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: 光啟科學有限公司 (於百慕達註冊成立之有限公司) 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) | 00439 | 說明 | 光啟科學 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 731,666,666 | HKD | | 0.1 HKD | | | 73,166,666.6 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 731,666,666 | HKD | | 0.1 HKD | | | 73,166, ...

KUANGCHI SCIENCE LIMITED 光啟科學有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code股份代號: 439) NOTIFICATION LETTER 通知信函 Notes: 各位非登記持有人 （附註1） ： 光 啟 科 學 有 限 公 司（「本 公 司」） －刊發2025中 期 報 告（「本 次 公 司 通 訊」） 本 公 司 的 本 次 公 司 通 訊 之 中、英 文 版 本 已 分 別 上 載 於 本 公 司 網 站(www.kuangchiscience.com)及香港聯合交易所有限公司之網站 (www.hkexnews.hk) （「網站版本」）。本 公 司 建 議 閣 下 閱 覽 本 公 司 本 次 公 司 通 訊 的 網 站 版 本。 Date as postmarked Dear Non-registered Holder(s) (Note 1), KuangChi Science Limited (the "Company") – Notice of publica ...

KUANGCHI SCIENCE LIMITED 光啟科學有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code股份代號: 439) NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. KuangChi Science Limited (the "Company") – Notice of publication of Interim Report 2025 ((the "Current Corporate Communication") It is the responsibility of registered shareholders to provide a functional email address. If you have not provided your email address to the Company or need to update your email address, the Company recomme ...

[Company Information](index=3&type=section&id=Company%20Information) This section details the company's governance structure, key personnel, and administrative information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) Company board members changed, with Dr. Liu Weiwen and Mr. Lin Ge appointed as executive directors on September 10, 2025, while Dr. Liu Ruopeng, Dr. Luan Lin, and Dr. Ji Chunlin resigned on the same day; audit, remuneration, and nomination committee members remained stable - Executive Director changes: **Dr. Liu Weiwen** and **Mr. Lin Ge** were appointed on September 10, 2025, while **Dr. Liu Ruopeng**, **Dr. Luan Lin**, and **Dr. Ji Chunlin** resigned on the same day[4](index=4&type=chunk) [Company Secretary, Auditor, and Offices](index=3&type=section&id=Company%20Secretary%2C%20Auditor%2C%20and%20Offices) Mr. Zheng Zhicong is the Company Secretary; the auditor changed from RSM Hong Kong to BCT CPA Limited; the company has a registered office in Bermuda and principal offices in Hong Kong and Shenzhen - Auditor change: **BCT CPA Limited** was appointed on June 27, 2025, and **RSM Hong Kong** retired on the same day[4](index=4&type=chunk) - The company maintains a registered office in Bermuda, a principal office in Hong Kong, and a principal office in Shenzhen[4](index=4&type=chunk)[5](index=5&type=chunk) [Share Registrar and Principal Bankers](index=4&type=section&id=Share%20Registrar%20and%20Principal%20Bankers) The company's Hong Kong share registrar is Tricor Secretaries Limited, and its Bermuda registrar is Conyers Corporate Services (Bermuda) Limited; principal bankers include Bank of China (Hong Kong) Limited, China Construction Bank Corporation, and Ping An Bank Co., Ltd - Hong Kong Share Registrar: **Tricor Secretaries Limited**[5](index=5&type=chunk) - Principal Bankers: **Bank of China (Hong Kong)**, **China Construction Bank**, and **Ping An Bank**[5](index=5&type=chunk) - Stock Code: **439**[5](index=5&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's financial performance, strategic direction, and key operational aspects for the period [Performance Review and Outlook](index=5&type=section&id=Performance%20Review%20and%20Outlook) For the six months ended June 30, 2025, the Group's revenue slightly increased by 5.1% to HK$33.7 million, achieving a net profit of HK$1.8 million, reversing the loss from the same period last year, primarily due to reduced operating and income tax expenses Performance Highlights (For the six months ended June 30) | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Sales Revenue | 33,700 | 32,000 | +5.1% | | Net Profit | 1,800 | (5,200) | Turned loss into profit | - The increase in net profit was primarily due to reduced operating expenses and income tax expenses[7](index=7&type=chunk) [Strengthening Core Business and Expanding Strategic Areas](index=5&type=section&id=Strengthening%20Core%20Business%20and%20Expanding%20Strategic%20Areas) The Group continues to deepen its AI product development and vertical industry applications, focusing on smart wearable devices (e.g., police and fire helmets) and smart factory solutions, while management plans to strategically expand into AI and new materials, exploring the integration of AI with traditional materials engineering, novel functional materials R&D, and advanced manufacturing processes to open new growth engines - Core business: Customized system development, with a focus on **smart wearables** (police and fire helmets) and **smart factory solutions**[8](index=8&type=chunk)[9](index=9&type=chunk) - Strategic expansion: Focusing on **Artificial Intelligence** and **new materials**, exploring the integration of AI with traditional materials engineering, novel functional materials R&D, and advanced manufacturing processes[10](index=10&type=chunk) - Potential application areas: **new energy**, **aerospace equipment**, **environmental protection**, **flexible electronics**, and **smart sensing**[10](index=10&type=chunk) - High-end aerospace tooling business steadily expanded, enhancing product design, system integration, and comprehensive solution capabilities in the industrial sector[8](index=8&type=chunk) [Employee Information and Remuneration Policy](index=7&type=section&id=Employee%20Information%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total number of employees was 131, a decrease from 179 at the end of 2024; employee benefit expenses slightly increased year-on-year; the company is committed to attracting high-tech talent and providing continuous training and share option schemes to incentivize employees Employee Data | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 131 employees | 179 employees | Decrease of 48 employees | | Employee Benefit Expenses | 8,286 HK$ thousand | 7,868 HK$ thousand | Increase of 418 HK$ thousand | - The company will globally recruit high-tech talent in areas such as **Artificial Intelligence**, **big data**, **electronic information**, **industrial design**, and **smart manufacturing engineering**[12](index=12&type=chunk) [Interim Dividend](index=7&type=section&id=Interim%20Dividend) The Board has resolved not to declare any interim dividend for the period, consistent with the same period last year - The Board decided not to declare an interim dividend (2024: