[Financial Summary](index=1&type=section&id=Financial%20Summary) The Group's H1 2025 revenue grew **42.1%** to **US$46.6 million**, achieving a **US$0.04 million** net profit from a prior loss, with no interim dividend recommended [Financial Summary](index=1&type=section&id=Financial%20Summary) Key financial performance indicators for the six months ended June 30, 2025, show significant revenue growth and a return to profitability Financial Summary for the Six Months Ended June 30 (in USD) | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | | | 2025 | 2024 | | ‧Revenue | 46,602,134 | 32,849,975 | | ‧Gross Profit | 5,399,679 | 2,832,826 | | ‧Profit/(Loss) After Tax | 42,597 | (2,418,353) | | ‧Earnings/(Loss) Per Share | 0.00005 | (0.00266) | [Board Statement](index=1&type=section&id=Board%20Statement) The Board's statement confirms no interim dividend recommendation for the reporting period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated statement of profit or loss and other comprehensive income and the consolidated statement of financial position, reflecting the Group's financial performance and position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's revenue, expenses, and overall profitability for the six-month period, including other comprehensive income items Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited, in USD) | | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | :--- | | | Note | 2025 | 2024 | | | | USD | USD | | Revenue | 3 | 46,602,134 | 32,849,975 | | Cost of Sales | | (41,202,455) | (30,017,149) | | Gross Profit | | 5,399,679 | 2,832,826 | | Other Income | | 564,244 | 125,682 | | Distribution Expenses | | (1,936,470) | (1,889,763) | | Technology Transfer Fees | | (56,674) | (71,710) | | Administrative and Other Operating Expenses | | (3,067,806) | (3,107,416) | | Results from Operations | | 902,973 | (2,110,381) | | Finance Income | | 1,121,808 | 1,242,306 | | Finance Expenses | | (1,826,283) | (1,211,010) | | Net Finance (Expenses)/Income | 4(a) | (704,475) | 31,296 | | Impairment Loss on Other Property, Plant and Equipment | 4(c) | (125,278) | (282,675) | | Share of Profit/(Loss) of an Associate | | 29,212 | (56,306) | | | | (96,066) | (338,981) | | Profit/(Loss) Before Income Tax | 4 | 102,432 | (2,418,066) | | Income Tax Expense | 5 | (59,835) | (287) | | Profit/(Loss) for the Period | | 42,597 | (2,418,353) | | Other Comprehensive Income for the Period (Net of Tax) | | | | | Items that may be reclassified subsequently to profit or loss: | | | | | Exchange differences on translation of financial statements of foreign subsidiaries and associate | | (682,459) | (2,320,448) | | Total Comprehensive Income for the Period | | (639,862) | (4,738,801) | | Profit/(Loss) for the Period Attributable to: | | | | | Equity holders of the Company | | 42,518 | (2,418,353) | | Non-controlling interests | | 79 | - | | | | 42,597 | (2,418,353) | | Total Comprehensive Income Attributable to: | | | | | Equity holders of the Company | | (639,941) | (4,738,801) | | Non-controlling interests | | 79 | - | | | | (639,862) | (4,738,801) | | Earnings/(Loss) Per Share - Basic and Diluted | 6 | 0.00005 | (0.00266) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Consolidated Statement of Financial Position (Unaudited, in USD) | | 2025 | 2024 | | :--- | :--- | :--- | | | June 30 | December 31 | | | USD | USD | | **Non-Current Assets** | | | | Investment Properties | 3,613,808 | 3,725,726 | | Other Property, Plant and Equipment | 3,345,490 | 3,544,783 | | Interests in an Associate | 531,381 | 516,470 | | **Total Non-Current Assets** | **7,490,679** | **7,786,979** | | **Current Assets** | | | | Inventories | 25,271,692 | 22,292,912 | | Trade and Other Receivables and Prepayments | 21,248,539 | 18,886,534 | | Recoverable Current Tax | 8,371 | - | | Cash and Bank Balances | 58,590,173 | 54,391,467 | | **Total Current Assets** | **105,118,775** | **95,570,913** | | **Current Liabilities** | | | | Trade and Other Payables | 22,914,631 | 22,220,446 | | Bank Loans | 43,250,656 | 33,823,923 | | Lease Liabilities | 55,445 | 55,085 | | Current Tax Payable | 52,063 | 200,245 | | **Total Current Liabilities** | **66,272,795** | **56,299,699** | | **Net Current Assets** | **38,845,980** | **39,271,214** | | **Total Assets Less Current Liabilities** | **46,336,659** | **47,058,193** | | **Non-Current Liabilities** | | | | Deferred Tax Liabilities | 16,107 | 14,395 | | Lease Liabilities | 1,977,893 | 2,061,277 | | **Total Non-Current Liabilities** | **1,994,000** | **2,075,672** | | **Net Assets** | **44,342,659** | **44,982,521** | | **Equity and Reserves** | | | | Share Capital | 1,162,872 | 1,162,872 | | Reserves | 43,175,396 | 43,815,337 | | **Total Equity Attributable to Equity Holders of the Company** | **44,338,268** | **44,978,209** | | Non-controlling Interests | 4,391 | 4,312 | | **Total Equity** | **44,342,659** | **44,982,521** | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the interim financial report's basis of preparation, accounting policy changes, revenue, segment information, profit/loss before tax, income tax, earnings per share, and key financial positions [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) This section outlines the accounting standards and review procedures used for preparing the interim financial report - This interim financial report is unaudited and prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[9](index=9&type=chunk) - The report has been reviewed by the Company's auditor, KPMG, in accordance with Hong Kong Standard on Review Engagements 2410[10](index=10&type=chunk) [2. Changes in Accounting Policies](index=6&type=section&id=2.