Core Viewpoint - The company reported a revenue of HKD 240.5 million for the six months ending June 30, 2025, representing a year-on-year increase of 19.4%. However, it also recorded a loss attributable to equity holders of HKD 33.34 million, compared to a profit of HKD 9.504 million in the same period last year, primarily due to fair value losses on investment properties [1]. Financial Performance - Revenue for the period was HKD 240.5 million, showing a growth of 19.4% year-on-year [1] - The company experienced a loss of HKD 33.34 million attributable to equity holders, contrasting with a profit of HKD 9.504 million in the previous year [1] - Basic loss per share was HKD 0.01847 [1] Investment Property Valuation - The primary reason for the loss was the fair value loss arising from the revaluation of the group's investment properties [1]

格隆汇8月20日丨鋑联控股(00459.HK)发布公告，截至2025年6月30日止六个月，实现收益2.41亿港元， 同比增加19.4%；公司权益持有人应占亏损3334.3万港元，上年同期公司权益持有人应占溢利950.4万港 元；基本每股亏损1.847港仙。中期期间的亏损主要是由于重估本集团投资物业所产生的公平值亏损。 ...

智通财经APP讯，鋑联控股(00459)发布截至2025年6月30日止六个月业绩，收益2.405亿港元，同比增长 19.4%;公司权益持有人应占亏损3334.3万港元，上年同期溢利950.4万港元;每股基本亏损1.847港仙。 中期期间的亏损主要是由于重估本集团投资物业所产生的公平值亏损。 ...

[Company Information](index=5&type=section&id=Company%20Information) [General Information](index=5&type=section&id=1%20General%20Information) Junlian Holdings Limited is a limited liability company incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in property agency services for industrial, commercial, and retail properties in Hong Kong, property investment, money lending, and securities investment - The company is incorporated in the Cayman Islands and listed on the Main Board of The Stock Exchange of Hong Kong Limited[7](index=7&type=chunk) - The Group's principal activities include providing industrial, commercial, and retail property agency services in Hong Kong, property investment, money lending, and securities investment[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=2%20Basis%20of%20Preparation) The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, is prepared on a historical cost basis, adjusted for the revaluation of investment properties at fair value, complying with HKAS 34 and Listing Rules disclosure requirements. The Group adopted revised standards effective in 2025, with no material impact on results or financial position - The financial information is prepared on a historical cost basis, adjusted for the revaluation of investment properties at fair value, in compliance with HKAS 34 and Appendix D2 of the Listing Rules disclosure requirements[10](index=10&type=chunk) - The adoption of revised standards effective in 2025 had no material impact on the Group's results or financial position[12](index=12&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20%28Unaudited%29) For the six months ended June 30, 2025, the Group shifted from profit to a loss of HKD 33,803 thousand, primarily due to a significant increase in fair value loss on investment properties. Despite a 19.36% year-on-year revenue growth, both operating and pre-tax profits turned into losses Key Figures from Condensed Consolidated Statement of Comprehensive Income | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 240,538 | 201,530 | +19.36% | | Fair value loss on investment properties | (47,200) | (3,400) | Loss widened | | Operating (loss)/profit | (25,036) | 19,788 | Shifted from profit to loss | | (Loss)/Profit before tax | (31,300) | 10,974 | Shifted from profit to loss | | (Loss)/Profit and total comprehensive (loss)/income for the period | (33,803) | 9,291 | Shifted from profit to loss | - The loss attributable to owners of the Company for the period was **HKD 33,343 thousand**, compared to a profit of HKD 9,504 thousand in the prior year period[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20%28Unaudited%29) As of June 30, 2025, the Group's total assets were HKD 1,539,222 thousand, a 5.90% decrease from the end of 2024, mainly due to a reduction in investment property fair value. Total liabilities and equity also decreased, while current liabilities declined Key Figures from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total assets | 1,539,222 | 1,635,768 | -5.90% | | Investment properties | 905,700 | 952,900 | -4.95% | | Cash and cash equivalents | 209,947 | 285,998 | -26.60% | | Total liabilities | 461,717 | 524,460 | -12.06% | | Total equity | 1,077,505 | 1,111,308 | -3.04% | [(Loss)/Earnings per share](index=12&type=section&id=8%20%28Loss%29%2FEarnings%20per%20share) For the six months ended June 30, 2025, the loss attributable to owners of the Company resulted in a basic and diluted loss per share of HK cents 1.847, compared to a profit per share of HK cents 0.526 in the prior year period. Diluted loss per share was the