[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 ...

Core Viewpoint - 泰昇集团 announced a mid-term dividend of 2 Hong Kong cents per share, to be distributed on September 26, 2025 [1] Company Summary - 泰昇集团 will distribute a mid-term dividend of 2 HKD cents per share [1]

Core Viewpoint - 泰升集团 reported a revenue of HKD 1.15 billion for the six months ending June 30, 2025, representing a year-on-year increase of 13.96% [1] - The company's profit attributable to shareholders was HKD 34.14 million, a significant increase of 218.96% year-on-year [1] - Earnings per share stood at HKD 0.0101, with a proposed interim dividend of HKD 0.002 per share [1] Revenue Breakdown - The revenue from the foundation piling segment was approximately HKD 1.15 billion, compared to HKD 1.009 billion for the period ending June 30, 2024 [1] - This segment achieved a profit of approximately HKD 38 million, up from HKD 19 million for the same period last year [1]

| 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 ...

Group 1 - The core viewpoint of the article is that 泰升集团 (Taisun Group) has reported an increase in revenue and profit for its foundation piling segment for the six months ending June 30, 2025, compared to the same period last year [1] - The revenue for the foundation piling segment is approximately HKD 1.15 billion, up from HKD 1.009 billion in the same period last year, representing a year-on-year increase [1] - The profit for this segment is approximately HKD 38 million, compared to HKD 19 million in the previous year, indicating a significant improvement in profitability [1] Group 2 - The board of directors has decided to declare an interim dividend of HKD 0.02 per share, an increase from HKD 0.01 per share in the same period last year [1]

[Interim Results Highlights](index=1&type=section&id=Interim%20Results%20Highlights) This section summarizes the company's interim financial performance, business operations, and future strategic outlook [Performance Overview](index=1&type=section&id=Performance%20Overview) Ascent Group Holdings Limited reported significant growth in turnover and profit attributable to shareholders for the six months ended June 30, 2025 Performance Overview (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Turnover | 1,150,000 | 1,009,000 | | Profit attributable to ordinary equity holders | 34,000 | 11,000 | | Earnings per share | 1.01 HK cents | 0.32 HK cents | [Business Review](index=1&type=section&id=Business%20Review) The Group's core foundation piling business achieved increased turnover and profit, securing multiple major contracts during the period [Foundation Piling Business](index=1&type=section&id=Foundation%20Piling%20Business) The core foundation piling business saw turnover rise to HK$1.15 billion and profit to HK$38 million, securing various residential and commercial projects Foundation Piling Business Performance (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Foundation piling turnover | 1,150,000 | 1,009,000 | | Foundation piling profit | 38,000 | 19,000 | - The Group's major contracts include the **Sai Yee Street commercial project**, **Mei Tin**, **Shek Kong**, **Choi Shun Street**, **Kwok Shui Road**, **Tung Chung Area 50**, **Rose Street**, **Kai Tak Area 2A Site 2 housing/residential projects**, and the **Western District Married Police Quarters** and **Tseung Kwan O Integrated Market**[5](index=5&type=chunk) [Outlook](index=2&type=section&id=Outlook) Despite a challenging 2025 construction outlook, the Northern Metropolis Development Strategy is expected to create significant infrastructure and property opportunities, which the Group aims to capitalize on through continuous operational improvements - The **2025 construction industry outlook remains challenging**, with the real estate market not yet showing a significant rebound[6](index=6&type=chunk) - The government's proposed **Northern Metropolis Development Strategy**, including the **Northern Link construction**, is anticipated to be a "new engine" for Hong Kong's future, significantly boosting infrastructure and property development and providing continuous opportunities for the construction industry in the near future[6](index=6&type=chunk) - The company is committed to **continuous improvement to enhance operational efficiency and effectiveness**, preparing to seize upcoming opportunities[6](index=6&type=chunk) [Financial Review](index=2&type=section&id=Financial%20Review) This section details the Group's financial position, liquidity, financing policies, capital expenditures, asset pledges, and contingent liabilities [Financial Position, Liquidity and Financial Resources](index=2&type=section&id=Financial%20Position,%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained a robust cash position, reduced liabilities, and achieved a zero gearing ratio, indicating a net cash position Financial Position (HK$ thousand) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cash on hand | 930,000 | 887,000 | | Total assets | 1,858,000 | 1,915,000 | | Net assets | 1,190,000 | 1,239,000 | | Total liabilities | 668,000 | 676,000 | | Financial liabilities | 386,000 | 433,000 | | Interest-bearing borrowings | 92,000 | 104,000 | - As of June 30, 2025, the Group's **gearing ratio was zero** due to its **net cash position**[8](index=8&type=chunk) [Financing and Financial Policies](index=2&type=section&id=Financing%20and%20Financial%20Policies) The Group maintains prudent financing policies, a robust capital structure, and ample cash flow, with HKD-denominated floating-rate borrowings and close monitoring of currency risks - The Group continues to maintain **prudent financing and financial policies**, along with a **robust and sound capital structure** and **ample cash flow**[9](index=9&type=chunk) - Surplus funds are held as **deposits with leading banks**, and borrowings are **denominated in HKD** and bear **floating interest rates**[9](index=9&type=chunk) - The Group **closely monitors currency risks** and will consider forward contracts when necessary[9](index=9&type=chunk) [Capital Expenditure and Commitments](index=2&type=section&id=Capital%20Expenditure%20and%20Commitments) The Group invested HK$4 million in machinery and equipment, with HK$3 million in capital commitments, primarily funded by internal resources Capital Expenditure and Commitments (HK$ thousand) | Indicator | Amount (HK$ thousand) | | :--- | :--- | | Investment in machinery and equipment purchases | 4,000 | | Capital commitments related to machinery and equipment | 3,000 | - **Capital expenditures were primarily funded by internal resources**[10](index=10&type=chunk) [Pledge of Assets](index=3&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged HK$103 million in office properties and HK$5 million in bank deposits as collateral for installment loans Pledged Assets (HK$ thousand) | Type of Pledged Asset | Amount (HK$ thousand) | | :--- | :--- | | Office properties | 103,000 | | Bank deposits | 5,000 | - These assets were **pledged to banks as collateral for the Group's installment loans**[11](index=11&type=chunk) [Contingent Liabilities](index=3&type=section&id=Contingent%20Liabilities) Contingent liabilities for construction project performance bonds decreased from HK$354 million to HK$288 million by June 30, 2025 Contingent Liabilities (HK$ thousand) | Type of Contingent Liability | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Guarantees for performance bonds | 288,000 | 354,000 | - The Group had **no other significant contingent liabilities** apart from those mentioned[12](index=12&type=chunk) [Dividends and Employee Information](index=3&type=section&id=Dividends%20and%20Employee%20Information) This section covers the Group's remuneration policy, employment details, interim dividend declaration, and share transfer registration closure [Remuneration Policy and Employment](index=3&type=section&id=Remuneration%20Policy%20and%20Employment) As of June 30, 2025, the Group employed 716 staff, with remuneration based on market levels and performance, offering provident funds, medical insurance, training, and share options Employee Information | Indicator | June 30, 2025 | | :--- | :--- | | Total number of employees | 716 staff | - The Group's **remuneration policy** is primarily determined based on **prevailing market salary levels** and the **performance of each business unit and relevant employees**[13](index=13&type=chunk) - The Group also provides **other benefits**, including **provident funds, medical insurance, and training**, and employees may be granted **share options** under the terms of the Group's approved share option scheme[13](index=13&type=chunk) [Interim Dividend](index=3&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HK$0.02 per share for the six months ended June 30, 2025, payable on September 26, 2025 Interim Dividend per Share (HK$) | Dividend Type | Six Months Ended June 30, 2025 (HK$) | Six Months Ended June 30, 2024 (HK$) | | :--- | :--- | :--- | | Interim dividend per share | 0.02 | 0.01 | - The interim dividend is payable on **Friday, September 26, 2025**, to shareholders registered on **Friday, September 5, 2025**[14](index=14&type=chunk) [Closure of Register of Members](index=3&type=section&id=Closure%20of%20Register%20of%20Members) Share transfer registration will be suspended from September 4 to September 5, 2025, to determine interim dividend eligibility, requiring prior transfer completion - The company's **register