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10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: 力豐(集團)有限公司 呈交日期: 2025年11月3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) | 00387 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊 ...

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 致：香港交易及結算所有限公司 公司名稱: 力豐(集團)有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00387 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股 ...

(Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code股份代號: 387) NOTIFICATION LETTER 通知信函 22 September 2025 Dear Non-registered Holder(s) (Note 1) , Leeport (Holdings) Limited (the "Company") Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.leeport.com.hk and the website of The Stock Exchange of Hong Kong Limited (the ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code股份代號：387) NOTIFICATION LETTER 通知信函 22 September 2025 Dear Registered Shareholders, Leeport (Holdings) Limited (the "Company") Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.leeport.com. hk and the website of The Stock Exchange of Hong Kong Limited (the "Stock ...

[Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) The Group's financial performance in the first half of 2025 saw a revenue decrease but significant gross profit growth and improved net profit, driven by new business models and reduced finance costs [Financial Performance](index=3&type=section&id=Financial%20Performance) The Group's revenue decreased by 7.2% to HK$237 million in H1 2025, but gross profit increased by 8.9% to HK$73.3 million, with a significant rise in gross profit margin to 30.9% [Revenue](index=3&type=section&id=Revenue) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 236,882 | 255,249 | -7.2% | | Gross Profit | 73,263 | 67,246 | +8.9% | | Gross Profit Margin | 30.9% | 26.3% | +4.6pp | - Revenue decreased but gross profit margin increased, primarily due to a new business model shifting to commission income, where only net income is recognized as revenue[5](index=5&type=chunk) [Other Income and Net Gains](index=3&type=section&id=Other%20Income%20and%20Net%20Gains) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Other Income and Net Gains | (6) | 8,948 | | Fair value changes of financial assets at FVTPL | Loss 2,815 | Gain 6,507 | | Rental income | 1,975 | 1,809 | | Supplier incentive income | 689 | 486 | - Other income and net gains turned from a gain to a loss compared to the same period last year, mainly due to fair value losses on financial assets[6](index=6&type=chunk) - Rental income increased by **9.2%** year-on-year, and supplier incentive income increased by **41.8%**[6](index=6&type=chunk)[7](index=7&type=chunk) [Operating Expenses](index=4&type=section&id=Operating%20Expenses) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 12,232 | 9,383 | +30.4% | | Administrative Expenses | 40,291 | 49,570 | -18.7% | - Selling and distribution expenses increased by **30.4%**, primarily due to higher supply chain expenses[8](index=8&type=chunk) - Administrative expenses decreased by **18.7%**, mainly due to the recognition of exchange gains in 2025[8](index=8&type=chunk) [Net Finance Costs](index=4&type=section&id=Net%20Finance%20Costs) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Finance Costs | 2,356 | 4,790 | -50.8% | | Finance income | 668 | 808 | -17.3% | | Finance costs | 3,024 | 5,598 | -46.0% | - Net finance costs significantly decreased by **50.8%**, mainly due to lower-cost loan financing and lower HIBOR rates[9](index=9&type=chunk)[10](index=10&type=chunk) - The net debt-to-equity ratio increased from **21.7%** at the end of December 2024 to **25.7%** at the end of June 2025[10](index=10&type=chunk) [Share of Loss of Associates after Tax](index=4&type=section&id=Share%20of%20Loss%20of%20Associates%20after%20Tax) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Share of Loss of Associates after Tax | 5,254 | 5,511 | - Associates OPS-Ingersoll Funkenerosion GmbH and Prima Power Sheet Metal Machinery (Suzhou) Co Ltd both recorded losses[11](index=11&type=chunk) [Income Tax Expense](index=4&type=section&id=Income%20Tax%20Expense) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Income Tax Expense | 3,113 | 401 | - Income tax expense significantly increased due to taxable profits generated in the current period and the full offset of tax losses carried forward from prior years[12](index=12&type=chunk) [Profit Attributable to Owners of the Company and Earnings Per Share](index=5&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company%20and%20Earnings%20Per%20Share) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 10,023 | 8,430 | +18.9% | | Operating Profit from Trading Business | 20,745 | 19,130 | +8.4% | | Basic Earnings Per Share (HK Cents) | 4.36 | 3.66 | +19.1% | [Closure of Register of Members](index=5&type=section&id=Closure%20of%20Register%20of%20Members) The company will close its register of members from September 16 to 17, 2025, to determine eligibility for the interim dividend, with the deadline for share transfers being 4:30 p.m. on September 15, 2025 - The register of members will be closed from Tuesday, September 16, 2025, to Wednesday, September 17, 2025[15](index=15&type=chunk) - Shareholders must complete share transfers by 4:30 p.m. on Monday, September 15, 2025, to qualify for the interim dividend[15](index=15&type=chunk) [Interim Dividend](index=5&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of HK 3 cents per share, consistent with the prior year, payable on or about October 2, 2025, to shareholders on record as of September 17, 2025 | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim Dividend (HK Cents per share) | 3 | 3 | - The dividend will be paid to shareholders whose names appear on the register of members on Wednesday, September 17, 2025[16](index=16&type=chunk) - The interim dividend is expected to be distributed to shareholders on or about Thursday, October 2, 2025[16](index=16&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) Despite economic challenges in China, H1 GDP grew by 5.5%, with strong exports and domestic consumption, benefiting the Group's trading business, particularly the machine tools division, which saw a 130.4% increase in total order volume, while investment associates continued to incur losses due to weak European economy and market competition [Trading](index=6&type=section&id=Trading) - China's economy grew by **5.5%** in H1 GDP, with exports increasing by **7.2%** and domestic consumption contributing **68.8%** to GDP growth[17](index=17&type=chunk) - Manufacturing investment grew by **7.5%**, high-tech industries by **9.5%**, and new energy vehicle sales by **40.3%**[18](index=18&type=chunk) - The machine tools division performed well, supported by strong demand from new energy vehicle and mobile phone manufacturers, securing large orders from key customers[18](index=18&type=chunk) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Order Volume | 1,106,143 | 480,038 | +130.4% | [Investment](index=7&type=section&id=Investment) - The weak European economy, particularly in Germany, negatively impacted the associate OPS Ingersoll Funkenerosion GmbH[19](index=19&type=chunk) - Prima Power Sheet Metal Machinery (Suzhou) Co Ltd also faced intense competition from local manufacturers in China[19](index=19&type=chunk) - Both associates continued to record losses[19](index=19&type=chunk) [Liquidity and Financial Resources](index=7&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents slightly decreased, while inventory and trade receivables increased, extending turnover days. Short-term borrowings rose to meet working capital needs, pushing the net debt-to-equity ratio to 25.7%, though the Group maintains sufficient bank facilities with pledged assets | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 25,487 | 26,048 | | Inventories | 77,901 | 69,993 | | Trade and Bills Receivables | 242,139 | 206,372 | | Trade and Bills Payables | 58,341 | 76,678 | | Short-term Borrowings | 141,938 | 128,071 | - Inventory turnover days increased from **61 days** to **87 days**, and trade receivables turnover days increased from **125 days** to **188 days**[20](index=20&type=chunk) - The net debt-to-equity ratio increased from **21.7%** at the end of December 2024 to **25.7%** at the end of June 2025, partly due to increased borrowings[10](index=10&type=chunk)[22](index=22&type=chunk) - The Group has total bank facilities of approximately **HK$227 million**, with approximately **HK$155 million** utilized, secured by land and buildings, investment properties, and financial assets[22](index=22&type=chunk) [Future Plans and Prospects](index=8&type=section&id=Future%20Plans%20and%20Prospects) The Group anticipates continued economic momentum in China, supported by government policies, and plans to focus on high-tech clients, expand product offerings, invest in a new CRM system, and leverage a new metal sheet machinery joint venture for growth, expecting improved financial results for 2025 despite potential short-term delivery delays - China's economy in H2 will continue to benefit from government support for domestic consumption (new energy vehicles, smart home appliances) and high-tech industries (smartphones, computers, printed circuit boards)[23](index=23&type=chunk) - The Group will continue to maintain key customer relationships, expand its product range for new energy vehicle and smartphone manufacturers, and focus on high-tech clients[23](index=23&type=chunk) - A joint venture with a European metal sheet machinery manufacturer, covering China and Southeast Asian markets, is expected to drive growth[24](index=24&type=chunk) - Investment in a new customer relationship management system aims to enhance sales management and customer service[25](index=25&type=chunk) - While a large number of machine tool orders in H2 2025 may not be delivered by year-end, the Group is confident in achieving better financial results compared to 2024[25](index=25&type=chunk) [Employees](index=9&type=section&id=Employees) As of June 30, 2025, the Group had 225 employees, a slight decrease from the end of 2024, offering competitive remuneration packages and benefits including basic salary, pension schemes, medical plans, education allowances, and discretionary performance bonuses | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Employees | 225 | 233 | | Hong Kong Employees | 37 | - | | Mainland China Employees | 176 | - | | Employees in other Asian offices | 12 | - | - The Group offers competitive remuneration packages based on individual responsibilities, qualifications, performance, and seniority, along with benefits such as medical plans, education allowances, and discretionary performance bonuses[26](index=26&type=chunk) [Particulars of Pledged Assets of the Group](index=9&type=section&id=Particulars%20of%20Pledged%20Assets%20of%20the%20Group) As of June 30, 2025, certain land and buildings, investment properties, and a financial asset at fair value through profit or loss, with a total carrying amount of approximately HK$92.45 million, were pledged as fixed charges to secure the Group's banking facilities | Type of Pledged Assets | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total carrying amount of land and buildings, investment properties, and financial assets at FVTPL | 92,453 | 97,273 | - The pledged assets are used to secure the Group's banking facilities[27](index=27&type=chunk) [Capital Expenditure and Contingent Liabilities](index=9&type=section&id=Capital%20Expenditure%20and%20Contingent%20Liabilities) The Group's total capital expenditure for H1 2025 was HK$54 thousand, mainly for plant and equipment, a decrease from the prior year. As of June 30, 2025, the Group had no capital commitments but contingent liabilities of HK$4.208 million for customer guarantees | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Capital Expenditure | 54 | 111 | | Contingent Liabilities (Customer Guarantees) | 4,208 | 3,811 | - Capital expenditure primarily included plant and equipment[28](index=28&type=chunk) - As of June 30, 2025, the Group had no capital commitments[28](index=28&type=chunk) [Exchange Rate Fluctuations and Related Hedging Risks](index=9&type=section&id=Exchange%20Rate%20Fluctuations%20and%20Related%20Hedging%20Risks) The Group faces exchange rate risk as most of its revenue and purchases are denominated in foreign currencies, managing this by offsetting foreign currency receipts against payments to overseas suppliers and entering into forward foreign exchange contracts when necessary, with no open contracts during the reporting period - The Group is exposed to exchange rate risk as most of its revenue and purchases are denominated in foreign currencies[29](index=29&type=chunk) - The Group will utilize foreign currencies received from customers to settle payments to overseas suppliers and may enter into forward foreign exchange contracts to minimize exchange rate risk[29](index=29&type=chunk) - As of June 30, 2025, the Group had no outstanding gross settlement foreign currency forward contracts[29](index=29&type=chunk) [Purchase, Sale or Redemption of Shares](index=10&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares, and as of June 30, 2025, the Company held no treasury shares - The Company did not redeem any of its shares during the period, and neither the Company nor any of its subsidiaries purchased or sold any of the Company's shares[31](index=31&type=chunk) - As of June 30, 2025, the Company had no treasury shares[31](index=31&type=chunk) [Share Option Scheme](index=10&type=section&id=Share%20Option%20Scheme) The Company's share option scheme expired on May 14, 2023. As of June 30, 2025, there was no share option scheme, and no options were granted, cancelled, exercised, or lapsed during the period, nor were there any outstanding options - The Company's share option scheme expired on May 14, 2023[32](index=32&type=chunk) - As of June 30, 2025, the Company had no share option scheme, and no share options were granted, cancelled, exercised, or lapsed during the period, nor were there any outstanding share options[32](index=32&type=chunk) [Major Transactions in August 2025](index=10&type=section&id=Major%20Transactions%20in%20August%202025) Details of major transactions in August 2025 are provided in Note 17 to the condensed consolidated financial information - Details of major transactions are set out in Note 17 to the condensed consolidated financial information[33](index=33&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or Any Associated Corporation](index=11&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20Any%20Associated%20Corporation) As of June 30, 2025, Mr. Li Sau Leung held a 74.41% equity interest in the Company, including personal, corporate, and other interests, while Mr. Chan Ching Suen and Mr. ZAVATTI Salvatore also held minor personal interests | Director's Name | Type of Interest | Number of Ordinary Shares Held | Percentage (%) | | :--- | :--- | :--- | :--- | | Mr. Li Sau Leung | Personal Interest | 25,176,000 | | | | Corporate Interest | 1,500,000 | | | | Other Interest | 144,529,982 | | | | **Total** | **171,205,982** | **74.41%** | | Mr. Chan Ching Suen | Personal Interest | 1,104,000 | 0.48% | | Mr. ZAVATTI Salvatore | Personal Interest | 110,000 | 0.05% | - Mr. Li Sau Leung's interests include shares held by Peak Power Technology Limited as trustee of the Li Family Unit Trust, and shares held by J AND LEM Limited, which is wholly owned by him[34](index=34&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=12&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, the Company had not received any notification from substantial shareholders holding 5% or more of the Company's issued share capital, other than the directors' interests already disclosed - Apart from the interests and short positions of the Directors disclosed above, the Company had not received any notification from any substantial shareholder holding 5% or more of the Company's issued share capital and short positions[36](index=36&type=chunk) [Corporate Governance](index=12&type=section&id=Corporate%20Governance) For the six months ended June 30, 2025, the Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, except for the combined roles of Chairman and Group Chief Executive Officer held by Mr. Li Sau Leung, which the Board believes is sufficient to ensure a balance of power and will be continuously reviewed - The Company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for the combined roles of Chairman and Group Chief Executive Officer[37](index=37&type=chunk) - The Board believes the current arrangement is sufficient to ensure a balance of power and will continue to review the effectiveness of the Group's corporate governance structure from time to time[37](index=37&type=chunk) [Standard of Dealings in Securities](index=12&type=section&id=Standard%20of%20Dealings%20in%20Securities) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors confirmed their compliance throughout the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[38](index=38&type=chunk) - All Directors confirmed their compliance with the Model Code throughout the period ended June 30, 2025[38](index=38&type=chunk) [Audit Committee](index=13&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's accounting principles, internal controls, and financial reporting matters, including the unaudited condensed consolidated financial information for the six months ended June 30, 2025, and this report - The Audit Committee has reviewed the accounting principles and practices adopted by the Group with management and discussed internal controls and financial reporting matters[39](index=39&type=chunk) - The review included the unaudited condensed consolidated financial information for the six months ended June 30, 2025, and this report with the Directors[39](index=39&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved a profit for the period of HK$10.022 million in H1 2025, an 18.9% increase year-on-year, primarily due to improved gross profit margin and reduced finance