消息面上，长盈集团(控股)发布公告，公司于2025年9月19日(交易时间后)获公司主要股东Billion Expo International Limited(卖方)告知，其已向VCYBER Holdings Limited(买方(一间于英属处女群岛注册成立 的有限公司)出售合共8620.86万股公司股份，占于本公布日期已发行股份约13.92%(转让事项)。 买方为一间投资控股公司，由沈嘉鑫全资拥有。于本公布日期，沈嘉鑫为长盈智行投资有限公司(一间 于香港注册成立的公司，并为公司的间接非全资附属公司)的董事之一。 智通财经APP获悉，长盈集团(控股)(00689)盘中涨超15%，截至发稿，涨15.79%，报0.176港元，成交额 176.47万港元。 紧随转让事项完成后，卖方已不再于股份中拥有任何权益，亦不再为公司的主要股东(定义见上市规则); 及买方已对8620.86万股股份(占于本公布日期已发行股份约13.92%)拥有权益，并成为公司的主要股东 (定义见上市规则)。 ...

Core Viewpoint - Changying Group (控股) announced the sale of 86,208,562 shares, representing approximately 13.92% of the issued shares, by its major shareholder Billion Expo International Limited to VCYBER Holdings Limited, resulting in a change of major shareholder status [1] Group 1 - The sale of shares was completed on September 19, 2025, with the seller no longer holding any rights in the shares and ceasing to be a major shareholder [1] - The buyer, VCYBER Holdings Limited, acquired the 86,208,562 shares and became the new major shareholder of the company [1]

Group 1 - The company announced that its major shareholder, Billion Expo International Limited, has sold a total of 86,208,600 shares, representing approximately 13.92% of the issued shares as of the announcement date [1] - Following the completion of the transfer, the seller no longer holds any equity in the shares and is no longer considered a major shareholder [1] - The buyer, VCYBER Holdings Limited, now holds the 86,208,600 shares and becomes the major shareholder of the company [1]

Core Points - Long Ying Group (Holdings) Limited announced the sale of 86,208,600 shares, representing approximately 13.92% of the issued shares as of the announcement date [1] - The seller, Billion Expo International Limited, has informed that it no longer holds any equity in the company and is no longer a major shareholder [1] - The buyer, VCYBER Holdings Limited, is an investment holding company wholly owned by Shen Jiaxin, who is also a director of Long Ying Intelligent Investment Limited, an indirect non-wholly owned subsidiary of the company [1] Summary by Categories - **Share Transfer Details** - A total of 86,208,600 shares were sold, accounting for about 13.92% of the issued shares as of the announcement date [1] - The transaction was completed after trading hours on September 19, 2025 [1] - **Shareholder Changes** - Following the completion of the transfer, the seller no longer holds any equity in the company and ceases to be a major shareholder [1] - The buyer has acquired rights to the 86,208,600 shares and becomes a major shareholder [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示不會就本公佈全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：689） 內幕消息 主要股東變動 本公佈由長盈集團（控股）有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及期貨條例第XIVA部 之內幕消息條文而作出。 主要股東變動 本公司於二零二五年九月十九日（交易時間後）獲本公司主要股東Billion Expo International Limited（「賣方」）告知，其已向VCYBER Holdings Limited（「買方」（一 間於英屬處女群島註冊成立之有限公司）出售合共86,208,562股本公司股份（「股 份」），佔於本公佈日期已發行股份約13.92%（「轉讓事項」）。 香港，二零二五年九月十九日 於本公佈日期，本公司董事會包括三名執行董事陳瑞源先生、白志峰先生及王京 璐先生；以及三名獨立非執行董事潘治平先生、丘煥法先生及焦捷女士。 2 ...

截至月份: 2025年8月31日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 長盈集團(控股)有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00689 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000, ...

Group 1 - The core viewpoint of the article is that Changying Group (控股) reported a 4% increase in revenue for the first half of 2025, reaching HKD 38,158,000, and a significant rise in profit attributable to shareholders, amounting to HKD 11,117,000 compared to HKD 1,034,000 in the same period last year [1][1][1] - The earnings per share for the company is reported at HKD 1.86 [1] - The company anticipates a net profit of no less than HKD 10 million for the first half of the year [1]

