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: | 鴻興印刷集團有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00450 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 907,864,974 | | | 0 | | 907,864,974 | | 增加 / 減少 (- ...

鴻 興 印 刷 集 團 有 限 公 司 （於 香 港 註 冊 成 立 的 有 限 公 司） ( 股 份 代 號 : 450) 敬啟者： 選擇公司通訊的收取方式及語言版本 吾等根據香港聯合交易所有限公司證券上市規則第2.07A條及第2.07B條，通知 閣下可收取本公司今後公司通訊（「公 司通訊」）的方式，該等公司通訊包括本公司將就其供任何證券持有人參考或行動而發出的任何文件，包括但不限於： (a)董事報告、年度賬目連同核數師報告及財務摘要報告（如適用）；(b)中期報告及中期摘要報告（如適用）；(c)會議 通告；(d)上市文件；(e)通函；(f)代表委任表格；及(g)確認回條。 閣下可選擇： (i) 瀏覽登載於本公司網站的公司通訊（「網上版本」），以代替印刷本；或 為響應保護環境，我們鼓勵 閣下選擇網上版本。即使選擇網上版本， 閣下仍有權隨時向本公司的股份過戶登記處卓 佳證券登記有限公司發出適時書面通知，以更改 閣下的選擇。 請在隨附的回覆表格的適當空格填上「✓」號，並經簽署後，自本函發出之日期起 28 天内寄回或親自送達方式交回本公 司的股份過戶登記處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金融中心17 ...

HUNG HING PRINTING GROUP LIMITED 鴻興印刷集團有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股份代號 : 450) _____________________________________________________________________________________________________________ NOTIFICATION LETTER 通知信函 Dear Shareholder, Hung Hing Printing Group Limited (the "Company") 各位股東： – Notification of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Curren ...

NOTIFICATION LETTER 通知信函 12 September 2025 Dear Non-registered Shareholder(1) , Hung Hing Printing Group Limited (the "Company") – Notification of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The Current Corporate Communications in both English and Chinese versions, are available on the website of the Company's website at www.hunghingprinting.com and the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk. HUNG HING PRINTING GROUP LIMITED ...

Corporate Information [Directors and Senior Management](index=3&type=section&id=Corporate%20Information_Directors%20and%20Officers) This section details the company's executive, non-executive, and independent non-executive directors, along with key corporate officers and legal advisors - Executive Directors include **Yum Chak Ming, Matthew** (Executive Chairman) and **Yum Christopher Carson**[4](index=4&type=chunk) - Independent Non-Executive Directors include **Luk Koon Hoo, Lee Danny Lap Tan**, and **Chuen Yan, Paul**[4](index=4&type=chunk) - The Company Secretary is **Shek Kwok Man**, and the legal counsel is **Fangda Partners**[4](index=4&type=chunk) [Key Banks and Auditors](index=3&type=section&id=Corporate%20Information_Key%20Stakeholders) This section provides information on the company's principal bankers, auditors, and share registrar - Principal bankers include **The Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank Limited, MUFG Bank, Ltd.**, and **Citibank**[5](index=5&type=chunk)[6](index=6&type=chunk) - The auditor is **KPMG**[6](index=6&type=chunk) - The share registrar is **Tricor Investor Services Limited**[6](index=6&type=chunk) Unaudited Financial Report [Consolidated Income Statement](index=3&type=section&id=Consolidated%20Income%20Statement) For H1 2025, revenue declined **14.6%**, operating loss expanded, and net loss increased to **HK$52.92 million**, with basic loss per share at **HK$0.054** Consolidated Income Statement Key Financial Data | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 935,402 | 1,095,702 | -14.6% | | Cost of sales | (830,352) | (942,638) | -11.9% | | Gross profit | 105,050 | 153,064 | -31.4% | | Operating loss | (48,878) | (8,500) | 475.0% | | Loss for the period | (52,920) | (7,622) | 594.3% | | Loss attributable to equity holders of the Company | (48,779) | (4,472) | 990.7% | | Basic loss per share (HK Cents) | (5.4) | (0.5) | 980.0% | [Consolidated Statement of Comprehensive Income](index=4&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, total comprehensive loss narrowed to **HK$41.192 million** from **HK$56.317 million** in the prior year, primarily due to positive exchange differences Consolidated Statement of Comprehensive Income Key Data | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (52,920) | (7,622) | 594.3% | | Other comprehensive income (net of tax) | 11,728 | (48,695) | 124.1% | | - Fair value change of equity investments | 1,609 | (695) | 331.5% | | - Exchange differences | 10,119 | (47,650) | 121.2% | | Total comprehensive income | (41,192) | (56,317) | -26.9% | | Total comprehensive income attributable to equity holders of the Company | (38,089) | (49,028) | -22.3% | [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities were **HK$2.893 billion**, and net assets were **HK$2.835 billion**, both decreasing from year-end 2024, mainly due to reduced cash and cash equivalents Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,515,869 | 1,553,555 | -2.55% | | Current assets | 1,777,401 | 1,882,022 | -5.56% | | - Inventories | 373,871 | 342,431 | 9.18% | | - Trade and other receivables | 642,455 | 564,108 | 13.89% | | - Bank and cash balances | 431,466 | 717,286 | -39.86% | | Current liabilities | 400,099 | 408,048 | -1.95% | | Non-current liabilities | 57,632 | 68,917 | -16.37% | | Net assets | 2,835,539 | 2,958,612 | -4.16% | | Share capital | 1,652,854 | 1,652,854 | 0.00% | | Reserves | 1,069,423 | 1,189,393 | -10.09% | | Total equity | 2,835,539 | 2,958,612 | -4.16% | [Consolidated Statement of Changes in Equity](index=7&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity was **HK$2.835 billion**, a decrease from **HK$2.958 billion** at the beginning of the year, mainly due to the loss for the period and approved dividend payments Consolidated