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9月30日 狀態: 新提交 呈交日期: 2025年10月3日 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) | 00583 | 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 500,000,000 備註： * 僅供識別 ...

各位非登記股東： 長城環亞控股有限公司* （「本公司」）- 可供查閱通知 2025 中期報告（「本次公司通訊」）的刊發通知 本公司的本次公司通訊備有中、英文版本，並已上載於本公司網站 www.gwpaholdings.com 及香港交易所披露易（「披露 易」）網站 www.hkexnews.hk，歡迎瀏覽。 若 閣下已選擇收取本公司的公司通訊（「公司通訊」）之印刷本，則隨函附奉 閣下所選擇之語言版本的本次公司通訊 印刷本。閣下若因任何理由以致在收取或接收載於本公司網站上的本次公司通訊出現困難，本公司將於接到 閣下通知 後，盡快向 閣下免費發送有關本次公司通訊的印刷本； 閣下可以書面方式通知本公司的香港股份過戶登記分處（「股 份過戶處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓，或電郵至 greatwall583.ecom@computershare.com.hk。 閣下有權要求更改所選擇收取日後公司通訊的語言版本及收取方式，請填妥隨附之回條（「回條」），然後以專人交付或使 用回條底部隨附的郵寄標籤將回條寄回股份過戶處（如在香港投寄，毋須貼上郵票；否則，請貼上適當的郵票 ...

（於百慕達註冊成立之有限公司） (Incorporated in Bermuda with limited liability) (Stock Code 股份代號: 583) 各位登記股東： 長城環亞控股有限公司* （「本公司」）- 可供查閱通知 2025 中期報告（「本次公司通訊」）的刊發通知 本公司的本次公司通訊備有中、英文版本，並已上載於本公司網站 www.gwpaholdings.com 及香港交易所披露易（「披露易」）網站 www.hkexnews.hk，歡迎瀏覽。 若 閣下已選擇收取本公司的公司通訊（「公司通訊」）之印刷本，則隨函附奉 閣下所選擇之本次公司通訊印刷本。 閣下若因任何理 由以致在收取或接收載於公司網站上的本次公司通訊出現困難，本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司 通訊的印刷本； 閣下可以書面方式通知本公司的香港股份過戶登記分處（「股份過戶處」）香港中央證券登記有限公司，地址為香港灣 仔皇后大道東 183 號合和中心 17M 樓，或電郵至 greatwall583.ecom@computershare.com.hk。 閣下有權要求更改所選擇收取日後公司通訊的語言 ...

CORPORATE INFORMATION [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises a Chairman, Executive Directors, Non-executive Directors, and Independent Non-executive Directors, supported by Audit, Remuneration, and Nomination Committees to ensure sound corporate governance - The Board Chairman is **Mr. Wang Hai**, with Executive Directors including Mr. Wang Hai and Chief Executive Officer **Mr. Wang Zuomin**[6](index=6&type=chunk)[7](index=7&type=chunk) - Independent Non-executive Directors include **Ms. Li Lihua, Mr. Mei Yihe, and Dr. Xie Wensi**[6](index=6&type=chunk)[7](index=7&type=chunk) - **Mr. Mei Yihe** chairs the Audit Committee, **Ms. Li Lihua** chairs the Remuneration Committee, and **Mr. Wang Hai** chairs the Nomination Committee[6](index=6&type=chunk)[7](index=7&type=chunk) [Shareholder and Company Contact Information](index=4&type=section&id=Shareholder%20Information%20Online) The company provides an online shareholder information platform and lists key contact details for authorized representatives, company secretary, share registrar, registered office, and principal place of business - The company website **www.gwpaholdings.com** provides the latest financial and corporate communications information[8](index=8&type=chunk)[9](index=9&type=chunk) - **Mr. Wang Zuomin** and **Ms. Fu Manyi** are authorized representatives, with Ms. Fu Manyi also serving as the Company Secretary[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock code **00583**[11](index=11&type=chunk)[12](index=12&type=chunk) MANAGEMENT DISCUSSION AND ANALYSIS [Group Operating Results](index=6&type=section&id=Operating%20Results%20of%20the%20Group) For the six months ended June 30, 2025, the Group turned from profit to loss, recording a loss attributable to equity holders of 280.1 million HKD, primarily due to fair value losses on investment properties and share of loss from an associate 2025 First Half Consolidated Operating Results Overview | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 58.2 | 60.9 | (4.4%) | | Adjusted Operating Profit^ | 23.9 | 36.4 | (34.3%) | | Fair Value (Loss)/Gain on Investment Properties | (88.8) | 78.8 | ** | | Operating (Loss)/Profit | (64.4) | 115.3 | ** | | Net Finance Costs | (142.1) | (173.1) | (17.9%) | | Share of (Loss)/Profit of an Associate | (70.8) | 64.8 | ** | | (Loss)/Profit Before Income Tax | (277.3) | 7.0 | ** | | (Loss)/Profit for the Period | (280.1) | 4.5 | ** | | (Loss)/Profit Attributable to Equity Holders | (280.1) | 4.5 | ** | | (Loss)/Earnings Per Share (HK cents) | (17.9) | 0.3 | ** | - For the six months ended June 30, 2025, the **loss attributable to equity holders was 280.1 million HKD**, a significant turnaround from a profit of 4.5 million HKD in the prior period[18](index=18&type=chunk)[19](index=19&type=chunk) - **Loss per share was 17.9 HK cents**, compared to earnings per share of 0.3 HK cents in the prior period[18](index=18&type=chunk)[19](index=19&type=chunk) - The loss was primarily attributed to a **fair value loss on investment properties of 88.8 million HKD** and a **share of loss from an associate of 70.8 million HKD**[18](index=18&type=chunk)[19](index=19&type=chunk)[21](index=21&type=chunk)[24](index=24&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) The Group primarily operates in property investment and financial services segments, with property investment facing challenges and declining revenue in the first half, while the financial services segment generated no revenue - The Group primarily engages in the **property investment segment** and the **financial services segment**[22](index=22&type=chunk)[25](index=25&type=chunk) - The property investment segment contributed to the results for the six months ended June 30, 2025, with no significant changes in the investment property portfolio, which includes diverse properties such as Kwai Fong Plaza and several floors of Bank of America Tower[23](index=23&type=chunk)[25](index=25&type=chunk) - In the first half of 2025, the investment property business faced challenges amid an uncertain economic backdrop, with the Group focusing on maintaining the stability of its existing investment property portfolio, collaborating with tenants, and improving its balance sheet[26](index=26&type=chunk)[28](index=28&type=chunk) - The financial services segment includes providing asset management services (licensed by the SFC for Type 9 regulated activities), and the Group will continue to explore and seize development opportunities[31](index=31&type=chunk)[32](index=32&type=chunk) [Revenue Analysis](index=9&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total consolidated revenue was 58.2 million HKD, a 4.4% year-on-year decrease, mainly due to reduced revenue from the property investment segment, while the financial services segment generated no revenue Consolidated Revenue by Business Segment | Business Segment | 2025 First Half (million HKD) | 2024 First Half (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Property Investment | 58.2 | 60.9 | (4.4%) | | Financial Services | – | – | – | | **Total Revenue** | **58.2** | **60.9** | **(4.4%)** | - **Total revenue decreased by 4.4% to 58.2 million HKD**, primarily due to reduced revenue from the property investment segment[26](index=26&type=chunk)[28](index=28&type=chunk)[34](index=34&type=chunk) - The financial services segment generated **no revenue** in both the first half of 2025 and 2024[34](index=34&type=chunk) [Financial Review By Operating Segments](index=10&type=section&id=Financial%20Review%20By%20Operating%20Segments) The property investment segment's revenue decreased by 4.4%, but adjusted EBITDA grew by 9.4%, primarily impacted by reduced rental income from Bank of America Tower in Central and a fair value loss of 88.8 million HKD on investment properties due to Hong Kong's challenging real estate market, while the financial services segment generated no revenue - The Group's reportable and operating segments include the **property investment segment** and the **financial services segment**[35](index=35&type=chunk)[36](index=36&type=chunk)[40](index=40&type=chunk) [Property Investment Segment](index=10&type=section&id=Property%20Investment%20Segment) The property investment segment's revenue decreased by 4.4% to 58.2 million HKD, mainly due to reduced income from new lease agreements at Bank of America Tower in Central, with investment property fair value turning from a gain to a loss of 88.8 million HKD, reflecting challenges in the Hong Kong real estate market Property Investment Segment Financial Performance | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 58.2 | 60.9 | (4.4%) | | Adjusted EBITDA^ | 35.0 | 32.0 | 9.4% | | Revaluation Loss from Transfer of Property, Plant and Equipment to Investment Property | (12.4) | – | ** | | Adjusted Operating Profit | 20.0 | 28.9 | (30.8%) | | Fair Value (Loss)/Gain on Investment Properties and Other Income | (88.3) | 86.2 | ** | | (Loss)/Profit Attributable to Equity Holders | (92.2) | 83.8 | ** | - Property investment segment revenue was **58.2 million HKD**, a **4.4% decrease** compared to the first half of 2024, primarily due to reduced revenue from new lease agreements for certain floors at Bank of America Tower in Central[42](index=42&type=chunk)[45](index=45&type=chunk) - The **fair value loss on investment properties was 88.8 million HKD**, compared to a fair value gain of 78.8 million HKD in the first half of 2024, reflecting the challenges faced by the Hong Kong real estate market in early 2025[27](index=27&type=chunk)[29](index=29&type=chunk)[43](index=43&type=chunk)[45](index=45&type=chunk) - As of June 30, 2025, the capitalization rates used in the income capitalization approach for investment properties ranged from **2.00% to 5.00%**, with a decrease in rental rates (retail shops from HKD 63.9/sq.ft. to HKD 62.0/sq.ft., office buildings from HKD 55.0-71.0/sq.ft. to HKD 44.0-70.0/sq.ft., industrial buildings from HKD 16.0-27.0/sq.ft. to HKD 16.0-24.0/sq.ft.)[27](index=27&type=chunk)[29](index=29&type=chunk)[42](index=42&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[176](index=176&type=chunk) [Financial Services Segment](index=12&type=section&id=Financial%20Services%20Segment) The financial services segment generated no revenue in both the first half of 2025 and 2024, despite being licensed by the SFC for asset management activities Financial Services Segment Financial Performance | Indicator | 2025 First Half (million HKD) | 2024 First Half (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | – | – | – | | Adjusted EBITDA^ | – | (6.2) | ** | | Adjusted Operating Loss | – | (6.2) | ** | | Loss Attributable to Equity Holders | – | (6.2) | ** | - The financial services segment generated **no revenue** in both the first half of 2025 and 2024[47](index=47&type=chunk)[48](index=48&type=chunk) [Significant Investment in an Associate and Share of Profit or Loss](index=13&type=section&id=Significant%20Investment%20in%20relation%20to%20the%20Investment%20in%20an%20Associate%20and%20Share%20of%20Profit%20or%20Loss%20of%20an%20Associate) The Group holds a 35.78% equity interest in the joint venture Everwell City Limited, with the investment's fair value at 5,336.5 million HKD as of June 30, 2025, representing approximately 56.27% of the Group's total assets, and recorded a share of loss from the associate of approximately 70.8 million HKD in the first half, mainly due to increased finance costs and revaluation losses on investment properties - The Group holds a **35.78% equity interest** in the joint venture Everwell City Limited, which owns 16 diversified commercial properties, shopping centers, plazas, and car parks in Hong Kong[49](index=49&type=chunk)[50](index=50&type=chunk) - As of June 30, 2025, the **fair value of this investment was 5,336.5 million HKD** (June 30, 2024: 5,433.7 million HKD), representing **56.27% of the Group's total assets** (June 30, 2024: 56.70%)[49](index=49&type=chunk)[50](index=50&type=chunk) - In the first half