nil)[13](index=13&type=chunk) [Capital Structure, Liquidity, and Financial Resources](index=7&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20and%20Financial%20Resources) As of June 30, 2025, the company had 615,692,886 ordinary shares issued; total shareholders' equity, total assets, and total liabilities all decreased; bank and cash balances significantly reduced, and total bank borrowings increased, leading to a gearing ratio change from zero (net cash) to 1.30% Capital Structure and Financial Resources | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Issued Ordinary Shares | 615.7 | 615.7 | No change | | Total Shareholders' Equity | 2,490.9 | 2,727.4 | Decrease of 236.5 | | Total Assets | 2,945.5 | 3,201.6 | Decrease of 256.1 | | Total Liabilities | 454.6 | 474.2 | Decrease of 19.6 | | Bank and Cash Balances | 77.8 | 147.3 | Decrease of 69.5 | | Total Bank Borrowings | 110.9 | 90.5 | Increase of 20.4 | | Gearing Ratio | 1.30% | 0% | Increase | - Bank borrowings bear interest at floating rates ranging from **3.20% to 6.90%** per annum[16](index=16&type=chunk) - The Group has not entered into any instruments for foreign exchange risk but will closely monitor exchange rate fluctuations[16](index=16&type=chunk) [Pledge of Assets](index=8&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's right-of-use assets (HK$65.9 million) and construction in progress (HK$463.9 million) were pledged as collateral for bank borrowings; additionally, HK$0.87 million in bank deposits were pledged for construction projects and service contracts Pledged Assets | Pledged Assets | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Right-of-use assets | 65.9 | 64.7 | Increase of 1.2 | | Construction in progress | 463.9 | 442.6 | Increase of 21.3 | | Bank deposits | 0.87 | 0.841 | Increase of 0.029 | [Contingent Liabilities and Risk Management](index=9&type=section&id=Contingent%20Liabilities%20and%20Risk%20Management) Except as disclosed elsewhere in the interim condensed consolidated financial information, the Group had no other contingent liabilities as of June 30, 2025; the Group regularly reviews its risk and credit control systems, with no significant changes to risk management policies since the last year-end - Except for disclosed matters, the Group had no other contingent liabilities as of **June 30, 2025**[20](index=20&type=chunk) - The Group regularly reviews its risk and credit control systems, and there have been no significant changes to its risk management policies[21](index=21&type=chunk) [Significant Investments, Major Acquisitions or Disposals](index=9&type=section&id=Significant%20Investments%2C%20Major%20Acquisitions%20or%20Disposals) The Group holds shares in Kuang-Chi Technologies Co., Ltd., with a shareholding of approximately 2.07% and a carrying value of approximately HK$1,959.8 million as of June 30, 2025, accounting for 66.5% of total assets; there were no other significant investments, acquisitions, or disposals during the reporting period - The Group holds shares in **Kuang-Chi Technologies Co., Ltd.**, representing approximately **2.07%** of its issued shares[25](index=25&type=chunk)[99](index=99&type=chunk) Investment in Kuang-Chi Technologies Co., Ltd. | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Carrying value of Kuang-Chi Technologies shares | 1,959.8 | 2,264.8 | Decrease of 305.0 | | Percentage of Group's total assets | 66.5% | 70.7% | Decrease of 4.2 percentage points | - Kuang-Chi Technologies declared a dividend on October 10, 2024, and the Group received approximately **HK$11.275 million** on October 21, 2024[25](index=25&type=chunk) - There were no other significant investments, acquisitions, or disposals of subsidiaries and associates during the period[26](index=26&type=chunk) [Post-Reporting Period Events and Future Plans](index=10&type=section&id=Post-Reporting%20Period%20Events%20and%20Future%20Plans) No significant events have occurred between the end of the period and the report date that would materially affect the Group; the Group currently has no future plans for any significant investments or capital asset additions - No significant events have occurred after the reporting period that would materially affect the Group[27](index=27&type=chunk) - The Group currently has no future plans for any significant investments or additions of capital assets[28](index=28&type=chunk) [Update on Audit Qualification](index=11&type=section&id=Update%20on%20Audit%20Qualification) Litigation regarding a sales contract dispute between a Group subsidiary and Customer A is ongoing; the second instance judgment was unfavorable to the Group, ordering the cancellation of the contract and the return of RMB103.5 million received; the Group has applied for a retrial with the Guangdong Provincial High People's Court and approximately RMB108.3 million has been deducted by the court; the Board, based on legal advice, believes the final outcome is unlikely to have a material adverse effect on the financial position, but the outcome remains uncertain - Sales contract dispute: The second instance judgment was unfavorable to the Group, ordering the cancellation of the contract and the return of **RMB103.5 million**[31](index=31&type=chunk) - The Group has applied for a retrial with the Guangdong Provincial High People's Court, and approximately **RMB108.3 million** has been deducted by the court[31](index=31&type=chunk) - The Board believes the final outcome is unlikely to have a material adverse effect on the financial position, but the appeal outcome cannot be fully and definitively predicted[31](index=31&type=chunk) [Share Option Scheme](index=12&type=section&id=Share%20Option%20Scheme) The company has a share option scheme to incentivize eligible participants who contribute to the Group's operational success; as of June 30, 2025, a total of 1,746,000 share options remained unexercised, with an exercise price of HK$2.290; no share options were granted, exercised, cancelled, or lapsed during the period Outstanding Share Options | Option Category | Outstanding as of June 30, 2025 | Exercise Price (HK$) | | :--- | :--- | :--- | | Employees | 1,626,000 | 2.290 | | Directors and Chief Executive | 120,000 | 2.290 | | **Total** | **1,746,000** | **2.290** | - Share options vest upon the achievement of certain performance targets stated in their respective offer letters and are exercisable in tranches[35](index=35&type=chunk) - As of June 30, 2025, the number of shares available for issue was **1,746,000**, representing approximately **0.28%** of the weighted average number of issued shares[34](index=34&type=chunk) [Directors' and Chief Executive's Interests in