Statement of Changes in Equity Key Data | Metric | January 1, 2025 (HK$ Thousand) | June 30, 2025 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Share capital | 1,652,854 | 1,652,854 | 0 | | Reserves | 1,189,393 | 1,069,423 | (119,970) | | Total equity attributable to equity holders of the Company | 2,842,247 | 2,722,277 | (119,970) | | Non-controlling interests | 116,365 | 113,262 | (3,103) | | Total equity | 2,958,612 | 2,835,539 | (123,073) | | Loss for the period | - | (52,920) | (52,920) | | Other comprehensive income (net of tax) | - | 11,728 | 11,728 | | Approved dividends | - | (81,708) | (81,708) | [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, net cash and cash equivalents decreased by **HK$333.957 million**, primarily due to net cash outflows from operating, investing, and financing activities Condensed Consolidated Statement of Cash Flows Key Data | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Net cash outflow from operating activities | (109,157) | (142,038) | 32,881 | | Net cash outflow/(inflow) from investing activities | (116,455) | 58,416 | (174,871) | | Net cash outflow from financing activities | (108,345) | (126,403) | 18,058 | | Net decrease in cash and cash equivalents | (333,957) | (210,025) | (123,932) | | Cash and cash equivalents at end of period | 387,606 | 587,133 | (199,527) | [Notes to the Unaudited Interim Financial Report](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the unaudited interim financial report, covering general information, accounting policies, segment information, specific financial item breakdowns and changes, restricted share award scheme, and fair value estimates [1. General Information](index=10&type=section&id=1.%20General%20Information) The company is a limited company registered in Hong Kong, primarily engaged in book and packaging printing, consumer product packaging, corrugated cartons, and paper trading businesses - The Company is incorporated in Hong Kong and listed on the Main Board of The Stock Exchange of Hong Kong Limited[20](index=20&type=chunk) - The Group's principal activities include book and packaging printing, consumer product packaging, corrugated cartons, and paper trading[23](index=23&type=chunk) [2. Basis of Preparation](index=11&type=section&id=2.%20Basis%20of%20Preparation) The interim financial report is unaudited, prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention with certain financial assets measured at fair value - This interim financial report is unaudited and prepared in accordance with HKAS 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules[22](index=22&type=chunk) - The financial statements are prepared under the historical cost convention, except for certain financial assets measured at fair value[22](index=22&type=chunk) [3. Accounting Policies](index=12&type=section&id=3.%20Accounting%20Policies) The interim financial report applies the same accounting policies as the 2024 annual financial statements, with no new standards or interpretations significantly impacting the Group's results or financial position - The interim financial report adopts the same accounting policies as those used in the 2024 annual financial statements, except for accounting policy changes expected to be reflected in the 2025 annual financial statements[25](index=25&type=chunk) - Several HKFRS amendments issued by the HKICPA had no significant impact on the Group's results and financial position for the current or prior periods[26](index=26&type=chunk) [4. Revenue and Segment Information](index=13&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group's business is divided into four segments: book and packaging printing, consumer product packaging, corrugated cartons, and paper trading, with revenue and results disclosed by business segment and customer geographical location - The Group is organized into four business segments: book and packaging printing, consumer product packaging, corrugated cartons, and paper trading[32](index=32&type=chunk) H1 2025 Revenue and Results by Business Segment (HK$ Thousand) | Segment | Sales to External Customers | Inter-segment Sales | Total | Segment Results | | :--- | :--- | :--- | :--- | :--- | | Book and Packaging Printing | 647,141 | 1,563 | 648,704 | (22,144) | | Consumer Product Packaging | 144,523 | 177 | 144,700 | (17,619) | | Corrugated Cartons | 91,818 | 23,597 | 115,415 | (6,053) | | Paper Trading | 51,920 | 138,882 | 190,802 | (3,949) | | Elimination | - | (164,219) | (164,219) | (611) | | **Total** | **935,402** | **-** | **935,402** | **(50,376)** | H1 2025 Revenue by Customer Geographical Location (HK$ Thousand) | Geographical Location | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong | 119,900 | 147,385 | | Mainland China | 253,871 | 263,662 | | United States | 328,239 | 428,960 | | United Kingdom | 75,905 | 73,931 | | Other Countries | 157,487 | 181,764 | | **Total** | **935,402** | **1,095,702** | [5. Revenue, Other Income and Other Net Gains](index=17&type=section&id=5.