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total intangible assets | 43,229 | 43,563 | 43,897 | 44,231 | | Property, plant and equipment | 81,952 | 87,386 | 98,845 | 105,203 | | **Total** | **125,181** | **130,949** | **142,742** | **149,434** | - As of June 30, 2025, the Group performed goodwill impairment tests for the apparel and accessories cash-generating units, with **no impairment loss recognized** as the recoverable amounts exceeded the carrying amounts[43](index=43&type=chunk) Key Assumptions for Goodwill Impairment Test (Average) | Assumption | Accessories (June 30, 2025) | Apparel (June 30, 2025) | Accessories (December 31, 2024) | Apparel (December 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Average revenue growth | 7.1% | 6.6% | 5.8% | 4.6% | | Average gross margin | 18.2% | 13.8% | 19.4% | 13.6% | | Terminal growth rate | 2.0% | 2.0% | 2.0% | 2.0% | | Discount rate | 16.0% | 17.0% | 16.0% | 17.0% | [Leases](index=21&type=section&id=8%20%E7%A7%9F%E8%B3%83) As of June 30, 2025, total right-of-use assets amounted to **USD 25,542 thousand**, and total lease liabilities were **USD 25,071 thousand**, with total cash outflow for leases during the period decreasing to **USD 3,900 thousand** from the prior year Right-of-Use Assets and Lease Liabilities (USD thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total right-of-use assets | 25,542 | 23,202 | | Lease liabilities (current) | 2,535 | 3,202 | | Lease liabilities (non-current) | 22,536 | 19,514 | | **Total lease liabilities** | **25,071** | **22,716** | - Total cash outflow for leases for the six months ended June 30, 2025, was **USD 3,900 thousand**, a decrease from **USD 5,344 thousand** in the corresponding period of 2024[48](index=48&type=chunk) [Inventories](index=23&type=section&id=9%20%E5%AD%98%E8%B2%A8) As of June 30, 2025, total inventories increased to **USD 70,943 thousand**, primarily driven by increases in work-in-progress and finished goods, reflecting changes in production activities Composition of Inventories (USD thousands) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Raw materials | 23,833 | 24,285 | -1.9% | | Work-in-progress | 37,612 | 23,370 | +61.0% | | Finished goods | 9,498 | 7,929 | +19.8% | | **Total** | **70,943** | **55,584** | **+27.6%** | [Trade and Other Receivables](index=23&type=section&id=10%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, net trade receivables increased to **USD 108,585 thousand**, with total trade and other receivables at **USD 170,482 thousand**; the Company generally grants customers a credit period of up to 120 days Trade and Other Receivables (USD thousands) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade receivables — net | 108,585 | 104,197 | +4.2% | | Amounts due from related parties — net | 18,050 | 19,234 | -6.2% | | Deposits, prepayments and other receivables | 27,124 | 25,285 | +7.3% | | Indemnity guarantee assets | 16,723 | 16,723 | 0% | | **Total current portion** | **170,482** | **165,439** | **+3.0%** | - The Group generally grants credit terms of up to **120 days** to its customers[52](index=52&type=chunk) [Cash and Bank Balances](index=24&type=section&id=11%20%E7%8F%BE%E9%87%91%E5%8F%8A%E9%8A%80%E8%A1%8C%E7%B5%90%E9%A4%98) As of June 30, 2025, cash and bank balances increased significantly to **USD 72,756 thousand** from December 31, 2024, reflecting improved liquidity Cash and Bank Balances (USD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash at bank and in hand | 72,756 | 54,136 | +34.4% | | Bank deposits maturing after 3 months | — | 735 | -100% | | **Total cash and cash equivalents** | **72,756** | **54,871** | **+32.6%** | [Share Capital](index=25&type=section&id=12%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, issued and fully paid share capital remained unchanged at **USD 10,341 thousand**, consisting of ordinary shares with a par value of **USD 0.01 per share** Share Capital Information (USD thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and fully paid share capital | 10,341 | 10,341 | [Other Reserves](index=25&type=section&id=13%20%E5%85%B6%E4%BB%96%E5%84%B2%E5%82%99) As of June 30, 2025, total other reserves decreased to **(USD 6,936) thousand** from **(USD 6,685) thousand** at the beginning of the year, primarily due to currency translation differences Composition of Other Reserves (USD thousands) | Category | January 1, 2025 | June 30, 2025 | January 1, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Capital reserve | 7,891 | 7,891 | 7,891 | 7,891 | | Other capital reserve | (4,031) | (4,031) | (2,795) | (2,795) | | Employee benefits reserve | 870 | 913 | 4,602 | 1,012 | | Exchange reserve | (11,415) | (11,709) | (12,378) | (11,536) | | **Total** | **(6,685)** | **(6,936)** | **(2,680)** | **(5,428)** | [Interests in Joint Ventures and Associates](index=26&type=section&id=14%20%E6%96%BC%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E6%AC%8A%E7%9B%8A) As of June 30, 2025, the Group's total interests in joint ventures and associates slightly decreased to **USD 4,975 thousand** from the beginning of the year, mainly influenced by dividends received Interests in Joint Ventures and Associates (USD thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Interests in joint ventures | 4,888 | 4,990 | | Interests in associates | 87 | 88 | | **Total** | **4,975** | **5,078** | - For the six months ended June 30, 2025, the Group's share of post-tax profit from joint ventures and associates was **USD 311 thousand**, and **dividends of USD 414 thousand** were received[55](index=55&type=chunk) [Borrowings](index=27&type=section&id=15%20%E5%80%9F%E8%B2%B8) As of June 30, 2025, total Group borrowings increased to **USD 169,587 thousand**, entirely current and unsecured, primarily comprising term loans and trade financing Composition of Borrowings (USD thousands) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank borrowings — term loans | 144,952 | 122,090 | +18.7% | | Bank borrowings — trade financing | 24,635 | 21,411 | +15.1% | | **Total borrowings** | **169,587** | **143,501** | **+18.2%** | | Current borrowings (unsecured) | 169,587 | 141,902 | +19.5% | [Trade and Other Payables](index=28&type=section&id=16%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables increased to **USD 93,377 thousand**, primarily consisting of trade payables and accrued wages and salaries Composition of Trade and Other Payables (USD thousands) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade payables | 50,635 | 40,404 | +25.3% | | Contract liabilities | 70 | 74 | -5.4% | | Other tax payables | 9,266 | 9,033 | +2.6% | | Accrued wages and salaries | 19,306 | 23,177 | -16.7% | | Accrued professional fees | 2,732 | 2,941 | -7.0% | | Amounts due to related parties | 800 | 1,004 | -20.4% | | Others | 10,568 | 10,163 | +4.0% | | **Total** | **93,377** | **86,796** | **+7.6%** | [Provisions](index=29&type=section&id=17%20%E6%92%A5%E5%82%99) As of June 30, 2025, total provisions amounted to **USD 19,054 thousand**, including **USD 16,723 thousand** in contingent liabilities primarily related to potential risks from import