costs, with total comprehensive income significantly rising to HK$14.54 million, mainly from a reversal of foreign currency translation losses | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 236,882 | 255,249 | -7.2% | | Gross Profit | 73,263 | 67,246 | +8.9% | | Operating Profit | 20,745 | 19,130 | +8.4% | | Profit Before Tax | 13,135 | 8,829 | +48.8% | | Profit for the Period | 10,022 | 8,428 | +18.9% | | Profit Attributable to Owners of the Company | 10,023 | 8,430 | +18.9% | | Basic and Diluted Earnings Per Share (HK Cents) | 4.36 | 3.66 | +19.1% | | Other Comprehensive Income/(Loss) | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Exchange differences on translation of foreign operations | 4,273 | (5,192) | | Gain on revaluation of land and buildings | – | 433 | | Deferred tax movement | 245 | 203 | | Other comprehensive income/(loss) for the period | 4,518 | (4,556) | | **Total Comprehensive Income for the Period** | **14,540** | **3,872** | - Exchange differences on translation of foreign operations turned from a loss to a gain compared to the same period last year, which is the main reason for the significant increase in total comprehensive income[41](index=41&type=chunk) [Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, with non-current assets declining and current assets increasing. Net current assets significantly grew, mainly due to the reclassification of financial assets at FVTPL from non-current to current, and increases in inventories and trade receivables, while total equity also increased | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 330,170 | 400,969 | | Total Current Assets | 456,988 | 336,349 | | Total Current Liabilities | 304,289 | 263,452 | | Net Current Assets | 152,699 | 72,897 | | Net Assets | 452,686 | 445,048 | | Total Equity | 452,686 | 445,048 | - **HK$67 million** of financial assets at fair value through profit or loss were reclassified from non-current to current assets[42](index=42&type=chunk) - Both inventories and trade and bills receivables balances increased[42](index=42&type=chunk) - Borrowings increased to meet working capital requirements for trading operations[21](index=21&type=chunk)[43](index=43&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the Company increased to HK$457.538 million, primarily driven by profit for the period and positive foreign currency translation differences, despite dividend payments | Equity Item | January 1, 2025 (HK$ Thousand) | June 30, 2025 (HK$ Thousand) | | :--- | :--- | :--- | | Share Capital | 23,007 | 23,007 | | Share Premium | 37,510 | 37,510 | | Land and Buildings Revaluation Reserve | 185,196 | 184,606 | | Exchange Reserve | (23,116) | (19,494) | | Other Reserve | (261) | (261) | | Merger Reserve | 11,310 | 11,310 | | Retained Earnings | 216,253 | 220,860 | | **Total Attributable to Ordinary Equity Holders of the Company** | **449,899** | **457,538** | | Non-controlling Interests | (4,851) | (4,852) | | **Total Equity** | **445,048** | **452,686** | - Profit for the period of **HK$10.023 million** and exchange differences on translation of foreign operations of **HK$4.273 million** had a positive impact on total equity[44](index=44&type=chunk) - Dividends payable related to 2024 of **HK$6.902 million** reduced retained earnings[44](index=44&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2025, the Group's net cash flow from operating activities was an outflow of HK$17.631 million, a reversal from an inflow in the prior year. Net cash flow from investing activities turned into an inflow of HK$0.614 million. Net cash flow from financing activities was an inflow of HK$15.702 million, mainly from new bank borrowings, resulting in a slight decrease in cash and cash equivalents at period-end | Cash Flow Type | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net cash flows from/(used in) operating activities | (17,631) | 46,664 | | Net cash flows from/(used in) investing activities | 614 | (1,374) | | Net cash flows from/(used in) financing activities | 15,702 | (41,916) | | Net increase/(decrease) in cash and cash equivalents | (1,315) | 3,374 | | Cash and cash equivalents at end of period | 25,487 | 32,516 | - Net cash flow from operating activities changed from an inflow to an outflow, primarily due to increased cash used in operations[46](index=46&type=chunk) - Net cash flow from financing activities turned into an inflow, mainly due to new bank borrowings exceeding repayments[46](index=46&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=21&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the condensed consolidated financial information, covering general information, accounting policies, segment data, and specific financial instrument disclosures [1. General Information](index=21&type=section&id=1.%20General%20Information) Leeport (Holdings) Limited and its subsidiaries primarily engage in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment. The Company is incorporated in Bermuda and listed on the Main Board of the Hong Kong Stock Exchange. This condensed consolidated financial information is presented in Hong Kong Dollars and was approved for issue on August 28, 2025 - The Group is principally engaged in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment[47](index=47&type=chunk) - The Company is a limited liability company incorporated in Bermuda and listed on the Main Board of The Stock Exchange of Hong Kong Limited[47](index=47&type=chunk)[48](index=48&type=chunk) - This condensed consolidated financial information is presented in Hong Kong Dollars and was approved for issue on August 28, 2025[48](index=48&type=chunk) [2.1 Basis of Preparation](index=21&type=section&id=2.1%20Basis%20of%20Preparation) This condensed consolidated financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure requirements of Appendix D2 of the Listing Rules, and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The Group's unaudited condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[50](index=50&type=chunk) - The condensed consolidated financial information should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024, prepared in accordance with Hong Kong Financial Reporting Standards[50](index=50&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=22&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted for this condensed consolidated financial information are consistent with those used for the 2024 annual consolidated financial statements, except for the initial adoption of the amended HKAS 21 "Lack of Exchangeability," which had no impact as the Group's transaction and functional currencies are exchangeable - The accounting policies adopted for the preparation of the condensed consolidated financial information are consistent with those adopted for the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the initial adoption of amended Hong Kong Financial Reporting Standards in the current period[51](index=51&type=chunk) - The initial adoption of HKAS 21 (Amendment) "Lack of Exchangeability" had no impact on the condensed consolidated financial information, as the currencies in which the Group transacts with group entities and the functional currencies of group entities translated into the Group's presentation currency are exchangeable[52](index=52&type=chunk) [3. Segment Information](index=22&type=section&id=3.%20Segment%20Information) The Group's business is segmented by region (Mainland China, Hong Kong, and other countries), primarily trading metal processing machinery, measuring instruments, cutting tools, and electronic equipment. In H1 2025, Mainland China contributed the vast majority of revenue and segment results, though its revenue decreased year-on-year, while revenue from Hong Kong and other countries slightly increased their share - The Group is principally engaged in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment in three main geographical areas: Mainland China, Hong Kong, and other countries[53](index=53&type=chunk) | Region | H1 2025 Revenue (HK$ Thousand) | H1 2024 Revenue (HK$ Thousand) | H1 2025 Segment Results (HK$ Thousand) | H1 2024 Segment Results (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 227,584 | 242,606 | 19,278 | 13,823 | | Hong Kong | 1,661 | 6,157 | 843 | 3,594 | | Other Countries | 7,637 | 6,486 | 624 | 1,713 | | **Total** | **236,882** | **255,249** | **20,745** | **19,130** | - Mainland China's revenue decreased year-on-year, but its segment results significantly increased[54](index=54&type=chunk)[55](index=55&type=chunk) - Capital expenditure is primarily concentrated in Mainland China[54](index=54&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) [4. Revenue](index=25&type=section&id=4.