Shares](index=13&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Shares) This section outlines the shareholdings and interests of the company's directors and chief executive in the company's shares [Directors' and Chief Executive's Shareholdings](index=13&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Shareholdings) As of June 30, 2025, Dr. Liu Ruopeng held 83,299,064 shares in the company through corporate interests, representing 13.53% of the total issued shares; Dr. Liu Weiwen held 120,000 relevant shares (share options), representing 0.019% Directors' and Chief Executive's Shareholdings | Name of Director/Chief Executive | Nature of Interest | Number of Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Dr. Liu Ruopeng | Corporate Interest | 83,299,064 (L) | 13.53% | | Dr. Liu Weiwen | Personal Related Share Interest (Share Options) | 120,000 (L) | 0.019% | - Dr. Liu Ruopeng's interests are primarily held through subsidiaries of **Wireless Connection Innovative Technology Limited**, **Innovative Power Group Limited**, and **Shenzhen Kuangchi Youlu Technology Co., Ltd.**, which he controls[38](index=38&type=chunk) - As of **June 30, 2025**, the company's issued shares totaled **615,692,886**[40](index=40&type=chunk) [Substantial Shareholders' Interests in Shares](index=15&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Shares) This section details the shareholdings of the company's major shareholders, including their beneficial and controlled interests [Substantial Shareholders' Shareholdings](index=15&type=section&id=Substantial%20Shareholders%27%20Shareholdings) As of June 30, 2025, Freedom Bless Limited was the largest shareholder, holding 28.99% of shares; Lam Ka Yan held the same proportion through controlled corporate interests; Ms. Huang Weizi (Dr. Liu's spouse) was deemed to hold 13.53% of shares; Central Faith International Ltd. and World Treasure Global Limited were also substantial shareholders Substantial Shareholders' Shareholdings | Name of Substantial Shareholder/Entity | Capacity | Number of Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Freedom Bless Limited | Beneficial Owner | 178,550,936 (L) | 28.99% | | Lam Ka Yan | Interest in Controlled Corporation | 178,550,936 (L) | 28.99% | | Ms. Huang Weizi | Spouse's Interest | 83,299,064 (L) | 13.53% | | New Horizon Wireless | Beneficial Owner | 60,786,205 (L) | 9.87% | | Wireless Connection Innovative Technology Limited | Interest in Controlled Corporation | 60,786,205 (L) | 9.87% | | New Horizon Communication | Beneficial Owner | 22,462,859 (L) | 3.65% | | Innovative Power Group Limited | Interest in Controlled Corporation | 22,462,859 (L) | 3.65% | | Shenzhen Kuangchi Hezhong Technology Co., Ltd. | Interest in Controlled Corporation | 60,836,205 (L) | 9.88% | | Shenzhen Dapeng Kuangchi Investment Consulting Co., Ltd. | Interest in Controlled Corporation | 83,249,064 (L) | 13.52% | | Central Faith International Ltd. | Beneficial Owner and Interest in Controlled Corporation | 97,298,101 (L) | 15.80% | | World Treasure Global Limited | Beneficial Owner | 61,898,101 (L) | 10.05% | | Ye Cheng | Interest in Controlled Corporation | 34,747,198 (L) | 5.64% | - **Freedom Bless Limited** is wholly owned by **Lam Ka Yan**[44](index=44&type=chunk) - Ms. Huang Weizi's interest is based on the shareholdings of companies controlled by her spouse, **Dr. Liu**[44](index=44&type=chunk) [Corporate Governance and Other Information](index=17&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's adherence to corporate governance principles, director conduct, public float, and review of financial results [Corporate Governance Practices and Code of Conduct](index=17&type=section&id=Corporate%20Governance%20Practices%20and%20Code%20of%20Conduct) The company has adopted sound corporate governance principles and complied with all provisions of the Corporate Governance Code during the period; directors also complied with the Model Code for Securities Transactions by Directors of Listed Issuers - The company has adopted sound corporate governance principles and complied with all provisions of the **Corporate Governance Code** during the period[46](index=46&type=chunk)[47](index=47&type=chunk) - All Directors confirmed compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** throughout the period[48](index=48&type=chunk) [Changes in Directors' Information and Securities Transactions](index=17&type=section&id=Changes%20in%20Directors%27%20Information%20and%20Securities%20Transactions) There were no changes in directors' and chief executive's information requiring disclosure for the six months ended June 30, 2025, and up to the report date; neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period - No changes in directors' and chief executive's information requiring disclosure[49](index=49&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[50](index=50&type=chunk) [Public Float and Litigation](index=18&type=section&id=Public%20Float%20and%20Litigation) The company maintained a sufficient public float as required by the Listing Rules as of the report date; except as disclosed in Note 18 to the interim condensed consolidated financial information, the Group had no other major litigation or arbitration proceedings during the period - The company maintained a sufficient public float as required by the **Listing Rules**[51](index=51&type=chunk) - Except as disclosed in Note 18, the Group had no other major litigation or arbitration proceedings during the period[52](index=52&type=chunk) [Review of Significant Investments and Future Plans](index=18&type=section&id=Review%20of%20Significant%20Investments%20and%20Future%20Plans) The Group had no significant investments, disposals, or acquisitions of subsidiaries, associates, or joint ventures during the period; directors confirmed that as of the report date, the company currently has no plans to acquire any significant investments or capital assets; the Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025 - No significant investments, disposals, or acquisitions of subsidiaries, associates, or joint ventures during the period[53](index=53&type=chunk) - The company currently has no plans to acquire any significant investments or capital assets[54](index=54&type=chunk) - The **Audit Committee** has reviewed the Group's interim results for the six months ended **June 30, 2025**[55](index=55&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the group's revenues, expenses, and net profit or loss for the reporting period [Profit or Loss Overview](index=19&type=section&id=Profit%20or%20Loss%20Overview) For the six months ended June 30, 2025, the Group's