of 2025, the Group's **share of loss from the associate was approximately 70.8 million HKD**, compared to a profit of 64.8 million HKD in the prior period[49](index=49&type=chunk)[50](index=50&type=chunk) - The loss was primarily due to **increased finance costs** and **revaluation losses on the joint venture's investment properties**, attributed to the challenging Hong Kong real estate market in early 2025[49](index=49&type=chunk)[50](index=50&type=chunk) - The Group currently plans to hold its equity interest in the joint venture as a **long-term investment** to generate sustainable returns for shareholders[49](index=49&type=chunk)[50](index=50&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20And%20Capital%20Resources) As of June 30, 2025, the Group's cash and bank balances increased to 247.9 million HKD, but the gearing ratio rose to 59.6% due to reduced shareholders' equity from fair value losses on investment properties and share of loss from an associate, while net cash flow from operating activities increased, and net cash flow from investing activities primarily came from associate dividends, with reduced cash outflow from financing activities Liquidity and Capital Resources Overview | Indicator | June 30, 2025 (million HKD) | December 31, 2024 (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 247.9 | 209.3 | 18.4% | | Shareholders' Equity | 3,637.4 | 3,917.4 | (7.1%) | | Current Ratio | 0.05 | 0.04 | 25.0% | | Gearing Ratio | 59.6% | 58.0% | 2.8% | - As of June 30, 2025, the Group's **total cash and bank balances were approximately 247.9 million HKD**, an increase from 209.3 million HKD as of December 31, 2024[53](index=53&type=chunk)[55](index=55&type=chunk) - The **gearing ratio increased to 59.6%** (December 31, 2024: 58.0%), primarily due to a decrease in shareholders' equity resulting from fair value losses on investment properties and share of loss from an associate[53](index=53&type=chunk)[55](index=55&type=chunk) - As of June 30, 2025, the Group had **outstanding unsecured shareholder loans of 5,610.0 million HKD** (December 31, 2024: 4,760.0 million HKD) and **available unutilized bank facilities of approximately 850.0 million HKD**[53](index=53&type=chunk)[55](index=55&type=chunk) - For the six months ended June 30, 2025, **net cash generated from operating activities was 38.1 million HKD**, **net cash generated from investing activities was 18.8 million HKD** (primarily from dividends from an associate of 17.9 million HKD), and **net cash used in financing activities was 18.3 million HKD**[58](index=58&type=chunk)[59](index=59&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 10 employees, with a remuneration policy designed to recognize and reward excellent performance, motivate staff to achieve business objectives, and attract and retain key talent through various benefits - As of June 30, 2025, the Group had **10 employees** (June 30, 2024: 11 employees)[65](index=65&type=chunk)[70](index=70&type=chunk) - The Group's remuneration and benefits policy aims to recognize excellent performance, motivate and reward employees for achieving business objectives, retain and attract key talent, and provides benefits such as medical insurance, body check programs, provident fund schemes, and housing allowance schemes[66](index=66&type=chunk)[70](index=70&type=chunk) - Employee recruitment and promotion are primarily based on individual job performance, relevant experience, development potential, and performance[67](index=67&type=chunk)[71](index=71&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended June 30, 2025 (June 30, 2024: nil)[68](index=68&type=chunk)[72](index=72&type=chunk) [Outlook](index=17&type=section&id=Outlook) Despite robust economic expansion in Hong Kong, the property market faces challenges, and the Group anticipates 2025 to be a period of prudent stability and strategic repositioning, actively managing its existing portfolio, optimizing core asset returns, and cautiously exploring new opportunities, while leveraging resources from its controlling shareholder, China Great Wall Asset Management, to expand domestic business as its sole offshore listing platform - **2025 is expected to be a period of prudent stability and strategic repositioning** for the Group, despite Hong Kong's economy growing by approximately 3.1% year-on-year in the second quarter, as the property market faces challenges[73](index=73&type=chunk)[78](index=78&type=chunk) - The Group will actively manage its existing investment portfolio, focusing on **capital preservation, optimizing returns from core assets**, and cautiously exploring new opportunities aligned with shareholders' interests[74](index=74&type=chunk)[79](index=79&type=chunk) - The Group will fully leverage the substantial resources of its controlling shareholder, China Great Wall Asset Management Co., Ltd. (GWAMCC), combining domestic and international capital markets to actively expand its domestic business, fulfilling its role as the **sole offshore listing platform for the GWAMCC Group**[80](index=80&type=chunk)[81](index=81&type=chunk) - The Group's investment properties continue to provide **stable income streams** and create value through asset appreciation, successfully diversifying its tenant mix and enhancing leasing performance[77](index=77&type=chunk)[79](index=79&type=chunk) CORPORATE GOVERNANCE [Corporate Governance Overview](index=19&type=section&id=Corporate%20Governance) The company is committed to safeguarding shareholders' interests and has adopted and applied the Corporate Governance Code set out in Appendix C1 of the Listing Rules, ensuring compliance with all applicable principles and code provisions for the six months ended June 30, 2025 - The Board and management are committed to safeguarding shareholders' interests and prioritize enhancing and protecting them[82](index=82&type=chunk)[86](index=86&type=chunk) - The company has adopted and applied the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules as its corporate governance practices[83](index=83&type=chunk)[86](index=86&type=chunk) - The Board believes that the company has complied with the applicable principles and code provisions of the Corporate Governance Code for the six months ended June 30, 2025[84](index=84&type=chunk)[86](index=86&type=chunk) [Audit Committee and Review of Interim Financial Information](index=19&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Financial%20Information) The Audit Committee, composed of two Independent Non-executive Directors and one Non-executive Director, is responsible for reviewing interim financial information and confirming its compliance with accounting standards and Listing Rules, with external auditors also conducting a review in accordance with Hong Kong Review Engagements Standards - The Audit Committee, established in 1998, comprises **two Independent Non-executive Directors** (Mr. Mei Yihe as Chairman, Ms. Li Lihua) and **one Non-executive Director** (Mr. Ren Zhiqiang)[85](index=85&type=chunk)[87](index=87&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and considers it to be in compliance with applicable accounting standards and the Listing Rules[88](index=88&type=chunk)[91](index=91&type=chunk) - The external auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP, has reviewed the financial statements in accordance with Hong Kong Standard on Review Engagements 2410[88](index=88&type=chunk)[91](index=91&type=chunk) [Sufficiency of Public Float](index=20&type=section&id=Sufficiency%20of%20Public%20Float) As of the date of this interim report, the company's public float exceeds 25% of its total issued shares - As of the date of this interim report, the percentage of shares held by the public exceeds **25% of the company's total issued shares**[89](index=89&type=chunk)[92](index=92&type=chunk) [Remuneration Committee](index=20&type=section&id=Remuneration%20Committee) The Remuneration Committee, established in 2000 and primarily composed of Independent Non-executive Directors, is responsible for formulating remuneration policies to incentivize and retain talent - The Remuneration Committee, established in 2000, comprises **two Independent Non-executive Directors** (Ms. Li Lihua as Chairman, Dr. Xie Wensi) and **one Executive Director** (Mr. Wang Zuomin)[90](index=90&type=chunk)[93](index=93&type=chunk) [Nomination Committee](index=21&type=section&id=Nomination%20Committee) The Nomination Committee, established in 2005 and primarily composed of Independent Non-executive Directors, is responsible for director nominations and succession planning - The Nomination Committee, established in 2005, comprises **one Executive Director** (Mr. Wang Hai as Chairman) and **two Independent Non-executive Directors** (Ms. Li Lihua, Mr. Mei Yihe)[94](index=94&type=chunk)[97](index=97&type=chunk) [Compliance with the Model Code and Company Guidelines](index=21&type=section&id=Compliance%20with%20the%20Model%20Code%20and%20the%20Company%27s%20Guidelines) The Board has adopted the Model Code set out in Appendix C3 of the Listing Rules as the standard for directors' securities transactions and confirmed all directors' compliance during the reporting period, with the company also establishing equally stringent written guidelines for relevant employees - The Board has adopted the **Model Code** set out in Appendix C3 of the Listing Rules as the standard for directors' securities transactions[95](index=95&type=chunk)[98](index=98&type=chunk) - All directors have confirmed compliance with the required standards of the Model Code for the six months ended June 30, 2025[95](index=95&type=chunk)[98](index=98&type=chunk) - The company has also adopted **Company Guidelines** that are no less exacting than the Model Code, applicable to employees who may possess unpublished inside information[96](index=96&type=chunk)[98](index=98&type=chunk) [Directors and Changes](index=22&type=section&id=Directors) During the reporting period, there were changes in the company's Board of Directors, including appointments and resignations of Executive, Non-executive, and Independent Non-executive Directors, with the Board having three committees: Audit, Remuneration, and Nomination, and their respective member compositions are listed Board of Directors Changes | Director Type | Name | Title/Change Description | | :--- | :--- | :--- | | Executive Director | Mr. Wang Hai | Chairman of the Board (appointed on August 20, 2021) | | Executive Director | Mr. Wang Zuomin | Chief Executive Officer (appointed on August 20, 2024) | | Non-executive Director | Mr. Ren Zhiqiang | Appointed on August 20, 2024 | | Independent Non-executive Director | Dr. Song Min | Appointed on November 5, 2016, resigned on March 15, 2025 | | Independent Non-executive Director | Dr. Sun Mingchun | Appointed on November 5, 2016, resigned on March 15, 2025 | | Independent Non-executive Director | Ms. Liu Yan | Appointed on November 26, 2018, resigned on March 15, 2025 | | Independent Non-executive Director | Ms. Li Lihua | Appointed on March 15, 2025 | | Independent Non-executive Director | Mr. Mei Yihe | Appointed on March 15, 2025 | | Independent Non-executive Director | Dr. Xie Wensi | Appointed on March 15, 2025 | - Mr. Mei Yihe (Independent Non-executive Director) resigned as an independent director of Click