%20Changes%20in%20Accounting%20Policies) This section details any new accounting standards or interpretations adopted and their impact on the interim financial report - The Group has applied the amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability", which had no material impact on this interim report[11](index=11&type=chunk) - No new standards or interpretations not yet effective have been adopted in this accounting period[12](index=12&type=chunk) [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group is divided into two reporting segments: manufacturing and sales of motorcycles, and spare parts and engines, with revenue classified by product/service and customer geography [3(a) Revenue Classification](index=7&type=section&id=3%28a%29%20Revenue%20Classification) This section presents the Group's revenue categorized by major product or service items and the geographical distribution of its customers Revenue Classification (by Major Product or Service Items and Customer Geographical Location) | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | | | 2025 (USD) | 2024 (USD) | | **By Major Product or Service Items** | | | | - Manufacturing and sales of motorcycles | 41,798,757 | 28,704,173 | | - Manufacturing and sales of spare parts and engines | 4,803,377 | 4,145,802 | | **Total Revenue** | **46,602,134** | **32,849,975** | | **By Geographical Location of Customers** | | | | - Vietnam (location of operations) | 18,348,302 | 17,467,360 | | - Malaysia | 11,534,868 | 7,120,613 | | - Greece | 3,522,944 | 1,778,689 | | - Philippines | 2,903,796 | 2,639,203 | | - Thailand | 2,362,185 | 1,484,395 | | - Spain | 1,997,629 | - | | - Belgium | 1,490,656 | - | | - China | 971,370 | 122,872 | | - United Arab Emirates | - | 1,783,994 | | - Other regions | 3,470,384 | 452,849 | | **Total Revenue** | **46,602,134** | **32,849,975** | [3(b) Information on Segment Revenue and Profit/Loss](index=8&type=section&id=3%28b%29%20Information%20on%20Segment%20Revenue%20and%20Profit%2FLoss) This section provides detailed financial information on revenue and profit/loss for each reportable business segment Segment Revenue and Profit/Loss | | For the Six Months Ended June 30, 2025 | | | | For the Six Months Ended June 30, 2024 | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | Manufacturing and sales of motorcycles (USD) | Manufacturing and sales of spare parts and engines (USD) | Total (USD) | | Manufacturing and sales of motorcycles (USD) | Manufacturing and sales of spare parts and engines (USD) | Total (USD) | | Revenue from external customers | 41,798,757 | 4,803,377 | 46,602,134 | | 28,704,173 | 4,145,802 | 32,849,975 | | Inter-segment revenue | - | 9,770,012 | 9,770,012 | | - | 7,596,180 | 7,596,180 | | Reportable segment revenue | 41,798,757 | 14,573,389 | 56,372,146 | | 28,704,173 | 11,741,982 | 40,446,155 | | Segment profit/(loss) before depreciation | 1,479,874 | 62,011 | 1,541,885 | | (670,973) | (423,062) | (1,094,035) | | Depreciation | (107,281) | - | (107,281) | | (110,605) | - | (110,605) | | Reportable segment profit/(loss) | 1,372,593 | 62,011 | 1,434,604 | | (781,578) | (423,062) | (1,204,640) | | Share of profit/(loss) of an associate | | | 29,212 | | | | (56,306) | | Net finance expenses | | | (704,475) | | | | 31,296 | | Impairment loss on other property, plant and equipment | | | (125,278) | | | | (282,675) | | Unallocated corporate expenses | | | (531,631) | | | | (905,741) | | Profit/(Loss) before income tax | | | 102,432 | | | | (2,418,066) | [4. Profit/(Loss) Before Income Tax](index=9&type=section&id=4.%20Profit%2F%28Loss%29%20Before%20Income%20Tax) This section details components affecting profit/loss before tax, including net finance expenses/income, staff costs, other operating items, and impairment losses on property, plant and equipment [4(a) Net Finance Expenses/(Income)](index=9&type=section&id=4%28a%29%20Net%20Finance%20Expenses%2F%28Income%29) This section breaks down the Group's net finance expenses or income, including bank interest and foreign exchange gains/losses Net Finance Expenses/(Income) | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | | | 2025 (USD) | 2024 (USD) | | Bank interest income | (1,121,808) | (1,242,306) | | Finance income | (1,121,808) | (1,242,306) | | Bank interest paid and payable | 848,815 | 886,878 | | Interest on lease liabilities | 71,472 | 50,200 | | Net foreign exchange losses | 905,996 | 273,932 | | Finance expenses | 1,826,283 | 1,211,010 | | Net finance expenses/(income) | 704,475 | (31,296) | [4(b) Staff Costs](index=9&type=section&id=4%28b%29%20Staff%20Costs) This section details the total staff costs, including wages, salaries, and retirement plan contributions Staff Costs | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | | | 2025 (USD) | 2024 (USD) | | Wages, salaries and other benefits | 4,543,328 | 4,327,554 | | Defined contribution retirement plan contributions | 552,773 | 557,285 | | **Total Staff Costs** | **5,096,101** | **4,884,839** | [4(c) Other Impairment Losses on Property, Plant and Equipment](index=10&type=section&id=4%28c%29%20Other%20Impairment%20Losses%20on%20Property%2C%20Plant%20and%20Equipment) This section outlines other significant items impacting profit/loss before tax, such as depreciation, gains on asset disposal, and impairment losses Other Items Affecting Profit/Loss Before Tax | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | | | 2025 (USD) | 2024 (USD) | | Depreciation of investment properties and other property, plant and equipment | 120,503 | 124,237 | | Gain on disposal of other property, plant and equipment | (9,170) | (63,433) | | (Reversal of)/provision for write-down of inventories | (994,606) | 652,246 | | Reversal of impairment provision for trade receivables | (191,641) | (345,771) | | Research and development expenses | 823,681 | 728,748 | | Impairment loss on other property, plant and equipment | 125,278 | 282,675 | - Impairment loss on property, plant and equipment of **US$125,278** was recognized in the current period (prior period: US$282,675), primarily due to intense competition in the motorcycle industry and increased manufacturing costs[20](index=20&type=chunk) - Impairment assessment was determined based on the higher of value in use and fair value less costs to sell, using a pre-tax discount rate of **13%**[21](index=21&type=chunk) [5. Income Tax Expense](index=11&type=section&id=5.%20Income%20Tax%20Expense) This section details the Group's income tax expense for the period and applicable tax rates in different jurisdictions Current Period Tax | | For the Six Months Ended June 30 | | | :--- | :--- | :--- | | | 2025 (USD) | 2024 (USD) | | Current provision | 59,835 | 287 | - The Group is not subject to income tax in Hong Kong and the Cayman Islands[22](index=22&type=chunk)[23](index=23&type=chunk) - Vietnam corporate income tax rates vary by business type: **18%** for motorcycle assembly and production, **10%** for engine assembly and production, and **20%** for other businesses[23](index=23&type=chunk) [6. Earnings/(Loss) Per Share](index=11&type=section&id=6.