same as basic loss per share due to the anti-dilutive effect of share options (Loss)/Earnings per share | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (HKD thousands) | (33,343) | 9,504 | | Basic and diluted (loss)/earnings per share (HK cents) | (1.847) | 0.526 | - Diluted (loss)/earnings per share was the same as basic (loss)/earnings per share, as the exercise of the Company's share options had an anti-dilutive effect[29](index=29&type=chunk) [Interim Dividend](index=11&type=section&id=7%20Interim%20Dividend) The Board did not declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Board did not declare an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[27](index=27&type=chunk)[66](index=66&type=chunk) [Business Segment Performance](index=6&type=section&id=Business%20Segment%20Performance) [Revenue and Segment Information](index=6&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from property agency, rental income, and money lending interest. Total revenue grew 19.36% year-on-year in H1 2025. The property investment segment shifted from profit to loss due to fair value losses, while external customer revenue from property agency business increased - Executive Directors assess performance based on the Group's principal activities in Hong Kong, including property agency services for industrial, commercial, and retail properties, property investment, money lending, and securities investment[15](index=15&type=chunk) [Revenue Composition](index=6&type=section&id=3.1.1%20Revenue%20Composition) Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Agency fees | 209,390 | 171,657 | +22.09% | | Rental income | 14,022 | 13,394 | +4.69% | | Interest income from money lending business | 17,126 | 16,479 | +3.92% | | **Total Revenue** | **240,538** | **201,530** | **+19.36%** | [Segment Results Analysis](index=7&type=section&id=3.1.2%20Segment%20Results%20Analysis) H1 2025 Segment Revenue from External Customers (HKD thousands) | Segment | 2025 | 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Commercial property agency | 55,126 | 64,859 | -15.01% | | Industrial property agency | 84,064 | 43,237 | +94.42% | | Retail property agency | 70,200 | 63,561 | +10.45% | | Property investment (rental income) | 14,022 | 13,394 | +4.69% | | Money lending business (interest income) | 17,126 | 16,479 | +3.92% | | Securities investment | - | - | - | | **Total** | **240,538** | **201,530** | **+19.36%** | H1 2025 Segment Results (HKD thousands) | Segment | 2025 | 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Commercial property agency | 2,453 | 2,505 | -2.1% | | Industrial property agency | (2,862) | 4,440 | Shifted from profit to loss | | Retail property agency | 9,965 | 474 | +1999.15% | | Property investment | (39,058) | 4,262 | Shifted from profit to loss | | Money lending business | 12,506 | 13,858 | -9.76% | | Securities investment | (1) | - | - | | **Segment results for reported segments** | **(16,997)** | **25,539** | **Shifted from profit to loss** | [Segment Assets and Liabilities](index=9&type=section&id=3.1.3%20Segment%20Assets%20and%20Liabilities) June 30, 2025 Segment Assets and Liabilities (HKD thousands) | Segment | Segment Assets | Segment Liabilities | | :--- | :--- | :--- | | Commercial property agency | 38,465 | 37,977 | | Industrial property agency | 81,836 | 87,186 | | Retail property agency | 62,864 | 55,600 | | Property investment | 906,956 | 21,022 | | Money lending business | 214,904 | 934 | | Securities investment | 7 | - | | **Total** | **1,305,032** | **202,719** | - Segment assets accounted for **84.78%** of total assets (1,305,032 / 1,539,222), and segment liabilities accounted for **43.90%** of total liabilities (202,719 / 461,717)[20](index=20&type=chunk)[21](index=21&type=chunk) [Other Income](index=10&type=section&id=4%20Other%20Income) Other income for H1 2025 was HKD 166 thousand, a 41.75% decrease from HKD 285 thousand in the prior year period Other Income (HKD thousands) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Other income | 166 | 285 | [Other Operating Costs](index=11&type=section&id=5%20Other%20Operating%20Costs) Other operating costs for H1 2025 were HKD 18,701 thousand, a 4.64% year-on-year increase, primarily driven by higher legal and professional fees, insurance expenses, and other miscellaneous expenses Other Operating Costs (HKD thousands) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Office and branch operating expenses | 5,621 | 5,598 | | Government rent and rates, building management fees | 3,184 | 3,527 | | Legal and professional fees | 2,779 | 1,558 | | Trademark license fees | 583 | 715 | | Insurance expenses | 2,112 | 1,923 | | Bank charges | 229 | 1,004 | | Auditor's remuneration | 733 | 733 | | Others | 3,460 | 2,813 | | **Total** | **18,701** | **17,871** | - Direct operating expenses for investment properties generating rental income amounted to **HKD 3,124 thousand**, of which **HKD 1,632 thousand** was included in other operating costs[23](index=23&type=chunk) [Income Tax Expense](index=11&type=section&id=6%20Income%20Tax%20Expense) Income tax expense for H1 2025 was HKD 2,503 thousand, a 48.72% year-on-year increase, mainly due to deferred tax shifting from a reversal to an expense. Hong Kong profits tax rate remained at 16.5%, with a two-tiered tax rate applicable to some subsidiaries Income Tax Expense (HKD thousands) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Hong Kong profits tax | 1,581 | 1,960 | | Deferred tax | 922 | (277) | | **Total** | **2,503** | **1,683** | - Hong Kong profits tax is provided at a rate of **16.5%** on the estimated assessable profit for the period, with a two-tiered tax rate of **8.25%** applicable to the first **HKD 2,000,000** of assessable profit for certain subsidiaries[26](index=26&type=chunk) [Assets and Liabilities Details](index=12&type=section&id=Assets%20and%20Liabilities%20Details) [Investment Properties](index=12&type=section&id=9%20Investment%20Properties) As of June 30, 2025, investment properties had a fair value of HKD 905,700 thousand, with a fair value loss of HKD 47,200 thousand recognized during the period, a significant increase from the prior year. Investment properties totaling HKD 627,500 thousand were pledged as collateral for bank borrowings Changes in Fair Value of Investment Properties (HKD thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At beginning of period | 952,900 | 952,900 | | Changes in fair value | (47,200) | (3,400) (June 30, 2024) | | At end of period | 905,700 | 952,900 | - Investment properties totaling **HKD 627,500 thousand** were pledged as collateral for the Group's bank borrowings[30](index=30&type=chunk) [Loans Receivable](index=13&type=section&id=10%20Loans%20Receivable) As of June 30, 2025, total loans receivable were HKD 214,367 thousand, a 14.62% decrease from the end of 2024. Overdue loans significantly decreased by 86.34%, with the largest portion due within one year. All loans receivable are secured by property mortgages in Hong Kong Loans Receivable Maturity Profile (HKD thousands) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Overdue | 8,306 | 60,721 | | Within one year | 205,061 | 190,343 | | After one year but within two years | 1,000 | - | | **Total** | **214,367** | **251,064** | - Loans receivable refer to property mortgage loans granted to customers in Hong Kong[32](index=32&type=chunk) [Trade and Other Receivables](index=13&type=section&id=11%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were HKD 160,409 thousand, a significant 98.95% increase from the end of 2024. Current (not overdue) trade receivables constituted the largest portion and increased significantly Trade Receivables Ageing Analysis (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current (not overdue) | 147,111 | 74,323 | | Overdue less than 30 days | 6,366 | 4,207 | | Overdue 31 to 60 days | 5,724 | 1,742 | | Overdue 61 to 90 days | 943 | 352 | | Overdue 91 to 180 days | 265 | - | | **Total** | **160,409** | **80,624** | - Trade receivables primarily represent agency fees due from customers, with no general credit terms granted[34](index=34&type=chunk) [Bank Borrowings](index=14&type=section&id=12%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings were HKD 234,541 thousand, a significant 37.00% decrease from the end of 2024. The current portion repayable within one year significantly declined. Bank borrowings are secured by the Group's investment properties and corporate guarantees from the Company Bank Borrowings Repayment Schedule (HKD thousands) | Repayment Period | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Repayable within one year | 15,006 | 146,006 | | Repayable after one year but within two years | 176,807 | 100,380 | | Repayable after two years but within five years | 42,728 | 126,658 | | **Total** | **234,541** | **373,044** | - Bank borrowings are secured by the Group's investment properties totaling **HKD 627,500 thousand** and corporate guarantees provided by the Company[35](index=35&type=chunk) [Trade and Other Payables](index=14&type=section&id=13%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HKD 194,365 thousand, a significant 59.12% increase from the end of 2024, primarily comprising commissions and rebates payable to property consultants, co-operating real estate agents, and property purchasers - Total trade and other payables amounted to **HKD 194,365 thousand** (December 31, 2024: HKD 122,156 thousand)[6](index=6&type=chunk) - Trade payables primarily include commissions