致：香港交易及結算所有限公司 公司名稱: 百富環球科技有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年10月2日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 III.已發行股份及/或庫存股份變動詳情 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) | 00327 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百富環球科技有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年9月1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) | 00327 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | FF301 I ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Board of Directors and Key Personnel](index=3&type=section&id=Board%20of%20Directors%20and%20Key%20Personnel) This chapter lists the company's board members, including executive and independent non-executive directors, as well as key positions such as CFO and company secretary - Nie Guoming serves as Chairman and CEO, Zhang Shiyang as Chief Financial Officer and Company Secretary[4](index=4&type=chunk) - Lu Jie resigned as Executive Director on **July 3, 2025**[4](index=4&type=chunk) [Advisers and Registrars](index=3&type=section&id=Advisers%20and%20Registrars) This chapter provides important contact and registration information for the company, including auditors, legal counsel, principal bankers, registered office, Hong Kong principal place of business, and share registrar - PricewaterhouseCoopers is the company's auditor[5](index=5&type=chunk) - Principal bankers include Hang Seng Bank, Industrial and Commercial Bank of China (Asia), and The Hongkong and Shanghai Banking Corporation[7](index=7&type=chunk) - The company's stock code is **327**, and its website is **www.paxglobal.com.hk**[9](index=9&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company's revenue and profit both declined, but gross margin remained stable, while EPS and net profit margin also decreased, and interim dividend increased Financial Highlights for the Six Months Ended June 30, 2025 (HK$ thousand) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,716,164 | 3,013,241 | -9.9% | | Gross Profit | 1,272,545 | 1,409,236 | -9.7% | | Operating Profit | 470,997 | 537,525 | -12.4% | | Profit for the Period | 391,351 | 459,760 | -14.9% | | Profit Attributable to Owners of the Company | 390,877 | 454,583 | -14.0% | | Research and Development Costs | (305,174) | (304,219) | +0.3% | | Total Current Assets | 7,708,931 | 7,646,119 | +0.8% | | Total Assets | 9,208,715 | 9,169,505 | +0.4% | | Net Current Assets | 6,400,937 | 6,130,960 | +4.4% | | Total Equity | 7,805,146 | 7,564,587 | +3.2% | Per Share and Ratio Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (HK$) | 0.369 | 0.425 | -13.2% | | Diluted Earnings Per Share (HK$) | 0.363 | 0.416 | -12.7% | | Interim Dividend Per Ordinary Share (HK$) | 0.25 | 0.24 | +4.2% | | Gross Profit Margin | 46.9% | 46.8% | +0.1% | | Operating Profit Margin | 17.3% | 17.8% | -0.5% | | Net Profit Margin | 14.4% | 15.3% | -0.9% | | Current Ratio (times) | 5.9 | 5.0 | +0.9 | [Revenue Analysis](index=7&type=section&id=Revenue%20Analysis) Total revenue decreased by 9.9% year-on-year, mainly due to reduced procurement orders in some markets amid global economic uncertainty, with electronic payment terminal product sales down 10.7% and service revenue up 4.7% due to SaaS solution demand Sales by Region (HK$ thousand) | Region | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | EMEA | 1,083,949 | 1,103,965 | -1.8% | | LACIS | 684,151 | 1,069,814 | -36.0% | | USCA | 498,679 | 358,721 | +39.0% | | APAC | 449,385 | 480,741 | -6.5% | | **Total** | **2,716,164** | **3,013,241** | **-9.9%** | Sales by Product Category (HK$ thousand) | Product Category | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales of Electronic Payment Terminal Products | 2,544,491 | 2,849,245 | -10.7% | | Provision of Services | 171,673 | 163,996 | +4.7% | | **Total** | **2,716,164** | **3,013,241** | **-9.9%** | - Revenue decline primarily due to decreased procurement orders in individual markets amid global economic uncertainty[16](index=16&type=chunk)[17](index=17&type=chunk) - Service revenue growth mainly driven by increased demand for SaaS solutions[21](index=21&type=chunk)[23](index=23&type=chunk) [Expense and Profitability Analysis](index=9&type=section&id=Expense%20and%20Profitability%20Analysis) Gross margin remained stable, but other income and selling expenses decreased, administrative expenses fell due to favorable foreign exchange movements, and financial assets shifted from a net reversal of impairment losses to a net impairment loss, leading to an overall 14.9% decrease in profit for the period - Gross margin remained relatively stable at **46.9% in 2025** and **46.8% in 2024**[24](index=24&type=chunk)[30](index=30&type=chunk) - Other income decreased by **19.8% to HK$29.6 million**, primarily due to reduced VAT refunds[25](index=25&type=chunk)[31](index=31&type=chunk) - Selling expenses decreased by **12.8% to HK$302.7 million**, mainly impacted by lower sales commissions and transportation costs[26](index=26&type=chunk)[32](index=32&type=chunk) - Administrative expenses decreased by **10.6% to HK$515.8 million**, primarily attributable to favorable foreign exchange movements, partially offset by increased employee benefits and other expenses[27](index=27&type=chunk)[33](index=33&type=chunk) - Financial assets shifted from a net reversal of impairment losses of **HK$13.6 million in 2024** to a net impairment loss of **HK$2.8 million in 2025**[28](index=28&type=chunk)[34](index=34&type=chunk) - Profit for the period decreased by **14.9% to HK$391.4 million**, and profit attributable to owners of the company decreased by **14.0% to HK$390.9 million**[29](index=29&type=chunk)[35](index=35&type=chunk) [Business Review and Industry Trends](index=10&type=section&id=Business%20Review%20and%20Industry%20Trends) The company actively addresses opportunities from digital payments and blockchain technology, especially in stablecoin payments, maintains leadership in payment security standards, and continues to promote global adoption of Android smart payment terminals, with MAXSTORE SaaS platform reaching 15 million connected terminals - Developments in digital payments and blockchain technology bring new opportunities to the payment sector, with a continuously favorable policy environment, such as the US GENIUS Act and Hong Kong's Stablecoin Ordinance coming into effect[36](index=36&type=chunk)[39](index=39&type=chunk) - PAX payment terminals now support emerging payment methods like stablecoins in many regions worldwide[36](index=36&type=chunk)[39](index=39&type=chunk) - PAX was re-elected to the PCI SSC Board of Advisors, the only Asian payment terminal provider among over **60 global companies**[38](index=38&type=chunk)[40](index=40&type=chunk) - The A77 Android MiniPOS became the world's first payment terminal to receive **PCI PTS POI v7.0 certification**, demonstrating leading R&D capabilities[42](index=42&type=chunk)[45](index=45&type=chunk) - Android products account for over **65% of the Group's total revenue**, widely used in retail, catering, transportation, and other industry scenarios[43](index=43&type=chunk)[46](index=46&type=chunk) - The MAXSTORE cloud platform has reached **15 million connected terminals**, offering over **16,000 applications**[44](index=44&type=chunk)[47](index=47&type=chunk) [Analysis of Global