%20Earnings%2F%28Loss%29%20Per%20Share) This section calculates basic earnings/loss per share and explains why diluted earnings/loss per share is identical due to the absence of potential dilutive ordinary shares [6(a) Basic Earnings/(Loss) Per Share](index=11&type=section&id=6%28a%29%20Basic%20Earnings%2F%28Loss%29%20Per%20Share) This section details the calculation of basic earnings or loss per share for the reporting period - For the six months ended June 30, 2025, basic earnings per share was **US$0.00005** (prior period: basic loss per share US$0.00266)[24](index=24&type=chunk) - The calculation is based on profit attributable to equity holders of the Company of **US$42,518** and a weighted average of **907,680,000** ordinary shares outstanding[24](index=24&type=chunk) [6(b) Diluted Earnings/(Loss) Per Share](index=11&type=section&id=6%28b%29%20Diluted%20Earnings%2F%28Loss%29%20Per%20Share) This section explains why diluted earnings or loss per share is identical to basic earnings or loss per share - Diluted earnings/loss per share for the period is the same as basic earnings/loss per share, as there are no potential dilutive ordinary shares[25](index=25&type=chunk) [7. Dividends](index=11&type=section&id=7.%20Dividends) This section confirms the Company's dividend policy and any dividends paid or declared during the reporting period - For the six months ended June 30, 2025, the Company neither paid nor declared any dividends[26](index=26&type=chunk) [8. Other Property, Plant and Equipment](index=12&type=section&id=8.%20Other%20Property%2C%20Plant%20and%20Equipment) This section provides details on the recognition of costs and impairment losses related to other property, plant and equipment - Costs of **US$125,278** for other property, plant and equipment items were recognized in the current period (prior period: US$282,675)[30](index=30&type=chunk) - Impairment loss recognized in the statement of profit or loss was **US$125,278** (prior period: US$282,675)[30](index=30&type=chunk) [9. Trade and Other Receivables and Prepayments](index=12&type=section&id=9.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) This section presents a breakdown of trade and other receivables, prepayments, and their aging analysis Trade and Other Receivables and Prepayments | | 2025 | 2024 | | :--- | :--- | :--- | | | June 30 (USD) | December 31 (USD) | | Trade receivables | 9,396,308 | 9,234,648 | | Non-trade receivables | 9,948,033 | 7,336,432 | | Prepayments | 494,964 | 487,591 | | Amounts due from related parties - trade | 1,409,234 | 1,827,436 | | Amounts due from related parties - non-trade | - | 427 | | **Total** | **21,248,539** | **18,886,534** | Aging Analysis of Trade Receivables | | 2025 | 2024 | | :--- | :--- | :--- | | | June 30 (USD) | December 31 (USD) | | Within 3 months | 10,193,165 | 8,860,451 | | Over 3 months but within 1 year | 612,377 | 2,116,279 | | Over 1 year but within 2 years | - | 85,354 | | **Total** | **10,805,542** | **11,062,084** | [10. Trade and Other Payables](index=13&type=section&id=10.%20Trade%20and%20Other%20Payables) This section details the Group's trade and other payables, including an aging analysis of trade payables Trade and Other Payables | | 2025 | 2024 | | :--- | :--- | :--- | | | June 30 (USD) | December 31 (USD) | | Trade payables | 3,726,062 | 4,340,713 | | Other payables and accrued operating expenses | 2,891,912 | 3,277,014 | | Contract liabilities - payments received in advance of performance | 1,088,497 | 1,191,403 | | Provisions | 1,643,301 | 1,705,450 | | Amounts due to related parties - trade | 13,563,198 | 11,696,403 | | Amounts due to related parties - non-trade | 1,661 | 9,463 | | **Total** | **22,914,631** | **22,220,446** | Aging Analysis of Trade Payables | | 2025 | 2024 | | :--- | :--- | :--- | | | June 30 (USD) | December 31 (USD) | | Within 3 months | 17,273,568 | 15,292,974 | | Over 3 months but within 1 year | 12,661 | 736,989 | | Over 1 year but within 5 years | 3,031 | 7,153 | | **Total** | **17,289,260** | **16,037,116** | [Commitments](index=13&type=section&id=Commitments) This section confirms the absence of any significant capital commitments or contingent liabilities for the Group - As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities[52](index=52&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's H1 2025 operating environment, business performance, financial position, and outlook, highlighting revenue growth and improved profitability despite global challenges [Company Overview](index=14&type=section&id=Company%20Overview) This section provides a brief introduction to the Group's core business as a leading motorcycle manufacturer in Vietnam - The Group is one of Vietnam's leading manufacturers of scooters and national motorcycles, with an annual production capacity of **200,000** units, selling under the SYM brand, and also producing motorcycle engines and parts[33](index=33&type=chunk) [Operating Environment](index=14&type=section&id=Operating%20Environment) This section discusses the global and local economic conditions impacting the Group's operations, including trade policies and market growth - Global trade and political landscapes continue to adjust, with US tariffs increasing corporate operating costs and accelerating supply chain restructuring[34](index=34&type=chunk) - Vietnam's economy showed steady growth, with **GDP increasing by 7.52%** in the first half, and the total motorcycle market sales growing by **6.4%** year-on-year[34](index=34&type=chunk) [Business Review](index=14&type=section&id=Business%20Review) This section reviews the Group's sales performance in domestic and export markets, highlighting key growth drivers - Total sales volume in Vietnam was approximately **22.4 thousand units**, a year-on-year increase of **4.7%**, primarily due to the launch of new models, safe driving education, and online promotions[35](index=35&type=chunk) - Total export sales volume was approximately **18.4 thousand units**, a significant year-on-year increase of **65.8%**, mainly driven by strong sales momentum in the Malaysian market (growth of **34.3%**)[35](index=35&type=chunk)[36](index=36&type=chunk) - Initial results were achieved in the European market, with significant sales volume