revenue was HK$33,656 thousand, a slight increase year-on-year; net profit for the period was HK$1,821 thousand, successfully reversing a net loss of HK$5,226 thousand in the prior year, mainly due to increased net finance income and a significant reduction in income tax expense Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 33,656 | 32,028 | +5.1% | | Gross profit | 8,906 | 7,539 | +18.1% | | Net other gains | 3,791 | 12,247 | -69.1% | | Operating loss | (4,504) | (2,803) | Loss widened | | Net finance income | 7,186 | 5,145 | +39.7% | | Profit before tax | 1,979 | 2,342 | -15.5% | | Income tax expense | (158) | (7,568) | -97.9% | | Profit/(loss) for the period | 1,821 | (5,226) | Turned loss into profit | | Basic earnings/(loss) per share | 0.30 HK cents | (0.85) HK cents | Turned loss into profit | - Income tax expense significantly decreased from **HK$7,568 thousand** in 2024 to **HK$158 thousand** in 2025, a key factor in turning the loss into profit[57](index=57&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section details the group's profit or loss for the period and other comprehensive income items, leading to total comprehensive income or loss [Comprehensive Income Overview](index=20&type=section&id=Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the Group recorded a profit of HK$1,821 thousand, but due to a significant loss from fair value changes of financial assets at fair value through other comprehensive income (HK$325,836 thousand), the total comprehensive loss for the period was HK$236,478 thousand, a stark contrast to the total comprehensive income of HK$65,959 thousand in the prior year Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Profit/(loss) for the period | 1,821 | (5,226) | Turned loss into profit | | Exchange differences arising from translation of foreign operations | 87,537 | (34,210) | Turned into gain | | Fair value changes of financial assets at fair value through other comprehensive income | (325,836) | 105,395 | Turned into loss | | Other comprehensive (loss)/income, net of tax | (238,299) | 71,185 | Turned into loss | | Total comprehensive (loss)/income for the period | (236,478) | 65,959 | Turned into loss | - Fair value changes of financial assets at fair value through other comprehensive income were the primary reason for the shift from comprehensive income to loss[58](index=58&type=chunk) [Condensed Consolidated Statement of Financial Position](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides a snapshot of the group's assets, liabilities, and equity at the end of the reporting period [Financial Position Overview](index=21&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, the Group's total assets were HK$2,945,499 thousand, a decrease of approximately 8% from the end of 2024, mainly due to a decline in the value of financial assets at fair value through other comprehensive income (primarily Kuang-Chi Technologies shares); total equity decreased accordingly, while total liabilities slightly decreased Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 2,651,374 | 2,930,704 | -9.5% | | Total current assets | 294,125 | 270,927 | +8.5% | | **Total Assets** | **2,945,499** | **3,201,631** | **-8.0%** | | **Equity** | | | | | Total equity | 2,490,904 | 2,727,382 | -8.6% | | **Liabilities** | | | | | Total non-current liabilities | 348,053 | 379,196 | -8.2% | | Total current liabilities | 106,542 | 95,053 | +12.1% | | **Total Liabilities** | **454,595** | **474,249** | **-4.1%** | - Financial assets at fair value through other comprehensive income (primarily **Kuang-Chi Technologies shares**) decreased from **HK$2,264,752 thousand** to **HK$1,959,820 thousand**, which is the main reason for the decline in total assets[60](index=60&type=chunk)[99](index=99&type=chunk) - Trade and other receivables significantly increased from **HK$94,257 thousand** to **HK$186,805 thousand**, primarily due to an increase in other deposits paid (litigation-related)[60](index=60&type=chunk)[100](index=100&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=23&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section illustrates the movements in the group's equity components over the reporting period [Changes in Equity Overview](index=23&type=section&id=Changes%20in%20Equity%20Overview) For the six months ended June 30, 2025, total equity attributable to owners of the company decreased from HK$2,727,382 thousand as of January 1, 2025, to HK$2,490,904 thousand; despite recording a profit for the period, a significant loss from fair value changes of financial assets at fair value through other comprehensive income resulted in a total comprehensive loss of HK$236,478 thousand, which was the main reason for the decrease in equity Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total equity at beginning of period | 2,727,382 | 1,493,847 | | Profit/(loss) for the period | 1,821 | (5,226) | | Exchange differences on translation | 87,537 | (34,210) | | Fair value changes of financial assets at fair value through other comprehensive income | (325,836) | 105,395 | | Total comprehensive income/(loss) for the period | (236,478) | 65,959 | | Equity-settled share-based payments | – | 75 | | Total equity at end of period | 2,490,904 | 1,559,881 | - Financial assets reserve decreased by **HK$325,836 thousand** due to fair value changes[63](index=63&type=chunk) - Exchange fluctuation reserve increased by **HK$87,537 thousand** due to exchange differences on translation[63](index=63&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities for the group [Cash Flow Overview](index=25&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the Group's net cash used in operating activities was HK$87,790 thousand, an improvement from the prior year; investing activities generated net cash of HK$68 thousand, compared to net cash used in the prior year; financing activities generated net cash of HK$15,773 thousand; the combined effect resulted in a net decrease of HK$71,949 thousand in bank and cash balances Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (87,790) | (95,545) | Decrease in cash used | | Net cash generated from/(used in) investing activities | 68 | (18,791) | Turned into cash generated | | Net cash generated from/(used in) financing activities | 15,773 | (10,000) | Turned into cash generated | | Net decrease in bank and cash balances | (71,949) | (124,336) | Decrease narrowed | | Bank and cash balances at end of period | 77,764 | 132,907 | Decrease | - Cash flow from investing activities turned into a net inflow, primarily due to no significant acquisition of investment properties during the period[66](index=66&type=chunk) - Cash