Regions](index=12&type=section&id=Analysis%20of%20Global%20Regions) The company showed strong performance in EMEA, with USCA market sales growing 39.0% year-on-year and Japan market sales doubling, while the LACIS region faced economic uncertainty and competitive pressure - EMEA region sales reached **HK$1,083.9 million**, continuing to be the largest sales contributor, with considerable performance in Italy, the UK, and France markets[48](index=48&type=chunk)[49](index=49&type=chunk)[53](index=53&type=chunk) - USCA market sales increased by **39.0% year-on-year**, with flagship products like A920Pro and A3700 increasing market penetration, and A920MAX officially entering commercial use[56](index=56&type=chunk)[57](index=57&type=chunk)[62](index=62&type=chunk) - LACIS region sales faced pressure, especially in the Brazilian market, mainly due to economic uncertainty, exchange rate fluctuations, and intensified industry competition[52](index=52&type=chunk)[54](index=54&type=chunk) - Japan market sales in the APAC region doubled, with new products like A920MAX and A8700 successfully winning multiple new projects[60](index=60&type=chunk)[63](index=63&type=chunk) - The newly established Remote Key Injection (RKI) service in Australia successfully obtained PCI PIN certification, strengthening payment security capabilities in the Asia-Pacific region[61](index=61&type=chunk)[63](index=63&type=chunk) [Management Strategy](index=14&type=section&id=Management%20Strategy) The company's strategy focuses on seizing stablecoin payment opportunities, optimizing its payment terminal product line to concentrate resources on high-potential Android models, and strengthening its SaaS ecosystem, accelerating AI technology adoption to enhance value-added service capabilities - Actively embracing new digital currency payment methods, leveraging global sales network and SaaS ecosystem to capture new opportunities in the stablecoin payment sector[64](index=64&type=chunk)[65](index=65&type=chunk)[69](index=69&type=chunk) - Streamlining the payment terminal product line, concentrating resources on high-demand and high-value Android models to strengthen brand influence[66](index=66&type=chunk)[70](index=70&type=chunk) - Building a comprehensive SaaS ecosystem, including value-added services like AirViewer, GoInsight, Cyberlab, and PCI-certified RKI platform[67](index=67&type=chunk)[71](index=71&type=chunk) - Accelerating the adoption of Artificial Intelligence (AI) technology to enhance intelligent support and data application capabilities, laying the foundation for a new generation of smart payment infrastructure[67](index=67&type=chunk)[71](index=71&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained robust liquidity with cash and cash equivalents of HK$2,976.1 million, no borrowings, and increased net current assets, while net cash from operating activities decreased, with no significant future investment or capital asset plans Liquidity Position (HK$ thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,976,100 | 3,083,600 | | Short-term Bank Deposits | 165,800 | 162,500 | | Borrowings | Nil | Nil | | Net Current Assets | 6,400,900 | 6,131,000 | | Net Cash from Operating Activities (Six Months) | 153,700 | 430,700 | - The Group has **no significant borrowings** or bank credit facilities, and the debt-to-equity ratio is not applicable[73](index=73&type=chunk)[74](index=74&type=chunk) Currency Distribution of Cash and Cash Equivalents (HK$ thousand) | Currency | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | RMB | 2,133,922 | 1,726,723 | | US$ | 589,405 | 982,728 | | HK$ | 76,001 | 138,012 | | Euro | 74,367 | 113,772 | | Rupee | 48,738 | 53,517 | | Yen | 37,415 | 36,171 | | Other | 16,210 | 32,675 | | **Total** | **2,976,058** | **3,083,598** | - The Group has not entered into agreements or purchased instruments to hedge most foreign exchange risks, and fluctuations in HKD or RMB exchange rates may affect operating results[80](index=80&type=chunk)[86](index=86&type=chunk) - As of June 30, 2025, the Group had **no significant contingent liabilities**[82](index=82&type=chunk)[87](index=87&type=chunk) [Human Resources and Remuneration Policies](index=17&type=section&id=Human%20Resources%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had a total of 1,500 employees, with R&D personnel accounting for the largest proportion, and the company offers competitive remuneration, including fixed salaries, discretionary bonuses, and share options, and subsidizes employees for external training Employee Functional Distribution | Function | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Management | 12 | 12 | | Sales, After-sales Service and Marketing | 284 | 292 | | Research and Development | 882 | 881 | | Quality Control | 87 | 89 | | Administration and Human Resources | 91 | 93 | | Accounting | 43 | 41 | | Production, Procurement and Inventory Control | 101 | 101 | | **Total** | **1,500** | **1,509** | - Total number of employees slightly decreased from **1,509 as of December 31, 2024**, to **1,500 as of June 30, 2025**[88](index=88&type=chunk) - The company provides fixed director's emoluments, discretionary bonuses, and other benefits, while employees receive a fixed monthly salary plus a discretionary annual performance bonus[89](index=89&type=chunk)[91](index=91&type=chunk) - Share options are granted as long-term incentives to certain directors and employees to reward their contributions[89](index=89&type=chunk)[91](index=91&type=chunk) [Additional Information](index=17&type=section&id=Additional%20Information) [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of HK$0.25 per ordinary share for the six months ended June 30, 2025, an increase from the prior year, and set the record date and payment date for shareholders - Declared an interim dividend of **HK$0.25 per ordinary share** for the six months ended June 30, 2025 (compared to **HK$0.24** for the same period in 2024)[93](index=93&type=chunk)[99](index=99&type=chunk) - The dividend will be paid on **Thursday, September 25, 2025**, with the record date for shareholders being **Thursday, September 11, 2025**[93](index=93&type=chunk)[94](index=94&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) [Share Option Scheme](index=18&type=section&id=Share%20Option%20Scheme) The company has a share option scheme to incentivize and retain talent, adopted in 2019 and revised in 2024 to comply with listing rules, with 52,146,000 share options remaining unexercised as of June 30, 2025, at an exercise price of HK$3.57 per share - The Share Option Scheme was adopted on **May 2, 2019**, and revised on **May 22, 2024**, valid until **May 1, 2029**[95](index=95&type=chunk)[96](index=96&type=chunk)[101](index=101&type=chunk) - The scheme aims to recognize the contributions of eligible participants to the Group and to attract, retain, and motivate talent[95](index=95&type=chunk)[101](index=101&type=chunk) - Under the scheme, the maximum number of shares that can be issued is **82,514,550 shares**, representing **7.5% of the total issued shares** on the adoption date[98](index=98&type=chunk)[102](index=102&type=chunk) - The exercise price of share options is determined by the Board and shall not be less than the highest of the closing price on the grant date, the average closing price for the preceding five trading days, and the nominal