TYSAN HOLDINGS LIMITED 泰昇集團控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） （Stock Code 股份代號：687） NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder(Note 1) , 9 September 2025 Tysan Holdings Limited (the "Company")–Notice of publication of 2025 Interim Report ("Current Corporate Communications") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.tysan.com and the website of The Stoc ...

（Stock Code 股份代號：687） NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, TYSAN HOLDINGS LIMITED 泰昇集團控股有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） Should you have any queries relating to this notification, please call the Branch Share Registrar's telephone hotline at (852) 2980 1333 from 9:00 a.m. to 5:00 p.m., Monday to Friday (excluding public holidays). By order of the Board Tysan Holdings Limited Wong Suk Han Kitty Company Secretary Note: Corporate Communications include any ...

[Management Discussion and Analysis](index=3&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 an overview of the Group's operational performance, financial position, and future outlook. [Business Review](index=3&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The Group's foundation piling business demonstrated strong performance during the review period, achieving significant growth in turnover and profit, with several major contracts in hand Key Financial Data for Foundation Piling Business | Indicator | As of June 30, 2025 (HKD) | As of June 30, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Turnover | 1.15 billion | 1.009 billion | 14% increase | | Profit | 38 million | 19 million | 100% increase | - Major contracts include the Sai Yee Street commercial project; housing/residential projects in Mei Tin, Shap Pat Heung, Choi Shun Street, Kwok Shui Road, Tung Chung Area 50, Rose Street, Kai Tak Area 2A Site 2; West Kowloon Married Police Quarters; and Tseung Kwan O Integrated Market[7](index=7&type=chunk) [Outlook](index=3&type=section&id=%E5%89%8D%E6%99%AF) The company anticipates a challenging construction industry in 2025 with slow real estate market recovery, but the Hong Kong Northern Metropolis Development Plan offers significant opportunities for infrastructure and property development - The outlook for the construction industry in 2025 remains challenging, with the real estate market not yet significantly rebounding[8](index=8&type=chunk) - The government's proposed Northern Metropolis Development will be a "new engine" for Hong Kong's future, with accelerated implementation driving infrastructure and property development, providing substantial opportunities[8](index=8&type=chunk) - The company is committed to continuous improvement, enhancing operational efficiency and effectiveness to seize emerging opportunities[8](index=8&type=chunk) [Financial Review](index=4&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) As of June 30, 2025, the Group's cash on hand increased, total assets and net assets slightly decreased, total liabilities reduced, maintaining a net cash position with zero gearing ratio Key Financial Position Indicators | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Cash on Hand | 930 million | 887 million | 4.85% increase | | Total Assets | 1.858 billion | 1.915 billion | 2.98% decrease | | Net Assets | 1.19 billion | 1.239 billion | 3.95% decrease | | Total Liabilities | 668 million | 676 million | 1.18% decrease | | Interest-bearing Borrowings | 92 million | 104 million | 11.54% decrease | - The Group maintains a **net cash position** with a **zero gearing ratio**[10](index=10&type=chunk) [Financing and Financial Policies](index=4&type=section&id=%E8%9E%8D%E8%B5%84%E5%8F%8A%E8%B4%A2%E5%8A%A1%E6%94%BF%E7%AD%96) The Group maintains prudent financing and financial policies, a robust capital structure, and ample cash flow, with surplus funds primarily held in bank deposits and currency risks closely monitored - Maintains **prudent financing and financial policies**, a **robust capital structure**, and **ample cash flow**[11](index=11&type=chunk) - Surplus funds are held as deposits with leading banks, and borrowings are denominated in HKD with floating interest rates[11](index=11&type=chunk) - Currency risks are closely monitored, with forward contracts considered when necessary[11](index=11&type=chunk) [Capital Expenditure and Commitments](index=4&type=section&id=%E8%B5%84%E6%9C%AC%E5%BC%80%E6%94%AF%E5%8F%8A%E8%B5%84%E6%9C%AC%E6%89%BF%E6%8B%85) During the review period, the Group invested HKD 4 million in machinery and equipment and had capital commitments of HKD 3 million, primarily funded by internal resources Capital Expenditure and Commitments | Indicator | Amount (HKD) | | :--- | :--- | | Investment for six months ended June 30, 2025 | 4 million | | Capital Commitments as of June 30, 2025 | 3 million | - Capital expenditure is primarily funded by **internal resources**[12](index=12&type=chunk) [Pledge