flow from financing activities turned into a net inflow, primarily due to increased proceeds from bank borrowings[66](index=66&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=26&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed explanations and breakdowns of the figures presented in the interim financial statements [1 General Information](index=26&type=section&id=1%20General%20Information) KuangChi Science Limited is an investment holding company incorporated in Bermuda, with its shares listed on the Main Board of the Hong Kong Stock Exchange; the Group primarily engages in research, development, and manufacturing of innovative products for future technology businesses and provides other innovative technology service solutions; the interim condensed consolidated financial information is presented in HK dollars and was approved for publication by the Board on August 29, 2025, and has not been audited or reviewed by external auditors - The company is an investment holding company primarily engaged in the research, development, and manufacturing of innovative products for future technology businesses and providing innovative technology service solutions[67](index=67&type=chunk) - The interim condensed consolidated financial information is presented in **HK dollars** and has not been audited or reviewed by external auditors[68](index=68&type=chunk) [2 Basis of Preparation](index=26&type=section&id=2%20Basis%20of%20Preparation) This interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange, and should be read in conjunction with the annual financial statements for the year ended December 31, 2024 - Basis of preparation: **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** and **Appendix D2 to the Listing Rules of the Stock Exchange**[69](index=69&type=chunk) - The financial information is prepared on a historical cost basis, except for investment properties measured at fair value, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss[69](index=69&type=chunk) [3 Summary of Significant Accounting Policies](index=27&type=section&id=3%20Summary%20of%20Significant%20Accounting%20Policies) The accounting policies adopted for this period are consistent with those used in the 2024 annual financial statements, except for changes resulting from the application of new and revised Hong Kong Financial Reporting Standards (such as HKAS 21 (Amendment) Lack of Exchangeability); management is assessing the impact of standards issued but not yet effective on the business - The Group first applied **HKAS 21 (Amendment) "Lack of Exchangeability"** during the period, but it had no significant impact on the financial position and performance[71](index=71&type=chunk) - Management is assessing the impact of standards issued but not yet effective (such as amendments to **HKFRS 7, 9, 18, and 10, and HKAS 28**) on the Group's business[72](index=72&type=chunk)[73](index=73&type=chunk) [4 Estimates](index=28&type=section&id=4%20Estimates) The preparation of the interim condensed consolidated financial information requires management to make judgments, estimates, and assumptions, which are consistent with those used in the consolidated financial statements for the year ended December 31, 2024; actual results may differ from these estimates - The significant judgments made by management in applying the financial information and the key sources of estimation uncertainty are the same as those applied in the 2024 annual consolidated financial statements[74](index=74&type=chunk) [5 Financial Risk Management and Financial Instruments](index=28&type=section&id=5%20Financial%20Risk%20Management%20and%20Financial%20Instruments) The Group is exposed to market risks (including currency and interest rate risks), credit risk, and liquidity risk; financial instruments are measured at fair value hierarchy (Level 1 to Level 3), with listed equity securities classified as Level 1 and unlisted equity securities as Level 3; the Group's finance department has a team responsible for valuing financial assets - The Group is exposed to **market risks** (currency risk and interest rate risk), **credit risk**, and **liquidity risk**[75](index=75&type=chunk) Fair Value Hierarchy of Financial Assets (HK$ thousand) | Category | June 30, 2025 (Level 1) | June 30, 2025 (Level 3) | December 31, 2024 (Level 1) | December 31, 2024 (Level 3) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through other comprehensive income - Listed equity securities | 1,959,820 | – | 2,264,752 | – | | Financial assets at fair value through profit or loss - Unlisted equity securities | – | 5,484 | – | 5,301 | | **Total** | **1,959,820** | **5,484** | **2,264,752** | **5,301** | - The Group's finance department has a team responsible for valuing financial assets, reporting directly to the **Chief Financial Officer** and the **Audit Committee**[79](index=79&type=chunk) [6 Revenue and Segment Information](index=31&type=section&id=6%20Revenue%20and%20Segment%20Information) The Group's business constitutes a single reportable segment; for the six months ended June 30, 2025, total revenue was HK$33,656 thousand, primarily from the sale of metal component products (HK$32,782 thousand); all revenue and non-current assets are derived from the China region - The Group's business constitutes a **single reportable segment**[81](index=81&type=chunk) Revenue by Major Product or Service Line (HK$ thousand) | Product or Service Line | 2025 | 2024 | | :--- | :--- | :--- | | Sales of AI coverage systems and related products | – | 2,506 | | Sales of wearable smart helmets | 874 | 256 | | Sales of metal component products | 32,782 | 29,266 | | **Total Revenue** | **33,656** | **32,028** | Geographical Information (HK$ thousand) | Region | 2025 Revenue | 2024 Revenue | 2025 Non-current Assets* | 2024 Non-current Assets* | | :--- | :--- | :--- | :--- | :--- | | China | 33,656 | 32,028 | 691,554 | 665,952 | [7 Other Income](index=32&type=section&id=7%20Other%20Income) For the six months ended June 30, 2025, the Group's total other income was HK$1,495 thousand, slightly lower than the prior year; the main sources were rental income from investment properties and miscellaneous income Other Income (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government grants | 32 | 39 | | Rental income from investment properties | 874 | 927 | | Miscellaneous income | 589 | 568 | | **Total** | **1,495** | **1,534** | [8 Net Other Gains](index=32&type=section&id=8%20Net%20Other%20Gains) For the six months ended June 30, 2025, the Group's net other gains were HK$3,791 thousand, a significant decrease from HK$12,247 thousand in the prior year; the