Major Events - Lai Kai Pharmaceutical-B (02105) reported positive preliminary results from Phase I clinical MAD study, with LAE102 showing encouraging trends in muscle gain and fat loss [1] - Fuhong Hanlin (02696) received FDA approval for the Phase I clinical trial application of HLX13 for first-line treatment of unresectable hepatocellular carcinoma (HCC) patients [1] - Ningmeng Media (09857) has commenced filming the urban medical emotional drama "Asking Heart 2" [1] - CRRC Corporation (01766) and its subsidiaries signed significant contracts totaling approximately 54.34 billion [1] - Heng Rui Pharmaceutical (01276) received approval to conduct clinical trials for SHR-7787 injection, SHR-4849 injection, Bevacizumab injection, and Atezolizumab injection [1] - Hema Medical (03309) entered into a tripartite global licensing and collaboration agreement with Gilead and Hanmi regarding enecuidar [1] - Jinfang Pharmaceutical-B (02595) completed the enrollment of the first patient in the Phase I/II clinical trial of the molecular glue Pan RAS(ON) inhibitor GFH276 for RAS mutant cancer patients [1] - Gao Shi Medical (02407) obtained international certification for its medical device quality management system [1] Operating Performance - Shenzhen Expressway Company (00548) reported toll revenue of 114 million for the Outer Ring project in August [1] - China National Automobile (00026) announced an annual performance with a post-tax loss attributable to shareholders of 185 million HKD, a year-on-year reduction of 29.64% [1] - OKURA HOLDINGS (01655) reported an annual profit attributable to shareholders of 1.342 billion JPY, a year-on-year decrease of 34.34% [1] - Elephant Future Group (02309) disclosed an annual performance with a loss attributable to owners of approximately 314 million HKD, a year-on-year increase of 71.77% [1] - Henghe Group (00513) reported an annual performance with a loss attributable to owners of approximately 259 million HKD, a year-on-year increase of 0.7% [1]

Core Insights - The company reported a comprehensive income of approximately HKD 586 million for the fiscal year ending June 30, 2025, representing a year-on-year increase of 62.5% [1] - The loss attributable to the company's owners was HKD 259 million, slightly higher than the previous year's loss of HKD 257 million [1] - The basic loss per share was HKD 0.3793, compared to HKD 0.3767 in 2024 [1] Company Strategy - The company remains committed to product innovation, quality, and excellent service as its core philosophy and driving force [1] - These core advantages continue to differentiate the company and lay the foundation for maintaining its competitive edge [1] - To support growth plans, the company is actively exploring new markets and customer segments to ensure flexibility in responding to global dynamics [1]

Core Viewpoint - Henghe Group (00513) reported a significant increase in revenue for the fiscal year ending June 30, 2025, with a revenue of approximately HKD 586 million, representing a year-on-year growth of 62.55%. However, the company recorded a loss attributable to shareholders of approximately HKD 259 million, a slight increase of 0.7% year-on-year, with a loss per share of 37.93 HKD cents [1]. Revenue Performance - The increase in revenue is primarily attributed to property sales amounting to approximately HKD 221 million [1]. Loss Analysis - The annual loss is mainly due to a fair value loss on investment properties amounting to approximately HKD 276 million, along with an impairment loss on mining rights of approximately HKD 26.6 million [1].

Core Viewpoint - Henghe Group (00513) reported a revenue of approximately HKD 586 million for the year ending June 30, 2025, representing a year-on-year increase of 62.55% [1] - The company recorded a loss attributable to shareholders of approximately HKD 259 million, which is a year-on-year increase of 0.7% [1] - The loss per share was HKD 0.3793 [1] Revenue Analysis - The increase in revenue is primarily attributed to property sales amounting to approximately HKD 221 million [1] Loss Breakdown - The annual loss is mainly due to a fair value loss on investment properties amounting to approximately HKD 276 million [1] - Additionally, there was an impairment loss on mining rights of approximately HKD 26.6 million [1]

[Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Consolidated revenue grew **62.5%** to **HK$585,835 thousand**, but the loss for the year expanded to **HK$330,606 thousand** due to fair value changes and impairment losses Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Revenue** | 585,835 | 360,402 | | **Gross Profit/(Loss)** | 110,858 | (42,757) | | **Loss Before Income Tax** | (335,672) | (294,149) | | **Loss for the Year** | (330,606) | (300,314) | | **Loss Attributable to Owners of the Company** | (259,112) | (257,302) | | **Basic Loss Per Share** | (37.93) HK cents | (37.67) HK cents | - Revenue growth was primarily attributable to **HK$221,300,000** from property sales[42](index=42&type=chunk) - Loss for the year was mainly due to a **HK$276,100,000** loss from fair value changes in investment properties and a **HK$26,600,000** impairment loss on mining rights[42](index=42&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased, and net current liabilities expanded to **HK$388,543 thousand**, indicating liquidity pressure from reduced investment properties and mining rights Consolidated Statement of Financial Position Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | 2,255,813 | 2,595,092 | | **Investment Properties** | 1,714,400 | 1,990,400 | | **Mining Rights** | 469,307 | 484,054 | | **Current Assets** | 573,266 | 771,813 | | **Properties Under Development and For Sale** | 279,398 | 485,123 | | **Cash and Cash Equivalents** | 36,358 | 49,156 | | **Current Liabilities** | (961,809) | (995,596) | | **Bank Loans (Current)** | (796,081) | (882,506) | | **Net Current Liabilities** | (388,543) | (223,783) | | **Net Assets** | 1,648,862 | 1,980,659 | | **Total Equity** | 1,648,862 | 1,980,659 | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **HK$388,543,000**, with **HK$796,081,000** in bank loans classified as current liabilities, while cash and cash equivalents were only **HK$36,358,000**[8](index=8&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, financial item composition and changes, and post-reporting events, focusing on going concern, revenue, segment performance, finance costs, tax, EPS, receivables, payables, and bank loans [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) Despite a **HK$259,112,000** loss and **HK$388,543,000** net current liabilities, the Board maintains a going concern basis, supported by asset sales, loan renewals, and shareholder credit lines - The Group incurred a **HK$259,112,000** loss and had **HK$388,543,000** in net current liabilities in FY2025, yet the Board believes it can continue as a going concern[8](index=8&type=chunk) - Some properties held for sale have been sold, with remaining units expected to sell within the forecast period, generating profits for bank loan repayment[8](index=8&type=chunk) - A bank loan of approximately **HK$654,694,000** was successfully renewed for three years, with **HK$606,500,000** expected to be repaid after June 30, 2026[8](index=8&type=chunk) - The controlling shareholder provided a **HK$60,000,000** credit facility for working capital, with an intention to extend it if needed[8](index=8&type=chunk) - An associated company agreed not to demand repayment of approximately **HK$38,396,000** in loans until all other third-party liabilities of the Group are settled[12](index=12&type=chunk) - The Group is considering selling certain assets to enhance liquidity and reduce debt, including the sale of all shares in its wholly-owned subsidiary, Daying Limited, for **RMB33,370,000** (approximately **HK$36,470,073**)[12](index=12&type=chunk) [Adoption of Hong Kong Financial Reporting Standards](index=7&type=section&id=Adoption%20of%20HKFRS) The Group adopted revised HKFRS effective July 1, 2024, including amendments on lease liabilities and liability classification, with no material impact on current or prior period financial performance or position - Revised Hong Kong Financial Reporting Standards, effective July 1, 2024, have been adopted, including HKFRS 16 (Revised) on lease liabilities in a sale and leaseback and HKAS 1 (Revised) on classification of liabilities as current or non-current[13](index=13&type=chunk) - These amendments had no material impact on the Group's performance or financial position for the current or prior periods[13](index=13&type=chunk) - New and amended HKFRS issued but not yet effective are listed, including HKFRS 18 Presentation and Disclosure in Financial Statements (effective January 1, 2027)[14](index=14&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) Group revenue surged **62.5%** to **HK$585,835 thousand**, driven by property sales, with the property segment's loss expanding due to fair value changes, while Hong Kong revenue significantly increased [Revenue Composition](index=8&type=section&id=Revenue%20Composition) In FY2025, revenue was primarily from **HK$340,100 thousand** in goods sales and **HK$221,331 thousand** in property sales, with property sales being the main growth driver Revenue by Source | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Goods Sales | 340,100 | 333,897 | | Property Sales | 221,331 | – | | Rental Income | 23,074 | 22,320 | | Interest Income | 421 | 1,833 | | Dividend Income from Investments | 909 | 2,352 | | **Total Revenue** | 585,835 | 360,402 | - Property sales contributed **HK$221,331 thousand** in FY2025, up from zero in 2024, marking the primary driver of revenue growth[15](index=15&type=chunk) [Business Segment Performance](index=9&type=section&id=Business%20Segment%20Performance) Jewellery revenue slightly increased and became profitable, property investment and development segment revenue surged but loss expanded, mining continued losses with impairment, and investment revenue and results declined Segment Revenue and Results | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Results (HK$ thousand) | 2024 Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 340,100 | 333,897 | 19,857 | (23,692) | | Property Investment and Development | 244,405 | 22,320 | (313,174) | (266,588) | | Mining Business | – | – | (40,211) | (1,919) | | Investments | 1,330 | 4,185 | 1,832 | 2,518 | | **Consolidated** | 585,835 | 360,402 | (331,696) | (289,681) | - The jewellery business segment returned to profitability, recording a profit of **HK$19,857 thousand**, primarily due to streamlined operations and strategic cost control measures[19](index=19&type=chunk)[44](index=44&type=chunk) - The property investment and development segment's loss expanded to **HK$313,174 thousand**, mainly due to a **HK$276,058 thousand** loss from fair value changes in investment properties[19](index=19&type=chunk)[22](index=22&type=chunk) - The mining business recorded a **HK$40,211 thousand** loss and recognized an impairment loss on mining rights of **HK$26,599 thousand**[19](index=19&type=chunk)[22