of Assets](index=4&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) As of June 30, 2025, office properties with a book value of approximately HKD 103 million and bank deposits of HKD 5 million were pledged to banks as security for installment loans Pledged Assets | Asset Type | Amount (HKD) | | :--- | :--- | | Office Properties | 103 million | | Bank Deposits | 5 million | - These assets are pledged to banks as security for the Group's installment loans[13](index=13&type=chunk) [Contingent Liabilities](index=4&type=section&id=%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) The Group's contingent liabilities related to corporate guarantees for performance bonds decreased from approximately HKD 354 million as of December 31, 2024, to approximately HKD 288 million as of June 30, 2025 Changes in Contingent Liabilities | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Guarantees related to performance bonds | 288 million | 354 million | 18.64% decrease | [Remuneration Policy and Employment](index=5&type=section&id=%E8%96%AA%E9%85%AC%E6%8C%87%E5%BC%95%E5%8F%8A%E8%81%98%E7%94%A8) As of June 30, 2025, the Group employed approximately 716 staff, with remuneration policies based on market levels and employee performance, offering benefits such as provident funds, medical insurance, training, and share options Number of Employees | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | Approximately 716 employees | - Remuneration policy is primarily determined based on prevailing market salary levels and the performance of each business unit and relevant employees[15](index=15&type=chunk) - Other benefits provided include provident funds, medical insurance, and training, with employees also eligible for share options under the share option scheme[15](index=15&type=chunk) [Interim Dividend](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board has resolved to declare an interim dividend of HKD 0.02 per share for the six months ended June 30, 2025, doubling from the same period last year Interim Dividend | Period | Dividend Per Share (HKD) | | :--- | :--- | | Six months ended June 30, 2025 | 0.02 | | Six months ended June 30, 2024 | 0.01 | - The interim dividend will be paid on **September 26, 2025**, to shareholders whose names appear on the register of members on **September 5, 2025**[16](index=16&type=chunk) [Closure of Register of Members](index=5&type=section&id=%E6%9A%82%E5%81%9C%E5%8A%9E%E7%90%86%E8%82%A1%E4%BB%BD%E8%BF%87%E6%88%B7%E7%99%BB%E8%AE%B0%E6%89%8B%E7%BB%AD) To determine eligibility for the interim dividend, the company will suspend the registration of share transfers from September 4 to September 5, 2025 - The registration of share transfers will be suspended from **Thursday, September 4, 2025**, to **Friday, September 5, 2025**[17](index=17&type=chunk) - All share transfer documents must be lodged with the Hong Kong Share Registrar no later than **4:30 p.m. on Wednesday, September 3, 2025**[17](index=17&type=chunk) [Corporate Governance](index=6&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This section details the company's adherence to corporate governance principles and the structure of its oversight committees. [Compliance Statement](index=6&type=section&id=%E5%90%88%E8%A7%84%E5%A3%B0%E6%98%8E) The company has fully complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules during the review period and up to the report date - The company has fully complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[20](index=20&type=chunk) [Audit Committee](index=6&type=section&id=%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) The Audit Committee, comprising four independent non-executive directors with Mr. Li Kit Chi as Chairman, is responsible for reviewing and overseeing the Group's financial reporting, risk management, internal control systems, and compliance - The Audit Committee comprises four independent non-executive directors: Mr. Li Kit Chi (Chairman), Mr. Lung Tze Ming, Ms. Kwok Man Wai, and Ms. Yeung Ching[21](index=21&type=chunk) - Its primary responsibilities include reviewing and overseeing the financial reporting system, risk management, and internal control systems of the Company and its subsidiaries, reviewing the Group's financial information and compliance, and providing advice and recommendations to the Board[21](index=21&type=chunk) - The unaudited condensed interim financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee[22](index=22&type=chunk) [Model Code](index=6&type=section&id=%E6%A0%87%E5%87%86%E5%AE%88%E5%88%99) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors confirmed full compliance during the review period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[23](index=23&type=chunk) - All directors confirmed that they have fully complied with the required standards set out in the Model Code during the review period[23](index=23&type=chunk) [Other