[Company Information and Report Overview](index=1&type=section&id=I.%20Company%20Information%20and%20Report%20Overview) CWT International Limited (Stock Code: 521) announced its unaudited interim results for the six months ended June 30, 2025, prepared under HKAS 34 and reviewed by the audit committee [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) CWT International Limited (Stock Code: 521), a Hong Kong-listed company, released its unaudited interim results for the six months ended June 30, 2025, with Hong Kong HNA Industrial Group Co. Limited as its direct parent company - CWT International Limited (Stock Code: **521**) announced its unaudited consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The company is a listed company incorporated in Hong Kong, with Hong Kong HNA Industrial Group Co. Limited as its direct parent company[10](index=10&type=chunk) [Basis of Preparation and Accounting Policies](index=7&type=section&id=1.2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial report, prepared in accordance with HKAS 34 and Listing Rules, has been reviewed by the Board's audit committee and the company's auditor, with no significant impact from HKAS 21 amendments - This interim financial report is prepared in accordance with the applicable disclosure provisions of the Listing Rules of the Stock Exchange, including compliance with Hong Kong Accounting Standard 34, Interim Financial Reporting, issued by the HKICPA[11](index=11&type=chunk) - This interim financial report has been reviewed by the Board's audit committee and the company's auditor[2](index=2&type=chunk) - The Group has applied the amendments to Hong Kong Accounting Standard 21 issued by the HKICPA in this accounting period for this interim financial report, but these amendments have no significant impact on this interim financial report as the Group has not engaged in any foreign currency transactions where one currency is not exchangeable into another[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements provide a snapshot of the company's financial performance and position, including income, financial position, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue increased by **7.34%** to **HKD 21.765 billion**, and profit for the period surged by **120.15%** to **HKD 300 million**, driven by commodity trading and tax credits Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 June 30 (HKD Thousands) | 2024 June 30 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,764,921 | 20,275,771 | 7.34% | | Gross Profit | 997,915 | 860,145 | 16.02% | | Profit Before Tax | 327,237 | 201,988 | 62.99% | | Profit for the Period | 300,380 | 136,447 | 120.15% | | Total Comprehensive Income for the Period | 558,835 | 50,475 | 1007.05% | | Profit for the Period Attributable to Owners of the Company | 282,344 | 120,860 | 133.61% | | Basic Earnings Per Share (HK Cents) | 2.48 | 1.06 | 133.96% | - The increase in net profit was primarily attributable to the excellent performance of concentrate products (favorable premium differences and improved profit margins in the commodity trading segment) and tax credits recognized in the logistics services segment in the first half of 2025[42](index=42&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to **HKD 29.737 billion**, with net current assets rising to **HKD 2.471 billion**, and net assets growing by **11.02%** to **HKD 5.446 billion**, indicating improved financial structure Key Data from Condensed Consolidated Statement of Financial Position | Indicator | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 6,073,353 | 5,761,616 | 5.41% | | Current Assets | 23,663,354 | 21,870,424 | 8.20% | | **Total Assets** | **29,736,707** | **27,632,040** | **7.62%** | | Current Liabilities | 21,192,464 | 19,783,347 | 7.12% | | Net Current Assets | 2,470,890 | 2,087,077 | 18.37% | | Non-current Liabilities | 3,098,164 | 2,943,245 | 5.26% | | **Net Assets** | **5,446,079** | **4,905,448** | **11.02%** | | Equity Attributable to Owners of the Company | 5,315,534 | 4,780,950 | 11.18% | | Reserves | 584,054 | 49,470 | 1080.60% | - As of June 30, 2025, the Group's gearing ratio (net debt to total capital) was **17.4%** (December 31, 2024: 18.6%), indicating a decrease in financial leverage[57](index=57&type=chunk) [Notes to the Financial