Core Insights - The company reported a revenue of HKD 38.158 million for the six months ending June 30, 2025, representing a year-on-year increase of 3.57% [1] - Profit attributable to shareholders reached HKD 11.117 million, a significant year-on-year increase of 975.15% [1] - Basic earnings per share were HKD 0.0186 [1] Revenue and Profit Analysis - The increase in revenue and profit was primarily due to a foreign exchange gain of HKD 8.136 million resulting from the appreciation of the Canadian and New Zealand dollars against the Hong Kong dollar [1] - In the same period last year, the company experienced a foreign exchange loss of HKD 3.753 million [1] Tax and Expenses - Tax expenses related to oil exploration and production activities rose to HKD 1.495 million, compared to HKD 0.412 million for the same period last year [1] - The company also incurred professional fees of HKD 0.321 million related to capital restructuring and operational agreements in oil exploration and production, which were not present in the previous year [1]

公告称，收入及溢利增加主要为2025年上半年期间因加拿大元及纽西兰元兑港元升值而确认汇兑收益 813.6万港元(2024年6月30日：汇兑亏损375.3万港元);主要与石油勘探及生产业务有关的所得税开支增加 至149.5万港元(2024年6月30日：41.2万港元);及确认与公司股本重组及石油勘探及生产业务的参与及营 运协议相关的专业费用32.1万港元(2024年6月30日：无)的综合影响。 智通财经APP讯，长盈集团(控股)(00689)发布截至2025年6月30日止6个月中期业绩，该集团取得收入 3815.8万港元，同比增加3.57%;公司拥有人应占溢利1111.7万港元，同比增加975.15%;每股基本盈利1.86 港仙。 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue for the first half of 2025 increased by 3.57% to HK$38,158 thousand, with profit for the period significantly growing to HK$11,117 thousand, primarily influenced by exchange gains and increased income tax expense Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 38,158 | 36,841 | 3.57% | | Profit before tax | 12,612 | 1,446 | 772.20% | | Income tax expense | (1,495) | (412) | 262.86% | | Profit for the period | 11,117 | 1,034 | 975.05% | | Other comprehensive income (expense), net of tax | 4,790 | (2,423) | N/A | | Total comprehensive income (expense) for the period attributable to owners of the Company | 15,907 | (1,389) | N/A | | Basic earnings per share | 1.86 HK cents | 0.20 HK cents | 830.00% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to HK$471,835 thousand, net assets rose to HK$428,507 thousand, and net current assets significantly improved, indicating a robust financial position Condensed Consolidated Statement of Financial Position (HK$ Thousand) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 210,137 | 209,602 | 0.25% | | Total current assets | 261,698 | 227,382 | 15.10% | | Total current liabilities | 10,592 | 10,572 | 0.19% | | Net current assets | 251,106 | 216,810 | 15.82% | | Total assets less current liabilities | 461,243 | 426,412 | 8.17% | | Total non-current liabilities | 32,736 | 29,565 | 10.72% | | Net assets | 428,507 | 396,847 | 8.00% | | Share capital | 6,192 | 52,403 | -88.20% | | Reserves | 422,317 | 344,446 | 22.61% | | Total equity | 428,507 | 396,847 | 8.00% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention, and the first-time application of HKAS 21 amendments had no significant impact on financial position or performance - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules, presented in Hong Kong dollars, and rounded to the nearest thousand[6](index=6&type=chunk) - The financial statements are primarily prepared on a historical cost basis, except for certain financial instruments measured at fair value[7](index=7&type=chunk) - The first-time application of HKAS 21 amendments "Lack of Exchangeability" had no significant impact on the financial position and performance for the current and prior periods[8](index=8&type=chunk) [Revenue Analysis](index=6&type=section&id=Revenue%20Analysis) The Group's revenue primarily derives from oil exploration and production, solar energy, money lending, and investment securities businesses, with total revenue of HK$38,158 thousand in H1 2025, where oil sales net of royalties contributed the most and solar sales revenue grew significantly - The Group's revenue sources include oil exploration and production, solar energy, money lending, and investment securities businesses[9](index=9&type=chunk) Revenue by Source (HK$ Thousand) | Revenue Source | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of oil, net of royalties | 33,458 | 32,605 | 2.62% | | Sales of electricity | 4,343 | 3,759 | 15.54% | | Interest income from money lending business | 315 | 477 | -33.96% | | Interest income from debt instruments (FVOCI) | 42 | – | N/A | | **Total Revenue** | **38,158** | **36,841** | **3.57%** | - Revenue from oil sales is recognized when control of the crude oil is transferred to the customer, and revenue from electricity sales is recognized when electricity is received and purchased by the power company[10](index=10&type=chunk)[11](index=11&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group's operations are categorized into four segments: oil exploration and production, solar energy, money lending, and investment securities, with H1 2025 segment results showing growth in oil and