溢利的预计增长主要原因包括:1. 商品贸易业务板块除税后溢利增加。此乃主要归因于精矿产品的优异 表现，由期内有利的溢价差异及利润率改善所致。这些正面的变化反映了公司的战略上成效和营运效 率；及2. 于2025年上半年在物流业务板块确认了税务抵免。 格隆汇8月13日丨CWT INT'L(00521.HK)公布，集团预计截至2025年6月30日止六个月将录得不少于港币 270,000,000元的除税后溢利，与上年同期约港币136,000,000元除税后溢利相比，增幅不少于99%。 ...

CWT INT'L(00521)发布公告，预计本集团截至2025年6月30日止6个月将取得不少于2.7亿港元的除税后 溢利，与截至2024年6月30日止6个月约1.36亿港元除税后溢利相比，增幅不少于99%。 公告称，本集团于2025年6月30日止6个月的除税后溢利中的预计增长主要原因包括:商品贸易业务板块 除税后溢利增加。此乃主要归因于精矿产品的优异表现，由期内有利的溢价差异及利润率改善所致。这 些正面的变化反映了我们的战略上成效和营运效率;及于2025年上半年在物流业务板块确认了税务抵 免。 ...

Core Viewpoint - CWT INT'L (00521) expects to achieve a post-tax profit of not less than HKD 270 million for the six months ending June 30, 2025, representing an increase of at least 99% compared to the post-tax profit of approximately HKD 136 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The expected growth in post-tax profit for the six months ending June 30, 2025, is primarily attributed to the increase in the commodity trading segment's post-tax profit [1] - The strong performance of mineral products, favorable premium differentials, and improved profit margins are key contributors to this positive change [1] Group 2: Strategic and Operational Efficiency - The positive changes reflect the effectiveness of the company's strategic initiatives and operational efficiency [1] - The company confirmed tax credits in the logistics business segment for the first half of 2025, further supporting the anticipated profit growth [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之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 根據目前可獲得的資訊，本集團於二零二五年六月三十日止六個月之除稅後溢利中的預計增 長主要原因包括: – 1 – 1. 商品貿易業務板塊除稅後溢利增加。此乃主要歸因於精礦產品的優異表現，由期內有利 的溢價差異及利潤率改善所致。這些正面的變化反映了我們的戰略上成效和營運效率； 及 2. 於二零二五年上半年在物流業務板塊確認了稅務抵免。 CWT INTERNATIONAL LIMITED （於香港註冊成立之有限公司） （股份代號：521） 截至二零二五年六月三十日止六個月之 正面盈利預告 本公告乃由CWT International Limited（「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(2)(a)條和《證券及期貨條 例》（香港法例第571章）第XIVA部下的內幕消息條文（定義見上市規則）發佈。 本公司董事會（「董事會」）特此向本公司股東 ...

智通财经APP获悉，截止8月12日收盘，有142只股票创52周新高，其中映美控股(02028)、精英汇集团 (01775)、富盈环球集团(01620)创高率位于前3位，分别为164.89%、84.78%、40.63%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | 创高率 | | --- | --- | --- | --- | | 映美控股(02028) | 0.223 | 0.249 | 164.89% | | 精英汇集团(01775) | 0.350 | 0.425 | 84.78% | | 富盈环球集团(01620) | 0.180 | 0.180 | 40.63% | | 澳亚集团(02425) | 2.090 | 2.190 | 34.36% | | 富一国际控股(01470) | 0.240 | 0.340 | 28.30% | | 环联连讯(01473) | 0.465 | 0.480 | 28.00% | | 华检医疗(01931) | 9.250 | 12.860 | 27.58% | | 中慧生物－Ｂ(02627) | 43.700 | 44.380 | 27.53% | | ...

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 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7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: | CWT International Limited | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | (B). 承諾發行發行人股份的權證 不適用 FF301 第 4 頁 共 10 頁 v 1.1.1 | 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) | 00521 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | ...

