香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 自二零二五年十一月十三日起，有關本公司之股份過戶及登記手續將由卓佳證券登記 有限公司辦理。於二零二五年十一月十二日下午四時三十分後仍未領取之股票，可於 二零二五年十一月十三日起從卓佳證券登記有限公司領取。 承董事會命 Paliburg Holdings Limited 林秀芬 秘書 香港，二零二五年十月十三日 – 1 – 於本公佈刊發日期，董事會包括下列成員： (股份代號：617) 香港股份登記過戶分處之變更 Paliburg Holdings Limited（「本公司」）之董事會（「董事會」）公佈，自二零二五年十一 月十三日起，本公司於香港之股份登記過戶分處將變更為： 卓佳證券登記有限公司 香港夏慤道 16 號 遠東金融中心 17 樓 電話 : (852) 2980 1333 傳真 : (852) 2810 8185 | 羅旭瑞先生 | （主席兼行政總裁） | 梁寶榮先生，GBS，JP | | --- ...

截至月份: 2025年9月30日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: Paliburg Holdings Limited (百利保控股有限公司) (於百慕達註冊成立之有限公司) 呈交日期: 2025年10月8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) | 00617 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 ...

世纪城市国际(00355)、百利保控股(00617)与REGAL INT'L(00078)发布联合公告，世纪城市、百利保及 富豪的董事会欣然宣布，购股协议项下的所有先决条件均获达成，并已由协议各方根据购股协议的条款 及条件共同协定下于2025年9月29日完成。于完成后，目标公司不再为世纪城市、百利保及富豪的附属 公司，而目标公司的财务业绩将不再于世纪城市、百利保及富豪的综合财务报表内综合入账。 ...

智通财经APP讯，世纪城市国际(00355)、百利保控股(00617)与REGAL INT'L(00078)发布联合公告，世 纪城市、百利保及富豪的董事会欣然宣布，购股协议项下的所有先决条件均获达成，并已由协议各方根 据购股协议的条款及条件共同协定下于2025年9月29日完成。于完成后，目标公司不再为世纪城市、百 利保及富豪的附属公司，而目标公司的财务业绩将不再于世纪城市、百利保及富豪的综合财务报表内综 合入账。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本聯合公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 | （股份代號：355） | （股份代號：617） | （股份代號：78） | | --- | --- | --- | | 非常重大出售事項 | 主要交易 | 主要交易 | | 完成出售一間 | 完成出售一間 | 完成出售一間 | | 物業持有公司 | 物業持有公司 | 物業持有公司 | 茲提述 Century City International Holdings Limited（「世紀城市」）、Paliburg Holdings Limited（「百利保」）及Regal Hotels International Holdings Limited（「富豪」） 日期為二零二五年七月二十九日之聯合公佈、世紀城市、百利保及富豪各自日期為 二零二五年九月二日之通函（統稱「該等通函」）以及世紀城市、百利保及富豪日期為 二零二五年九月二十二日之聯合公佈，內容有關（其中包括）買賣交易。除文義另有 指明外，本聯 ...

证券日报网讯 9月26日晚间，康力源发布公告称，公司于近日收到东海证券股份有限公司（简称"东海 证券"）出具的《关于变更江苏康力源体育科技股份有限公司持续督导保荐代表人的函》。东海证券作 为公司首次公开发行股票并在创业板上市项目的保荐机构和主承销商，原委派保荐代表人张兴初先生和 李郭明先生负责公司的持续督导工作。现保荐代表人李郭明先生因工作变动，将不再担任公司持续督导 的保荐代表人。为保证持续督导工作的有序进行，东海证券委派保荐代表人王青松先生接替李郭明先生 继续履行持续督导职责。 （文章来源：证券日报） ...

(Stock Code : 617) NOTIFICATION LETTER 29th September, 2025 Dear Non-Registered Holder (Note 1), Paliburg Holdings Limited (the "Company") - Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.paliburg.com.hk and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (th ...

Dear Registered Shareholder, (Stock Code : 617) NOTIFICATION LETTER 29th September, 2025 Paliburg Holdings Limited (the "Company") - Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.paliburg.com.hk and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Websi ...