solar businesses, while money lending and investment securities recorded losses - The Group's operating segments include oil exploration and production, solar energy, money lending, and investment securities[13](index=13&type=chunk)[15](index=15&type=chunk) H1 2025 Segment Revenue and Results (HK$ Thousand) | Segment | External Sales/Source | Segment Results before Impairment Allowance | Impairment Allowance | Segment Results | | :--- | :--- | :--- | :--- | :--- | | Oil Exploration and Production | 33,458 | 7,990 | – | 7,990 | | Solar Energy | 4,343 | 1,634 | – | 1,634 | | Money Lending | 315 | 318 | (527) | (209) | | Investment Securities | 42 | 23 | (308) | (285) | | **Total** | **38,158** | **9,965** | **(835)** | **9,130** | H1 2024 Segment Revenue and Results (HK$ Thousand) | Segment | External Sales/Source | Segment Results before Impairment Allowance | Impairment Allowance | Segment Results | | :--- | :--- | :--- | :--- | :--- | | Oil Exploration and Production | 32,605 | 7,182 | – | 7,182 | | Solar Energy | 3,759 | 998 | – | 998 | | Money Lending | 477 | 381 | (395) | (14) | | Investment Securities | – | (182) | (350) | (532) | | **Total** | **36,841** | **8,379** | **(745)** | **7,634** | [Other Income and Losses, Net](index=8&type=section&id=Other%20Income%20and%20Losses%2C%20Net) Other income and losses, net, significantly increased to HK$11,488 thousand in H1 2025, primarily driven by exchange gains of HK$8,136 thousand, contrasting with exchange losses in the prior period Other Income and Losses, Net (HK$ Thousand) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank and other interest income | 3,232 | 3,610 | | Exchange gains (losses), net | 8,136 | (3,753) | | Others | 120 | 167 | | **Total** | **11,488** | **24** | [Net Loss on Financial Assets at Fair Value Through Profit or Loss (FVTPL)](index=9&type=section&id=Net%20Loss%20on%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss%20(FVTPL)) Net loss on financial assets at FVTPL for H1 2025 was HK$3 thousand, a significant reduction from HK$181 thousand in the prior period, mainly due to unrealized gains offsetting realized losses Net Loss on Financial Assets at FVTPL (HK$ Thousand) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Realized losses | (25) | – | | Unrealized gains (losses) | 22 | (181) | | **Net Loss** | **(3)** | **(181)** | [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs for H1 2025 were HK$853 thousand, a decrease from the prior period, primarily due to reduced expenses from the increase in decommissioning obligations Finance Costs (HK$ Thousand) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Increase in decommissioning obligations expense | 772 | 967 | | Interest on lease liabilities | 81 | 72 | | **Total** | **853** | **1,039** | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense increased to HK$1,495 thousand in H1 2025, mainly due to a HK$1,101 thousand increase in deferred tax, with the Group applying different tax policies in Hong Kong and Canada Income Tax Expense (HK$ Thousand) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current tax - Canadian withholding tax | 394 | 412 | | Deferred tax | 1,101 | – | | **Total** | **1,495** | **412** | - Hong Kong profits tax adopts a two-tiered system, with a tax rate of **8.25%** for the first HK$2 million of assessable profits and **16.5%** for the remainder[18](index=18&type=chunk) - Canadian subsidiary corporate tax rate is **23%** (15% federal, 8% provincial), with withholding tax rates of **10%** for interest income and **5%** for distributable profits[19](index=19&type=chunk)[20](index=20&type=chunk) [Profit for the Period](index=10&type=section&id=Profit%20for%20the%20Period) Profit for the period in H1 2025 was HK$11,117 thousand, primarily influenced by factors such as staff costs, depreciation, and professional and consulting fees Profit for the Period (HK$ Thousand) | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total staff costs | 6,661 | 6,393 | | Total depreciation | 13,646 | 13,989 | | Professional and consulting fees | 2,683 | 1,934 | [Dividends](index=10&type=section&id=Dividends) For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends - For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any interim dividends[22](index=22&type=chunk)[33](index=33&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Basic earnings per share for H1 2025 were 1.86 HK cents, a significant increase from 0.20 HK cents (restated) in the prior period, mainly due to increased profit and adjustments to weighted average ordinary shares from share consolidation Earnings Per Share | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (HK$ Thousand) | 11,117 | 1,034 | | Weighted average number of ordinary shares (thousand shares) | 597,151 | 524,034 (restated) | | **Basic Earnings Per Share (HK cents)** | **1.86** | **0.20** | - The weighted average number of ordinary shares for earnings per share has been adjusted for the new share placement completed on February 12, 2025, and the share consolidation effective