%20Revenue%2C%20Other%20Revenue%20and%20Other%20Net%20Gain) This section details the Group's revenue, other income, and other net gains, with sales of goods as the primary revenue source and other net gains mainly from net foreign exchange gains and fair value gains on structured bank deposits Revenue, Other Income and Other Net Gains Breakdown (HK$ Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Revenue** | | | | Sales of goods | 935,402 | 1,095,702 | | **Other income** | | | | Interest income | 4,588 | 8,342 | | Dividend income | 402 | 346 | | Government grants | 6,757 | 6,640 | | Sales of scraps | 2,911 | 1,557 | | Miscellaneous income | 5,000 | 4,223 | | **Other net gains** | | | | Net foreign exchange gains/(losses) | 9,612 | (1,170) | | Fair value gains on structured bank deposits | 11,783 | 8,753 | | Net loss on disposal of property, plant and equipment | (5,447) | (921) | [6. Expenses by Nature](index=18&type=section&id=6.%20Expenses%20by%20Nature) This section analyzes various expenses within cost of sales, administrative, and selling expenses by nature, including depreciation, amortization of intangible assets, and employee benefit expenses Expenses by Nature (HK$ Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Depreciation | 61,985 | 63,434 | | Amortization of intangible assets | 816 | 627 | | Employee benefit expenses (including directors' emoluments) | 279,431 | 295,739 | | Net reversal of write-down of inventories | (4,591) | (584) | | Net provision for loss on trade and other receivables | 566 | 256 | [7. Finance Costs](index=18&type=section&id=7.%20Finance%20Costs) For H1 2025, the company's finance costs were **HK$1.617 million**, a decrease from the prior year, primarily comprising interest on bank borrowings and lease liabilities Finance Costs Breakdown (HK$ Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on bank borrowings | 724 | 1,621 | | Interest on lease liabilities | 893 | 899 | | **Total** | **1,617** | **2,520** | [8. Income Tax](index=19&type=section&id=8.%20Income%20Tax) For H1 2025, the company's income tax expense was **HK$2.77 million**, compared to an income tax credit of **HK$3.26 million** in the prior year, mainly due to changes in deferred tax Income Tax Breakdown (HK$ Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current tax | 913 | 1,164 | | - Hong Kong Profits Tax | 172 | 904 | | - Mainland China Income Tax | (595) | (639) | | - Vietnam Income Tax | 1,336 | 899 | | Deferred tax | 1,857 | (4,424) | | **Total Income Tax** | **2,770** | **(3,260)** | - Hong Kong Profits Tax is calculated at **16.5%** of the estimated assessable profits[52](index=52&type=chunk) - Hung Hing Printing (China) Co., Ltd., as a High and New Technology Enterprise, is subject to a preferential PRC Enterprise Income Tax rate of **15%** for 2024 and 2025[52](index=52&type=chunk) - Vietnam Enterprise Income Tax is calculated at **17%** of estimated assessable profits, with certain Vietnamese subsidiaries enjoying a tax exemption for the first two years and a **50%** reduction for the subsequent four years[53](index=53&type=chunk) [9. Loss Per Share](index=20&type=section&id=9.%20Loss%20Per%20Share) For H1 2025, the company's basic loss per share was **HK$0.054**, a significant increase from **HK$0.005** in the prior year, primarily due to a substantial rise in loss attributable to equity holders Loss Per Share Calculation (HK$ Thousand/Thousand Shares) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company | (48,779) | (4,472) | | Weighted average number of ordinary shares in issue | 907,865 | 907,865 | | Weighted average number of own shares held under Restricted Share Award Scheme | (573) | (3,274) | | Weighted average number of ordinary shares for basic loss per share calculation | 907,292 | 904,591 | | **Basic loss per share (HK Cents)** | **(5.4)** | **(0.5)** | | **Diluted loss per share (HK Cents)** | **(5.4)** | **(0.5)** | - Diluted loss per share is the same as basic loss per share as the ordinary shares repurchased for the share award scheme have an anti-dilutive effect on loss per share[58](index=58&type=chunk) [10. Dividends](index=21&type=section&id=10.%20Dividend) For H1 2025, the company declared an interim dividend of **HK$0.03** per share, lower than **HK$0.04** per share in the prior year Interim Dividends (HK$ Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim dividend per ordinary share (HK Cents) | 3 | 4 | | **Total** | **27,236** | **36,315** | [11. Property, Plant and Equipment](index=21&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of the company's property, plant and equipment was **HK$1.370 billion**, a decrease from **HK$1.416 billion** at year-end 2024, mainly due to depreciation and disposals Property, Plant and Equipment Movement (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net book value at beginning of period | 1,415,823 | 1,482,133 | | Additions | 11,698 | 69,335 | | Transfer from prepayments for acquisition of non-current assets | 22,150 | 28,540 | | Disposals/write-offs | (21,391) | (15,348) | | Depreciation | (61,985) | (129,761) | | Exchange differences | 4,087 | (19,076) | | **Net book value at end of period** | **1,370,382** | **1,415,823** | [12. Trade and Other Receivables](index=22&type=section&id=12.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the company's net trade receivables were **HK$513 million**, an increase from **HK$450 million** at year-end 2024, with the highest proportion in the 1-30 day aging category Trade and Other Receivables (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 533,865 | 474,546 | | Less: Loss allowance | (20,857) | (24,872) | | **Net trade receivables** | **513,008** | **449,674** | | Trade receivables from related parties | 313 | 9 | | Bills receivable | 6,781 | 974 | | Prepayments, deposits and other receivables | 122,353 | 113,451 | | **Total** | **642,455** | **564,108** | Trade Receivables Aging Analysis (HK$ Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 1-30 days | 238,921 | 250,557 | | 31-60 days | 112,312 | 95,160 | | 61-90 days | 83,528 | 56,138 | | Over 90 days | 78,560 | 47,828 | | **Total** | **513,321** | **449,683** | - Trade receivables are generally due within **30 to 90 days** from the invoice date[66](index=66&type=chunk) [13. Cash and Cash Equivalents](index=23&type=section&id=13.