of members will be closed** from **Thursday, September 4, 2025, to Friday, September 5, 2025** (both days inclusive)[15](index=15&type=chunk) - To qualify for the interim dividend for the six months ended June 30, 2025, all share transfer documents, together with the relevant share certificates and transfer forms, must be lodged with the company's Hong Kong share registrar no later than **4:30 p.m. on Wednesday, September 3, 2025**[15](index=15&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated statements of profit or loss, comprehensive income, and financial position for the interim period [Consolidated Statement of Profit or Loss](index=4&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported increased revenue of HK$1.15 billion, higher gross profit and profit for the period, and basic and diluted EPS of 1.01 HK cents Consolidated Statement of Profit or Loss (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,150,289 | 1,009,389 | | Cost of sales | (1,096,159) | (978,296) | | Gross profit | 54,130 | 31,093 | | Other income and gains | 19,124 | 22,683 | | Administrative expenses | (34,924) | (37,251) | | Finance costs | (2,639) | (3,528) | | Profit before tax | 33,962 | 10,373 | | Profit for the period | 34,141 | 10,704 | | Basic earnings per share | 1.01 HK cents | 0.32 HK cents | [Consolidated Statement of Comprehensive Income](index=5&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit for the period was HK$34,141 thousand, with total comprehensive income reaching HK$34,834 thousand, including exchange differences Consolidated Statement of Comprehensive Income (HK$ thousand) | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the period | 34,141 | 10,704 | | Exchange differences arising on translation of overseas operations | 693 | (567) | | Total comprehensive income for the period | 34,834 | 10,137 | [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were HK$211,567 thousand, total current assets HK$1,646,065 thousand, total current liabilities HK$582,765 thousand, and net assets HK$1,189,907 thousand Consolidated Statement of Financial Position (HK$ thousand) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total non-current assets | 211,567 | 240,577 | | Total current assets | 1,646,065 | 1,674,916 | | Total current liabilities | 582,765 | 574,479 | | Total assets less current liabilities | 1,274,867 | 1,341,014 | | Total non-current liabilities | 84,960 | 101,790 | | Net assets | 1,189,907 | 1,239,224 | | Total equity | 1,189,907 | 1,239,224 | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes on the Group's company information, accounting policies, segment information, revenue, other income, profit before tax, income tax, dividends, earnings per share, property, plant and equipment, trade receivables, trade payables, contingent liabilities, and commitments [Company Information](index=8&type=section&id=Company%20Information) Ascent Group Holdings Limited, a Bermuda-registered company, focuses on foundation piling, site investigation, and property development, listed on HKEX, with The Blackstone Group Inc. as its ultimate holding company - The company and its subsidiaries are primarily engaged in **foundation piling and site investigation**, as well as **property development and investment**[20](index=20&type=chunk) - The company's shares are **listed on the Main Board of The Stock Exchange of Hong Kong Limited**[20](index=20&type=chunk) - The company's **ultimate holding company is The Blackstone Group Inc.**[20](index=20&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=8&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The unaudited condensed interim financial statements comply with HKEX Listing Rules and HKAS 34, adopting revised HKFRS with no significant financial impact - The unaudited condensed interim financial statements are prepared in accordance with the **applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited** and **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants[21](index=21&type=chunk) - The Group has **first applied the revised Hong Kong Financial Reporting Standards accounting standards** for the current period, which **did not have a significant financial impact** on the Group's unaudited condensed interim financial statements[22](index=22&type=chunk)[23](index=23&type=chunk) [Segment Information](index=9&type=section&id=Segment%20Information) The Group's operating segments are managed by business nature; for the six months ended June 30, 2025, foundation piling generated most revenue and segment results, with no revenue from property development and investment - The Group's **operating segments are independently organized and managed** based on their business nature and the products