股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新宇環保集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00436 | 說明 | 新宇環保 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000, ...

436 2025 INTERIM REPORT 中期業績報告 Contents 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論及分析 5 Financial Highlights 財務摘要 6 Business Review 業務回顧 11 Financial Review 財務回顧 26 Corporate Governance and Other Information 企業管治及其他資料 43 Report on Review of Interim Financial Report 中期財務報告之審閱報告 45 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 46 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 47 Condensed Consolidated Statement of F ...

呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00436 | 說明 | 新宇環保 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新宇環保集團 ...

Group 1 - The company reported revenue of approximately HKD 165,119,000 for the six months ending June 30, 2025, representing a year-on-year decrease of 0.6% [1] - The loss attributable to the company's owners was approximately HKD 10,619,000, a reduction of 47.6% compared to the loss of approximately HKD 20,248,000 in the same period of 2024 [1] - The basic loss per share attributable to the company's owners was HKD 0.35, compared to a basic loss per share of HKD 0.67 in the same period of 2024 [1]

Core Viewpoint - Xinyu Environmental (00436) reported a mid-year performance for 2025, indicating a slight decline in revenue and a significant reduction in loss compared to the previous year [1] Financial Performance - Revenue for the period was approximately HKD 165 million, representing a year-on-year decrease of 0.6% [1] - The loss attributable to the company's owners was approximately HKD 10.619 million, which is a 47.6% decrease year-on-year [1] - Basic loss per share was reported at HKD 0.35 cents [1]

Group 1 - The company reported a revenue of approximately HKD 165 million for the first half of 2025, representing a year-on-year decrease of 0.6% [1] - The loss attributable to the owners of the company was approximately HKD 10.619 million, which is a year-on-year decrease of 47.6% [1] - The basic loss per share was HKD 0.35 [1]

[Company Overview and Financial Summary](index=1&type=section&id=Company%20Overview%20and%20Financial%20Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, NUI Environmental Group's revenue slightly decreased by 0.6% to HK$165.1 million, but net loss significantly narrowed by 43.0% to HK$13.51 million, with loss attributable to owners decreasing by 47.6% Key Financial Data Comparison for H1 2025 (HK$'000) | Metric | June 30, 2025 (Six Months) | June 30, 2024 (Six Months) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 165,119 | 166,070 | -0.6 | | Net Loss | (13,509) | (23,706) | -43.0 | | Loss Attributable to Owners of the Company | (10,619) | (20,248) | -47.6 | | Basic Loss Per Share (HK Cents) | (0.35) | (0.67) | -47.8 | Key Balance Sheet Data Comparison (HK$'000) | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 862,783 | 869,053 | -0.7 | | Cash and Cash Equivalents | 234,196 | 220,823 | +6.1 | | Bank Borrowings | 50,043 | 44,752 | +11.8 | - The Board resolved **not to declare any dividend** for the six months ended June 30, 2025[2](index=2&type=chunk) [General Information](index=6&type=section&id=General%20Information) These interim financial statements are presented in Hong Kong Dollars, which is the Company's functional currency, while Chinese subsidiaries use Renminbi as their functional currency - Financial statements are presented in **HKD**, with Chinese subsidiaries using **RMB** as their functional currency[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) These interim financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34 "Interim Financial Reporting" issued by the HKICPA, approved by the Board on August 15, 2025 - The statements are prepared in accordance with the **Listing Rules** and **HKAS 34 'Interim Financial Reporting'**[9](index=9&type=chunk) [Changes in Accounting Policies](index=6&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied amendments to HKAS 21 "Lack of Exchangeability," but with no non-exchangeable foreign currency transactions, there is no material impact on this interim financial report, and no other new standards were applied - Amendments to **HKAS 21 'Lack of Exchangeability'** were applied, but with no material impact[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, Group revenue was HK$165.1 million, gross profit increased to HK$26.04 million, operating profit turned positive to HK$28 thousand, loss before tax narrowed to HK$7.75 million, and loss for the period was HK$13.51 million Key Data from Condensed Consolidated Statement of Profit or Loss (HK$'000) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 165,119 | 166,070 | | Cost of Sales | (139,075) | (146,139) | | Gross Profit | 26,044 | 19,931 | | Operating Profit/(Loss) | 28 | (8,725) | | Loss Before Tax | (7,749) | (18,847) | | Loss for the Period | (13,509) | (23,706) | | Loss Attributable to Owners of the Company | (10,619) | (20,248) | | Basic and Diluted Loss Per Share (HK Cents) | (0.35) | (0.67) | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, loss for the period was HK$13.51 million, with other comprehensive income of HK$11.85 million, mainly due to positive exchange differences, leading to a significantly narrowed total comprehensive loss of HK$1.66 million Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$'000) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss for the Period | (13,509) | (23,706) | | Exchange Differences on Translation of Financial Statements | 24,539 | (19,839) | | Changes in Fair Value of Equity Investments | (13,300) | 24,200 | | Other Comprehensive Income for the Period, Net of Income Tax | 11,849 | 2,811 | | Total Comprehensive Loss for the Period | (1,660) | (20,895) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HK$1.25 billion, with a slight decrease in non-current assets and an increase in current assets, while net current assets increased to HK$120 million, total liabilities increased to HK$294.2 million, and net assets slightly decreased Key Data from Condensed Consolidated Statement of Financial Position (HK$'000) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 872,570 | 893,426 | | Current Assets | 379,729 | 354,189 | | Total Assets | 1,252,299 | 1,247,615 | | Current Liabilities | 259,387 | 246,862 | | Non-current Liabilities | 34,825 | 36,303 | | Total Liabilities | 294,212 | 283,165 | | Net Assets | 958,087 | 964,450 | | Equity Attributable to Owners of the Company | 862,783 | 869,053 | [Business Review and Outlook](index=7&type=section&id=Business%20Review%20and%20Outlook) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from hazardous waste incineration and landfill, industrial wastewater treatment, and factory facility leasing, with total revenue for H1 2025 at HK$165.1 million, a slight decrease of 0.6% year-on-year, and operations divided into three reportable segments - The Group's revenue primarily comes from **hazardous waste incineration and landfill services**, **industrial wastewater treatment and related services**, and **factory facility leasing income**[13](index=13&type=chunk) - The Group presents three reportable segments: (i) **industrial and medical waste environmental treatment and disposal services**; (ii) **eco-electroplating wastewater treatment and management services, utility support, and factory building leasing in eco-electroplating zones**; and (iii) **investment in plastic dyeing businesses**[16](index=16&type=chunk) - All of the Group's revenue and non-current assets are generated from and located in **China**[20](index=20&type=chunk) [Revenue Breakdown](index=7&type=section&id=Revenue%20Breakdown) In H1 2025, revenue from hazardous waste incineration and landfill services was HK$108.44 million, industrial wastewater treatment and related services was HK$43.60 million, and factory facility leasing income was HK$13.08 million Revenue from Contracts with Customers by Service Type (HK$'000) | Service Type | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Hazardous Waste Incineration and Landfill Services | 108,444 | 105,297 | | Industrial Wastewater Treatment and Related Support and Management Services | 43,596 | 46,282 | | **Total Revenue from Contracts with Customers** | **152,040** | **151,579** | | Factory Facility Leasing Income | 13,079 | 14,491 | | **Total Revenue** | **165,119** | **166,070** | [Segment Results, Assets, and Liabilities](index=9&type=section&id=Segment%20Results%2C%20Assets%2C%20and%20Liabilities) In H1 2025, the waste treatment segment recorded a loss of HK$17.16 million, the utility support and facilities segment recorded a profit of HK$13.73 million, and the plastic dyeing investment segment recorded a profit of HK$3.39 million, resulting in a total segment loss of HK$31 thousand Reportable Segment Results (HK$'000) | Operating Segment | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Environmental Treatment and Disposal of Waste | (17,156) | (27,403) | | Utility Support and Facilities | 13,732 | 12,677 | | Plastic Dyeing Investment | 3,393 | 3,425 | | **Subtotal of Reportable Segment Results** | **(31)** | **(11,301)** | | Unallocated Head Office and Corporate | (7,718) | (7,546) | | **Total (Loss Before Tax)** | **(7,749)** | **(18,847)** | Reportable Segment Assets and Liabilities (HK$'000) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Reportable Segment Assets | 1,225,003 | 1,220,984 | | Reportable Segment Liabilities | 286,716 | 280,315 | [Other Gains and Income](index=12&type=section&id=Other%20Gains%20and%20Income) In H1 2025, other gains primarily consisted of dividend income of HK$3.70 million, a slight year-on-year decrease, while other income was HK$2.83 million, down 20.5% year-on-year, mainly due to reduced service provider rebates, and net finance income was HK$0.35 million, a 62.2% year-on-year decrease Other Gains, Income, and Net Finance Income (HK$'000) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Other Gains (Dividend Income) | 3,704 | 3,745 | | Other Income | 2,833 | 3,564 | | Net Finance Income | 345 | 913 | - Other income decreased by **HK$731,000**, primarily due to reduced service provider rebates during the period[51](index=51&type=chunk) - Net finance income decreased by **HK$649,000**, mainly due to lower interest income from free cash deposits during the period[58](index=58&type=chunk) [Components of Loss Before Tax](index=13&type=section&id=Components%20of%20Loss%20Before%20Tax) Loss before tax for H1 2025 was deducted for depreciation, operating lease expenses, staff costs, and cost of sales, with total staff costs at HK$32.02 million and cost of sales at HK$139.08 million Items Deducted from Loss Before Tax (HK$'000) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 34,754 | 34,500 | | Depreciation of Right-of-Use Assets | 1,460 | 1,619 | | Operating Lease Expenses | 594 | 594 | | Other Operating Expenses | 2,695 | 3,031 | | Total Staff Costs | 32,024 | 38,398 | | Cost of Sales | 139,075 | 146,139 | [Income Tax](index=14&type=section&id=Income%20Tax) Income tax for H1 2025 was HK$5.76 million, an 18.5% year-on-year increase, mainly due to the payment of China dividend withholding tax, with China's corporate income tax rate at 25%, 15% for high-tech enterprises, and 5% for dividend withholding tax Income Tax Components (HK$'000) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Current Tax | 5,918 | 4,626 | | Deferred Tax | (158) | 233 | | **Total Income Tax** | **5,760** | **4,859** | - Income tax increased by **HK$901,000**, primarily due to the payment of **China dividend withholding tax** in H1 