value of the shares[105](index=105&type=chunk)[109](index=109&type=chunk) Overview of Share Option Movements (thousand options) | Category | Held as of January 1, 2025 | Granted during the Period | Exercised during the Period | Lapsed during the Period | Held as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors | 23,920 | – | – | – | 23,920 | | Employees | 28,326 | – | (100) | – | 28,226 | | **Total** | **52,246** | **–** | **(100)** | **–** | **52,146** | - As of June 30, 2025, all **52,146,000 unexercised share options** were exercisable, with a weighted average exercise price of **HK$3.57 per share**[317](index=317&type=chunk)[318](index=318&type=chunk) [Directors' and Chief Executive's Interests in Shares, Underlying Shares and Debentures](index=21&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) This chapter discloses the interests and short positions of the company's directors and chief executive in the company's shares and underlying shares as of June 30, 2025, primarily long positions, including beneficially owned shares and share option-related interests Directors' and Chief Executive's Interests in Ordinary Shares (shares) | Director's Name | Capacity | Personal Interest | Other Interests (Share Options) | Total Interests (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | :--- | | Nie Guoming | Beneficial Owner | 4,200,000 | 1,000,000 | 5,200,000 | 0.49% | | Li Wenjin | Beneficial Owner | 2,890,000 | 11,000,000 | 13,890,000 | 1.31% | | Zhang Shiyang | Beneficial Owner | – | 920,000 | 920,000 | 0.09% | | Lu Jie | Beneficial Owner | 8,870,000 | 11,000,000 | 19,870,000 | 1.88% | - Mr. Lu Jie resigned as Executive Director and Chief Executive Officer on **July 3, 2025**[122](index=122&type=chunk) - Percentages are calculated based on the total number of **1,059,642,000 ordinary shares** in issue as of June 30, 2025[122](index=122&type=chunk) [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=22&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) This chapter lists the interests and short positions of substantial shareholders, other than directors and the chief executive, in the company's shares as of June 30, 2025, with PAX Technology (China) Limited being the largest shareholder Substantial Shareholders' Interests in Ordinary Shares (shares) | Shareholder Name | Capacity | Class of Securities | Total Shares (Long Position) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | PAX Technology (China) Limited | Beneficial Owner | Ordinary Shares | 364,000,000 | 34.35% | | Brandes Investment Partners, L.P. | Investment Manager | Ordinary Shares | 145,132,754 | 13.70% | | FMR LLC | Interest of Controlled Corporation | Ordinary Shares | 72,917,824 | 6.88% | - Percentages are calculated based on the total number of **1,059,642,000 ordinary shares** in issue as of June 30, 2025[125](index=125&type=chunk) [Purchase, Sale or Redemption of Shares](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) For the six months ended June 30, 2025, the company repurchased and cancelled 2,162,000 ordinary shares for a total consideration of approximately HK$9.86 million, aiming to enhance net asset value and earnings per share - The company repurchased and cancelled **2,162,000 ordinary shares** during the six months ended June 30, 2025[127](index=127&type=chunk)[129](index=129&type=chunk)[134](index=134&type=chunk) - The total consideration was **HK$9,863,740**, and all repurchased shares were cancelled, reducing the issued share capital[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[134](index=134&type=chunk) - The Board believes that the share repurchases are in the best interests of the company and its shareholders, potentially increasing net asset value per share and/or earnings per share[129](index=129&type=chunk)[134](index=134&type=chunk) [Compliance with the Model Code for Securities Transactions](index=23&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The company has adopted a code for securities transactions stricter than the Listing Rules' Model Code and confirmed that all directors and senior management complied with it during the reporting period - The Group has adopted a written code governing securities transactions by directors and senior management, the terms of which are no less stringent than the Model Code set out in Appendix C3 of the Listing Rules[131](index=131&type=chunk)[135](index=135&type=chunk) - All directors have confirmed compliance with the Model Code and the Securities Dealing Code for the six months ended June 30, 2025, and up to the date of this interim report[132](index=132&type=chunk)[135](index=135&type=chunk) [Corporate Governance Practices](index=24&type=section&id=Corporate%20Governance%20Practices) The company complied with all applicable provisions of the Corporate Governance Code during the reporting period, except for the chairman and chief executive roles being held by the same person, a deviation from code provision C.2.1, which the Board believes aids strategy execution and operational efficiency - The company complied with all applicable provisions of the Corporate Governance Code for the six months ended June 30, 2025[137](index=137&type=chunk)[140](index=140&type=chunk) - Mr. Nie Guoming holds both the Chairman and Chief Executive Officer positions, which deviates from code provision C.2.1[138](index=138&type=chunk)[141](index=141&type=chunk) - The Board believes that the combined role facilitates the execution of the Group's business strategies and enhances operational efficiency, and that the Board structure is appropriate with a balance of power[138](index=138&type=chunk)[141](index=141&type=chunk) [Changes in Directors' Information](index=25&type=section&id=Changes%20in%20Directors%27%20Information) This chapter discloses changes in the Board of Directors, including Mr. Lu Jie's resignation as Executive Director and Chief Executive Officer, and Mr. Nie Guoming's appointment as Chief Executive Officer, both effective July 3, 2025 - Mr. Lu Jie resigned as Executive Director and Chief Executive Officer of the company effective **July 3, 2025**[148](index=148&type=chunk) - Mr. Nie Guoming was appointed as Chief Executive Officer of the company effective **July 3, 2025**[148](index=148&type=chunk) [Directors' Interest in Competing Business](index=25&type=section&id=Directors%27%20Interest%20in%20Competing%20Business) This chapter explains Executive Director Mr. Li Wenjin's interest in PAX Technology (China) Limited and confirms he holds no interests in businesses directly or indirectly competing with the Group, in compliance with the non-competition deed - Mr. Li Wenjin holds **13,800,000 shares** in PAX Technology (China) Limited, representing **0.50% of its total issued shares**[144](index=144&type=chunk)[147](index=147&type=chunk) - The Board believes that Mr. Li Wenjin has no interests in businesses directly or indirectly competing with the Group, in compliance with the non-competition deed[145](index=145&type=chunk)[147](index=147&type=chunk) [Pension Schemes](index=26&type=section&id=Pension%20Schemes) The Group participates in the Mandatory Provident Fund Scheme in Hong Kong, contributes to government-mandated retirement benefit plans for employees in mainland China, and provides a defined benefit pension plan for Korean employees - Hong Kong subsidiaries participate