decrease was mainly due to gains from the disposal of investment properties in the prior year, while this period included gains from the derecognition of a subsidiary Net Other Gains (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net exchange gains | 692 | 453 | | Gain on disposal of investment properties | – | 11,809 | | Gain on derecognition of a subsidiary | 3,099 | – | | Write-off of property, plant and equipment | – | (15) | | **Total** | **3,791** | **12,247** | - In 2024, the disposal of investment properties generated a gain of **HK$11,809 thousand**, while there was no such gain in 2025[86](index=86&type=chunk) [9 Operating Loss](index=32&type=section&id=9%20Operating%20Loss) For the six months ended June 30, 2025, the Group's operating loss was HK$4,504 thousand, an increase from HK$2,803 thousand in the prior year; major expenses included cost of sales, salaries, wages and other benefits, administrative expenses, and impairment loss on trade receivables Major Components of Operating Loss (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of sales | 24,750 | 24,489 | | Salaries, wages and other benefits | 7,432 | 7,368 | | Amortisation of intangible assets | 3 | 62 | | Depreciation of property, plant and equipment | 450 | 7 | | Amortisation of right-of-use assets | 1,063 | 1,066 | | Directors' emoluments | 854 | 500 | | Impairment loss on trade receivables | 3,152 | 4,887 | - Impairment loss on trade receivables decreased from **HK$4,887 thousand** to **HK$3,152 thousand**[87](index=87&type=chunk) [10 Income Tax Expense](index=33&type=section&id=10%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was HK$158 thousand, a significant decrease from HK$7,568 thousand in the prior year; Hong Kong profits tax was nil, and China corporate income tax was calculated at rates of 25% or 15% (for high-tech enterprises) Income Tax Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong profits tax | – | – | | China corporate income tax | 158 | 7,568 | | **Total** | **158** | **7,568** | - The applicable tax rate for Chinese subsidiaries is **25%**, or **15%** for high-tech enterprises[88](index=88&type=chunk) - Hong Kong profits tax was nil as the Group had no assessable profits in Hong Kong[90](index=90&type=chunk) [11 Dividends](index=33&type=section&id=11%20Dividends) For the six months ended June 30, 2025, and 2024, the company neither paid, declared, nor proposed any dividends - The company neither paid, declared, nor proposed any dividends during the current period and the same period last year[89](index=89&type=chunk) [12 Earnings/(Loss) Per Share](index=34&type=section&id=12%20Earnings%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the company were HK$0.30 cents, successfully reversing a loss per share of HK$0.85 cents in the prior year; diluted earnings per share were not assumed to be impacted by unexercised share options as their exercise price was higher than the average market price Earnings/(Loss) Per Share | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit/(loss) for the purpose of calculating basic and diluted earnings/(loss) per share | 1,821 | (5,226) | | **Basic per share (HK cents per share)** | **0.30** | **(0.85)** | | **Diluted per share (HK cents per share)** | **0.30** | **(0.85)** | - The calculation of diluted earnings/(loss) per share does not assume the exercise of unexercised share options because their exercise price was higher than the average market price of the company's shares[92](index=92&type=chunk) [13 Property, Plant and Equipment](index=35&type=section&id=13%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the carrying value of property, plant and equipment was HK$471,183 thousand, an increase from HK$448,855 thousand at the end of 2024, primarily due to additions to construction in progress and exchange differences Carrying Value of Property, Plant and Equipment (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Plant and machinery | 6,278 | 6,184 | | Furniture and fixtures | – | – | | Office equipment | 99 | 120 | | Motor vehicles | 922 | – | | Construction in progress | 463,884 | 442,551 | | **Total** | **471,183** | **448,855** | - The cost of construction in progress increased from **HK$442,551 thousand** at the end of 2024 to **HK$463,884 thousand** as of June 30, 2025[93](index=93&type=chunk) [14 Investment Properties](index=36&type=section&id=14%20Investment%20Properties) As of June 30, 2025, the carrying value of investment properties was HK$105,208 thousand, a slight increase from HK$104,048 thousand at the end of 2024; these properties are primarily leased out to earn rental income Carrying Value of Investment Properties (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cost | 123,108 | 118,988 | | Accumulated depreciation | (17,900) | (14,940) | | **Carrying value** | **105,208** | **104,048** | - Investment properties are leased out under operating leases, with rent paid monthly and initial lease terms typically one year[94](index=94&type=chunk) [15 Leases](index=37&type=section&id=15%20Leases) As of June 30, 2025, the balance of right-of-use assets was HK$65,872 thousand, largely consistent with the end of 2024; amortization expense for right-of-use assets recognized during the period was HK$1,063 thousand, and operating lease expenses related to short-term leases were HK$79 thousand Balance of Right-of-Use Assets (HK$ thousand) | Item | June 30, 2025 | | :--- | :--- | | Balance as of January 1, 2025 | 64,714 | | Amortisation expense | (1,063) | | Exchange | 2,221 | | **Balance as of June 30, 2025** | **65,872** | Lease-Related Amounts Recognized in Condensed Consolidated Statement of Profit or Loss (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Amortisation of right-of-use assets | 1,063 | 1,066 | | Expenses relating to short-term leases | 79 | 75 | | **Total** | **1,142** | **1,141** | [16 Intangible Assets](index=38&type=section&id=16%20Intangible%20Assets) As of June 30, 2025, the carrying value of intangible assets (technical know-how and patents) was HK$1 thousand, a further decrease from HK$3 thousand at the end of 2024; amortization expense for the period was HK$3 thousand Carrying Value of Intangible Assets (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cost | 15,169 | 14,661 | | Accumulated amortisation and impairment | (15,168) | (14,658) | | **Carrying value** | **1** | **3** | - Amortisation expense for intangible assets decreased from **HK$65 thousand** in 2024 to **HK$3 thousand** in 2025[98](index=98&type=chunk) [17 Financial Assets at Fair Value Through Other Comprehensive Income](index=38&type=section&id=17%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, the