Market Overview - The three major A-share indices collectively retreated on September 18, with a market turnover of 31,666.43 billion yuan, an increase of over 7,600 billion yuan compared to the previous trading day [1] - More than 1,000 stocks closed higher, with 65 stocks hitting the daily limit [1] - F5G concept, Co-packaged Optics (CPO), and copper cable high-speed connections were among the top gainers, while metals like lead and zinc saw significant declines [1] Stock Recommendations - According to statistics from Securities Times, 38 buy-rated reports were released today, with 6 stocks showing an upside potential of over 20% [2] - The stock with the highest upside potential is Haoneng Co., with a target price of 23.64 yuan, indicating a potential increase of 41.64% [2] - Other notable stocks with high upside include Huaibei Mining and Ruoyuchen, with potential increases of 38.20% and 26.89%, respectively [2] - The computer industry is the most favored, with five stocks including Langxin Group and Shensinfeng receiving buy ratings; the pharmaceutical and basic chemical industries also attracted attention with four and three stocks, respectively [2] Institutional Trading - In today's trading, 14 stocks saw net buying from institutions, with Huafeng Technology and Shijia Technology each exceeding 100 million yuan in net purchases [3] - Conversely, 10 stocks experienced net selling, with Dazhihui facing the largest net sell-off of 327 million yuan [3] - Northbound funds saw net buying in 16 stocks, led by Huasheng Tiancheng with a net purchase of 233 million yuan [3][4] Corporate Announcements - Fengshan Group signed a technical development contract with Tsinghua University to collaborate on sodium-ion battery electrolyte and solid-state lithium-ion battery electrolyte projects [5] - Fulian Precision signed a 1.5 billion yuan prepayment agreement with CATL to secure lithium iron phosphate supply and support raw material construction in Jiangxi [5] - Anhui Heli plans to acquire 51% of Jianghuai Heavy Industry for 274 million yuan [6] - Xiaxia Precision intends to invest 30 million yuan in Huaxia Zhuozhi [7] - Dongsoft Group will supply intelligent cockpit domain controllers to a well-known domestic automotive manufacturer, with a total amount of approximately 5.6 billion yuan [8] - Feile Audio has no plans to enter the lithography machine sector or major asset restructuring [9] - Dekeli has received overseas sample orders for silicon-based OCS but has not secured bulk orders from major overseas manufacturers [10] - Hongchang Technology's affiliated robotics company currently has a small order scale and revenue [11] - Wolong Electric Drive reported that its robotics-related products accounted for approximately 2.71% of total revenue in the first half of the year, indicating a low proportion [12]

Market Overview - The three major A-share indices collectively retreated on September 18, with a market turnover of 31,666.43 billion yuan, an increase of over 7,600 billion yuan compared to the previous trading day [1] - More than 1,000 stocks closed higher, with 65 stocks hitting the daily limit [1] Sector Performance - F5G concept, Co-packaged optics (CPO), and copper cable high-speed connections were among the top gainers [2] - Metals such as lead and zinc experienced significant declines [2] Institutional Ratings - A total of 38 buy ratings were issued by institutions today, with 6 stocks showing an upside potential exceeding 20% [3] - The stock with the highest upside potential is Haoneng Co., with a target price of 23.64 yuan, indicating a potential increase of 41.64% [4] - Other notable stocks with high upside potential include Huabei Mining (38.20%) and Ruoyuchen (26.89%) [3][4] Institutional Buying and Selling - In the Dragon and Tiger list, 14 stocks saw net buying, with Huafeng Technology and Shijia Technology each exceeding 100 million yuan in net purchases [5] - Conversely, 10 stocks were net sold by institutions, with Dazhihui facing the highest net sell of 327 million yuan [5] Notable Announcements - Fengshan Group signed a technical development contract with Tsinghua University for sodium-ion battery electrolyte and solid-state lithium-ion battery projects [9] - Fulian Precision signed a 1.5 billion yuan prepayment agreement with CATL to secure lithium iron phosphate supply [9] - Anhui Heli plans to acquire 51% of Jianghuai Heavy Industry for 274 million yuan [9] - Neusoft Group will supply intelligent cockpit domain controllers to a major domestic automotive manufacturer, with a total amount of approximately 5.6 billion yuan [11]

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 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) | 00432 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.5 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.5 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 公司名稱: 盈 ...

PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED ＊ (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code: 00432) （股份代號：00432） Dear Non-registered Shareholder(s) (Note 1) Pacific Century Premium Developments Limited ("Company") - Notification of Publication of 2025 Interim Report ("Current Corporate Communication") The Current Corporate Communication of the Company (in English and Chinese) is available on the website of the Company at www.pcpd.com and the website of Hong Kong Exchanges and ...

PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED ＊ (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） The Current Corporate Communication of the Company (in English and Chinese) is available on the website of the Company at www.pcpd.com and the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk ("Website Version"). You may access the Current Corporate Communication by clicking "Financial Reports" under "Investors" on the homepage of the website of the Company. If you have previ ...

[Independent Non-Executive Chairman's Report](index=3&type=section&id=Independent%20Non-Executive%20Chairman's%20Report) Despite global economic uncertainty and a lowered IMF growth forecast in H1 2025, strong Japanese tourism drove robust group revenue, with PCCW Properties anticipating steady growth in H2 through prudent strategies and development opportunities - In the first half of 2025, the global economy was affected by uncertainty and market volatility, with the International Monetary Fund lowering its global economic growth forecast to **2.8%**[5](index=5&type=chunk) - Japan's tourism sector continued its strong performance, with international visitor numbers reaching a new high in the first few months of 2025, driving robust group revenue growth[5](index=5&type=chunk) - Looking ahead to the second half, the Group will maintain a prudent strategy, advance existing projects, and actively seize regional development opportunities, anticipating steady growth[5](index=5&type=chunk) [Vice Chairman and Group Managing Director's Report](index=4&type=section&id=Vice%20Chairman%20and%20Group%20Managing%20Director's%20Report) For H1 2025, consolidated revenue grew to **HKD 736 million**, but attributable loss expanded to **HKD 249 million**, primarily due to strong Japanese market performance, while other regional projects progressed, and no interim dividend was declared H1 2025 Financial Performance | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 736 | 545 | Growth 35.0% | | Consolidated Loss Attributable to Shareholders | (249) | (153) | Loss Expanded 62.7% | | Basic Loss Per Share | (12.23) cents | (7.52) cents | Loss Expanded 62.6% | - The Board did not declare an interim dividend for the first half of 2025[9](index=9&type=chunk) - The Japanese market performed exceptionally well, benefiting from booming tourism and a relatively weak JPY, leading to significant revenue growth for Park Hyatt Niseko Hanazono[8](index=8&type=chunk)[9](index=9&type=chunk) - The luxury property development project at 3–6 Caine Road, Central, Hong Kong, is progressing steadily as planned, with completion anticipated in early 2026[10](index=10&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides a detailed review of the Group's business operations and financial performance for H1 2025, covering property and hospitality segments across key Asian markets, highlighting Japan's strong tourism impact, and analyzing financial metrics, liquidity, capital structure, and future outlook [Business Review](index=5&type=section&id=Business%20Review) This section details the Group's property investment, development, hotel, and leisure operations across regions, highlighting Japan's strong tourism-driven performance with increased hotel occupancy and leisure revenue, stable Indonesian property income, progressing Hong Kong projects, and flat Thai golf business revenue [Indonesia Property Investment](index=5&type=section&id=Indonesia%20Property%20Investment) - PCP Jakarta, a prime commercial property in Jakarta, performed steadily with an **85%** committed office occupancy rate[14](index=14&type=chunk) Indonesia Property Investment Gross Rental Income | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Gross Rental Income | 100 | 100 | Flat | [Japan Property Development](index=5&type=section&id=Japan%20Property%20Development) - Park Hyatt Niseko Hanazono Residences in Hokkaido, Japan, has sold or reserved **111** units to date[15](index=15&type=chunk) Japan Property Development Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 102 | 0 | Significant Growth | [Thailand Property Development and Golf Business](index=5&type=section&id=Thailand%20Property%20Development%20and%20Golf%20Business) - Phase 1A villas in Phang Nga, Thailand, are **40%** sold or reserved[16](index=16&type=chunk) Thailand Property Development and Golf Business Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Property Development Revenue | 0 | 