growth recorded in the first half[37](index=37&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) The Group's H1 revenue grew **42.1%**, achieving profitability with improved gross margin, driven by cost control and sales volume, though net finance expenses rose due to exchange losses [Revenue](index=15&type=section&id=Revenue) This section highlights the significant increase in revenue, primarily driven by new motorcycle models - Revenue increased by **42.1%** to **US$46.6 million** (prior period: US$32.8 million), primarily benefiting from the launch of new motorcycle models[39](index=39&type=chunk) [Cost of Sales](index=15&type=section&id=Cost%20of%20Sales) This section analyzes the changes in cost of sales and its proportion to total revenue - Cost of sales increased by **37.3%** to **US$41.2 million**, primarily attributable to the increase in overall sales volume[40](index=40&type=chunk) - The percentage of cost of sales to total revenue decreased from **91.4%** to **88.4%**, mainly due to increased sales scale and enhanced bargaining power from bulk purchases[40](index=40&type=chunk) [Gross Profit and Gross Profit Margin](index=15&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) This section discusses the increase in gross profit and gross profit margin, driven by higher sales volume - Gross profit increased to **US$5.4 million** (prior period: US$2.8 million), and gross profit margin improved to **11.6%** (prior period: 8.6%), primarily due to increased sales volume[41](index=41&type=chunk) [Distribution Expenses](index=16&type=section&id=Distribution%20Expenses) This section explains the increase in distribution expenses, mainly due to higher export sales - Distribution expenses increased by **2.6%** to **US$1.94 million**, primarily due to higher export sales volume leading to increased transportation and packaging costs[42](index=42&type=chunk) [Administrative and Other Operating Expenses](index=16&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) This section analyzes the reduction in administrative and other operating expenses, indicating improved operational efficiency - Administrative and other operating expenses decreased by **1.3%** to **US$3.07 million**, representing **6.6%** of total revenue, reflecting improved operational efficiency[43](index=43&type=chunk) [Results from Operations](index=16&type=section&id=Results%20from%20Operations) This section reports the Group's operating profit for the period, a significant turnaround from a prior period loss - The Group recorded an operating profit of **US$0.9 million** for the current period (prior period: operating loss of US$2.1 million)[44](index=44&type=chunk) [Net Finance Expenses/Income](index=16&type=section&id=Net%20Finance%20Expenses%2FIncome) This section details the shift from net finance income to net finance expenses, primarily due to reduced bank interest income and increased exchange losses - A shift from net finance income of **US$0.03 million** in the prior period to net finance expenses of **US$0.70 million** in the current period, mainly due to decreased bank interest income and increased exchange losses[45](index=45&type=chunk) [Impairment Loss on Other Property, Plant and Equipment](index=16&type=section&id=Impairment%20Loss%20on%20Other%20Property%2C%20Plant%20and%20Equipment) This section explains the impairment loss recognized on property, plant and equipment due to industry competition and rising manufacturing costs - An impairment loss of approximately **US$0.1 million** was recognized, reflecting a re-evaluation of the value of related assets due to industry competition and rising manufacturing costs[46](index=46&type=chunk) [Profit/(Loss) for the Period and Net Profit/(Loss) Margin](index=16&type=section&id=Profit%2F%28Loss%29%20for%20the%20Period%20and%20Net%20Profit%2F%28Loss%29%20Margin) This section reports the Group's net profit for the period, marking a significant turnaround from a net loss in the prior period - The Group recorded a net profit of **US$0.04 million** for the current period (prior period: net loss of US$2.42 million), with the net profit margin turning from **-7.4%** to **0.1%**[47](index=47&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) This section provides an overview of the Group's liquidity position, including net current assets, interest-bearing borrowings, gearing ratio, and cash balances - Net current assets were **US$38.8 million** (December 31, 2024: US$39.3 million)[48](index=48&type=chunk) - Interest-bearing borrowings repayable within one year amounted to **US$43.3 million** (December 31, 2024: US$33.8 million)[48](index=48&type=chunk) - The gearing ratio was **97.5%** (December 31, 2024: 75.2%), calculated as total bank loans divided by total shareholders' equity[48](index=48&type=chunk) - Total cash and bank balances were **US$58.6 million** (December 31, 2024: US$54.4 million), primarily denominated in Vietnamese Dong and US Dollars[49](index=49&type=chunk) - Pledged bank fixed deposits of **US$19,582,961** served as security for bank facilities granted to the Group[58](index=58&type=chunk) [Exchange Rate Fluctuation Risk](index=17&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) This section addresses the Group's exposure to exchange rate fluctuations and its approach to managing this risk - The Group's primary trading currencies are Vietnamese Dong and US Dollars, and it will closely monitor exchange rate trends and enhance risk awareness[50](index=50&type=chunk) - As of June 30, 2025, the Group did not use any financial instruments to hedge its foreign exchange risks[50](index=50&type=chunk) [Human Resources and Remuneration Policy](index=17&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) This section provides information on the Group's employee count and total staff costs for the reporting period - As of June 30, 2025, the Group employed a total of **1,021** employees (prior period: 1,003 employees)[51](index=51&type=chunk) - Total salaries and related costs for the six months ended June 30, 2025, were approximately **US$5.1 million** (prior period: approximately US$4.9 million)[51](index=51&type=chunk) [Capital Commitments and Contingent Liabilities](index=17&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) This section confirms the absence of any significant capital commitments