%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, the company's bank and cash balances were **HK$431.466 million**, a significant decrease from **HK$717.286 million** at year-end 2024, after deducting time deposits with original maturities over three months Cash and Cash Equivalents (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank and cash balances | 431,466 | 717,286 | | Less: Time deposits with original maturity over three months | (43,860) | - | | **Cash and cash equivalents in condensed consolidated statement of cash flows** | **387,606** | **717,286** | [14. Trade and Other Payables](index=23&type=section&id=14.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the company's total trade and other payables were **HK$335.801 million**, an increase from **HK$323.573 million** at year-end 2024, with growth in both trade payables and bills payable Trade and Other Payables (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 142,616 | 130,262 | | Bills payable | 10,316 | 6,799 | | Current portion of deferred income | 4,798 | 5,956 | | Other payables and accrued liabilities | 173,171 | 175,138 | | Amounts due to related parties | 4,900 | 5,418 | | **Total** | **335,801** | **323,573** | Trade Payables Aging Analysis (HK$ Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 1-30 days | 102,309 | 102,772 | | 31-60 days | 23,696 | 19,827 | | 61-90 days | 5,674 | 2,466 | | Over 90 days | 10,937 | 5,197 | | **Total** | **142,616** | **130,262** | [15. Bank Borrowings – Unsecured](index=24&type=section&id=15.%20Bank%20Borrowings%20%E2%80%93%20Unsecured) As of June 30, 2025, the company's unsecured bank borrowings were **HK$45.628 million**, a decrease from **HK$61.946 million** at year-end 2024, and are classified as current liabilities under accounting standards Bank Borrowings – Unsecured (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Term loan due 2026 | 45,628 | 61,946 | - The non-current portion of the term loan is classified as a current liability in accordance with HK Interpretation 5 issued by the HKICPA[76](index=76&type=chunk) - All bank loans are guaranteed by the Company[77](index=77&type=chunk) [16. Share Capital](index=25&type=section&id=16.%20Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital was **HK$1.653 billion**, including **289,618 shares** held in trust by the trustee under the Restricted Share Award Scheme Share Capital Breakdown (HK$ Thousand) | Item | June 30, 2025 (Number of Shares) | June 30, 2025 (Share Capital Amount) | December 31, 2024 (Number of Shares) | December 31, 2024 (Share Capital Amount) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid ordinary shares | 907,864,974 | 1,652,854 | 907,864,974 | 1,652,854 | - As of June 30, 2025, the issued and fully paid shares of the Company included **289,618 shares** (December 31, 2024: **758,172 shares**) held in trust by the trustee under the Restricted Share Award Scheme[81](index=81&type=chunk) - During the period ended June 30, 2025, the trustee of the Restricted Share Award Scheme purchased **288,000 shares** of the Company on the Stock Exchange[81](index=81&type=chunk) [17. Material Related Party Transactions](index=25&type=section&id=17.%20Material%20Related%20Party%20Transactions) This section discloses material transactions between the Group and related parties during the reporting period, including sales of raw materials or finished goods to major shareholders and associates, and key management personnel compensation Sales of Raw Materials or Finished Goods to Related Parties (HK$ Thousand) | Related Party | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Major shareholders | 619 | 688 | | Associates | 687 | 707 | Key Management Personnel Compensation (HK$ Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term employee benefits | 12,464 | 12,417 | | Share-based payments | 125 | 557 | | Post-employment benefits | 239 | 441 | | **Total** | **12,828** | **13,415** | [18. Capital Commitments](index=26&type=section&id=18.%20Capital%20Commitments) As of the end of the reporting period, the Group had capital commitments of **HK$42.63 million** that were contracted but not provided for Capital Commitments (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but not provided for | 42,630 | 46,682 | [19. Restricted Share Award Scheme](index=26&type=section&id=19.%20Restricted%20Share%20Award%20Scheme) The Restricted Share Award Scheme aims to attract, incentivize, and retain employees, with **289,446 shares** granted and **756,554 shares** vested in H1 2025 - The scheme was adopted on **December 21, 2009**, to attract, incentivize, and retain Group employees, and will expire on **June 30, 2027**[88](index=88&type=chunk)[89](index=89&type=chunk) - During the period ended June 30, 2025, a total of **756,554 shares** vested, with an average fair value of **HK$1,026,000**[90](index=90&type=chunk) Restricted Share Award Scheme Movement (Number of Shares) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 756,554 | 4,482,986 | | Granted | 289,446 | - | | Vested | (756,554) | (3,726,432) | | Balance at end of period | 289,446 | 756,554 | - As of June 30, 2025, the trustee held **289,618 shares** for the scheme, having purchased **288,000 shares** during the period for a total consideration of **HK$298,000**[95](index=95&type=chunk) [20. Fair Value Estimation](index=28&type=section&id=20.