duties, other taxes, and penalties in overseas countries, with corresponding indemnity assets Composition of Provisions (USD thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contingent liabilities | 16,723 | 16,723 | | Other provisions | 2,331 | 2,355 | | **Total** | **19,054** | **19,078** | - Contingent liabilities primarily relate to potential risks from import duties, other taxes, and penalties in certain overseas countries, amounting to **USD 16,723 thousand**, with corresponding indemnity assets[58](index=58&type=chunk)[59](index=59&type=chunk) [Other Gains/(Losses) — Net](index=30&type=section&id=18%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%95%97%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%20%E2%80%94%20%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, the Group achieved **net other gains of USD 328 thousand**, primarily driven by net foreign exchange gains, reversing a loss in the prior period Other Gains/(Losses) — Net (USD thousands) | Category | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Fair value (loss)/gain on derivative instruments — net | (198) | 244 | Switched from gain to loss | | Net foreign exchange gains | 526 | 62 | Significant increase | | Loss on disposal of a joint venture | — | (323) | Loss eliminated | | **Total** | **328** | **(17)** | **Turned loss into gain** | [Operating Profit/(Loss)](index=30&type=section&id=19%20%E7%B6%93%E7%87%9F%E5%88%A9%E6%BD%A4%E2%95%97%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) For the six months ended June 30, 2025, operating profit was **USD 4,583 thousand**, a significant improvement from a **USD 2,602 thousand** loss in the prior period, mainly due to reduced depreciation and amortization and increased provision for obsolete inventories Factors Affecting Operating Profit/(Loss) (USD thousands) | Category | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Amortisation of intangible assets | 334 | 334 | 0% | | Depreciation of property, plant and equipment | 6,058 | 7,271 | -16.7% | | Depreciation of right-of-use assets | 1,985 | 2,766 | -28.3% | | (Gain)/loss on disposal of property, plant and equipment | (199) | 56 | Switched from loss to gain | | Impairment (reversal)/provision for trade receivables | (79) | 41 | Switched from provision to reversal | | Provision for obsolete inventories | 907 | — | New provision | [Finance Costs — Net](index=31&type=section&id=20%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8%20%E2%80%94%20%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, net finance costs significantly decreased to **USD 4,795 thousand**, primarily due to a substantial reduction in interest expenses on bank loans and overdrafts Finance Costs — Net (USD thousands) | Category | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Interest expense on lease liabilities from related companies | (42) | (66) | -36.3% | | Interest expense on lease liabilities from third parties | (746) | (809) | -7.7% | | Interest expense on bank loans and overdrafts | (4,415) | (5,880) | -25.0% | | Finance costs | (5,203) | (6,755) | -23.0% | | Interest income from bank deposits | 395 | 328 | +20.4% | | Interest income from amounts due from a joint venture | 13 | 15 | -13.3% | | Finance income | 408 | 343 | +18.9% | | **Finance costs — net** | **(4,795)** | **(6,412)** | **-25.2%** | [Income Tax (Credit)/Expense](index=31&type=section&id=21%20%E6%89%80%E5%BE%97%E7%A8%85%EF%BC%88%E6%8A%B5%E5%85%8D%EF%BC%89%E2%95%97%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, the Group recorded an **income tax credit of USD 155 thousand**, a reversal from a **USD 1,154 thousand expense** in the prior period, mainly due to over-provision reversals; the Company settled Hong Kong tax disputes, made provisions for China indirect transfers and Cambodia tax audits, and recognized current tax expenses under Pillar Two rules Income Tax (Credit)/Expense (USD thousands) | Category | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Current income tax | 1,912 | 1,243 | +53.8% | | Over-provision in prior years | (1,660) | — | New reversal | | Deferred income tax | (407) | (89) | Increased 357.3% | | **Total** | **(155)** | **1,154** | **Switched from expense to credit** | - The Group reached a settlement with the Hong Kong Inland Revenue Department regarding disputes over offshore profit claims for prior years, resulting in a **tax provision of USD 4,150 thousand**[65](index=65&type=chunk) - The Group has made provisions for potential withholding income tax exposure from indirect transfers of Chinese companies (approximately **USD 1,533 thousand**) and for Cambodian tax audits[66](index=66&type=chunk) - The Group has assessed and recognized a current tax expense of **USD 562 thousand** for the six months ended June 30, 2025, expected to be levied under the **OECD Pillar Two rules**[67](index=67&type=chunk) [Earnings/(Loss) Per Share](index=33&type=section&id=22%20%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A%E2%95%97%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was **0.04 US cents**, a turnaround from a **loss of 0.94 US cents** per share in the prior period; diluted earnings per share was the same as basic earnings per share due to no dilutive potential ordinary shares Earnings/(Loss) Per Share (US cents) | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company (USD thousands) | 373 | (9,728) | Turned loss into profit | | Weighted average number of ordinary shares outstanding (thousands) | 1,034,113 | 1,034,113 | 0% | | **Basic earnings/(loss) per share (US cents)** | **0.04** | **(0.94)** | **Turned loss into profit** | - As there were no dilutive potential ordinary shares outstanding for the six months ended June 30, 2025, and 2024, diluted earnings/(loss) per share was **the same as basic earnings/(loss) per share**[69](index=69&type=chunk) [Dividends](index=34&type=section&id=23%20%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the Board of Directors did not declare an interim dividend - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025, and 2024[70](index=70&type=chunk) [Related Party Transactions and Balances](index=34&type=section&id=24%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93%E5%8F%8A%E7%B5%90%E9%A4%98) The Group engages in various related party transactions with its holding companies, joint ventures, and associates, including sales of apparel, textiles, and accessories, management fee income, interest income, and purchases of goods and services; as of June 30, 2025, net amounts due from related parties were **USD 18,050 thousand**, and amounts due to related parties were **USD 800 thousand** - The Company's immediate holding company is Shanghai Textile (Hong Kong) Limited, and its ultimate holding company is Shanghai Textile (Group) Co., Ltd[71](index=71&type=chunk) Significant Related Party Transactions (USD thousands) | Transaction Type | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Sales of apparel, textiles and accessories to related companies | 22,133 | 34,347 | -35.5% | | Management fee income received from joint ventures and related companies | 2,942 | 1,559 | +88.7% | | Professional and technical support service fees paid to related companies | 577 | 960 | -39.9% | | Outwork charges paid to joint ventures | 11,401 | 3,466 | +228.9% | | Purchases of goods from joint ventures | 10,952 | 11,967 | -8.5% | Period-End Balances with Related Parties (USD thousands) | Category | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Amounts due from related parties — net | 18,050 | 19,234 | -6.2% | | Amounts due to related parties | 800 | 1,004 | -20.4% | | Lease liabilities (from related parties) | 316 | 1,760 | -82.0% | [Management Discussion and Analysis](index=38&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) This section provides management's discussion and analysis of the Group's operating results, segment performance, market conditions, liquidity, financial resources, risk management, and future outlook [Operating Results and Overview](index=38&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E7%B6%9C%E8%A6%BD) Despite global geopolitical instability and trade policy uncertainties, Luen Thai Holdings turned profitable in H1 2025, achieving **USD 373 thousand profit attributable to owners**, driven by improved gross margin, reduced non-recurring expenses, and lower finance costs - The global economy faces uncertainties from **geopolitical instability** and **US reciprocal tariff policies**, leading to reduced or suspended procurement by brand customers[83](index=83&type=chunk) Operating Results Overview (USD thousands) | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | -2.9% | | Gross profit | 41,179 | 38,621 | +6.6% | | Profit/(loss) attributable to owners of the Company | 373 | (9,728) | Turned loss into profit | - Performance improvement was primarily attributable to: (i) **no non-recurring expenses** related to US customs laws and regulations in H1 2025 (compared to approximately **USD 3,900 thousand** in H1 2024); (ii) an **overall gross margin increase of 1.2 percentage points to 13.9%**; and (iii) a **25.2% reduction in finance costs to USD 4,795 thousand**[84](index=84&type=chunk) [Segment Review](index=39&type=section&id=%E5%88%86%E9%83%A8%E5%9B%9E%E9%A1%A7) In H1 2025, apparel business accounted for approximately **58.0% of total revenue**, and accessories for **42.0%**; the apparel segment saw revenue decline but losses significantly narrowed by **71.6%**, while accessories revenue grew by **2.6%** but profit slightly decreased by **4.5%** - Apparel and accessories businesses accounted for approximately **58.0%** and **42.0%** of the Group's total revenue, respectively, during the review period[85](index=85&type=chunk) [Apparel](index=39&type=section&id=%E6%88%90%E8%A1%A3) In H1 2025, apparel segment revenue decreased by **6.4%** year-on-year to **USD 171,553 thousand**, but segment loss significantly improved by **71.6%** to **USD 2,741 thousand**, primarily due to the elimination of non-recurring expenses Apparel Segment Performance (USD thousands) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 171,553 | 183,362 | -6.4% | | Segment loss | (2,741) | (9,635) | Improved 71.6% | - The improvement in the apparel segment's performance was mainly due to **no non-recurring expenses** related to US customs laws and regulations in H1 2025[86](index=86&type=chunk) [Accessories](index=39&type=section&id=%E6%9C%8D%E9%A3%BE%E9%85%8D%E4%BB%B6) In H1 2025, accessories segment revenue increased by **2.6%** year-on-year to **USD 124,271 thousand**, but segment profit slightly decreased by **4.5%** to **USD 5,040 thousand** Accessories Segment Performance (USD thousands) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 124,271 | 121,160 | +2.6% | | Segment profit | 5,040 | 5,277 | -4.5% | [Markets](index=39&type=section&id=%E5%B8%82%E5%A0%B4) Europe and the US remain the Group's primary export markets, accounting for approximately **62.6% of total revenue** in H1 2025, while the Asian market (mainly China and Japan) contributed approximately **20.5%** - Europe and the US are the Group's primary export markets, with total revenue of approximately **USD 185,196 thousand** in H1 2025, accounting for approximately **62.6% of total revenue**[88](index=88&type=chunk) - The Asian market (mainly China and Japan) generated revenue of approximately **USD 60,773 thousand**, representing approximately **20.5% of the Group's total revenue**[88](index=88&type=chunk) [Liquidity and Financial Resources](index=39&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, total cash and bank deposits increased to **USD 72,756 thousand**, and total bank borrowings rose to **USD 169,587 thousand**, all repayable within one year, resulting in a **gearing ratio of 62.0%** Liquidity and Financial Resources (USD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total cash and bank deposits | 72,756 | 54,871 | +32.6% | | Total bank borrowings | 169,587 | 143,501 | +18.2% | - As of June 30, 2025, all of the Group's bank borrowings, approximately **USD 169,587 thousand**, are repayable within one year[90](index=90&type=chunk) - As of June 30, 2025, the Group's **gearing ratio was approximately 62.0%**[90](index=90&type=chunk) [Foreign Exchange Risk Management](index=40&type=section&id=%E5%A4%96%E6%BB%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group adopts a prudent policy to hedge against exchange rate fluctuations by regularly reviewing net foreign exchange exposure and entering into currency hedging arrangements when necessary; no forward foreign exchange or hedging contracts were entered into during the reporting period - The Group adopts a prudent policy to hedge against exchange rate fluctuations by regularly reviewing its net foreign exchange exposure and entering into currency hedging arrangements when necessary[91](index=91&type=chunk) - For the six months ended June 30, 2025, and 2024, the Group did not enter into any forward foreign exchange or hedging contracts[91](index=91&type=chunk) [Future Plans and Prospects](index=40&type=section&id=%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83%E5%8F%8A%E5%89%8D%E6%99%AF) Facing a challenging operating environment and slowing global economic growth, the Group will continue to assess economic conditions, monitor market uncertainties and business risks, and implement strict cost control, streamline production bases, enhance strategic resilience, and adjust business strategies to address challenges and seize opportunities - The overall operating environment remains challenging, particularly due to uncertainties arising from **US reciprocal tariff policies**[92](index=92&type=chunk) - The Group will continue to implement **strict cost control measures**, including reducing production, distribution, and administrative costs, and achieving greater synergy through sharing internal resources[93](index=93&type=chunk) - The Group will further **streamline and integrate its diversified production bases**, enhance strategic resilience, closely monitor market conditions, and adjust business strategies as needed[93](index=93&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=41&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) For