Statements](index=8&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) Detailed notes provide further insights into the company's financial performance, including revenue breakdown, segment information, and specific financial items [Revenue Analysis](index=8&type=section&id=3.1%20Revenue%20Analysis) The Group's revenue is primarily from commodity trading and related services, accounting for **84.9%** of total revenue, with China being the largest customer source contributing approximately **70%** Revenue by Major Product and Service Line | Product and Service Line | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Transportation Services | 1,737,043 | 1,748,962 | -0.68% | | Logistics Services | 739,489 | 761,617 | -2.89% | | Commodity Trading and Related Services | 18,484,406 | 17,000,820 | 8.72% | | Equipment and Facility Maintenance Services | 359,701 | 320,239 | 12.32% | | Brokerage Services | 354,171 | 317,825 | 11.43% | | Others | 54,978 | 78,200 | -29.69% | | Rental Income | 35,133 | 47,373 | -25.85% | | **Total Revenue** | **21,764,921** | **20,275,771** | **7.34%** | Revenue by Customer Location | Region | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | China | 15,264,222 | 13,897,982 | 9.83% | | Singapore | 1,175,007 | 1,477,156 | -20.46% | | South Korea | 576,631 | 577,026 | -0.07% | | Hong Kong SAR, China | 50,395 | 44,322 | 13.70% | | Other Asia Pacific Jurisdictions | 1,471,823 | 1,637,331 | -10.11% | | Europe | 2,605,813 | 2,442,830 | 6.67% | | North America | 129,748 | 100,891 | 28.60% | | African Continent | 268,467 | 86,972 | 208.68% | | South America | 222,815 | 11,261 | 1878.60% | | **Total Revenue** | **21,764,921** | **20,275,771** | **7.34%** | [Segment Information](index=9&type=section&id=3.2%20Segment%20Information) The Group's operating segments include logistics services, commodity trading, engineering services, and financial services, with commodity trading showing significant profit growth - The Group has reported the following reportable segments: logistics services, commodity trading, engineering services, and financial services[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Logistics Services](index=9&type=section&id=3.2.1%20Logistics%20Services) This segment encompasses warehousing, transportation, freight forwarding, cargo consolidation, and supply chain management services - The logistics services segment includes warehousing, transportation, freight forwarding and cargo consolidation, and supply chain management services[20](index=20&type=chunk) [Commodity Trading](index=9&type=section&id=3.2.2%20Commodity%20Trading) This segment involves physical trading and supply chain management of base metal non-ferrous concentrates, primarily copper, lead, zinc, and other minor metals - The commodity trading segment includes physical trading and supply chain management of base metal non-ferrous concentrates, primarily copper, lead, zinc, and other minor metals[21](index=21&type=chunk) [Engineering Services](index=9&type=section&id=3.2.3%20Engineering%20Services) This segment covers management and maintenance of facilities, vehicles, and equipment, supply and installation of engineering products, property management, and design and construction of logistics properties - The engineering services segment includes management and maintenance of facilities, vehicles and equipment, supply and installation of engineering products, property management, and design and construction of logistics properties[22](index=22&type=chunk) [Financial Services](index=10&type=section&id=3.2.4%20Financial%20Services) This segment focuses on providing financial brokerage and asset management services - The financial services segment includes providing financial brokerage services and asset management services[23](index=23&type=chunk) [Segment Revenue and Results](index=11&type=section&id=3.2.5%20Segment%20Revenue%20and%20Results) Commodity trading segment saw significant growth in both revenue and profit before tax, while logistics services experienced declines, and financial services revenue grew but profit decreased Reportable Segment Revenue and Profit Before Tax | Segment | 2025 Revenue (HKD Thousands) | 2024 Revenue (HKD Thousands) | Revenue YoY Change (%) | 2025 Profit Before Tax (HKD Thousands) | 2024 Profit Before Tax (HKD Thousands) | Profit YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Services | 2,565,348 | 2,634,843 | -2.64% | 103,031 | 107,329 | -4.00% | | Commodity Trading | 18,484,406 | 17,000,820 | 8.73% | 108,031 | 19,312 | 459.39% | | Engineering Services | 360,996 | 322,283 | 12.01% | 17,522 | 15,025 | 16.62% | | Financial Services | 354,171 | 317,825 | 11.43% | 115,378 | 121,399 | -4.96% | | **Total** | **21,764,921** | **20,275,771** | **7.34%** | **341,059** | **262,429** | **29.96%** | [Other Gains/(Losses) – Net](index=12&type=section&id=3.3%20Other%20Gains%2F(Losses)%20%E2%80%93%20Net) Net other gains for the period were **HKD 18.115 million**, a significant improvement from a loss of **HKD 52.690 million** in the prior year, primarily due to a positive shift in net exchange gains Other Gains/(Losses) – Net Breakdown | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Net (Loss)/Gain on Disposal of Property, Plant and Equipment | (266) | 1,974 | | Net Gain on Disposal of Subsidiaries, Associates and Joint Ventures | 1,823 | 12 | | Net Exchange Gains/(Losses) | 18,976 | (13,316) | | Reversal/(Recognition) of Impairment Loss on Trade and Other Receivables | 1,064 | (724) | | Net (Loss)/Gain on Financial Instruments at Fair Value Through Profit or Loss | (171) | 368 | | Others | (3,311) | (41,004) | | **Total** | **18,115** | **(52,690)** | [Finance Costs](index=13&type=section&id=3.4%20Finance%20Costs) Finance costs for the period were **HKD 296.942 million**, a slight decrease from the prior year, mainly due to reduced interest expenses on bank borrowings and other financing Finance Costs Composition | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings and Other Financing | 160,133 | 166,830 | | Interest Expense on Lease Liabilities | 45,274 | 47,769 | | Other Interest Expenses | 35,925 | 42,302 | | Other Finance Costs | 25,457 | 21,875 | | Bank Charges | 30,153 | 27,827 | | **Total Finance Costs** | **296,942** | **306,603** | [Composition of Profit Before Tax](index=13&type=section&id=3.5%20Composition%20of%20Profit%20Before%20Tax) Profit before tax is presented after deducting expenses such as staff costs, depreciation, and amortization, with staff costs and cost of inventories sold increasing Items Deducted From/(Credited To) Profit Before Tax | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Staff Costs | 769,372 | 726,374 | | Depreciation of Property, Plant and Equipment | 111,064 | 107,027 | | Depreciation of Right-of-Use Assets | 149,013 | 154,329 | | Amortization of Intangible Assets | 14,907 | 14,804 | | Cost of Inventories Sold | 16,998,247 | 15,910,719 | | Interest Income | (238,635) | (275,810) | [Income Tax Expense](index=14&type=section&id=3.6%20Income%20Tax%20Expense) Income tax expense for the period was **HKD 26.857 million**, a significant **59.02%** decrease from the prior year, primarily due to over-provision in prior years and deferred tax recognition Income Tax Expense Composition | Item | 2025 (HKD Thousands) | 2024 (HKD Thousands) | | :--- | :--- | :--- | | Current Tax – Overseas Income Tax | 64,148 | 59,134 | | (Over-provision)/Under-provision in Prior Years | (15,068) | 10,654 | | Deferred Tax Credited to the Period | (22,785) | (5,075) | | Withholding Tax | 562 | 828 | | **Total Income Tax Expense** | **26,857** | **65,541** | - The Group had no assessable profits generated in Hong Kong during both periods, thus no provision for Hong Kong profits tax was made[31](index=31&type=chunk) [Earnings Per Share](index=14&type=section&id=3.7%20Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, significantly increased to **2.48 HK cents** from 1.06 HK cents, with diluted EPS being identical due to no dilutive potential ordinary shares Earnings Per Share Data | Indicator | 2025 (HK Cents) | 2024 (HK Cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 2.48 | 1.06 | | Diluted Earnings Per Share | 2.48 | 1.06 | - Profit for the period attributable to owners of the Company was **HKD 282,344 thousand** (2024: HKD 120,860 thousand)[34](index=34&type=chunk) [Trade Receivables](index=15&type=section&id=3.8%20Trade%20Receivables) As of June 30, 2025, total trade receivables were **HKD 3.188 billion**, slightly down from year-end 2024, with the majority aged 0-90 days and all expected to be recovered within one year Ageing Analysis of Trade Receivables | Ageing | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | 0–90 Days | 3,081,049 | 3,233,932 | | 91–180 Days | 72,327 | 114,232 | | 181–365 Days | 33,352 | 13,806 | | Over 1 Year | 1,741 | 1,268 | | **Total** | **3,188,469** | **3,363,238** | - All trade receivables are expected to be recovered within one year[36](index=36&type=chunk) [Trade and Other Payables](index=16&type=section&id=3.9%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to **HKD 14.203 billion**, driven by a rise in other payables, deposits received, and accrued items, despite a decrease in trade payables with provisional pricing features Composition of Trade and Other Payables | Item | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | Trade Payables and Bills Payable – Measured at Amortized Cost | 400,556 | 398,857 | | Trade Payables and Bills Payable – With Provisional Pricing Features and Measured at Fair Value Through Profit or Loss | 1,045,847 | 1,487,503 | | Other Payables, Deposits Received and Accrued Items | 12,830,162 | 12,002,197 | | Less: Non-current Portion | (73,086) | (68,265) | | **Total** | **14,203,479** | **13,820,292** | Ageing Analysis of Trade Payables and Bills Payable | Ageing | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | 0–90 Days | 1,340,917 | 1,746,286 | | 91–180 Days | 44,289 | 61,434 | | 181–365 Days | 40,999 | 62,588 | | 1–2 Years | 14,821 | 10,688 | | Over 2 Years | 5,377 | 5,364 | | **Total** | **1,446,403** | **1,886,360** | [Management Discussion and Analysis](index=17&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's performance, liquidity, and outlook within the context of the global macroeconomic environment and specific business segment developments [Overview and Macroeconomic Environment](index=17&type=section&id=4.1%20Overview%20and%20Macroeconomic%20Environment) The first half of 2025 saw a challenging global economic outlook with increased trade barriers, tighter financial conditions, and geopolitical conflicts, yet the Group's diverse services are prepared to adapt and capitalize on opportunities - The global outlook for 2025 is increasingly challenging, with significant risks to economic growth posed by substantially increased trade barriers, tighter financial conditions, weakening business and consumer confidence, and rising policy uncertainty[41](index=41&type=chunk) - The Israel-Iran war, which erupted in June 2025, led to significant market volatility, particularly driving increased trading volumes in the energy sector[41](index=41&type=chunk) - The Group's logistics services, commodity trading, financial services, and engineering services are well-prepared to adapt to the challenging environment and optimize opportunities arising from global changes[41](index=41&type=chunk) [Business Segment Performance](index=17&type=section&id=4.2%20Business%20Segment%20Performance) Business segments showed varied performance in a complex market: strong commodity trading, financial services revenue growth with profit decline, logistics services revenue and profit decrease, and engineering services growth from new contracts [Logistics Services](index=17&type=section&id=4.2.1%20Logistics%20Services) Logistics services revenue decreased by **2%** to **HKD 2.53 billion**, and profit before tax fell by **4%** to **HKD 103 million**, impacted by Singapore market challenges, industry downturns, trade tensions, and Red Sea attacks, though cold chain logistics remained robust - Logistics services revenue decreased by **2%** from **HKD 2,587,470 thousand** to **HKD 2,530,215 thousand**, and profit before tax decreased by **4%** from **HKD 107,329 thousand** to **HKD 103,031 thousand**[49](index=49&type=chunk) - The decrease in revenue was mainly due to the return of certain expired leased warehouses, a reduction in warehousing and integrated logistics businesses, and a corresponding decline in freight logistics revenue, affected by US tariffs and the Israel-Iran conflict[49](index=49&type=chunk) - Cold chain logistics maintained strong performance by consolidating its leading position in premium, high-security warehousing, with high capacity utilization at flagship facilities benefiting from stable demand from commercial partners and private collectors[44](index=44&type=chunk) [Commodity Trading](index=19&type=section&id=4.2.2%20Commodity%20Trading) Commodity trading profit before tax surged by **459%** to **HKD 108 million**, with revenue up **9%** to **HKD 18.484 billion**, driven by a tight copper concentrate market, rigorous execution, operational efficiency, and strategic expansion in non-ferrous concentrates and energy products - Commodity trading profit before tax increased by **459%** to **HKD 108,031 thousand**, with revenue growing by **9%** to **HKD 18,484,406 thousand**[50](index=50&type=chunk) - The exceptional performance reflects the company's full utilization of the extremely tight copper concentrate market, achieved through rigorous execution, operational efficiency, and continuous strategic expansion[50](index=50&type=chunk) - The company strengthened its blended capabilities to meet the growing demands of smelters and provided customized solutions, fully capitalizing on favorable market conditions[50](index=50&type=chunk) [Financial Services](index=20&type=section&id=4.2.3%20Financial%20Services) Financial services revenue increased by **11%** to **HKD 354 million**, but profit before tax decreased by **5%** to **HKD 115 million** due to lower interest income from declining rates. The company received "Most Active Commodity Futures Broker" award and in-principle approval for a Major Payment Institution license in Singapore - Financial services revenue increased by **11%** to **HKD 354,171 thousand**, while profit before tax decreased by **5%** to **HKD 115,378 thousand**[52](index=52&type=chunk) - The company was awarded 'Most Active Commodity Futures Broker (No. 1)' by Singapore Exchange Commodities Division for 2024[52](index=52&type=chunk) - In-principle approval was received for a Major Payment Institution license from the Monetary Authority of Singapore under the Payment Services Act 2019, allowing entry into Singapore's regulated digital payment token market[53](index=53&type=chunk) [Engineering Services](index=20&type=section&id=4.2.4%20Engineering%20Services) Engineering services revenue increased by **12%** to **HKD 361 million**, and profit before tax rose by **17%** to **HKD 17.522 million**, securing two significant contracts totaling approximately **HKD 349 million** from the Civil Aviation Authority of Singapore for M&E system replacement and maintenance - Engineering services revenue increased by **12%** to **HKD 360,996 thousand**, and profit before tax increased by **17%** to **HKD 17,522 thousand**[54](index=54&type=chunk) - Successfully secured two significant contracts from the Civil Aviation Authority of Singapore, totaling **SGD 56.5 million** (approximately **HKD 348.8 million**), for the replacement and maintenance of M&E systems and facilities[54](index=54&type=chunk) [Liquidity, Financial Resources and Funding Activities](index=21&type=section&id=4.3%20Liquidity%2C%20Financial%20Resources%20and%20Funding%20Activities) As of June 30, 2025, the Group held **HKD 2.343 billion** in cash and cash equivalents, with total loans and borrowings at **HKD 6.727 billion**, mostly due within one year, resulting in a net debt of **HKD 1.661 billion** and a reduced gearing ratio of **17.4%** Liquidity and Debt Situation | Indicator | 2025 June 30 (HKD Thousands) | 2024 December 31 (HKD Thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,343,387 | 2,271,537 | | Total Loans and Borrowings | 6,726,974 | 5,924,561 | | Loans and Borrowings Repayable Within One Year | 5,928,246 | 5,136,740 | | Revolving Short-term Trade Financing | 4,728,389 | 3,894,216 | | Total Debt (Excluding Revolving Short-term Trade Financing) | 4,220,022 | 4,120,695 | | Consolidated Net Debt | 1,661,056 | 1,655,867 | | Gearing Ratio (Net Debt to Total Capital) | 17.4% | 18.6% | - The Group's loans and borrowings amounting to **HKD 5,432,194 thousand** are secured by properties, plant and equipment, bank balances and time deposits, trade and other receivables, and inventories[55](index=55&type=chunk) - The Group maintains an appropriate level of foreign currency borrowings, as determined by management, for natural hedging to minimize foreign exchange risk[58](index=58&type=chunk) [Significant Acquisitions and Disposals and Contingent Liabilities](index=22&type=section&id=4.4%20Significant%20Acquisitions%20and%20Disposals%20and%20Contingent%20Liabilities) For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, and management believes the resolution of ongoing