2025[62](index=62&type=chunk) - China's corporate income tax rate is **25%**, with **15%** for high-tech enterprises; dividends distributed by Chinese subsidiaries to Hong Kong holding companies are subject to a reduced **5% withholding tax rate**[23](index=23&type=chunk) [Loss Per Share and Dividends](index=15&type=section&id=Loss%20Per%20Share%20and%20Dividends) For H1 2025, both basic and diluted loss per share were HK$0.35 cents, a 47.8% year-on-year decrease, and the Board does not recommend an interim dividend Loss Per Share (HK Cents) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.35) | (0.67) | | Diluted Loss Per Share | (0.35) | (0.67) | - The Directors do not recommend the payment of any **interim dividend** for the six months ended June 30, 2025[26](index=26&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were HK$73.77 million, an 8.5% increase from end-2024, with credit loss allowance at HK$17.83 million, and ageing analysis showing the 0-30 day category as the largest Trade and Bills Receivables (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade Receivables | 60,611 | 63,639 | | Lease Receivables | 19,566 | 11,809 | | Bills Receivables | 11,424 | 10,194 | | Less: Allowance for Credit Losses | (17,832) | (17,669) | | **Total** | **73,769** | **67,973** | Ageing Analysis of Trade and Bills Receivables (HK$'000) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | 0 to 30 days | 36,506 | 35,782 | | 31 to 60 days | 16,026 | 9,449 | | 61 to 90 days | 6,982 | 6,511 | | 91 to 180 days | 8,335 | 6,761 | | 181 to 360 days | 3,493 | 2,271 | | Over one year | 2,427 | 7,199 | | **Total** | **73,769** | **67,973** | - The average credit period for industrial waste, wastewater, and sludge treatment service customers is **60 days**, while for medical waste disposal service customers, it extends to **180 days**[28](index=28&type=chunk) [Prepayments, Deposits, and Other Receivables](index=16&type=section&id=Prepayments%2C%20Deposits%2C%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables were HK$49.78 million, a 14.9% increase from end-2024, mainly including amounts due from a joint venture of HK$29.70 million and consideration receivable from the disposal of a subsidiary of HK$10.63 million Prepayments, Deposits, and Other Receivables (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Other Receivables | 379 | 327 | | Prepayments | 5,641 | 4,456 | | Dividends Receivable from Equity Investments | 3,426 | – | | Amounts Due from a Joint Venture | 29,699 | 28,213 | | Consideration Receivable from Disposal of a Subsidiary | 10,631 | 10,321 | | **Total** | **49,776** | **43,317** | - Amounts due from a joint venture are **unsecured** and bear interest at annual rates ranging from **3.20% to 4.05%**[29](index=29&type=chunk) [Trade and Bills Payables](index=17&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables were HK$32.13 million, a 16.8% decrease from end-2024, with trade payables being interest-free and generally settled within 90 to 180 days Trade and Bills Payables (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade Payables | 25,338 | 33,612 | | Bills Payables | 6,795 | 5,001 | | **Total** | **32,133** | **38,613** | Ageing Analysis of Trade Payables (HK$'000) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | 0 to 30 days | 6,344 | 9,485 | | 31 to 60 days | 3,981 | 4,344 | | 61 to 90 days | 2,947 | 3,384 | | Over 90 days | 12,066 | 16,399 | | **Total** | **25,338** | **33,612** | [Accruals and Other Payables](index=18&type=section&id=Accruals%20and%20Other%20Payables) As of June 30, 2025, total accruals and other payables were HK$170.48 million, a 9.9% increase from end-2024, mainly comprising dividends payable to non-controlling interests of a subsidiary of HK$57.34 million and other payables of HK$55.43 million Accruals and Other Payables (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Salaries and Bonuses Payable | 4,224 | 5,893 | | Trade Payables for Acquisition of Property, Plant and Equipment | 22,356 | 19,999 | | Accrued Costs for Land Restoration and Soil Remediation | 26,281 | 25,514 | | Dividends Payable to Shareholders of the Company | 4,857 | – | | Dividends Payable to Non-controlling Interests of a Subsidiary | 57,336 | 57,336 | | Other Payables | 55,429 | 46,425 | | **Total** | **170,483** | **155,167** | - Dividends payable to non-controlling interests of a subsidiary primarily include amounts due to **Mr. Yin Yongxiang, Mr. Sun Jiaqing, and Mr. Liu Laigen**[31](index=31&type=chunk) [Industrial and Medical Waste Environmental Treatment and Disposal Services](index=21&type=section&id=Industrial%20and%20Medical%20Waste%20Environmental%20Treatment%20and%20Disposal%20Services) In H1 2025, the Group collected, treated, and disposed of approximately 81,145 tonnes of hazardous waste in Jiangsu Province, China, with total segment revenue of HK$108.44 million, a 3.0% year-on-year increase, and this segment recorded a pre-tax loss of HK$17.16 million, which narrowed from the prior year Industrial and Medical Waste Treatment Service Volume and Revenue (HK$'000) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Waste Collected and Disposed (Tonnes) | 81,145 | 45,591 | | Segment Revenue (HK$'000) | 108,444 | 105,297 | | Revenue from Hazardous Industrial Waste | 83,844 | 83,318 | | Revenue from Regulated Medical Waste | 18,560 | 17,521 | | Revenue from General Industrial Waste and Others | 6,040 | 4,458 | - The Group's share of profit from associate Zhenjiang New Area was approximately **HK$0.36 million**, net loss from Nanjing Tianyu was approximately **HK$4.02 million**, and net loss from joint venture Xinyu Rongkai was approximately **HK$4.46 million**[39](index=39&type=chunk) - This segment recorded a pre-tax loss of approximately **HK$17.16 million**, a reduction from **HK$27.40 million** in the same period of 