the period ended June 30, 2025, the Group had **no material investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures - For the period ended June 30, 2025, there were **no material investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures[94](index=94&type=chunk) [Future Plans for Material Investments or Capital Assets](index=41&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of June 30, 2025, or the date of this report, the Group had **no specific plans for material investments or capital assets** - As of June 30, 2025, or the date of this report, there were **no specific plans for material investments or capital assets**[95](index=95&type=chunk) [Pledge of Assets](index=41&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%BC%E8%A8%98) As of June 30, 2025, the Group had **no assets pledged to third parties** - As of June 30, 2025, **no assets of the Group were pledged to third parties**[96](index=96&type=chunk) [Contingent Liabilities](index=41&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total contingent liabilities amounted to **USD 16,723 thousand**, primarily related to potential risks from import duties, other taxes, and penalties in overseas countries, with corresponding indemnity assets; some tax cases were settled during the period - As of June 30, 2025, the Group's total contingent liabilities were approximately **USD 16,723 thousand**, involving potential risks from import duties, other taxes, and penalties in overseas countries[97](index=97&type=chunk) - Contingent liabilities include **USD 5,504 thousand** recognized from the Universal business combination and **USD 11,461 thousand** from the Sachio business combination, both fully indemnified by the sellers[97](index=97&type=chunk)[98](index=98&type=chunk) - For the period ended June 30, 2025, **USD 22 thousand** of Universal-related tax cases and **USD 220 thousand** of Sachio-related tax cases were settled[98](index=98&type=chunk) [Human Resources and Corporate Social Responsibility](index=42&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E4%BC%81%E6%A5%AD%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) Luen Thai recruits talent through strategic HR, adopts social responsibility initiatives for growth, commits to safe work environments, fair compensation, career advancement, and acts as a global corporate citizen to advance supply chains and improve the environment - Luen Thai recruits through targeted and strategic human resources strategies and adopts social responsibility programs to support company growth[99](index=99&type=chunk) - The Company is committed to providing a **safe and pleasant working and living environment**, fair compensation and benefits programs, and career advancement opportunities through training and development initiatives[99](index=99&type=chunk) - As a global corporate citizen, Luen Thai operates with foresight in its business and sustainable commercial strategies, promoting global supply chain development and improving the surrounding environment[99](index=99&type=chunk) [Other Information](index=43&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers other relevant information including interim dividends, share transactions, director updates, share options, directors' and major shareholders' interests in shares, corporate governance practices, and review of interim financial information [Interim Dividend](index=43&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[100](index=100&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=43&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) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares - For 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 shares[101](index=101&type=chunk) [Update on Directors' Information](index=43&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E6%9B%B4%E6%96%B0) Ms. Shi Min was appointed as an independent non-executive director and committee member on March 29, 2025, while Dr. Wang Jing retired on the same day; Mr. Jin Xin was appointed as a member of the Remuneration Committee - **Ms. Shi Min was appointed** as an independent non-executive director and a member of the Audit, Remuneration, and Nomination Committees on **March 29, 2025**[102](index=102&type=chunk) - **Dr. Wang Jing retired** as an independent non-executive director and a member of the relevant committees on **March 29, 2025**[102](index=102&type=chunk) - **Mr. Jin Xin was appointed** as a member of the Remuneration Committee, effective **March 29, 2025**[103](index=103&type=chunk) [Share Options](index=44&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A) The Company approved a 10-year share option scheme on May 30, 2024; for the period ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed, with no outstanding options and total shares available for issue representing approximately **10% of issued share capital** - The Company approved and adopted a **share option scheme on May 30, 2024**, with a **10-year validity period**, and eligible participants include directors (excluding independent non-executive directors) and employees[105](index=105&type=chunk) - For the six months ended June 30, 2025, **no share options were granted, exercised, cancelled, or lapsed** under the share option scheme[105](index=105&type=chunk) - As of June 30, 2025, there were **no outstanding share options** under the share option scheme, and the total number of shares available for issue represents approximately **10% of the total issued share capital**[105](index=105&type=chunk) [Directors' and Chief Executive's Interests in Shares](index=45&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Dr. Henry Tan and Mr. Raymond Tan held interests in the Company's shares, including trustee, controlled corporation, and spouse interests Directors' and Chief Executive's Long Positions in Shares (As of June 30, 2025) | Director Name | Capacity | Number of Shares (thousands) | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Henry Tan | Trustee | 1,841 | 0.18% | | | Interest in controlled corporation | 10,993 | 1.06% | | | Founder of discretionary trust | 13,916 | 1.35% | | Raymond Tan | Interest in controlled corporation | 15,656 | 1.51% | | | Spouse's interest | 2,050 | 0.20% | - Save as disclosed, as of June 30, 2025, no director or chief executive or their associates had any interests or short positions in any shares, underlying shares, or debentures of the Company or any of its associated corporations[107](index=107&type=chunk) [Major Shareholders' Interests in Shares](index=46&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Shanghai Textile (Hong Kong) Limited and its associated companies were the largest shareholders, holding **70.64% of shares**; other major shareholders included Double Joy Investment Limited, Luen Thai Capital Limited, Luen Thai Group Limited, and Dr. Henry Tan and Mrs. Tan Chiu Man Kuk Major Shareholders' Long Positions in Shares (As of June 30, 2025) | Shareholder Name | Capacity | Number of Ordinary Shares (thousands) | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Shanghai Textile (Hong Kong) Limited | Beneficial owner | 730,462 | 70.64% | | Shanghai Textile Group Investment Co., Ltd. | Interest in controlled corporation | 730,462 | 70.64% | | Shanghai Textile (Group) Co., Ltd. | Interest in controlled corporation | 730,462 | 70.64% | | Orient International (Holding) Co., Ltd. | Interest in controlled corporation | 730,462 | 70.64% | | Shanghai Guosheng (Group) Co., Ltd. | Interest in controlled corporation | 730,462 | 70.64% | | Double Joy Investment Limited | Beneficial owner | 71,976 | 6.96% | | Luen Thai Capital Limited | Beneficial owner | 17,204 | 1.66% | | Luen Thai Group Limited | Beneficial owner | 13,916 | 1.35% | | Dr. Henry Tan | Interest in controlled corporation | 103,096 | 9.97% | | Mrs. Tan Chiu Man Kuk | Interest in controlled corporation/Spouse's interest | 103,096 | 9.97% | - Shanghai Textile (Hong Kong) Limited is **100% directly owned by Shanghai Textile Group Investment Co., Ltd.