Core Viewpoint - The company reported a significant increase in revenue but faced a substantial loss attributable to shareholders, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved a revenue of HKD 203 million for the six months ending June 30, 2025, representing a year-on-year increase of 41.71% [1] - The loss attributable to shareholders was HKD 6.013 million, a decline from a profit of HKD 17.613 million in the same period last year [1] - Earnings per share were reported at a loss of HKD 0.76 [1] Contributing Factors - The decrease in profit attributable to shareholders was primarily due to losses from investments in associated companies [1] - The company did not record any gains from the elimination of financial liabilities through share issuance in 2025 [1] - There was a reduction in classified profits from traditional Chinese medicine [1]

Group 1 - The company reported a revenue of HKD 203 million for the six months ending June 30, 2025, representing a year-on-year increase of 41.71% [1] - The loss attributable to equity holders of the company was HKD 6.013 million, compared to a profit of HKD 17.613 million in the same period last year [1] - The loss per share was HKD 0.76 [1] Group 2 - The decrease in profit attributable to equity holders was primarily due to losses from investments in joint ventures and the absence of recorded gains from the elimination of financial liabilities through share issuance in 2025 [1] - There was also a reduction in classified profits from traditional Chinese medicine [1]

格隆汇8月29日丨权识国际(00381.HK)发布公告，截至2025年6月30日止六个月，实现收益2.03亿港元， 同比增加41.7%；毛利为6349.1万港元，同比减少8.1%；公司拥有人应占亏损为601.3万港元，上年同期 公司拥有人应占溢利为1761.3万港元；基本每股亏损0.76港仙。 ...

[Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) [Profit or Loss Overview](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8-%E6%A6%82%E8%A6%BD) The Group's revenue grew significantly, but profit for the period declined sharply, resulting in a loss attributable to company owners Key Financial Performance | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 203,267 | 143,434 | +41.7% | | Cost of Sales | (139,776) | (74,380) | +87.9% | | Gross Profit | 63,491 | 69,054 | -8.0% | | Profit for the period | 6,733 | 30,277 | -77.8% | | (Loss)/profit attributable to owners of the Company | (6,013) | 17,613 | From Profit to Loss | | Non-controlling interests | 12,746 | 12,664 | +0.6% | | Basic (loss)/earnings per share (HK cents) | (0.76) | 18.54 | From Profit to Loss | - Revenue growth was primarily driven by contributions from new business segments, but the decline in gross profit and the loss attributable to company owners indicate challenges in profitability[4](index=4&type=chunk)[5](index=5&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) [Comprehensive Income Overview](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8-%E6%A6%82%E8%A6%BD) Total comprehensive income decreased, as positive foreign exchange differences only partially offset the significant drop in profit for the period Comprehensive Income Summary | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 6,733 | 30,277 | -77.8% | | Exchange differences on translation of foreign operations | 9,658 | (10,920) | From Loss to Gain | | Total comprehensive income for the period | 16,391 | 19,357 | -15.3% | | Total comprehensive (loss)/income attributable to owners of the Company | (833) | 9,513 | From Income to Loss | | Non-controlling interests | 17,224 | 9,844 | +75.0% | - The positive impact of exchange differences did not fully compensate for the decline in profit, leading to a decrease in total comprehensive income and a shift to a loss for company owners[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Financial Position Overview](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8-%E6%A6%82%E8%A6%BD) The Group's total assets grew slightly, but widening net current liabilities indicate increased liquidity pressure Key Financial Position Indicators | Indicator | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 467,990 | 463,631 | +0.9% | | Current assets | 375,885 | 332,980 | +12.9% | | Current liabilities | 430,688 | 359,408 | +19.8% | | Net current liabilities | (54,803) | (26,428) | Deficit Widened | | Total assets less current liabilities | 413,187 | 437,203 | -5.6% | | Non-current