Information](index=7&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section provides details on directors' and substantial shareholders' interests, share option schemes, and securities transactions. [Directors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%91%98%E4%BA%8E%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E5%85%B3%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%9D%83%E7%9B%8A%E5%8F%8A%E5%A5%BD%E5%80%89) As of June 30, 2025, Mr. Fung Chiu Chak, Victor indirectly beneficially owned 168,380,000 shares, with no other directors or chief executives holding disclosable interests or short positions Directors' Long Positions in Shares | Director Name | Number of Shares Indirectly Beneficially Owned | | :--- | :--- | | Mr. Fung Chiu Chak, Victor | 168,380,000 shares | - Save for Mr. Fung Chiu Chak, Victor, no other directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that are required to be recorded or notified to the Company and the Stock Exchange[25](index=25&type=chunk) [Share Option Scheme](index=8&type=section&id=%E8%B4%AD%E8%82%A1%E6%9D%83%E8%AE%A1%E5%88%92) The company operates a share option scheme to incentivize eligible participants; all 155,100,000 granted options lapsed during the six months ended June 30, 2025, with no outstanding options at period-end - The company currently operates a share option scheme adopted on **December 3, 2020**, aimed at providing incentives and rewards to eligible participants who contribute to the Group's successful operations[27](index=27&type=chunk) Movements in Share Options (Six Months Ended June 30, 2025) | Participant Category | Outstanding as of January 1, 2025 | Lapsed as of June 30, 2025 | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Directors (Fung Chiu Chak, Victor; Chiu Chin Hung; Lau Kin Fai) | 43,000,000 options | (43,000,000) options | – | | Employees (Total) | 112,100,000 options | (112,100,000) options | – | | **Total** | **155,100,000 options** | **(155,100,000) options** | **–** | - All **155,100,000 share options** lapsed effective **May 25, 2025**, and there were **no outstanding share options** under the scheme as of **June 30, 2025**[31](index=31&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%9D%83%E7%9B%8A) As of June 30, 2025, Blackstone Group Management L.L.C. and its associates, Times Holdings II Limited, Chen's Group International Limited and its associates, China Communications Construction Company Limited and its associates, and Mr. Fung Chiu Chak, Victor and his associates were substantial shareholders holding 5% or more of the company's issued share capital Substantial Shareholders' Long Positions in Shares (As of June 30, 2025) | Name | Capacity | Number of Shares Held | Approximate Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Blackstone Group Management L.L.C. and others(1) | Interest in controlled corporation | 2,356,146,781 shares | 70.00% | | Times Holdings II Limited | Beneficial owner | 2,291,316,850 shares | 68.07% | | Chen Wai Wai and others(3) | Executor or administrator | 235,106,000 shares | 6.98% | | Chen's Group International Limited and others(4) | Interest in controlled corporation | 235,106,000 shares | 6.98% | | China Communications Construction Company Limited and others(5) | Interest in controlled corporation | 171,000,000 shares | 5.08% | | Mr. Fung Chiu Chak, Victor(6) | Interest in controlled corporation | 168,380,000 shares | 5.00% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=12&type=section&id=%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[37](index=37&type=chunk) [Unaudited Condensed Interim Financial Statements](index=13&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's unaudited condensed interim financial statements, including the consolidated statement of profit or loss, comprehensive income, financial position, changes in equity, and cash flows. [Consolidated Statement of Profit or Loss](index=13&type=section&id=%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 achieved significant growth in both revenue and profit for the period, with basic earnings per share increasing to 1.01 HK cents Key Data from Consolidated Statement of Profit or Loss | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,150,289 | 1,009,389 | +13.96% | | Gross Profit | 54,130 | 31,093 | +74.08% | | Profit Before Tax | 33,962 | 10,373 | +227.41% | | Profit for the Period | 34,141 | 10,704 | +218.96% | | Basic Earnings Per Share | 1.01 HK cents | 0.32 HK cents | +215.63% | [Consolidated Statement of Comprehensive Income](index=14&type=section&id=%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 income for the period significantly increased to 34,834 thousand HKD, primarily driven by profit growth and a positive shift in exchange differences Key Data from Consolidated Statement of Comprehensive Income | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 34,141 | 10,704 | +218.96% | | Exchange differences