[**Company Information**](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Company Basic Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section discloses the company's basic information, including board members (executive and independent non-executive directors), committee members, company secretary, auditor, principal bankers, share registrar, registered office, and head office - Board members include Chairman and Chief Executive Officer Mr. Lo Yuk Sui, Vice Chairman and Managing Director Mr. Lo Chun To as executive directors, and Mr. Leung Po Wing, Ms. Ng Wing Mui as independent non-executive directors[9](index=9&type=chunk) - Composition of the Audit Committee, Remuneration Committee, and Nomination Committee[9](index=9&type=chunk) - The company's auditor is Ernst & Young, with principal bankers including Bank of Communications and The Bank of East Asia[9](index=9&type=chunk) [**Directors' Biographies**](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E7%B0%A1%E4%BB%8B) [Board Members' Background and Responsibilities](index=5&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%88%90%E5%91%98%E8%83%8C%E6%99%AF%E4%B8%8E%E8%81%8C%E8%B4%A3) This section details the personal backgrounds, ages, key positions, educational and professional qualifications, tenure, and other significant appointments of the company's board members, including roles in associated companies like Century City, Regal Hotels, and Cosmopolitan International - Mr. Lo Yuk Sui (**80** years old): Chairman and Chief Executive Officer, appointed Chairman and Managing Director since **1993**, and Chief Executive Officer in **2007**, coordinating the Group's overall policies and decisions[11](index=11&type=chunk) - Mr. Lo Chun To (**51** years old): Vice Chairman and Managing Director, appointed to the Board in **1999**, primarily involved in overseeing the Group's property projects and Century City Group's business development[12](index=12&type=chunk) - Ms. Lo Po Man (**45** years old): Executive Director, appointed to the Board in **2007**, primarily responsible for coordinating the Group's hotel operations and Century City Group's corporate investment and business development[15](index=15&type=chunk) - Mr. Leung Po Wing (**75** years old): Independent Non-Executive Director, formerly Director of the Hong Kong Special Administrative Region Government's Beijing Office, with extensive experience in corporate leadership and public affairs[13](index=13&type=chunk) [**Chairman's Statement**](index=8&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) [Financial Performance](index=8&type=section&id=%E8%B4%A2%E5%8A%A1%E4%B8%9A%E7%BB%A9) For the six months ended June 30, 2025, the Group's consolidated loss attributable to shareholders decreased to HKD **613.4** million from HKD **676.3** million, with gross profit at HKD **403.8** million and an operating loss of HKD **24.7** million, primarily due to fair value losses on investment properties and impairment losses on properties held for sale | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Loss Attributable to Shareholders | 613.4 | 676.3 | Loss narrowed | | Gross Profit | 403.8 | 414.2 | Decrease | | Operating Loss/(Profit) Before Depreciation, Finance Costs and Tax | (24.7) | 78.0 | Turned to loss | | Fair Value Loss on Investment Properties and Impairment Loss on Properties Held for Sale | 200.8 | N/A | Increase | | Depreciation Expense for Hotel Properties | 335.4 | 338.4 | Slight decrease | - Adjusted Net Asset Value: If Hong Kong hotel properties were revalued at market price, net asset value per share would be **HKD 12.57**[23](index=23&type=chunk) [Business Review](index=8&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The Group's diversified businesses include property, hotels, aircraft ownership and leasing, financial assets, and other investments, with stable Hong Kong residential demand and improved hotel performance, while non-core assets were divested - The Group currently comprises **four** listed companies with diversified business interests including property, hotels, aircraft ownership and leasing, and financial assets and other investments[24](index=24&type=chunk) - The Group directly holds approximately **69.3%** controlling interest in Regal through its wholly-owned subsidiary, and Regal holds approximately **74.9%** of the issued fund units of Regal REIT[24](index=24&type=chunk) - The Group's property development and investment business in Hong Kong is primarily conducted through P&R Holdings Limited, a **50/50** joint venture between Regal and the Company[25](index=25&type=chunk) [Property](index=9&type=section&id=%E7%89%A9%E6%A5%AD) Hong Kong's property market faces tight liquidity and high inventory, but residential demand remains stable, with the Group's 'Regal Hill' project showing sales progress and other investment properties held - Total sales transactions for Hong Kong