股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福田實業（集團）有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 不適用 備註： 本公司並無法定股本及其股本中並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00420 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,225,026,960 | | 0 | | 1,225,026,960 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | ...

Core Viewpoint - Fook Tin Industrial (00420) reported a mid-year performance for 2025, showing a revenue of approximately HKD 1.937 billion, a year-on-year decrease of 12.7%, while the profit attributable to shareholders turned positive at HKD 30.67 million, compared to a loss previously, with earnings per share at HKD 0.025 [1] Group 1: Financial Performance - Revenue for the first half of 2025 was approximately HKD 1.937 billion, reflecting a year-on-year decline of 12.7% [1] - The profit attributable to shareholders was HKD 30.67 million, indicating a turnaround from a loss to profit [1] - Earnings per share were reported at HKD 0.025 [1] Group 2: Factors Contributing to Performance Improvement - The improvement in performance was primarily due to enhanced customer management, stabilizing existing customers, and acquiring new clients [1] - The company actively reduced procurement costs, which contributed to an increase in overall business gross margin and profit contribution [1] - Implementation of an information system aimed at improving product quality and continuously reducing factory production consumption helped lower production costs [1] - The group has been promoting lean management practices, resulting in further reductions in transportation and labor costs [1] - Active monitoring of inventory and accounts receivable has been undertaken, with efforts to utilize aged inventory and collect various receivables [1]

Core Viewpoint - Fook Tin Industrial (00420) reported a mid-year performance for 2025, showing a revenue of approximately HKD 1.937 billion, a year-on-year decrease of 12.7%, but a turnaround in profit with a net profit attributable to shareholders of HKD 30.67 million, compared to a loss in the previous year, resulting in an earnings per share of HKD 0.025 [1] Summary by Categories Financial Performance - Revenue for the period was approximately HKD 1.937 billion, reflecting a year-on-year decrease of 12.7% [1] - The company achieved a net profit attributable to shareholders of HKD 30.67 million, marking a turnaround from a loss in the previous year [1] - Earnings per share were reported at HKD 0.025 [1] Operational Improvements - The improvement in performance is attributed to enhanced customer management, stabilizing existing clients, and acquiring new clients [1] - The company actively reduced procurement costs, which contributed to an increase in overall business gross margin and profit contribution [1] - Implementation of an information system aimed at improving product quality and continuously reducing factory production consumption, thereby lowering production costs [1] Cost Management - The group has been promoting lean management practices, resulting in further reductions in transportation and labor costs [1] - Active monitoring of inventory and accounts receivable has been undertaken, with efforts to utilize long-aged inventory and recover various accounts receivable [1]

[CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=1&type=section&id=CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](index=1&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, revenue decreased by 12.7% to HK$1,937,026 thousand, but profit for the period significantly increased to HK$35,812 thousand due to cost control and efficiency, with profit attributable to owners turning from loss to HK$30,670 thousand, and basic earnings per share notably improved Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,937,026 | 2,219,366 | | Cost of Sales | (1,709,585) | (1,974,552) | | Gross Profit | 227,441 | 244,814 | | Other Income | 40,621 | 36,068 | | Other Gains and Losses | 9,288 | 2,787 | | Distribution and Selling Expenses | (28,904) | (53,494) | | Administrative Expenses | (192,268) | (197,065) | | Finance Costs | (5,235) | (8,014) | | Share of Profit of an Associate | 478 | 737 | | Profit Before Income Tax Expense | 51,421 | 25,833 | | Income Tax Expense | (15,609) | (21,590) | | Profit for the Period | 35,812 | 4,243 | | Profit/(Loss) for the Period Attributable to Owners of the Company | 30,670 | (9,906) | | Profit for the Period Attributable to Non-controlling Interests | 5,142 | 14,149 | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | Key Data from Condensed Consolidated Statement of Other Comprehensive Income | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Exchange Differences Arising from Translation of Overseas Operations | 10,851 | (3,237) | | Other Comprehensive Income/(Expense) for the Period | 10,851 | (3,237) | | Total Comprehensive Income for the Period | 46,663 | 1,006 | | Total Comprehensive Income/(Expense) for the Period Attributable to Owners of the Company | 38,632 | (12,498) | | Total Comprehensive Income for the Period Attributable to Non-controlling Interests | 8,031 | 13,504 | [CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, total assets slightly decreased, with minor reductions in both non-current and current assets; total current and non-current liabilities also slightly decreased, while net assets remained stable, with equity attributable to owners at HK$3,208,845 thousand Key Data from Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Investment Properties | 54,413 | 56,692 | | Property, Plant and Equipment | 1,146,441 | 1,175,999 | | Right-of-use Assets | 200,317 | 191,575 | | Other Intangible Assets | 28,239 | 29,766 | | Interests in an Associate | 26,496 | 26,018 | | Deferred Tax Assets | 37,590 | 38,227 | | **Current Assets** | | | | Inventories | 873,994 | 784,735 | | Trade and Bills Receivables | 806,542 | 802,069 | | Prepayments, Deposits and Other Receivables | 155,781 | 210,366 | | Short-term Bank Deposits | 362,164 | 380,973 | | Bank Balances and Cash | 889,371 | 914,502 | | **Current Liabilities** | | | | Trade and Bills Payables | 601,806 | 562,544 | | Other Payables and Accruals | 240,899 | 268,491 | | Bank Borrowings - Due within One Year | 25,039 | 48,795 | | **Non-current Liabilities** | | | | Deferred Income - Non-current Portion | 65,035 | 67,556 | | Lease Liabilities - Non-current Portion | 118,736 | 111,522 | | Deferred Tax Liabilities | 6,346 | 6,778 | | **Equity** | | | | Share Capital | 889,810 | 889,810 | | Reserves | 2,319,035 | 2,347,779 | | Equity Attributable to Owners of the Company | 3,208,845 | 3,237,589 | | Non-controlling Interests | 226,215 | 218,184 | | Total Equity | 3,435,060 | 3,455,773 | [NOTES](index=5&type=section&id=NOTES) [1. GENERAL INFORMATION](index=5&type=section&id=1.%20GENERAL%20INFORMATION) The company is a Hong Kong-incorporated listed entity, whose 2024 annual consolidated financial statements were submitted under the Companies Ordinance with an unqualified auditor's report - The company has submitted its statutory annual consolidated financial statements for the year ended December 31, 2024, to the Registrar of Companies, with an unqualified independent auditor's report[9](index=9&type=chunk)[10](index=10&type=chunk)[13](index=13&type=chunk) [2. BASIS OF PREPARATION](index=5&type=section&id=2.%20BASIS%20OF%20PREPARATION) The interim condensed consolidated financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34 Interim Financial Reporting - The interim condensed consolidated financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34[11](index=11&type=chunk)[14](index=14&type=chunk) [3. ACCOUNTING POLICIES](index=5&type=section&id=3.%20ACCOUNTING%20POLICIES) The interim condensed consolidated financial statements are prepared on a historical cost basis, applying the same accounting policies as the 2024 annual consolidated financial statements, with new and unapplied HKFRS amendments not expected to have a significant impact on financial performance - The Group has first applied amendments to HKFRS accounting standards issued by the HKICPA and effective January 1, 2025, which have not had a significant impact on financial performance and position[16](index=16&type=chunk)[17](index=17&type=chunk)[20](index=20&type=chunk) - The Directors anticipate that the application of new and revised HKFRS accounting standards will not have a significant impact on the Group's financial performance and position[19](index=19&type=chunk)[22](index=22&type=chunk) [4. SEASONALITY OF OPERATIONS](index=7&type=section&id=4.%20SEASONALITY%20OF%20OPERATIONS) Due to the seasonal nature of dyed fabric and yarn production and sales, first-half revenue and operating profit are typically lower than the second half, mainly affected by reduced supply during peak Chinese holidays - First-half revenue and operating profit are typically lower than the second half, mainly due to reduced supply of dyed fabrics and yarns during peak Chinese holidays[24](index=24&type=chunk)[29](index=29&type=chunk) [5. SIGNIFICANT EVENTS AND TRANSACTIONS](index=7&type=section&id=5.%20SIGNIFICANT%20EVENTS%20AND%20TRANSACTIONS) For the six months ended June 30, 2024, the Group decided to cease fabric dyeing and finishing production at Jiangyin Fuhui Textile Co., Ltd., retaining only its weaving capacity - The Group decided to cease fabric dyeing and finishing production at Jiangyin Fuhui Textile Co., Ltd., retaining only its weaving capacity[25](index=25&type=chunk)[30](index=30&type=chunk) [6. REVENUE AND SEGMENT INFORMATION](index=7&type=section&id=6.%20REVENUE%20AND%20SEGMENT%20INFORMATION) The Group segments operations by customer location, including Hong Kong, China, Taiwan, Korea, Sri Lanka, Americas, Europe, and other regions; total external sales for H1 2025 were HK$1,937,026 thousand, with China and Sri Lanka as main revenue sources, and manufacturing and sales of dyed fabrics and yarns as the primary product revenue Revenue and Segment Profit by Geographical Region for the six months ended June 30, 2025 | Region | External Sales (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 243,307 | 17,344 | | China | 700,113 | 67,634 | | Taiwan | 65,095 | 7,216 | | Korea | 99,750 | 10,962 | | Sri Lanka | 386,176 | 13,264 | | Americas | 16,481 | 1,813 | | Europe | 41,438 | 3,250 | | Other Regions | 384,666 | 37,836 | | **Total** | **1,937,026** | **159,319** | Revenue by Product for the six months ended June 30, 2025 | Product | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Manufacturing and Sales of Dyed Fabrics and Yarns | 1,690,012 | 1,893,885 | | Manufacturing and Sales of Garments | 247,014 | 325,481 | | **Total** | **1,937,026** | **2,219,366** | [7. FINANCE COSTS](index=9&type=section&id=7.%20FINANCE%20COSTS) For the six months ended June 30, 2025, total finance costs decreased to HK$5,235 thousand from HK$8,014 thousand in the prior period, primarily from bank borrowings and lease liabilities Breakdown of Finance Costs | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Borrowings | 1,934 | 4,935 | | Lease Liabilities | 3,301 | 3,079 | | **Total** | **5,235** | **8,014** | [8. Income Tax Expense](index=10&type=section&id=8.