or contingent liabilities for the Group - As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities[52](index=52&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries or Associates](index=17&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%20or%20Associates) This section confirms no significant acquisitions or disposals of subsidiaries or associates during the reporting period - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries or associates[53](index=53&type=chunk) [Material Investments Held](index=17&type=section&id=Material%20Investments%20Held) This section confirms the absence of any material investments held by the Group during the reporting period - For the six months ended June 30, 2025, the Group did not hold any material investments[54](index=54&type=chunk) [Future Plans for Material Investments or Capital Assets](index=17&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) This section outlines the Group's future plans regarding material investments or capital asset acquisitions - As of June 30, 2025, other than those disclosed in this announcement, the Group had no other specific plans for material investments or acquisitions of capital assets[55](index=55&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) This section reports on any transactions involving the Company's listed securities during the period - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[56](index=56&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[57](index=57&type=chunk) [Changes After December 31, 2024](index=18&type=section&id=Changes%20After%20December%2031%2C%202024) This section confirms the absence of significant changes in the Group's financial position since December 31, 2024 - Except as otherwise disclosed in this announcement, there have been no significant changes in the Group's financial position since December 31, 2024[59](index=59&type=chunk) [Outlook](index=18&type=section&id=Outlook) This section outlines the Group's strategic focus and plans for navigating future economic challenges and expanding market presence - Looking ahead to the second half of 2025, as the global economy remains in a phase of inflation adjustment and monetary and trade policy rebalancing, the Group will continue to prudently respond to international market fluctuations and flexibly adjust its product strategy and regional sales layout[60](index=60&type=chunk) - For domestic sales, the Group will precisely target customer segments and enhance brand engagement through diversified marketing channels; for export sales, it will continue to strengthen global overseas market promotion, enhance brand loyalty, and actively explore different overseas markets[60](index=60&type=chunk) - The Group will continue to adhere to its business philosophy of focusing on core business, prioritizing quality, and ensuring customer satisfaction, with product innovation as a key strategy, continuously strengthening its product design and core technology development capabilities[60](index=60&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) This section provides information on IPO proceeds, corporate governance, directors' securities dealing, public float, post-reporting events, interim results review, dividend policy, and report publication [Application of Proceeds from Initial Public Offering](index=19&type=section&id=Application%20of%20Proceeds%20from%20Initial%20Public%20Offering) This section details the utilization of net proceeds from the IPO and the remaining unutilized balance - The net proceeds from the initial public offering were approximately **US$76.7 million**, with an unutilized balance of **US$17.0 million** as of June 30, 2025[61](index=61&type=chunk)[62](index=62&type=chunk) Use of Proceeds from Initial Public Offering | | Net Proceeds from IPO in Prospectus and Announcement (Approx. US$ Million) | Unutilized Balance as of January 1, 2025 (Approx. US$ Million) | Amount Utilized During the Six Months Ended June 30, 2025 (Approx. US$ Million) | Unutilized Balance as of June 30, 2025 (Approx. US$ Million) | | :--- | :--- | :--- | :--- | :--- | | Construction and establishment of R&D center in Vietnam | 11.7 | - | - | - | | Expansion of distribution channels in Vietnam | 19.0 | - | - | - | | Acquisitions of assets or businesses | 9.0 | - | - | - | | General working capital | 2.7 | - | - | - | | Development of production site and relocation of existing production facilities | 15.0 | 2.0 | 0.1 | 1.9 | | Land development | 19.3 | 15.1 | - | 15.1 | | **Total** | **76.7** | **17.1** | **0.1** | **17.0** | - The unutilized net proceeds are expected to be fully utilized by or before **2030**[63](index=63&type=chunk) [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) This section confirms the Company's adherence to corporate governance code during the reporting period - The Company has complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[64](index=64&type=chunk) [Compliance with the Standard Code for Securities Transactions by Directors](index=20&type=section&id=Compliance%20with%20the%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) This section confirms directors' compliance with the standard code for securities transactions - The Company's directors have confirmed compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules during the current period[65](index=65&type=chunk) [Sufficiency of Public Float](index=20&type=section&id=Sufficiency%20of%20Public%20Float) This section confirms the Company maintained sufficient public float as required by listing rules - The Company has maintained a sufficient public float as required by the Listing Rules throughout the current period and up to the date of this announcement[66](index=66&type=chunk) [Material Events After Reporting Period](index=20&type=section&id=Material%20Events%20After%20Reporting%20Period) This section confirms no material events occurred after the reporting period that could impact the Group - No material events that could affect the Group have occurred after June 30, 2025, and up to the date of this announcement[67](index=67&type=chunk) [Review of Interim Results](index=20&type=section&id=Review%20of%20Interim%20Results) This section confirms the review of unaudited interim results by the audit committee and external auditors - The unaudited interim results have been reviewed