residential properties continue to rise, with the downward trend in property prices narrowing, suggesting the market may be entering an upward cycle[26](index=26&type=chunk) - Regal Hill project: Since early **2025**, a total of **18** apartment units and **1** house have been sold or are under agreement for sale, with **3** houses and a total of **59** apartment units still held for sale[26](index=26&type=chunk) - Other properties held by P&R include: We Go MALL in Ma On Shan, Shatin, Regal Oriental Hotel and iclub Sheung Wan Hotel (50% interest), and commercial/residential development sites in Kinhua Street, Shau Kei Wan and Castle Peak Road[27](index=27&type=chunk) [Regal Hotels International Holdings Limited](index=10&type=section&id=%E5%AF%8C%E8%B1%AA%E9%85%92%E5%BA%97%E5%9B%BD%E9%99%85%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Regal Hotels International Holdings Limited's consolidated loss attributable to shareholders significantly narrowed to HKD **677.6** million, driven by reduced financial asset fair value losses and lower finance costs, with improved hotel operations and ongoing non-core asset disposals in London and Lisbon | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Loss Attributable to Shareholders | 677.6 | 1,599.2 | Loss significantly narrowed | | Fair Value Gain/(Loss) on Financial Assets | 6.6 | (932.6) | Turned to gain | | Operating Profit/(Loss) Before Interest, Tax, Depreciation and Amortisation | 85.4 | (734.8) | Turned to profit | - Hong Kong hotel average occupancy rate increased from **83.0%** in **2024** to **85.0%** in **2025**, but actual average room rate decreased by **10.8%**, leading to an **8.6%** year-on-year reduction in average RevPAR[32](index=32&type=chunk) - Regal Airport Hotel's business remained stable and further improved in occupancy and average RevPAR compared to the prior period, with **HKD 2.95 billion** refinancing completed[33](index=33&type=chunk)[34](index=34&type=chunk) - Regal Group has entered into conditional agreements to dispose of properties in London, UK (**GBP 19.5 million**) and Lisbon, Portugal (**EUR 9.3 million**) as part of its non-core asset disposal plan[39](index=39&type=chunk)[40](index=40&type=chunk) - Aircraft ownership and leasing business: Regal Group further disposed of its remaining investment interests in this business segment in **2024**[41](index=41&type=chunk) [Cosmopolitan International Holdings Limited](index=13&type=section&id=%E5%9B%9B%E6%B5%B7%E5%9C%8B%E9%9A%9B%E9%9B%86%E5%9C%98%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Cosmopolitan International Holdings Limited's consolidated loss attributable to shareholders significantly decreased to HKD **56.5** million, primarily due to lower tax expenses, despite a weak China property market and slow sales in Chengdu and Tianjin projects, with active plans to divest remaining commercial units | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Loss Attributable to Shareholders | 56.5 | 169.0 | Loss decreased | - The decrease in loss was mainly attributable to lower tax expenses, as the prior period in **2024** saw a significant increase in tax expenses due to a revised basis for allocating China property project development costs[42](index=42&type=chunk) - The overall property market conditions in China remained weak, with slow progress in property sales for the two integrated development projects (primarily comprising commercial and retail components) in Chengdu and Tianjin[43](index=43&type=chunk) - For the Chengdu Regal International City project, all development works are substantially completed, and Cosmopolitan Group is actively planning to sell the remaining commercial and office units on a block and individual unit basis[43](index=43&type=chunk) [Outlook](index=13&type=section&id=%E5%B1%95%E6%9C%9B) Hong Kong's business outlook remains challenging due to macroeconomics and geopolitics, despite tourism recovery, with the Group anticipating positive interest rate impacts from potential HIBOR and Fed rate cuts, while continuing non-core asset disposals and hoping for China's property market stabilization - The overall business outlook for Hong Kong remains challenging; despite a steady increase in total visitor arrivals, mainland tourists' consumption habits have shifted towards cultural and in-depth experiences, leading to a decrease in per capita spending[44](index=44&type=chunk) - The Hong Kong Government is actively promoting the "Hong Kong Everywhere" concept and launching **nine** new tourist attractions to solidify its position as Asia's premier events and entertainment hub[44](index=44&type=chunk) - HIBOR has been at a relatively low level over the past two months, and the US Federal Reserve is generally expected to cut interest rates in the second half of this year, which may have a positive impact on Hong Kong's interest rate environment[45](index=45&type=chunk) - Regal Group