Holdings Limited on May 14, 2025[102](index=102&type=chunk)[103](index=103&type=chunk) [Disclosures Pursuant to Rule 13.21 of the Listing Rules](index=24&type=section&id=Disclosures%20Pursuant%20to%20Rule%2013.21%20of%20the%20Listing%20Rules) The company discloses two loan agreements, each containing covenants for the controlling shareholder's obligations, where Bank A may terminate the loan agreements and demand immediate repayment of all outstanding amounts if the controlling shareholder, Great Wall International, loses control over the borrower - The company, as guarantor, entered into two loan agreements with its wholly-owned subsidiary, Top Shine Limited (the borrower), and Bank A, each with a **maximum principal amount of 850 million HKD**[105](index=105&type=chunk) - The loan agreements stipulate that if the controlling shareholder, Great Wall International, loses direct or indirect control over the borrower, it will trigger an event of default, allowing Bank A to terminate the agreements and demand immediate repayment of all outstanding amounts[105](index=105&type=chunk) [Interests of Directors and Chief Executives](index=25&type=section&id=Interests%20of%20Directors%20and%20Chief%20Executives) As of June 30, 2025, to the best knowledge of the directors, none of the company's directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - As of June 30, 2025, none of the company's directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations[106](index=106&type=chunk)[108](index=108&type=chunk) [Directors' and Chief Executives' Rights to Acquire Shares or Debentures](index=25&type=section&id=Directors%27%20and%20Chief%20Executives%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) As of June 30, 2025, no directors or chief executives (including their spouses and children under 18) held any interests in the shares of the company and its associated corporations, nor had they been granted or exercised any rights to subscribe for shares - As of June 30, 2025, no directors or chief executives (including their spouses and children under 18) held any interests in the shares of the company and its associated corporations, nor had they been granted or exercised any rights to subscribe for shares[107](index=107&type=chunk)[109](index=109&type=chunk) [Interests of Substantial Shareholders](index=25&type=section&id=Interests%20of%20Substantial%20Shareholders) As of June 30, 2025, China Great Wall Asset Management Co., Ltd. and its controlled corporations held 74.89% of the company's shares, Central Huijin Investment Ltd. held 84.77%, and China Construction Bank Corporation and its controlled corporations held 9.89% Substantial Shareholders' Interests in Company Shares | Substantial Shareholder Name | Capacity/Nature of Interest | Number of Ordinary Shares Held (L) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | China Great Wall Asset Management Co., Ltd. | Interest in controlled corporation | 1,174,018,094 | 74.89% | | China Great Wall Asset (International) Holdings Limited | Interest in controlled corporation | 1,174,018,094 | 74.89% | | Great Wall Pan Asia (BVI) Holding Limited | Beneficial owner | 1,174,018,094 | 74.89% | | Central Huijin Investment Ltd. | Interest in controlled corporation | 1,329,018,094 | 84.77% | | China Construction Bank Corporation | Interest in controlled corporation | 155,000,000 | 9.89% | | Wantai Investment Co., Ltd. | Beneficial owner | 155,000,000 | 9.89% | - Central Huijin Investment Ltd., by holding **73.53% of China Great Wall Asset Management Co., Ltd.'s shares**, indirectly owns **74.89% of the company's issued share capital** and is deemed to have an interest in all company shares held by Great Wall Pan Asia (BVI) Holding Limited[113](index=113&type=chunk)[115](index=115&type=chunk) - China Construction Bank Corporation indirectly owns **9.89% of the company's shares** through its **100% interest in Wantai Investment Co., Ltd.**[116](index=116&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20LISTED%20SECU RITIES%20OF%20THE%20COMPANY) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[118](index=118&type=chunk)[119](index=119&type=chunk) REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS [Introduction](index=28&type=section&id=Introduction) The auditor has reviewed the interim condensed consolidated financial statements for the six months ended June 30, 2025, prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, with directors responsible for their preparation and presentation, and the auditor's responsibility being to conclude based on the review - The auditor has reviewed the interim condensed consolidated financial statements for the six months ended June 30, 2025[121](index=121&type=chunk)[122](index=122&type=chunk) - The statements are prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules[121](index=121&type=chunk)[122](index=122&type=chunk) - The directors are responsible for the preparation and presentation of the interim condensed consolidated financial statements[121](index=121&type=chunk)[122](index=122&type=chunk) [Scope of Review](index=29&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, primarily involving inquiries of personnel responsible for financial and accounting matters and applying analytical and other review procedures, with the scope being less than an audit, thus no audit opinion is expressed - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"** issued by the Hong Kong Institute of Certified Public Accountants[124](index=124&type=chunk)[126](index=126&type=chunk) - The scope of a review is substantially less than an audit, and therefore **no audit opinion is expressed**[124](index=124&type=chunk)[126](index=126&type=chunk) [Conclusion](index=29&type=section&id=Conclusion) Based on the review, the auditor has not found any matter that causes them to believe that the interim condensed consolidated financial statements are not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - The auditor has found no matter that causes them to believe the interim condensed consolidated financial statements are not prepared in all material respects in accordance with **Hong Kong Accounting Standard 34**[125](index=125&type=chunk)[127](index=127&type=chunk) CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION [Condensed Consolidated Balance Sheet](index=30&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of June 30, 2025, the Group's total assets were 9,483.7 million HKD, total liabilities were 5,846.3 million HKD, and total equity was 3,637.4 million HKD, with investment properties and investments in associates constituting the largest portions of non-current assets Condensed Consolidated Balance Sheet Overview | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 9,207,180 | 9,398,872 | | Investment properties | 3,378,300 | 3,469,900 | | Investment in associates | 5,336,512 | 5,425,218 | | Current assets | 276,527 | 236,882 | | Cash and bank balances | 247,859 | 209,268 | | **Total Assets** | **9,483,707** | **9,635,754** | | **Liabilities** | | | | Non-current liabilities | 19,394 | 19,759 | | Current liabilities | 5,826,955 | 5,698,587 | | Loans from intermediate holding company | 5,610,000 | 4,760,000 | | Bank borrowing | – | 849,457 | | **Total Liabilities** | **5,846,349** | **5,718,346** | | **Equity** | | | | Share capital | 156,775 | 156,775 | | Reserves | 3,480,583 | 3,760,633 | | **Total Equity** | **3,637,358** | **3,917,408** | - As of June 30, 2025, **total assets were 9,483,707 thousand HKD**, a decrease from 9,635,754 thousand HKD as of December 31, 2024[129](index=129&type=chunk) - **Net current liabilities were 5,550,428 thousand HKD**, primarily including **loans from an intermediate holding company of 5,610,000 thousand HKD**[129](index=129&type=chunk)[143](index=143&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=31&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, the Group recorded a loss for the period of 280.1 million HKD, compared to a profit of 4.5 million HKD in the prior period, mainly due to fair value losses on investment properties and share of loss from an associate Condensed Consolidated Statement of Comprehensive Income Overview | Indicator | 2025 First Half (HKD thousand) | 2024 First Half (HKD thousand) | | :--- | :--- | :--- | | Revenue | 58,215 | 60,948 | | Fair Value (Loss)/Gain on Investment Properties | (88,839) | 78,789 | | Operating Profit | (64,357) | 115,274 | | Net Finance Costs | (142,103) | (173,113) | | Share of (Loss)/Profit of an Associate | (70,766) | 64,866 | | (Loss)/Profit Before Income Tax | (277,226) | 7,027 | | (Loss)/Profit for the Period | (280,050) | 4,518 | | (Loss)/Profit Attributable to Equity Holders of the Company | (280,050) | 4,518 | | Basic Loss/(Earnings) Per Share (HK cents) | HK(17.86) cents | HK0.29 cents | - The **loss for the period was 280,050 thousand HKD**, compared to a profit of 4,518 thousand HKD in the prior period[131](index=131&type=chunk) - **Fair value of investment properties turned from a gain of 78,789 thousand HKD to a loss of 88,839 thousand HKD**[131](index=131&type=chunk) - **Share of profit or loss of an associate turned from a profit of 64,866 thousand HKD to a loss of 70,766 thousand HKD**[131](index=131&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=32&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) As of June 30, 2025, the Group's total equity was 3,637.4 million HKD, a decrease from 3,917.4 million HKD at the beginning of the year, primarily due to the loss of 280.1 million HKD recorded during the period Condensed Consolidated Statement of Changes in Equity Overview | Indicator | Balance at January 1, 2025 (HKD thousand) | Loss for the Period (HKD thousand) | Balance at June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | | Share Capital | 156,775 | – | 156,775 | | Share Premium | 50,382 | – | 50,382 | | Contributed Surplus | 310,841 | – | 310,841 | | Merger Reserve | (9,011) | – | (9,011) | | Other Reserves | 333,445 | – | 333,445 | | Retained Earnings | 3,074,976 | (280,050) | 2,794,926 | | **Total Equity** | **3,917,408** | **(280,050)** | **3,637,358** | - As of June 30, 2025, **total equity was 3,637,358 thousand HKD**, a decrease of 280,050 thousand HKD from 3,917,408 thousand HKD as of January 1, 2025, primarily reflecting the loss for the period[133](index=133&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash generated from operating activities was 38.1 million HKD, net cash generated from investing activities was 18.8 million HKD, and net cash used in financing activities was 18.3 million HKD, resulting in a net increase in cash and cash equivalents of 38.6 million HKD at period-end Condensed Consolidated Statement of Cash Flows Overview | Cash Flow Type | 2025 First Half (HKD thousand) | 2024 First Half (HKD thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 38,131 | 34,653 | | Net Cash Generated from Investing Activities | 18,768 | 3,540 | | Net Cash Used in Financing Activities | (18,308) | (79,523) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 38,591 | (41,330) | | Cash and Cash Equivalents at January 1 | 209,268 | 232,523 | | Cash and Cash Equivalents at June 30 | 247,859 | 191,181 | - **Net cash generated from operating activities increased** from 34,653 thousand HKD in the first half of 2024 to **38,131 thousand HKD** in the first half of 2025[135](index=135&type=chunk) - **Net cash generated from investing activities significantly increased** from 3,540 thousand HKD in the first half of 2024 to **18,768 thousand HKD** in the first half of 2025, primarily due to dividend income from an associate[135](index=135&type=chunk) - **Net cash used in financing activities substantially decreased** from 79,523 thousand HKD in the first half of 2024 to **18,308 thousand HKD** in the first half of 2025, mainly due to lower repayment of bank borrowings compared to repayment of loans from an intermediate holding company in the prior period[135](index=135&type=chunk) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION [1. Basis of preparation and accounting policies](index=34&type=section&id=1.