%20Revenue) The Group's revenue is derived from the sale of goods, provision of agency services, and other after-sales services. In H1 2025, commission income significantly increased to HK$59.527 million, representing a higher proportion of total revenue, reflecting the contribution from new revenue models, while revenue from the sale of goods decreased - Revenue is derived from the sale of goods, provision of agency services, and other after-sales services[58](index=58&type=chunk) | Type of Goods or Services | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sale of Goods | 167,976 | 215,160 | -21.9% | | Commission Income | 59,527 | 28,677 | +107.6% | | Service Income | 9,379 | 11,412 | -17.7% | | **Total** | **236,882** | **255,249** | **-7.2%** | - Commission income significantly increased, mainly from a new revenue model adopted since H2 2023[59](index=59&type=chunk) - As of H1 2025, approximately **HK$59.551 million** in revenue was derived from a single customer, accounting for more than **10%** of the Group's total revenue[59](index=59&type=chunk) [5. Profit Before Tax](index=26&type=section&id=5.%20Profit%20Before%20Tax) The Group's profit before tax is stated after deducting or crediting various expenses and income, including cost of inventories sold, depreciation, employee benefit expenses, net exchange gains, provision for obsolete inventories, and professional service fees | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 160,315 | 185,299 | | Depreciation of property, plant and equipment | 1,072 | 1,070 | | Depreciation of right-of-use assets | 2,272 | 2,760 | | Employee benefit expenses (including directors' emoluments) | 29,731 | 28,689 | | Exchange (gains)/losses, net | (4,495) | 5,829 | | Provision for obsolete inventories | 2,152 | 944 | - Net exchange differences turned from a loss to a gain, positively impacting profit before tax[61](index=61&type=chunk) [6. Income Tax Expense](index=26&type=section&id=6.%20Income%20Tax%20Expense) The Group's income tax expense for H1 2025 was HK$3.113 million, primarily from Hong Kong profits tax, whereas the prior period's tax was mainly from Mainland China and other countries. The Hong Kong profits tax provision is due to taxable profits generated in the current period, with tax losses carried forward from prior years having been fully offset | Tax Source | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 3,113 | – | | Mainland China and Other Countries | – | 401 | | **Total Tax Expense for the Period** | **3,113** | **401** | - Hong Kong profits tax has been provided at a rate of **16.5%** on the estimated assessable profits arising in Hong Kong for the period, as the Group had available tax losses brought forward from prior years that offset the assessable profits generated during the period[12](index=12&type=chunk)[62](index=62&type=chunk) [7. Dividends](index=27&type=section&id=7.%20Dividends) The Board has resolved to declare an interim dividend of HK 3 cents per share, consistent with the prior year. This dividend was declared after the reporting period and is therefore not recognized as a liability in the condensed consolidated statement of financial position | Dividend Type | H1 2025 (HK Cents per share) | H1 2024 (HK Cents per share) | | :--- | :--- | :--- | | Interim Dividend | 3 | 3 | - The final dividend of **HK$6.902 million** for the year ended December 31, 2024, was payable as of June 30, 2025[64](index=64&type=chunk) - This interim dividend was declared after the reporting period and is therefore not recognized as a liability in the condensed consolidated statement of financial position[64](index=64&type=chunk) [8. Earnings Per Share Attributable to Owners of the Company](index=27&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic earnings per share for H1 2025 was HK 4.36 cents, an increase of 19.1% from the prior year. EPS is calculated based on profit attributable to owners of the Company and the weighted average number of ordinary shares outstanding. There were no issued or outstanding share options during the period, resulting in no dilutive effect | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HK$ Thousand) | 10,023 | 8,430 | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 230,076 | 230,076 | | Basic Earnings Per Share Attributable to Owners of the Company (HK Cents per share) | 4.36 | 3.66 | - For the periods ended June 30, 2025, and 2024, there were no issued or outstanding share options, thus diluted earnings per share were the same as basic earnings per share[66](index=66&type=chunk) [9. Property, Plant and Equipment, Right-of-Use Assets and Investment Properties](index=28&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment%2C%20Right-of-Use%20Assets%20and%20Investment%20Properties) As of June 30, 2025, the carrying amounts of the Group's property, plant and equipment, right-of-use assets, and investment properties were HK$7.356 million, HK$177.894 million, and HK$74.354 million, respectively. Additions during the period were minimal, and depreciation continued. The Directors believe there have been no significant changes in the value of land and buildings and investment properties since the last annual report date | Asset Category | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 7,356 | 8,336 | | Right-of-Use Assets | 177,894 | 177,729 | | Investment Properties | 74,354 | 73,643 | - Bank borrowings are secured by land and buildings and investment properties with a carrying amount of **HK$85.55 million**[68](index=68&type=chunk) - The Directors believe that there have been no significant changes in the value of the Group's land and buildings and investment properties held as of June 30, 2025, since the date of the last annual report[67](index=67&type=chunk) [10. Investments in Associates](index=29&type=section&id=10.%20Investments%20in%20Associates) As of June 30, 2025, the Group's investments in associates had a carrying amount of HK$32.493 million, a decrease from the beginning of the period, primarily due to the share of loss of associates after tax, partially offset by exchange differences | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Investments at beginning of period | 35,817 | 47,061 | | Share of loss of associates after tax | (5,254) | (5,511) | | Exchange differences | 1,930 | (875) | | **Investments at end of period** | **32,493** | **40,675** | - Associates continued to record losses, impacting the Group's investment value[11](index=11&type=chunk)[19](index=19&type=chunk)[69](index=69&type=chunk) [11. Trade and Bills Receivables](index=29&type=section&id=11.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to HK$242.1 million, an increase from the end of 2024. An aging analysis shows a significant increase in receivables aged 7 to 12 months, leading to an extended trade receivables turnover period. The Group maintains strict credit control and has made adequate impairment provisions | Aging (by invoice date) | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 3 months | 144,707 | 145,397 | | 4 to 6 months | 3,189 | 31,902 | | 7 to 12 months | 83,430 | 1,795 | | Over 12 months | 13,232 | 29,638 | | Less: Impairment | (2,419) | (2,360) | | **Total** | **242,139** | **206,372** | - Trade receivables aged **7 to 12 months** significantly increased, and trade receivables turnover days increased from **125 days** to **188 days**[20](index=20&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The Group maintains strict credit control over its customers and outstanding receivables, making impairment provisions on an individual basis for high-risk customers and on a collective basis for low-risk customers[20](index=20&type=chunk) [12. Trade and Bills Payables](index=30&type=section&id=12.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to HK$58.341 million, a decrease from the end of 2024, including HK$0.688 million payable to an associate | Aging (by invoice date) | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 3 months | 48,144 | 65,652 | | 4 to 6 months | 2,489 | 6,113 | | 7 to 12 months | 5,524 | 1,237 | | Over 12 months | 2,184 | 3,676 | | **Total** | **58,341** | **76,678** | - Trade and bills payables include **HK$0.688 million** payable to an associate, which is unsecured, interest-free, and repayable on demand[72](index=72&type=chunk) [13. Borrowings](index=31&type=section&id=13.%20Borrowings) As of June 30, 2025, the Group's total short-term borrowings increased to HK$141.9 million from the end of 2024, primarily comprising trust receipt loans and bank term loans repayable within one year. All bank borrowings are secured by certain land and buildings, investment properties, and a financial asset at fair value through profit or loss | Type of Borrowing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trust Receipt Loans | 83,575 | 75,963 | | Bank Term Loans repayable within one year | 58,363 | 52,108 | | **Total Borrowings** | **141,938** | **128,071** | - The increase in borrowings is to meet working capital requirements for trading operations[21](index=21&type=chunk) - Bank borrowings are secured by certain land and buildings, investment properties, and a financial asset at fair value through profit or loss of the Group[73](index=73&type=chunk) [14. Contingent Liabilities](index=32&type=section&id=14.