Core Viewpoint - Hainan Free Trade Port has successfully established a one-stop aircraft maintenance service model, attracting global airlines with its duty-free maintenance services and comprehensive support policies [2][5]. Group 1: Aircraft Maintenance Services - A total of 7 aircraft from Thailand have been serviced in Hainan Free Trade Port this year, surpassing the total number of Thai aircraft serviced in 2024 [2]. - The one-stop maintenance base has completed over 2,200 aircraft repairs and nearly 270 complete aircraft paint jobs since its inception in 2022, serving nearly 50 domestic and international airlines [4]. - The maintenance services include high-level inspections and specialized modification projects, with over 900 work cards prepared for each aircraft [3]. Group 2: Policy Advantages - Hainan's innovative duty-free maintenance service model allows for tax exemptions on aircraft and related parts temporarily entering the region for repairs, significantly reducing operational costs for airlines [5][6]. - Airlines can save 10% to 15% on maintenance costs due to the combination of duty-free policies and streamlined customs processes [6]. - The establishment of a "green channel" for aircraft and materials at Haikou Meilan Airport Customs facilitates quick customs clearance for incoming maintenance aircraft [6]. Group 3: Expansion and Future Prospects - Hainan's aviation maintenance industry is expected to grow due to increasing demand for maintenance services as global air traffic rises [7]. - A new composite materials processing center has been established to enhance local capabilities in repairing composite parts, filling a gap in the market [7][8]. - The center is equipped with advanced facilities to meet the repair needs of both narrow-body and wide-body aircraft [7].

Financial Performance - The company reported a revenue of HK$1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[5]. - The company expects a revenue growth of 10-12% for the next fiscal year, driven by new product launches and market expansion strategies[5]. - For the year ended December 31, 2024, the Group's revenue from continuing operations amounted to HK$38,885,894,000, an increase of 4.46% from HK$37,226,295,000 in 2023[78]. - The profit attributable to owners from continuing operations was HK$304,386,000, significantly up from HK$17,733,000 in 2023, marking an increase of approximately 1615.5%[78]. - The Group recorded EBITDA from continuing operations of HK$1,629,069,000, compared to HK$1,274,210,000 in 2023, reflecting a growth of 27.9%[79]. - The net profit for the year was HK$348,307,000, significantly up from HK$79,194,000 in 2023, primarily driven by improved profitability in the concentrates business and better margins in freight logistics[96]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[5]. - The Group aims to maximize shareholders' interests by expanding its global commercial network and seizing growth opportunities in Greater China and other regions[86]. - The company plans to enhance efficiency and leverage innovation to drive service excellence in the upcoming financial year 2025[115]. - The company plans to expand its African operations, particularly in logistics, and explore new minerals and energy trading[124]. - The Group's strategy includes learning from successful experiences in Singapore to contribute to economic growth and sustainable development in its operating regions[96]. Research and Development - Investment in R&D increased by 20%, focusing on innovative technologies and product enhancements[5]. - The company is exploring partnerships with technology firms to enhance its service offerings and drive digital transformation[5]. Corporate Governance and Management - Mr. Wang Kan resigned as CEO in June 2024 but retains other relevant positions on the Board of Directors and Board Committees[23]. - Mr. Zhao Quan has nearly 30 years of experience in airlines, finance, and airport investment, and remains an Executive Director[32]. - The company is under the substantial shareholding of HNA Trust Management, which influences its corporate governance[32]. - The company has a diverse board with independent non-executive directors contributing to its oversight[18]. - The Board currently consists of seven Directors, including four Executive Directors and three Independent Non-executive Directors[165]. - The company has revised its Board Diversity Policy in 2022 to achieve sustainable and balanced development[180]. - The Board has delegated various responsibilities to committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, as detailed in the corporate governance report[196]. Financial Health and Debt Management - As of December 31, 2024, the Group had cash and cash equivalents of HK$2,271,537,000, an increase from HK$1,998,840,000 as of December 31, 2023[138]. - Total borrowings increased to HK$5,924,561,000 as of December 31, 2024, up from HK$5,646,278,000 in the previous year[138]. - The Group's overall strategy remains unchanged, focusing on optimizing the debt and equity balance to maximize returns to stakeholders[140]. - The consolidated net debt decreased to HK$1,655,867,000 from HK$2,528,508,000 year-over-year, indicating improved financial health[143]. - The Group's gearing ratio improved to 18.6% as of December 31, 2024, down from 27.1% in the previous year[143]. Employee and Talent Management - The total number of employees as of December 31, 2024, was 5,936, a decrease from 6,029 in the previous year[151]. - The Group's remuneration policies are designed to be fair and competitive, ensuring retention and attraction of talent[151]. - The company emphasizes hiring suitable talent to meet business needs rather than focusing solely on achieving a balanced gender ratio[183]. Logistics and Operations - The Group's logistics business established a subsidiary in Hainan Free Trade Port in November 2024 to provide logistics solutions for local companies[96]. - The logistics segment achieved a 17% revenue growth from HK$4,619,054,000 to HK$5,411,113,000 and a 31% increase in profit before tax from HK$218,436,000 to HK$286,333,000, driven by improved performance in logistics services, particularly freight logistics[116][119]. - The Group's freight logistics benefited from elevated ocean freight rates despite geopolitical tensions and the Red Sea crisis impacting the global economy[96]. - The company expanded its Bonded Logistics Centre in Serang, Indonesia, enhancing regional storage and distribution capabilities to support increasing demand for secure, efficient commodity handling[114][118]. Shareholder Returns - The company declared a dividend of HK$0.10 per share, reflecting a 5% increase from the last dividend payout[5]. - The Group's total capital, measured as total debt plus equity attributable to owners, was HK$8,901,645,000, down from HK$9,343,704,000[143].