will continue its asset disposal plan to reduce its debt level and strengthen its overall financial position[45](index=45&type=chunk) - Cosmopolitan Group believes that the Central Government will continue to introduce supportive fiscal policies and administrative measures to stimulate demand and restore market confidence, thereby stabilizing the China property sector[46](index=46&type=chunk) - Paliburg Group's management is taking proactive steps to strengthen the Group's financial foundation through planned disposals of certain non-core assets[47](index=47&type=chunk) [**Management Discussion and Analysis**](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=15&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) This section reviews the Group's main business operations, including P&R Holdings' Hong Kong property developments, Regal Hotels' local and overseas hotel and property projects with ongoing non-core asset sales, Cosmopolitan International's slow-selling China projects, and the Group's construction and financial asset investment activities - The Group's significant investments and principal businesses primarily include property development and investment, construction and building-related business, hotel ownership, hotel operations and management, asset management, aircraft ownership and leasing, and other investments (including financial asset investments)[50](index=50&type=chunk) - P&R Holdings Limited (P&R) is a **50/50** joint venture with Regal, effectively a subsidiary of the Company, engaged in developing real estate projects for sale and/or lease, and undertaking related investment and financing activities[52](index=52&type=chunk) [P&R Holdings Limited](index=15&type=section&id=P%26R%20Holdings%20Limited%E7%99%BE%E5%AF%8C%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) P&R Holdings manages various Hong Kong property projects, with completed sales for some residential units, ongoing sales for others like Regal Hill, stable rental income from We Go MALL, and operational hotels, while new developments are in planning or demolition phases - The Shing and Regal Hill projects in Tan Kwai Tsuen Road, Yuen Long, New Territories: All units in The Shing apartment building have been sold, and **7** houses at Regal Hill are retained for sale[53](index=53&type=chunk) - We Go MALL in Po Tai Street, Ma On Shan, Shatin, New Territories: Developed as a shopping mall, opened in **2018**, held for rental income, with stable leasing conditions during the period[54](index=54&type=chunk) - The Shing in Shun Ning Road, Sham Shui Po, Kowloon: All residential units and certain shops and parking spaces have been sold, with **2** remaining shops and **5** parking spaces continuing to be offered for sale[55](index=55&type=chunk) - Regal Hill in Lai Ping Road, Kau To, Shatin, New Territories: To date, a total of **21** garden houses and **77** apartment units have been sold or are under agreement for sale, with total sales proceeds of **HKD 5.2185 billion**[57](index=57&type=chunk) - iclub Mong Kok Hotel in Anchor Street, Mong Kok, Kowloon: Opened in March **2019**, operated by P&R and managed by Regal Group[58](index=58&type=chunk) - iclub Sheung Wan Hotel in Bonham Strand West, Sheung Wan, Hong Kong: P&R holds a **50%** interest, officially opened in November **2020**, operated by the joint venture and managed by Regal Group[60](index=60&type=chunk) [Regal Hotels International Holdings Limited](index=17&type=section&id=%E5%AF%8C%E8%B1%AA%E9%85%92%E5%BA%97%E5%9B%BD%E9%99%85%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Regal Group operates the **1,208**-room Regal Airport Hotel in Hong Kong, has sold most units at The Shing project, retains **8** villas at Regal Bay, and is divesting overseas properties in London (**GBP 19.5 million**) and Lisbon (**EUR 9.3 million**), while its Barcelona hotel generates stable rental income - Regal Airport Hotel at Hong Kong International Airport: Officially opened in April **2023**, with **1,208** rooms and suites, and awarded BEAM Plus Gold and EarthCheck Design Gold certifications[63](index=63&type=chunk)[64](index=64&type=chunk) - The Shing in Queen's Road West, Hong Kong: The remaining **123** residential units were relaunched for sale in June this year, and to date, a total of **120** relaunched residential units have been sold or are under agreement for sale, with total sales proceeds of **HKD 898.7 million**[65](index=65&type=chunk) - Regal Bay in Wong Ma Kok Road, Stanley, Hong Kong: Regal Group still retains **8** garden houses, and some of these garden houses will continue to be offered for sale if satisfactory offers are received[67](index=67&type=chunk) - **41** Kingsway property in London, UK: A conditional agreement has been entered into for the disposal of the entire equity interest in its wholly-owned subsidiary, with a total purchase price of **GBP 19.5 million** (equivalent to