%20Contingent%20Liabilities) As of June 30, 2025, the Group had contingent liabilities of HK$4.208 million related to bank guarantees granted to customers, an increase from the end of 2024 | Type of Contingent Liability | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank Guarantees granted to customers | 4,208 | 3,811 | - Certain subsidiaries have undertaken to banks to fulfill certain non-financial contractual obligations to third parties, for which the banks have provided bank guarantees on behalf of these subsidiaries to the third parties[75](index=75&type=chunk) [15. Related Party Transactions](index=32&type=section&id=15.%20Related%20Party%20Transactions) The Group is controlled by Peak Power Technology Limited. During the period, the Group had significant transactions with associates, including purchases of goods from Prima Power Sheet Metal Machinery (Suzhou) Co Ltd and interest income from a loan to OPS-Ingersoll Holding GmbH. Total key management personnel compensation amounted to HK$4.101 million - As of June 30, 2025, the Group is controlled by Peak Power Technology Limited (incorporated in the British Virgin Islands), which owns **62.8%** of the Company's shares[76](index=76&type=chunk) | Type of Transaction | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Purchases of goods from an associate (Prima Power Sheet Metal Machinery (Suzhou) Co Ltd) | 1,597 | 2,471 | | Interest income from a loan to an associate (OPS-Ingersoll Holding GmbH) | 545 | 574 | | Total key management personnel compensation | 4,101 | 4,169 | - The loan provided to OPS is unsecured, bears interest at **6%** per annum, and is not repayable within twelve months from the reporting date[78](index=78&type=chunk) [16. Fair Value and Fair Value Hierarchy of Financial Instruments](index=34&type=section&id=16.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group's management assesses that the fair value of most financial instruments approximates their carrying amounts. Fair values of unlisted securities are determined using the market approach, applying valuation multiples of comparable companies and considering discounts for lack of marketability. The fair value of unlisted key management personnel insurance contracts is considered their surrender cash value. During the period, financial assets at fair value through profit or loss recognized a HK$3 million fair value loss on unlisted securities and a HK$0.185 million fair value gain on unlisted key management personnel insurance contracts - Management has assessed that the fair value of financial instruments such as cash and cash equivalents, trade and bills receivables, trade and bills payables, and borrowings approximates their carrying amounts[82](index=82&type=chunk) - The fair value of unlisted securities classified as financial assets at fair value through other comprehensive income is determined using the market approach, with key unobservable inputs including EV/EBITDA ratios, price-to-revenue ratios, and discounts for lack of marketability[83](index=83&type=chunk) - The fair value of unlisted policy investments classified as financial assets at fair value through profit or loss is considered the surrender cash value of the policies[84](index=84&type=chunk) | Financial Asset Category | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Financial assets at fair value through other comprehensive income (Unlisted securities) | 7,389 | 7,389 | | Financial assets at fair value through profit or loss (Unlisted securities) | 67,000 | 70,000 | | Financial assets at fair value through profit or loss (Unlisted key management personnel insurance contracts) | 6,903 | 6,718 | | **Total** | **81,292** | **84,107** | - During the period, a fair value loss of **HK$3 million** on unlisted securities and a fair value gain of **HK$0.185 million** on unlisted key management personnel insurance contracts were recognized in the condensed consolidated statement of profit or loss and other comprehensive income, respectively[86](index=86&type=chunk) [17. Events After the Reporting Period](index=37&type=section&id=17.%20Events%20After%20the%20Reporting%20Period) On August 1, 2025, a wholly-owned subsidiary of the Group entered into a share redemption agreement with Femto S.à.r.l. to redeem target shares for a consideration of EUR 7.5 million (approximately HK$68.119 million). This transaction was completed on August 1, 2025, with estimated net proceeds of approximately HK$67.771 million. The Group also announced a special dividend of HK$0.1 per share to be paid on September 12, 2025 - On August 1, 2025, a wholly-owned subsidiary of the Group entered into a share redemption agreement with Femto S.à.r.l. to redeem target shares[89](index=89&type=chunk) | Transaction Details | Amount | | :--- | :--- | | Redemption Consideration | EUR 7,500,000 (approximately HK$68,119,000) | | Estimated Net Proceeds | approximately HK$67,771,000 | - The completion of the share redemption took effect on August 1, 2025[89](index=89&type=chunk) - The Group announced a special dividend of **HK$0.1** per share to be paid on September 12, 2025[89](index=89&type=chunk) [18. Approval of Condensed Consolidated Financial Information](index=37&type=section&id=18.%20Approval%20of%20Condensed%20Financial%20Information) The condensed consolidated financial information was approved and authorized for issue by the Company's Board of Directors on August 28, 2025 - The condensed consolidated financial information was approved and authorized for issue by the Company's Board of Directors on August 28, 2025[90](index=90&type=chunk)

致：香港交易及結算所有限公司 公司名稱: 力豐(集團)有限公司 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 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00387 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本 ...

Core Viewpoint - The company reported a decrease in revenue for the first half of 2025, while net profit attributable to shareholders increased significantly, indicating a potential shift in operational efficiency or cost management strategies [1] Financial Performance - Revenue for the first half of 2025 was HKD 237 million, representing a year-on-year decrease of 7.2% [1] - Net profit attributable to shareholders was HKD 10.023 million, showing an increase of 18.9% compared to the previous year [1] - Basic earnings per share were HKD 0.0436 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.03 per share [1]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 力豐集團有限公司 | | 股份代號 | 00387 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月的中期業績公佈 | | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.03 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.03 HKD | | 匯率 | 1 HKD : 1 HKD ...

[Company Information and Interim Dividend](index=1&type=section&id=公司信息与中期股息) This section covers the interim results announcement, interim dividend declaration, and suspension of share transfer registration [Interim Results Announcement](index=1&type=section&id=1.1%20中期业绩公告) Lifung (Group) Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025, prepared under HKAS 34 and reviewed by the Audit Committee - This announcement presents Lifung (Group) Limited's unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Interim Dividend](index=1&type=section&id=1.2%20中期股息) The Board resolved to declare an interim dividend of HKD 3 cents per share, consistent with the prior year, payable on or around October 2, 2025, after the record date of September 17, 2025 Interim Dividend Declaration | Indicator | H1 2025 | | :--- | :--- | | Dividend per share | 3 HK cents | | Record Date | September 17, 2025 | | Payment Date | On or around October 2, 2025 | - The interim dividend for the first half of 2025 is **HKD 3 cents per share**, consistent with 2024[3](index=3&type=chunk) [Suspension of Share Transfer Registration](index=4&type=section&id=1.3%20暂停办理股份过户登记手续) To ensure shareholders' eligibility for the interim dividend, the company will suspend share transfer registration from September 16 to September 17, 2025, requiring transfer documents by 4:30 PM on September 15 - Share transfer registration will be suspended from **September 16 to September 17, 2025**, to determine eligibility for the interim dividend[14](index=14&type=chunk) [Financial Performance Highlights](index=2&type=section&id=财务业绩亮点) This section details the company's revenue, gross profit, other income, operating expenses, finance costs, associate losses, tax expenses, and profit attributable to owners [Revenue and Gross Profit](index=2&type=section&id=2.1%20收入与毛利) In H1 2025, group revenue decreased by 7.2% to HKD 236,882,000, but gross profit increased by 8.9% to HKD 73,263,000, with gross margin significantly improving to 30.9% due to a new commission-based revenue model Revenue and Gross Profit Overview | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 236,882 | 255,249 | -7.2% | | Gross Profit | 73,263 | 67,246 | +8.9% | | Gross Margin | 30.9% | 26.3% | +4.6pp | - The decline in revenue but increase in gross margin is primarily due to some new businesses transitioning to a **commission-based revenue model**, where only net income is recognized as revenue[5](index=5&type=chunk) [Other