litigation and regulatory matters will not materially impact the Group's financial position - For the six months ended June 30, 2025, the Company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[59](index=59&type=chunk) - The Group actively defends against litigation, regulatory, and arbitration matters in the ordinary course of business, and management believes their resolution will not materially impact the Group's financial position[60](index=60&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=4.5%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **6,011** staff with total staff costs of **HKD 769 million**, and its remuneration policy aims to ensure fair and competitive compensation to attract and retain talent, considering business characteristics across jurisdictions - As of June 30, 2025, the total number of employees of the Group, together with its associates and joint ventures, was **6,011** (December 31, 2024: 5,936)[61](index=61&type=chunk) - Total staff costs (including directors' emoluments) amounted to **HKD 769,372 thousand** (for the six months ended June 30, 2024: HKD 726,374 thousand)[61](index=61&type=chunk) - The Group's remuneration policy aims to ensure that the overall compensation package is fair and competitive, thereby encouraging and retaining existing employees and attracting prospective talent[61](index=61&type=chunk) [Events After the Reporting Period](index=22&type=section&id=4.6%20Events%20After%20the%20Reporting%20Period) On July 17, 2025, MRI Trading AG, an indirect wholly-owned subsidiary, entered into a sales contract with GTS Shipping Management Co. Limited (a related party) to purchase electrolytic copper for a consideration not exceeding **USD 5 million** (approximately **HKD 39 million**) - On July 17, 2025, MRI Trading AG, an indirect wholly-owned subsidiary of the Company, entered into a sales contract with GTS Shipping Management Co. Limited (a related party), whereby GTS Shipping agreed to purchase electrolytic copper from MRI Trading[62](index=62&type=chunk) - The contract consideration shall not exceed **USD 5,000,000** (equivalent to approximately **HKD 39,000,000**)[62](index=62&type=chunk) [Future Outlook and Company Strategy](index=23&type=section&id=V.%20Future%20Outlook%20and%20Company%20Strategy) Despite global uncertainties, the Group anticipates stronger global economic growth and declining inflation, focusing on enhancing core capabilities, fostering industrial synergy, and expanding its global business network, particularly in China and emerging markets, to maximize shareholder value - The International Monetary Fund forecasts global economic growth to be revised upwards to **3.0%** in 2025 and **3.1%** in 2026[63](index=63&type=chunk) - The Group will continue to enhance its core capabilities, promote further synergy and cooperation among industrial segments, and seek business opportunities in China and other developing countries[64](index=64&type=chunk) - Hainan Free Trade Port will officially commence independent customs operations across the entire island in December 2025, where the Group's freight logistics business has already established a subsidiary[64](index=64&type=chunk) [Other Information](index=23&type=section&id=VI.%20Other%20Information) This section covers the company's dividend policy, share transactions, review of interim results, corporate governance, and the composition of its Board of Directors [Dividend Policy](index=23&type=section&id=6.1%20Dividend%20Policy) The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[65](index=65&type=chunk) [Dealings in Listed Securities](index=23&type=section&id=6.2%20Dealings%20in%20Listed%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange or any other securities exchange - During the review period, neither the Company nor its any subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange or any other securities exchange[66](index=66&type=chunk) [Review of Interim Results and Corporate Governance](index=24&type=section&id=6.3%20Review%20of%20Interim%20Results%20and%20Corporate%20Governance) The Board's audit committee reviewed the interim financial report and discussed risk management, internal controls, and financial reporting with management, while the company's auditor reviewed the report, and the company complied with the Corporate