Financial Performance - For the fiscal year ending December 31, 2024, CWT International Limited reported total revenue of HKD 38,885,894, an increase of 4.5% from HKD 37,226,295 in 2023[3] - Gross profit for the same period was HKD 1,811,079, up from HKD 1,646,236, reflecting a gross margin improvement[3] - The net profit from continuing operations was HKD 348,307, significantly higher than HKD 57,723 in the previous year, marking a year-over-year increase of 503%[3] - Basic and diluted earnings per share increased to HKD 2.67 from HKD 0.34, indicating strong profitability growth[5] - Other income increased to HKD 620,332 from HKD 505,175, showing a growth of 22.7%[3] - Net profit for the year was HKD 348,307,000, significantly up from HKD 79,194,000 in 2023, driven by improved profitability in commodity trading and logistics despite geopolitical tensions[46] Revenue Breakdown - Transportation services revenue rose to HKD 3,737,694,000, up 24.5% from HKD 3,000,945,000 in the previous year[15] - Logistics services revenue increased slightly to HKD 1,528,768,000 from HKD 1,467,851,000, reflecting a growth of 4.1%[15] - Commodity trading and related services generated HKD 32,108,541,000, a growth of 2.99% compared to HKD 31,175,669,000 in 2023[15] - Revenue from the Chinese market reached HKD 27,020,205,000, up 6.66% from HKD 25,335,560,000 in the previous year[17] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 21,870,424, compared to HKD 19,122,248 in 2023, representing an increase of 14.3%[6] - Current liabilities rose to HKD 19,783,347 from HKD 16,717,618, reflecting a 12.3% increase[7] - Non-current liabilities decreased to HKD 2,943,245,000 from HKD 3,922,449,000, a reduction of 25%[8] - The company’s total liabilities increased to HKD 21,406,149 in 2024 from HKD 19,114,740 in 2023, reflecting a rise of 11.9%[25] - The company’s total liabilities reached HKD 22,726,592,000 in 2024, up from HKD 20,640,067,000 in 2023, an increase of 10.09%[28] Cash Flow and Capital Structure - Cash and cash equivalents increased to HKD 2,271,537 from HKD 1,998,840, reflecting a growth of 13.6%[6] - Total borrowings amounted to HKD 5,924,561,000, with HKD 5,136,740,000 due within one year, reflecting an increase from HKD 5,646,278,000 in the previous year[62] - The group's total debt was HKD 4,120,695,000, a decrease from HKD 4,672,423,000 as of December 31, 2023, excluding short-term trade financing[64] - The net debt ratio (net debt to total capital) improved to 18.6% from 27.1% year-over-year[64] - The group plans to optimize its capital structure through new share issuance and debt refinancing, maintaining its overall strategy unchanged compared to the previous year[63] Operational Highlights - The logistics division demonstrated resilience, with cost management and technology upgrades helping to alleviate cost pressures amid rising fuel costs[48] - The logistics division recorded a revenue increase of 17%, rising from HKD 4,619,054,000 to HKD 5,411,113,000, with a 31% increase in profit before tax from HKD 218,436,000 to HKD 286,333,000, driven by improved logistics services, particularly freight logistics[54] - The commodity trading segment's revenue increased by 3% from HKD 31,175,669,000 to HKD 32,108,541,000, while profit before tax surged 443% from HKD 17,206,000 to HKD 93,468,000, attributed to enhanced operational efficiency[55] Strategic Initiatives - The group plans to expand its network in Europe and add four new offices in Central Europe by mid-2025 to drive business growth[51] - The company plans to expand its logistics operations in Africa, focusing on improving logistics and operations in the region[56] - The company has established a subsidiary in Hainan Free Trade Port to provide logistics solutions for local businesses, aiming to capitalize on the development opportunities in the region[71] - A strategic cooperation agreement was signed with Access World Group to expand collaboration in the bulk commodity trade and logistics sector, coinciding with the 50th anniversary of diplomatic relations between China and Malaysia[71] Governance and Compliance - The company has complied with the corporate governance code, with a noted exception regarding the roles of the Chairman and CEO being held by the same individual until June 28, 2024[75][77] - The board believes that having the same person serve as both Chairman and CEO ensures effective strategic planning and decision-making[76] Workforce and Employee Count - The group has a total employee count of 5,936, down from 6,029 in the previous year, indicating a reduction in workforce[69] Market Outlook - The global economic growth rate is projected at 3.3% for 2025 and 2026, with inflation expected to decline to 4.2% in 2025 and 3.5% in 2026[70] - The group emphasizes the need to focus on core industries and enhance competitiveness while seeking opportunities in China and globally to mitigate risks[70]