Income and Gains, Net](index=2&type=section&id=2.2%20其他收入及收益净额) Total other income and gains, net, for H1 2025 was a loss of HKD 6,000, a significant decrease from H1 2024's gain of HKD 8,948,000, mainly due to fair value losses on financial assets at FVTPL, despite increased rental and supplier incentive income Other Income and Gains, Net | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | | Total other income and gains, net | (6) | 8,948 | | Fair value changes of financial assets | (2,815) (loss) | 6,507 (gain) | | Rental income | 1,975 | 1,809 | | Supplier incentive income | 689 | 486 | [Operating Expenses](index=3&type=section&id=2.3%20经营开支) In H1 2025, selling and distribution expenses increased by 30.4% due to higher supply chain costs, while administrative expenses decreased by 18.7% due to recognized exchange gains Changes in Operating Expenses | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 12,232 | 9,383 | +30.4% | | Administrative expenses | 40,291 | 49,570 | -18.7% | - Selling and distribution expenses increased primarily due to **higher supply chain costs**[8](index=8&type=chunk) - Administrative expenses decreased mainly due to the **recognition of exchange gains in 2025**[8](index=8&type=chunk) [Net Finance Costs](index=3&type=section&id=2.4%20融資成本淨額) Net finance costs for H1 2025 significantly decreased by 50.8% to HKD 2,356,000, attributed to lower-cost loan financing and reduced HIBOR, while the net debt-to-equity ratio rose from 21.7% (end 2024) to 25.7% (end June 2025) Net Finance Costs and Net Debt-to-Equity Ratio | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net finance costs | 2,356 | 4,790 | -50.8% | | Finance income | 668 | 808 | -17.3% | | Finance costs | 3,024 | 5,598 | -46.0% | | Net debt-to-equity ratio (period-end) | 25.7% | 21.7% (Dec 2024) | +4.0pp | - The reduction in finance costs is primarily due to **lower-cost loan financing** and a **lower Hong Kong Interbank Offered Rate (HIBOR)**[9](index=9&type=chunk) [Share of Loss of Associates after Tax](index=3&type=section&id=2.5%20分佔聯營公司除稅後虧損) Share of loss of associates after tax for H1 2025 was HKD 5,254,000, a slight narrowing from HKD 5,511,000 in the prior year, but OPS-Ingersoll Funkenerosion GmbH and Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd. continued to record losses Share of Loss of Associates after Tax | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Share of loss of associates after tax | 5,254 | 5,511 | - Both **OPS-Ingersoll Funkenerosion GmbH** and **Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd.** recorded losses[10](index=10&type=chunk) [Income Tax Expense](index=4&type=section&id=2.6%20所得稅開支) Income tax expense for H1 2025 was HKD 3,113,000, compared to HKD 401,000 in the prior year, mainly due to the need to make provision for Hong Kong profits tax this period, unlike previous periods where available tax losses offset taxable profits Income Tax Expense | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Income tax expense | 3,113 | 401 | - In H1 2025, a provision for **Hong Kong profits tax** was required, whereas in prior periods, no provision was needed due to available tax losses offsetting taxable profits[11](index=11&type=chunk) [Profit Attributable to Owners of the Company and Earnings Per Share](index=4&type=section&id=2.7%20本公司擁有人應佔溢利及每股盈利) Profit attributable to owners of the company for H1 2025 increased by 18.9% year-on-year to HKD 10,023,000, with basic earnings per share rising by 19.1% to HKD 4.36 cents, and operating profit from trading business also growing by 8.4% Profit Attributable to Owners of the Company and Earnings Per Share | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the company | 10,023 | 8,430 | +18.9% | | Operating profit from trading business | 20,745 | 19,130 | +8.4% | | Basic earnings per share | 4.36 HK cents | 3.66 HK cents | +19.1% | [Condensed Consolidated Financial Statements](index=5&type=section&id=简明综合财务报表) This section presents the condensed consolidated statement of profit or loss and other comprehensive income, and the condensed consolidated statement of financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=3.1%20简明综合损益及其他全面收益表) For the six months ended June 30, 2025, the company recorded a profit for the period of HKD 10,022,000, an increase from the prior year. Other comprehensive income shifted from a loss to a gain, primarily due to exchange differences on translation of foreign operations, significantly boosting total comprehensive income for the period Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 236,882 | 255,249 | | Gross Profit | 73,263 | 67,246 | | Operating Profit | 20,745 | 19,130 | | Profit before tax | 13,135 | 8,829 | | Profit for the period | 10,022 | 8,428 | | Exchange differences on translation of foreign operations | 4,273 | (5,192) | | Total comprehensive income for the period | 14,540 | 3,872 | [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=3.2%20简明综合财务状况表) As of June 30, 2025, total non-current assets decreased, mainly due to a significant reduction in financial assets at fair value through profit or loss. Total current assets significantly increased, driven by new current financial assets at FVTPL, and growth in trade receivables and inventories. Total current liabilities also rose, leading to increases in both net current assets and total equity Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total non-current assets | 330,170 | 400,969 | | Total current assets | 456,988 | 336,349 | | Total current liabilities | 304,289 | 263,452 | | Net current assets | 152,699 | 72,897 | | Total equity | 452,686 | 445,048 | - The decrease in total non-current assets is primarily due to **financial assets at fair value through profit or loss** decreasing from HKD 76,718 thousand to HKD 6,903 thousand[17](index=17&type=chunk) - The increase in total current assets is mainly due to **new current financial assets at fair value through profit or loss of HKD 67,000 thousand**, as well as growth in trade receivables and inventories[17](index=17&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=9&type=section&id=简明综合财务资料附注) This section provides detailed notes on the basis of preparation, accounting policy changes, operating segment information, revenue breakdown, profit before tax details, income tax expense, dividends, earnings per share, trade and other receivables, trade and other payables, and borrowings [Basis of Preparation and Changes in Accounting Policies](index=9&type=section&id=4.1%20编制基準及会计政策变动) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and the Listing Rules, using consistent accounting policies as the annual consolidated financial statements for the year ended December 31, 2024, except for the first-time adoption of amended HKAS 21 "Lack of Exchangeability," which had no impact on the Group - The financial information is prepared in accordance with **Hong Kong Accounting Standard 34** and the **Listing Rules**[19](index=19&type=chunk) - The first-time adoption of amended **Hong Kong Accounting Standard 21 "Lack of Exchangeability"** had no impact on the Group's interim condensed consolidated financial information[20](index=20&type=chunk)[21](index=21&type=chunk) [Operating Segment Information](index=10&type=section&id=4.2%20经营分类资料) Management assesses business performance by geographical region (Mainland China, Hong Kong, and other countries), primarily engaging in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment. In H1 2025, Mainland China contributed the vast majority of external customer sales and segment results - Operating segments are geographically divided into **Mainland China, Hong Kong, and other countries**, primarily engaged in the trading of metal processing machinery, measuring instruments, cutting tools, and electronic equipment[22](index=22&type=chunk) H1 2025 Operating Segment Data by Region | Indicator | Mainland China (HKD thousands) | Hong Kong (HKD thousands) | Other Countries (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Sales to external customers | 227,584 | 1,661 | 7,637 | 236,882 | | Segment results | 19,278 | 843 | 624 | 20,745 | | Segment assets | 463,855 | 268,208 | 55,095 | 787,158 | | Capital expenditure | 54 | – | – | 54 | [Disaggregation of Revenue](index=13&type=section&id=4.3%20收入分拆) Revenue primarily derives from sales of goods, commission income, and service income. In H1 2025, commission income significantly grew by 107.6% to HKD 59,527,000, becoming a new revenue model, while sales of goods revenue decreased. Approximately 25% of revenue came from a single major customer Disaggregation of Revenue | Type of Goods or Services | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of goods | 167,976 | 215,160 | -21.9% | | Commission income | 59,527 | 28,677 | +107.6% | | Service income | 9,379 | 11,412 | -17.8% | | Total | 236,882 | 255,249 | -7.2% | - **Commission income significantly increased**, representing a new revenue model since H2 2023, involving technical support and agency services for business partners[30](index=30&type=chunk) - Approximately **25% of revenue (HKD 59,551 thousand)** was derived from a single major customer[30](index=30&type=chunk) [Details of Profit Before Tax](index=14&type=section&id=4.4%20除税前溢利详情) Profit before tax is influenced by various factors, including cost of inventories sold, depreciation, employee benefit expenses, net exchange gains, short-term leases, provision for obsolete inventories, and professional service fees. Notably, H1 2025 recorded a net exchange gain of HKD 4,495,000, compared to a loss in the prior year Items Deducted From/(Credited To) Profit Before Tax | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 160,315 | 185,299 | | Depreciation of plant and equipment | 1,072 | 1,070 | | Depreciation of right-of-use assets | 2,272 | 2,760 | | Employee benefit expenses | 29,731 | 28,689 | | Exchange (gains)/losses, net | (4,495) (gain) | 5,829 (loss) | | Provision for obsolete inventories | 2,152 | 944 | [Details of Income Tax Expense](index=14&type=section&id=4.5%20所得税开支详情) Total income tax expense for H1 2025 was HKD 3,113,000, entirely from Hong Kong profits tax, whereas the prior year's expense mainly originated from Mainland China and other countries. Hong Kong profits tax is provided at a rate of 16.5%, differing from past periods where tax losses offset taxable profits Composition of Income Tax Expense | Category | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax | 3,113 | – | | Mainland China and other countries | – | 401 | | Total tax expense for the period | 3,113 | 401 | - **Hong Kong profits tax is provided at a rate of 16.5%**, differing from prior periods where available tax losses offset taxable profits, requiring no provision[32](index=32&type=chunk) [Dividends](index=15&type=section&id=4.6%20股息) As of June 30, 2025, a final dividend of HKD 6,902,000 for 2024 was payable. The Board declared an interim dividend of HKD 3 cents per share for the six months ended June 30, 2025, which was declared after the reporting period and thus not recognized as a liability in the condensed consolidated statement of financial position Dividend Information | Dividend Type | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Final dividend payable | 6,902 (for 2024) | 8,053 (for 2023) | | Interim dividend (per share) | 3 HK cents (H1 2025) | 3 HK cents (H1 2024) | - The **interim dividend for H1 2025 was declared after the reporting period** and therefore not recognized as a liability in the statement of financial position[34](index=34&type=chunk) [Earnings Per Share Attributable to Owners of the Company](index=15&type=section&id=4.7%20本公司股东应佔每股盈利) Basic earnings per share for H1 2025 was HKD 4.36 cents, calculated based on profit attributable to owners of HKD 10,023,000 and 230,076,000 ordinary shares in issue. The company had no dilutive share options Basic Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the company (HKD thousands) | 10,023 | 8,430 | | Weighted average number of ordinary shares in issue (thousand shares) | 230,076 | 230,076 | | Basic earnings per share (HK cents) | 4.36 | 3.66 | - The company had **no outstanding or unexercised share options** during the reporting period, thus no dilutive effect[36](index=36&type=chunk) [Trade and Other Receivables](index=17&type=section&id=4.8%20应收账款及应收票据) As of June 30, 2025, total trade and other receivables were HKD 242,139,000, an increase from December 31, 2024. The aging analysis shows a significant increase in receivables aged 7 to 12 months, while those aged 4 to 6 months substantially decreased. The company typically grants customers a 30-day credit period Aging Analysis of Trade and Other Receivables (by invoice date) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 144,707 | 145,397 | | 4 to 6 months | 3,189 | 31,902 | | 7 to 12 months | 83,430 | 1,795 | | Over 12 months | 13,232 | 29,638 | | Total (net of impairment) | 242,139 | 206,372 | - The company generally grants customers a **30-day credit period**, with longer terms potentially extended to customers with good repayment records and long-term business relationships[37](index=37&type=chunk) [Trade and Other Payables](index=18&type=section&id=4.9%20应付账款及应付票据) As of June 30, 2025, total trade and other payables were HKD 58,341,000, a decrease from December 31, 2024. The aging analysis indicates that payables within 3 months constitute the largest portion but have decreased Aging Analysis of Trade and Other Payables (by invoice date) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 48,144 | 65,652 | | 4 to 6 months | 2,489 | 6,113 | | 7 to 12 months | 5,524 | 1,237 | | Over 12 months | 2,184 | 3,676 | | Total | 58,341 | 76,678 | [Borrowings](index=18&type=section&id=4.10%20借贷) As of June 30, 2025, total short-term borrowings were HKD 141,938,000, an increase from December 31, 2024, primarily to meet trade working capital needs. Bank borrowings are secured by certain land and buildings, investment properties, and financial assets at fair value through profit or loss Composition of Borrowings | Borrowing Type | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trust receipt loans | 83,575 | 75,963 | | Bank term loans due within one year | 58,363 | 52,108 | | Total borrowings | 141,938 | 128,071 | - The increase in borrowings aims to **meet trade working capital requirements**[46](index=46&type=chunk) - Bank borrowings are secured by certain **land and buildings, investment properties, and a financial asset at fair value through profit or loss** of the Group[39](index=39&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=管理层讨论与分析) This section provides a business review, discusses liquidity and financial resources, and outlines future plans and prospects [Business Review](index=21&type=section&id=5.1%20业务回顾) In H1 2025, China's economy remained resilient despite challenges, with GDP and exports growing, and domestic consumption playing a key role. The Group's trading business performed well, particularly the machine tools division, benefiting from strong demand from new energy vehicle and mobile phone manufacturers, leading to a 130.4% increase in total order intake. However, investment business was affected by a weak European economy and associate losses - China's economy remained resilient in H1 2025, with **GDP growing by 5.5%**, **exports by 7.2%**, and **domestic consumption contributing 68.8%** of GDP growth[42](index=42&type=chunk) H1 2025 Total Order Intake | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total order intake | 1,106,143 | 480,038 | +130.4% | [Trading Business](index=21&type=section&id=5.1.1%20贸易业务) China's manufacturing investment grew, with rapid increases in "new three" products like NEVs, lithium batteries, and photovoltaic products. The Group's machine tools division performed well, driven by strong demand from NEV and mobile phone manufacturers. Cutting tools sales declined, but the electronic equipment division performed well, with service income becoming a key profit driver - China's manufacturing investment grew by **7.5%**, with high-tech industries growing by **9.5%**[43](index=43&type=chunk) China's "New Three" and Auto Production/Sales Growth | Product | Production Growth | | :--- | :--- | | Electric vehicles | +30.0% | | Lithium batteries | +53.3% | | Photovoltaic products | +17.8% | | China auto sales | +11.4% (15,653,000 units) | | New energy vehicle sales | +40.3% (6,937,000 units) | - The machine tools division performed well, supported by strong demand from **new energy vehicle and mobile phone manufacturers**, with service income becoming a **key profit driver**[43](index=43&type=chunk) [Investment Business](index=22&type=section&id=5.1.2%20投资业务) The weak European economy, especially in Germany, negatively impacted associate OPS Ingersoll Funkenerosion GmbH. Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd. also faced intense competition in China. Both associates continued to record losses - The weak European economy, particularly in **Germany**, negatively impacted associate **OPS Ingersoll Funkenerosion GmbH**[44](index=44&type=chunk) - **Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd.** faced intense competition from local manufacturers in China[44](index=44&type=chunk) - Both associates, **OPS Ingersoll Funkenerosion GmbH** and **Prima Power Sheet Metal Equipment (Suzhou) Co., Ltd.