and rebates payable to property consultants, co-operating real estate agents, and property purchasers, with **HKD 19,129 thousand** due within 30 days for related agency fees already received[37](index=37&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Results Review](index=15&type=section&id=Results%20Review) The Group recorded a loss attributable to owners of HKD 33,343 thousand in H1 2025, compared to a profit of HKD 9,504 thousand in the prior year, primarily due to fair value losses from revaluation of investment properties - The Group recorded a loss attributable to owners of **HKD 33,343 thousand**, compared to a profit of HKD 9,504 thousand in the prior year period[39](index=39&type=chunk) - The loss for the interim period was primarily due to fair value losses arising from the revaluation of the Group's investment properties[39](index=39&type=chunk) [Market and Business Performance](index=15&type=section&id=Market%20and%20Business%20Performance) In H1 2025, Hong Kong's property market sentiment slightly improved, with increased non-residential property sales registrations. The Group's agency, property investment, and credit businesses showed stable or slight improvements, but investment property revaluation losses offset profits from other operations [Market Activities](index=15&type=section&id=Market%20Activities%20Slightly%20Improved) - Overall market sentiment slightly improved in H1 2025, with year-on-year increases in sales registrations for retail, office, and industrial properties[40](index=40&type=chunk) - The market rebound was primarily driven by the rise of AI startups boosting Hong Kong stocks, a significant drop in HIBOR, and the government's reduction of stamp duty on property transactions below HKD 4 million[40](index=40&type=chunk) - The overall business environment remains challenging, with market performance still well below pre-pandemic levels, ongoing geopolitical uncertainties, and the retail sector continuously impacted by cross-border consumption[40](index=40&type=chunk) [Agency Business](index=15&type=section&id=Agency%20Business%20Slightly%20Improved) - Operating results for the property agency business showed a slight improvement compared to the prior year period, benefiting from increased transactions in the non-residential property market[41](index=41&type=chunk) - The new management team actively promoted synergy between the sales team and relevant member companies of Midland Holdings, leading to a significant year-on-year increase in referral income from non-residential property business[41](index=41&type=chunk) - The increase in referral business also contributed to a rise in rebate expenses[41](index=41&type=chunk) [Property Investment Business](index=15&type=section&id=Property%20Investment%20Business%20Remains%20Stable) - Property leasing business continued to perform steadily in H1 2025, with high occupancy rates for serviced apartments and a slight increase in rental income[42](index=42&type=chunk) - For commercial properties, the overall environment remains challenging due to weak retail market conditions and the shadow of trade tensions[42](index=42&type=chunk) - Property leasing business continues to provide stable returns to the Group, with its performance only impacted by property revaluation losses[42](index=42&type=chunk) [Money Lending Business](index=16&type=section&id=Money%20Lending%20Business%20Remains%20Stable) - The operating environment for the money lending business remained challenging in H1 2025[43](index=43&type=chunk) - The Group consistently adheres to a prudent credit policy and has not relaxed its risk tolerance for high-risk businesses[43](index=43&type=chunk) - The money lending business continued to make a positive contribution to the Group during the interim period[43](index=43&type=chunk) [Property Revaluation](index=16&type=section&id=Property%20Revaluation) - The commercial property market is still a considerable distance from a full recovery, and asset prices have not yet stopped falling[44](index=44&type=chunk) - The Group's investment properties recorded revaluation losses exceeding the profits generated by other businesses, despite being non-cash in nature[44](index=44&type=chunk) [Outlook](index=16&type=section&id=Outlook) The Group anticipates an increasingly uncertain global economic landscape but sees opportunities from China's strong economic performance and Hong Kong's status as a capital safe haven. While the non-residential property market shows improvement, challenges persist, alongside investment opportunities arising from asset depreciation [Global Economy and Hong Kong Opportunities](index=16&type=section&id=Global%20Headwinds%20and%20Emerging%20Opportunities) - The global economic landscape is