[Corporate Information](index=5&type=section&id=Corporate%20Information) This chapter details CWT International Limited's corporate structure, including its board, key executives, and professional advisors - Mr. Wang Kan serves as the Company's Chairman, also chairing the Executive and Nomination Committees[6](index=6&type=chunk)[7](index=7&type=chunk) - The Company's ultimate controlling party is the 'HNA Group Bankruptcy Reorganization Special Service Trust', a trust registered in China[28](index=28&type=chunk)[31](index=31&type=chunk) - The Company's auditor is BDO Limited, Hong Kong[8](index=8&type=chunk) [Interim Financial Report](index=7&type=section&id=Interim%20Financial%20Report) This section presents the unaudited interim financial statements and related notes for the period ended June 30, 2024 [Report on Review of Interim Financial Report](index=7&type=section&id=Report%20on%20Review%20of%20Interim%20Financial%20Report) BDO Limited, Hong Kong, reviewed the interim financial report for the six months ended June 30, 2024, finding no material misstatements but not expressing an audit opinion, noting 2023 comparative data was unaudited - The auditor reviewed the 2024 interim financial report, concluding no material issues were found, but did not express an audit opinion[9](index=9&type=chunk)[10](index=10&type=chunk)[14](index=14&type=chunk) - The report explicitly states that the comparative financial statements for the corresponding period in 2023 were unaudited[16](index=16&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2024, group revenue grew by **26.9% to HKD 20.28 billion**, while profit for the period declined by **14.3% to HKD 136 million**, primarily due to increased finance costs and other net losses Key Financial Performance Indicators | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited and Restated) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 20,275,771 HKD Thousands | 15,970,654 HKD Thousands | +26.9% | | **Gross Profit** | 860,145 HKD Thousands | 876,085 HKD Thousands | -1.8% | | **Profit for the Period from Continuing Operations** | 136,447 HKD Thousands | 157,586 HKD Thousands | -13.4% | | **Profit for the Period** | 136,447 HKD Thousands | 159,243 HKD Thousands | -14.3% | | **Profit Attributable to Owners of the Company** | 120,860 HKD Thousands | 135,023 HKD Thousands | -10.5% | | **Basic Earnings Per Share (HK Cents)** | 1.06 | 1.17 | -9.4% | - Total other comprehensive expenses significantly increased to **HKD 85.97 million** from **HKD 15.55 million** in the prior period, mainly due to expanded exchange differences from translating overseas subsidiaries' financial statements[19](index=19&type=chunk) [Condensed Consolidated Statement of Financial Position](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets reached **HKD 28.21 billion** (+10.9%), total liabilities **HKD 23.41 billion** (+13.4%), while net assets remained stable at **HKD 4.79 billion**, with net current assets decreasing due to faster growth in current liabilities Key Financial Position Indicators | Balance Sheet Item | June 30, 2024 (HKD Thousands) | December 31, 2023 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | 5,964,665 | 6,315,981 | -5.6% | | **Current Assets** | 22,240,476 | 19,122,248 | +16.3% | | **Total Assets** | 28,205,141 | 25,438,229 | +10.9% | | **Current Liabilities** | 20,433,840 | 16,717,618 | +22.2% | | **Non-current Liabilities** | 2,978,207 | 3,922,449 | -24.1% | | **Total Liabilities** | 23,412,047 | 20,640,067 | +13.4% | | **Net Assets** | 4,793,094 | 4,798,162 | -0.1% | - Current liabilities significantly increased, primarily driven by higher trade and other payables, loans and borrowings, and derivative financial liabilities[21](index=21&type=chunk) - Non-current liabilities significantly decreased, mainly due to the