liabilities | 13,147 | 53,554 | -75.5% | | Net assets | 400,040 | 383,649 | +4.3% | | Total equity | 400,040 | 383,649 | +4.3% | - The expansion of net current liabilities suggests significant short-term debt repayment pressure, requiring attention despite a large reduction in non-current liabilities[7](index=7&type=chunk)[8](index=8&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. General Information](index=6&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The Group operates diversified businesses including toys, herbal products, fruit plantation, leisure, and liquor trading - The Group's business is diversified, covering toys and gifts, Chinese herbal medicine, fruit plantation, leisure and cultural investment, and liquor trading[9](index=9&type=chunk) [2. Basis of Preparation and Changes in Accounting Policies and Disclosures](index=6&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E6%8A%AB%E9%9C%B2%E4%B9%8B%E8%AE%8A%E5%8B%95) The Group faces material going concern uncertainties due to net current liabilities, which management is actively addressing through financing measures - The Group faces **material uncertainty regarding its going concern status**, with net current liabilities of **HK$54,803 thousand** and secured borrowings and accrued interest of approximately **HK$67,845 thousand** and **HK$30,650 thousand**, respectively[12](index=12&type=chunk) - Management is actively negotiating settlement/extension with lenders and considering new fundraising activities such as rights issues, open offers, placements, and issuing convertible bonds to improve its financial position[13](index=13&type=chunk)[15](index=15&type=chunk) - The initial application of the amendment to HKAS 21, "Lack of Exchangeability," had no material impact on the financial position or disclosures[14](index=14&type=chunk) [3. Estimates](index=8&type=section&id=3%20%E4%BC%B0%E8%A8%88) The key sources of estimation uncertainty in preparing these financial statements are consistent with those of the 2024 annual report - Management's significant judgments and estimates in financial statement preparation remain consistent with the previous year, though actual results may differ[16](index=16&type=chunk) [4. Segment Information](index=8&type=section&id=4%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The new liquor business became a major revenue contributor, while the toys and gifts segment returned to profitability - The Group's seven reportable segments include liquor, Chinese herbal medicine, culture, leisure, fruit plantation, toys and gifts, and exploration, with each business unit managed separately[17](index=17&type=chunk) Segment Results for H1 2025 (HK$ thousands) | Segment | 2025 Revenue | 2024 Revenue | Revenue Change (%) | 2025 Profit/(Loss) | 2024 Profit/(Loss) | Profit Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Toys and gifts | 82,324 | 86,484 | -4.9% | 1,313 | (670) | From Loss to Profit | | Chinese herbal medicine | 42,356 | 56,950 | -25.6% | 16,652 | 25,081 | -33.6% | | Liquor | 78,587 | – | New | 2,652 | – | New | | Fruit plantation | – | – | – | (2,853) | (3,435) | Loss Narrowed | | Leisure | – | – | – | 99 | (440) | From Loss to Profit | | Exploration | – | – | – | – | – | – | | Culture | – | – | – | – | – | – | | **Total** | **203,267** | **143,434** | **+41.7%** | **17,863** | **20,536** | **-13.0%** | Segment Assets as of 30 June 2025 (HK$ thousands) | Segment | 30 June 2025 | 31 December 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Toys and gifts | 213,171 | 213,413 | -0.1% | | Fruit plantation | 126,923 | 125,974 | +0.7% | | Leisure | 93,134 | 89,917 | +3.6% | | Chinese herbal medicine | 326,845 | 295,213 | +10.7% | | Liquor | 25,150 | 22,137 | +13.6% | | Exploration | 2 | 2 | 0% | | Culture | – | – | – | | **Total** | **785,225** | **746,656** | **+5.2%** | Segment Liabilities as of 30 June 2025 (HK$ thousands) | Segment | 30 June 2025 | 31 December 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Toys and gifts | (173,891) | (176,145) | -1.3% | | Fruit plantation | (1,005) | (1,005) | 0% | | Leisure | (17,112) | (16,540) | +3.5% | | Chinese herbal medicine | (11,754) | (5,892) | +99.5% | | Liquor | (22,679) | (22,807) | -0.6% | | Exploration | (91) | (88) | +3.4% | | Culture | – | – | – | | **Total** | **(226,532)** | **(222,477)** | **+1.8%** | [5. Income Tax Expense](index=10&type=section&id=5%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group's income tax expense increased during the period, primarily due to a rise in current tax charges - Hong Kong Profits Tax is levied at a two-tiered rate of 8.25% on the first HK$2 million of assessable profits and 16.5% on the remainder, while PRC subsidiaries are taxed at 25%[22](index=22&type=chunk) Income Tax Expense Breakdown | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Current tax - Overseas | 6,643 | 4,201 | | Deferred income tax | (40) | 203 | | **Total income tax expense** | **6,603** | **4,404** | [6. Profit for the Period](index=11&type=section&id=6%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period was reached after accounting for various expenses, with notable decreases in amortization and depreciation but increases in staff costs Key Expense Items | Expense Item | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change | | :--- | :--- | :--- | :--- | | Amortisation of intangible assets | 195 | 1,362 | -85.7% | | Depreciation of property, plant and equipment | 374 | 2,994 | -87.5% | | Depreciation of right-of-use assets | 1,197 | 371 | +222.6% | | Staff costs (salaries, bonuses and allowances) | 22,896 | 21,914 | +4.5% | | Retirement benefit scheme contributions | 1,685 | 1,534 | +9.8% | | Legal and professional fees | 644 | 1,425 | -54.8% | | Interest expense on borrowings | 1,500 | 1,628 | -7.9% | [7. Dividends](index=11&type=section&id=7%20%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare any interim dividend for the period, consistent with the prior year - The Board decided not to declare an interim dividend for the first half of 2025, same as in H1 2024[25](index=25&type=chunk) [8. (Loss)/Earnings Per Share](index=11&type=section&id=8%20%E6%AF%8F%E8%82%A1%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%95%B1%E7%9B%88%E5%88%A9) The company shifted from earnings per share to a loss per share, with basic and diluted calculations being identical due to anti-dilutive effects (Loss)/Earnings Per Share Calculation | Indicator | 2025 (HK$ thousands/thousand shares/HK cents) | 2024 (HK$ thousands/thousand shares/HK cents) | | :--- | :--- | :--- | | (Loss)/profit used for basic and diluted (loss)/earnings per share | (6,013) | 17,613 | | Weighted average number of ordinary shares in issue | 789,325 | 94,999 | | Basic (loss)/earnings per share (HK cents) | (0.76) | 18.54 | | Diluted (loss)/earnings per share (HK cents) | (0.76) | 18.54 | - Basic and diluted loss per share for H1 2025 were both **0.76 HK cents**, primarily due to the loss attributable to the owners of the Company[26](index=26&type=chunk) - The calculation for basic and diluted loss per share yielded the same result for H1 2025 due to the **anti-dilutive effect of convertible bonds**[27](index=27&type=chunk) [9. Property, Plant and Equipment](index=12&type=section&id=9%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group's additions to property, plant, and equipment decreased significantly during the reporting period - Additions to property, plant and equipment for the period amounted to **HK$12 thousand**, a sharp decrease from the prior year[28](index=28&type=chunk) [10. Trade and Bills Receivables](index=12&type=section&id=10%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Trade and bills receivables increased, with a higher concentration of balances within the 30-day aging bracket Trade and Bills Receivables Breakdown | Indicator | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | | :--- | :--- | :--- | | Trade receivables — customers | 85,641 | 70,173 | | Less: Provision for credit losses | (19,227) | (18,846) | | Net trade receivables | 66,414 | 51,327 | | Bills receivable | – | 6,102 | | **Total** | **66,414** | **57,429** | Aging Analysis of Net Trade Receivables (HK$ thousands) | Aging | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Within 30 days | 53,105 | 22,844 | | 31 to 90 days | 12,657 | 22,327 | | 91 to 180 days | 652 | 6,156 | | 181 to 360 days | – | – | | Over 360 days | – | – | | **Total** | **66,414** | **51,327** | - Net trade receivables increased, and the significant rise in balances aged within 30 days suggests