arising from translation of overseas operations | 693 | (567) | Shift from negative to positive | | Total Comprehensive Income for the Period | 34,834 | 10,137 | +243.63% | [Consolidated Statement of Financial Position](index=15&type=section&id=%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 and current assets both decreased, while current liabilities slightly increased, resulting in a reduction in both net current assets and net assets Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 211,567 | 240,577 | -12.06% | | Total Current Assets | 1,646,065 | 1,674,916 | -1.72% | | Total Current Liabilities | 582,765 | 574,479 | +1.44% | | Net Current Assets | 1,063,300 | 1,100,437 | -3.37% | | Net Assets | 1,189,907 | 1,239,224 | -3.98% | [Consolidated Statement of Changes in Equity](index=17&type=section&id=%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 Group's total equity changed due to increased profit for the period and transfer of share option reserve upon lapse, but decreased due to dividends paid Key Data from Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (thousand HKD) | June 30, 2025 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Total Equity | 1,239,224 | 1,189,907 | -3.98% | | Profit for the Period | – | 34,141 | +34,141 | | Transfer of share option reserve upon lapse of share options | – | – | Share option reserve decreased by 27,457, retained profits increased by 27,457 | | Dividends Declared and Paid | – | (84,151) | -84,151 | [Consolidated Statement of Cash Flows](index=19&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's net cash flow from operating activities significantly increased, cash flow from investing activities shifted from net outflow to net inflow, but net cash outflow from financing activities increased, leading to a net increase in cash and cash equivalents Key Data from Consolidated Statement of Cash Flows | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 136,245 | 15,245 | +793.73% | | Net Cash Flow from Investing Activities | 24,294 | (141,795) | Shift from net outflow to net inflow | | Net Cash Flow from Financing Activities | (105,037) | (71,861) | Net outflow increased by 46.16% | | Net Increase/(Decrease) in Cash and Cash Equivalents | 55,502 | (198,411) | Shift from net decrease to net increase | | Cash and Cash Equivalents at End of Period | 787,693 | 369,318 | +113.29% | [Notes to the Unaudited Condensed Interim Financial Statements](index=21&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes and explanations supporting the unaudited condensed interim financial statements. [1. Company Information](index=21&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B5%84%E6%96%99) Tysan Group Holdings Limited primarily engages in foundation piling, site investigation, and property development and investment, with its shares listed on the Main Board of the Hong Kong Stock Exchange, and its ultimate holding company is The Blackstone Group Inc - The company and its subsidiaries are principally engaged in **foundation piling and site investigation**, as well as **property development and investment**[57](index=57&type=chunk) - The company's shares are listed on the **Main Board of The Stock Exchange of Hong Kong Limited**[57](index=57&type=chunk) - The company's ultimate holding company is **The Blackstone Group Inc.**[57](index=57&type=chunk) [2. Basis of Preparation and Changes in Accounting Policies](index=21&type=section&id=2.%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%E4%B9%8B%E8%AE%8A%E5%8B%95) The unaudited condensed interim financial statements are prepared in accordance with the HKEX Listing Rules and HKAS 34, with consistent accounting policies from the previous year, and newly adopted HKFRS amendments having no significant financial impact - The statements are prepared in accordance with the applicable disclosure provisions of the Listing Rules of The Stock Exchange of Hong Kong Limited and HKAS 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[58](index=58&type=chunk) - The accounting policies adopted in the preparation of these statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024[58](index=58&type=chunk) - The adoption of the revised Hong Kong Financial Reporting Standards has had no significant financial impact on the Group's unaudited condensed interim financial statements[60](index=60&type=chunk) [3. Segment Information](index=22&type=section&id=3.%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operating segments are foundation piling, property development and investment, and corporate and others, with foundation piling being the primary revenue source and achieving significant profit growth in the first half of 2025 - The Group's operating segments are organized and managed independently based on their business nature and the products and services provided[61](index=61&type=chunk) Segment Revenue and Results (Six Months Ended June 30) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | 2025 Results (thousand HKD) | 2024 Results (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Foundation Piling | 1,150,289 | 1,009,389 | 38,093 | 18,761 | | Property Development and Investment | – | – | (434) | (473) | | Corporate and Others | – | – | (15,804) | (19,005) | | **Consolidated** | **1,150,289** | **1,009,389** | **21,855** | **(717)** | [4. Revenue](index=23&type=section&id=4.