2024[40](index=40&type=chunk) [Eco-Electroplating Zone Wastewater Treatment Services](index=24&type=section&id=Eco-Electroplating%20Zone%20Wastewater%20Treatment%20Services) In H1 2025, revenue from eco-electroplating zone services was HK$56.68 million, a 6.7% year-on-year decrease, while pre-tax segment profit margin improved to 24.2%, average utilization rate of factory buildings decreased to 80.1%, and average utilization rate of wastewater treatment volume remained at 22.0% Eco-Electroplating Zone Service Data (HK$'000) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Segment Revenue | 56,675 | 60,773 | | Pre-tax Segment Profit Margin | 24.2% | 20.9% | | Average Utilization Rate of Factory Buildings and Facilities | 80.1% | 86.2% | | Electroplating Wastewater Treated by Centralized Wastewater Treatment Plant (Tonnes) | 181,621 | 182,526 | | Average Utilization Rate of Wastewater Treatment Volume | 22.0% | 22.1% | - The eco-electroplating zone is owned, constructed, and operated by **Zhenjiang Huake Eco-Electroplating Technology Development Co. Ltd.**, a wholly-owned subsidiary of the Group[44](index=44&type=chunk) - As of June 30, 2025, **32 manufacturing customers** leased **22 factory buildings** within the zone[44](index=44&type=chunk) [Strategic Investment in Plastic Dyeing Businesses](index=25&type=section&id=Strategic%20Investment%20in%20Plastic%20Dyeing%20Businesses) The Group holds equity interests in three plastic dyeing manufacturing entities, with pre-tax profit margins for these investments ranging from 1.3% to 5.3% in H1 2025, and dividends of HK$3.70 million declared and expected to be distributed in Q4 of this year - The Group holds equity interests in three plastic dyeing manufacturing entities: **Suzhou Xinhua Mei, Danyang Xinhua Mei, and Qingdao Huamei**[45](index=45&type=chunk) Pre-tax Profit Margins of Plastic Dyeing Businesses | Company | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Suzhou Xinhua Mei | 1.3% | 2.6% | | Danyang Xinhua Mei | 1.7% | 2.7% | | Qingdao Huamei | 5.3% | 5.9% | - Dividends totaling approximately **HK$3.70 million** were declared for 2024 results, expected to be distributed in **Q4 of this year**[45](index=45&type=chunk) [Outlook](index=25&type=section&id=Outlook) Facing a weak hazardous waste treatment market and overcapacity, the Group will continue to optimize operations, enhance cost-effectiveness, improve service quality, and ensure timely renewal of operating permits, while actively exploring business restructuring and industrial upgrading to strengthen long-term competitiveness and uphold environmental commitments - The Group's hazardous waste treatment and incineration services market in Jiangsu Province continues to face **weakness**, with severe **industry overcapacity and pricing pressure**[46](index=46&type=chunk) - The Group will continue to drive **business optimization, enhance cost-effectiveness, and improve service quality**, ensuring timely renewal of hazardous waste operating permits for its subsidiaries and strategically adjusting incineration facilities to minimize downtime[46](index=46&type=chunk) - The Group will actively explore **business restructuring and industrial upgrading** to enhance long-term competitiveness and uphold its commitment to **environmental protection and sustainable development**[47](index=47&type=chunk) [Financial Review and Analysis](index=27&type=section&id=Financial%20Review%20and%20Analysis) [Financial Performance Overview](index=27&type=section&id=Financial%20Performance%20Overview) In H1 2025, total Group revenue slightly decreased by 0.6% to HK$165.1 million, but the average gross profit margin significantly improved by 31.7% to 15.8%, with loss for the period narrowing substantially by 43.0% to HK$13.51 million, and adjusted EBITDA increasing by 28.1% to HK$37.42 million Financial Performance Overview (HK$'000) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 165,119 | 166,070 | -0.6 | | Average Gross Profit Margin (%) | 15.8 | 12.0 | +31.7 | | Loss for the Period | (13,509) | (23,706) | -43.0 | | Loss Attributable to Owners of the Company | (10,619) | (20,248) | -47.6 | | Basic Loss Per Share (HK Cents) | (0.35) | (0.67) | -47.8 | | Adjusted EBITDA | 37,420 | 29,221 | +28.1 | [Analysis of Key Financial Metric Changes](index=28&type=section&id=Analysis%20of%20Key%20Financial%20Metric%20Changes) Revenue declined mainly due to lower utilization of the eco-electroplating zone, while gross margin improved from higher average unit prices for hazardous waste treatment and reduced direct costs, with operating expenses decreasing, impairment loss reversal for trade receivables reducing, finance income and costs decreasing, loss contribution from associates and joint ventures decreasing, and income tax increasing primarily due to China dividend withholding tax - Total business revenue decreased by **HK$951,000**, primarily due to lower utilization of factory buildings and facilities in the eco-electroplating zone[49](index=49&type=chunk) - Gross profit margin increased mainly due to higher **average unit treatment prices for hazardous waste services** and **reduced direct costs** in both operating segments[50](index=50&type=chunk)[56](index=56&type=chunk) - Distribution costs decreased by **HK$2.42 million**, primarily due to reduced market intermediary agency fees during the period[52](index=52&type=chunk) - Administrative expenses decreased by **HK$2.08 million**, primarily due to a reduction in staff headcount during the period[53](index=53&type=chunk) - Total reversal of impairment loss for trade receivables was **HK$278,000**, mainly due to improved debt recovery[57](index=57&type=chunk) - Losses from associates decreased by **HK$1.48 million**, primarily due to improved business performance of Nanjing Tianyu during the period[60](index=60&type=chunk) - Losses