recent sales growth[29](index=29&type=chunk)[30](index=30&type=chunk) [11. Trade Payables](index=13&type=section&id=11%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E9%A0%85) Total trade payables decreased, with the majority of balances remaining due within 30 days Aging Analysis of Trade Payables (HK$ thousands) | Aging | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Within 30 days | 15,840 | 19,692 | | 31 to 90 days | 3,243 | 2,901 | | 91 to 180 days | 53 | 1,138 | | 181 to 360 days | 14 | 1,841 | | Over 360 days | 2,348 | 1,790 | | **Total** | **21,498** | **27,362** | - Total trade payables decreased, with a high proportion due within 30 days, indicating timely payment management with suppliers[31](index=31&type=chunk) [12. Share Capital](index=14&type=section&id=12%20%E8%82%A1%E6%9C%AC) The company's share capital structure was significantly altered by share consolidation, conversions, and placements, with some shares classified as financial liabilities Share Capital Movement Overview (HK$ thousands/shares) | Item | 30 June 2025 (Shares) | 30 June 2025 (Amount) | 1 January 2024 (Shares) | 1 January 2024 (Amount) | | :--- | :--- | :--- | :--- | :--- | | Authorised share capital | 19,860,570,307 | 1,986,056 | 39,721,140,615 | 1,986,056 | | Issued and fully paid | 789,324,526 | 78,932 | 193,507,544 | 9,675 | | Share consolidation in 2024 | (96,753,772) | – | – | – | | Conversion of convertible bonds | 150,000,000 | 15,000 | – | – | | Placing of shares | 470,000,000 | 47,000 | – | – | | Capitalisation of borrowings in 2024 | 72,570,754 | 7,257 | – | – | | Obligation under share repurchase arrangement | 80,000 | 8 | 80,000 | 8 | - **80,000,000 ordinary shares** were classified as a financial liability instead of equity due to repurchase terms, reflecting a potential liability risk[33](index=33&type=chunk) - Events in 2024, including share consolidation, conversion of convertible bonds, share placements, and capitalisation of borrowings, led to a significant increase in issued share capital[32](index=32&type=chunk)[34](index=34&type=chunk) [13. Related Party Transactions](index=16&type=section&id=13%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) Payments for marketing and other services to a related company increased during the period Related Party Transactions | Transaction Type | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Fees for product development, sales, marketing, and other services paid to a related company | 3,531 | 2,958 | - The increase in related party transaction fees requires scrutiny regarding its reasonableness and impact on the Group's financial performance[35](index=35&type=chunk) [14. Capital Commitments](index=16&type=section&id=14%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group had no significant capital commitments at the end of the reporting period, consistent with the prior year - The Group had **no significant capital commitments** at the end of the reporting period[36](index=36&type=chunk) [15. Contingent Liabilities](index=17&type=section&id=15%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group had no significant contingent liabilities at the end of the reporting period, consistent with the prior year - The Group had **no significant contingent liabilities** at the end of the reporting period[38](index=38&type=chunk) [16. Litigation](index=17&type=section&id=16%20%E8%A8%B4%E8%A8%9F) The company is involved in litigation concerning an outstanding loan and share repurchase, with negotiations currently underway for a resolution - The company is in a lawsuit with Mr Guo Jingsheng regarding an outstanding loan of approximately **HK$13,921 thousand** and related share repurchase terms[39](index=39&type=chunk)[40](index=40&type=chunk) - The company is negotiating to repurchase the shares and settle the outstanding loan amount of approximately **HK$9,538 thousand**[41](index=41&type=chunk) [17. Events After the Reporting Period](index=17&type=section&id=17%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company entered into a subscription agreement to issue new shares to settle convertible bond obligations - On July 4, 2025, the company signed a subscription agreement to issue **157,800,000 new shares** for a total subscription amount of approximately **HK$68,000 thousand**[42](index=42&type=chunk) - The subscription proceeds will be settled by offsetting the principal of Hubei convertible bonds, and the shares were issued on July 22, 2025[42](index=42&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Review](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's revenue grew substantially, but a loss was recorded for equity holders due to investment losses and reduced segment profits Financial Highlights | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 203.3 | 143.4 | +41.7% | | (Loss)/profit attributable to equity holders of the Company | (6.0) | 17.6 | From Profit to Loss | | Basic (loss)/earnings per share (HK cents) | (0.76) | 18.54 | From Profit to Loss | - Despite significant revenue growth, the profit attributable to equity holders turned into a loss, mainly due to losses from investments in associates, absence of gains on derecognition of financial liabilities, and decreased profit from the Chinese herbal medicine segment[43](index=43&type=chunk) [Business and Operational Review](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E7%87%9F%E9%81%8B%E5%9B%9E%E9%A1%A7) The Group's seven reportable segments showed varied performance, with the new liquor business providing a significant revenue boost - The Group has seven reportable segments: toys and gifts, natural resources exploration, fruit plantation, leisure, culture, Chinese herbal medicine, and liquor[44](index=44&type=chunk) [Toys and Gifts Manufacturing and Sales](index=18&type=section&id=%E7%8E%A9%20%E5%85%B7%20%E5%8F%8A%20%E7%A6%AE%20%E5%93%81%20%E8%A3%BD%20%E9%80%A0%20%E5%8F%8A%20%E9%8A%B7%20%E5%94%AE) The toys and gifts segment returned to profitability driven by a significant improvement in gross profit margin despite a slight revenue decline Toys and Gifts Performance | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 82.3 | 86.5 | | Gross Profit Margin | 57.8% | 42.2% | | Segment Profit/(Loss) | 1.31 | (0.67) | - The improvement in gross profit margin was mainly due to **reduced material costs**, which drove the segment's return to profitability[45](index=45&type=chunk) [Chinese Herbal Medicine](index=19&type=section&id=%E4%B8%AD%20%E8%8D%89%20%E8%97%A5) The Chinese herbal medicine business, focused on decoction services in mainland China, experienced a decline in revenue during the period Chinese Herbal Medicine Performance | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 42.4 | 57.0 | - The year-on-year revenue decline in the Chinese herbal medicine business suggests market competition or internal operational challenges[46](index=46&type=chunk) [Liquor](index=19&type=section&id=%E9%85%92%20%E9%A1%9E) The newly acquired liquor business became a significant contributor to the Group's revenue and profit Liquor Business Performance | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Revenue | 78.6 | – | | Segment Profit | 2.65 | – | - The liquor business, a new addition this period, contributed **significant revenue and profit**, becoming a new growth driver for the Group[47](index=47&type=chunk) [Natural Resources Exploration](index=19&type=section&id=%E5%A4%A9%20%E7%84%B6%20%E8%B3%87%20%E6%BA%90%20%E5%8B%98%20%E6%8E%A2) The natural resources exploration segment holds substantial coal resources but remains non-cash-generating due to the lack of mining rights - The natural resources exploration business possesses extensive coal resources but is currently unable to generate cash flow due to the **lack of mining rights**, and the investment's carrying value has been fully written down[48](index=48&type=chunk) [Fruit Plantation](index=20&type=section&id=%E6%B0%B4%20%E6%9E%9C%20%E7%A8%AE%20%E6%A4%8D) The commercial development project within the fruit plantation segment has been delayed due to global economic weakness - The commencement date for the commercial development project (hotel casino, residential villas) in the fruit plantation segment has been **postponed to January 2026** due to global economic conditions[49](index=49&type=chunk)[50](index=50&type=chunk) [Leisure](index=20&type=section&id=%E4%BC%91%20%E9%96%92) The leisure segment is adjusting its tea business model amid intense competition and is pursuing legal action to enforce a share transfer - The tea business is facing **intense competition** and is adjusting its business model to adapt to market changes[51](index=51&type=chunk) - The Group is optimistic about the liquor industry's prospects and has invested in yellow wine base liquor[52](index=52&type=chunk) - Legal enforcement procedures for the **20% equity transfer of Anhui Fulao** have been initiated, and the court has issued a freezing order[53](index=53&type=chunk) [Culture](index=21&type=section&id=%E6%96%87%20%E5%8C%96) The culture business segment generated no revenue during the period, consistent with the prior year - The culture business reported **zero revenue** for the period[54](index=54&type=chunk) [Selling and Distribution Costs](index=21&type=section&id=%E9%8A%B7%20%E5%94%AE%20%E5%8F%8A%20%E5%88%86%20%E9%8A%B7%20%E6%88%90%20%E6%9C%AC) Selling and distribution costs increased slightly, primarily driven by the launch of the new liquor business Selling and Distribution Costs | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Selling and distribution costs | 15.0 | 14.8 | - The slight increase in selling and distribution costs is mainly attributable to the commencement of the new liquor business[55](index=55&type=chunk) [Liquidity and Financial Resources](index=22&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) The Group's gearing ratio increased as cash balances decreased and borrowings rose, indicating higher financial leverage Key Liquidity Indicators | Indicator | 30 June 2025 (HK$ million) | 31 December 2024 (HK$ million) | | :--- | :--- | :--- | | Bank balances and cash | 117.0 | 135.9 | | Borrowings | 160.2 | 139.4 | | Gearing ratio | 76% | 68% | - A decrease in bank balances and cash, coupled with an increase in borrowings, led to a **higher gearing ratio**, indicating increased financial leverage[56](index=56&type=chunk)[57](index=57&type=chunk) - Approximately **HK$53.0 million** of leasehold land and buildings were pledged as security for other loans[58](index=58&type=chunk) [Deposit Paid for Acquisition of Properties](index=23&type=section&id=%E6%94%B6%E8%B3%BC%E7%89%A9%E6%A5%AD%E5%B7%B2%E4%BB%98%E6%8C%89%E9%87%91) The Group has paid a refundable deposit for the acquisition of an office unit in Beijing to serve as the new headquarters for its liquor segment - A deposit of approximately **HK$48.4 million** has been paid for the acquisition of an office in Beijing, intended as the new headquarters for the liquor segment, with completion expected within the next 12 months[59](index=59&type=chunk) [Business Prospects and Future Plans for Material Investments](index=23&type=section&id=%E6%A5%AD%E5%8B%99%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%A8%88%E5%8A%83) The Group is committed to expanding its existing businesses and diversifying its revenue streams by actively seeking profitable investment opportunities - The Group is focused on **business diversification and expansion**, actively seeking profitable investment opportunities to maximize shareholder value[60](index=60&type=chunk) [Capital Structure](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The company's capital structure consists of ordinary shares and convertible bonds that can be converted into company shares - The company's capital structure includes ordinary shares and convertible bonds, with a total of **789,324,526 shares** in issue[61](index=61&type=chunk) [Employment, Training and Development](index=23&type=section&id=%E5%83%B1%E5%82%AD%E3%80%81%E5%9F%B9%E8%A8%93%E5%8F%8A%E7%99%BC%E5%B1%95) The Group's employee count remained stable, and it continues to offer competitive remuneration and development opportunities Employee Headcount | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Total employees | 368 | 365 | - The Group values employee development, providing training opportunities and competitive compensation packages, with performance-based incentives[62](index=62&type=chunk) [Other Information](index=24&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Use of Proceeds from Placing of Convertible Bonds](index=24&type=section&id=%E9%85%8D%E5%94%AE%E5%8F%AF%E6%8F%9B%E8%82%A1%E5%82%B5%E5%88%B8%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The majority of proceeds from the convertible bond placement have been utilized as planned, with a small balance remaining for