%20%E6%94%B6%E7%9B%8A) The Group's revenue primarily derives from construction services under customer contracts, totaling 1,150,289 thousand HKD for the six months ended June 30, 2025, all from the Hong Kong market and recognized over time as services are transferred Revenue Analysis (Six Months Ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue from customer contracts | 1,150,139 | 1,009,389 | | Gross rental income from machinery leasing | 150 | – | | **Total** | **1,150,289** | **1,009,389** | - All revenue is derived from construction services in the **Hong Kong market** and recognized **over time** as services are transferred[65](index=65&type=chunk)[66](index=66&type=chunk) [5. Other Income and Gains](index=25&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, the Group's total other income and gains amounted to 19,124 thousand HKD, mainly comprising interest income, scrap sales, and reversal of impairment on trade receivables, but decreased compared to the same period last year Other Income and Gains (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest income | 14,266 | 14,380 | | Sales of scrap materials | 3,560 | 2,482 | | Sales of site facilities | – | 4,200 | | Insurance claims | – | 1,287 | | Government grants | 66 | – | | Exchange gains, net | 233 | 8 | | Reversal of impairment on trade receivables | 785 | 76 | | Others | 214 | 250 | | **Total** | **19,124** | **22,683** | [6. Profit Before Tax](index=25&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) The Group's profit before tax is achieved after deducting items such as depreciation, loss on disposal and write-off, and impairment of contract assets, while benefiting from reversal of impairment on trade receivables and foreign exchange gains Profit Before Tax Adjustments (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 25,725 | 28,930 | | Depreciation of right-of-use assets | 7,930 | 7,575 | | Loss on disposal and write-off of property, plant and equipment items | 430 | 982 | | Reversal of impairment on trade receivables | (785) | (76) | | Impairment of contract assets | 23 | 109 | | Foreign exchange differences, net | (233) | (8) | [7. Income Tax](index=26&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85) Hong Kong profits tax is provided at 16.5% (with a portion at 8.25%), and other regions in China are taxed at applicable rates; for the six months ended June 30, 2025, the Group obtained a total tax credit of 179 thousand HKD - Hong Kong profits tax is provided at **16.5%** on the estimated assessable profits arising in Hong Kong during the period, with a portion of the first **HKD 2,000,000** for eligible entities taxed at **8.25%**[71](index=71&type=chunk) Income Tax Credit (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax provision (Hong Kong) | 1,790 | 2,238 | | Current tax provision (Other regions) | – | 8 | | Deferred tax | (1,969) | (2,577) | | **Total Tax Credit for the Period** | **(179)** | **(331)** | [8. Dividends](index=27&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board has approved an interim dividend of HKD 0.02 per ordinary share for the six months ended June 30, 2025, totaling approximately 67,321 thousand HKD, an increase from the same period last year Dividend Declaration (Six Months Ended June 30) | Dividend Type | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interim dividend (HKD 0.02 per share) | 67,321 | 33,660 | - The final dividend for the year ended December 31, 2024 (HKD 0.025 per share, totaling approximately **84,151 thousand HKD**) was approved on **May 26, 2025**, and paid on **June 24, 2025**[77](index=77&type=chunk) - The interim dividend has not been recognized in the unaudited condensed interim financial statements[77](index=77&type=chunk) [9. Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=27&type=section&id=9.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E6%9D%B1%E6%87%89%E5%8D%A0%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share were 1.01 HK cents, consistent with diluted earnings per share, as share options had no dilutive effect on basic earnings per share Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 1.01 | 0.32 | | Diluted Earnings Per Share | 1.01 | 0.32 | - Basic earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the Company of **34,141,000 HKD** and **3,366,035,709 ordinary shares** in issue during the period[75](index=75&type=chunk) - No diluted adjustment has been made to the presented basic earnings per share as the effect of share options is not dilutive to the basic earnings per share amount presented[75](index=75&type=chunk) [10. Property, Plant and Equipment](index=27&type=section&id=10.