%20Fair%20Value%20Estimation) This section analyzes financial instruments measured at fair value, including structured bank deposits, unlisted and listed equity securities, categorized into three levels based on valuation methods Assets Measured at Fair Value (HK$ Thousand) | Item | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Financial Investments** | | | | | | - Structured bank deposits | - | 328,998 | - | 328,998 | | - Unlisted equity securities | - | - | 40,499 | 40,499 | | - Listed equity securities | 9,380 | - | - | 9,380 | | **Total** | **9,380** | **328,998** | **40,499** | **378,877** | - The fair value of structured bank deposits is determined by discounting expected future cash flows using market interest rates at the reporting date[100](index=100&type=chunk) - The fair value of unlisted equity instruments is determined using valuation techniques based on market conditions at the reporting date[100](index=100&type=chunk) Management Discussion and Analysis [Results and Dividends](index=30&type=section&id=Results%20and%20dividends) In H1 2025, the Group faced a challenging global economic environment, with declining demand due to trade protectionism and policy uncertainties, leading to a loss attributable to equity holders of approximately **HK$49 million** and a declared interim dividend of **HK$0.03** per share - The global printing and packaging industry, particularly export-oriented businesses, faced significant challenges and declining demand in H1 2025[104](index=104&type=chunk) - US tariffs and supply chain disruptions led to reduced business confidence, with consumers sensitive to rising import prices[105](index=105&type=chunk)[106](index=106&type=chunk) Loss Attributable to Equity Holders (HK$ Million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to equity holders | (49) | (4) | - The Group maintained a robust deposit and cash position of approximately **HK$760 million** and declared an interim dividend of **HK$0.03** per share (2024: **HK$0.04** per share)[108](index=108&type=chunk) [Lay Groundwork for Future Development](index=31&type=section&id=Lay%20groundwork%20for%20future%20development) The Group is actively preparing for future growth by constructing a second factory in Vietnam for geographical diversification, integrating Zhongshan operations for efficiency, transforming operations through system standardization and AI innovation, advancing EUDR compliance, and expanding diversified businesses like education and self-service printing - Construction of the second Vietnam factory (Thai Ha site) is progressing well, with the warehouse already operational and new businesses, including local customers, being expanded[111](index=111&type=chunk) - The Zhongshan base completed two business integrations: the merger of Zhongshan Hung Hing and Nanzeng teams for enhanced efficiency, and the relocation of Jun Hing's Shenzhen paper products warehouse to Zhongshan for synergy[112](index=112&type=chunk) - Business operations are being transformed through system standardization and AI-driven innovation, including the introduction of ERP5.0 and the formation of an AI team to streamline operations[113](index=113&type=chunk) - Significant progress has been made in EU Deforestation Regulation (EUDR) compliance, with full traceability of paper raw materials expected by July 2025 and compliance agreements signed with all core suppliers[114](index=114&type=chunk) - STEM PLUS is expanding its influence in education through relevant activities and plans to extend into Asian markets beyond Hong Kong[117](index=117&type=chunk)[151](index=151&type=chunk) - Active Minds Limited successfully transitioned from manual to RFID technology in logistics management, enhancing operational efficiency and inventory control[118](index=118&type=chunk) - Yum Me Print has established **50 self-service printing points** in Hong Kong and formed a strategic partnership with a shared power bank service provider in Mainland China[119](index=119&type=chunk)[120](index=120&type=chunk) [Business Performance](index=33&type=section&id=Business%20performance) The Group's business segments showed mixed performance in a challenging market: Book and Packaging Printing and Consumer Product Packaging saw revenue declines and losses, though the latter's loss narrowed; Corrugated Cartons revenue grew with reduced losses; and Paper Trading experienced a significant revenue drop - Book and Packaging Printing (BPP) revenue decreased by **15%** from **HK$761.7 million** in H1 2024 to **HK$647.1 million** in H1 2025, recording a **HK$22.1 million** loss (H1 2024: **HK$26.4 million** profit)[122](index=122&type=chunk) - Consumer Product Packaging (CPP) revenue decreased by **4.1%** to **HK$144.5 million** (H1 2024: **HK$150.7 million**), with losses narrowing from **HK$24.2 million** in H1 2024 to **HK$17.6 million** in H1 2025[124](index=124&type=chunk) - Corrugated Cartons (CB) revenue