its intended purpose Use of Proceeds from Placing of Convertible Bonds (HK$ thousands) | Intended Use | Intended Amount | Amount Utilised | | :--- | :--- | :--- | | Construction of Hubei Chinese herbal medicine planting base | 30,000 | 27,000 | | New production line for traditional Chinese medicine decoction pieces | 10,000 | 10,000 | | General working capital | 4,500 | 4,500 | | **Total** | **44,500** | **41,500** | | Unutilised balance | | 3,000 | - Most of the proceeds have been used as planned for the herbal medicine planting base and production line, with the remaining **HK$3.0 million** to be used for its original purpose[64](index=64&type=chunk) [Corporate Governance Practices](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company has complied with the Corporate Governance Code, with the exception of one provision regarding director attendance at the AGM - The company complied with the Corporate Governance Code, but several directors were unable to attend the 2025 AGM, deviating from **code provision A.6.7**[65](index=65&type=chunk)[66](index=66&type=chunk) - All directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules[67](index=67&type=chunk) - The Audit Committee, composed of independent non-executive directors, has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended 30 June 2025[68](index=68&type=chunk) [Purchase, Redemption or Sale of Listed Securities](index=25&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries engaged in any purchase, redemption, or sale of the company's securities during the period - During the period, the company and its subsidiaries did not engage in any purchase, redemption, or sale of its listed securities[69](index=69&type=chunk) [Publication of Interim Results and Interim Report](index=25&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The 2025 interim results announcement has been published, and the interim report will be dispatched to shareholders in due course - The 2025 interim results announcement is available on the websites of the Stock Exchange and the company, and the interim report will be sent to shareholders in due course[70](index=70&type=chunk) [Acknowledgement and Board of Directors](index=26&type=section&id=%E8%87%B4%E8%AC%9D%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) [Acknowledgement](index=26&type=section&id=%E8%87%B4%E8%AC%9D) The Board extends its sincere gratitude to all stakeholders for their continuous support - The Board of Directors expresses its gratitude for the support of all stakeholders[71](index=71&type=chunk) [Board of Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) The Board comprises five executive directors, one non-executive director, and three independent non-executive directors - The Board consists of **5 executive directors**, **1 non-executive director**, and **3 independent non-executive directors**[73](index=73&type=chunk)

Group 1 - The company, QianShi International (00381.HK), announced that it will hold a board meeting on August 29, 2025 [1] - The board will approve the unaudited interim results for the six months ending June 30, 2025, for the company and its subsidiaries [1] - The board will also consider the declaration of dividends, if any [1]

（於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：00381） 董事會會議通告 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 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 AOM INTERNATIONAL GROUP COMPANY LIMITED 權 識 國 際 集 團 股 份 有 限 公 司 主席 楊鈴 香港，二零二五年八月八日 於本公佈日期，董事會成員包括五名執行董事楊鈴先生、李立中先生、劉明卿先 生、楊彬城先生及樊雪飛先生；一名非執行董事鄧聲興先生；及三名獨立非執行 董事翟正朗先生、王小寧先生及陳雨鑫女士。 權識國際集團股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零 二五年八月二十九日（ 星期五 ）舉行董事會會議，董事會將於會上（ 其中包括 ）批准 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未經審核中期業績公 佈，並考慮宣派股息（ 如有 ）。 承董事會命 權識國際集團股份有限公司 ...

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 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 AOM INTERNATIONAL GROUP COMPANY LIMITED 權 識 國 際 集 團 股 份 有 限 公 司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：00381） 補充公佈 茲提述本公司日期為二零二五年七月十日之公佈（「該公佈」），內容有關與延吉市 人民政府訂立涉及可能合作事項之諒解備忘錄。 除文義另有所指外，本公佈所用的所有詞彙與該公佈所採用者具有相同涵義。 董事會謹此向股東及本公司有意投資者提供以下補充資料︰ 獲得合作機會以及訂約方之角色 本公司執行董事李立中先生於二零二五年四月在北京一個國際人工智能技術會議 上與延吉市人民政府相關官員會面，獲得合作機會。經過深入討論，雙方確定有 合作潛力，繼而簽署諒解備忘錄。本公司主席兼執行董事楊鈴先生亦為本次可能 合作事項之主要參與人員。 儘管具體責任待正式協 ...