0 | Flat | | Golf Business Revenue | 6 | 6 | Flat | [Hong Kong Property Development](index=5&type=section&id=Hong%20Kong%20Property%20Development) - The superstructure works for the property development project at 3–6 Caine Road, Central, Hong Kong, are progressing well, with completion planned for early 2026[17](index=17&type=chunk) [Japan Hotel Business](index=5&type=section&id=Japan%20Hotel%20Business) - Japan's tourism industry experienced strong growth, with inbound visitor arrivals reaching **14.45 million** from January to April 2025, a significant increase compared to the same period in 2024[18](index=18&type=chunk) - Park Hyatt Niseko Hanazono performed exceptionally well, with both occupancy rates and average room rates significantly higher than the prior year period[18](index=18&type=chunk) Japan Hotel Business Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 253 | 221 | Growth 14.5% | [Japan Leisure and Recreation Business](index=5&type=section&id=Japan%20Leisure%20and%20Recreation%20Business) - Winter 2024/25 ski visits increased by **4%** compared to Winter 2023/24, indicating a strong recovery in Japanese tourism and a surge in winter leisure demand[19](index=19&type=chunk) Japan All-Season Leisure Business Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 179 | 136 | Growth 31.6% | [Hong Kong Property and Facilities Management](index=6&type=section&id=Hong%20Kong%20Property%20and%20Facilities%20Management) Hong Kong Property and Facilities Management Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 15 | 15 | Flat | [Japan Property Management](index=6&type=section&id=Japan%20Property%20Management) Japan Property Management Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 73 | 60 | Growth 21.7% | [Other Businesses](index=6&type=section&id=Other%20Businesses) - Other businesses primarily include property investment in Hong Kong[23](index=23&type=chunk) Other Businesses Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 8 | 7 | Growth 14.3% | [Financial Review](index=6&type=section&id=Financial%20Review) The financial review shows H1 2025 consolidated revenue grew **35%** to **HKD 736 million**, but net loss after tax expanded to **HKD 249 million** due to exchange and fair value losses, with increased net current liabilities and a decreased current ratio, leading the Group to pursue refinancing and asset monetization [Performance Review](index=6&type=section&id=Performance%20Review) H1 2025 Key Financial Performance | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 736 | 545 | Growth 35% | | Consolidated Gross Profit | 522 | 385 | Growth 36% | | Gross Profit Margin | 71% | 71% | Flat | | General and Administrative Expenses | 390 | 337 | Growth 16% | | Fair Value Loss on Investment Properties | (81) | 0 | New Loss | | Financing Costs | 239 | 170 | Growth 40.6% | | Consolidated Net Loss After Tax | (249) | (153) | Loss Expanded 62.7% | | Basic Loss Per Share | (12.23) cents | (7.52) cents | Loss Expanded 62.6% | - The increase in consolidated net loss after tax was primarily due to exchange losses on guaranteed notes and fair value losses on investment properties[24](index=24&type=chunk) [Current Assets and Liabilities](index=7&type=section&id=Current%20Assets%20and%20Liabilities) Changes in Current Assets and Liabilities | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Current Assets | 4,720 | 4,537 | Growth 4.0% | | Total Current Liabilities | 9,136 | 1,540 | Growth 493.2% | | Current Ratio | 0.52 | 2.95 | Significant Decrease | - Total current liabilities significantly increased, causing the current ratio to decrease from **2.95** to **0.52**[25](index=25&type=chunk) [Capital Structure, Liquidity, and Financial Resources](index=7&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20and%20Financial%20Resources) Total Borrowings | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Borrowings | 10,314 | 9,841 | Growth 4.8% | - Borrowings primarily include **USD 800 million** guaranteed notes (approximately **HKD 6.268 billion**), JPY loan facilities (approximately **HKD 507 million**), and HKD loan facilities (approximately **HKD 3.539 billion**)[26](index=26&type=chunk) - The Group is actively exploring various options to refinance existing loans and bonds, and considering potential asset monetization opportunities to improve liquidity[31](index=31&type=chunk)[67](index=67&type=chunk) - On July 25, 2025, JPY 9.25 billion (approximately **HKD 500 million**) of JPY loan facilities, representing the outstanding principal amount, was repaid[28](index=28&type=chunk) [Income Tax](index=8&type=section&id=Income%20Tax) Income Tax Expense | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Income Tax | 63 | 37 | Growth 70.3% | [Pledged Assets](index=8&type=section&id=Pledged%20Assets) Total Value of Pledged Assets | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Pledged Assets | 7,778 | 7,765 | Slight Growth | [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) - As