in the Mandatory Provident Fund Scheme, with employers and employees each contributing **5% of the employee's relevant income**[149](index=149&type=chunk)[154](index=154&type=chunk) - Mainland China subsidiaries are required to contribute **7% to 22% of employees' basic salaries** to retirement benefit plans, with local governments assuming retirement benefit responsibilities[151](index=151&type=chunk)[154](index=154&type=chunk) - The Group provides a defined benefit pension plan for Korean employees, managed by an independent trustee and fully funded by the Group[152](index=152&type=chunk)[155](index=155&type=chunk) [Sufficiency of Public Float](index=26&type=section&id=Sufficiency%20of%20Public%20Float) The directors confirmed that the company maintained sufficient public float as required by the Listing Rules at all times during the six months ended June 30, 2025 - The directors confirmed that the company maintained sufficient public float as required by the Listing Rules at all times during the six months ended June 30, 2025[153](index=153&type=chunk)[156](index=156&type=chunk) [Interim Condensed Consolidated Income Statement](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) This interim condensed consolidated income statement shows that for the six months ended June 30, 2025, the company's revenue and profit for the period both decreased, with basic earnings per share of HK$0.369 and diluted earnings per share of HK$0.363 Key Data from Interim Condensed Consolidated Income Statement (HK$ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 2,716,164 | 3,013,241 | | Cost of Sales | (1,443,619) | (1,604,005) | | Gross Profit | 1,272,545 | 1,409,236 | | Other Income | 29,568 | 36,851 | | Selling Expenses | (302,663) | (346,978) | | Administrative Expenses | (515,821) | (576,796) | | Operating Profit | 470,997 | 537,525 | | Profit Before Income Tax | 465,950 | 539,303 | | Income Tax Expense | (74,599) | (79,543) | | Profit for the Period | 391,351 | 459,760 | | Profit Attributable to Owners of the Company | 390,877 | 454,583 | | Basic Earnings Per Share (HK$) | 0.369 | 0.425 | | Diluted Earnings Per Share (HK$) | 0.363 | 0.416 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This interim condensed consolidated statement of comprehensive income shows that for the six months ended June 30, 2025, total comprehensive income for the period was HK$515,001 thousand, mainly comprising profit for the period and exchange differences arising from the translation of financial statements of overseas subsidiaries Key Data from Interim Condensed Consolidated Statement of Comprehensive Income (HK$ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period | 391,351 | 459,760 | | Exchange Differences Arising from Translation of Financial Statements of Overseas Subsidiaries | 119,159 | (77,283) | | Exchange Differences Arising from Items That Will Not Be Reclassified to Profit or Loss | 4,491 | (1,416) | | Total Comprehensive Income for the Period, Net of Tax | 515,001 | 381,061 | | Total Comprehensive Income Attributable to Owners of the Company | 510,036 | 377,300 | | Non-controlling Interests | 4,965 | 3,761 | [Interim Condensed Consolidated Balance Sheet](index=29&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheet) This interim condensed consolidated balance sheet shows that as of June 30, 2025, the Group's total assets slightly increased, total equity and net current assets both rose, and total liabilities decreased Key Data from Interim Condensed Consolidated Balance Sheet (HK$ thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 1,499,784 | 1,523,386 | | Total Current Assets | 7,708,931 | 7,646,119 | | **Total Assets** | **9,208,715** | **9,169,505** | | Equity Attributable to Owners of the Company | 7,765,647 | 7,530,053 | | Non-controlling Interests | 39,499 | 34,534 | | **Total Equity** | **7,805,146** | **7,564,587** | | Total Non-current Liabilities | 95,575 | 89,759 | | Total Current Liabilities | 1,307,994 | 1,515,159 | | **Total Liabilities** | **1,403,569** | **1,604,918** | | Total Equity and Liabilities | 9,208,715 | 9,169,505 | [Interim Condensed Consolidated Statement of Changes in Equity](index=31&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This interim condensed consolidated statement of changes in equity shows that for the six months ended June 30, 2025, the company's total equity increased, mainly due to total comprehensive income for the period, alongside share repurchases and dividend payments Key Data from Interim Condensed Consolidated Statement of Changes in Equity (HK$ thousand) | Indicator | Balance as of June 30, 2025 | Balance as of January 1, 2025 | | :--- | :--- | :--- | | Share Capital | 105,964 | 106,170 | | Share Premium | 1,000,742 | 1,010,082 | | Total Reserves | 7,659,683 | 7,423,883 | | Equity Attributable to Owners of the Company | 7,765,647 | 7,530,053 | | Non-controlling Interests | 39,499 | 34,534 | | **Total Equity** | **7,805,146** | **7,564,587** | | Profit for the Period | 391,351 | 459,760 (2024 same period) | | Total Comprehensive Income for the Period | 515,001 | 381,061 (2024 same period) | | Repurchase of Company's Shares | (9,903) | (3,830) (2024 same period) | | Dividends Paid to Company's Shareholders | (264,896) | (246,494) (2024 same period) | | Share Options Exercised | 357 | 8,147 (2024 same period) | [Interim Condensed Consolidated Cash Flow Statement](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Cash%20Flow%20Statement) This interim condensed consolidated cash flow statement shows that for the six months ended June 30, 2025, net cash from operating activities significantly decreased, net cash used in investing activities reduced, and net cash used in financing activities increased, resulting in a net decrease in cash and cash equivalents Key Data from Interim Condensed Consolidated Cash Flow Statement (HK$ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 153,656 | 430,686 | | Net Cash Used in Investing Activities | (11,378) | (223,541) | | Net Cash Used in Financing Activities | (284,182) | (253,012) | | Net Decrease in Cash and Cash Equivalents | (141,904) | (45,867) | | Cash and Cash Equivalents at End of Period | 2,976,058 | 2,794,057 | [Notes to Interim Condensed Consolidated Financial Information](index=34&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) [General Information](index=34&type=section&id=General%20Information) This note outlines that PAX Global Technology Limited and its subsidiaries primarily engage in electronic payment terminal solutions, with the company incorporated in Bermuda and listed on the Main Board of the Hong Kong Stock Exchange - The Group is principally engaged in the development and sale of electronic payment terminal products, and the provision of maintenance, installation, and payment solution services[170](index=170&type=chunk)[175](index=175&type=chunk) - The company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **December 20, 2010**[171](index=171&type=chunk)[175](index=175&type=chunk) [Basis of Preparation](index=34&type=section&id=Basis%20of%20Preparation) This interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - This interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[173](index=173&type=chunk)[178](index=178&type=chunk) - This information is unaudited and does not include all the notes