by the Company's audit committee and by the Company's auditor, KPMG, in accordance with Hong Kong Standard on Review Engagements 2410[68](index=68&type=chunk) [Interim Dividend](index=20&type=section&id=Interim%20Dividend) This section reiterates the Board's decision regarding interim dividend payment - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[69](index=69&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=20&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This section provides information on where the interim results announcement and report are published - The interim results announcement has been published on the HKEXnews website and the Company's website, and the interim report will be published on the aforementioned websites in due course[70](index=70&type=chunk) [Acknowledgement](index=21&type=section&id=Acknowledgement) This section expresses gratitude to stakeholders for their support - The Group extends its sincere gratitude to the Company's shareholders, suppliers, customers, and all employees[71](index=71&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) This section lists the composition of the Board of Directors - The Board of Directors comprises three executive directors, three non-executive directors, and three independent non-executive directors[72](index=72&type=chunk)

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7月31日 狀態: 新提交 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) | 00422 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF301 第 1 頁 共 10 頁 v 1 ...

Core Viewpoint - Vietnam Manufacturing and Processing Export (00422.HK) announced a board meeting scheduled for August 11, 2025, to approve the unaudited interim results for the six months ending June 30, 2025, along with its release [1] Group 1 - The board meeting will focus on approving the company's interim performance [1] - The interim results will cover the period ending June 30, 2025 [1] - The meeting is set to take place on a Monday [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依賴該等內容而引致 的任何損失承擔任何責任。 董事會會議通知 越南製造加工出口（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於 二零二五年八月十一日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及其 附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績及其發佈。 承董事會命 越南製造加工出口（控股）有限公司 劉武雄 主席 香港，二零二五年七月三十日 於本公告日期，董事會包括三名執行董事劉武雄先生、吳睿蕎女士及林俊宇先生，三名非執行 董事吳麗珠女士、陳旭斌先生及柳如承先生，及三名獨立非執行董事林青青女士、張安杰先生 及吳惠蘭女士。 Vietnam Manufacturing and Export Processing (Holdings) Limited 越南製造加工出口(控股)有限公司 (於開曼群島註冊成立的有限公司) (股份代號：422) ...

Group 1: BYD and International Partnerships - BYD officially announced a three-year strategic partnership with Inter Milan, becoming the club's global automotive partner and providing approximately 70 electric vehicles [1] Group 2: Financial Performance of Automotive Companies - Jiangling Motors reported a total revenue of 18.092 billion yuan for the first half of 2025, a year-on-year increase of 0.96%, while net profit attributable to shareholders decreased by 18.17% to 733 million yuan [1] - General Motors' Q2 2025 revenue was 47.122 billion USD, a decline of 1.8%, with net profit attributable to shareholders dropping 35.4% to 1.895 billion USD [4] - Stellantis faced a loss of 2.3 billion euros (approximately 19.3 billion yuan) in the first half of the year, with a 25% year-on-year decline in North American market sales [4] - Hyundai and Kia's electric vehicle exports to the U.S. fell by 88% in the first five months of the year, with Hyundai exporting 3,906 units and Kia 3,250 units [5] Group 3: Market Trends and Changes - Tesla's vehicle registrations in California dropped to 41,138 units in Q2, marking a 21.1% year-on-year decline and the seventh consecutive quarter of decline [3] - Mitsubishi Motors announced the termination of its joint venture with Aerospace Mitsubishi due to the rapid transformation of the Chinese automotive industry [6] Group 4: New Product Launches - Wuling officially launched the 2026 model of the Wuling Xingchi, with two configurations priced at 52,800 yuan and 66,800 yuan, respectively, and cumulative sales exceeding 80,000 units since launch [2]

Group 1 - The company announced a memorandum of investment cooperation with its business partner, Mr. Nguyen Minh Hoang, involving an investment of 69 billion VND for property acquisition in Vietnam [1] - The business partner is required to resell the property within 18 months after acquisition, based on market conditions and agreed minimum profit [1] Group 2 - Due to changes in Vietnamese laws and regulations, significant delays are expected, leading to the termination of the investment cooperation memorandum [2] - The termination agreement stipulates that the business partner will pay a total of 72.5 billion VND to the company, which includes a full refund of the investment amount and a compensation of 3.5 billion VND, approximately 5% of the investment [2] - The board believes that the termination agreement will not have a significant adverse impact on the group's financial performance and business operations, aligning with the interests of the company and all shareholders [2]

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

Financial Performance - Revenue for the three months ended March 31, 2025, was $19.8 million, an increase of 76.8% from $11.2 million in the same period of 2024[3] - Gross profit for the same period was $2.5 million, compared to $0.4 million in 2024, reflecting a significant improvement[4] - The company reported a net profit of $0.9 million for the three months ended March 31, 2025, reversing a loss of $1.6 million in the previous year[4] - Operating income improved to $593,312 from a loss of $1.57 million year-over-year[4] - Total comprehensive income for the period was $703,962, compared to a loss of $2.87 million in the same quarter of 2024[5] Cash Flow and Liquidity - Cash and cash equivalents decreased to $11.53 million from $14.89 million at the end of the previous year[8] - The company reported a net cash outflow from operating activities of $6.23 million, compared to a net inflow of $3.49 million in the same period last year[8] Balance Sheet - Inventory increased to $25.45 million from $22.29 million, indicating a rise in stock levels[6] - Total assets decreased slightly to $96.08 million from $95.57 million[6] - The company’s total equity increased to $45.69 million from $44.98 million, showing a positive trend in shareholder equity[7]