**, which is in turn **100% directly owned by Shanghai Textile (Group) Co., Ltd.**[111](index=111&type=chunk) [Corporate Governance Practices](index=48&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company consistently complied with the applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period, maintaining high corporate governance standards through its Audit, Remuneration, Nomination, and Finance and Banking Committees - The Company has consistently complied with the applicable code provisions of the **Corporate Governance Code** as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[114](index=114&type=chunk) - The Board has established an **Audit Committee, Remuneration Committee, Nomination Committee, and Finance and Banking Committee** to enhance corporate transparency and uphold ethical conduct[115](index=115&type=chunk)[117](index=117&type=chunk) [Review of Interim Financial Information](index=49&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The Audit Committee reviewed the Group's accounting principles and practices, discussed review, internal controls, and financial reporting with management, and external auditor PricewaterhouseCoopers reviewed the unaudited condensed consolidated interim financial information - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed review, internal controls, and financial reporting matters with management[118](index=118&type=chunk) - The unaudited condensed consolidated interim financial information has been reviewed by the external auditor, **PricewaterhouseCoopers**, in accordance with **Hong Kong Standard on Review Engagements 2410**[118](index=118&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=49&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted a code of conduct for directors' securities transactions no less exacting than the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period - The Company has adopted a code of conduct for directors' securities transactions no less exacting than the **Model Code** set out in Appendix C3 to the Listing Rules[119](index=119&type=chunk) - All directors confirmed their compliance with the required standards set out in the Model Code and the Company's adopted code of conduct for directors' securities transactions for the six months ended June 30, 2025[119](index=119&type=chunk)

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，概不對因本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。 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） (股份代號: 311) 陳曉亮 香港，二零二五年九月十二日 於本公告日期，董事局包括執行董事王衛民先生、陳守仁博士、陳祖龍先生、章民先 生及金鑫先生；非執行董事霍宇山女士；以及獨立非執行董事陳銘潤先生、李卓然先 生及史敏女士。 茲提述聯泰控股有限公司日期為二零二五年八月二十七日之公告（「該公告」），內 容有關面料購買總協議的持續關連交易。除文義另有所指外，本公告所用詞彙與該公 告所界定者具有相同涵義。 誠如該公告所述，一份載有（其中包括）：(i)面料購買總協議的進一步詳情；(ii)獨立 董事委員會致獨立股東的函件；(iii)獨立財務顧問致獨立董事委員會及獨立股東的函 件；以及(iv)股東特別大會通告之通函（「該通函」）預期將於二零二五年九月十二 日或之前向股東寄發。 由於需要更多時間編製及落實該通函 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 聯泰控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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) | 00311 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.01 | USD | | 15,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,500,000,000 | USD | | 0.01 | USD | | 15,000,000 | 本月底法定/註冊股本總額： USD 15,000, ...

Core Viewpoint - Lintai Holdings (00311) reported a revenue of $296 million for the six months ending June 30, 2025, reflecting a year-on-year decrease of 2.86% while achieving a profit attributable to the company's owners of $373,000, compared to a loss of $9.728 million in the same period last year [1] Financial Performance - The improvement in financial performance is primarily attributed to the absence of non-recurring general, administrative, and legal expenses related to U.S. customs laws, which amounted to approximately $3.9 million in the same period of 2024 [1] - The overall gross profit margin increased by 1.2 percentage points to 13.9% due to effective cost control measures implemented by management [1] - Financial expenses decreased from approximately $6.412 million in the same period of 2024 to about $4.795 million for the six months ending June 30, 2025, driven by lower interest rates and strategic cash flow management [1]

Core Insights - The company reported a revenue of $296 million for the six months ending June 30, 2025, representing a year-on-year decrease of 2.86% [1] - The profit attributable to the owners of the company was $373,000, a significant improvement from a loss of $9.728 million in the same period last year [1] - Earnings per share stood at 0.04 cents [1] Financial Performance - The improvement in financial performance is attributed to the absence of non-recurring general, administrative, and legal expenses related to U.S. customs regulations, which amounted to approximately $3.9 million in the same period last year [1] - The overall gross profit margin increased by 1.2 percentage points to 13.9% due to effective cost control measures implemented by management [1] - Financial expenses decreased from approximately $6.412 million in the same period last year to about $4.795 million for the six months ending June 30, 2025, driven by lower interest rates and strategic cash flow management [1]

Core Viewpoint - 联泰控股(00311.HK) reported a slight decline in revenue for the six months ending June 30, 2025, but achieved a profit compared to a loss in the same period last year [1] Financial Performance - The company recorded revenue of approximately $295,824,000, representing a decrease of about 2.9% compared to the same period last year [1] - The profit attributable to the owners of the company was approximately $373,000, a significant improvement from a loss of approximately $9,728,000 in the previous year [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，概不對因本公告全部或任何 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。 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：311） 有關面料購買總協議的持續關連交易 於二零二五年八月二十七日（交易時段後），本公司的直接全資附屬公司LTO與上 海紡織訂立面料購買總協議，內容有關LTO集團於二零二五年十月一日至二零二 七年十二月三十一日止期間向上海紡織集團購買面料。 於本公告日期，上海紡織透過其全資附屬公司上海紡織香港持有730,461,936股股 份，佔本公司已發行股本的約70.64%，且為本公司主要股東。因此，上海紡織及 其聯繫人為本公司的關連人士。因此，根據上市規則第十四A章，面料購買總協 議項下擬進行的交易構成本公司的持續關連交易。 由於有關截至二零二五年、二零二六年及二零二七年十二月三十一日止年度各年 根據面料購買總協議擬進行的交易的費用總額的建議年度上限涉及的一個或多個 適用百分比率（定義見上市規則 ...

[Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Group Financial Highlights](index=1&type=section&id=Group%20Financial%20Highlights) The company reported unaudited interim results for H1 2025, showing a slight revenue decrease but a turnaround to profit for operating profit and EPS Group Financial Highlights (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | | Operating Profit / (Loss) | 4,583 | (2,602) | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | | Earnings / (Loss) Per Share (US cents) | 0.04 | (0.94) | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Income%20Statement) For H1 2025, revenue slightly declined, but effective cost control and reduced expenses led to a significant improvement in operating profit and a turnaround to profit for the period Condensed Consolidated Income Statement (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | | Cost of Sales | (254,645) | (265,901) | | Gross Profit | 41,179 | 38,621 | | Operating Profit / (Loss) | 4,583 | (2,602) | | Finance Costs — Net | (4,795) | (6,412) | | Profit / (Loss) Before Income Tax | 99 | (8,654) | | Income Tax Credit / (Expense) | 155 | (1,154) | | Profit / (Loss) for the Period | 254 | (9,808) | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, profit for the period turned to profit, and despite currency translation differences, total comprehensive income shifted from a significant loss to a modest profit Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 254 | (9,808) | | Currency Translation Differences | (251) | 465 | | Total Comprehensive Income / (Loss) for the Period | 3 | (9,343) | | Total Comprehensive Income / (Loss) Attributable to Owners of the Company | 122 | (8,946) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets grew due to increased current assets (inventory, trade receivables, cash), while total liabilities rose from increased borrowings, with total equity remaining stable Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 162,498 | 165,811 | | Total Current Assets | 318,426 | 280,172 | | **TOTAL ASSETS** | **480,924** | **445,983** | | **EQUITY** | | | | Equity Attributable to Owners of the Company | 156,076 | 155,954 | | Total Equity | 156,705 | 156,702 | | **LIABILITIES** | | | | Total Non-current Liabilities | 29,266 | 26,079 | | Total Current Liabilities | 294,953 | 263,202 | | **TOTAL LIABILITIES** | **324,219** | **289,281** | | **TOTAL EQUITY AND LIABILITIES** | **480,924** | **445,983** | [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) This interim financial information is prepared under HKAS 34 'Interim Financial Reporting' and should be read with the company's annual report and public announcements - Interim financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual report[8](index=8&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20Accounting%20Policies) Accounting policies align with 2024 annual statements, with new HKFRS 18 expected to significantly impact consolidated income and cash flow statement presentation, currently under assessment - First-time adoption of HKAS 21 and HKFRS 1 (amended) — Lack of Exchangeability, with no significant impact expected[11](index=11&type=chunk) - HKFRS 18 (Presentation and Disclosure of Financial Statements) is expected to have a significant impact on the presentation of the consolidated income statement and cash flow statement, with the company still assessing its effects[14](index=14&type=chunk) [3. Segment Information](index=7&type=section&id=3.%20Segment%20Information) The Group's core business is apparel and accessories manufacturing and trading; H1 2025 saw apparel loss narrow, accessories revenue grow, and overall segment profit turn positive due to reduced corporate expenses - The Group's principal activities are the manufacturing and trading of apparel and accessories[15](index=15&type=chunk) Segment Revenue and Profit (For the six months ended June 30) | Segment | 2025 Revenue (USD thousands) | 2024 Revenue (USD thousands) | Revenue YoY Change (%) | 2025 Segment Profit/(Loss) (USD thousands) | 2024 Segment Profit/(Loss) (USD thousands) | Profit YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Apparel | 171,553 | 183,362 | -6.4% | (2,741) | (9,635) | 71.6% (Improvement) | | Accessories | 124,271 | 121,160 | +2.6% | 5,040 | 5,277 | -4.5% | | **Group Total** | **295,824** | **304,522** | **-2.9%** | **2,299** | **(4,358)** | **Turnaround to Profit** | - Corporate expenses significantly decreased from **USD 5,450 thousand** in 2024 to **USD 2,045 thousand** in 2025, a key factor in the turnaround to profit for the period[19](index=19&type=chunk) [4. Operating Profit / (Loss)](index=9&type=section&id=4.%20Operating%20Profit%20%2F%20%28Loss%29) Operating profit improved due to reduced depreciation, gains from asset disposal, and trade receivables impairment reversal, despite increased provisions for slow-moving inventories Components of Operating Profit (For the six months ended June 30) | Item | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Amortisation of Intangible Assets | 334 | 334 | 0 | | Depreciation of Property, Plant and Equipment | 6,058 | 7,271 | -1,213 | | Depreciation of Right-of-Use Assets | 1,985 | 2,766 | -781 | | (Gain) / Loss on Disposal of Property, Plant and Equipment | (199) | 56 | -255 (Turned from Loss to Gain) | | Impairment (Reversal) / Provision for Trade Receivables | (79) | 41 | -120 (Turned from Provision to Reversal) | | Provision for Slow-Moving Inventories | 907 | — | +907 | [5. Finance Costs — Net](index=10&type=section&id=5.%20Finance%20Costs%20%E2%80%94%20Net) For H1 2025, net finance costs significantly decreased due to lower interest expenses on bank loans and overdrafts, alongside increased bank deposit interest income Components of Net Finance Costs (For the six months ended June 30) | Item | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Finance Costs | (5,203) | (6,755) | +1,552 | | Interest Expense on Bank Loans and Overdrafts | (4,415) | (5,880) | +1,465 | | Finance Income | 408 | 343 | +65 | | **FINANCE COSTS — NET** | **(4,795)** | **(6,412)** | **+1,617** | [6. Income Tax (Credit) / Expense](index=10&type=section&id=6.%20Income%20Tax%20%28Credit%29%20%2F%20Expense) Income tax shifted from expense to credit due to prior year over-provision reversals, while the company navigates ongoing tax audits, disputes, and recognized current tax expenses under OECD Pillar Two rules Components of Income Tax (For the six months ended June 30) | Item | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Current Income Tax | 1,912 | 1,243 | +669 | | Over-provision in Prior Years | (1,660) | — | -1,660 | | Deferred Income Tax | (407) | (89) | -318 | | **Total** | **(155)** | **1,154** | **-1,309 (Turned from Expense to Credit)** | - Settlement reached with Hong Kong Inland Revenue Department for offshore profit claims for assessment years 2000/01 to 2014/15, with an additional tax payable of **USD 4,150 thousand** already provided for[24](index=24&type=chunk) - Potential withholding tax exposure of approximately **USD 1,533 thousand** related to indirect transfers by Chinese companies has been fully provided for[25](index=25&type=chunk) - Current tax expense of **USD 562 thousand** recognized for the six months ended June 30, 2025, in relation to OECD Pillar Two rules[26](index=26&type=chunk) [7. Earnings / (Loss) Per Share](index=12&type=section&id=7.