%20Basis%20of%20preparation%20and%20accounting%20policies) The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, with accounting policies consistent with the 2024 consolidated financial statements, except for the adoption of revised standards effective January 1, 2025, and the Group prepares its statements on a going concern basis, expecting sufficient financial resources despite net current liabilities - The interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** and the applicable disclosure requirements of the Listing Rules[137](index=137&type=chunk)[141](index=141&type=chunk) - Except for the adoption of revised Hong Kong Financial Reporting Standards effective on or after January 1, 2025, the accounting policies and methods of computation are **consistent with the 2024 consolidated financial statements**[138](index=138&type=chunk)[141](index=141&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The Group prepares its financial statements on a **going concern basis**, despite recording a **loss of 280,050 thousand HKD** and **net current liabilities of 5,550,428 thousand HKD** as of June 30, 2025[143](index=143&type=chunk)[146](index=146&type=chunk) - The directors believe the Group will have **sufficient working capital** to fund its operations and meet its financial obligations as they fall due, thus no material uncertainties exist that cast significant doubt on the going concern assumption[145](index=145&type=chunk)[147](index=147&type=chunk) [2. Revenue and segment information](index=36&type=section&id=2.%20Revenue%20and%20segment%20information) The Group has two reportable segments: property investment, which generates revenue from leasing properties, and financial services, which engages in regulated asset management activities, with property investment revenue of 58.2 million HKD and no revenue from financial services in the first half of 2025 - The Group has **two reportable segments**: the property investment segment and the financial services segment[150](index=150&type=chunk)[154](index=154&type=chunk) - The property investment segment generates revenue from **leasing retail, commercial, and industrial properties in Hong Kong**[151](index=151&type=chunk)[154](index=154&type=chunk) - The financial services segment primarily engages in **regulated activities under the Securities and Futures Ordinance (Type 9 asset management)**[151](index=151&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) Revenue and Profit/(Loss) by Segment | Segment | 2025 First Half Revenue (HKD thousand) | 2025 First Half Net (Loss)/Profit (HKD thousand) | | :--- | :--- | :--- | | Property Investment | 58,215 | (89,422) | | Financial Services | – | 43 | | **Total** | **58,215** | **(89,379)** | Reconciliation of Reportable Segment Profit/(Loss) | Reconciliation Item | 2025 First Half (HKD thousand) | 2024 First Half (HKD thousand) | | :--- | :--- | :--- | | Net (Loss)/Profit of Reportable Segments | (89,379) | 80,133 | | Share of (Loss)/Profit of an Associate accounted for using equity method | (70,766) | 64,866 | | Finance costs for financing the Group's investment in an associate | (122,946) | (146,985) | | Other corporate and treasury activities | 3,041 | 6,504 | | **(Loss)/Profit for the Period** | **(280,050)** | **4,518** | [3. Property, plant and equipment](index=40&type=section&id=3.%20Property%2C%20plant%20and%20equipment) As of June 30, 2025, the net book value of property, plant and equipment was 492.3 million HKD, a decrease from 503.7 million HKD at the beginning of the year, with depreciation, transfers to, and transfers from investment properties occurring during the period Changes in Net Book Value of Property, Plant and Equipment | Indicator | Net Book Value at January 1, 2025 (HKD thousand) | Depreciation (HKD thousand) | Transferred from Investment Properties (HKD thousand) | Transferred to Investment Properties (HKD thousand) | Net Book Value at June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 503,650 | (2,877) | 239,400 | (247,909) | 492,264 | - As of June 30, 2025, the **net book value of property, plant and equipment was 492,264 thousand HKD**[168](index=168&type=chunk) - **Depreciation expense for the period was 2,877 thousand HKD**[168](index=168&type=chunk) - During the period, **239,400 thousand HKD of property, plant and equipment were transferred from investment properties**, while **247,909 thousand HKD were transferred to investment properties**[168](index=168&type=chunk) [4. Investment properties](index=41&type=section&id=4.%20Investment%20properties) As of June 30, 2025, the fair value of investment properties was 3,378.3 million HKD, a decrease from the beginning of the year, with a fair value loss of 88.8 million HKD recorded during the period, primarily due to valuation declines in Hong Kong's challenging real estate market, and some investment properties are pledged for bank financing Changes in Fair Value of Investment Properties | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | At January 1 | 3,469,900 | 3,328,900 | | Capitalized expenditure | 1,139 | 9,352 | | Fair value (loss)/gain | (88,839) | 131,648 | | Transferred from property, plant and equipment | 235,500 | – | | Transferred to property, plant and equipment | (239,400) | – | | **At June 30/December 31** | **3,378,300** | **3,469,900** | - As of June 30, 2025, the **fair value of investment properties was 3,378,300 thousand HKD**, a decrease from 3,469,900 thousand HKD as of December 31, 2024[170](index=170&type=chunk) - A **fair value loss of 88,839 thousand HKD** was recorded during the period, compared to a fair value gain of 131,648 thousand HKD in the prior period, primarily due to challenges faced by the Hong Kong real estate market in early 2025[170](index=170&type=chunk)[174](index=174&type=chunk) - As of June 30, 2025, investment properties with a **carrying amount of approximately 2,108,000 thousand HKD** were pledged as security for the Group's bank financing[173](index=173&type=chunk)[175](index=175&type=chunk) [5. Investment in associates](index=43&type=section&id=5.%20Investment%20in%20associates) As of June 30, 2025, the Group's investment in associate Everwell City Limited was 5,336.5 million HKD, with a share of loss from the associate of 70.8 million HKD during the period, compared to a profit of 64.9 million HKD in the prior period, mainly impacted by increased finance costs and revaluation losses on its investment properties Changes in Investment in Associates | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | At January 1 | 5,425,218 | 5,387,008 | | Dividends from an associate | (17,940) | (18,141) | | Share of (loss)/profit of an associate | (70,766) | 56,351 | | **At June 30/December 31** | **5,336,512** | **5,425,218** | - As of June 30, 2025, the Group's **investment in associate Everwell City Limited was 5,336,512 thousand HKD**[178](index=178&type=chunk) - The **share of loss from the associate for the period was 70,766 thousand HKD**, compared to a profit of 64,866 thousand HKD in the prior period[178](index=178&type=chunk)[189](index=189&type=chunk) - Everwell City Limited's **loss and total comprehensive income for the period was 236,961 thousand HKD**, compared to a profit of 215,774 thousand HKD in the prior period[185](index=185&type=chunk)[189](index=189&type=chunk) [6. Amount due from an intermediate holding company](index=45&type=section&id=6.%20Amount%20due%20from%20an%20intermediate%20holding%20company) As of June 30, 2025, the amount due from the intermediate holding company, China Great Wall Asset (International) Holdings Limited, was 5.1 million HKD, primarily comprising rental income and deposits, which is unsecured, interest-free, and repayable on demand - As of June 30, 2025, the **amount due from the intermediate holding company, China Great Wall Asset (International) Holdings Limited, was 5,133 thousand HKD** (December 31, 2024: 162 thousand HKD)[192](index=192&type=chunk)[194](index=194&type=chunk) - This amount primarily represents **rental income and deposits receivable** for the period ended June 30, 2025, and daily operating expenses paid on behalf of the intermediate holding company[192](index=192&type=chunk)[194](index=194&type=chunk) - The amount is **unsecured, interest-free, and repayable on demand**[192](index=192&type=chunk)[194](index=194&type=chunk) [7. Accounts receivable](index=46&type=section&id=7.%20Accounts%20receivable) As of June 30, 2025, total accounts receivable amounted to 4.0 million HKD, with 54.9% overdue for less than 30 days, and overdue but not impaired receivables are considered fully recoverable Ageing Analysis of Accounts Receivable | Ageing | Balance at June 30, 2025 (HKD thousand) | Percentage at June 30, 2025 (%) | Balance at December 31, 2024 (HKD thousand) | Percentage at December 31, 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Current | 791 | 19.6 | 3,689 | 81.0 | | Overdue less than 30 days | 2,219 | 54.9 | 734 | 16.1 | | Overdue 31 to 60 days | 680 | 16.8 | 105 | 2.3 | | Overdue 61 to 90 days | 108 | 2.7 | – | – | | Overdue more than 90 days | 242 | 6.0 | 26 | 0.6 | | **Total** | **4,040** | **100.0** | **4,554** | **100.0** | | Impairment allowance | (43) | | (23) | | | **Total (Net)** | **3,997** | | **4,531** | | - As of June 30, 2025, **total accounts receivable were 3,997 thousand HKD**, a decrease from 4,531 thousand HKD as of December 31, 2024[198](index=198&type=chunk) - **54.9% of accounts receivable were overdue for less than 30 days**, while **6.0% were overdue for more than 90 days**[198](index=198&type=chunk) - Overdue but not impaired accounts receivable are considered **fully recoverable** by the Group based on past experience[198](index=198&type=chunk)[200](index=200&type=chunk) [8. Prepayments, deposits and other receivables](index=46&type=section&id=8.%20Prepayments%2C%20deposits%20and%20other%20receivables) As of June 30, 2025, prepayments, deposits, and other receivables primarily included utility and management fee deposits of 3.9 million HKD and rent-free receivables of 3.2 million HKD - As of June 30, 2025, prepayments, deposits, and other receivables primarily included **utility and management fee deposits of 3,872 thousand HKD** (December 31, 2024: 3,782 thousand HKD) and **rent-free receivables of 3,239 thousand HKD** (December 31, 2024: 6,720 thousand HKD)[199](index=199&type=chunk)[201](index=201&type=chunk) [9. Bank Borrowing](index=47&type=section&id=9.