reclassification of certain loans and borrowings (promissory notes) to current liabilities[22](index=22&type=chunk)[92](index=92&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, net cash from operating activities significantly decreased to **HKD 400 million** from **HKD 1.40 billion** in the prior period, with net cash from investing activities at **HKD 167 million** and net cash used in financing activities at **HKD 408 million**, resulting in a **HKD 159 million** net increase in cash and cash equivalents Key Cash Flow Items | Cash Flow Item | H1 2024 (HKD Thousands) | H1 2023 (HKD Thousands) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 399,933 | 1,395,322 | | **Net Cash from Investing Activities** | 167,019 | 265,614 | | **Net Cash Used in Financing Activities** | (408,398) | (1,016,677) | | **Net Increase in Cash and Cash Equivalents** | 158,554 | 644,259 | - Operating cash flow significantly declined, primarily as cash generated from operations decreased from **HKD 1.71 billion** to **HKD 656 million**[26](index=26&type=chunk) [Notes to the Unaudited Interim Financial Report](index=18&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section details the financial statements' basis of preparation, accounting policies, and specific line items, including revenue segmentation, discontinued operations, loan and borrowing structures, and post-reporting period events [4. REVENUE AND SEGMENT REPORTING](index=21&type=section&id=4.%20REVENUE%20AND%20SEGMENT%20REPORTING) In H1 2024, total group revenue grew **26.9% to HKD 20.28 billion**, with commodity marketing as the largest contributor at **HKD 17 billion** (+32.2%), while financial services generated the highest pre-tax profit despite a **15.0%** decline, and commodity marketing's pre-tax profit sharply fell **56.2%** due to increased interest costs Revenue and Pre-tax Profit by Business Segment | Business Segment | H1 2024 Revenue (HKD Thousands) | H1 2023 Revenue (HKD Thousands) | H1 2024 Pre-tax Profit (HKD Thousands) | H1 2023 Pre-tax Profit (HKD Thousands) | | :--- | :--- | :--- | :--- | :--- | | **Logistics Services** | 2,587,470 | 2,383,562 | 107,329 | 97,350 | | **Commodity Marketing** | 17,000,820 | 12,862,945 | 19,312 | 44,089 | | **Engineering Services** | 322,283 | 358,715 | 15,025 | 15,846 | | **Financial Services** | 317,825 | 320,850 | 121,399 | 142,852 | - By geographical region, China was the largest revenue source, contributing **HKD 13.90 billion**, accounting for **68.6%** of total revenue[42](index=42&type=chunk) [10. DISCONTINUED OPERATION](index=31&type=section&id=10.%20DISCONTINUED%20OPERATION) The Group discontinued its structured trade services business, previously part of financial services, in 2023, leading to restatement of 2023 comparative financial data, with this discontinued operation contributing **HKD 1.66 million** in profit in H1 2023 - The Group discontinued its structured trade services business in 2023, which generated a profit of **HKD 1.66 million** in H1 2023[69](index=69&type=chunk)[73](index=73&type=chunk) [16. LOANS AND BORROWINGS](index=38&type=section&id=16.%20LOANS%20AND%20BORROWINGS) As of June 30, 2024, total loans and borrowings amounted to **HKD 5.47 billion**, with a **HKD 716 million** promissory note reclassified to current liabilities due to its February 2025 maturity, subsequently partially repaid and successfully renewed post-period end - A promissory note with a principal of **HKD 716 million**, originally a non-current liability, was reclassified to current liabilities as of June 30, 2024, due to its maturity on February 18, 2025[92](index=92&type=chunk)[93](index=93&type=chunk) - The Group's revolving short-term trade financing amounted to **HKD 3.25 billion**, supporting its commodity marketing business[92](index=92&type=chunk)[96](index=96&type=chunk) - As of the period end, assets valued at **HKD 5.41 billion** were pledged as collateral for loans and borrowings, including property, plant and equipment, bank deposits, trade receivables, and inventories[100](index=100&type=chunk) [22. EVENTS AFTER THE REPORTING PERIOD](index=50&type=section&id=22.