increasingly uncertain, with unpredictable US trade and foreign policies and escalating geopolitical tensions[45](index=45&type=chunk) - Mainland China's economy has performed relatively well year-to-date in 2025, with **5.4% growth in Q1** and a **5.2% increase in Q2 GDP**[45](index=45&type=chunk) - Hong Kong has become a safe haven for capital inflows, HIBOR is expected to remain low long-term, and in H1 2025, Hong Kong surpassed Wall Street as the world's preferred IPO destination[45](index=45&type=chunk)[46](index=46&type=chunk) - Tourist arrivals in Hong Kong are increasing, Kai Tak Sports Park and West Kowloon Cultural District will inject new impetus, and Hong Kong is further solidifying its position as a global education hub[46](index=46&type=chunk) [Non-Residential Property Market Challenges and Opportunities](index=17&type=section&id=Improvements%20Amidst%20Challenges) - While Hong Kong's non-residential property market shows signs of improvement, it still faces significant challenges, and a full recovery will take time[47](index=47&type=chunk) [Office Market](index=17&type=section&id=Office%20Market) - Favorable factors: Major transactions in Central demonstrate strong confidence from financial institutions in Hong Kong's prime office market, with some office prices falling by nearly **70%**, limiting further significant declines[48](index=48&type=chunk) - Unfavorable factors: AI applications may reduce recruitment and office demand, geopolitical tensions, and the market still faces severe oversupply of office space, leading to high vacancy rates[49](index=49&type=chunk) [Retail Shop Market](index=17&type=section&id=Retail%20Shop%20Market) - Favorable factors: The overall retail sector shows initial signs of stabilization, the government's "Mega Event Capital" initiatives are yielding results, and a weaker US dollar is helping Hong Kong's tourism regain competitiveness[50](index=50&type=chunk) - Unfavorable factors: Cross-border consumption has a profound impact, coupled with the prevalence of online shopping, it may take time for the local retail industry to emerge from its slump[51](index=51&type=chunk) [Industrial Building Market](index=17&type=section&id=Industrial%20Building%20Market) - Favorable factors: The industrial building market has seen significant price drops, with some properties now trading below construction costs, potentially attracting end-users and investors as interest rates decline[52](index=52&type=chunk) - Unfavorable factors: A full recovery remains distant, and while lower borrowing costs offer some relief, they are not a panacea[53](index=53&type=chunk) [Property Investment and Money Lending Business Outlook](index=17&type=section&id=Property%20Investment) - The residential leasing market has a positive outlook, benefiting from an increase in non-local students and an influx of mainland professionals to Hong Kong[54](index=54&type=chunk) - The retail shop leasing outlook is cautiously optimistic, with the Group's retail leasing portfolio expected to benefit from a gradual recovery in the retail market[54](index=54&type=chunk) - The money lending business still faces multiple challenges, but the real estate market shows signs of warming up, transaction activity is increasing, and lower interest rates are expected to provide some support[55](index=55&type=chunk) [Opportunities Amidst Crisis](index=18&type=section&id=Crisis-ridden%20with%20Emerging%20Opportunities) - Some experienced investors or developers are willing to exit at discounted prices during deleveraging, with significant asset depreciation making returns attractive (e.g., Grade A office prices fell **51%** from peak, with returns increasing by **1.2 percentage points to 3.6%**)[56](index=56&type=chunk) - Hong Kong Exchanges and Clearing Limited and universities are actively acquiring properties for self-use, providing market support[56](index=56&type=chunk) - The Development Bureau expanded the definition of "hotel" to include student dormitories, exempting related planning procedures and simplifying applications, which is expected to stimulate more en-bloc property transactions and redevelopment investment opportunities[56](index=56&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents decreased, bank borrowings significantly declined, and both the gearing ratio and current ratio improved. Return on equity shifted from positive to negative. Directors believe the Group's financial resources are sufficient for its ongoing working capital needs Key Indicators of Liquidity and Financial Resources | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents (HKD thousands) | 209,947 | 285,998 | -26.60% | | Bank borrowings (HKD thousands) | 234,541 | 373,044 | -37.00% | | Gearing ratio | 21.8% | 