of June 30, 2025, the Group employed **976** staff members in Hong Kong and overseas[34](index=34&type=chunk) - The remuneration policy aligns with industry practices, offering comprehensive benefits including medical insurance, training programs, and provident fund/MPF schemes[34](index=34&type=chunk) [Dividends and Distributions](index=9&type=section&id=Dividends%20and%20Distributions) - The Board does not recommend the payment of an interim dividend for the first half of 2025, nor does it recommend a final dividend for 2024[35](index=35&type=chunk) [Outlook](index=9&type=section&id=Outlook) - Despite global geopolitical uncertainties and economic downside risks, robust demand in Asia's tourism, hotel, and services sectors continues to drive regional economic growth[36](index=36&type=chunk) - The Group anticipates accelerated growth in its Japan hotel business and leisure and recreation operations, contributing positively to the Group[36](index=36&type=chunk) - The Group remains cautiously optimistic about the long-term prospects of the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia[37](index=37&type=chunk) [Board of Directors](index=10&type=section&id=Board%20of%20Directors) This chapter outlines PCCW Properties' Board of Directors, including executive, non-executive, and independent non-executive members, detailing their diverse professional backgrounds, tenures, and external appointments, highlighting the Board's collective experience and expertise [Executive Directors](index=10&type=section&id=Executive%20Directors) This section provides details on the executive directors of the company - Mr. Richard Li Tzar Kai, **58**, is an Executive Director and Chairman of the Executive Committee, appointed in May 2004, and previously served as Chairman[38](index=38&type=chunk)[39](index=39&type=chunk) - Mr. Lam Yu Yee, **64**, is an Executive Director, Vice Chairman, and Group Managing Director, appointed in May 2019, with extensive experience in corporate finance and investment banking[38](index=38&type=chunk)[40](index=40&type=chunk) [Non-Executive Directors](index=11&type=section&id=Non-Executive%20Directors) This section provides details on the non-executive directors of the company - Dr. Allan Zeman, **77**, is a Non-Executive Director, appointed in June 2004, serving as Chairman of Lan Kwai Fong Group and holding various government public offices and independent non-executive directorships in listed companies[42](index=42&type=chunk)[43](index=43&type=chunk) [Independent Non-Executive Directors](index=12&type=section&id=Independent%20Non-Executive%20Directors) This section provides details on the independent non-executive directors of the company - Professor Wang Yau-Chuen, **73**, is an Independent Non-Executive Director and Independent Non-Executive Chairman, appointed in July 2004, and is a Chair Professor of Economics at the University of Hong Kong[45](index=45&type=chunk)[46](index=46&type=chunk) - Ms. Zhang Yun, **57**, is an Independent Non-Executive Director, appointed in May 2015, with over **31 years** of private equity investment experience[47](index=47&type=chunk)[48](index=48&type=chunk) - Dr. Fung Man Shek, **53**, is an Independent Non-Executive Director, appointed in March 2018, working in the financial services industry and previously serving as a Managing Director at a global private equity firm[51](index=51&type=chunk) [Financial Information](index=14&type=section&id=Financial%20Information) This chapter provides condensed consolidated financial information for H1 2025, including key statements and detailed notes, showing revenue growth but expanded losses, significantly increased current liabilities, and a decreased current ratio, with notes explaining accounting policies, revenue, financing costs, taxation, and other critical financial details [Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the condensed consolidated statement of comprehensive income for the period Summary of Condensed Consolidated Statement of Comprehensive Income | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 736 | 545 | Growth 35.0% | | Gross Profit | 522 | 385 | Growth 35.6% | | General and Administrative Expenses | (390) | (337) | Growth 15.7% | | Fair Value Loss on Investment Properties | (81) | 0 | New Loss | | Financing Costs | (239) | (170) | Growth 40.6% | | Loss Before Tax | (186) | (116) | Loss Expanded 60.3% | | Income Tax | (63) | (37) | Growth 70.3% | | Loss Attributable to Equity Holders of the Company | (249) | (153) | Loss Expanded 62.7% | | Exchange Differences on Translation of Foreign Operations | 264 | (505) | Shift from Loss to Gain | | Total Comprehensive Income/(Loss) | 15 | (658) | Shift from Loss to Gain | | Basic and Diluted Loss Per Share | (12.23) cents | (7.52) cents | Loss Expanded 62.6% | [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the condensed consolidated statement of changes in equity for the period Changes in Total