%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) During the period, the Group acquired property, plant, and equipment totaling 3,632 thousand HKD and disposed of or wrote off items with a net book value of 443 thousand HKD, resulting in a loss of 430 thousand HKD Movements in Property, Plant and Equipment (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 3,632 | 19,894 | | Net book value of disposals and write-offs | 443 | 1,161 | | Net loss on disposals and write-offs | 430 | 982 | [11. Trade Receivables](index=28&type=section&id=11.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%A6%E6%AC%BE) The Group's credit policy adheres to industry standards, with an average credit period of within 30 days; as of June 30, 2025, the net book value of trade receivables was 215,213 thousand HKD, with the vast majority due within 90 days - The Group's credit policy adheres to local industry standards, with an average general credit period of **within 30 days** granted to trade customers[78](index=78&type=chunk) Ageing Analysis of Trade Receivables (As of Reporting Period End) | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 90 days | 211,714 | 147,078 | | 91 to 180 days | 2,851 | 432 | | 181 to 365 days | – | – | | Over 365 days | 648 | 652 | | **Total** | **215,213** | **148,162** | [12. Trade Payables, Retention Payables, Accruals and Provisions](index=29&type=section&id=12.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%A6%E6%AC%BE%E3%80%81%E6%87%89%E4%BB%98%E4%BF%9D%E5%9B%BA%E9%87%91%E3%80%81%E6%87%89%E8%A8%88%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%92%A5%E5%82%99) As of June 30, 2025, the Group's total trade payables were 221,004 thousand HKD, with the majority due within 90 days; retention payables, accruals, and provisions totaled 279,003 thousand HKD Ageing Analysis of Trade Payables (As of Reporting Period End) | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 90 days | 220,784 | 252,951 | | 91 to 180 days | 196 | 180 | | Over 180 days | 24 | 23 | | **Total Trade Payables** | **221,004** | **253,154** | Other Payables (As of Reporting Period End) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Retention Payables | 52,924 | 49,435 | | Accruals | 199,621 | 186,175 | | Provisions | 28,458 | 26,307 | | **Total** | **502,007** | **515,071** | - The general repayment period for trade payables is **90 days**, and retention payables for construction contracts are typically due within **one year** after the completion of construction works[81](index=81&type=chunk) [13. Share Capital](index=29&type=section&id=13.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital was 600,000 thousand HKD, and its issued and fully paid share capital was 336,603 thousand HKD, comprising 3,366,035,709 ordinary shares of HKD 0.10 each Share Capital Structure (As of Reporting Period End) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Authorized Share Capital (6,000,000,000 shares) | 600,000 | 600,000 | | Issued and Fully Paid Share Capital (3,366,035,709 shares) | 336,603 | 336,603 | [14. Contingent Liabilities](index=30&type=section&id=14.%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's guarantees for performance bonds related to construction projects amounted to 287,509 thousand HKD, a decrease from the end of 2024 Contingent Liabilities (As of Reporting Period End) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Guarantees for performance bonds related to construction projects | 287,509 | 354,156 | [15. Commitments](index=30&type=section&id=15.%20%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had contractual commitments of 2,760 thousand HKD related to property, plant, and equipment Contractual Commitments (As of Reporting Period End) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Property, Plant and Equipment | 2,760 | 2,431 | [16. Related Party Transactions and Balances](index=30&type=section&id=16.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93%E5%8F%8A%E7%B5%90%E5%AD%98) For the period ended June 30, 2025, key management personnel remuneration was 22,208 thousand HKD; contract assets included 236 thousand HKD receivable from Tysan Building Construction Company Limited, controlled by Executive Director Mr. Fung Chiu Chak, Victor Related Party Transactions (For the Period Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Key management personnel remuneration | 22,208 | 22,181 | Related Party Balances (As of Reporting Period End) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Amount due from Tysan Building Construction Company Limited (Contract assets) | 236 | 236 | - Tysan Building Construction Company Limited is controlled by Mr. Fung Chiu Chak, Victor, an Executive Director of the