Group's financial assets at fair value through other comprehensive income primarily consisted of listed equity securities of Kuang-Chi Technologies Co., Ltd., with a carrying value of HK$1,959,820 thousand, a significant decrease from HK$2,264,752 thousand at the end of 2024; these investments are designated for long-term strategic purposes Financial Assets at Fair Value Through Other Comprehensive Income (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed equity securities | 1,959,820 | 2,264,752 | - The Group holds **44,693,660** ordinary shares of Kuang-Chi Technologies, representing **2.07%** of its issued ordinary shares[99](index=99&type=chunk) - These investments are designated as at fair value through other comprehensive income because they are held for long-term strategic purposes, avoiding short-term fluctuations impacting profit or loss[99](index=99&type=chunk) [18 Trade and Other Receivables](index=39&type=section&id=18%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were HK$186,805 thousand, a significant increase from HK$94,257 thousand at the end of 2024, primarily due to an increase in other deposits paid (litigation-related); net trade receivables decreased, and the loss allowance account increased Trade and Other Receivables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net trade receivables | 37,021 | 64,660 | | Other deposits paid | 118,760 | – | | Prepayments | 13,690 | 11,086 | | Value-added tax and other tax receivables | 16,051 | 17,089 | | **Total** | **186,805** | **94,257** | Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 90 days | 21,896 | 40,459 | | 91 to 180 days | 1,263 | – | | 181 to 365 days | 2,186 | 13,431 | | 1 to 2 years | 10,822 | 8,454 | | Over 2 years | 854 | 2,316 | Movement in Loss Allowance Account for Trade Receivables and Contract Assets (HK$ thousand) | Item | Trade Receivables | Contract Assets | Total | | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 12,975 | 166 | 13,141 | | Impairment loss allowance | 3,152 | – | 3,152 | | Exchange differences | 507 | 6 | 513 | | **As of June 30, 2025** | **16,634** | **172** | **16,806** | - Other deposits paid (**HK$118,760 thousand**) are primarily related to sales contract litigation, and this amount has been deducted by the court[101](index=101&type=chunk)[102](index=102&type=chunk) [19 Financial Assets at Fair Value Through Profit or Loss](index=41&type=section&id=19%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss were unlisted equity securities with a carrying value of HK$5,484 thousand, a slight increase from the end of 2024; this investment has a repurchase clause, and repurchase arrangements are currently being negotiated with the investee Financial Assets at Fair Value Through Profit or Loss (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unlisted equity securities outside Hong Kong | 5,484 | 5,301 | - This investment has a repurchase clause, where the seller will repurchase the shares if the investee fails to meet revenue targets; currently, the investee has not met the targets, and the Group is negotiating repurchase arrangements[103](index=103&type=chunk) [20 Loans Receivable](index=41&type=section&id=20%20Loans%20Receivable) As of June 30, 2025, the Group's loans receivable had a carrying value of nil, as a HK$2,368 thousand loan provided to Beyond Verbal was fully impaired in 2017, and no repayments were received during the period Loans Receivable (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Loan to a third party | 2,368 | 2,368 | | Less: Impairment allowance for loans receivable | (2,368) | (2,368) | | **Total** | **–** | **–** | - The loan is unsecured, bears interest at **6%** per annum, was fully impaired in **2017**, and no repayments were received during the period[104](index=104&type=chunk) [21 Share Capital](index=42&type=section&id=21%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was HK$73,167 thousand, and issued and fully paid share capital was HK$61,569 thousand, comprising 615,692,886 shares, consistent with the end of 2024; the share capital structure underwent a share consolidation on January 31, 2024 Share Capital (HK$ thousand) | Item | June 30, 2025 (Number of Shares) | June 30, 2025 (Equivalent HK$ thousand) | December 31, 2024 (Number of Shares) | December 31, 2024 (Equivalent HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorised share capital (HK$0.1 par value per share) | 731,666,666 | 73,167 | 731,666,666 | 73,167 | | Issued and fully paid share capital (HK$0.1 par value per share) | 615,692,886 | 61,569 | 615,692,886 | 61,569 | - The company completed a share consolidation on **January 31, 2024**, where every ten (10) ordinary shares of HK$0.01 par value were consolidated into one (1) ordinary share of **HK$0.10** par value[105](index=105&type=chunk) [22 Other Reserves](index=42&type=section&id=22%20Other%20Reserves) As of June 30, 2025, total other reserves were HK$3,141,756 thousand, a decrease from HK$3,380,055 thousand as of January 1, 2025; this was primarily due to a HK$325,836 thousand loss from fair value changes of financial assets at fair value through other comprehensive income, partially offset by gains from exchange differences Movement in Other Reserves (HK$ thousand) | Item | Share premium | Financial assets reserve | Capital reserve | Contributed surplus | Share-based payment reserve | Exchange fluctuation reserve | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 2,339,550 | 1,157,263 | 17,900 | 103,941 | 1,916 | (240,515) | 3,380,055 | | Exchange differences on translation | – | – | – | – | – | 87,537 | 87,537 | | Fair value changes of financial assets at fair value through other comprehensive income | – | (325,836) | – | – | – | – | (325,836) | | **As of June 30, 2025** | **2,339,550** | **831,427** | **17,900** | **103,941** | **1,916** | **(152,978)** | **3,141,756** | - Financial assets reserve decreased by **HK$325,836 thousand** due to fair value changes[106](index=106&type=chunk) - Exchange fluctuation reserve increased by **HK$87,537 thousand** due to exchange differences on translation[106](index=106&type=chunk) [23 Bank Borrowings](index=44&type=section&id=23%20Bank%20Borrowings) As of June 30, 2025, the Group's total bank borrowings were HK$110,926 thousand, an increase from HK$90,493 thousand at the end of 2024; HK$26,007 thousand is repayable within one year, with the remainder as non-current liabilities; borrowings bear interest at floating rates from 3.20% to 6.90% and are secured by right-of-use assets, construction in progress, and guarantees from the company and a company controlled by the controlling shareholder