normally included in annual consolidated financial statements[177](index=177&type=chunk)[178](index=178&type=chunk) [Accounting Policies](index=35&type=section&id=Accounting%20Policies) The accounting policies adopted by the Group are consistent with those in the 2024 annual consolidated financial statements, except for income tax estimates and the adoption of revised standards, and HKFRS 18 will be mandatorily effective from January 1, 2027, with widespread impacts on presentation and disclosure expected - The accounting policies adopted are consistent with those described in the annual consolidated financial statements for the year ended December 31, 2024, except for income tax estimates and the adoption of revised standards[179](index=179&type=chunk)[183](index=183&type=chunk) - HKFRS 18 will replace HKAS 1 "Presentation of Financial Statements" and is expected to have widespread impacts on presentation and disclosure[182](index=182&type=chunk)[185](index=185&type=chunk) - The Group expects to apply the new standard from its mandatory effective date of **January 1, 2027**, and will require retrospective application[186](index=186&type=chunk)[190](index=190&type=chunk) [Estimates](index=36&type=section&id=Estimates) The significant judgments and estimates made by management in preparing this interim condensed consolidated financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - The significant judgments and estimates made by management in preparing this interim condensed consolidated financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[189](index=189&type=chunk)[191](index=191&type=chunk) [Financial Risk Management](index=37&type=section&id=Financial%20Risk%20Management) The Group is exposed to market risk, credit risk, and liquidity risk, and manages foreign currency risk by closely monitoring exchange rate movements, with fair value estimates of financial instruments using a three-level hierarchy, and contingent consideration payable and fund investments measured using significant unobservable inputs (Level 3) - The Group's activities expose it to market risk (including foreign currency risk, price risk, cash flow interest rate risk, and fair value interest rate risk), credit risk, and liquidity risk[192](index=192&type=chunk)[195](index=195&type=chunk) - There have been **no significant changes** in risk management policies since **December 31, 2024**[194](index=194&type=chunk)[196](index=196&type=chunk) Financial Assets and Liabilities Measured at Fair Value (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fund Investments Measured at Fair Value Through Profit or Loss | 83,005 | 88,242 | | Contingent Consideration Payable Measured at Fair Value Through Profit or Loss | (31,391) | (29,393) | - Fair value measurement of contingent consideration payable and fund investments uses significant unobservable inputs (Level 3), with a discount rate of **6.8% for contingent consideration payable**[203](index=203&type=chunk)[204](index=204&type=chunk)[276](index=276&type=chunk) - If the fair value of fund investments increases/decreases by **5%**, the Group's profit after tax and equity for the period would increase/decrease by approximately **HK$3,113,000**[277](index=277&type=chunk)[279](index=279&type=chunk) [Revenue, Other Income and Other (Losses)/Gain](index=41&type=section&id=Revenue%2C%20Other%20Income%20and%20Other%20%28Losses%29%2FGain) This note details the composition of revenue, other income, and other (losses)/gain for the six months ended June 30, 2025, showing a decrease in sales revenue from electronic payment terminal products, an increase in service revenue, and a decrease in other income due to reduced VAT refunds Revenue, Other Income and Other (Losses)/Gain (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | | | | Sales of Electronic Payment Terminal Products | 2,544,491 | 2,849,245 | | Provision of Services | 171,673 | 163,996 | | **Other Income** | | | | Interest Income | 9,480 | 9,928 | | Government Grants | 1,142 | 2,691 | | VAT Refunds | 8,011 | 11,426 | | Other | 10,935 | 12,806 | | **Other (Losses)/Gain** | | | | Fair Value (Loss)/Gain on an Investment Measured at Fair Value Through Profit or Loss | (7,873) | 1,589 | | Fair Value Loss on a Contingent Consideration Payable | (1,998) | – | - Other income decreased primarily due to reduced VAT refunds[211](index=211&type=chunk)[213](index=213&type=chunk) [Segment Information](index=42&type=section&id=Segment%20Information) The Group primarily engages in the electronic payment terminal solutions business and assesses performance from a geographical perspective, with revenue from external customers mainly from Hong Kong and other regions for the six months ended June 30, 2025, significant growth in the US region, and a decrease in mainland China (excluding Hong Kong, Macau, and Taiwan) revenue - The Group is principally engaged in the electronic payment terminal solutions business and considers itself to operate in a **single business segment**[214](index=214&type=chunk)[216](index=216&type=chunk) - The Group primarily operates in **Hong Kong, mainland China (excluding Hong Kong, Macau, and Taiwan), the United States, and Italy**[215](index=215&type=chunk)[217](index=217&type=chunk) Revenue and Segment Operating Profit/(Loss) by Region (HK$ thousand) | Region | Revenue from External Customers (2025) | Segment Operating Profit/(Loss) (2025) | Revenue from External Customers (2024) | Segment Operating Profit/(Loss) (2024) | | :--- | :--- | :--- | :--- | :--- | | Mainland China (excluding Hong Kong, Macau, and Taiwan) | 184,447 | 67,121 | 242,308 | 402,980 | | Hong Kong and Other | 1,810,711 | 326,377 | 2,152,979 | 171,020 | | United States | 498,033 | (139,660) | 358,719 | (89,571) | | Italy | 222,973 | 5,245 | 259,235 | 24,496 | | **Total** | **2,716,164** | **470,997** | **3,013,241** | **537,525** | Non-current Assets by Region (HK$ thousand) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mainland China (excluding Hong Kong, Macau, and Taiwan) | 1,187,089 | 1,177,473 | | Hong Kong and Other | 199,690 | 245,116 | | United States | 36,008 | 41,837 | | Italy | 76,997 | 58,960 | | **Total** | **1,499,784** | **1,523,386** | - For the six months ended June 30, 2025, the largest customer contributed approximately **HK$232,419,000** in revenue, representing **8.6% of total revenue**, attributable to the Hong Kong business segment[228](index=228&type=chunk)[229](index=229&type=chunk) - The second largest customer contributed approximately **HK$177,620,000** in revenue, representing **6.5% of total revenue**, attributable to the US business segment[228](index=228&type=chunk)[229](index=229&type=chunk) [Expenses by Nature](index=47&type=section&id=Expenses%20by%20Nature) This note analyzes various expenses by nature for the six months ended June 30, 2025, including cost of inventories sold, employee benefit expenses, R&D costs, sales commissions, depreciation, and amortization Expenses by Nature (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of Inventories Sold | 1,327,135 | 1,529,980 | | Provision for Obsolete Inventories | 62,347 | 4,590 | | Employee Benefit Expenses | 404,538 | 392,024 | | Research and Development Costs | 305,174 | 304,219 | | Sales Commissions | 60,960 | 74,808 | | Depreciation of Property, Plant and Equipment | 34,811 | 29,197 | | Depreciation of Right-of-Use Assets | 14,098 | 15,268 | | Amortization of Intangible Assets | 5,337 | 1,595 | | Net Foreign Exchange (Gain)/Loss | (43,385) | 32,273 | | Net Impairment Loss/(Net Reversal of Impairment Loss) on Financial Assets | 2,761 | (13,623) | [Finance Costs](index=48&type=section&id=Finance%20Costs) This note discloses finance costs for the six months ended June 30, 2025, primarily interest expense on lease liabilities Finance Costs (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 2,446 | 2,908 | [Employee Benefit Expenses (Including Directors' Emoluments)](index=48&type=section&id=Employee%20Benefit%20Expenses%20%28Including%20Directors%27%20Emoluments%29) This note details employee benefit expenses for the six months ended June 30, 2025, including wages and salaries, social security, and pension costs Employee Benefit Expenses (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Wages and Salaries | 376,269 | 364,481 | | Social Security and Pension Costs | 28,269 | 27,543 | | **Total** | **404,538** | **392,024** | [Income Tax Expense](index=49&type=section&id=Income%20Tax%20Expense) This note provides a breakdown of income tax expense for the six months ended June 30, 2025, including PRC corporate income tax, Hong Kong profits tax, and overseas profits tax, and explains the R&D expense tax incentives enjoyed by PRC subsidiaries Income Tax Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | PRC Corporate Income Tax | 27,361 | 69,971 | | Hong Kong Profits Tax | 36,004 | 20,180 | | Overseas Profits Tax | 11,597 | 11,389 | | Tax Incentives for R&D Expenses | (30,946) | (27,632) | | Deferred Income Tax | 30,583 | 4,947 | | **Total Income Tax Expense** | **74,599** | **79,543** | - Hong Kong profits tax is provided at a rate of **16.5%**[241](index=241&type=chunk) - PAX Computer Technology (Shenzhen) Co., Ltd. is recognized as a high-tech enterprise, enjoying a preferential corporate income tax rate of **15%**[244](index=244&type=chunk)[249](index=249&type=chunk) [Earnings Per Share](index=50&type=section&id=Earnings%20Per%20Share) This note explains the calculation methods for basic and diluted earnings per share for the six months ended June 30, 2025, and lists the relevant weighted average number of ordinary shares Earnings Per Share Calculation (HK$ thousand/thousand shares) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 390,877 | 454,583 | | Weighted Average Number of Ordinary Shares Outstanding | 1,060,685 | 1,070,525 | | Basic Earnings Per Share (HK$) | 0.369 | 0.425 | | Adjustment for Share Options | 14,659 | 22,022 | | Weighted Average Number of Ordinary Shares for Diluted EPS | 1,075,344 | 1,092,547 | | Diluted Earnings Per Share (HK$) | 0.363 | 0.416 | [Dividends](index=52&type=section&id=Dividends) This note reiterates the Board's declaration of an interim dividend of HK$0.25 per ordinary share for the six months ended June 30, 2025, totaling approximately HK$264,961,000 - The Board has resolved to declare an interim dividend of **HK$0.25 per ordinary share** for the six months ended June 30, 2025[254](index=254&type=chunk)[256](index=256&type=chunk) - The total interim dividend is approximately **HK$264,961,000**, to be paid on **September 25, 2025**[254](index=254&type=chunk)[256](index=256&type=chunk) [Property, Plant and Equipment](index=52&type=section&id=Property%2C%20Plant%20and%20Equipment) This note outlines the movements in property, plant and equipment for the six months ended June 30, 2025, including additions, disposals, depreciation, and exchange adjustments Movements in Net Book Value of Property, Plant and Equipment (HK$ thousand) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Book Value as of January 1 | 939,396 | 950,811 | | Additions | 18,088 | 58,628 | | Disposals | (942) | (121) | | Depreciation | (34,811) | (29,197) | | Exchange Adjustments | 32,810 | (22,781) | | **Net Book Value as of June 30** | **954,541** | **957,340** | - Depreciation expense of **HK$7,225,000** has been included in cost of sales, and **HK$27,586,000** in administrative expenses[259](index=259&type=chunk) [Right-of-Use Assets and Lease Liabilities](index=53&type=section&id=Right-of-Use%20Assets%20and%20Lease%20Liabilities) This note details the Group's right-of-use assets (including land use rights, office properties, factories, and warehouses) and lease liabilities as of June 30, 2025, and lists related depreciation expenses and cash outflows Right-of-Use Assets and Lease Liabilities (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Right-of-Use Assets** | | | | Land Use Rights | 100,642 | 100,089 | | Office Properties | 23,729 | 29,755 | | Factories and Warehouses | 79,391 | 77,437 | | **Total** | **203,762** | **207,281** | | **Lease Liabilities** | | | | Non-current | 67,253 | 69,606 | | Current | 17,851 | 18,219 | | **Total** | **85,104** | **87,825** | - Additions to right-of-use assets during the six months ended June 30, 2025, amounted to **HK$4,046,000**[262](index=262&type=chunk) Right-of-Use Asset Related Expenses (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation of Right-of-Use Assets | 14,098 | 15,268 | | Expenses Related to Short-term Leases | 7,093 | 6,345 | | Interest Expense | 2,446 | 2,908 | | Total Cash Outflow for Leases | 19,279 | 19,796 | [Intangible Assets](index=56&type=section&id=Intangible%20Assets) This note outlines the movements in intangible assets for the six months ended June 30, 2025, including goodwill, trademarks, and contractual customer relationships and others, and explains related additions, amortization, and exchange adjustments Movements in Net Book Value of Intangible Assets (HK$ thousand) | Item | Net Book Value as of January 1, 2025 | Additions | Amortization | Exchange Adjustments | Net Book Value as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Goodwill | 65,959 | – | – | 5,147 | 71,106 | | Trademarks | 2,586 | – | (493) | 235 | 2,328 | | Contractual Customer Relationships and Others | 49,287 | 14,744 | (4,844) | 3,108 | 62,295 | | **Total** | **117,832** | **14,744** | **(5,337)** | **8,490** | **135,729** | - Amortization expense of **HK$5,337,000** has been included in administrative expenses[271](index=271&type=chunk) [Financial Asset Measured at Fair Value](index=57&type=section&id=Financial%20Asset%20Measured%20at%20Fair%20Value) This note explains the Group's fund investments measured at fair value through profit or loss as of June 30, 2025, whose carrying amount is denominated in RMB, and discloses their fair value changes and exchange adjustments Financial Assets Measured at Fair Value (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investments Measured at Fair Value Through Profit or Loss | 83,005 | 88,242 | Movements in Unlisted Fund Investments (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | As of January 1 | 88,242 | 96,918 | | Fair Value (Loss)/Gain Recognized in Profit or Loss | (7,873) | 1,589 | | Exchange Adjustments | 2,636 | (2,316) | | **As of June 30** | **83,005** | **96,191** | - The carrying amount of this investment is denominated in **RMB**[275](index=275&type=chunk) - Fair value measurement of fund investments uses significant unobservable inputs (Level 3) and applies a net asset value model[276](index=276&type=chunk)[279](index=279&type=chunk) [Investments Accounted for Using the Equity Method](index=58&type=section&id=Investments%20Accounted%20for%20Using%20the%20Equity%20Method) This note lists the Group's investments accounted for using the equity method as of June 30, 2025, including investments in Shanghai Kaixian Software Co., Ltd. and Coshine Global Technology Holding Pte. Ltd., and discloses capital injections into Shanghai Kaixian and Coshine Global Technology, as well as the disposal of CPayond equity - As of June 30, 2025, the Group's investments accounted for using the equity method are investments in **Shanghai Kaixian Software Co., Ltd.