%20EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) A significant post-reporting event occurred on July 18, 2024, where the Group repaid **HKD 65.02 million** of promissory note principal and interest, successfully renewing the remaining **HKD 666 million** principal for four years until July 18, 2028, with an adjusted annual interest rate of **5.5%** - On July 18, 2024, the Company repaid part of its promissory notes and successfully renewed the remaining **HKD 666 million** principal until 2028, with the annual interest rate increasing from **5%** to **5.5%**[131](index=131&type=chunk)[132](index=132&type=chunk) [Management Discussion and Analysis](index=51&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's performance, a review of its business segments, and insights into liquidity, financial resources, and future strategies [OVERVIEW](index=51&type=section&id=OVERVIEW) In H1 2024, despite global economic challenges, group revenue grew to **HKD 20.28 billion**, though net profit declined to **HKD 136 million**, primarily due to increased interest costs in commodity marketing and volatility in soft commodities within logistics services, with company shares resuming trading on May 29, 2024 - The Company's shares, suspended from trading since April 3, 2023, resumed trading on May 29, 2024, after fulfilling all resumption guidance[133](index=133&type=chunk)[137](index=137&type=chunk) - The decline in net profit from continuing operations is primarily attributed to (i) increased interest costs in the commodity marketing segment due to extended delivery cycles from logistics disruptions, and (ii) high volatility and supply constraints in soft commodities like cocoa and coffee beans within the logistics services segment[135](index=135&type=chunk)[138](index=138&type=chunk) [BUSINESS REVIEW](index=51&type=section&id=BUSINESS%20REVIEW) This section reviews the performance of the four core business segments in H1 2024, highlighting growth in logistics services, a sharp profit decline in commodity marketing despite revenue growth, a profit decrease in financial services offset by client equity fund growth, and a decline in engineering services due to contract completions [Logistics Services](index=51&type=section&id=Logistics%20Services) The logistics services segment saw revenue grow **8.6%** and pre-tax profit increase **10.3%**, driven by strong warehousing and integrated logistics performance with full warehouse utilization and improved rates, offsetting higher freight costs from the Red Sea crisis and commodity logistics market volatility Logistics Services Performance | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | 2,587,470 HKD Thousands | 2,383,562 HKD Thousands | +8.6% | | **Pre-tax Profit** | 107,329 HKD Thousands | 97,350 HKD Thousands | +10.3% | - Warehousing logistics business: Despite softening market rates, the Company's warehouses are currently fully utilized, with occupancy expected to remain stable over the next 12 months[140](index=140&type=chunk) - Freight logistics business: Q1 sea freight rates sharply increased due to the Red Sea crisis, impacting performance, with market recovery beginning in May, though future trends remain subject to geopolitical influences[142](index=142&type=chunk)[145](index=145&type=chunk) [Commodity Marketing](index=54&type=section&id=Commodity%20Marketing) The commodity marketing segment achieved significant growth in trading volume and revenue, with revenue surging **32.2%**, but pre-tax profit sharply declined **56.2%** year-on-year due to substantially increased interest costs from rising interest rates and extended financing cycles caused by logistics disruptions Commodity Marketing Performance | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | 17,000,820 HKD Thousands | 12,862,945 HKD Thousands | +32.2% | | **Pre-tax Profit** | 19,312 HKD Thousands | 44,089 HKD Thousands | -56.2% | - The primary reasons for the profit decline were increased interest costs, specifically: (i) a **10.9%** rise in the average federal funds rate; and (ii) extended financing periods and higher transportation costs due to logistics disruptions prolonging metal delivery lead times[151](index=151&type=chunk) [Financial Services](index=54&type=section&id=Financial%20Services) Pre-tax profit from continuing operations in the financial services segment decreased **15.0%** to **HKD 121 million**, primarily due to weak US derivatives performance offsetting increased interest income from rising rates, though total client equity funds grew **17.5%**, and the Company is applying for ICE clearing membership to expand