Bank Borrowings (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 26,007 | 21,202 | | One to two years | 26,007 | 23,097 | | Two to five years | 58,912 | 46,194 | | **Total** | **110,926** | **90,493** | - Bank borrowings bear interest at annual rates ranging from approximately **3.20% to 6.90%**[110](index=110&type=chunk) - Borrowings are secured by right-of-use assets (**HK$65,872 thousand**) and construction in progress (**HK$463,884 thousand**), and guaranteed by the company and a company controlled by **Dr. Liu Ruopeng**[110](index=110&type=chunk) [24 Trade and Other Payables](index=44&type=section&id=24%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HK$73,125 thousand, an increase from HK$66,928 thousand at the end of 2024; trade payables are primarily denominated in RMB, with a significant portion due in over one year Trade and Other Payables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 42,963 | 36,853 | | Accrued employee benefits | 2,002 | 4,462 | | Value-added tax and other tax payables | 4,913 | 3,209 | | Other payables and accrued expenses | 9,278 | 8,902 | | Accrued construction costs | 13,969 | 13,502 | | **Total** | **73,125** | **66,928** | Ageing Analysis of Trade Payables (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 90 days | 10,402 | 8,926 | | 91 to 365 days | 5,557 | 1,037 | | Over one year | 27,004 | 26,890 | - The carrying values of the Group's trade and other payables are primarily denominated in **RMB**[113](index=113&type=chunk) [25 Share-based Payment Transactions](index=45&type=section&id=25%20Share-based%20Payment%20Transactions) The company has a share option scheme designed to provide incentives to participants who contribute to the Group; as of June 30, 2025, a total of 1,746,000 share options remained unexercised, with an exercise price of HK$2.290; no share option expenses were recognized, nor were any share options granted, exercised, or cancelled during the period - The share option scheme aims to provide incentives to **employees, directors, advisors, consultants, agents, contractors, customers, and suppliers**[114](index=114&type=chunk) Movement in Share Options (For the six months ended June 30) | Item | 2025 (Number of Share Options) | 2025 (Weighted Average Exercise Price) | | :--- | :--- | :--- | | Outstanding as of January 1, 2025 | 1,746,000 | 2.290 | | Lapsed during the period | – | Not applicable | | **Outstanding as of June 30, 2025** | **1,746,000** | **2.290** | - For the six months ended June 30, 2025, the Group recognized approximately **HK$nil** in expenses for share options granted by the company[117](index=117&type=chunk) [26 Capital Commitments](index=47&type=section&id=26%20Capital%20Commitments) As of June 30, 2025, the Group's contracted but not yet incurred capital expenditure primarily related to property, plant and equipment, amounting to HK$44,769 thousand, a decrease from the end of 2024 Capital Commitments (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, plant and equipment | 44,769 | 50,853 | [27 Related Party Transactions](index=48&type=section&id=27%20Related%20Party%20Transactions) The Group has multiple transactions with related party Foshan Shunde Kuang-Chi, including procurement of materials and sales of metal component products; as of June 30, 2025, trade receivables from Foshan Shunde Kuang-Chi amounted to HK$19,556 thousand; a company controlled by Dr. Liu Ruopeng provides guarantees for the Group's bank credit facilities Related Party Balances (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables - Foshan Shunde Kuang-Chi | 19,556 | 45,540 | | Contract assets - Foshan Shunde Kuang-Chi | 2,572 | 6,743 | Related Party Transactions (For the six months ended June 30, HK$ thousand) | Name of Related Party | Nature of Transaction | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Foshan Shunde Kuang-Chi | Procurement of materials | 1,044 | – | | Foshan Shunde Kuang-Chi | Sales of AI systems and related products | – | 2,506 | | Foshan Shunde Kuang-Chi | Sales of metal component products | 32,782 | 29,266 | | Foshan Shunde Kuang-Chi | Property rental | – | 187 | - **Dr. Liu Ruopeng**, a director and controlling shareholder of the company, is the controlling shareholder of **Foshan Shunde Kuang-Chi**[123](index=123&type=chunk) - A company controlled by **Dr. Liu Ruopeng** provides guarantees for the Group's **HK$310,329 thousand** bank credit facilities[123](index=123&type=chunk) [28 Events After the Reporting Period](index=49&type=section&id=28%20Events%20After%20the%20Reporting%20Period) Except for the matters already disclosed, no other significant events have occurred after the period ended June 30, 2025 - Except for the matters already disclosed, no other significant events have occurred after the end of the period[122](index=122&type=chunk)

自2025年9月10日起：1.公司现任行政总裁刘未文博士已获委任为公司执行董事;及2.林鸽先生已获委任 为公司执行董事。 光启科学(00439)发布公告，刘若鹏博士、栾琳博士及季春霖博士已辞任执行董事，以投入更多时间发 展彼等之其他业务，自2025年9月10日起生效。 ...

（股份代號: 439） 董事名單與其角色和職能 光 啟 科 學 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下。 執行董事 張洋洋博士 （主席） 劉未文博士 （行政總裁） 林鴿先生 KUANGCHI SCIENCE LIMITED 光啟科學有限公司 （於百慕達註冊成立之有限公司） 黃繼傑博士 蔡永冠先生 吳志力博士 董事會設立3個委員會。下表提供各董事會成員在該等委員會中所擔任的職位。 | | 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | --- | | 董 事 | | | | | | 張洋洋博士 | | | C | M | | 劉未文博士 | | | | | | 林鴿先生 | | | | | | 李釗浩先生 | | | | | | 黃繼傑博士 | | M | M | C | | 蔡永冠先生 | | C | | | | 吳志力博士 | | M | M | M | 附註： C 有關董事委員會的主席 M 有關董事委員會的成員 香港，二零二五年九月十日 非執行董事 李釗浩先生 獨立非執行董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KUANGCHI SCIENCE LIMITED 未能符合上市規則第13.92條 執行董事辭任 光啟科學有限公司（「本公司」）董事會（「董事會」）謹此宣佈，劉若鵬博士、欒琳博士及 季春霖博士已辭任執行董事，以投入更多時間發展彼等之其他業務，自二零二五年九月 十日起生效。 光啟科學有限公司 （於百慕達註冊成立之有限公司） （股份代號：439） 執行董事變更 及 兩位執行董事之履歷詳情如下： 劉未文博士 劉博士，38歲，於二零二二年十二月五日獲委任為本公司行政總裁。劉博士於二零一五 年加入本集團並曾擔任管理層職位，包括於二零二零年一月至二零二二年十一月擔任深 圳光啟空間技術有限公司（「光啟空間」）（為本公司間接全資附屬公司）運營管理部總監， 以及於二零一五年八月至二零一九年十二月擔任光啟空間項目管理部項目管理高級管理 人員。劉博士於二零一三年於美國特拉華大學取得材料科學與工程博士學位以及於二零 零七年於中國 ...

香港联交所最新资料显示，9月3日，光启科学(00439)股东将股票存入渣打银行(香港)，存仓市值3.21亿 港元，占比29.00%。 8月29日，光启科学发布截至2025年6月30日止6个月业绩，该集团期内取得收入3365.6万港元，同比增 加5.08%；公司拥有人应占溢利182.1万港元，同比扭亏为盈。 ...

8月29日，光启科学发布截至2025年6月30日止6个月业绩，该集团期内取得收入3365.6万港元，同比增 加5.08%；公司拥有人应占溢利182.1万港元，同比扭亏为盈。 （原标题：光启科学(00439)股东将股票存入渣打银行(香港) 存仓市值3.21亿港元） 智通财经APP获悉，香港联交所最新资料显示，9月3日，光启科学(00439)股东将股票存入渣打银行(香 港)，存仓市值3.21亿港元，占比29.00%。 ...

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: 光啟科學有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00439 | 說明 | 光啟科學 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 731,666,666 | HKD | | 0.1 HKD | | 73,166,666.6 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 731,666,666 | HKD | | 0.1 HKD | | 73,166,666.6 | | 2. 股份分類 | ...