** and **Coshine Global Technology Holding Pte. Ltd**[278](index=278&type=chunk)[280](index=280&type=chunk) - The Group injected **RMB1,983,000** (approximately **HK$2,134,000**) into Shanghai Kaixian[281](index=281&type=chunk)[282](index=282&type=chunk) - The Group injected **US$138,000** (approximately **HK$1,076,000**) into Coshine Global Technology to acquire a **20% equity interest**[283](index=283&type=chunk) - The Group disposed of its **50% equity interest** in CPayond for a cash consideration of **Euro 3,367,000** (approximately **HK$28,642,000**)[283](index=283&type=chunk) Carrying Amount and Share of Results of Investments Accounted for Using the Equity Method (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Carrying Amount of Individually Immaterial Associates | 17,351 | 15,057 | | Carrying Amount of Individually Immaterial Joint Ventures | – | 29,781 | | **Total** | **17,351** | **44,838** | | **Share of Results Recognized by the Group in the Interim Condensed Consolidated Income Statement** | | | | – Individually Immaterial Associates | (1,413) | (850) | | – An Individually Immaterial Joint Venture | (1,188) | 5,536 | | **Total** | **(2,601)** | **4,686** | [Trade and Bills Receivables](index=61&type=section&id=Trade%20and%20Bills%20Receivables) This note provides an aging analysis of trade and bills receivables as of June 30, 2025, showing an increase in net trade receivables, with credit terms typically ranging from 0 to 180 days Trade and Bills Receivables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 2,839,136 | 2,625,573 | | Less: Impairment Provision for Trade Receivables | (85,296) | (81,959) | | **Net Trade Receivables** | **2,753,840** | **2,543,614** | | Bills Receivables | 673 | 270 | | **Total Trade and Bills Receivables** | **2,754,513** | **2,543,884** | Aging Analysis of Trade Receivables by Invoice Date (HK$ thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 1,368,447 | 1,242,756 | | 91 to 180 days | 488,607 | 430,039 | | 181 to 365 days | 605,099 | 714,843 | | Over 365 days | 376,983 | 237,935 | | **Total** | **2,839,136** | **2,625,573** | - Trade receivables include retention amounts of **HK$9,268,000**, of which **HK$8,589,000** are aged over **365 days**[289](index=289&type=chunk)[290](index=290&type=chunk) [Share Capital and Share Option](index=63&type=section&id=Share%20Capital%20and%20Share%20Option) This note details the movements in the company's issued and fully paid share capital as of June 30, 2025, primarily due to share repurchases and share option exercises, and also provides detailed information on the share option scheme, including its purpose, terms, and movements Movements in Issued and Fully Paid Share Capital (thousand shares/HK$ thousand) | Item | Number of Ordinary Shares (thousand shares) | Ordinary Shares of HK$0.1 Par Value (HK$ thousand) | | :--- | :--- | :--- | | As of January 1, 2025 | 1,061,704 | 106,170 | | Repurchased Shares Cancelled during the Period | (2,162) | (216) | | Share Options Exercised | 100 | 10 | | **As of June 30, 2025** | **1,059,642** | **105,964** | - For the six months ended June 30, 2025, the company repurchased and cancelled **2,162,000 ordinary shares** for a total consideration of approximately **HK$9,903,000**[294](index=294&type=chunk) - The Share Option Scheme aims to recognize the contributions of eligible participants to the Group and to attract, retain, and motivate talent[300](index=300&type=chunk)[301](index=301&type=chunk) - On **August 21, 2024**, the Board resolved to extend the exercise period of all outstanding share options by **five years to October 2, 2029**[304](index=304&type=chunk)[305](index=305&type=chunk) - For the six months ended June 30, 2025, a total of **100,000 share options** were exercised, with a weighted average share price of **HK$5.38 per share** immediately before the exercise date[316](index=316&type=chunk)[318](index=318&type=chunk) [Reserves](index=69&type=section&id=Reserves) This note explains the composition of the Group's reserves, including capital reserve and statutory reserve, and PRC subsidiaries are required to allocate 10% of their net profit to the statutory reserve fund until it reaches 50% of their registered capital - Capital reserve refers to the difference between the total acquisition consideration and the total share capital and share premium of directly owned subsidiaries during reorganization[320](index=320&type=chunk)[323](index=323&type=chunk) - PRC subsidiaries are required to allocate **10% of their net profit** to the statutory reserve fund until it reaches **50% of their registered capital**[321](index=321&type=chunk)[324](index=324&type=chunk) - As of June 30, 2025, retained earnings included a statutory reserve fund of **HK$230,427,000**[321](index=321&type=chunk)[324](index=324&type=chunk) [Trade Payables](index=69&type=section&id=Trade%20Payables) This note provides an aging analysis of trade payables as of June 30, 2025, showing that most trade payables are within 90 days, and the Group's suppliers typically grant credit terms of 0 to 180 days Trade Payables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 832,910 | 935,193 | | Amounts Due to a Related Party | – | 2,018 | | **Total** | **832,910** | **937,211** | Aging Analysis of Trade Payables by Invoice Date (HK$ thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 716,651 | 787,430 | | 91 to 180 days | 113,235 | 145,394 | | 181 to 365 days | 3,024 | 4,387 | | **Total** | **832,910** | **937,211** | - The average credit period granted by the Group's suppliers ranges from **0 to 180 days**[327](index=327&type=chunk)[329](index=329&type=chunk) [Contingent Liabilities](index=70&type=section&id=Contingent%20Liabilities) This note confirms that as of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[328](index=328&type=chunk)[330](index=330&type=chunk) [Capital Commitment](index=70&type=section&id=Capital%20Commitment) This note discloses the Group's significant capital expenditures contracted but not recognized as liabilities as of June 30, 2025, primarily for property, plant, and equipment in mainland China Capital Commitment (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant and Equipment in Mainland China | 6,962 | 8,110 | [Related Party Transactions](index=71&type=section&id=Related%20Party%20Transactions) This note details the Group's transactions and balances with related parties for the six months ended June 30, 2025, including sales of electronic payment products and rent payments to subsidiaries of PAX Technology (China) Limited, as well as commissions and service income from joint ventures, and discloses key management compensation Related Party Transactions (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Sales of Electronic Payment Products to a Subsidiary of PAX Technology | 87 | – | | Rent Paid to a Subsidiary of PAX Technology | 172 | 174 | | Commissions Paid to a Joint Venture | 5,303 | 14,367 | | Service Income from a Joint Venture | 199 | 6,737 | - Sales of electronic payment products to PAX subsidiaries were conducted under a framework agreement and complied with the Listing Rules' continuing connected transaction requirements[345](index=345&type=chunk) Key Management Compensation (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Fees | 6,700 | 5,095 | | Salaries, Allowances and Benefits in Kind | 3,268 | 3,416 | | Discretionary Bonuses | 6,200 | 6,600 | | Employer's Contributions to Retirement Benefit Schemes | 61 | 88 | | **Total** | **16,229** | **15,199** |