grew by **6.3%** to **HK$91.8 million**, and losses decreased to **HK$6 million** (H1 2024: **HK$8.4 million** loss)[125](index=125&type=chunk) - Paper Trading (PT) revenue significantly decreased by **46.4%** to **HK$51.9 million** (H1 2024: **HK$96.8 million**), primarily due to weak export demand[127](index=127&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains a robust cash management strategy, with total cash (including structured deposits) of **HK$760 million** and net cash of **HK$715 million** as of June 30, 2025, while bank borrowings and finance costs decreased, and capital projects continue to support business development - As of June 30, 2025, the Group's total cash (including structured deposits) was approximately **HK$760 million**, with net cash (total cash less bank borrowings) at **HK$715 million**[128](index=128&type=chunk) - The USD/RMB structured deposit portfolio is used to hedge RMB exposure and fund Mainland China working capital needs at preferential exchange rates, with RMB-related structured bank deposits increasing to **HK$329 million** in H1 2025[129](index=129&type=chunk) - Approximately **71%** of total cash (including structured deposits) is held in RMB, with the remainder primarily in USD[130](index=130&type=chunk) - As of June 30, 2025, the Group's total bank borrowings were **HK$46 million**, with the gearing ratio decreasing to **1.6%** (2024: **3.1%**), and total interest costs decreasing by **55%** year-on-year to **HK$0.7 million**[132](index=132&type=chunk) - During the reporting period, the Group spent over **HK$41 million** on capital projects and committed an additional **HK$43 million** for expanding and upgrading existing capacity, including preparations for the new Vietnam factory[134](index=134&type=chunk) [Environmental Sustainability](index=35&type=section&id=Environmental%20Sustainability) The Group continues to strengthen environmental sustainability initiatives, expanding solar infrastructure, significantly reducing carbon emissions, electricity, and water consumption, and maintaining high production waste recycling rates and sustainable procurement practices - Solar projects have expanded to **six sites**, increasing total installed capacity to **9,806kWp** (H1 2024: **6,504kWp**), generating **4,473,720 units** of green electricity and offsetting approximately **1,771 tonnes** of carbon emissions[136](index=136&type=chunk) - Total electricity consumption decreased to **26.81 million units** (H1 2024: **28.25 million units**), and water consumption decreased to **177,859 cubic meters** (H1 2024: **307,352 cubic meters**)[137](index=137&type=chunk) - Production waste recycling rate remained high at **96%**, with over **95%** of paper being forest scheme certified or high recycled content paper[138](index=138&type=chunk)[139](index=139&type=chunk) [Our People](index=36&type=section&id=Our%20People) As of June 30, 2025, the Group's total workforce was **4,918**, a decrease from the prior year, but training investment continued, with an increase in average training hours per trainee Employee and Training Data | Metric | June 30, 2025 | H1 2024 | | :--- | :--- | :--- | | Total employees | 4,918 | 5,600 | | Total training hours | 84,873 | 94,252 | | Number of training participants | 34,131 | - | | Average training hours per trainee | 2.49 | 2.37 | - Training covers key areas such as environmental awareness, business ethics, functional specialized skills, and Diversity, Equity & Inclusion (DE&I)[142](index=142&type=chunk) [Outlook](index=36&type=section&id=Outlook) The Group is optimistic about H2 2025 and future development, continuing to drive strategic initiatives to enhance competitiveness, including business integration, full operation of the Vietnam factory, innovative eco-friendly printing technologies, and active expansion in Mainland China and Asian education markets - The Group remains optimistic about H2 2025 and future development, continuing to drive synergies for operational savings and resource optimization[144](index=144&type=chunk)[145](index=145&type=chunk) - Shenzhen corrugated carton business is integrating with Shunde/Foshan and Zhongshan factories, and the second Vietnam factory is expected to be fully operational by the end of September[145](index=145&type=chunk) - Through the Zhongshan R&D team, the Group secured new product packaging orders from several internationally renowned consumer brands, utilizing more eco-friendly and innovative printing technologies[146](index=146&type=chunk) - The Group holds a positive outlook on global trade and long-term economic growth, anticipating a gradual return of some major customers to China as trade tensions ease[150](index=150&type=chunk) - STEM PLUS plans to expand its business into Asian regions beyond Hong Kong, while Active Minds will prioritize developing its online digital marketplace[151](index=151&type=chunk)[152](index=152&type=chunk) Information Provided in Accordance with the Listing Rules [Interim Dividend](index=38&type=section&id=Interim%20Dividend) The Board has resolved to declare an interim dividend of **HK$0.03** per share, payable on October 17, 2025, to shareholders registered on September 25, 2025 - The Board has resolved to declare an interim dividend of **HK$0.03** per share (2024: **HK$0.04** per share)[156](index=156&type=chunk) - The interim dividend will be payable on **October 17, 2025**, to