approximately **HKD 204.1 million**)[69](index=69&type=chunk) - Fabrik at Rua Dos Fanqueiros **156**, Lisbon, Portugal: An agreement has been entered into for the disposal of the entire equity and loan interests in the project company, with a cash consideration of **EUR 9.3 million** (equivalent to approximately **HKD 83.9 million**)[71](index=71&type=chunk) [Cosmopolitan International Holdings Limited](index=19&type=section&id=%E5%9B%9B%E6%B5%B7%E5%9C%8B%E9%9A%9B%E9%9B%86%E5%9C%98%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Cosmopolitan International's China property developments include Chengdu Regal International City and Tianjin Regal New Gate, with residential units largely sold, ongoing commercial sales, and plans to divest remaining commercial and office units in Chengdu, while the Tianjin commercial market remains weak, and the Xinjiang project is in afforestation - Chengdu project – Regal International City: All residential units in Phase **3** were sold in prior years, sales of shops and parking spaces are ongoing, and the hotel has obtained completion certificates and property ownership certificates[72](index=72&type=chunk)[73](index=73&type=chunk) - Remaining commercial portion of Chengdu project: Includes a commercial complex and **five** office towers, with active plans to sell these remaining units on a block and individual unit basis[73](index=73&type=chunk) - Tianjin project – Regal New Gate: All residential units have been sold, shop sales plans are ongoing, and the remaining office properties will continue to be monitored for market conditions for sale[75](index=75&type=chunk) - Xinjiang project: Afforestation has been completed on approximately **4,300** mu of land, with approximately **1,843** mu of land to be available for real estate development in the future[76](index=76&type=chunk) [Construction and Building-Related Business](index=21&type=section&id=%E5%BB%BA%E7%AF%89%E5%8F%8A%E8%88%87%E6%A8%93%E5%AE%87%E7%9B%B8%E9%97%9C%E6%A5%AD%E5%8B%99) The Group's wholly-owned Righteous Engineering Limited serves as the main contractor and construction manager for P&R residential and hotel projects, including Regal Hill and Regal Airport Hotel, while also seeking public contracts and providing comprehensive development consultancy services - Righteous Engineering Limited: Wholly-owned by the Group, serving as the main contractor for P&R residential projects and other hotel projects, and responsible for construction management of the Regal Hill project and Regal Airport Hotel[77](index=77&type=chunk) - Development Consultancy Division: Provides professional services including development appraisal, project management, architecture, interior design, quality control, and quantity surveying from project inception to completion[77](index=77&type=chunk) [Financial Assets and Other Investments](index=21&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E5%85%B6%E4%BB%96%E6%8A%95%E8%B3%87) The Group holds a substantial investment portfolio including listed securities, funds, private equity, bonds, and treasury products, recording a net loss in its financial asset investment business during the review period - The Group holds a substantial investment portfolio including listed securities and other investments, comprising investment funds, private equity, bonds, and treasury and yield enhancement products[78](index=78&type=chunk) - During the review period, the Group recorded a net loss in its financial asset investment business[78](index=78&type=chunk) [Financial Review](index=21&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) This section reviews the Group's financial position as of June 30, 2025, with an unaudited adjusted net asset value per share of HKD **12.57** if Hong Kong hotel properties were revalued at market price, noting improved cash flow, slightly increased gearing, and compliance with loan covenants, alongside disclosures on lease liabilities, pledged assets, capital commitments, contingent liabilities, share capital, dividends, and post-reporting events - The Group's overall business operations have consistently adopted prudent funding and financial policies[81](index=81&type=chunk) [Asset Value](index=21&type=section&id=%E8%B3%87%E7%94%A2%E5%83%B9%E5%80%BC) The Group's Hong Kong hotel properties are accounted for at fair value as of May 7, 2012, plus capital additions less depreciation; revaluing them to market price as of June 30, 2025, would result in an unaudited adjusted net asset value of **HKD 12.57** per ordinary share | Metric | Jun 30, 2025 (HKD million) | Per Ordinary Share (HKD) | | :--- | :--- | :--- | | Book Net Asset Value Attributable to Owners of the Parent | 7,952.5 | 7.13 | | Hotel Properties Revaluation Adjustment at Market Value | 6,056.2 | 5.44 | | Unaudited Adjusted Net Asset Value Attributable to Owners of the Parent | 14,008.7 | 12.57 | [Capital Resources and