**, continued to record losses[44](index=44&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=5.2%20流动资金及财务资源) As of June 30, 2025, cash and cash equivalents slightly decreased, while inventories and trade receivables increased, leading to longer inventory and trade receivables turnover days. Short-term borrowings rose to meet working capital needs, and the net debt-to-equity ratio increased to 25.7%. The Group has ample bank financing facilities, secured by assets Key Liquidity and Financial Resources Indicators | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 25,487 | 26,048 | | Inventories | 77,901 | 69,993 | | Trade and other receivables | 242,139 | 206,372 | | Trade and other payables | 58,341 | 76,678 | | Short-term borrowings | 141,938 | 128,071 | Turnover Days and Net Debt-to-Equity Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Inventory turnover days | 87 days | 61 days | | Trade receivables turnover days | 188 days | 125 days | | Net debt-to-equity ratio | 25.7% | 21.7% | - The Group has total bank facilities of approximately **HKD 226,755 thousand**, of which approximately **HKD 155,453 thousand was utilized**, secured by assets with a total carrying amount of approximately **HKD 92,453 thousand**[47](index=47&type=chunk)[51](index=51&type=chunk) [Future Plans and Prospects](index=23&type=section&id=5.3%20未来计划及前景) For the second half, the Chinese government will continue to support domestic consumption and high-tech industries. The Group will maintain key customer relationships, expand product offerings in NEV and smartphone manufacturing, and invest in a new CRM system. A joint venture with a European metal sheet processing equipment manufacturer will expand into China and Southeast Asia. Despite potential short-term impacts from long delivery times for imported machinery, the Group expects 2025 financial performance to surpass 2024 - The Chinese government will continue to support **domestic consumption (new energy vehicles, smart home appliances)** and **high-tech industries (smartphones, computers, printed circuit boards)**[48](index=48&type=chunk) - The Group will continue to **maintain key customer relationships**, **expand product ranges** in new energy vehicle and smartphone manufacturing, and **invest in a new customer relationship management system**[48](index=48&type=chunk)[49](index=49&type=chunk) - A **joint venture has been formed with a European metal sheet processing equipment manufacturer**, with business scope covering China and Southeast Asian markets[49](index=49&type=chunk) - While a large number of machine tool orders in H2 2025 may not be delivered by year-end, the Group believes its **2025 financial performance should be better than 2024**[49](index=49&type=chunk) [Other Information](index=24&type=section&id=其他信息) This section covers employee details, asset pledges, capital expenditure, contingent liabilities, exchange rate fluctuations, and share transactions [Employees](index=24&type=section&id=6.1%20雇员) As of June 30, 2025, the Group employed 225 staff, primarily in Mainland China and Hong Kong. The company offers competitive remuneration packages and benefits, including medical plans, education allowances, and discretionary performance bonuses Employee Count and Distribution | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 225 | 233 | | Hong Kong employees | 37 | N/A | | Mainland China employees | 176 | N/A | | Employees in other Asian offices | 12 | N/A | - The Group provides employees with a **competitive remuneration package** and benefits such as medical plans, education allowances, and discretionary performance bonuses[50](index=50&type=chunk) [Details of Pledged Assets](index=24&type=section&id=6.2%20资产抵押详情) As of June 30, 2025, certain land and buildings, investment properties, and a financial asset at fair value through profit or loss, with a total carrying amount of approximately HKD 92,453,000, were pledged by way of fixed charges to secure bank facilities Total Carrying Amount of Pledged Assets | Date | Total Carrying Amount of Pledged Assets (HKD thousands) | | :--- | :--- | | June 30, 2025 | 92,453 | | December 31, 2024 | 97,273 | - Pledged assets include **land and buildings in Hong Kong and Mainland China, investment properties, and a financial asset at fair value through profit or loss**, used to secure bank facilities[51](index=51&type=chunk) [Capital Expenditure and Contingent Liabilities](index=25&type=section&id=6.3%20资本开支及或然负债) Total capital expenditure for H1 2025 was HKD 54,000, mainly for plant and equipment. As of June 30, 2025, the Group had no capital commitments but had contingent liabilities totaling HKD 4,208,000 for customer guarantees Capital Expenditure and Contingent Liabilities | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Total capital expenditure | 54 | 111 | | Contingent liabilities (customer guarantees) | 4,208 | 3,811 (Dec 31, 2024) | - As of June 30, 2025, the Group had **no capital commitments**[52](index=52&type=chunk) [Exchange Rate Fluctuations and Related Hedging Risks](index=25&type=section&id=6.4%20汇率波动及相关对冲风险) The Group's revenue and purchases are largely denominated in foreign currencies, exposing it to exchange rate risk. The company mitigates this by using foreign currency income to settle payments to overseas suppliers and may enter into foreign currency forward contracts. As of June 30, 2025, the Group had no outstanding foreign currency forward contracts - The Group's majority of **revenue and purchases are denominated in foreign currencies**, exposing it to exchange rate risk[53](index=53&type=chunk) - The Group mitigates exchange rate risk by **utilizing foreign currency income to settle payments to overseas suppliers** and may enter into foreign currency forward contracts[53](index=53&type=chunk) - As of June 30, 2025, the Group had **no outstanding foreign currency forward contracts** for settlement[53](index=53&type=chunk) [Purchase, Sale or Redemption of Shares](index=25&type=section&id=6.5%20购买、出售或赎回股份) During the reporting period, neither the company nor any of its subsidiaries redeemed, purchased, or sold any of the company's shares, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries **redeemed, purchased, or sold any of the company's shares**[55](index=55&type=chunk) - As of June 30, 2025, the company had **no treasury shares**[55](index=55&type=chunk) [Corporate Governance](index=26&type=section&id=企业管治) This section details the company's adherence to the Corporate Governance Code, Standard Code for Securities Transactions, and the Audit Committee's review [Corporate Governance Code](index=26&type=section&id=7.1%20企业管治守则) For the six months ended June 30, 2025, the company complied with the code provisions in Part 2 of Appendix C1 of the Listing Rules, though the Chairman and Group Chief Executive are the same person, which the Board believes ensures a balance of power and accountability, and will be continuously reviewed - The company has complied with the **code provisions in Part 2 of Appendix C1 of the Listing Rules** on Corporate Governance Code[56](index=56&type=chunk) - The **Chairman and Group Chief Executive are the same person**, but the Board believes the current operations ensure a balance of power and accountability, and will be continuously reviewed[56](index=56&type=chunk) [Standard Code for Securities Transactions](index=26&type=section&id=7.2%20证券交易之标准守则) The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all directors complied with it during the reporting period - The company has adopted the **Standard Code for Securities Transactions by Directors** as set out in Appendix C3 of the Listing Rules[57](index=57&type=chunk) - All directors confirmed compliance with the **Standard Code** during the reporting period[57](index=57&type=chunk) [Audit Committee](index=26&type=section&id=7.3%20审核委员会) The Audit Committee has reviewed the Group's accounting principles and practices with management, and discussed internal controls and financial reporting matters, including the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025 - The Audit Committee has reviewed the Group's **accounting principles, internal controls, and financial reporting matters**[58](index=58&type=chunk) - The Audit Committee has reviewed the **unaudited condensed consolidated interim financial information** for the six months ended June 30, 2025[58](index=58&type=chunk) [Report Conclusion](index=27&type=section&id=报告结束) This section covers the interim report publication and the Board Chairman's signature [Interim Report Publication](index=27&type=section&id=8.1%20中期报告发布) The company's interim report for the six months ended June 30, 2025, will be published on the Stock Exchange and the company's website by the end of September 2025 and sent to shareholders upon request - The interim report will be published on the **Stock Exchange and the company's website by the end of September 2025**[59](index=59&type=chunk) [Board Chairman's Signature](index=27&type=section&id=8.2%20董事会主席签署) This interim results announcement was signed by Mr. Li Xiu Liang, Chairman of the Board, on behalf of the Board on August 28, 2025 - This announcement was signed by **Mr. Li Xiu Liang, Chairman of the Board**, on August 28, 2025[60](index=60&type=chunk)[61](index=61&type=chunk)

(Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code股份代號: 387) NOTIFICATION LETTER 通知信函 21 August 2025 If you have difficulty in receiving email notification or gaining access to the Website Version of the Corporate Communications and would like to receive the Current Corporate Communication and all future Corporate Communications (Note 2) in printed form, please complete, sign the enclosed Request Form and return it to the Company branch share registrar in Hong Kong, Tricor Investor ...