and services provided[24](index=24&type=chunk) Segment Performance (HK$ thousand) | Segment | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Foundation piling revenue | 1,150,289 | 1,009,389 | | Foundation piling segment results | 38,093 | 18,761 | | Property development and investment revenue | – | – | | Corporate and other revenue | 1,129 | 94 | [Revenue](index=10&type=section&id=Revenue_Note) For the six months ended June 30, 2025, total revenue was HK$1,150,289 thousand, mainly from construction services, with some contribution from machinery leasing Revenue by Source (HK$ thousand) | Revenue Source | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Construction services | 1,150,139 | 1,009,389 | | Gross rental income from machinery leasing | 150 | – | | Total | 1,150,289 | 1,009,389 | [Other Income and Gains](index=11&type=section&id=Other%20Income%20and%20Gains) For the six months ended June 30, 2025, total other income and gains were HK$19,124 thousand, mainly from interest income, scrap sales, exchange gains, and trade receivables impairment reversal Other Income and Gains (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 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 subsidies | 66 | – | | Exchange gains, net | 233 | 8 | | Reversal of impairment loss on trade receivables | 785 | 76 | | Others | 214 | 250 | | Total | 19,124 | 22,683 | [Profit Before Tax](index=11&type=section&id=Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was HK$33,962 thousand, influenced by depreciation of property, plant and equipment, right-of-use assets, and disposal losses Profit Before Tax Adjustments (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 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 items of property, plant and equipment | 430 | 982 | | Reversal of impairment loss on trade receivables | (785) | (76) | | Impairment of contract assets | 23 | 109 | | Foreign exchange differences, net | (233) | (8) | [Income Tax](index=12&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the Group recorded a total tax credit of HK$179 thousand, mainly from deferred tax credits offsetting Hong Kong current tax provisions Income Tax (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong current tax provision | 1,790 | 2,238 | | Current tax provision in other jurisdictions | – | 8 | | Deferred tax | (1,969) | (2,577) | | Total tax credit for the period | (179) | (331) | [Dividends](index=12&type=section&id=Dividends_Note) The Board approved an interim dividend of HK$0.02 per ordinary share, totaling HK$67,321 thousand, not recognized as a liability in the interim financial statements Dividends (HK$ thousand) | Dividend Type | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interim dividend (HK$0.02 per share) | 67,321 | 33,660 | - A final dividend of **HK$0.025 per ordinary share**, totaling approximately **HK$84,151 thousand**, for the year ended December 31, 2024, was paid on **June 24, 2025**[30](index=30&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders](index=13&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders) For the six months ended June 30, 2025, basic EPS was 1.01 HK cents, calculated from HK$34,141 thousand profit and 3,366,035,709 shares, with no dilutive effect from share options Earnings Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to shareholders | HK$34,141,000 | HK$10,704,000 | | Number of ordinary shares in issue | 3,366,035,709 shares | 3,366,035,709 shares | | Basic earnings per share | 1.01 HK cents | 0.32 HK cents | - No diluted adjustment was made to the basic earnings per share as the **effect of share options was not dilutive**[31](index=31&type=chunk) [Property, Plant and Equipment](index=13&type=section&id=Property,%20Plant%20and%20Equipment) During the period, the Group acquired HK$3,632 thousand in property, plant and equipment, and disposed of assets with a net book value of HK$443 thousand, incurring a net loss of HK$430 thousand Property, Plant and Equipment Movements (HK$ thousand) | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 3,632 | 19,894 | | Net book value of property, plant and equipment disposed of and written off | 443 | 1,161 | | Net loss on disposal and write-off | 430 | 982 | [Trade Receivables](index=13&type=section&id=Trade%20Receivables) The Group's credit policy is 30 days; total trade receivables were HK$215,213 thousand, with most due within 90 days - The Group's **credit policy** is formulated based on local industry standards, granting trade customers an **average general credit period of 30 days**[33](index=33&type=chunk) Trade Receivables by Ageing (HK$ thousand) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 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 | [Trade Payables, Retention Monies Payable, Accruals and Provisions](index=14&type=section&id=Trade%20Payables,%20Retention%20Monies%20Payable,%20Accruals%20and%20Provisions) At period-end, total trade payables were HK$221,004 thousand with a 90-day repayment period, while retention monies, accruals, and provisions totaled HK$281,003 thousand Trade Payables, Retention Monies, Accruals and Provisions (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total trade payables | 221,004 | 253,154 | | Retention monies payable | 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**. For retention monies payable on construction contracts, the due date is typically within **one year after the completion of construction works**[35](index=35&type=chunk) [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities_Note) As of June 30, 2025, contingent liabilities for construction project performance bonds were HK$287,509 thousand, a decrease from year-end 2024 Contingent Liabilities (HK$ thousand) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Guarantees in respect of performance bonds for construction projects | 287,509 | 354,156 | [Commitments](index=14&type=section&id=Commitments) At the end of the reporting period, the Group had contractual commitments, with specific amounts not detailed in the provided text - At the end of the reporting period, the Group had **contractual commitments**[36](index=36&type=chunk) [Corporate Governance](index=15&type=section&id=Corporate%20Governance) This section outlines the Group's adherence to corporate governance codes, the role of the audit committee, compliance with the model code, and securities trading activities [Corporate Governance Code](index=15&type=section&id=Corporate%20Governance%20Code) The company fully complied with the Corporate Governance Code provisions in Appendix C1 of the HKEX Listing Rules throughout the review period - During the review period and up to the date of this announcement, the company has **fully complied with the code provisions** set out in the Corporate Governance Code contained in **Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited**[38](index=38&type=chunk) [Audit Committee](index=15&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Li Kit Chi and comprising four independent non-executive directors, oversees the Group's financial reporting, risk management, internal controls, and compliance - The Audit Committee comprises **four members**: Mr. Li Kit Chi, Mr. Lung Tze Ming, Ms. Kwok Man Wai, and Ms. Yeung Ching, all of whom are **independent non-executive directors**. **Mr. Li Kit Chi is the Chairman of the Audit Committee**[39](index=39&type=chunk) - The primary duties of the Audit Committee are to **review and supervise the Group's financial reporting system, risk management and internal control systems**, review the Group's financial information and compliance, and provide advice and recommendations to the Board[39](index=39&type=chunk) - The Group's unaudited condensed interim financial statements for the six months ended June 30, 2025, have been **reviewed by the Audit Committee**[39](index=39&type=chunk) [Model Code](index=15&type=section&id=Model%20Code) The company adopted the Model Code for Directors' Securities Transactions, with all directors confirming 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[40](index=40&type=chunk) - Following specific enquiries, all directors confirmed that they have **fully complied with the required standards** set out in the Model Code during the review period[40](index=40&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=15&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - During the period, **neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities**[41](index=41&type=chunk)

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].

Core Viewpoint - The company expects its net profit for the six months ending June 30, 2025, to increase to approximately HKD 34 million, compared to HKD 10.7 million for the six months ending June 30, 2024, indicating significant growth in profitability [2] Financial Performance - The anticipated net profit growth is primarily attributed to an increase in revenue from the foundation piling business and an improvement in gross profit margin [2]

Core Insights - The company, 泰升集团 (Taiseng Group), expects a net profit of approximately HKD 34 million for the six months ending June 30, 2025, compared to a net profit of about HKD 10.7 million for the same period in 2024, indicating significant growth in profitability [1] Financial Performance - The increase in net profit is primarily attributed to a rise in revenue from foundation piling operations and an improvement in gross profit margin [1]