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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 須予披露的交易 提供按揭貸款 提供按揭貸款 於二零二五年九月二十二日，本公司間接全資附屬公司駿聯信貸與借款人及按揭人訂 立按揭貸款協議，據此，駿聯信貸同意向借款人授出本金金額為港幣 11,000,000 元之 貸款，按實際年利率 10%計息，還款期為十二個月。 上市規則的涵義 由於有關貸款金額的其中一項或多項適用百分比率（定義見上市規則）超過 5%但全 部低於 25%，故授出貸款構成本公司須予披露的交易，因而須遵守上市規則第 14 章項 下的申報及公告規定。 背景 按揭貸款協議的主要條款 按揭貸款協議的主要條款概述如下： 2 日期 ： 二零二五年九月二十二日 放債人 ： 駿聯信貸，本公司的間接全資附屬公司 借款人 ： 借款人 按揭人 ： 按揭人 貸款 ： 本金金額為港幣 11,000,000 元 實際利率 ： 年利率 10% 提取日期 ： 二零二五年九月二十二日 到期日 ： 二零二六年九月二十二日 還款 ...

Legend Upstar Holdings Limited 鋑聯控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：459） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, By Order of the Board Legend Upstar Holdings Limited MUI Ngar May, Joel Company Secretary 19 September 2025 Legend Upstar Holdings Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communi ...

Legend Upstar Holdings Limited 鋑聯控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：459） NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholders(Note 1), 19 September 2025 Legend Upstar Holdings Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are available on the website of the Company at www.legendupstarholding ...

鋑聯控股有限公司 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 管理層討論及分析 | 9 | | 其他資料 | 13 | | 簡明綜合全面收益表（未經審核） | 18 | | 簡明綜合資產負債表（未經審核） | 19 | | 簡明綜合權益變動表（未經審核） | 21 | | 簡明綜合現金流量表（未經審核） | 22 | | 簡明綜合中期財務資料附註（未經審核） | 23 | 01 二零二五年中期業績報告 公司資料 董事會 執行董事 黃建業先生 （主席） 黃靜怡女士 黃耀銘先生 獨立非執行董事 沙豹先生 黃宗光先生 李偉強先生 審核委員會 李偉強先生 （委員會主席） 沙豹先生 黃宗光先生 薪酬委員會 李偉強先生 （委員會主席） 黃建業先生 黃耀銘先生 沙豹先生 黃宗光先生 提名委員會 李偉強先生 （委員會主席） 黃靜怡女士 黃耀銘先生 沙豹先生 黃宗光先生 公司秘書 梅雅美女士 授權代表 黃靜怡女士 施嘉明先生 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-111 ...

FF301 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: 鋑聯控股有限公司 (於開曼群島註冊成立之有限公司) 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) | 00459 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,0 ...

本文源自：金融界 作者：公告君 金融界8月20日消息，鋑联控股公布2025年上半年未经审核的财务数据，显示公司亏损扩大至33,803万 港元，去年同期为盈利9,291万港元。收入增长至240,538万港元，但投资物业公平值亏损增至47,200万 港元。每股亏损为1.847港仙。以上数据未经审核。 ...

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)