%20Earnings%20%2F%20%28Loss%29%20Per%20Share) For H1 2025, profit attributable to owners turned positive, resulting in basic EPS of **0.04 US cents** (vs. **-0.94 US cents** last year), with diluted EPS matching basic EPS Earnings / (Loss) Per Share | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 1,034,113 | 1,034,113 | | **Basic Earnings / (Loss) Per Share (US cents per share)** | **0.04** | **(0.94)** | - Diluted earnings per share are the same as basic earnings per share due to the absence of dilutive potential ordinary shares[29](index=29&type=chunk) [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board decided not to declare an interim dividend for H1 2025, consistent with the prior year - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[30](index=30&type=chunk) [9. Trade and Other Receivables](index=13&type=section&id=9.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables increased, mainly in current assets, with customer credit up to 120 days and the largest portion aged 0-30 days Trade and Other Receivables (Current Portion) | Item | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Trade Receivables — Net | 108,585 | 104,197 | +4,388 | | Amounts Due from Related Parties — Net | 18,050 | 19,234 | -1,184 | | Deposits, Prepayments and Other Receivables | 27,124 | 25,285 | +1,839 | | Indemnity Guarantee Assets | 16,723 | 16,723 | 0 | | **Total Current Portion** | **170,482** | **165,439** | **+5,043** | Ageing Analysis of Trade Receivables (As at June 30, 2025) | Ageing | Amount (USD thousands) | Percentage (%) | | :--- | :--- | :--- | | 0 to 30 days | 56,356 | 49.98% | | 31 to 60 days | 25,421 | 22.55% | | 61 to 90 days | 16,517 | 14.65% | | 90 to 120 days | 10,241 | 9.08% | | Over 120 days | 4,214 | 3.74% | | **Total** | **112,749** | **100.00%** | [10. Trade and Other Payables](index=14&type=section&id=10.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased, driven by a significant rise in trade payables, with the largest portion aged 0-30 days Trade and Other Payables | Item | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Trade Payables | 50,635 | 40,404 | +10,231 | | Other Taxes Payable | 9,266 | 9,033 | +233 | | Accrued Wages and Salaries | 19,306 | 23,177 | -3,871 | | **Total** | **93,377** | **86,796** | **+6,581** | Ageing Analysis of Trade Payables (As at June 30, 2025) | Ageing | Amount (USD thousands) | Percentage (%) | | :--- | :--- | :--- | | 0 to 30 days | 44,680 | 88.24% | | 31 to 60 days | 3,437 | 6.79% | | 61 to 90 days | 863 | 1.70% | | Over 90 days | 1,655 | 3.27% | | **Total** | **50,635** | **100.00%** | [11. Other Reserves](index=15&type=section&id=11.%20Other%20Reserves) As of June 30, 2025, total other reserves were **negative USD 6,936 thousand**, slightly down from January 1, 2025, mainly due to negative currency translation differences Movement in Other Reserves (For the six months ended June 30) | Item | January 1, 2025 (USD thousands) | Currency Translation Differences (USD thousands) | June 30, 2025 (USD thousands) | | :--- | :--- | :--- | :--- | | Capital Reserve | 7,891 | — | 7,891 | | Other Capital Reserve | (4,031) | — | (4,031) | | Employee Benefit Reserve | 870 | 43 | 913 | | Exchange Reserve | (11,415) | (294) | (11,709) | | **Total** | **(6,685)** | **(251)** | **(6,936)** | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Operating Results and Overview](index=16&type=section&id=Operating%20Results%20and%20Overview) Despite global economic uncertainties and slight revenue decline, the Group achieved a profit turnaround by cutting non-recurring expenses, improving gross margin, and reducing finance costs - Global economic growth is projected to slow to **2.3%**, with US tariff policies introducing uncertainty[44](index=44&type=chunk) Key Financial Metrics Changes (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | (8,698) | -2.9% | | Gross Profit | 41,179 | 38,621 | +2,558 | +6.6% | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | +10,101 | Turnaround to Profit | - Financial performance improvement primarily attributed to: (i) absence of non-recurring expenses related to US customs laws and regulations (approximately **USD 3,900 thousand** in prior period); (ii) overall gross profit margin increase of **1.2 percentage points** to **13.9%**; (iii) finance costs reduction of approximately **USD 1,617 thousand** to **USD 4,795 thousand**[36](index=36&type=chunk) [Segment Review](index=17&type=section&id=Segment%20Review) Apparel revenue declined but losses narrowed due to streamlined customer portfolio and eliminated non-recurring expenses, while accessories revenue grew but profit slightly decreased - Apparel and accessories businesses accounted for approximately **58.0%** and **42.0%** of total revenue, respectively[37](index=37&type=chunk) - Apparel segment revenue decreased by **6.4%** to **USD 171,553 thousand**, but segment loss significantly reduced by **71.6%** to **USD 2,741 thousand**, mainly due to the absence of non-recurring expenses[38](index=38&type=chunk) - Accessories segment revenue increased by **2.6%** to **USD 124,271 thousand**, but segment profit decreased by **4.5%** to **USD 5,040 thousand**[39](index=39&type=chunk) [Markets](index=17&type=section&id=Markets) Europe and the US remain key export markets, contributing **62.6%** of total revenue, while Asia (mainly China and Japan) accounted for **20.5%** - Total revenue from European and US customers was approximately **USD 185,196 thousand**, accounting for approximately **62.6%** of total revenue[40](index=40&type=chunk) - Revenue from Asian markets (primarily China and Japan) was approximately **USD 60,773 thousand**, accounting for approximately **20.5%** of total revenue[40](index=40&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's financial position is sound, with increased cash and bank deposits, but also higher bank borrowings, leading to a **62.0%** capital gearing ratio, with all borrowings due within one year Liquidity Metrics | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Total Cash and Bank Deposits | 72,756 | 54,871 | +17,885 | | Total Bank Borrowings | 169,587 | 143,501 | +26,086 | - All bank borrowings (approximately **USD 169,587 thousand**) are repayable within one year[42](index=42&type=chunk) - Capital gearing ratio is approximately **62.0%**[42](index=42&type=chunk) [Foreign Exchange Risk Management](index=18&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group prudently hedges against exchange rate fluctuations by reviewing net foreign exchange exposure and using hedging arrangements, with no forward foreign exchange or hedging contracts entered this period - The Group adopts a prudent policy to hedge against exchange rate fluctuations, with major operating activities denominated in multiple currencies including USD, EUR, and HKD[43](index=43&type=chunk) - No