Governance Code - The Board's audit committee has reviewed the accounting principles and practices adopted by the Group and discussed risk management, internal controls, and financial reporting matters with the Company's management[67](index=67&type=chunk) - The Company's auditor has also reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA[67](index=67&type=chunk) - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the period from January 1, 2025, to June 30, 2025[68](index=68&type=chunk) [Acknowledgements and Board Composition](index=24&type=section&id=6.4%20Acknowledgements%20and%20Board%20Composition) The Board extends gratitude to all stakeholders for their support and acknowledges the dedication of management and staff, noting that as of the announcement date, the Board comprises four executive directors and three independent non-executive directors - The Board extends its sincere gratitude to all shareholders, investors, customers, suppliers, and business partners for their continuous valuable support and trust in the Group; concurrently, the Board also expresses its deep appreciation and commendation for the tireless efforts, diligence, and dedication of all management and staff during the period[69](index=69&type=chunk) - As of the date of this announcement, the Board comprises Mr. Wang Kan (Executive Director and Chairman), Mr. Zhao Quan (Executive Director), Mr. Wang Qi (Executive Director), Mr. Shang Duoxu (Executive Director and Chief Executive Officer), Mr. Lam Kin Fung, Jeffrey (Independent Non-executive Director), Ms. Liu Yifei (Independent Non-executive Director), and Dr. Lo Wing Yan, Raymond (Independent Non-executive Director)[71](index=71&type=chunk)

Group 1 - The company CWT INT'L (00521.HK) announced that it will hold a board meeting on August 28, 2025 [1] - The meeting will review and approve the group's interim results for the six months ending June 30, 2025, and discuss the proposal for an interim dividend distribution, if any [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。 執行董事 CWT INTERNATIONAL LIMITED （於香港註冊成立之有限公司） （股份代號：521） 董事會召開日期 CWT International Limited（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二五年八月二十八日（星期四）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六個 月的中期業績及其刊發，並（如適當）考慮派發中期股息。 王侃 承董事會命 香港，二零二五年八月十八日 CWT INTERNATIONAL LIMITED 於本公告日期，董事會由王侃先生（執行董事兼主席）、趙權先生（執行董 事）、汪琪先生（執行董事）、尚多旭先生（執行董事兼行政總裁）、林健 鋒先生（獨立非執行董事）、劉憶霏女士（獨立非執行董事）及盧永仁博士 （獨立非執行董事）組成。 ...

Core Viewpoint - CWT INT'L (00521.HK) expects to record a post-tax profit of no less than HKD 270 million for the six months ending June 30, 2025, representing an increase of at least 99% compared to approximately HKD 136 million in the same period last year [1] Group 1: Profit Growth - The expected profit growth is primarily attributed to an increase in post-tax profit from the commodity trading segment, driven by strong performance in mineral products and favorable premium differentials along with improved profit margins [1] - The positive changes reflect the effectiveness of the company's strategic initiatives and operational efficiency [1] Group 2: Tax Benefits - In the first half of 2025, the logistics segment confirmed tax credits, contributing to the overall profit increase [1]

Core Viewpoint - CWT International (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] Summary by Relevant Sections - **Profit Forecast** The company anticipates a significant increase in post-tax profit for the upcoming six-month period, projecting at least HKD 270 million, which marks a substantial growth from the previous year's HKD 136 million [1] - **Reasons for Profit Growth** The expected growth in post-tax profit is primarily attributed to the increase in the commodity trading segment's post-tax profit, driven by the strong performance of mineral products, favorable premium differentials, and improved profit margins. These positive changes reflect the effectiveness of the company's strategic initiatives and operational efficiency [1] - **Tax Benefits** Additionally, the company confirmed tax credits in the logistics business segment for the first half of 2025, contributing to the overall profit increase [1]

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 ...

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

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].