from joint venture Xinyu Rongkai decreased by **HK$1.44 million**, primarily due to lower operating costs during its temporary suspension period[61](index=61&type=chunk) - Adjusted EBITDA increased by **HK$8.20 million**, mainly due to the narrowed losses in core business segments during the period[63](index=63&type=chunk) [Operating Seasonality](index=30&type=section&id=Operating%20Seasonality) Demand for environmental hazardous waste treatment services in Jiangsu Province typically increases in the first half of the year, with hazardous waste treatment service revenue for the twelve months ended June 30, 2025, at approximately HK$227 million, 203,518 tonnes treated, and a pre-tax loss of approximately HK$26.03 million - Demand for environmental hazardous waste treatment and disposal services in Jiangsu Province generally **increases in the first half of the year**[65](index=65&type=chunk) [Capital Expenditure and Commitments](index=30&type=section&id=Capital%20Expenditure%20and%20Commitments) In H1 2025, the Group's capital expenditure was primarily for industrial wastewater and sludge treatment services in the eco-electroplating zone, amounting to approximately HK$15.36 million, with contracted but unprovided capital expenditure at HK$7.99 million and commitment to equity investments at HK$15.98 million as of the reporting period end Capital Expenditure (HK$'000) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Hazardous Waste Treatment Service Operating Segment | 568 | 1,220 | | Eco-Electroplating Zone Service Operating Segment | 15,362 | 10,515 | Capital Commitments (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Capital Expenditure for Property, Plant and Equipment | 7,999 | 19,198 | | Contribution to an Equity Investment | 15,976 | 15,915 | - Zhenjiang Xinyu's expansion plan has been **suspended since April 2023**, and alternative solutions are being sought[68](index=68&type=chunk) [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a sound financial position, with equity attributable to owners of approximately HK$862.78 million and total consolidated assets of approximately HK$1.25 billion as of June 30, 2025, while cash and bank balances increased to HK$234.20 million, but available unutilized bank financing facilities decreased, with a current ratio of 1.46 times and a gearing ratio of 5.2% - Equity attributable to owners of the Company was approximately **HK$862.78 million**, and total consolidated assets were approximately **HK$1.25 billion**[69](index=69&type=chunk) Cash and Bank Balances and Bank Financing (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash and Bank Balances | 234,196 | 220,823 | | Available Unutilized Unsecured Bank Financing Facilities | 25,480 | 51,920 | Liquidity and Gearing Ratios | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Current Ratio | 1.46 times | 1.43 times | | Gearing Ratio | 5.2% | 4.6% | Interest-Bearing Borrowings (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Secured RMB Bank Borrowings | 21,920 | 21,280 | | Unsecured RMB Bank Borrowings | 28,123 | 23,472 | | **Total** | **50,043** | **44,752** | [Capital Structure](index=35&type=section&id=Capital%20Structure) As of June 30, 2025, there were no significant changes in the Company's capital structure compared to December 31, 2024 - The Company's capital structure as of **June 30, 2025**, showed no significant changes compared to **December 31, 2024**[75](index=75&type=chunk) [Significant Investments and Their Performance](index=35&type=section&id=Significant%20Investments%20and%20Their%20Performance) As of June 30, 2025, the Group's total fair value of equity investments in Suzhou Xinhua Mei, Danyang Xinhua Mei, and Qingdao Huamei was HK$85.10 million, a decrease from end-2024, with these investments representing 6.8% of the Group's total assets Fair Value of Significant Equity Investments (HK$'000) | Company | Group's Interest | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | :--- | | Suzhou Xinhua Mei | 18.62% | 9,500 | 12,600 | | Danyang Xinhua Mei | 24.50% | 6,200 | 10,300 | | Qingdao Huamei | 28.67% | 69,400 | 75,500 | | **Total** | | **85,100** | **98,400** | - As of June 30, 2025, the fair value of unlisted equity investments in Suzhou Xinhua Mei, Danyang Xinhua Mei, and Qingdao Huamei represented **0.8%, 0.5%, and 5.5%** of the Group's total assets, respectively[78](index=78&type=chunk) [Asset Impairment Testing](index=36&type=section&id=Asset%20Impairment%20Testing) As of June 30, 2025, the Group performed impairment tests on goodwill and its interests in associate Nanjing Tianyu and joint venture Xinyu Rongkai, concluding that no impairment losses were necessary - No impairment loss was deemed necessary for **goodwill** for the six months ended June 30, 2025[79](index=79&type=chunk) - The Group deemed no impairment loss necessary for its interest in **Nanjing Tianyu** for the six months ended June 30, 2025[80](index=80&type=chunk) - The Group deemed no impairment loss necessary for its interest in **Xinyu Rongkai** for the six months ended June 30, 2025[81](index=81&type=chunk) [Pledged Assets](index=37&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged property, plant and equipment, land use rights, and restricted bank deposits with a total carrying value of HK$55.51 million as collateral for bank credit Carrying Value of Pledged Assets (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Property, Plant and Equipment | 44,590 | 47,392 | | Land Use Rights | 7,394 | 7,266 | | Restricted Bank Deposits | 3,523 | 3,309 | | **Total** | **55,507** | **57,967** | Secured Liabilities (HK$'000) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Secured Bank Borrowings | 21,920 | 21,280 | | Bills Payable | 6,795 | 5,001 | | **Total** | **28,715** | **26,281** | [Risk Management and Corporate