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HK$15,609 thousand, a decrease from HK$21,590 thousand in the prior period, primarily from China, Hong Kong, and other jurisdictions, calculated based on local tax rates Breakdown of Income Tax Expense | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Current Tax** | | | | Hong Kong | 842 | 824 | | China | 8,283 | 12,246 | | Other Jurisdictions | 6,369 | 9,185 | | **(Over-provision)/Under-provision in Prior Years** | | | | China | 288 | (1,153) | | Other Jurisdictions | (342) | 1,798 | | **Deferred Tax** | | | | Hong Kong | 2,039 | (3,184) | | China | (226) | 1,298 | | Other Jurisdictions | (1,644) | 576 | | **Total** | **15,609** | **21,590** | - Under Hong Kong's two-tiered profits tax regime, eligible subsidiaries are taxed at **8.25%** for the first **HK$2,000,000** of assessable profits and **16.5%** thereafter; Chinese subsidiaries are taxed at **25%**, and Sri Lankan subsidiaries at **30%**[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [9. OTHER REVENUE, OTHER GAINS AND LOSSES/PROFIT FOR THE PERIOD](index=11&type=section&id=9.%20OTHER%20REVENUE%2C%20OTHER%20GAINS%20AND%20LOSSES%2FPROFIT%20FOR%20THE%20PERIOD) For the six months ended June 30, 2025, other revenue increased to HK$40,621 thousand, mainly from interest and miscellaneous income, while net other gains and losses were HK$9,288 thousand, primarily due to increased net exchange gains; profit for the period was net of various depreciation, amortization, and employee costs Analysis of Other Revenue | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Amortisation of Deferred Income | 2,747 | 2,599 | | Compensation Income | 4,141 | 5,600 | | Government Grants | 877 | 538 | | Interest Income | 13,763 | 14,843 | | Net Rental Income from Investment Properties | 4,206 | 3,826 | | Others | 14,887 | 8,662 | | **Total** | **40,621** | **36,068** | Analysis of Other Gains and Losses | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Exchange Gains | 16,945 | 4,387 | | Gain on Disposal/Write-off of Property, Plant and Equipment | 1,070 | 3,131 | | Net Reversal of Impairment Loss Provision for Trade and Bills Receivables | (8,727) | (4,731) | | **Total** | **9,288** | **2,787** | Deductions from Profit for the Period | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Amortisation of Other Intangible Assets | 1,526 | – | | Depreciation of Investment Properties | 2,494 | 2,549 | | Depreciation of Property, Plant and Equipment | 75,363 | 78,572 | | Impairment of Property, Plant and Equipment | – | 10,767 | | Depreciation of Right-of-use Assets | 17,657 | 13,971 | | Employee Costs (including Directors' Emoluments) | 327,178 | 342,171 | [10. DIVIDENDS](index=13&type=section&id=10.%20DIVIDENDS) For the six months ended June 30, 2025, the Board did not propose an interim dividend; the 2024 final and special dividends totaling HK$67,376 thousand were approved by shareholders Dividends Approved and Recognized as Distributions | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 2024 Final and Special Dividends | 67,376 | 36,751 | - The Board of Directors did not propose an interim dividend for the six months ended June 30, 2025[51](index=51&type=chunk)[53](index=53&type=chunk) [11. EARNINGS/(LOSS) PER SHARE](index=14&type=section&id=11.%20EARNINGS%2F%28LOSS%29%20PER%20SHARE) For the six months ended June 30, 2025, basic earnings per share were 2.5 HK cents, a significant improvement from a loss of 0.8 HK cents per share in the prior period; diluted earnings per share were the same as basic earnings per share due to no potentially dilutive ordinary shares Earnings/(Loss) Per Share Calculation Data | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company | 30,670 | (9,906) | | Weighted Average Number of Ordinary Shares | 1,225,026,960 | 1,225,026,960 | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | - Diluted earnings/(loss) per share are equal to basic earnings/(loss) per share, as there were no potentially dilutive ordinary shares issued by the company for the periods ended June 30, 2025, and June 30, 2024[57](index=57&type=chunk)[59](index=59&type=chunk) [12. MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT](index=15&type=section&id=12.%20MOVEMENTS%20IN%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group invested HK$60,720 thousand in property, plant and equipment to expand and upgrade production facilities; management reviewed the recoverable amounts of related assets and found no impairment losses - For the six months ended June 30, 2025, the Group's expenditure on property, plant and equipment was **HK$60,720 thousand**, used for expanding and upgrading production facilities[60](index=60&type=chunk)[63](index=63&type=chunk) - Management reviewed the recoverable amounts of related property, plant and equipment and right-of-use assets under cash-generating units and found no impairment losses (impairment loss of HK$10,767 thousand was recognized on June 30, 2024)[61](index=61&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [13. MOVEMENTS IN RIGHT-OF-USE ASSETS AND LEASE LIABILITIES](index=16&type=section&id=13.%20MOVEMENTS%20IN%20RIGHT-OF-USE%20ASSETS%20AND%20LEASE%20LIABILITIES) As of June 30, 2025, the carrying value of right-of-use assets was HK$200,317 thousand and lease liabilities was HK$145,553 thousand; during the period, right-of-use assets and lease liabilities increased by HK$33,294 thousand due to new lease agreements and decreased by HK$6,333 thousand due to lease term modifications - As of June 30, 2025, the carrying values of right-of-use assets for leased land and buildings, equipment, and machinery were **HK$200,020 thousand**, **HK$297 thousand**, and zero, respectively[65](index=65&type=chunk)[71](index=71&type=chunk) - For the six months ended June 30, 2025, the Group recognized an increase in right-of-use assets of **HK$33,294 thousand** due to new lease agreements[66](index=66&type=chunk)[71](index=71&type=chunk) - For the six months ended June 30, 2025, lease liabilities decreased by **HK$6,333 thousand** due to lease term modifications, with right-of-use assets adjusted by the same amount[69](index=69&type=chunk)[72](index=72&type=chunk) [14. INVENTORIES](index=16&type=section&id=14.