Company[86](index=86&type=chunk) [Company Information](index=31&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential contact and governance details for the company, including its board, committees, and professional advisors. [Board of Directors](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Wai Tsang Pang as Chairman and Mr. Fung Chiu Chak, Victor as Vice Chairman - Executive Directors include Mr. Fung Chiu Chak, Victor (Vice Chairman), Mr. Chiu Chin Hung, and Mr. Lau Kin Fai[87](index=87&type=chunk) - Non-executive Directors include Mr. Wai Tsang Pang (Chairman), Mr. Cao Wenwei, Mr. Yuen Pak Man, Ms. Gu Ye, and Ms. Hou Xiangjia[87](index=87&type=chunk) - Independent Non-executive Directors include Mr. Lung Tze Ming, Mr. Li Kit Chi, Ms. Kwok Man Wai, and Ms. Yeung Ching[87](index=87&type=chunk) [Committees](index=31&type=section&id=%E5%A7%94%E5%91%98%E4%BC%9A) The company has an Audit Committee, Remuneration Committee, and Nomination Committee, each with a defined chairman and members - The Audit Committee is chaired by Mr. Li Kit Chi, with members including Mr. Lung Tze Ming, Ms. Kwok Man Wai, and Ms. Yeung Ching[87](index=87&type=chunk) - The Remuneration Committee is chaired by Mr. Lung Tze Ming, with members including Mr. Wai Tsang Pang, Mr. Fung Chiu Chak, Victor, Mr. Yuen Pak Man, Mr. Li Kit Chi, Ms. Kwok Man Wai, and Ms. Yeung Ching[87](index=87&type=chunk) - The Nomination Committee is chaired by Mr. Wai Tsang Pang, with members including Mr. Fung Chiu Chak, Victor, Mr. Yuen Pak Man, Mr. Lung Tze Ming, Mr. Li Kit Chi, Ms. Kwok Man Wai, and Ms. Yeung Ching[87](index=87&type=chunk) [Management and Professional Advisors](index=31&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E5%8F%8A%E4%B8%93%E4%B8%9A%E9%A1%BE%E9%97%AE) Ms. Yip Pui Shan serves as Financial Controller, and Ms. Wong Suk Han as Company Secretary; Ernst & Young is the auditor, and Conyers, Dill & Pearman and Reed Smith Richards Butler are legal advisors - The Financial Controller is Ms. Yip Pui Shan, and the Company Secretary is Ms. Wong Suk Han[87](index=87&type=chunk) - The auditor is Ernst & Young, and legal advisors are Conyers, Dill & Pearman and Reed Smith Richards Butler[87](index=87&type=chunk) - Principal bankers include Agricultural Bank of China Limited Hong Kong Branch, Bank of Communications (Hong Kong) Limited, China Construction Bank (Asia) Corporation Limited, Hang Seng Bank Limited, Shanghai Commercial Bank Limited, and The Hongkong and Shanghai Banking Corporation Limited[87](index=87&type=chunk) [Contact Information](index=31&type=section&id=%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's registered office is in Bermuda, its head office and principal place of business are in Wong Chuk Hang, Hong Kong, and its Hong Kong Share Registrar is Tricor Secretaries Limited - The registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda[87](index=87&type=chunk) - The head office and principal place of business are located at 20th Floor, One Island South, 2 Heung Yip Road, Wong Chuk Hang, Hong Kong[88](index=88&type=chunk) - The Hong Kong Share Registrar is Tricor Secretaries Limited, located at 17th Floor, Far East Finance Centre, 16 Harcourt Road, Hong Kong[88](index=88&type=chunk) - The Stock Exchange stock code is **687**, and the company website is **www.tysan.com**[88](index=88&type=chunk)

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 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) | 00687 | 說明 | 泰昇集團控股有限公司 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 HKD | | | 0.1 HKD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 HKD | | | 0.1 HKD | | 600,000,000 | 本月底法定/註冊股本總額： HKD 600,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結 ...

智通财经APP讯，泰昇集团(00687)公布，将于2025年9月26日派发中期股息每股2港仙。 ...

泰升集团(00687)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益11.5亿港元，同比增加 13.96%;股东应占溢利3414.1万港元，同比增加218.96%;每股盈利1.01港仙，拟派发中期股息每股0.02港 元。 于回顾期内，本集团地基打桩分类的营业额约为11.50亿港元(截至2024年6月30日止期间：10.09亿港 元)，该分类取得溢利约3800万港元(截至2024年6月30日止期间：溢利1900万港元)。 ...

| 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 泰昇集團控股有限公司 | | 股份代號 | 00687 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息及暫停辦理股份過戶登記手續 | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.02 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.02 HKD | | 匯率 | 1 HKD : 1 HK ...

格隆汇8月20日丨泰升集团(00687.HK)公告，截至2025年6月30日止六个月，集团地基打桩分类营业额约 为11.50亿港元（上年同期：10.09亿港元），该分类录得溢利约3,800万港元（上年同期：溢利1,900万港 元）。董事局已议决宣派中期股息每股股份0.02港元（上年同期：0.01港元）。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 泰昇集團控股有限公司 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：687） 截至二零二五年六月三十日止六個月之 中期業績 泰昇集團控股有限公司（「本 公 司」）董 事（「董 事」）局（「董 事 局」）欣然公佈本公司 及其附屬公司（「本 集 團」）截至二零二五年六月三十日止六個月之未經審核綜合 業 績。於 回 顧 期 內，本 集 團 錄 得 營 業 額11.50億港元（截 至 二 零 二 四 年 六 月 三 十 日 止 期 間：10.09億 港 元）及本公司普通股股東應佔溢利約為3,400萬港元（截 至 二 零 二 四 年 六 月 三 十 日 止 期 間：溢 利1,100萬 港 元），相 當 於 ...

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