Funding](index=22&type=section&id=%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E9%87%91) The Group maintains prudent funding and financial policies, with cash primarily held in banks, funding Hong Kong property developments through internal resources and HIBOR-linked bank loans, and China projects through internal funds and pre-sales, while managing interest and exchange rate risks for its predominantly HKD-denominated bank borrowings - Cash balances are primarily held as bank deposits and invested in treasury and yield enhancement products when deemed appropriate[81](index=81&type=chunk) - Funding for Hong Kong property development projects is partly from internal resources and partly from bank loans, with interest rates determined by reference to HIBOR[81](index=81&type=chunk) - Most funding for China property development projects is provided by internal resources and proceeds from pre-sales of units[81](index=81&type=chunk) - The Group's bank borrowings are predominantly denominated in HKD, with interest primarily determined by reference to HIBOR, and the Group may consider using USD or HKD as hedging instruments for part or all of its investment amounts to control exchange rate fluctuation risks[81](index=81&type=chunk) [Cash Flow](index=22&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F) During the review period, net cash flow from operating activities significantly increased to HKD **198.3** million from HKD **21** million in the prior period, while net interest expenses decreased to HKD **472.9** million from HKD **593.5** million | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 198.3 | 21.0 | Significantly increased | | Net Interest Expense | 472.9 | 593.5 | Decrease | [Debt and Gearing Ratio](index=22&type=section&id=%E5%82%B5%E9%A0%85%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's cash and bank balances plus time deposits totaled HKD **982.6** million, with net debt at HKD **18.5247** billion, resulting in a gearing ratio of **52.8%** (up from **50.8%**), or **40.4%** if hotel properties are revalued at market price | Metric | Jun 30, 2025 (HKD million) | Dec 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances with Time Deposits | 982.6 | 1,404.2 | Decrease | | Debt Net of Cash and Bank Balances with Time Deposits | 18,524.7 | 18,332.2 | Slight increase | | Gearing Ratio (Based on Book Total Assets) | 52.8% | 50.8% | Increase | | Gearing Ratio (Based on Adjusted Total Assets) | 40.4% | 38.9% | Increase | [Lease Liabilities](index=23&type=section&id=%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's lease liabilities decreased to HKD **9.2** million from HKD **10.8** million as of December 31, 2024 | Metric | Jun 30, 2025 (HKD million) | Dec 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Lease Liabilities | 9.2 | 10.8 | Decrease | [Pledged Assets](index=23&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged HKD **28.5113** billion in assets, including properties under development, plant and equipment, investment properties, right-of-use assets, properties held for sale, time deposits, and bank balances, to secure bank loans and lease guarantees, with shares in listed subsidiaries and other property companies also pledged - As of June 30, **2025**, the Group's properties under development and certain of the Group's property, plant and equipment, investment properties, right-of-use assets, properties held for sale, time deposits and bank balances totaling **HKD 28.5113 billion** were pledged to secure general bank loans and related bank guarantees granted to the Group[87](index=87&type=chunk) - As of June 30, **2025**, certain ordinary shares in a listed subsidiary with a market value of **HKD 54.2 million** were pledged to secure general bank loans granted to the Group[87](index=87&type=chunk) [Capital Commitments](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) Details of the Group's capital commitments as of the reporting period are provided in Note **17** to the condensed consolidated financial statements - Details of the Group's capital commitments as of June **30**, **2025**, are set out in Note **17** to the condensed consolidated financial statements[89](index=89&type=chunk) [Contingent Liabilities](index=23&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) Details of the Group's contingent liabilities as of the reporting period are provided in Note **16** to the condensed consolidated financial statements - Details of the Group's contingent liabilities as of June **30**, **2025**, are set out in Note **16** to the condensed consolidated financial statements[90](index=90&type=chunk) [Share Capital](index=23&type=section&id=%E8%82%A1%E6%9C%AC) There was no change in the company's share capital during the review period - There was no change in the company's share capital during the review period[91](index=91&type=chunk) [Dividends](index=23&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025 - The Board resolved not to declare an interim dividend for the financial year ending December **31**, **2025** (**2024**: nil)[92](index=92&type=chunk) [Events After Reporting Period](index=23&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Details of events after the reporting period are provided in Note **19** to the condensed consolidated financial statements - Details of significant events after the reporting period for the Group are set out in Note **19** to the condensed consolidated financial statements[93](index=93&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries or Associates](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E4%B9%8B%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E6%88%96%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%BA%8B%E5%AE%9C) There were no significant acquisitions or disposals of the company's subsidiaries or associates during the review period - During the review period, there were no significant acquisitions or disposals of the company's subsidiaries or associates[94](index=94&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=%E5%91%98%E5%B7%A5%E5%8F%8A%E8%96%AA%E9%85%AC%E5%88%B6%E5%BA%A6) The Group employs approximately **1,610** staff in Hong Kong and China, with remuneration based on market conditions and individual contributions, and benefits including MPF, medical/life insurance (Hong Kong), and social security/housing provident funds (China) - The Group employs approximately **1,610** staff in Hong Kong and China[95](index=95&type=chunk) - Employee remuneration is generally determined based on market conditions and individual contributions, with salaries reviewed annually considering individual performance and other relevant factors[95](index=95&type=chunk) - Employee benefits provided by the Group include a Mandatory Provident Fund Scheme and medical and life insurance for employees in Hong Kong, and social security funds and housing provident funds for employees in China[95](index=95&type=chunk) [**Condensed Consolidated Financial Statements**](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group reported revenue of **HKD 1.186 billion**, gross profit of **HKD 403.8 million**, an operating loss of **HKD 370.8 million**, a loss before tax of **HKD 894 million**, and a loss attributable to owners of the parent of **HKD 613.4 million**, impacted by fair value and impairment losses | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,186.0 | 1,392.0 | Decrease | | Gross Profit | 403.8 | 414.2 | Decrease | | Fair Value Loss on Investment Properties (Net) | (168.0) | (101.7) | Loss widened | | Fair Value Loss on Financial Assets at FVTPL (Net) | (0.2) | (70.5) | Loss significantly narrowed | | Operating Loss | (370.8) | (278.6) | Loss widened | | Finance Costs | (521.4) | (651.9) | Decrease | | Loss Before Tax | (894.0) | (933.5) | Loss narrowed | | Loss Attributable to Owners of the Parent | (613.4) | (676.3) | Loss narrowed | | Basic and Diluted Loss Per Ordinary Share | HKD (0.59) | HKD (0.64) | Loss narrowed | [Condensed Consolidated Statement of Comprehensive Income](index=26&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's total comprehensive loss narrowed to HKD **839.9** million from HKD **1.0736** billion, primarily influenced by fair value changes in cash flow hedges, foreign currency translation differences, and fair value changes of financial assets designated at fair value through other comprehensive income | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Comprehensive Loss for the Period | (839.9) | (1,073.6) | Loss narrowed | | Fair Value Change of Cash Flow Hedges | (50.1) | 10.5 | Turned to loss | | Exchange Differences on Translation of Overseas Operations | 107.5 | (61.6) | Turned to gain | | Fair Value Change of Financial Assets Designated at FVTOCI | (0.8) | 2.7 | Turned to loss | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total non-current assets were HKD **25.9886** billion, total current assets HKD **9.0663** billion, total current liabilities HKD **7.965** billion, total non-current liabilities HKD **14.3912** billion, and net assets HKD **12.6987** billion | Metric | Jun 30, 2025 (HKD million) | Dec 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 25,988.6 | 26,893.0 | Decrease | | Total Current Assets | 9,066.3 | 9,227.8 | Decrease | | Total Current Liabilities | (7,965.0) | (7,697.1) | Increase | | Total Non-Current Liabilities | (14,391.2) | (14,943.9) | Decrease | | Net Assets | 12,698.7 | 13,479.8 | Decrease | | Equity Attributable to Owners of the Parent | 7,952.5 | 8,484.9 | Decrease | [Condensed Consolidated Statement of Changes in Equity](index=29&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, the loss attributable to owners of the parent was HKD **613.4** million, with a total comprehensive loss of HKD **566.7** million, primarily impacted by the period's loss, cash flow