%20INVENTORIES) As of June 30, 2025, total inventories amounted to HK$873,994 thousand, an increase from December 31, 2024, primarily comprising raw materials, work-in-progress, and finished goods Breakdown of Inventories | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Spare Parts | 22,716 | 24,879 | | Raw Materials | 292,910 | 217,545 | | Work-in-progress | 314,297 | 307,211 | | Finished Goods | 244,071 | 235,100 | | **Total** | **873,994** | **784,735** | [15. TRADE AND BILLS RECEIVABLES/PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES](index=17&type=section&id=15.%20TRADE%20AND%20BILLS%20RECEIVABLES%2FPREPAYMENTS%2C%20DEPOSITS%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, net trade and bills receivables were HK$806,542 thousand, with a primary credit period of 30 to 60 days; other receivables included recoverable VAT, prepayments, and deposits, with land expropriation compensation received on January 2, 2025 Aging Analysis of Trade and Bills Receivables | Aging | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 410,857 | 338,956 | | 1 to 2 months | 191,444 | 254,840 | | 2 to 3 months | 132,118 | 103,191 | | Over 3 months | 121,286 | 145,273 | | Less: Provision for Expected Credit Losses | (49,163) | (40,191) | | **Total** | **806,542** | **802,069** | - As of June 30, 2025, other receivables included recoverable VAT of **HK$9,653 thousand**, prepayments, deposits, and other receivables of **HK$146,128 thousand**; land expropriation compensation of **HK$96,791 thousand** was received on January 2, 2025[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) [16. TRADE AND BILLS PAYABLES](index=18&type=section&id=16.%20TRADE%20AND%20BILLS%20PAYABLES) As of June 30, 2025, total trade and bills payables amounted to HK$601,806 thousand, an increase from December 31, 2024, primarily comprising trade payables and bills payables Breakdown of Trade and Bills Payables | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 500,187 | 494,187 | | Bills Payables | 101,619 | 68,357 | | **Total** | **601,806** | **562,544** | Aging Analysis of Trade and Bills Payables | Aging | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 399,385 | 346,916 | | 1 to 2 months | 101,675 | 122,921 | | 2 to 3 months | 43,619 | 40,917 | | Over 3 months | 57,127 | 51,790 | | **Total** | **601,806** | **562,544** | [17. OTHER PAYABLES AND ACCRUALS](index=19&type=section&id=17.%20OTHER%20PAYABLES%20AND%20ACCRUALS) As of June 30, 2025, total other payables and accruals amounted to HK$240,899 thousand, a decrease from December 31, 2024 Breakdown of Other Payables and Accruals | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Other Payables | 149,823 | 155,281 | | Accruals | 91,076 | 113,210 | | **Total** | **240,899** | **268,491** | [18. BANK BORROWINGS](index=20&type=section&id=18.%20BANK%20BORROWINGS) For the six months ended June 30, 2025, the Group obtained new bank borrowings of HK$76,672 thousand and repaid HK$100,433 thousand, primarily for working capital; bank borrowings were mainly floating and fixed-rate, with an average effective annual interest rate of 3.67%, all unsecured and compliant with covenants - For the six months ended June 30, 2025, the Group obtained new bank borrowings of **HK$76,672 thousand** and repaid **HK$100,433 thousand**, primarily for working capital[88](index=88&type=chunk)[93](index=93&type=chunk) - The Group's bank borrowings are mainly floating and fixed-rate, with an average effective annual interest rate of **3.67%** (December 31, 2024: 6.24%)[89](index=89&type=chunk)[93](index=93&type=chunk) - For the six months ended June 30, 2025, and the year ended December 31, 2024, the Group complied with all covenant ratios[90](index=90&type=chunk)[91](index=91&type=chunk)[94](index=94&type=chunk) [19. SHARE CAPITAL](index=20&type=section&id=19.%20SHARE%20CAPITAL) As of June 30, 2025, the company had 1,225,026,960 issued and fully paid ordinary shares, with share capital of HK$889,810 thousand, and ordinary shares have no par value Breakdown of Share Capital | Item | As of June 30, 2025 (Number of Shares) | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (Number of Shares) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Ordinary Shares, Issued and Fully Paid | 1,225,026,960 | 889,810 | 1,225,026,960 | 889,810 | - In accordance with Section 135 of the Hong Kong Companies Ordinance (Cap. 622), the company's ordinary shares have no par value[96](index=96&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=21&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [BUSINESS REVIEW](index=21&type=section&id=BUSINESS%20REVIEW) In H1 2025, despite geopolitical tensions, global economic downturn, and trade uncertainties, the Group significantly improved operating efficiency through enhanced customer management, reduced procurement costs, strengthened cost control, and lean management; revenue decreased by 12.7%, but profit attributable to owners turned from loss to profit, and pre-tax profit grew by 99.1% - In H1 2025, geopolitical tensions, increased global economic downside risks, rising trade uncertainties, and accelerated relocation of the