33.6% | Improved | | Current ratio | 2.7 | 2.3 | Improved | | Return on equity | -3.14% | +0.81% (June 30, 2024) | Shifted from positive to negative | - The Group had unutilized banking facilities of **HKD 73,000 thousand** from certain banks, consistent with the end of 2024[58](index=58&type=chunk) - The Directors believe the Group's financial resources are sufficient to meet its ongoing working capital requirements and are primarily invested in liquid instruments, products, or equities with good credit quality[59](index=59&type=chunk) - The Group faces minimal foreign exchange risk[60](index=60&type=chunk) [Loan Portfolio and Money Lending Business Information](index=20&type=section&id=The%20Group%27s%20Loan%20Portfolio%20and%20Money%20Lending%20Business%20Information) As of June 30, 2025, total outstanding loans receivable were HKD 214,400 thousand, involving 32 loans. All loans are secured by first mortgages on residential and/or non-residential properties, with an average loan-to-value ratio of approximately 48%. The Group strictly implements credit risk assessment and collection policies, with no loan impairment losses recognized during the period - As of June 30, 2025, outstanding loans receivable amounted to **HKD 214,400 thousand** (December 31, 2024: HKD 251,100 thousand), involving **32 loans**[62](index=62&type=chunk) - The largest outstanding loan receivable was **HKD 32,200 thousand** (approximately **15%** of the total outstanding loan portfolio), secured by a first mortgage on a prime residential property and two parking spaces, with a loan-to-value ratio of approximately **27%**[62](index=62&type=chunk) - All outstanding loans receivable are secured by first mortgages on residential and/or non-residential properties, with an average loan-to-value ratio of approximately **48%**. No loan impairment losses were recognized during the period[62](index=62&type=chunk) - The Group's money lending business is operated by Junlian Credit Limited, implementing strict credit risk assessments (including borrower's financial strength, collateral, market conditions) and regular review of the loan portfolio by a collection team[63](index=63&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) The Group has been involved in certain claims/litigations related to property agency services, but management, after legal advice, believes sufficient provisions have been made or there is no indication of potential outflow of economic resources based on current facts and evidence, thus no further provisions are required - The Group has been involved in certain claims/litigations related to property agency services, including several cases where third-party clients alleged that certain employees of the Group made misrepresentations regarding properties clients intended to purchase when providing advice[64](index=64&type=chunk) - Management believes that sufficient provisions have been made in the condensed consolidated financial statements to cover any potential liabilities, or based on current facts and evidence, there is no indication of a possible outflow of economic resources, thus no further provisions are required[64](index=64&type=chunk) [Staff Information](index=20&type=section&id=Staff%20Information) As of June 30, 2025, the Group employed 385 full-time employees, a decrease from 405 at the end of 2024. The Group offers competitive remuneration and benefits, including discretionary bonuses, profit-linked incentives, share options, education allowances, medical and retirement benefits, and regular internal and external training - As of June 30, 2025, the Group employed **385 full-time employees** (December 31, 2024: 405 employees)[65](index=65&type=chunk) - Employee remuneration policy is determined with reference to industry practice, individual performance, qualifications, and experience, offering discretionary bonuses, profit-linked incentives, and share options[65](index=65&type=chunk) - The Group also provides other benefits to its employees, including education allowances, medical and retirement benefits, and regular internal and external training and development programs[65](index=65&type=chunk) [Corporate Governance](index=21&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the interim period and adopted a code of conduct for directors' securities transactions no less stringent than the standard code. Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the interim period - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the interim period[67](index=67&type=chunk) - The Company has adopted its own code of conduct for directors' securities transactions, the terms of which are no less stringent than the standards set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance[68](index=68&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the interim period[69](index=69&type=chunk) [Review of Financial Statements and Publication](index=21&type=section&id=Review%20of%20Financial%20Statements) The Company's Audit Committee has reviewed and discussed the Group's unaudited condensed consolidated interim financial information with management. The interim results announcement has been published on the HKEX and Company websites, and the interim results report will be dispatched to shareholders and published in due course - The Company's Audit Committee has reviewed and discussed the Group's unaudited condensed consolidated interim financial information for the interim period with management[70](index=70&type=chunk) - This interim results announcement is published on the HKEX website and the Company's website, and the Company's 2025 interim results report will be dispatched to shareholders and published in due course[71](index=71&type=chunk) [Acknowledgement](index=21&type=section&id=Acknowledgement) The Board sincerely thanks all shareholders and clients for their continuous support and expresses gratitude to management and the team for their resilience and dedication during challenging times - The Board hereby expresses its sincere gratitude to all shareholders and clients for their continuous support[72](index=72&type=chunk) - Sincere appreciation is extended to the management and team for their resilience and dedication demonstrated during challenging times[72](index=72&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 根據上市規則第 13.51(2)(l)及 13.51B(2)條 作出之公告 本公告乃由鋑聯控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合交 易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.51(2)(l)及 13.51B(2)條而作出， 內容有關本公司獨立非執行董事李偉強先生（「李先生」）的資料變更。 本公司之董事會（「董事會」）獲李先生通知，指與本集團無關的獨立第三方，華南城控股有限 公司（「華南城」）於二零二五年八月十一日被香港特別行政區高等法院頒令清盤（「清盤令」）。 李先生自二零零九年九月四日起擔任華南城的獨立非執行董事。有關清盤令及華南城的法律程 序的進一步資料，請參閱華南城於聯交所網站刊發的相關公告。 根據公開可得資料，華南城為一間於香港註冊成立的有限公司，而華南城及其附屬公司主要於 中華人民共和國從事發展及經營大型綜合物流及商品交易中心。華南城之股份 ...

Core Viewpoint - Despite the challenging market conditions expected in 2025, the company reported that all major business segments, including property agency (MTR Corporation), lending, and property investment, achieved profitability during the interim period [1] Group 1: Business Performance - The property agency business (MTR Corporation) showed a slight improvement in operational performance compared to the same period last year [1] - The lending and property investment segments also reported profits, indicating overall resilience in the company's operations [1]

Core Viewpoint - The company reported that despite challenging market conditions in 2025, all major business segments, including property agency (Mei Lin Commercial), lending, and property investment, achieved profitability. The operating performance of Mei Lin Commercial even showed slight improvement compared to the same period last year [1] Group 1: Financial Performance - The company anticipates a net loss attributable to equity holders of approximately HKD 35 million for the first half of 2025, in contrast to a net profit of approximately HKD 9.5 million for the same period in 2024 [1] - The expected fair value loss on investment properties is classified as unrealized and non-cash, indicating no impact on the company's cash flow [1]

Core Viewpoint - Despite challenging market conditions in 2025, the company reported profitability across all major business segments, including property agency, lending, and property investment [1] Group 1: Business Performance - The property agency business (Mei Lian Commercial) showed slight improvement in operational performance compared to the same period last year [1] - All major business segments achieved profitability during the interim period [1] Group 2: Financial Outlook - The company anticipates a net loss attributable to equity holders of approximately HKD 35 million for the first half of 2025, in contrast to a net profit of approximately HKD 9.5 million for the same period in 2024 [1] - The expected fair value loss on investment properties is classified as unrealized and non-cash, thus having no impact on the company's cash flow [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 鋑聯控股有限公司 公司秘書 盈利預警及預計之投資物業公平值虧損 本公告乃由鋑聯控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09 條以及證券及期貨條例（香 港法例第 571 章）第 XIVA 部之內幕消息條文（定義見上市規則）而作出。 本公司之董事會（「董事會」）謹此通知本公司股東及有意投資者，根據本集團截至二 零二五年六月三十日止六個月（「中期期間」）之未經審核綜合管理帳目及現有之資料， 儘管二零二五年之市況艱難，本集團所有主要業務分部（包括物業代理業務（「美聯工 商舖」）、借貸業務及物業投資分部）各自的營運均錄得溢利。於中期期間，美聯工商 舖之經營業績與去年同期相比甚至錄得輕微改善。 然而，由於本集團重估投資物業之預期公平值虧損，本集團預期於中期期間將錄得之權 益持有人應佔淨虧損約為港幣三千五百萬元，對比截至二零二四年六月 ...

格隆汇8月6日丨鋑联控股(00459.HK)宣布，公司将于2025年8月20日（星期三）举行董事会会议，藉此 （其中包括）批准公司及其附属公司截至2025年6月30日止六个月的中期业绩及其刊发，以及考虑派发 中期股息（如有）。 ...