shareholders whose names appear on the register of members on **September 25, 2025**[156](index=156&type=chunk) [Closure of Register of Members](index=38&type=section&id=Closure%20of%20Register%20of%20Members) The company's register of members will be closed from September 22, 2025, to September 25, 2025, during which no transfers of shares will be registered - The register of members of the Company will be closed from **September 22, 2025**, to **September 25, 2025** (both dates inclusive)[157](index=157&type=chunk) - To qualify for the interim dividend, all transfer forms accompanied by the relevant share certificates must be lodged with the Company's share registrar no later than **4:30 p.m. on September 19, 2025**[157](index=157&type=chunk) [Purchase, Redemption or Sale of Listed Securities of the Company](index=38&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20Listed%20Securities%20of%20the%20Company) During the reporting period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities, except for the trustee of the Restricted Share Award Scheme purchasing **288,000 shares** - The trustee of the Restricted Share Award Scheme purchased **288,000 shares** of the Company on the Stock Exchange for a total consideration of **HK$298,000** in accordance with the terms of the scheme[158](index=158&type=chunk) - Save as disclosed above, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period[158](index=158&type=chunk) [Directors' Interests in Shares and Underlying Shares](index=39&type=section&id=Directors'%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, the company's directors held long positions in the company's ordinary shares, with Executive Chairman **Yum Chak Ming, Matthew** holding **6.36%** of the shares Directors' Long Positions in Ordinary Shares of the Company | Director's Name | Directly Beneficially Owned (Number of Shares) | Share Award Scheme (Number of Shares) | Total (Number of Shares) | Percentage of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Yum Chak Ming, Matthew | 57,465,254 | 289,446 | 57,754,700 | 6.36 | | Yum Christopher Carson | 9,398,874 | - | 9,398,874 | 1.04 | | Yum Nicholas Kevin | 1,318,891 | - | 1,318,891 | 0.15 | - Save as disclosed above, as of June 30, 2025, no Director had any interests or short positions in the shares or underlying shares of the Company or any of its associated corporations required to be recorded under Section 352 of the Securities and Futures Ordinance[163](index=163&type=chunk) [Restricted Share Award Scheme](index=40&type=section&id=Restricted%20Share%20Award%20Scheme) This section details the Restricted Share Award Scheme's purpose, duration, participant eligibility, maximum number of shares that can be granted, maximum entitlement per participant, vesting periods, and details of share awards granted and accepted - The scheme aims to recognize employee contributions, attract, incentivize, and retain employees, and will expire on **June 30, 2027**[164](index=164&type=chunk) - Participants in the scheme include any director, full-time or part-time employee, executive, or officer of the Company or any of its subsidiaries[165](index=165&type=chunk) - The maximum number of restricted shares that may be granted under the scheme shall not exceed **18,157,299 shares**, representing **2%** of the Company's total issued share capital[167](index=167&type=chunk) - Restricted share awards granted to any grantee will vest in **three equal tranches**, each representing **1/3** of the total, on the first, second, and third anniversaries following the expiration of the **30-day period** after the grant date[171](index=171&type=chunk) Details of Restricted Share Awards Granted During the Reporting Period | Grant Date | Vesting Period | Unvested Shares at Jan 1, 2025 (Number of Shares) | Shares Granted During Period (Number of Shares) | Fair Value at Grant Date (HK$) | Shares Vested During Period (Number of Shares) | Unvested Shares at June 30, 2025 (Number of Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yum Chak Ming, Matthew | | | | | | | | 1/4/2022 | 3 years | 756,554 | - | 1.29 | 756,554 | - | | 1/4/2025 | 3 years | - | 289,446 | 1.01 | - | 289,446 | | Five Highest Paid Individuals | | | | | | | | 1/4/2022 | 3 years | 756,554 | - | 1.29 | 756,554 | - | | 1/4/2025 | 3 years | - | 289,446 | 1.01 | - | 289,446 | [Changes in Directors' Information](index=43&type=section&id=Changes%20in%20Directors'%20Information) There have been changes in directors' information since the date of the 2024 Annual Report, including **Mr. Tan Chuen Yan, Paul** ceasing to be an independent non-executive director of Hualian International (Holdings) Company Limited on June 27, 2025 - **Mr. Tan Chuen Yan, Paul** ceased to be an independent non-executive director of Hualian International (Holdings) Company Limited (stock code: 969) with effect from **June 27, 2025**[179](index=179&type=chunk) - The updated biographical details of the Directors are available on the Company's website[179](index=179&type=chunk) [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=43&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, the company's substantial shareholders include **C.H. Yam International Limited, C.H. Yam Holding Limited, Hung Tai Industrial Company Limited**, and **Rengo Co., Ltd.