international textile and apparel supply chain from China intensified[97](index=97&type=chunk)[100](index=100&type=chunk) - The Group implemented a series of strategies and measures, including strengthening customer management, reducing procurement costs, enhancing cost control, promoting lean and total quality management, and deepening internal operational management reforms[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) Key Financial Performance Improvements in H1 2025 | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,937,026 | 2,219,366 | -12.7% | | Profit/(Loss) Attributable to Owners of the Company | 30,670 | (9,906) | Turned from loss to profit | | Profit Before Tax | 51,421 | 25,833 | +99.1% | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | +412.5% | | Gross Profit Margin | 11.7% | 11.0% | +0.7% | | Finance Costs | 5,235 | 8,014 | -34.7% | | Cost of Sales | 1,709,585 | 1,974,552 | -13.4% | [PRODUCTION AND SALES OF DYED FABRICS AND YARNS](index=23&type=section&id=Production%20and%20Sales%20of%20Dyed%20Fabrics%20and%20Yarns) Manufacturing and sales of dyed fabrics and yarns is the Group's core business, contributing approximately HK$1,690,012 thousand in revenue in H1 2025, accounting for 87.2% of total revenue - The Group's core business, manufacturing and sales of dyed fabrics and yarns, generated approximately **HK$1,690,012 thousand** in revenue, accounting for **87.2%** of the Group's total revenue[112](index=112&type=chunk)[116](index=116&type=chunk) [PRODUCTION AND SALES OF GARMENTS](index=23&type=section&id=Production%20and%20Sales%20of%20Garments) In H1 2025, revenue from manufacturing and sales of garments was approximately HK$247,014 thousand, accounting for 12.8% of the Group's total revenue - In H1 2025, revenue from manufacturing and sales of garments was approximately **HK$247,014 thousand**, accounting for **12.8%** of the Group's total revenue[113](index=113&type=chunk)[117](index=117&type=chunk) [DIVIDEND](index=23&type=section&id=Dividend) The Board decided not to declare an interim dividend for the six months ended June 30, 2025; given the Group's strong cash flow and expected H2 profit, a final dividend for the twelve months ended December 31, 2025, is anticipated, maintaining the payout ratio where possible - The Board of Directors decided and announced not to declare any interim dividend for the six months ended June 30, 2025[114](index=114&type=chunk)[118](index=118&type=chunk) - After reviewing the Group's strong cash flow as of June 30, 2025, and anticipating a high probability of profit in H2 2025, it is expected that a final dividend for the twelve months ended December 31, 2025, will be declared, maintaining the payout ratio as much as possible[114](index=114&type=chunk)[118](index=118&type=chunk) [AWARDS AND CERTIFICATIONS](index=24&type=section&id=Awards%20and%20Certifications) In H1 2025, the Group and its subsidiaries received multiple awards and certifications, including Global Recycled Standard, Organic Content Standard, Global Organic Textile Standard, US Cotton Trust Protocol membership, Oeko-Tex Standard 100, Higg Index FEM self-assessment, and ISO environmental and energy management certifications, demonstrating commitment to sustainability and quality - The Group and its subsidiaries obtained multiple international certifications in H1 2025, including Global Recycled Standard (GRS 4.0), Organic Content Standard (OCS 3.0), Global Organic Textile Standard (GOTS 6.0/7.0), and US Cotton Trust Protocol membership certificate[120](index=120&type=chunk)[121](index=121&type=chunk) - Awards and certifications also included Oeko-Tex Standard 100 certificate, Higg Facility Environmental Module self-assessment certificate, Dongguan City Clean Production Enterprise Award, Dongguan City "Zero-Waste Factory" plaque, and ISO14001 Environmental Management System certification, among others[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [OUTLOOK](index=28&type=section&id=OUTLOOK) [INDUSTRY OUTLOOK AND STRATEGIES](index=28&type=section&id=Industry%20Outlook%20and%20Strategies) Looking ahead, the macroeconomic and textile and apparel industry outlook remains challenging, with global supply chains rapidly restructuring; despite significant operational challenges, the Group is cautiously optimistic for H2, continuing to drive development through technological innovation, market expansion, internationalization, accelerated production technology upgrades, strengthened lean management, improved product quality, and strict cost control - The macroeconomic and textile and apparel industry outlook is not optimistic, with persistent global economic growth uncertainties and accelerating restructuring of the global textile and apparel supply chain[125](index=125&type=chunk)[128](index=128&type=chunk) - The Group maintains a relatively cautious optimistic outlook for H2 performance, continuing to drive enterprise development through technological innovation, market expansion, increased operating scale, systematic promotion of international operations, accelerated progress in informatization, automation, intelligentization, and green production technology upgrades, strengthened lean management, improved product quality, streamlined organizational structure, and strict control of costs and expenses[125](index=125&type=chunk)[128](index=128&type=chunk) [OUR APPRECIATION](index=28&type=section&id=OUR%20APPRECIATION) The Group extends sincere gratitude to all shareholders, customers, business partners, suppliers, and employees for their continued support and contributions amidst increasing economic uncertainty - The Group extends its gratitude