Group 1 - Brandes Investment Partners, L.P. increased its stake in Baifu Global (00327.HK) by purchasing 275,000 shares at an average price of HKD 6.79 per share, totaling approximately HKD 1.8673 million [1] - Following the purchase, Brandes Investment Partners, L.P.'s total shareholding rose to 148,415,754 shares, increasing its ownership percentage from 13.98% to 14.00% [1][3]

Group 1 - Brandes Investment Partners, L.P. increased its stake in Baifu Global (00327) by 275,000 shares at an average price of HKD 6.79 per share, totaling approximately HKD 1.8673 million [1] - Following the increase, the total number of shares held by Brandes Investment Partners is approximately 148 million, representing a 14% ownership stake in the company [1]

Group 1 - Brandes Investment Partners, L.P. increased its stake in Baifu Global (00327) by 275,000 shares at an average price of HKD 6.79 per share, totaling approximately HKD 1.8673 million [1] - Following the increase, the total number of shares held by Brandes Investment Partners is approximately 148 million, representing a holding percentage of 14% [1]

Group 1: Industry Overview - The global payment sector is experiencing significant positive changes with the signing of the US GENIUS Act and the implementation of Hong Kong's Stablecoin Regulation, marking a crucial step towards compliance for stablecoins [1] - The compliance wave for stablecoins is expected to drive a rapid transformation in the global payment market, creating new opportunities for payment infrastructure [1][5] - The industry anticipates that stablecoins will first explode in the payment sector due to the traditional financial system's potential for efficiency improvements and the relative flexibility of policy and compliance [8] Group 2: Company Performance - In the first half of 2025, the company reported revenues of HKD 2.716 billion, with a gross profit of HKD 1.273 billion, resulting in a gross margin of 46.9% and a net profit of HKD 391 million [2] - The company's revenue structure shows that HKD 2.544 billion came from electronic payment terminal sales, while HKD 172 million was generated from services [3] - The company achieved a revenue of HKD 1.084 billion from the EMEA region, despite some sales slowdown in Europe, with notable performance in Italy, the UK, and France [3] Group 3: Strategic Initiatives - The company is actively adapting its resource allocation to focus on high-potential markets, demonstrating resilience in a challenging market environment [1][2] - The company is leveraging its extensive global sales network and SaaS ecosystem to capitalize on the rapid development of stablecoins, aiming to replicate successful methodologies in this new payment area [8] - The company is also enhancing its product line and strengthening its SaaS ecosystem, with plans to integrate artificial intelligence to improve smart support and data application capabilities [8]

Core Viewpoint - The global payment sector is poised for significant growth due to the recent signing of the US GENIUS Act and the implementation of Hong Kong's Stablecoin Regulation, which establish a regulatory framework for stablecoins, indicating a new era for the industry [1][5] Company Performance - In the first half of 2025, the company reported revenue of HKD 2.716 billion, with a gross profit of HKD 1.273 billion, resulting in a gross margin of 46.9% and a net profit of HKD 391 million [2] - The company declared an interim dividend of HKD 0.25 per share, reflecting a year-on-year increase of 4.2%, demonstrating its commitment to enhancing shareholder returns [1] Revenue Structure - The company's revenue breakdown shows that HKD 2.544 billion was generated from electronic payment terminal sales, while service revenue contributed HKD 172 million [3] - The EMEA region remains the largest contributor, generating HKD 1.084 billion in revenue, despite some sales slowdown in Europe [3] - In the USCA region, revenue increased by 39% year-on-year to HKD 499 million, driven by rising order volumes and demand for specific products [3] Market Dynamics - The company experienced steady growth in the APAC region, achieving HKD 449 million in revenue, with significant sales growth in Japan due to effective deployment of smart payment terminals [4] - Despite challenges in the LACIS region, particularly in Brazil, the company managed to achieve HKD 684 million in revenue, focusing on opportunities in Panama [4] Future Opportunities - The stablecoin payment sector is expected to see rapid growth, driven by regulatory developments and the need for efficiency in traditional financial systems [5][8] - The company aims to leverage its extensive sales network and SaaS ecosystem to replicate successful strategies in the stablecoin payment space, potentially creating new growth avenues [8] - The company is also focusing on optimizing its payment terminal product line and enhancing its SaaS ecosystem, with plans to integrate artificial intelligence to improve service capabilities [8]

Core Viewpoint - Baifu Global (00327) reported a mid-term performance for the six months ending June 30, 2025, with total revenue of HKD 2.716 billion, gross profit of HKD 1.273 billion, and a net profit attributable to shareholders of HKD 391 million, indicating a stable financial performance driven by increased demand for SaaS solutions [1] Financial Performance - Total revenue for the period was HKD 2.716 billion [1] - Gross profit reached HKD 1.273 billion, maintaining a stable gross margin of 46.9% compared to 46.8% in the same period last year [1] - Net profit attributable to shareholders was HKD 391 million, with basic earnings per share of HKD 0.369 [1] - The company proposed an interim dividend of HKD 0.25 per share [1] Service Revenue - Service revenue, which includes maintenance, installation services, and payment solutions (such as SaaS), increased from HKD 164 million in the same period last year to HKD 172 million, reflecting a growth of 4.7% [1] - The increase in service revenue was primarily driven by the growing demand for SaaS solutions [1]

PAX GLOBAL TECHNOLOGY LIMITED 百富環球科技有限公 司* （於百慕達註冊成立之有限公司） （股份代號：327） （「本公司」） 薪酬委員會 職權範圍 前言 以下為本公司薪酬委員會（「委員會」）的職權範圍，該職權範圍乃本公司董事（「董 事」）會（「董事會」）為遵照香港聯合交易所有限公司證券上市規則（「上市規則」）項下 企業管治守則而不時修訂及批准。 成員及秘書 1. 組成 ： 委員會必須至少由 3 名成員（「成員」）組成。 職責 委員會應有以下職責： 2 4. 委員會獲董事會授權就其他執行董事及高級管理人員的薪酬的建議方案而諮 詢董事會主席及／或行政總裁。 5. 委員會獲董事會授權向本公司或外界資源獲取任何薪酬有關資料及一切必要 資源（包括（但不限於）獨立專業意見），有關費用由本公司承擔，亦可作出一切 事項，藉以讓委員會履行其職責及責任。 6. 任何董事及其任何聯繫人均不得參予釐定其本人的薪酬。 7. 委員會應獲提供充足資源，藉以履行其職責。 8. (i) 就以下項目向董事會作出建議： (a) 本公司全體董事及高級管理人員的各項薪酬的政策及結構；及 (b) 本公司設立正規而具透明度的 ...