Financial Performance - The company's revenue for 2024 was $81.1 million, a decrease of 22.8% compared to $105.1 million in 2023[9]. - Gross profit for 2024 was $7.3 million, down from $15.5 million in 2023, reflecting a significant decline in profitability[9]. - The company reported a loss before tax of $3.5 million in 2024, compared to a profit of $1.9 million in 2023[9]. - Total assets decreased to $103.4 million in 2024 from $106.1 million in 2023, indicating a reduction in the company's asset base[9]. - The total liabilities increased to $58.4 million in 2024 from $55.0 million in 2023, resulting in a higher debt level[9]. - The company's net asset value was $45.0 million in 2024, down from $51.1 million in 2023, showing a decline in shareholder equity[9]. - The group experienced a net loss of $3.8 million for the year ended December 31, 2024, a decrease of $5.5 million from a net profit of $1.7 million in the previous year[15]. - The company recorded a net loss of $3.8 million for the year ending December 31, 2024, compared to a net profit of $1.7 million for the year ending December 31, 2023, resulting in a decrease of $5.5 million. The net profit margin decreased from 1.6% to a net loss margin of 4.7%[25]. - The group's gross profit was approximately $7.3 million with a gross margin of 9.0%, down from $15.5 million and 14.7% respectively in the previous year, reflecting decreased sales volume and underutilized production capacity[18]. - Operating loss for the year ended December 31, 2024, was $2.8 million, compared to an operating profit of $1.9 million in the previous year[22]. Sales and Market Performance - The overall motorcycle sales in Vietnam reached approximately 51.7 thousand units in 2024, an increase of 30.8% compared to the previous year[12]. - The company exported approximately 27.6 thousand units of scooters and national motorcycles to ASEAN and non-ASEAN markets, a decrease of 41.0% from the previous year[12]. - Revenue for the year ended December 31, 2024, was $81.1 million, a decrease of $24.0 million or 22.8% compared to $105.1 million for the year ended December 31, 2023, primarily due to a significant drop in sales in Thailand[16]. - Domestic sales in Vietnam contributed approximately 50.3% of total revenue, up from 34.4% in the previous year, with domestic revenue increasing by 13.0% to $40.8 million[16]. - Export sales revenue decreased by 41.6% to $40.3 million, down from $69.0 million in the previous year, largely due to reduced sales in Thailand[16]. Corporate Governance - The company maintains a high standard of corporate governance, adhering to the corporate governance code as per the Hong Kong Stock Exchange[49]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, with defined scopes of authority[61]. - The board is responsible for setting the group's goals, strategies, policies, and business plans, as well as monitoring operational and financial performance through annual budgets[54]. - The company emphasizes a corporate culture of "quality first and customer satisfaction," aiming for sustainable development and value creation for stakeholders[48]. - The board believes that the risk management and internal control systems are effective and sufficient as of December 31, 2024[81]. Employee and Workforce Management - The company employed 1,014 employees as of December 31, 2024, with total salary and related costs approximately $10.5 million, down from $12.0 million in the previous year[35]. - As of December 31, 2024, the total number of shares issued by the company is 797,489,604, with key shareholders holding significant stakes, including SY International Ltd. with 67.07%[141]. - The group has a total of 1,014 employees, with 793 male and 221 female employees, indicating a gender ratio of approximately 78% male to 22% female[188]. - The majority of employees (751) are full-time junior staff, while there are 150 full-time middle management and 113 full-time senior management[188]. - Employee training statistics for 2024 show that 12.74% of female employees and 87.26% of male employees participated in training programs, with an average training duration of 6 hours per employee[200]. Sustainability and Environmental Initiatives - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 25% by 2026[107]. - The company is committed to promoting environmental sustainability and high standards of corporate governance[156]. - The company has established an ESG governance framework to enhance its ESG management efforts[164]. - The company aims to expand the reporting scope of environmental KPIs to better reflect its ESG performance in the future[161]. - The company conducts annual environmental assessments, including noise and air quality tests, to ensure employee health and safety[198]. Risk Management - The company faces significant risks in the Vietnamese motorcycle industry due to market changes and increased competition[144]. - The company emphasizes the importance of risk management practices to mitigate operational and financial risks[144]. - The group has established procedures to identify, assess, and manage significant risks, with management responsible for risk identification[83]. Shareholder Communication - The board emphasizes the importance of maintaining clear and timely communication with shareholders to build investor confidence and attract new investors[93]. - The company has adopted a formal shareholder communication policy to ensure accurate and timely information is available through annual reports, interim reports, and announcements[93]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within two months of submitting a written request[96]. Future Outlook and Strategic Initiatives - The company plans to launch two to three new or revamped motorcycle models in the Vietnamese market, including scooters and national vehicles, to enhance product diversification and profitability[38]. - The company is focusing on market expansion, particularly in Southeast Asia, aiming for a 30% market share by 2025[105]. - New product development includes the launch of an electric scooter line, expected to contribute $50 million in revenue in the first year[104]. - The management team has set a performance guidance of 20% EBITDA margin for the upcoming fiscal year[110].