to all shareholders, customers, business partners, and suppliers for their continued support amidst increasing economic uncertainty[127](index=127&type=chunk)[130](index=130&type=chunk) - The Group also appreciates the dedication, commitment, and contributions of all employees to its success[127](index=127&type=chunk)[130](index=130&type=chunk) [FINANCIAL REVIEW](index=29&type=section&id=FINANCIAL%20REVIEW) [KEY OPERATING AND FINANCIAL INDICATORS](index=29&type=section&id=Key%20Operating%20and%20Financial%20Indicators) The Group's key operating and financial indicators for H1 2025 show significant profitability improvement despite decreased revenue, with better gross profit and EBITDA margins; asset efficiency saw slight increases in inventory and receivables turnover days Income Statement Items (HK$ thousand) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 1,937,026 | 2,219,366 | | Gross Profit | 227,441 | 244,814 | | EBITDA | 148,556 | 125,557 | | Profit for the Period | 35,812 | 4,243 | | Profit/(Loss) Attributable to Owners of the Company | 30,670 | (9,906) | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | Profitability Ratios (%) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Gross Profit Margin | 11.7% | 11.0% | | EBITDA Margin | 7.7% | 5.7% | | Distribution and Selling Expenses to Revenue Ratio | 1.5% | 2.4% | | Administrative Expenses to Revenue Ratio | 9.9% | 8.9% | | Finance Costs to Revenue Ratio | 0.3% | 0.4% | Asset Efficiency and Ratios | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Inventory Turnover Days | 93 | 79 | | Trade and Bills Receivables Turnover Days | 75 | 73 | | Trade and Bills Payables Turnover Days | 64 | 62 | | Current Ratio | 3.2 | 3.2 | | Net Debt/EBITDA Ratio (Annualized) | (8.3) | (4.6) | | Total Liabilities/Equity Attributable to Owners of the Company | 0.4 | 0.4 | [REVENUE](index=30&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately HK$1,937,026 thousand, a 12.7% decrease from the prior period, with manufacturing and sales of dyed fabrics and yarns accounting for 87.2% and garments for 12.8% of total revenue - The Group's revenue for the six months ended June 30, 2025, was approximately **HK$1,937,026 thousand**, a **12.7% decrease** from the prior period[137](index=137&type=chunk)[139](index=139&type=chunk)[143](index=143&type=chunk) Revenue by Business Segment | Business Segment | H1 2025 Contribution | | :--- | :--- | | Manufacturing and Sales of Dyed Fabrics and Yarns | 87.2% | | Manufacturing and Sales of Garments | 12.8% | [COST OF SALES AND GROSS PROFIT](index=30&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) For the six months ended June 30, 2025, the Group's cost of sales was approximately HK$1,709,585 thousand, with an overall gross profit margin of 11.7%, an improvement from 11.0% in the prior period, mainly due to a greater decrease in production costs than in revenue - The Group's overall cost of sales for the six months ended June 30, 2025, was approximately **HK$1,709,585 thousand**, with an overall gross profit margin of **11.7%** (H1 2024: 11.0%)[142](index=142&type=chunk)[146](index=146&type=chunk) - The improvement in gross profit margin was primarily due to a greater decrease in production costs than in revenue[143](index=143&type=chunk)[146](index=146&type=chunk) [DISTRIBUTION AND SELLING EXPENSES](index=30&type=section&id=Distribution%20and%20Selling%20Expenses) For the six months ended June 30, 2025, the Group's distribution and selling expenses were approximately HK$28,904 thousand, accounting for 1.5% of total revenue, a decrease from 2.4% in the prior period Distribution and Selling Expenses | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Distribution and Selling Expenses | 28,904 | 53,494 | | Percentage of Revenue | 1.5% | 2.4% | [ADMINISTRATIVE EXPENSES](index=31&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, the Group's administrative expenses were approximately HK$192,268 thousand, accounting for 9.9% of total revenue, a slight increase from 8.9% in the prior period Administrative Expenses | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Administrative Expenses | 192,268 | 197,065 | | Percentage of Revenue | 9.9% | 8.9% | [EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (EBITDA)](index=31&type=section&id=Earnings%20before%20Interest%2C%20Tax%2C%20Depreciation%20and%20Amortisation%20%28EBITDA%29) For the six months ended June 30, 2025, the Group's EBITDA was approximately HK$148,556 thousand, with an EBITDA margin of 7.7%, an increase from 5.7% in the prior period EBITDA | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | EBITDA | 148,556 | 125,557 | | EBITDA Margin | 7.7% | 5.7% | [FINANCE COSTS](index=31&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were approximately HK$5,235 thousand, accounting for 0.3% of total revenue, a decrease from 0.4% in the prior period Finance Costs | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Finance Costs | 5,235 | 8,014 | | Percentage of Revenue | 0.3% | 0.4% | [CAPITAL EXPENDITURE](index=31&type=section&id=Capital%20Expenditure) In H1 2025, the Group invested approximately HK$60,720 thousand in property, plant and equipment; capital commitments primarily for purchasing property, plant and equipment amounted to approximately HK$36,504 thousand - During the review period, the Group invested approximately **HK$60,720 thousand** to increase property, plant and equipment[151](index=151&type=chunk)[156](index=156&type=chunk) - As of June 30, 2025, the Group's contracted capital commitments for the purchase of property, plant and equipment amounted to approximately **HK$36,504 