%20Bank%20Borrowing) As of June 30, 2025, the Group had no outstanding bank loans, as a previous 850 million HKD bank loan was fully repaid on May 23, 2025, and the Group has 850 million HKD in available unutilized bank facilities, with investment properties and bank deposits pledged as security Bank Borrowing Overview | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Bank loans | – | 849,457 | - As of June 30, 2025, the Group had **no outstanding bank loans**, as a previous **850,000 thousand HKD bank loan was fully repaid on May 23, 2025**[205](index=205&type=chunk)[206](index=206&type=chunk) - The Group has **850,000 thousand HKD in available unutilized bank facilities** with a five-year term[205](index=205&type=chunk)[206](index=206&type=chunk) - The Group has pledged **investment properties with a carrying amount of 2,108,000 thousand HKD** and **bank deposits of 12,427 thousand HKD** as collateral for bank financing[205](index=205&type=chunk)[206](index=206&type=chunk) [10. Loans from an intermediate holding company](index=48&type=section&id=10.%20Loans%20from%20an%20intermediate%20holding%20company) As of June 30, 2025, the Group's total loans from an intermediate holding company amounted to 5,610.0 million HKD, including a 4,760.0 million HKD loan repayable in November 2025 and a new 900.0 million HKD loan (of which 850 million HKD was drawn to repay bank borrowings) repayable in May 2026 - In November 2024, the intermediate holding company, Great Wall International, agreed with the company to modify and restructure the terms of a term loan, with a **new principal amount of 4,760,000 thousand HKD**, a one-year term, and an annual interest rate of HIBOR plus 2%, repayable in November 2025[208](index=208&type=chunk)[211](index=211&type=chunk) - In May 2025, Great Wall International agreed to provide a **new term loan facility of 900,000 thousand HKD**, with a one-year term and an annual interest rate of HIBOR plus 1.4%, repayable in May 2026[209](index=209&type=chunk)[211](index=211&type=chunk) - As of June 30, 2025, the company had drawn **850,000 thousand HKD from this new loan facility** to repay maturing bank borrowings[209](index=209&type=chunk)[211](index=211&type=chunk) [11. Other payables and accrued liabilities](index=49&type=section&id=11.%20Other%20payables%20and%20accrued%20liabilities) As of June 30, 2025, total other payables and accrued liabilities amounted to 209.2 million HKD, primarily comprising interest payable of 165.9 million HKD and rental deposits received of 24.2 million HKD Other Payables and Accrued Liabilities Overview | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Interest payable | 165,936 | 42,232 | | Rental deposits received | 24,231 | 26,171 | | Other payables and accrued expenses | 13,205 | 13,585 | | Rental received in advance | 4,666 | 2,458 | | Others | 1,118 | 1,598 | | **Total** | **209,156** | **86,044** | | Non-current portion | 1,165 | 1,532 | | Current portion | 207,991 | 84,512 | - As of June 30, 2025, **total other payables and accrued liabilities were 209,156 thousand HKD**, a significant increase from 86,044 thousand HKD as of December 31, 2024[213](index=213&type=chunk) - **Interest payable increased from 42,232 thousand HKD to 165,936 thousand HKD** from December 31, 2024[213](index=213&type=chunk) [12. Share capital](index=49&type=section&id=12.%20Share%20capital) As of June 30, 2025, the company's authorized share capital was 500.0 million HKD, and issued and fully paid share capital was 156.8 million HKD, comprising 1,567,745,596 shares with a par value of HKD 0.10 each, remaining unchanged from December 31, 2024 Share Capital Overview | Indicator | Number of Shares at June 30, 2025 | Amount at June 30, 2025 (HKD thousand) | Number of Shares at December 31, 2024 | Amount at December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorized ordinary shares (par value HKD 0.10 each) | 5,000,000,000 | 500,000 | 5,000,000,000 | 500,000 | | Issued and fully paid ordinary shares (par value HKD 0.10 each) | 1,567,745,596 | 156,775 | 1,567,745,596 | 156,775 | - As of June 30, 2025, **issued and fully paid share capital was 156,775 thousand HKD**, comprising **1,567,745,596 shares**, remaining unchanged from December 31, 2024[215](index=215&type=chunk) [13. Other reserves](index=50&type=section&id=13.%20Other%20reserves) As of June 30, 2025, total other reserves amounted to 333.4 million HKD, including an asset revaluation reserve of 334.1 million HKD and an exchange reserve of negative 0.6 million HKD, remaining unchanged from the beginning of the year Other Reserves Overview | Indicator | Balance at January 1, 2025 (HKD thousand) | Exchange Differences (HKD thousand) | Balance at June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | | Asset revaluation reserve | 334,065 | – | 334,065 | | Exchange reserve | (620) | – | (620) | | **Total** | **333,445** | **–** | **333,445** | - As of June 30, 2025, **total other reserves were 333,445 thousand HKD**, remaining unchanged from January 1, 2025[217](index=217&type=chunk) [14. Net finance cost](index=50&type=section&id=14.%20Net%20finance%20cost) For the six months ended June 30, 2025, net finance cost was 142.1 million HKD, a decrease from 173.1 million HKD in the prior period, primarily due to reduced interest expense on loans from an intermediate holding company Net Finance Cost Overview | Indicator | 2025 First Half (HKD thousand) | 2024 First Half (HKD thousand) | | :--- | :--- | :--- | | Interest expense on loans from intermediate holding company | 125,884 | 170,816 | | Interest expense on bank loans | 18,194 | 4,108 | | Bank interest income | (1,975) | (1,811) | | **Total** | **142,103** | **173,113** | - For the six months ended June 30, 2025, **net finance cost was 142,103 thousand HKD**, a decrease from 173,113 thousand HKD in the prior period[219](index=219&type=chunk) - **Interest expense on loans from an intermediate holding company decreased** from 170,816 thousand HKD to **125,884 thousand HKD**[219](index=219&type=chunk) [15. Income tax expense](index=51&type=section&id=15.%20Income%20tax%20expense) For the six months ended June 30, 2025, income tax expense was 2.8 million HKD, primarily Hong Kong profits tax, with deferred tax assets and liabilities offset, resulting in a net deferred income tax liability of 18.1 million HKD Income Tax Expense Overview | Indicator | 2025 First Half (HKD thousand) | 2024 First Half (HKD thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 2,822 | 2,505 | | Deferred tax expense | 2 | 4 | | **Total** | **2,824** | **2,509** | - **Hong Kong profits tax is provided at a rate of 16.5%**[221](index=221&type=chunk) - As of June 30, 2025, **deferred tax assets were 104 thousand HKD**, and **deferred income tax liabilities were 18,229 thousand HKD**, resulting in a **net deferred income tax liability of 18,125 thousand HKD**[223](index=223&type=chunk) [16. (Loss)/earnings per share](index=52&type=section&id=16.%20%28Loss%29%2Fearnings%20per%20share) For the six months ended June 30, 2025, basic loss per share was 17.86 HK cents, compared to basic earnings per share of 0.29 HK cents in the prior period, with diluted earnings per share being the same as basic earnings per share due to no potential dilutive ordinary shares - For the six months ended June 30, 2025, **basic loss per share was 17.86 HK cents** (first half of 2024: earnings per share of 0.29 HK cents)[131](index=131&type=chunk)[226](index=226&type=chunk)[228](index=228&type=chunk) - Basic loss per share is calculated based on the **weighted average of 1,567,745,596 issued shares** during the period[226](index=226&type=chunk)[228](index=228&type=chunk) - Diluted earnings per share is the same as basic earnings per share as there are **no potential dilutive ordinary shares**[227](index=227&type=chunk)[228](index=228&type=chunk) [17. Dividends](index=53&type=section&id=17.%20Dividends) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, nor to recommend any final dividend for the year ended December 31, 2024 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended June 30, 2025 (first half of 2024: nil)[229](index=229&type=chunk)[232](index=232&type=chunk) - The Board of Directors has resolved **not to recommend any final dividend** for the year ended December 31, 2024[229](index=229&type=chunk)[232](index=232&type=chunk) [18. Fair value measurement of financial instruments](index=53&type=section&id=18.%20Fair%20value%20measurement%20of%20financial%20instruments) As of June 30, 2025, and December 31, 2024, the carrying amounts of the Group's financial assets and liabilities measured at amortized cost were approximate to their fair values - As of June 30, 2025, and December 31, 2024, the carrying amounts of the Group's financial assets and liabilities measured at amortized cost (including accounts receivable, bank borrowings, loans from an intermediate holding company, etc.) were **approximate to their fair values**[230](index=230&type=chunk)[233](index=233&type=chunk) [19. Related party transactions](index=53&type=section&id=19.%20Related%20party%20transactions) The Group engaged in several significant transactions with its ultimate controlling company, China Great Wall Asset Management Co., Ltd., and its subsidiaries, including leasing investment properties to an intermediate holding company, interest expense on loans from an intermediate holding company, and amounts due from/to an intermediate holding company - Great Wall Pan Asia (BVI) Holding Limited is the company's direct holding company, China Great Wall Asset (International) Holdings Limited is the intermediate holding company, and China Great Wall Asset Management Co., Ltd. (GWAMCC) is the ultimate holding company[231](index=231&type=chunk)[234](index=234&type=chunk) Transactions with China Great Wall Asset Group | Transaction Type | 2025 First Half (HKD thousand) | 2024 First Half (HKD thousand) | | :--- | :--- | :--- | | Rental income from leasing investment properties to intermediate holding company | 4,378 | 7,336 | | Interest expense on loans from intermediate holding company | 125,884 | 170,816 | | Related Party Balances | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Amount due from intermediate holding company | 5,133 | 162 | | Loans from intermediate holding company - Loans payable | 5,610,000 | 4,760,000 | | Loans from intermediate holding company - Interest payable | 165,936 | 42,232 | | Amount due to intermediate holding company | 2,925 | 1,401 | - **Key management personnel remuneration was zero** in the first half of 2025, compared to 1,053 thousand HKD in the first half of 2024[240](index=240&type=chunk) [20. Approval of the interim financial information](index=55&type=section&id=20.%20Approval%20of%20the%20interim%20financial%20information) This interim financial information was approved by the Board of Directors on August 29, 2025 - This interim financial information was **approved by the Board of Directors on August 29, 2025**[242](index=242&type=chunk) GLOSSARY [GLOSSARY](index=55&type=section&id=GLOSSARY) This report provides a series of common terms and their definitions to ensure clarity and consistency of the report content

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: 長城環亞控股有限公司* 呈交日期: 2025年9月1日 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) | 00583 | 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 ...