Governance](index=19&type=section&id=Risk%20Management%20and%20Corporate%20Governance) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) The Group faces contingent liabilities including legal proceedings, bank loan guarantees for a joint venture, and environmental business permit renewals, with legal proceedings involving dividend disputes with non-controlling interests of a subsidiary, guarantees relating to overdue joint venture loans, and environmental operations requiring continuous validity of operating permits - Subsidiary NUET(JS) faces legal proceedings from two non-controlling shareholders demanding payment of approximately **HK$26.58 million (RMB22.48 million)** in accrued unpaid dividends and interest[32](index=32&type=chunk) - The Company provided a joint and several guarantee for a **RMB120 million** bank loan facility to joint venture Xinyu Rongkai, of which **RMB47.05 million** principal was due and unpaid on June 21, 2025[34](index=34&type=chunk)[35](index=35&type=chunk) - The Group's environmental businesses require valid operating permits from the **Jiangsu Provincial Environmental Protection Department in China** for specific categories of hazardous and/or regulated medical waste and industrial wastewater treatment services[36](index=36&type=chunk) [Foreign Currency Risk](index=38&type=section&id=Foreign%20Currency%20Risk) The Group primarily operates in China, with transactions, assets, and liabilities denominated in RMB, exposing it to RMB-HKD exchange rate fluctuations, and in H1 2025, the average appreciation of RMB against HKD resulted in a positive exchange difference of HK$24.54 million - The Group primarily operates in **China**, with most transactions, assets, and liabilities denominated in **RMB**[85](index=85&type=chunk) - For the six months ended June 30, 2025, the average appreciation of **RMB against HKD** resulted in an overall positive exchange difference of approximately **HK$24.54 million** from the translation of financial statements of subsidiaries, associates, and joint ventures in China[85](index=85&type=chunk) [Interest Rate Risk](index=39&type=section&id=Interest%20Rate%20Risk) The Group manages bank borrowings using fixed interest rates to mitigate risk, with RMB-denominated bank borrowings bearing annual interest rates ranging from 3.08% to 3.50% - The Group's bank borrowings are managed using a mix of fixed and floating interest rates, with **no floating rate bank borrowings**[86](index=86&type=chunk) - RMB-denominated bank borrowings bear different **fixed annual interest rates ranging from 3.08% to 3.50%**[86](index=86&type=chunk) [Credit Risk](index=39&type=section&id=Credit%20Risk) The Group's credit risk primarily arises from trade receivables, lease receivables, and other receivables, with limited credit risk from banks and financial institutions, and as of June 30, 2025, the full-term expected credit loss allowance was HK$17.83 million, representing 19.47% of total trade, lease, and bills receivables - The Group's credit risk primarily arises from **trade receivables, lease receivables, and other receivables**[87](index=87&type=chunk) - As of June 30, 2025, the full-term **ECL allowance** was approximately **HK$17.83 million**, representing approximately **19.47%** of the total carrying amount of trade, lease, and bills receivables of approximately **HK$91.60 million**[88](index=88&type=chunk) [Key Risks and Uncertainties](index=40&type=section&id=Key%20Risks%20and%20Uncertainties) The Group's hazardous waste treatment services business in China continues to incur losses, facing persistent pricing pressure due to local economic adjustments and market uncertainties, and the Group will reduce reliance on specific markets through enhanced market penetration, business restructuring, and industrial upgrading - The Group's business segment providing integrated industrial hazardous waste treatment and disposal services in China continues to incur **losses**[89](index=89&type=chunk) - Uncertainties and challenges faced by the local manufacturing and chemical industries may exert **continuous pricing pressure** on hazardous waste disposal services provided to the Group's specific customer base[89](index=89&type=chunk) - The Group will continue its environmental-related businesses, strengthen business strategies for **market penetration across different regions**, and prudently explore **business restructuring and industrial upgrading** to reduce reliance on and investment in specific markets[89](index=89&type=chunk) [Corporate Governance Practices](index=41&type=section&id=Corporate%20Governance%20Practices) The Company is committed to good corporate governance and complies with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, except for one deviation where Mr. Xi Yu serves as both Chairman and CEO, which the Board believes is currently in the Company's best interest - The Company has complied with all code provisions of the **Corporate Governance Code** in Part 2 of Appendix C1 of the Listing Rules, except for code provision **C.2.1**[96](index=96&type=chunk) - Mr. Xi Yu concurrently holds the roles of **Chairman of the Board and Chief Executive Officer**, constituting a deviation from code provision C.2.1 of the Corporate Governance Code[97](index=97&type=chunk) - The Board believes that combining the roles of Chairman and CEO facilitates the **execution of business strategies** and **maximizes operational efficiency**, with sufficient internal controls in place[97](index=97&type=chunk) [Connected Transactions and Financial Assistance](index=42&type=section&id=Connected%20Transactions%20and%20Financial%20Assistance) There were no disclosable connected transactions during the period, but the Company provided a bank loan guarantee for joint venture Xinyu Rongkai, with part of the loan overdue, and the Group also