Equity | Metric | June 30, 2025 (HKD million) | June 30, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Equity | 81 | 24 | Growth 237.5% | - In the first half of 2025, total comprehensive income attributable to equity holders of the Company was **HKD 15 million**, compared to a loss of **HKD 658 million** in the same period of 2024, primarily influenced by exchange differences[56](index=56&type=chunk) [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the condensed consolidated statement of financial position Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 6,416 | 6,330 | Growth 1.4% | | Current Assets | 4,720 | 4,537 | Growth 4.0% | | Current Liabilities | 9,136 | 1,540 | Growth 493.2% | | Net Current (Liabilities)/Assets | (4,416) | 2,997 | Shift from Net Assets to Net Liabilities | | Total Assets Less Current Liabilities | 2,000 | 9,327 | Significant Decrease 78.6% | | Non-current Liabilities | 1,919 | 9,261 | Significant Decrease 79.3% | | Net Assets | 81 | 66 | Growth 22.7% | - Total current liabilities significantly increased, resulting in a shift from net current assets of **HKD 2.997 billion** at the end of 2024 to net current liabilities of **HKD 4.416 billion** as of June 30, 2025[59](index=59&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the condensed consolidated statement of cash flows for the period Summary of Condensed Consolidated Statement of Cash Flows | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (61) | (78) | Outflow Decreased 21.8% | | Cash Used in Investing Activities | (20) | (30) | Outflow Decreased 33.3% | | Net Cash Generated From/(Used In) Financing Activities | 86 | (184) | Shift from Outflow to Inflow | | Net Increase/(Decrease) in Cash and Cash Equivalents | 5 | (292) | Shift from Decrease to Increase | | Cash and Cash Equivalents at June 30 | 707 | 544 | Growth 29.9% | - Financing activities shifted from a net cash outflow in the same period of 2024 to a net cash inflow in the first half of 2025, primarily due to net proceeds from bank borrowings[61](index=61&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Information](index=20&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Information) The financial notes explain the Group's accounting policies, segment performance, financing costs, taxation, loss per share, investment property valuation, asset movements, trade balances, borrowings, deferred income, capital structure, commitments, bank facilities, and related party transactions, addressing net current liabilities through refinancing and asset monetization plans [Basis of Preparation and Accounting Policies](index=20&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) - The condensed consolidated financial information is prepared in accordance with HKAS 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and has been reviewed by the Audit Committee and independent auditors[63](index=63&type=chunk) - As of June 30, 2025, the Group recorded net current liabilities of **HKD 4.416 billion** and a total operating cash outflow of **HKD 61 million**[66](index=66&type=chunk) - The Board is actively exploring refinancing options, driving sales and pre-sale activities, and considering asset monetization opportunities to ensure sufficient liquidity and prepare financial information on a going concern basis[67](index=67&type=chunk) [Revenue and Segment Information](index=22&type=section&id=Revenue%20and%20Segment%20Information) H1 2025 Revenue and Segment Results by Business Segment | Segment | Revenue from External Customers (HKD million) | Segment Results Before Tax (HKD million) | | :--- | :--- | :--- | | Japan All-Season Leisure Activities Business | 179 | 81 | | Japan Property Development | 102 | 54 | | Japan Hotel Business | 253 | 18 | | Japan Property Management | 73 | 29 | | Indonesia Property Investment | 100 | (36) | | Thailand Property Development and Golf Business | 6 | (23) | | Hong Kong Property and Facilities Management | 15 | 5 | | Hong Kong Property Development | 0 | (24) | | Other Businesses | 8 | 1 | | **Total Reportable Segments** | **736** | **105** | - Revenue recognition timing: **HKD 211 million** recognized at a point in time, **HKD 458 million** recognized over time, and **HKD 67 million** in rental income[70](index=70&type=chunk) [Financing Costs](index=24&type=section&id=Financing%20Costs) Composition of Financing Costs | Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Interest Expense (Bank Borrowings) | 91 | 92 | | Interest Expense (Guaranteed Notes) | 165 | 165 | | Exchange (Gain)/Loss on Guaranteed Notes | 69 | (3) | | Interest Expense Capitalized to Properties Under Development/Held for Sale | (87) | (85) | | **Total Financing Costs** | **239** | **170** | - Exchange losses on guaranteed notes were the primary reason for the significant increase in financing costs in the first half of 2025[71](index=71&type=chunk) [Loss Before Tax](index=24&type=section&id=Loss%20Before%20Tax) Key Deductions