forward foreign exchange or hedging contracts were entered into during the period[43](index=43&type=chunk) [Future Plans and Prospects](index=18&type=section&id=Future%20Plans%20and%20Prospects) Facing global economic slowdown and US tariff challenges, the Group will implement strict cost controls, streamline production, enhance strategic resilience, and adapt business strategies for sustainable development - Global economic growth is projected to slow to **2.3%**, with US tariff policies introducing uncertainty[44](index=44&type=chunk) - Will continue to implement stringent cost control measures, including reducing production, distribution, and administrative expenses, and achieving synergies through shared internal resources[45](index=45&type=chunk) - Will adhere to a long-term sustainable development strategy, streamlining and integrating diversified production bases to strengthen strategic resilience[45](index=45&type=chunk) [Significant Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=19&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the period ended June 30, 2025, the Group had no significant investment, acquisition, or disposal activities involving subsidiaries, associates, or joint ventures - No significant investment, acquisition, or disposal activities during the period[46](index=46&type=chunk) [Future Plans for Material Investments or Capital Assets](index=19&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, or the announcement date, the Group has no specific plans for material investments or capital assets - No specific plans for material investments or capital assets during the period[47](index=47&type=chunk) [Charge on Assets](index=19&type=section&id=Charge%20on%20Assets) As of June 30, 2025, the Group had no assets charged to third parties - No assets charged to third parties during the period[48](index=48&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, total contingent liabilities were approximately **USD 16,723 thousand**, mainly for overseas import duties, taxes, and penalties, with some related to Universal and Sachio business combinations settled - Total contingent liabilities approximately **USD 16,723 thousand**, involving overseas import duties, taxes, and penalties[49](index=49&type=chunk) - Contingent liabilities of **USD 5,504 thousand** related to the Universal business combination have been recognized as indemnity guarantee assets, with **USD 22 thousand** settled[49](index=49&type=chunk) - Contingent liabilities of **USD 11,461 thousand** related to the Sachio business combination have been recognized as indemnity guarantee assets, with **USD 220 thousand** settled[50](index=50&type=chunk) [Human Resources and Corporate Social Responsibility](index=20&type=section&id=Human%20Resources%20and%20Corporate%20Social%20Responsibility) Li & Fung recruits talent via targeted HR strategies and social responsibility programs, committed to providing a safe work environment, fair compensation, career growth, and promoting global supply chain development - Li & Fung recruits through targeted human resource strategies and adopts social responsibility programs[51](index=51&type=chunk) - Committed to providing a safe and pleasant working environment, fair compensation and benefits, and career advancement opportunities[51](index=51&type=chunk) - As a global corporate citizen, promotes global supply chain development and improves the surrounding environment[51](index=51&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for H1 2025, consistent with the prior year - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[52](index=52&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For H1 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares - No purchase, sale, or redemption of the company's listed securities during the period[53](index=53&type=chunk) [Corporate Governance Practices](index=21&type=section&id=Corporate%20Governance%20Practices) The company complied with Appendix C1 of the Listing Rules' Corporate Governance Code, with the Board establishing Audit, Remuneration, Nomination, and Finance & Banking Committees for enhanced oversight - The company complies with the applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[54](index=54&type=chunk) - The Board has established an Audit Committee, Remuneration Committee, Nomination Committee, and Finance and Banking Committee[55](index=55&type=chunk)[56](index=56&type=chunk) [Compliance with the Standard Code for Directors' Securities Transactions](index=22&type=section&id=Compliance%20with%20the%20Standard%20Code%20for%20Directors%27%20Securities%20Transactions) The company adopted a directors' securities transaction code, no less exacting than Listing Rules Appendix C3, with all directors confirming compliance during the reporting period - All directors confirmed compliance with the company's adopted code of conduct for directors' securities transactions, which is no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[57](index=57&type=chunk) [Review of Interim Financial Information](index=22&type=section&id=Review%20of%20Interim%20Financial%20Information) The Audit Committee reviewed accounting principles, internal controls, and financial reporting, while PricewaterhouseCoopers reviewed the unaudited interim financial information per HKSRE 2410 - The Audit Committee reviewed accounting principles, internal controls, and financial reporting matters[58](index=58&type=chunk) - External auditor PricewaterhouseCoopers reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[58](index=58&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement is published on HKEX and company websites; the full interim report, with all Listing Rules information, will be dispatched to shareholders and published online - This results announcement has been published on the websites of HKEX and the company[59](index=59&type=chunk) - The interim report will be dispatched to shareholders and published on the website in due course[59](index=59&type=chunk) [Board of Directors](index=23&type=section&id=Board%20of%20Directors) As of this announcement, the Board comprises five executive, one non-executive, and three independent non-executive directors, including CEO Mr. Chan Cho Lung - Board members include Executive Directors Wang Weimin, Chan Sau Yan, Chan Cho Lung, Zhang Min, Jin Xin; Non-Executive Director Huo Yushan; Independent Non-Executive Directors Chan Ming Yin, Li Cheuk Yan, Shi Min[61](index=61&type=chunk)

Group 1 - The board meeting of Lian Tai Holdings (00311.HK) is scheduled for August 27, 2025, to consider and review the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1]

（於開曼群島註冊成立的有限公司） （股份代號：311） 董事局會議日期 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，概不對因本公告全部或任何 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。 LUEN THAI HOLDINGS LIMITED 聯泰控股有限公司 聯泰控股有限公司（「本公司」）董事局（「董事局」）謹此宣佈，董事局會議將於二零二 五年八月二十七日（星期三）舉行，以（其中包括）考慮及審議本公司及其附屬公司截 至二零二五年六月三十日止六個月之中期業績以及宣派中期股息（如有）。 承董事局命 聯泰控股有限公司 公司秘書 陳曉亮 香港，二零二五年八月十三日 於本公告日期，董事局包括以下董事： 執行董事： 王衛民 （主席） 陳守仁 （永遠榮譽主席） 陳祖龍 （行政總裁） 章民 金鑫 非執行董事： 霍宇山 獨立非執行董事： 陳銘潤 李卓然 史敏 本公司網站：www.luenthai.com ...