provided unsecured advances to Xinyu Rongkai, while Executive Directors Mr. Xi Yu and Ms. Zhang Xiaoling have interests in office lease agreements with the Group, and Director Ms. Liu Yujie has investments in other hazardous waste project companies, which the Board deems not to constitute competition - The Group had **no disclosable connected transactions** during the announcement period or for the six months ended June 30, 2025[99](index=99&type=chunk) - The Company provided a bank loan guarantee for joint venture Xinyu Rongkai, with an outstanding loan of approximately **RMB47.05 million** that matured on June 21, 2025[101](index=101&type=chunk) - Advances from Xinyu Rongkai to the Group of approximately **HK$29.70 million** are **unsecured** and bear fixed annual interest rates ranging from **3.20% to 4.05%**[104](index=104&type=chunk) - Executive Directors **Mr. Xi Yu and Ms. Zhang Xiaoling** have interests in office lease agreements with the Group, conducted on terms no less favorable than those available to independent third parties[107](index=107&type=chunk) - Director **Ms. Liu Yujie** holds investments in four companies operating hazardous waste projects, which the Board believes **do not constitute competition** with the Group[109](index=109&type=chunk) [Compliance with Relevant Laws and Regulations](index=45&type=section&id=Compliance%20with%20Relevant%20Laws%20and%20Regulations) The Group prioritizes legal and regulatory compliance, engaging financial and legal advisors for guidance, and as of June 30, 2025, no significant breaches of relevant laws and regulations materially impacting the Group's business and operations were identified - The Group prioritizes **legal and regulatory compliance** in formulating its policies and practices[111](index=111&type=chunk) - For the six months ended June 30, 2025, the Group was unaware of any **material breaches of relevant laws and regulations** that significantly impacted its business and operations[111](index=111&type=chunk) [Other Information](index=40&type=section&id=Other%20Information) [Dividends](index=40&type=section&id=Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, and the final dividend for the 2024 financial year was paid on July 31, 2025 - The Board does not recommend the payment of an **interim dividend** for the six months ended June 30, 2025[90](index=90&type=chunk) - The **final dividend for FY2024** of **HK$0.0016 per share**, totaling approximately **HK$4.86 million**, was paid on July 31, 2025[90](index=90&type=chunk) [Changes in Directors' and Management's Information](index=40&type=section&id=Changes%20in%20Directors%27%20and%20Management%27s%20Information) There have been no significant changes in the information of the directors and management team members for the six months ended June 30, 2025, and since the date of the most recent annual report - There were **no significant changes** in directors' information for the six months ended June 30, 2025[91](index=91&type=chunk) - There were **no significant changes** in the information of the Company's management team members[92](index=92&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during 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** during the six months ended June 30, 2025[93](index=93&type=chunk) [Events After Reporting Period](index=41&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the six months ended June 30, 2025, and up to the date of this announcement, for either the Company or the Group - Neither the Company nor the Group undertook any **significant events after the reporting period** up to the date of this announcement[94](index=94&type=chunk) [Public Float](index=45&type=section&id=Public%20Float) For the six months ended June 30, 2025, the Company maintained an adequate public float of not less than 25% of its issued shares as required by the Listing Rules - For the six months ended June 30, 2025, the Company maintained an **adequate public float of not less than 25%** of its issued shares as required by the Listing Rules[110](index=110&type=chunk) [Review and Publication](index=46&type=section&id=Review%20and%20Publication) The Company's Audit Committee reviewed the interim financial results, and the independent auditor reviewed the interim financial report in accordance with HKSRS 2410, finding no material issues, with the interim results announcement published on the Company's and HKEX websites - The Audit Committee reviewed the Company's **unaudited condensed consolidated financial results and information** for the six months ended June 30, 2025, with management[112](index=112&type=chunk) - The Company's independent auditor, **Crowe (HK) CPA Limited**, conducted a review in accordance with **HKSRS 2410**, finding no matters to suggest that the interim financial report was not prepared in all material respects in accordance with **HKAS 34 'Interim Financial Reporting'**[113](index=113&type=chunk) - This interim results announcement is available on the Company's website (**www.nuigl.com**) and the HKEX website (**www.hkexnews.hk**)[114](index=114&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 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 新宇環保集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00436 | 說明 | 新宇環保 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0 ...

6月4日，截至港股收盘，恒生指数上涨0.6%，报23654.03点。新宇环保（00436.HK）收报0.066港元/ 股，上涨34.69%，成交量70万股，成交额4.19万港元，振幅44.9%。 资料显示，新宇环保集团有限公司(「新宇环保」)自2000年成为香港创业板的上市公司(股份编号:8068), 并於2016年8月1日正式於香港主板上市(股份编号:436)。新宇环保自1996年以「汇科」作为品牌在香港 创立注塑精密模具的生产研发基地。累积了多年制造模具及生产无瑕疵塑胶产品的经验,新宇环保一直 知悉在生产过程中环保管理的重要性。於2006年,新宇环保开始进行多元化业务发展,并计划投入环保及 资源化再生业务。於2007年10月,新宇环保收购了以镇江新宇固体废物处置有限公司为首,分别位於江苏 省镇江市、盐城市及泰州市三家环保固体废物处置中心的绝对控股权及管理权,该三家外商独资企业,现 时合计已缴注册资本为1,225万美元,自2003年已经在江苏省内从事工业及医疗危险固体废物的环保处置 及研发综合资源化,该三家环保公司拥有的土地总面积为44,964平方米(共68亩)、设有厂房、焚烧设备、 合营危险废物填埋场设施 ...