for Loss Before Tax | Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Cost of Properties Sold | 34 | 0 | | Depreciation of Property, Plant and Equipment | 83 | 68 | | Staff Costs (Selling and Marketing Costs) | 70 | 43 | | Staff Costs (General and Administrative Expenses) | 98 | 95 | | Net Exchange Loss | 5 | 2 | [Income Tax](index=25&type=section&id=Income%20Tax) Composition of Income Tax | Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Hong Kong Profits Tax (Current Provision) | 1 | 1 | | Income Tax Outside Hong Kong (Current Provision) | 45 | 35 | | Deferred Income Tax | 17 | 1 | | **Total Income Tax** | **63** | **37** | [Dividends](index=25&type=section&id=Dividends) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Loss Per Share](index=26&type=section&id=Loss%20Per%20Share) Loss Per Share Calculation | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Purpose of Calculating Basic and Diluted Loss Per Share (HKD million) | (249) | (153) | | Weighted Average Number of Ordinary Shares | 2,038,276,785 | 2,038,276,785 | | **Basic and Diluted Loss Per Share** | **(12.23) cents** | **(7.52) cents** | [Investment Properties](index=27&type=section&id=Investment%20Properties) Movement in Investment Properties | Metric | June 30, 2025 (HKD million) | January 1, 2024 (HKD million) | | :--- | :--- | :--- | | Balance at January 1 | 3,277 | 3,435 | | Fair Value Changes | (81) | 0 | | Exchange Differences | 13 | (194) | | **Balance at June 30** | **3,212** | **3,241** | - The fair value of investment properties is valued using the income approach, considering factors such as expected market rents and capitalization rates[82](index=82&type=chunk) [Property, Plant and Equipment](index=28&type=section&id=Property%2C%20Plant%20and%20Equipment) - For the six months ended June 30, 2025, additions to property, plant and equipment primarily included **HKD 3 million** for the Caine Road development project in Central, Hong Kong, and **HKD 12 million** for leisure and recreation facilities at Niseko Resort, Kutchan, Hokkaido, Japan[83](index=83&type=chunk) [Properties Under Development/Held for Sale/Held for Development](index=28&type=section&id=Properties%20Under%20Development%2FHeld%20for%20Sale%2FHeld%20for%20Development) Movement in Properties Under Development/Held for Sale | Metric | June 30, 2025 (HKD million) | January 1, 2024 (HKD million) | | :--- | :--- | :--- | | Balance at January 1 | 3,724 | 3,463 | | Additions | 207 | 143 | | Properties Sold | (29) | 0 | | Exchange Differences | 61 | (69) | | **Balance at June 30** | **3,963** | **3,537** | - As of June 30, 2025, properties held for development refer to freehold land in Thailand that the Group intends to hold for future development projects[85](index=85&type=chunk) [Net Trade Receivables](index=29&type=section&id=Net%20Trade%20Receivables) Ageing Analysis of Trade Receivables (1 to 30 Days) | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | 1 to 30 Days | 39 | 96 | [Trade Payables](index=29&type=section&id=Trade%20Payables) Ageing Analysis of Trade Payables (1 to 30 Days) | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | 1 to 30 Days | 14 | 53 | [Borrowings](index=30&type=section&id=Borrowings) Borrowings Repayment Schedule | Repayment Period | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Not Exceeding One Year | 8,640 | 835 | | Exceeding One Year But Not Exceeding Two Years | 1,451 | 8,860 | | Exceeding Two Years But Not Exceeding Five Years | 223 | 146 | | **Total Borrowings** | **10,314** | **9,841** | - Borrowings repayable within one year significantly increased to **HKD 8.64 billion**, primarily comprising **USD 800 million** guaranteed notes (due 2026) and various bank borrowings[90](index=90&type=chunk)[91](index=91&type=chunk) - On July 25, 2025, JPY 9.25 billion (approximately **HKD 500 million**) of JPY term loan facilities was repaid[91](index=91&type=chunk) [Deferred Income and Contract Liabilities](index=32&type=section&id=Deferred%20Income%20and%20Contract%20Liabilities) Deferred Income and Contract Liabilities | Item | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Rental Income from Investment Properties | 43 | 63 | | Deposits Received and Other Income in Advance for Property Sales | 120 | 237 | | **Deferred Income and Contract Liabilities Classified as Current Liabilities** | **163** | **300** | [Issued Equity](index=32&type=section&id=Issued%20Equity) Issued Ordinary Shares | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Number of Ordinary Shares of HKD 0.50 Each | 2,038,236,743 | 2,038,236,743 | | Issued Equity (HKD million) | 3,802 | 3,802 | - As of June 30, 2025, the remaining bonus convertible notes with a total value of **HKD 20,021.20** were unlisted and non-redeemable, but carried conversion rights[96](index=96&type=chunk) [Capital Commitments](index=34&type=section&id=Capital%20Commitments) Contracted But Not Provided For Capital Commitments | Item | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Property Development Projects | 865 | 945 | | Investment Properties | 2 | 2 | | Property, Plant and Equipment | 25 | 28 | | **Total** | **892** | **975** | [Bank Facilities](index=34&type=section&id=Bank%20Facilities) Total Bank Facilities and Undrawn Amounts | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total Bank Facilities | 4,504 | 4,458 | | Undrawn Amounts | 291 | 703 | Total Value of Assets Pledged for Bank Facilities | Item | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Investment Properties | 3,156 | 3,221 | | Property, Plant and Equipment | 1,466 | 1,459 | | Properties Under Development | 3,044 | 2,926 | | Restricted Cash | 67 | 71 | | Cash and Cash Equivalents | 45 | 88 | | **Total** | **7,778** | **7,765** | [Significant Related Party Transactions](index=35&type=section&id=Significant%20Related%20Party%20Transactions) H1 2025 Significant Related Party Transactions | Transaction Type | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Sales of Services (Office Lease Rental) | 6 | 6 | | Sales of Services (Facilities Management Services) | 5 | 4 | | Purchase of Services (Corporate Services) | 6 | 5 | | Interest Expense on Guaranteed Notes (Major Shareholder) | 21 | 21 | Key Management Personnel Remuneration | Remuneration Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Salaries and Other Short-term Employee Benefits | 7 | 7 | | Bonuses | 9 | 9 | | Directors' Fees | 1 | 1 | | Pension Scheme Contributions | 1 | 1 | | **Total** | **18** | **18** | [Fair Value Estimation](index=36&type=section&id=Fair%20Value%20Estimation) - Financial assets measured at fair value through profit or loss are categorized within Level 1 of the fair value hierarchy[104](index=104&type=chunk)[109](index=109&type=chunk) Carrying Amount and Fair Value of Guaranteed Notes | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Carrying Amount | 6,269 | 6,196 | | Fair Value | 5,919 | 5,406 | - The fair value of guaranteed notes falls within Level 2 of the fair value hierarchy, with significant inputs required for its calculation being observable data[108](index=108&type=chunk)[110](index=110&type=chunk) [General Information](index=38&type=section&id=General%20Information) This chapter discloses the interests and short positions of directors, chief executives, major shareholders, and other persons in the Company's shares and associated corporations' securities, and details the Company's share option schemes, including the expiry of the 2015 plan and adoption of the new 2025 plan [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=38&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section details the long positions of directors, chief executives, and their close associates in the Company's shares and associated corporations' debentures, including Mr. Richard Li Tzar Kai's **29.90%** interest in the Company and his holdings in PCPD Capital Limited's 2026 debentures, and Dr. Allan Zeman's shares in Easy Treasure Limited [Interests in the Company](index=38&type=section&id=Interests%20in%20the%20Company) Mr. Richard Li Tzar Kai's Share Interests in the Company | Director's Name | Personal Interests | Family Interests | Corporate Interests | Other Interests | Total | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Richard Li | — | — | 207,267,814 | 402,164,972 | 609,432,786 | 29.90% | - Mr. Richard Li Tzar Kai holds corporate interests through his wholly-owned subsidiaries, Chiltonlink Limited and Eisner Investments Limited, and is deemed to have interests in shares held by PCCW Holdings and PCCW Enterprise[113](index=113&type=chunk) [Interests in Associated Corporations of the Company](index=39&type=section&id=Interests%20in%20Associated%20Corporations%20of%20the%20Company) Mr. Richard Li Tzar Kai's Interests in PCPD Capital Limited 2026 Debentures | Director's Name | Principal Amount of 2026 Debentures Held (USD) | | :--- | :--- | | Richard Li | 21,717,000 | Dr. Allan Zeman's Interests in Easy Treasure Limited Shares | Director's Name | Number of Ordinary Shares Held | Percentage of Total Issued Shares of Easy Treasure | | :--- | :--- | :--- | | Allan Zeman | 999 | 9.99% | [Share Option Schemes](index=41&type=section&id=Share%20Option%20Schemes) This section outlines the company's share option schemes - The 2015 Share Option Scheme expired on May 6, 2025, and a new 2025 Share Option Scheme was adopted on May 14, 2025, with a **10-year** validity period[118](index=118&type=chunk) - As of June 30, 2025, the number of share options available for grant under the 2025 Scheme was **203,823,674** shares[119](index=119&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=42&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) This section details the interests and short positions of major shareholders in the company's shares Major Shareholders' Share Interests in the Company | Shareholder Name | Number of Shares/Underlying Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | | PCCW | 612,854,407 | 30.07% | | PCCW Holdings | 402,164,972 | 19.73% | | Star Ocean Ultimate Limited | 402,164,972 | 19.73% | | The Ocean Trust | 402,164,972 | 19.73% | | The Starlite Trust | 402,164,972 | 19.73% | | OS Holdings Limited | 402,164,972 | 19.73% | | Ocean Star Management Limited | 402,164,972 | 19.73% | | The Ocean Unit Trust | 402,164,972 | 19.73% | | The Starlite Unit Trust | 402,164,972 | 19.73% | | Star Ocean Ultimate Holdings Limited | 402,164,972 | 19.73% | | Fung Wai Ling | 402,164,972 | 19.73% | | Wong Ka Chun | 402,164,972 | 19.73% | | PCCW Enterprise | 284,071,850 | 13.94% | | PCD | 181,520,587 | 8.91% | - PCCW indirectly holds a **30.07%** interest through its wholly-owned subsidiaries[121](index=121&type=chunk) [Other Persons' Interests and Short Positions Disclosable Under the SFO](index=43&type=section&id=Other%20Persons'%20Interests%20and%20Short%20Positions%20Disclosable%20Under%20the%20SFO) This section details other persons' interests and short positions disclosable under the Securities and Futures Ordinance Other Persons' Share Interests in the Company | Name | Number of Shares/Underlying Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | | Ocean Star Investment Management Limited | 402,164,972 | 19.73% | - Ocean Star Investment Management Limited, as investment manager for The Ocean Unit Trust and The Starlite Unit Trust, is deemed to have interests in the relevant shares[122](index=122&type=chunk) [Investor Relations](index=44&type=section&id=Investor%20Relations) This chapter provides company listing information, investor relations contacts, key office locations, and share registrar details, confirming no listed securities transactions during the period, Audit Committee review of interim financials, and compliance with corporate governance and securities transaction codes [Purchase, Sale or Redemption of Listed Securities](index=44&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) This section confirms no purchase, sale, or redemption of listed securities by the company - 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[124](index=124&type=chunk) [Audit Committee](index=44&type=section&id=Audit%20Committee) This section details the activities of the Audit Committee - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and held one meeting[125](index=125&type=chunk) [Corporate Governance Code](index=44&type=section&id=Corporate%20Governance%20Code) This section outlines the company's adherence to the Corporate Governance Code - The Company is committed to maintaining high standards of corporate governance and complies with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[126](index=126&type=chunk) [Model Code for Securities Transactions in Appendix C3 of the Listing Rules](index=44&type=section&id=Model%20Code%20for%20Securities%20Transactions%20in%20Appendix%20C3%20of%20the%20Listing%20Rules) This section confirms compliance with the Model Code for Securities Transactions - The Company has adopted its own code of conduct for securities transactions and, following specific enquiries to all Directors, they confirmed compliance with the code throughout the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk) [Listing](index=45&type=section&id=Listing) This section provides information on the company's listing status - The Company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code **00432**[130](index=130&type=chunk) [Company Information and Contact Details](index=45&type=section&id=Company%20Information%20and%20Contact%20Details) This section provides essential company information and contact details for stakeholders - Detailed contact information is provided for investor relations, registered office, principal place of business in Hong Kong, principal and Hong Kong branch share registrars, and bonus convertible notes registrar[131](index=131&type=chunk)[132](index=132&type=chunk)

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]

Group 1 - The company, Yingda Real Estate (00432.HK), reported a total revenue of HKD 736 million for the first half of the year, representing a year-on-year increase of 35% [1] - The company experienced a net loss of approximately HKD 249 million, which is a year-on-year increase of 62.75% in losses [1]

Group 1 - The core viewpoint of the article highlights that Yingda Real Estate (00432.HK) reported a 35% year-on-year increase in total revenue, reaching HKD 736 million [1] - The company experienced a net loss of approximately HKD 249 million, which represents a 62.75% increase in losses compared to the previous year [1] - Earnings per share showed a loss of HKD 0.1223 [1]

Group 1 - The company reported a 35.1% increase in total revenue, reaching HKD 736 million for the six months ending June 30, 2025 [1] - The company's attributable loss to shareholders was HKD 249 million, compared to a loss of HKD 153 million in the same period last year [1] - The basic loss per share was HKD 0.1223 [1]