Group 1 - The company, Great Wall Holdings (00583.HK), reported a revenue of HKD 58.215 million for the six months ending June 30, 2025, representing a year-on-year decrease of 4.5% [1] - The loss attributable to the company's owners was HKD 280 million, compared to a profit of HKD 4.518 million in the same period last year [1] - The basic loss per share was HKD 0.1786 [1]

Group 1 - The company, Great Wall Holdings (00583), reported a mid-year performance for 2025 with revenue of HKD 58.215 million, representing a year-on-year decrease of 4.48% [1] - The company experienced a shareholder loss of HKD 280 million, a significant shift from a profit of HKD 4.518 million in the same period last year, indicating a transition from profit to loss [1] - The basic loss per share was reported at HKD 0.1786 [1]

Group 1 - The company, Great Wall Holdings (00583), reported a mid-year performance for 2025 with revenue of HKD 58.215 million, representing a year-on-year decrease of 4.48% [1] - The company experienced a shareholder loss of HKD 280 million, contrasting with a profit of HKD 4.518 million in the same period last year, indicating a significant shift from profit to loss [1] - The basic loss per share was reported at HKD 0.1786 [1]

[Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) This section presents the condensed consolidated interim financial statements, including the statement of financial position and comprehensive income for the period [Condensed Consolidated Statement of Financial Position](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets were HK$9,483,707 thousand, a slight decrease from December 31, 2024, with net current liabilities of HK$5,550,428 thousand primarily due to increased loans from an intermediate holding company Changes in Total Assets and Liabilities | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 9,483,707 | 9,635,754 | (152,047) | -1.58% | | Non-current Assets | 9,207,180 | 9,398,872 | (191,692) | -2.04% | | Current Assets | 276,527 | 236,882 | 39,645 | 16.74% | | Total Liabilities | 5,846,349 | 5,718,346 | 127,993 | 2.24% | | Non-current Liabilities | 19,394 | 19,759 | (365) | -1.85% | | Current Liabilities | 5,826,955 | 5,698,587 | 128,368 | 2.25% | | Total Equity | 3,637,358 | 3,917,408 | (280,050) | -7.15% | - As of June 30, 2025, the Group's **net current liabilities** amounted to **HK$5,550,428 thousand**, primarily comprising loans from an intermediate holding company of **HK$5,610,000 thousand**[9](index=9&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group reported a loss of HK$280,050 thousand, compared to a profit of HK$4,518 thousand in the prior period, resulting in a basic loss per share of HK17.86 cents Key Financial Performance (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 58,215 | 60,948 | (2,733) | -4.48% | | Operating (Loss)/Profit | (64,357) | 115,274 | (179,631) | -155.83% | | Net Finance Costs | (142,103) | (173,113) | 31,010 | -17.91% | | Share of (Losses)/Profits of an Associate | (70,766) | 64,866 | (135,632) | -209.10% | | (Loss)/Profit for the Period | (280,050) | 4,518 | (284,568) | -6300.09% | | Basic (Loss)/Earnings Per Share (HK cents) | (17.86) | 0.29 | (18.15) | -6258.62% | - The **loss for the period** was primarily attributable to **fair value loss on investment properties** and **share of loss of an associate**[46](index=46&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section details the accounting policies, segment information, and financial instrument specifics underlying the condensed consolidated interim financial information [Basis of Preparation and Accounting Policies](index=6&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, with consistent accounting policies, except for the adoption of revised HKFRSs effective January 1, 2025, and management assesses the Group as a going concern despite net current liabilities - The interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34** and the **Listing Rules** issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - For the six months ended June 30, 2025, the Group recorded a **loss of HK$280,050,000** and had **net current liabilities of HK$5,550,428,000**, yet the Board believes the Group has sufficient working capital for continued operation[9](index=9&type=chunk)[10](index=10&type=chunk) - Revised **Hong Kong Financial Reporting Standards** effective for annual periods beginning on or after January 1, 2025, have been adopted, with no significant financial impact[10](index=10&type=chunk)[11](index=11&type=chunk) [Revenue and Segment Information](index=8&type=section&id=2.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group primarily operates in property investment and financial services segments, with total revenue of HK$58,215 thousand for the six months ended June 30, 2025, entirely from property investment, while the financial services segment generated no revenue, and the property investment segment recorded a net loss of HK$89,422 thousand, contrasting with a net profit of HK$43 thousand from financial services Segment Revenue (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property Investment | 58,215 | 60,948 | | Financial Services | – | – | | **Total** | **58,215** | **60,948** | Net (Loss)/Profit from Reportable Segments (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property Investment | (89,422) | 86,310 | | Financial Services | 43 | (6,177) | | **Total** | **(89,379)** | **80,133** | - The **financial services segment** is licensed for **Type 9 (asset management) regulated activities** but generated no revenue[12](index=12&type=chunk) - The **loss for the period of HK$280,050 thousand** includes a **share of loss from an associate of HK$70,766 thousand** and **finance costs of HK$122,946 thousand** incurred for financing the associate[16](index=16&type=chunk) [Property, Plant and Equipment](index=11&type=section&id=3.%20%E7%89%A9%E6%A5%AD%E3%80%81%E6%A9%9F%E5%99%A8%E5%8F%8A%E8%A8%AD%E5%82%99) As of June 30, 2025, the net book value of property, plant and equipment was HK$492,264 thousand, a decrease from HK$503,650 thousand on January 1, 2025, primarily due to depreciation and property transfers Changes in Net Book Value of Property, Plant and Equipment | Metric | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Book Value | 503,650 | 492,264 | (11,386) | - **Depreciation expense** amounted to **HK$2,877 thousand**[17](index=17&type=chunk) - During the period, **HK$239,400 thousand** was transferred from investment properties, and **HK$247,909 thousand** was transferred to investment properties[17](index=17&type=chunk) [Investment Properties](index=12&type=section&id=4.%20%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) As of June 30, 2025, the carrying value of investment properties decreased to HK$3,378,300 thousand from HK$3,469,900 thousand on December 31, 2024, primarily due to a recognized fair value loss of HK$88,839 thousand, with valuation based on income capitalization method using rental and capitalization rates as key assumptions Changes in Carrying Value of Investment Properties | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Carrying Value | 3,378,300 | 3,469,900 | (91,600) | -2.64% | - For the six months ended June 30, 2025, a **fair value loss of HK$88,839 thousand** was recognized (Year ended December 31, 2024: fair value gain of HK$131,648 thousand)[18](index=18&type=chunk) - Valuation uses the **income capitalization method**, with **rental rates decreasing** (e.g., retail shops from HK$63.9 to HK$62.0 per square foot, office buildings from HK$55.0-71.0 to HK$44.0-70.0 per square foot), while **capitalization rates remained between 2.00% and 5.00%**[18](index=18&type=chunk)[19](index=19&type=chunk) - **Investment properties with a value of HK$2,108,000 thousand** have been pledged as collateral for bank financing[19](index=19&type=chunk) [Investment in an Associate](index=13&type=section&id=5.%20%E6%8A%95%E8%B3%87%E6%96%BC%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%8A%95%E8%B3%87) As of June 30, 2025, the carrying value of the investment in associate Everwell City Limited decreased to HK$5,336,512 thousand from HK$5,425,218 thousand on December 31, 2024, with the Group's share of loss from the associate being HK$70,766 thousand, compared to a profit of HK$64,666 thousand in the prior period Changes in Carrying Value of Investment in an Associate | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Carrying Value of Investment | 5,336,512 | 5,425,218 | (88,706) | -1.64% | - For the six months ended June 30, 2025, the Group's **share of loss from the associate (Everwell City Limited) was HK$70,766 thousand** (2024: profit of HK$64,666 thousand)[20](index=20&type=chunk)[23](index=23&type=chunk) - Everwell City Limited's summary statement of comprehensive income shows a **loss of HK$236,961 thousand** for the six months ended June 30, 2025, compared to a profit of HK$215,774 thousand in the prior period[23](index=23&type=chunk) [Amounts Due from an Intermediate Holding Company](index=15&type=section&id=6.%20%E6%87%89%E6%94%B6%E4%B8%AD%E9%96%93%E6%8E%A7%E8%82%A1%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%AC%BE%E9%A0%85) As of June 30, 2025, amounts due from China Great Wall Asset (International) Holdings Company Limited, an intermediate holding company, significantly increased to HK$5,133 thousand from HK$162 thousand on December 31, 2024, primarily comprising rental income and deposits Amounts Due from an Intermediate Holding Company | Date | Amount (HK$ thousand) | | :--- | :--- | | June 30, 2025 | 5,133 | | December 31, 2024 | 162 | - These amounts are **unsecured, interest-free, and repayable on demand**[25](index=25&type=chunk) [Trade Receivables](index=15&type=section&id=7.%20%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade receivables decreased to HK$3,997 thousand from HK$4,531 thousand on December 31, 2024, with receivables overdue less than thirty days accounting for the largest portion at 54.9% Ageing Analysis of Trade Receivables (June 30, 2025) | Ageing | Balance (HK$ thousand) | Percentage (%) | | :--- | :--- | :--- | | Current | 791 | 19.6 | | Overdue less than 30 days | 2,219 | 54.9 | | Overdue 31 to 60 days | 680 | 16.8 | | Overdue 61 to 90 days | 108 | 2.7 | | Overdue more than 90 days | 242 | 6.0 | | **Total** | **4,040** | **100.0** | - **Impairment allowance increased** from **HK$23 thousand** on December 31, 2024, to **HK$43 thousand** on June 30, 2025[26](index=26&type=chunk) [Prepayments, Deposits and Other Receivables](index=16&type=section&id=8.%20%E9%A0%90%E4%BB%98%E8%B2%BB%E7%94%A8%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, prepayments, deposits, and other receivables totaled HK$7,111 thousand, a decrease from HK$10,502 thousand on December 31, 2024, primarily comprising utility and management fee deposits of HK$3,872 thousand and rent-free receivables of HK$3,239 thousand Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Utility and Management Fee Deposits | 3,872 | 3,782 | | Rent-free Receivables | 3,239 | 6,720 | | **Total** | **7,111** | **10,502** | [Bank Borrowings](index=16&type=section&id=9.%20%E9%8A%80%E8%A1%8C%E5%80%9F%E8%B2%B8) As of June 30, 2025, the Group had no bank borrowings, compared to HK$849,457 thousand on December 31, 2024, as the loan was fully repaid in May 2025, while HK$850,000 thousand of unutilized bank facilities remains available Bank Borrowing Status | Date | Amount (HK$ thousand) | | :--- | :--- | | June 30, 2025 | – | | December 31, 2024 | 849,457 | - In May 2025, the **bank loan with an annual interest rate of HIBOR plus 1.2%** was fully repaid[29](index=29&type=chunk) - As of June 30, 2025, the Group had **HK$850,000 thousand of unutilized bank facilities** available, with investment properties and bank deposits pledged as collateral[29](index=29&type=chunk) [Loans from an Intermediate Holding Company](index=17&type=section&id=10.