Financial Performance - For the year ended December 31, 2024, the Group's revenue from continuing operations decreased by 13.9% to HK$349,416,000 compared to the previous year[16]. - The Group recorded a post-tax loss of HK$31,605,000, an improvement from a net loss of HK$35,767,000 in the previous year[16]. - Adjusted EBITDA in 2024 decreased by 11.7% to HK$72,783,000, down from HK$82,450,000 in 2023[16]. - The loss attributable to owners of the Company was HK$26,335,000, compared to a loss of HK$28,582,000 in 2023[19]. - Total revenue for 2024 decreased by 13.9% to HK$349,416,000 compared to HK$405,612,000 in 2023[77]. - Revenue from environmental treatment and disposal services for industrial and medical wastes fell by 17.8% to HK$224,254,000[77]. - Average gross profit margin decreased from 16.1% in 2023 to 15.7% in 2024, reflecting a decline of 2.5%[77]. - Net loss for the year improved by 11.6% to HK$31,605,000 from HK$35,767,000 in the previous year[77]. - Basic and diluted loss per share improved to HK$0.87 from HK$1.09, a reduction of 20.2%[77]. Assets and Liabilities - Equity attributable to owners of the Company as of December 31, 2024, was HK$869,053,000, down from HK$908,251,000 in 2023[19]. - Total assets as of December 31, 2024, were HK$1,247,615,000, a decrease from HK$1,301,424,000 in 2023[162]. - Non-current assets decreased to HK$893,426,000 in 2024 from HK$969,911,000 in 2023, reflecting a decline of 7.8%[162]. - Total liabilities decreased to HK$283,165,000 from HK$288,065,000 in 2023, representing a decline of 0.3%[163]. - Current liabilities amounted to HK$246,862,000, down from HK$249,980,000 in 2023, indicating a reduction of 1%[163]. - Net current assets improved to HK$107,327,000, compared to HK$81,533,000 in 2023, reflecting an increase of 31.6%[163]. Cash Flow and Capital Expenditure - Cash and cash equivalents of the Group as of December 31, 2024, increased to HK$220,823,000 from HK$186,365,000 in 2023[19]. - The Group's cash and bank balances as of December 31, 2024, totaled HK$220,823,000, an increase from HK$186,365,000 in 2023[105]. - For the year ended December 31, 2024, the Group's capital expenditure for environmental treatment and disposal services for industrial and medical wastes was approximately HK$2,986,000, a decrease of 78.9% from HK$14,152,000 in 2023[98]. - The capital expenditure for industrial sewage and sludge treatment services in the Eco-plating Specialised Zone increased to approximately HK$23,149,000, up 287.5% from HK$5,974,000 in 2023[98]. Operational Highlights - The Company collected approximately 167,964 metric tonnes of waste for treatment and disposal in 2024, significantly up from 96,686 metric tonnes in 2023[46]. - Segment revenue from environmental treatment and disposal services for industrial and medical wastes was approximately HK$224,254,000 in 2024, down from HK$272,671,000 in 2023[46]. - The centralized sewage treatment plant handled 315,038 metric tonnes of plating sewage in 2024, down from 330,615 metric tonnes in 2023, indicating a decline of 4.7%[61]. - The Group's four subsidiaries maintained a licensed annual incineration capacity of 135,400 metric tonnes of hazardous waste and 11,800 metric tonnes of regulated medical waste as of December 31, 2024[70]. Strategic Initiatives - The Company plans to explore business restructuring opportunities in 2025 to enhance operational efficiency and financial performance[22]. - The Company aims to adapt its business strategies in response to ongoing market challenges and uncertainties[21]. - The Group is committed to exploring opportunities for business restructuring and industrial upgrading to enhance the sustainability of its environmental operations[71]. - The Group will strengthen marketing functions and contractual relationships with clients to ensure stable operations amid market transitions[150]. Human Resources - The Group had 401 full-time employees as of December 31, 2024, a reduction of 16.8% from 482 in 2023[136]. - Staff costs for the year ended December 31, 2024, were HK$71,574,000, a decrease of 19.8% from HK$89,272,000 in 2023[136]. - Employee compensation and benefits are aligned with current market levels, including bonuses and medical insurance[140]. Risks and Challenges - The Group faces significant competition in the hazardous waste treatment market, necessitating continuous upgrades to facilities and staff development to maintain competitiveness[149]. - The Group is dependent on the renewal of hazardous waste operating permission licenses from the PRC Government, which poses a risk of temporary suspension or delays in renewal[146]. - The Group faces credit risk from underperforming accounts receivable due to distressed clients amid increased economic uncertainties, necessitating regular assessments of recoverability[158]. - The economic conditions in Mainland China may affect hazardous waste discharge quantities and treatment service pricing, impacting the Group's operations[156].