Group 1 - The core point of the article is that Henghe Group (00513.HK) has entered into a conditional sale agreement to sell its entire stake in a target company, Daying, for RMB 33.37 million [1] - The proceeds from the sale, along with an additional RMB 6.6 million from a wholly-owned subsidiary, will be used to repay part of the group's bank loans and for general working capital [1] - The main asset of the target company is a 100% interest in the Hongzhuang gold mine located in Henan Province, China, which consists of two mining areas with a total area of 5.66 square kilometers [1] Group 2 - The Hongzhuang gold mine has an estimated controlled economic reserve of approximately 10.73 tons of gold [1] - The mine also has inferred economic resources of about 5.46 tons and 24.66 tons, categorized as controlled and inferred resources respectively [1]

Group 1 - The core point of the article is that Henghe Group (00513) has announced a conditional sale agreement where Henghe Mining Holdings Limited will sell its entire issued shares of the target company, Daying Limited, along with related loans for a price of RMB 33.37 million [1] - The sale price represents a significant discount compared to the assessed market value of the equity in Henan Bafang, but the company believes it is the best and most practical outcome for itself and its shareholders [1] - The decision to sell was based on the management's assessment of the operational challenges at the Hongzhuang Gold Mine, the substantial capital expenditures required for future resumption, and the significant costs and liabilities that the buyer would assume [1]

Core Viewpoint - Henghe Group (00513) announced a conditional sale agreement with Lifan Stone Holdings Limited for the sale of all issued shares and loans of the target company, Daying Limited, for RMB 33.37 million, despite a significant discount compared to the assessed market value of Henan Bafang's equity [1] Group 1 - The sale is based on the management's assessment of the operational challenges at Hongzhuang Gold Mine and the substantial capital expenditure required for future resumption [1] - The decision reflects the company's strategic priorities and extensive efforts made to market the asset [1] - The buyer will assume significant costs and liabilities associated with the asset [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。 偠눦隌⫖䧯皒▇劕ꮺ⪬⺶ 罇♸♏谝00513 主要交易 出售一間附屬公司的全部股權 出售事項 於二零二五年九月二十三日，賣方（本公司之間接全資附屬公司）與買方訂立買賣協 議，據此，賣方有條件同意出售，而買方有條件同意收購待售股份（代表目標公司全 部已發行股份）以及待售貸款，代價為人民幣33,370,000元（相當於36,470,073港元）， 惟須遵守買賣協議的條款及條件並受其所限。 完成後，目標集團將不再為本集團的附屬公司，其財務業績亦將不再併入本集團的財 務報表。 上市規則之涵義 由於與出售事項有關的一項適用百分比率（定義見上市規則）超過25%但低於75%，根 據上市規則第14.06(3)條，出售事項構成本公司一項主要交易，因此須遵守上市規則 第14章項下之申報、公告、通函及股東批准規定。 據董事作出一切合理查詢後所知、所悉及所信，於本公告日期，概無股東或其任何聯 繫人士於出售事項中擁有任何重大權益。 ...

恒和珠寶集團有限公司 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 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。 董事會會議日期 恒和 珠 寶集 團 有限 公司（「 本公司 」）董事 會（「 董事會 」）宣 佈，本公 司將 於 二零 二 五年 九 月二 十九 日（ 星期 一 ）舉行 董 事會 會 議，藉以（ 其 中包 括 ）考慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 年 度 之 全 年 業 績 及 其 發 佈， 以 及考 慮 派付 末期 股 息（ 如 有） 。 承董事會命 主席 陳偉立 香港 ， 二零 二 五年 九月 十 六日 於本公告日期，本公司之執行董事為陳偉立先生、鄭小燕女士、陳慧琪女士、陳美琪女士及 黃君挺先生；以及本公司之獨立非執行董事為余嘯天先生，BBS，MBE，太平紳士、陳炳權先生、 ...