Financial Performance - Revenue for the year ended December 31, 2024, was $81.1 million, a decrease of 22.8% from $105.1 million in 2023[3] - Gross profit fell to $7.3 million, down 52.8% from $15.5 million in the previous year[3] - The company reported a net loss of $3.8 million, compared to a profit of $1.7 million in 2023, representing a decline of 323.5%[3] - Basic and diluted loss per share was $(0.0042), compared to earnings of $0.0019 per share in 2023[7] - Total comprehensive loss for the year was $(6.155 million), a significant drop from a comprehensive income of $254,775 in the previous year[7] - The company reported a total pre-tax loss of $(3,524,562) for 2024, compared to a pre-tax profit of $1,857,866 in 2023[24] - The company reported a pre-tax loss of $3,844,473 for 2024, compared to a profit of $1,686,198 in 2023, resulting in a basic loss per share of $0.0042 for 2024, down from a profit of $0.0019 per share in 2023[34] - The company recorded an operating loss of $2.8 million for the fiscal year ending December 31, 2024, compared to an operating profit of $1.9 million for the fiscal year ending December 31, 2023[61] - The company's net loss margin increased from a net profit margin of 1.6% for the fiscal year ending December 31, 2023, to a net loss margin of 4.7% for the fiscal year ending December 31, 2024[65] Revenue Breakdown - Total revenue for the manufacturing and sales of motorcycles decreased to $72,781,261 in 2024 from $95,887,544 in 2023, representing a decline of approximately 24%[20] - Revenue from the manufacturing and sales of spare parts and engines decreased to $8,357,169 in 2024 from $9,260,375 in 2023, a decrease of about 10%[20] - The total reported segment revenue for 2024 was $98,605,201, down from $134,209,819 in 2023, indicating a decline of approximately 26.5%[24] - Revenue from Vietnam increased to $40,759,244 in 2024 from $36,131,761 in 2023, showing an increase of about 7%[27] - Revenue from Malaysia surged to $20,239,131 in 2024 from $6,754,409 in 2023, marking an increase of approximately 199%[27] Assets and Liabilities - Non-current assets decreased to $7.79 million from $8.49 million in 2023, reflecting a decline of 8.3%[9] - Current assets totaled $95.57 million, down from $97.61 million in 2023, a decrease of 2.1%[9] - Current liabilities increased to $56.30 million from $52.75 million, marking a rise of 6.5%[9] - The company's equity attributable to owners decreased to $44.98 million from $51.13 million, a decline of 12.1%[10] - The total amount of trade and other payables rose from $9,746,471 in 2023 to $22,220,446 in 2024, an increase of about 128.5%[45] Expenses - Research and development expenses decreased to $1,722,989 in 2024 from $2,420,421 in 2023, indicating a reduction of approximately 29%[30] - The total cost of goods sold was $73,851,650 in 2024, compared to $89,657,485 in 2023, reflecting a decrease of about 17.7%[40] - Employee costs totaled $9,340,639 in 2024, down from $10,642,128 in 2023, marking a reduction of about 12.2%[28] - The total salary and related costs for the year ending December 31, 2024, were approximately $10.5 million, a decrease from $12.0 million in 2023, with a total of 1,014 employees as of December 31, 2024[69] - The total interest expense for 2024 was $2,560,684, compared to $2,930,985 in 2023, showing a decrease of approximately 12.6%[28] Inventory and Provisions - The company reported inventory write-downs of $1,668,167 in 2024, significantly higher than $196,144 in 2023, indicating a substantial increase in inventory losses[30] - The company’s total inventory value was $22,292,912 in 2024, slightly down from $22,853,016 in 2023, reflecting a decrease of about 2.4%[38] - The company reported a total inventory provision of $3,934,206 as of December 31, 2024, up from $2,751,978 in 2023, representing an increase of approximately 43.0%[41] Market and Economic Conditions - The overall economic growth rate (GDP) in Vietnam for 2024 is projected to be 7.09%, indicating a recovery in economic activity[50] - The company’s exports to ASEAN countries decreased by 41.0% compared to the previous year, with total sales of scooters and national vehicles amounting to approximately 27.6 thousand units[51] - The company's total sales volume to ASEAN countries decreased, primarily due to conservative consumer purchasing power in Thailand, leading to a decline in overall motorcycle sales compared to the same period last year[53] Future Outlook and Strategy - The company plans to actively explore new models and customers to seek business growth opportunities and enhance revenue[55] - The group plans to launch two to three new or modified motorcycle models in the Vietnamese market, including scooters and national vehicles, to enhance product diversification and profitability[71] - The outlook for 2025 indicates potential market demand growth due to global interest rate cuts and lower commodity prices, although uncertainties remain due to US trade policies[70] - The group is actively seeking to enhance long-term profitability and aims to provide the best returns to its shareholders[72] Dividends and Shareholder Returns - The board did not recommend a final dividend for the year ended December 31, 2024[3] - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024 (2023: none) [90] Corporate Governance and Compliance - The company has maintained sufficient public float as required by listing rules for the year ending December 31, 2024, and as of the announcement date [91] - The annual performance announcement will be published on the Hong Kong Stock Exchange's disclosure website and the company's website [92]