thousand**[151](index=151&type=chunk)[156](index=156&type=chunk) [INCOME TAX EXPENSE](index=31&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was approximately HK$15,609 thousand, a decrease from the prior period Income Tax Expense | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Income Tax Expense | 15,609 | 21,590 | [LIQUIDITY AND FINANCIAL RESOURCES](index=32&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net assets were approximately HK$3,435,060 thousand; funding needs are met primarily through operating cash flow and bank borrowings; bank balances and cash totaled HK$1,251,535 thousand, mainly denominated in HKD, USD, and RMB; the Group complied with all major bank financial covenants Key Financial Position Data of the Group (HK$ thousand) | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 1,495,112 | 1,518,322 | | Current Assets | 3,090,409 | 3,096,296 | | Total Assets | 4,585,521 | 4,614,618 | | Current Liabilities | 960,344 | 972,989 | | Non-current Liabilities | 190,117 | 185,856 | | Total Liabilities | 1,150,461 | 1,158,845 | | Net Assets | 3,435,060 | 3,455,773 | - As of June 30, 2025, the Group's bank balances and cash (including short-term bank deposits) totaled **HK$1,251,535 thousand**, primarily denominated in HKD, USD, and RMB[160](index=160&type=chunk)[161](index=161&type=chunk) Key Financial Covenant Ratios | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Consolidated Net Tangible Assets | 3,094,598千港元 | 3,118,670千港元 | | Consolidated Total Bank Liabilities to Consolidated Net Tangible Assets Ratio | 0.0 | 0.0 | | Consolidated EBITDA to Consolidated Interest Expense Ratio | 28.4 | 20.9 | | Consolidated Current Assets to Consolidated Current Liabilities Ratio | 3.2 | 3.2 | | Consolidated Capital Expenditure | 60,720千港元 | 174,737千港元 | [RISK MANAGEMENT](index=33&type=section&id=Risk%20Management) The Group adheres to stringent and prudent risk management policies, closely monitoring foreign exchange (HKD, USD, RMB) and interest rate risks; bank borrowings are primarily floating and fixed-rate, with an average effective annual interest rate of 3.67%, and appropriate measures will continue to be taken to mitigate risks - The Group's sales and raw material purchases are primarily denominated in HKD, USD, and RMB, with main production bases in China, thus involving foreign exchange risk arising from RMB[164](index=164&type=chunk)[167](index=167&type=chunk) - The Group's bank borrowings are denominated in HKD and RMB, with interest primarily calculated at floating and fixed rates; during the review period, the average effective annual interest rate for the Group's bank borrowings was **3.67%** (December 31, 2024: 6.24% per annum)[165](index=165&type=chunk)[167](index=167&type=chunk) [OTHER CORPORATE INFORMATION](index=34&type=section&id=OTHER%20CORPORATE%20INFORMATION) [EMPLOYEES AND REMUNERATION POLICIES](index=34&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the Group had approximately 5,600 full-time employees; remuneration policies are based on employee performance and regional salary trends, with regular training and education subsidies provided - As of June 30, 2025, the Group had approximately **5,600** full-time employees (June 30, 2024: approximately 5,700 employees)[168](index=168&type=chunk)[174](index=174&type=chunk) - The Group's remuneration policy is formulated and regularly reviewed based on individual employee performance and regional salary trends, providing regular training courses and subsidies for further education programs to employees[168](index=168&type=chunk)[169](index=169&type=chunk)[174](index=174&type=chunk) [PURCHASE, SALE AND REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=34&type=section&id=PURCHASE%2C%20SALE%20AND%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) In H1 2025, neither the company nor its subsidiaries engaged in any redemption, purchase, or sale activities of its listed securities - In H1 2025, the company did not redeem its listed securities, nor did the company or its subsidiaries purchase or sell such securities[170](index=170&type=chunk)[175](index=175&type=chunk) [CORPORATE GOVERNANCE CODE](index=34&type=section&id=CORPORATE%20GOVERNANCE%20CODE) The company has complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, except for code provision C.2.1 where the Chairman and CEO roles are held by the same person; the Board believes this arrangement allows for more efficient overall strategy planning, with power balance ensured by experienced Board members - The company has applied and consistently complied with the principles, all mandatory disclosure requirements, and code provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules, except for code provision C.2.1[171](index=171&type=chunk)[176](index=176&type=chunk) - Since April 1, 2023, Mr. Liu Xianfu, the Chairman and Executive Director, has also served as the company's Chief Executive Officer, which deviates from the requirements of code provision C.2.1[171](index=171&type=chunk)[176](index=176&type=chunk) - The Board believes that having the same individual serve as both Chairman and Chief Executive Officer allows the Group to plan overall strategies and achieve budget targets more efficiently, with the balance of power fully ensured by the Board[171](index=171&type=chunk)[172](index=172&type=chunk)[176](index=176&type=chunk) [MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS](index=35&type=section&id=MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix 10 of the Listing Rules, and all directors confirmed compliance during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the Listing Rules, and all directors