services - Pre-tax profit decreased **15.0%** to **HKD 121 million**, but total client equity funds increased by **17.5%**[153](index=153&type=chunk) - The Company is applying to become a clearing member of the Intercontinental Exchange (ICE), expected to be completed by end-2024, to enhance its service capabilities in global energy markets[156](index=156&type=chunk) [Engineering Services](index=55&type=section&id=Engineering%20Services) The engineering services segment experienced a **10.2%** decline in revenue and a **5.2%** decrease in pre-tax profit, mainly due to contract completions in 2023, yet the Company is confident in maintaining existing contracts and has restructured to expand into infrastructure and facilities management services despite market competition and labor shortages Engineering Services Performance | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | 322,283 HKD Thousands | 358,715 HKD Thousands | -10.2% | | **Pre-tax Profit** | 15,025 HKD Thousands | 15,846 HKD Thousands | -5.2% | [LIQUIDITY, FINANCIAL RESOURCES AND FINANCING ACTIVITIES](index=56&type=section&id=LIQUIDITY%2C%20FINANCIAL%20RESOURCES%20AND%20FINANCING%20ACTIVITIES) As of June 30, 2024, the Group held **HKD 2.14 billion** in cash, with total debt (excluding revolving trade financing) at **HKD 4.41 billion**, and its net gearing ratio improved from **27.1%** to **22.6%**, while commodity price risk is hedged at approximately **100%** of inventory, and foreign exchange risk is managed via natural hedging with foreign currency borrowings Liquidity and Financial Resources | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 2,135,001 HKD Thousands | 1,998,840 HKD Thousands | | **Total Debt (excluding revolving trade financing)** | 4,406,928 HKD Thousands | 4,672,423 HKD Thousands | | **Net Debt** | 2,049,607 HKD Thousands | 2,528,508 HKD Thousands | | **Net Gearing Ratio (Net Debt/Total Capital)** | 22.6% | 27.1% | - The Group's hedging level is approximately **100%** of total commodity inventory to mitigate commodity price risk[166](index=166&type=chunk) [LOOKING FORWARD AND OUR STRATEGIES](index=58&type=section&id=LOOKING%20FORWARD%20AND%20OUR%20STRATEGIES) Looking forward, despite a cautiously optimistic global economic outlook, the Group will focus on enhancing core competencies, exploring opportunities in Hainan Free Trade Port and Southeast Asia through strategic partnerships and joint ventures to diversify risk and drive growth, as evidenced by recent agreements with Hainan Yangpu Holdings and Access World Group - The Company's strategic focus is to explore business opportunities in Hainan Free Trade Port and Southeast Asia to achieve risk diversification and business growth[171](index=171&type=chunk)[175](index=175&type=chunk) - The Company initiated strategic cooperation with Hainan Yangpu Holdings Investment Co., Ltd. in April 2024 and signed an MOU with global commodity logistics company Access World Group in May to expand its commodity marketing and logistics businesses[176](index=176&type=chunk) [Corporate Governance](index=60&type=section&id=Corporate%20Governance) This section covers the Group's interim dividend policy and compliance with corporate governance codes [Interim Dividend](index=60&type=section&id=Interim%20Dividend) The Board decided not to declare an interim dividend for the six months ended June 30, 2024, consistent with the prior year - The Board did not declare an interim dividend for 2024[180](index=180&type=chunk) [Compliance with Corporate Governance Code](index=63&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) During the reporting period, the Company largely complied with the Corporate Governance Code, with one deviation where the roles of Chairman and Chief Executive Officer were held by the same individual, Mr. Wang Kan, until June 28, 2024, a situation since rectified with the appointment of Mr. Shang Duoxu as the new CEO - The Company deviated from the Corporate Governance Code during the reporting period, as the roles of Chairman and Chief Executive Officer were held by the same person, violating Code Provision C.2.1[192](index=192&type=chunk) - This deviation ceased on June 28, 2024, when Mr. Wang Kan no longer served concurrently as Chief Executive Officer, and Mr. Shang Duoxu was appointed as the new Chief Executive Officer[193](index=193&type=chunk)[196](index=196&type=chunk)