%20%E4%BE%86%E8%87%AA%E4%B8%AD%E9%96%93%E6%8E%A7%E8%82%A1%E5%85%AC%E5%8F%B8%E4%B9%8B%E8%B2%B8%E6%AC%BE) As of June 30, 2025, total loans from an intermediate holding company increased to HK$5,610,000 thousand from HK$4,760,000 thousand on December 31, 2024, including a new HK$900,000 thousand one-year term loan, of which HK$850,000 thousand was used to repay bank borrowings Changes in Loans from an Intermediate Holding Company | Date | Amount (HK$ thousand) | | :--- | :--- | | June 30, 2025 | 5,610,000 | | December 31, 2024 | 4,760,000 | - In November 2024, an agreement was reached with Great Wall International to **amend and restructure term loan facilities** with a principal amount of **HK$4,760,000 thousand** for one year at an annual interest rate of **HIBOR plus 2%**[30](index=30&type=chunk) - In May 2025, Great Wall International provided a **new HK$900,000 thousand one-year term loan facility** at an annual interest rate of **HIBOR plus 1.4%**, with **HK$850,000 thousand** used to repay bank borrowings[30](index=30&type=chunk) [Other Payables and Accruals](index=17&type=section&id=11.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%A0%E5%82%B5) As of June 30, 2025, total other payables and accruals significantly increased to HK$209,156 thousand from HK$86,044 thousand on December 31, 2024, primarily due to a substantial rise in interest payable Changes in Other Payables and Accruals | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest Payable | 165,936 | 42,232 | 123,704 | 292.92% | | Rental Deposits Received | 24,231 | 26,171 | (1,940) | -7.41% | | Other Payables and Accrued Expenses | 13,205 | 13,585 | (380) | -2.80% | | Rent Received in Advance | 4,666 | 2,458 | 2,208 | 89.83% | | Others | 1,118 | 1,598 | (480) | -30.04% | | **Total** | **209,156** | **86,044** | **123,112** | **143.08%** | [Share Capital](index=18&type=section&id=12.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's authorized share capital was HK$500,000 thousand, with issued and fully paid share capital of HK$156,775 thousand, comprising 1,567,745,596 shares, unchanged from December 31, 2024 Share Capital Structure | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized Share Capital (HK$ thousand) | 500,000 | 500,000 | | Issued and Fully Paid Share Capital (HK$ thousand) | 156,775 | 156,775 | | Number of Issued Shares | 1,567,745,596 | 1,567,745,596 | [Other Reserves](index=18&type=section&id=13.%20%E5%85%B6%E4%BB%96%E5%84%B2%E5%82%99) As of June 30, 2025, total other reserves amounted to HK$333,445 thousand, consistent with the January 1, 2025 balance, primarily composed of asset revaluation reserve and exchange fluctuation reserve Changes in Other Reserves | Item | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | | Asset Revaluation Reserve | 334,065 | 334,065 | | Exchange Fluctuation Reserve | (620) | (620) | | **Total** | **333,445** | **333,445** | [Net Finance Costs](index=19&type=section&id=14.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, net finance costs decreased to HK$142,103 thousand from HK$173,113 thousand in the prior period, primarily due to reduced interest expense on loans from an intermediate holding company Net Finance Costs (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest expense on loans from an intermediate holding company | 125,884 | 170,816 | (44,932) | -26.30% | | Interest expense on bank borrowings | 18,194 | 4,108 | 14,086 | 342.90% | | Bank interest income | (1,975) | (1,811) | (164) | 9.06% | | **Total** | **142,103** | **173,113** | **(31,010)** | **-17.91%** | [Income Tax Expense](index=19&type=section&id=15.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, income tax expense increased to HK$2,824 thousand from HK$2,509 thousand in the prior period, with the Hong Kong Profits Tax rate remaining at 16.5% Income Tax Expense (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current income tax (Hong Kong Profits Tax) | 2,822 | 2,505 | 317 | 12.65% | | Deferred income tax (Deferred tax expense) | 2 | 4 | (2) | -50.00% | | **Total** | **2,824** | **2,509** | **315** | **12.55%** | - Hong Kong Profits Tax is provided at a rate of **16.5%** (2024: 16.5%) on the estimated assessable profit for the period[37](index=37&type=chunk) [Earnings Per Share](index=21&type=section&id=16.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic loss per share was HK17.86 cents, compared to basic earnings per share of HK0.29 cents in the prior period, with diluted earnings per share being the same as basic due to no potential dilutive ordinary shares (Loss)/Earnings Per Share (For the six months ended June 30) | Metric | 2025 (HK cents) | 2024 (HK cents) | Change (HK cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic | (17.86) | 0.29 | (18.15) | -6258.62% | | Diluted | (17.86) | 0.29 | (18.15) | -6258.62% | - Earnings per share is calculated based on the **weighted average of 1,567,745,596 issued shares** during the period[41](index=41&type=chunk) [Dividends](index=21&type=section&id=17.%20%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, nor to recommend any final dividend for the year ended December 31, 2024 - The Board resolved **not to declare any interim dividend** for the six months ended June 30, 2025[42](index=42&type=chunk) - The Board resolved **not to recommend any final dividend** for the year ended December 31, 2024[43](index=43&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides a comprehensive review of the Group's financial performance, business operations, liquidity, and future outlook [Operating Results of the Group](index=22&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E4%B9%8B%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) For the six months ended June 30, 2025, the Group reported a loss of HK$280.1 million, a reversal from profit, primarily due to a fair value loss on investment properties of HK$88.8 million and a share of loss from an associate of HK$70.8 million, resulting in a loss per share of HK17.9 cents Consolidated Operating Results (For the six months ended June 30) | Metric (HK$ million, except percentages and per share amounts) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 58.2 | 60.9 | (4.4%) | | Operating (Loss)/Profit | (64.4) | 115.3 | ** | | Net Finance Costs | (142.1) | (173.1) | (17.9%) | | Share of (Losses)/Profits of an Associate | (70.8) | 64.8 | ** | | (Loss)/Profit for the Period | (280.1) | 4.5 | ** | | (Loss)/Earnings Per Share (HK cents) | (17.9) | 0.3 | ** | - The **loss** was primarily driven by a **fair value loss on investment properties of HK$88.8 million** (prior period: gain of HK$78.8 million) and a **share of loss from an associate of HK$70.8 million** (prior period: profit of HK$64.8 million)[46](index=46&type=chunk) [Business Review](index=23&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group primarily operates in property investment and financial services segments; property investment revenue slightly decreased but remained stable in a challenging economic environment, while the financial services segment generated no revenue, but the Group continues to explore development opportunities - The Group primarily engages in **two segments: property investment and financial services**[47](index=47&type=chunk) [Property Investment Segment](index=23&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E5%88%86%E9%83%A8) The property investment segment experienced a slight revenue decrease and a fair value loss on investment properties, reflecting challenges in the Hong Kong real estate market, yet maintains a diversified portfolio - **Property investment segment revenue** was **HK$58.2 million**, representing a **4.4% year-on-year decrease**[49](index=49&type=chunk) - A **fair value loss on investment properties of HK$88.8 million** (prior period: gain of HK$78.8 million) reflects the challenges in the Hong Kong real estate market[50](index=50&type=chunk) - The Group holds a **diversified investment property portfolio**, including Kwai Fong Plaza, Bank of America Tower in Central, Discovery Building in Causeway Bay, Ko Fai Industrial Building in Yau Tong, and certain floors of Seaview Building in North Point[47](index=47&type=chunk) [Financial Services Segment](index=25&type=section&id=%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8B%99%E5%88%86%E9%83%A8) The financial services segment is licensed for Type 9 regulated activities (asset management services) but generated no revenue during the period - The **financial services segment** is licensed by the SFC to conduct **Type 9 regulated activities (asset management services)**[52](index=52&type=chunk) - **No revenue** was generated in this period[52](index=52&type=chunk) [Revenue](index=25&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's total revenue was HK$58.2 million, a 4.4% decrease from HK$60.9 million in the prior period, entirely derived from the property investment segment Total Revenue (For the six months ended June 30) | Segment (HK$ million, except percentages) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Property Investment | 58.2 | 60.9 | (4.4%) | | Financial Services | – | – | – | | **Total Revenue** | **58.2** | **60.9** | **(4.4%)** | [Financial Review of Operating Segments](index=25&type=section&id=%E7%87%9F%E9%81%8B%E5%88%86%E9%83%A8%E4%B9%8B%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's operating segments include property investment and financial services, with the property investment segment experiencing a 4.4% revenue decrease and a fair value loss, while the financial services segment generated no revenue this period [Property Investment](index=26&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) The property investment segment's revenue decreased by 4.4%, primarily due to new lease agreements, and recorded a fair value loss on investment properties reflecting challenging market conditions Financial Performance of Property Investment Segment (For the six months ended June 30) | Metric (HK$ million, except percentages) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 58.2 | 60.9 | (4.4%) | | Adjusted Operating Profit | 20.0 | 28.9 | (30.8%) | | Fair Value (Loss)/Gain on Investment Properties and Other Income | (88.3) | 86.2 | ** | | (Loss)/Profit Attributable to Equity Holders | (92.2) | 83.8 | ** | - The **decrease in revenue** was primarily due to **reduced income from new lease agreements** related to certain floors of the Bank of America Tower in Central[57](index=57&type=chunk) - The **fair value loss on investment properties of HK$88.8 million** resulted from challenges faced by the Hong Kong real estate market in early 2025[57](index=57&type=chunk) [Financial Services](index=27&type=section&id=%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8B%99) The financial services segment generated no revenue in both the current and prior periods Financial Performance of Financial Services Segment (For the six months ended June 30) | Metric (HK$ million, except percentages) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | – | – | – | | Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation | – | (6.2) | ** | | Adjusted Operating Loss | – | (6.2) | ** | | Loss Attributable to Equity Holders | – | (6.2) | ** | - **No revenue** was generated from the financial services segment in the first half of **2025 and 2024**[59](index=59&type=chunk) [Significant Investment in an Associate and Share of (Losses)/Profits of an Associate](index=28&type=section&id=%E6%9C%89%E9%97%9C%E6%96%BC%E4%B8%80%E5%AE%B6%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E6%87%89%E4%BD%94%E4%B8%80%E5%AE%B6%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%90%8D%E7%9B%8A) The Group holds a 35.78% equity interest in Everwell City Limited, with the investment's fair value at HK$5,336.5 million as of June 30, 2025, representing approximately 56.27% of total assets, and a share of loss of HK$70.8 million for the period, mainly due to increased finance costs and revaluation losses on the joint group's investment properties - The Group holds a **35.78% equity interest** in the associate, Everwell City Limited[60](index=60&type=chunk) - As of June 30, 2025, the **fair value of this investment was HK$5,336.5 million**, accounting for approximately **56.27% of the Group's total assets**[60](index=60&type=chunk) - The **share of loss from the associate for the period was approximately HK$70.8 million** (first half of 2024: share of profit from an associate of HK$64.8 million)[60](index=60&type=chunk) - The **loss** was primarily due to **increased finance