have confirmed their compliance with the required standards of the Model Code during the period[178](index=178&type=chunk)[181](index=181&type=chunk) [AUDIT COMMITTEE'S REVIEW](index=35&type=section&id=AUDIT%20COMMITTEE%27S%20REVIEW) The company's Audit Committee has reviewed the Group's unaudited consolidated interim results for H1 2025 and this interim report, responsible for reviewing and monitoring financial reporting, risk management, and internal control systems - The Audit Committee, comprising one non-executive director and two independent non-executive directors, has reviewed the Group's unaudited consolidated interim results for H1 2025 and this 2025 Interim Report[179](index=179&type=chunk)[182](index=182&type=chunk) [PUBLICATION OF 2025 INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT](index=35&type=section&id=PUBLICATION%20OF%202025%20INTERIM%20RESULTS%20ANNOUNCEMENT%20AND%20INTERIM%20REPORT) This results announcement has been published on the company's and HKEX websites; the 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on relevant websites in due course - This results announcement has been published on the company's website (www.fshl.com) and the HKEX website (www.hkexnews.hk)[180](index=180&type=chunk)[183](index=183&type=chunk) - The company's 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the company's and HKEX websites in the format required by the Listing Rules in due course[180](index=180&type=chunk)[183](index=183&type=chunk)

Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

Group 1 - The core point of the article is that Foton Industrial (00420.HK) reported a significant improvement in profitability for the six months ending June 30, 2025, achieving a turnaround from a loss to a profit [1] - The profit attributable to the company's owners shifted from a loss of 9.9 million HKD in the same period of 2024 to a profit of 30.7 million HKD in 2025, indicating a successful recovery [1] - The group's overall profit increased from 4.2 million HKD in 2024 to 35.8 million HKD in the current period, demonstrating substantial growth [1]

Core Viewpoint - Foton Industrial (00420) reported a significant improvement in profitability for the six months ending June 30, 2025, with a turnaround from a loss of 9.9 million HKD in 2024 to a profit of 30.7 million HKD in 2025, indicating a strong recovery in financial performance [1] Group 1: Financial Performance - The company's attributable profit to owners improved from a loss of 9.9 million HKD in 2024 to a profit of 30.7 million HKD in 2025, marking a successful turnaround [1] - Overall group profit increased from 4.2 million HKD in 2024 to 35.8 million HKD in the current period, demonstrating significant growth [1] Group 2: Factors Contributing to Performance Improvement - The improvement in performance is primarily attributed to procurement and sales synergy, which involved stabilizing existing customers, acquiring new ones, and actively reducing procurement costs to enhance overall gross margin and profit contribution [1] - Strengthened cost control measures were implemented using information systems as management tools, aimed at improving product quality while continuously reducing production consumption and costs [1] - Enhanced management and control practices were adopted, focusing on meticulous management to reduce costs and increase efficiency, leading to further declines in transportation and labor expenses [1] - The company actively monitored inventory, developed reasonable procurement plans, and effectively utilized older inventory [1]

Core Viewpoint - Foton Industrial (00420) reported a significant improvement in profitability for the six months ending June 30, 2025, transitioning from a loss of 9.9 million HKD in 2024 to a profit of 30.7 million HKD in 2025, indicating a successful turnaround [1] Financial Performance - The group's overall profit increased from 4.2 million HKD in 2024 to 35.8 million HKD in the current period, showcasing substantial growth [1] Key Drivers of Improvement - Procurement and Sales Synergy: The company stabilized existing customers while acquiring new ones, actively reducing procurement costs, which enhanced overall business gross margin and profit contribution [1] - Strengthened Cost Control: Utilizing information systems as management tools, the company aimed to improve product quality while continuously lowering production consumption and costs [1] - Enhanced Management and Control: The group promoted meticulous management to reduce costs and increase efficiency, leading to further declines in transportation and labor expenses; it also implemented inventory monitoring and developed reasonable procurement plans while actively utilizing older inventory [1]

集团业绩改善主要归因于：1.采购销售协同：稳定老客户，开拓新客户，积极降低采购成本，提升总体 业务毛利和利润贡献；2.强化成本管控：以信息化系统为管理工具，提升产品质量为目标，不断降低工 厂生产消耗，压降生产成本；及3.加强管理与控制：集团持续推动精细管理，降本增效，运输费用及人 工费用等支出进一步下降；积极开展存货监控工作，制定合理的采购计画并积极化用长库龄存货。 格隆汇8月1日丨福田实业(00420.HK)公告，集团截至2025年6月30日止6个月录得盈利明显改善。公司拥 有人应占盈利由2024年同期亏损9.9百万港元，转为2025年同期盈利30.7百万港元，实现扭亏为盈；集团 期内盈利由2024年同期4.2百万港元增至本期35.8百万港元，增长显著。 ...

（於香港註冊成立的有限公司）（股份代號：420） 正面盈利預告 本公告乃由福田實業（集團）有限公司（「本公司」，及其附屬公司（統稱「本集團」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第 13.09(1)條及香港法例第 571 章證券及期貨條例 第 XIVA 部項下之內幕消息條文而發出。 本公司董事（「董事」）會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，經董事 會對本集團截至 2025 年 6 月 30 日止 6 個月之未經審核綜合管理賬目及目前可得的其他資料進行初 步評估後預期，本集團於有關期間錄得盈利明顯改善。本公司擁有人應佔盈利由 2024 年同期虧損 9.9 百萬港元，轉為 2025 年同期盈利 30.7 百萬港元，實現扭虧為盈；本集團期內盈利由 2024 年同期 4.2 百萬港元增至本期 35.8 百萬港元，增長顯著。 本集團業績改善主要歸因於： _______________________________________________________________________________________________ _________________ ...