hedges, foreign currency translation differences, and fair value changes of financial assets at fair value through other comprehensive income | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent for the Period | (613.4) | (676.3) | Loss narrowed | | Total Comprehensive Income/(Loss) Attributable to Owners of the Parent for the Period | (566.7) | (711.6) | Loss narrowed | - Cash flow hedges resulted in a decrease of **HKD 24.5 million** in equity attributable to owners of the parent[103](index=103&type=chunk) - Exchange differences on translation of overseas operations resulted in an increase of **HKD 71.7 million** in equity attributable to owners of the parent[103](index=103&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash flow from operating activities was HKD **198.3** million, from investing activities HKD **158.2** million, and used in financing activities HKD **688.3** million, with cash and cash equivalents totaling HKD **349** million at period-end | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 198.3 | 21.0 | Significantly increased | | Net Cash Flow from Investing Activities | 158.2 | 338.9 | Decrease | | Net Cash Flow Used in Financing Activities | (688.3) | (955.6) | Decrease | | Cash and Cash Equivalents at End of Period | 349.0 | 789.8 | Decrease | [Notes to the Condensed Consolidated Financial Statements](index=33&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E6%B3%A8) The notes to the financial statements provide detailed explanations and supplementary information on accounting policies, segment data, revenue, loss before tax, finance costs, income tax, dividends, EPS, receivables/payables, bank borrowings, pledged assets, contingent liabilities, capital commitments, fair value of financial instruments, and post-reporting events - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[111](index=111&type=chunk) - The condensed consolidated financial statements are prepared on the assumption that the Group can continue as a going concern, and the Group believes it will have sufficient working capital to fund its operations for the next **12** months from June **30**, **2025**[113](index=113&type=chunk) [1. Accounting Policies and Basis of Preparation](index=33&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E7%B7%A8%E8%A3%BD%E4%B9%8B%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS **34** and should be read with the **2024** annual financial statements, with no significant impact from newly adopted HKFRS, and are based on a going concern assumption with sufficient working capital for the next **12** months - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[111](index=111&type=chunk) - The revised Hong Kong Accounting Standard **21** "Lack of Exchangeability" has no impact on the condensed consolidated financial statements[112](index=112&type=chunk) - The condensed consolidated financial statements are prepared on the assumption that the Group can continue as a going concern, and the Group believes it will have sufficient working capital to fund its operations for the next **12** months from June **30**, **2025**[113](index=113&type=chunk) [2. Segment Information](index=34&type=section&id=%E4%BA%8C%E3%80%81%20%E6%A5%AD%E5%8B%99%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's business is categorized into seven segments: property development and investment, construction, hotel operations and ownership, asset management, financial asset investment, aircraft ownership and leasing, and other, with performance assessed based on adjusted profit/loss before tax - The composition of the Group's business units is classified according to the products and services of each business unit, and accordingly, there are **seven** operating segments to be presented: property development and investment, construction and building-related business, hotel operations and management and hotel ownership, asset management, financial asset investment, aircraft ownership and leasing, and other[114](index=114&type=chunk)[116](index=116&type=chunk) - Segment performance is assessed based on the reported segment profit (loss) (i.e., measuring adjusted profit (loss) before tax)[114](index=114&type=chunk) | Segment | H1 2025 Segment Revenue (HKD million) | H1 2025 Segment Result Before Depreciation (HKD million) | | :--- | :--- | :--- | | Property Development and Investment | 264.2 | (204.8) | | Construction

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本聯合公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （股份代號：355） （股份代號：617） （股份代號：78） 於二零二五年 九月二十二日舉行之 股東特別大會之 投票表決結果 主要交易 出售一間物業 持有公司 主要交易 出售一間物業 持有公司 於二零二五年九月二十二日舉行之股東特別大會之投票表決結果 世紀城市之董事會欣然宣佈，於二零二五年九月二十二日舉行之世紀城市股東特 別大會上，股東特別大會通告內所載之普通決議案已獲世紀城市股東以按股數投 票表決方式正式通過。 根據上市規則第14.44條有關股東書面批准之有效性 由於批准買賣交易之普通決議案已於世紀城市股東特別大會上正式通過，各自有 緊密聯繫之百利保股東及富豪股東根據上市規則第14.44條所提供有關買賣交易 之股東書面批准已經生效。 茲提述Century City International Holdings Limited（「世紀城市」）日期為二零二五 年九月二日之股東特別大會通告（「股東特 ...