**, all holding **5%** or more of the company's issued shares Substantial Shareholders' Long Positions in Ordinary Shares of the Company | Shareholder Name | Nature of Interest | Number of Ordinary Shares Held | Percentage of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | C.H. Yam International Limited* | Directly beneficially owned and through controlled corporations | 290,834,379 | 32.03 | | C.H. Yam Holding Limited | Through controlled corporations | 199,263,190 | 21.95 | | Hung Tai Industrial Company Limited | Directly beneficially owned | 199,263,190 | 21.95 | | Rengo Co., Ltd. | Directly beneficially owned | 271,552,000 | 29.91 | - There is a duplication of interests of **199,263,190 shares** among **C.H. Yam International Limited, C.H. Yam Holding Limited**, and **Hung Tai Industrial Company Limited**[184](index=184&type=chunk) [CORPORATE GOVERNANCE](index=44&type=section&id=CORPORATE%20GOVERNANCE) The Board believes the company complied with the Corporate Governance Code during the reporting period, though the roles of Chairman and Chief Executive Officer are performed by the same individual, **Mr. Yum Chak Ming, Matthew**, an arrangement the Board considers to be in the company's best interests - The Company complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the reporting period[186](index=186&type=chunk) - The roles of Chairman and Chief Executive Officer are performed by the Executive Chairman, **Mr. Yum Chak Ming, Matthew**, an arrangement the Board considers appropriate and in the best interests of the Company[186](index=186&type=chunk) [Model Code for Securities Transactions](index=45&type=section&id=Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and specific inquiries confirmed that all directors complied with the code during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding Directors' dealings in the Company's securities[188](index=188&type=chunk) - Specific inquiries made to the Company's Directors confirmed that they all complied with the required standards set out in the Model Code during the reporting period[188](index=188&type=chunk) [Audit Committee](index=45&type=section&id=Audit%20Committee) The company's Audit Committee has reviewed the interim results for the six months ended June 30, 2025, along with accounting principles and practices, and discussed audit, internal control, and financial reporting matters - The Audit Committee has reviewed the interim results, the accounting principles and practices adopted by the Group, and discussed audit, internal control, and financial reporting matters[189](index=189&type=chunk) - The Audit Committee comprises **three Independent Non-Executive Directors** and **one Non-Executive Director**[189](index=189&type=chunk)

Group 1 - The core point of the news is that the executive director of Hong Hing Printing Group (00450.HK), Ren Zeming, increased his shareholding by purchasing 100,000 shares at an average price of HKD 0.94 per share, totaling approximately HKD 94,000 [1] - After the purchase, Ren Zeming's total shareholding increased to 58,504,700 shares, raising his ownership percentage from 6.43% to 6.44% [1][2]

Group 1 - The core point of the article is that Executive Director Ren Zeming of Hong Hing Printing Group (00450.HK) increased his shareholding by purchasing 102,000 shares at an average price of HKD 0.9467 per share, totaling approximately HKD 96,600 [1] - Following this purchase, Ren Zeming's total shareholding increased to 58,404,700 shares, raising his ownership percentage from 6.42% to 6.43% [1]

Core Viewpoint - The solid-state battery equipment sector is witnessing significant growth, with companies like Liyuanheng and XianDao Intelligent achieving substantial stock price increases following the release of a government action plan supporting advanced technologies, including solid-state batteries [1][7]. Group 1: Company Performance - Liyuanheng's stock price surged by 20% on September 5, with a trading volume of 1.717 billion yuan, indicating strong market activity and demand [2][3]. - XianDao Intelligent also experienced a 20% increase in stock price, with a total trading volume of 16.1 billion yuan, reflecting high investor interest [4][5]. - Both companies have successfully delivered solid-state battery equipment, positioning them as key players in the emerging market [1][8]. Group 2: Market Dynamics - The recent government action plan emphasizes the importance of solid-state battery technology and aims to enhance the supply chain's resilience and safety [7]. - Institutional investors show mixed sentiments, with some aggressively buying shares while others are taking profits or reallocating their portfolios [6]. - Foreign investment is notable, with major international firms like Goldman Sachs, UBS, and Morgan Stanley participating in the buying of Liyuanheng shares [2][3].

Group 1 - The chairman of the board, Ren Zeming, increased his stake in Hong Kong Printing Holdings Limited (00450) by purchasing 200,000 shares at a price of HKD 0.9225 per share, totaling HKD 184,500 [1] - After the purchase, the total number of shares held by Ren Zeming is 58,254,700, representing a holding percentage of 6.42% [1]

Group 1 - The chairman of the board, Ren Zeming, increased his stake in Hong Kong Printing Group (00450) by purchasing 200,000 shares at a price of HKD 0.9225 per share, totaling HKD 184,500 [1] - After the purchase, the latest number of shares held by Ren Zeming is 58,254,700, representing a new ownership percentage of 6.42% [1]