Market Performance - Today, Hong Kong stocks showed significant movements with various companies experiencing notable gains, including Now Medical Technology (02225) which rose over 5% after a partnership with David Medical to develop "Minimally Invasive 5.0" technology [1] - Semiconductor stocks also saw an uptick, with Huahong Semiconductor (01347) increasing by 4.12%, and SMIC (01347) rising by 3.11% [1][2] - Hong Kong Travel (00308) surged over 14%, doubling its stock price in less than a month, driven by speculation in the tourism industry [1] - Meituan-W (03690) rose over 3% as it led an investment in Star Sea Map, furthering its focus on embodied intelligence [1] - The insurance sector saw broad gains, with China Pacific Insurance (02601) up 4.88% and China Life Insurance (02318) increasing by 3.19% [1] Company-Specific Developments - Alibaba-W (09988) increased over 3%, although its investment in instant retail and delivery services may impact profitability, according to HSBC [2] - Qian Shi International (00381) skyrocketed by over 55% due to a proposed digital economy collaboration involving a stablecoin mechanism [2] - Stablecoin-related stocks rose, with Guotai Junan International (01788) up 9.13% and China Everbright Holdings (00165) increasing by 4.83% [2] - Yadi Holdings (01585) gained over 4% following the announcement of a new electric vehicle replacement program [3] - WuXi AppTec (02359) opened nearly 5% higher after announcing expected revenue exceeding 20 billion yuan and a projected doubling of net profit [3] Industry Trends - The electric vehicle sector is expected to see growth due to a new replacement program, which could accelerate industry expansion [3] - The rare earth sector is also experiencing upward momentum, with Jinli Permanent Magnet (06680) rising over 5% after major players announced price increases [3] - The biotechnology sector is witnessing positive developments, with Xiansheng Pharmaceutical (02096) gaining over 3% after a collaboration with Conade Biopharmaceuticals [2][3]

Core Viewpoint - The company, QianShi International (00381.HK), opened with a surge of over 70% and is currently experiencing a rise of 65% due to its plan to partner with third parties to expand into digital economy-related projects [1] Group 1 - The company's stock performance indicates strong market interest and investor confidence following the announcement [1] - The proposed partnership aims to enhance the company's involvement in the digital economy sector, which is a rapidly growing area [1]

Core Viewpoint - The collaboration between Fujian Laojiu Investment Group and Yanji City Government aims to develop digital economy-related businesses in Hong Kong, leveraging blockchain technology and financial innovation to enhance local economic growth and cross-border trade [1][2]. Group 1: Expected Benefits of the Collaboration - The internal circulation platform is expected to gradually resolve inventory issues for small and medium-sized enterprises, allowing the public to have distribution rights of surplus value during consumption, thus forming a unified market for the free flow of production factors [2]. - The cross-border points system is anticipated to attract over a thousand merchants from neighboring countries, driving significant growth in tax revenue and consumption in Yanji [2]. - The initiative aims to establish the first "blockchain + stablecoin" pilot for border trade in China, providing a case study for the country's participation in international digital asset rule-making [2]. - The project will promote the implementation of AOM (Asset Object Marking) standards in Northeast Asia and facilitate the internationalization of the RMB stablecoin in cross-border trade, creating a benchmark for official applications of RMB stablecoin [2]. - The team led by Academician Li Lizhong will draft the "Cross-Border Stablecoin Compliance Operation Guidelines," exporting the "Yanji Model" to other border cities [2]. Group 2: Strategic Implications - The company, leveraging blockchain technology and cross-border financial innovation, combined with Yanji's policy advantages and geographical benefits, is expected to create a dual-driven model of "industrial digitalization + cross-border capital circulation" [3]. - If the pilot is successful, this model could be replicated in border port cities across the country, providing essential infrastructure support for China's digital Silk Road initiative [3].