costs** and **revaluation losses on the joint group's investment properties**, attributed to challenges in the Hong Kong real estate market in early 2025[60](index=60&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E4%BE%86%E6%BA%90) The Group's cash and bank balances increased to HK$247.9 million, while the gearing ratio rose to 59.6% primarily due to fair value loss on investment properties and share of loss from an associate, with increased loans from an intermediate holding company and full repayment of bank borrowings Key Indicators of Liquidity and Capital Resources | Metric (HK$ million, except percentages) | June 30, 2025 | December 31, 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 247.9 | 209.3 | 18.4% | | Shareholders' Funds | 3,637.4 | 3,917.4 | (7.1%) | | Current Ratio | 0.05 | 0.04 | 25.0% | | Gearing Ratio | 59.6% | 58.0% | 2.8% | - The **gearing ratio increased** primarily due to **fair value loss on investment properties** and **share of loss from an associate**[62](index=62&type=chunk) - The **outstanding principal of unsecured shareholder loans from an intermediate holding company** was **HK$5,610.0 million** (December 31, 2024: HK$4,760.0 million)[62](index=62&type=chunk) - The Group had **no outstanding bank borrowings** but had **HK$850.0 million of unutilized bank facilities** available[62](index=62&type=chunk) [Pledged Assets](index=30&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had pledged investment properties with a fair value of approximately HK$2,108.0 million and bank deposits of HK$12.4 million as collateral for bank financing - **Investment properties with a fair value of approximately HK$2,108.0 million** were pledged (December 31, 2024: HK$2,145.0 million)[64](index=64&type=chunk) - **Bank deposits of HK$12.4 million** were pledged (December 31, 2024: HK$12.4 million)[64](index=64&type=chunk) [Operating Activities](index=30&type=section&id=%E7%B6%93%E7%87%9F%E6%B4%BB%E5%8B%95) For the six months ended June 30, 2025, net cash generated from operating activities increased to HK$38.1 million from HK$34.7 million in the prior period, primarily due to an increase in prepayments, deposits, and other receivables Net Cash from Operating Activities (For the six months ended June 30) | Date | Amount (HK$ million) | | :--- | :--- | | June 30, 2025 | 38.1 | | June 30, 2024 | 34.7 | - The **increase** was primarily due to a rise in **prepayments, deposits, and other receivables** during the period[65](index=65&type=chunk) [Investing Activities](index=30&type=section&id=%E6%8A%95%E8%B3%87%E6%B4%BB%E5%8B%95) For the six months ended June 30, 2025, net cash from investing activities significantly increased to HK$18.8 million from HK$3.5 million in the prior period, primarily due to dividend income from an associate Net Cash from Investing Activities (For the six months ended June 30) | Date | Amount (HK$ million) | | :--- | :--- | | June 30, 2025 | 18.8 | | June 30, 2024 | 3.5 | - The **increase in 2025** was primarily due to **dividend income of HK$17.9 million from an associate**[66](index=66&type=chunk) [Financing Activities](index=31&type=section&id=%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95) For the six months ended June 30, 2025, net cash used in financing activities significantly decreased to HK$18.3 million from HK$79.5 million in the prior period, primarily because bank borrowings repaid in the current period were less than loans from an intermediate holding company repaid in the previous period Net Cash from Financing Activities (For the six months ended June 30) | Date | Amount (HK$ million) | | :--- | :--- | | June 30, 2025 | 18.3 (used) | | June 30, 2024 | 79.5 (used) | - The **decrease in cash outflow** was primarily due to **bank borrowings of HK$850 million repaid** in the current period being less than **HK$900 million of loans from an intermediate holding company repaid** in the prior period[67](index=67&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 10 employees, a decrease of one from the prior period, with a remuneration policy designed to recognize performance, incentivize goal achievement, retain talent, and provide benefits such as medical insurance and provident funds - As of June 30, 2025, the Group had **10 employees** (2024: 11 employees)[68](index=68&type=chunk) - The **remuneration policy** aims to recognize outstanding performance, incentivize employees, retain talent, and provide benefits such as medical insurance, health check-up plans, mandatory and voluntary provident fund schemes, and housing allowance schemes[68](index=68&type=chunk) [Interim Dividend](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved **not to declare any interim dividend** for the six months ended June 30, 2025[69](index=69&type=chunk) [Outlook](index=32&type=section&id=%E5%B1%95%E6%9C%9B) 2025 is anticipated as a period of cautious stability and strategic repositioning; despite challenges in the Hong Kong property market, the Group's financial and business conditions remain robust, focusing on managing its existing portfolio, optimizing returns, exploring new opportunities, and leveraging the "Greater Bay Area" strategy to deepen synergies with its controlling shareholder, China Great Wall Asset - **2025** is expected to be a period of **cautious stability and strategic repositioning** for the Group[70](index=70&type=chunk) - Despite increasing challenges in the Hong Kong property market, the Group's **overall financial and business conditions remain robust**[70](index=70&type=chunk) - The Group will focus on **actively managing its existing investment portfolio**, preserving capital, optimizing returns from core assets, and prudently exploring new opportunities aligned with shareholders' interests[70](index=70&type=chunk) - The Group will seize development opportunities from the national **"Guangdong-Hong Kong-Macao Greater Bay Area" strategic deployment**, leveraging the strong resources of its controlling shareholder, China Great Wall Asset, to further deepen synergies and actively expand domestic business[71](index=71&type=chunk) [Corporate Governance and Other Information](index=32&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This section outlines the Group's commitment to corporate governance, including board responsibilities, committee reviews, and compliance with regulatory standards [Corporate Governance](index=32&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board and management are committed to fulfilling their responsibilities to shareholders, prioritizing the enhancement and protection of shareholder interests, and the Company has complied with the applicable principles and code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code throughout the reporting period - The Board and management are committed to fulfilling their responsibilities to the Company's shareholders, prioritizing the **enhancement and protection of shareholder interests**[72](index=72&type=chunk) - The Company has consistently complied with the **applicable principles and code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code** throughout the six months ended June 30, 2025[72](index=72&type=chunk) [Audit Committee and Review of Interim Financial Information](index=33&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E4%B9%8B%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, confirming compliance with applicable accounting standards and requirements, and the external auditor also conducted a review in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee currently comprises **two independent non-executive directors and a non-executive director**, with two independent non-executive directors possessing professional qualifications[73](index=73&type=chunk) - The Audit Committee has reviewed the Group's **unaudited condensed consolidated interim financial information** for the six months ended June 30, 2025, deeming these interim results prepared in compliance with applicable accounting standards, requirements, and the Listing Rules[73](index=73&type=chunk) - The Group's **unaudited condensed consolidated interim financial statements** for the six months ended June 30, 2025, were also reviewed by the Group's external auditor, BDO Limited, in accordance with **Hong Kong Standard on Review Engagements 2410**[73](index=73&type=chunk) [Remuneration Committee](index=34&type=section&id=%E8%96%AA%E9%85%AC%E5%A7%94%E5%93%A1%E6%9C%83) Established in 2000, the Remuneration Committee, predominantly composed of independent non-executive directors, is responsible for formulating remuneration policies - The Remuneration Committee was **established in 2000**, with the majority of its members being **independent non-executive directors**[74](index=74&type=chunk) - The Remuneration Committee currently comprises **two independent non-executive directors and an executive director**[74](index=74&type=chunk) [Nomination Committee](index=34&type=section&id=%E6%8F%90%E5%90%8D%E5%A7%94%E5%93%A1%E6%9C%83) Established in 2005, the Nomination Committee, predominantly composed of independent non-executive directors, is responsible for nominating Board members - The Nomination Committee was **established in 2005**, with the majority of its members being **independent non-executive directors**[75](index=75&type=chunk) - The Nomination Committee currently comprises an **executive director and two independent non-executive directors**[75](index=75&type=chunk) [Compliance with Model Code and Company Guidelines](index=34&type=section&id=%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%8C%87%E5%BC%95) The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules as the standard for directors' securities dealings, confirming full compliance by all directors during the reporting period, and the Company has also adopted written guidelines no less exacting than the Model Code, with no non-compliance by relevant employees - The Board has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** in Appendix C3 of the Listing Rules as the standard for the Company's directors' securities dealings[76](index=76&type=chunk) - Following specific inquiries, all directors confirmed their **continuous compliance with the Model Code's required standards** throughout the six months ended June 30, 2025, and up to the date of this announcement[76](index=76&type=chunk) - The Company has adopted **written guidelines no less exacting than the Model Code** in accordance with Code Provision C.1.3 of the Corporate Governance Code, with no instances of non-compliance by relevant employees[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[77](index=77&type=chunk) [Disclosure Requirements under Listing Rules](index=35&type=section&id=%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E7%9A%84%E6%8A%AB%E9%9C%B2%E8%A6%8F%E5%AE%9A) Except as disclosed in this announcement, there were no significant changes in the Company's existing information related to matters in paragraph 46(3) of Appendix D2 of the Listing Rules for the six months ended June 30, 2025, compared to the 2024 annual report - Except as disclosed in this announcement, there were **no significant changes** in the Company's existing information related to matters in **paragraph 46(3) of Appendix D2 of the Listing Rules** for the six months ended June 30, 2025, compared to the 2024 annual report's relevant disclosures[78](index=78&type=chunk) [Publication of Interim Results on HKEX and Company Websites](index=35&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E7%B6%B2%E7%AB%99%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E7%99%BC%E4%BD%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) This interim results announcement has been published on the HKEX and Company websites, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement is published on the **HKEX website (www.hkexnews.hk)** and the **Company's website (www.gwpaholdings.com)**[79](index=79&type=chunk) - The Company's interim report for the six months ended June 30, 2025, containing information required by **Appendix D2 of the Listing Rules**, will be dispatched to shareholders and published on the HKEX and Company websites in due course[79](index=79&type=chunk)

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]