April 1, 2025[26](index=26&type=chunk) [Property, Plant and Equipment and Right-of-use Assets](index=11&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Right-of-use%20Assets) In H1 2025, the Group added HK$1,867 thousand in construction in progress related to oil and gas assets and recognized HK$2,214 thousand in right-of-use assets from new lease agreements - In H1 2025, new construction in progress related to oil and gas assets amounted to **HK$1,867 thousand** and other office equipment to **HK$9 thousand**[24](index=24&type=chunk) - A new two-year lease agreement was entered into, recognizing right-of-use assets and lease liabilities of **HK$2,214 thousand** each[24](index=24&type=chunk) [Deposits and Prepayments, Trade and Other Receivables](index=12&type=section&id=Deposits%20and%20Prepayments%2C%20Trade%20and%20Other%20Receivables) As of June 30, 2025, trade and other receivables and prepayments increased to HK$22,429 thousand, primarily due to higher deposits and prepayments, with all trade receivables aged within 60 days and neither overdue nor impaired Deposits and Prepayments, Trade and Other Receivables (HK$ Thousand) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Deposits paid for decommissioning obligations | 9,253 | 8,540 | | Trade receivables | 7,308 | 8,999 | | Deposits and prepayments | 12,822 | 3,397 | | Others | 2,299 | 1,017 | | **Total** | **22,429** | **13,413** | - Trade receivables of **HK$7,308 thousand** are all aged within 60 days, neither overdue nor impaired[28](index=28&type=chunk) [Debt Instruments at Fair Value Through Other Comprehensive Income (FVOCI)](index=13&type=section&id=Debt%20Instruments%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income%20(FVOCI)) As of June 30, 2025, the portfolio value of debt instruments at FVOCI was HK$3,039 thousand, with an expected credit loss provision of HK$308 thousand recognized Debt Instruments at FVOCI (HK$ Thousand) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Listed debt securities (FVOCI) | 3,039 | 3,347 | - An expected credit loss provision of **HK$308 thousand** was recognized in H1 2025 (H1 2024: HK$350 thousand)[29](index=29&type=chunk) [Loans and Interest Receivables](index=13&type=section&id=Loans%20and%20Interest%20Receivables) As of June 30, 2025, net loans and interest receivables increased to HK$18,528 thousand, with an expected credit loss provision of HK$13,819 thousand recognized Loans and Interest Receivables (HK$ Thousand) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Fixed-rate loans receivable | 32,323 | 28,500 | | Interest receivable | 24 | 8 | | Less: Impairment allowance | (13,819) | (13,292) | | **Net Amount** | **18,528** | **15,216** | - An expected credit loss provision of **HK$527 thousand** for loans and interest receivables was recognized in profit or loss in H1 2025 (H1 2024: HK$395 thousand)[30](index=30&type=chunk) [Financial Assets at FVTPL (Note 16)](index=14&type=section&id=Financial%20Assets%20at%20FVTPL%20(Note%2016)) As of June 30, 2025, the portfolio value of financial assets at FVTPL was HK$1,518 thousand, primarily consisting of Hong Kong-listed equity securities Financial Assets at FVTPL (HK$ Thousand) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong-listed equity securities | 1,518 | 1,999 | [Other Payables (Note 17)](index=14&type=section&id=Other%20Payables%20(Note%2017)) As of June 30, 2025, total other payables were HK$6,655 thousand, a decrease from year-end 2024, primarily comprising payables for property, plant, and equipment additions and operating expenses Other Payables (HK$ Thousand) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Accrued professional fees | 293 | 411 | | Payables for additions to property, plant and equipment | 1,813 | – | | Other payables and accrued expenses | 4,549 | 7,781 | | **Total** | **6,655** | **8,192** | - Payables for additions to property, plant and equipment of **HK$1,813 thousand** are related to new oil and gas assets, with a credit period of 60 days[31](index=31&type=chunk) [Share Capital](index=15&type=section&id=Share%20Capital) As of June 30, 2025, the company's share capital was HK$6,192 thousand, with significant changes in issued ordinary shares due to new share placement, share consolidation, and capital reduction Share Capital | Item | Number of Ordinary Shares (thousand shares) | Share Capital (HK$ Thousand) | | :--- | :--- | :--- | | January 1, 2024 | 5,240,344 | 52,403 | | New shares issued under placement | 952,095 | 9,521 | | Share consolidation | (5,573,195) | – | | Capital reduction | – | (55,732) | | **June 30, 2025** | **619,244** | **6,192** | - A new share placement was completed on February 12, 2025, issuing **952,095 thousand shares** with net proceeds of **HK$15,753 thousand**[32](index=32&type=chunk) - A capital reorganization became effective on April 1, 2025, involving a **10-to-1 share consolidation** and a reduction of par value per share from HK$0.10 to HK$0.01, with **HK$55,732 thousand** from share capital transferred to the contributed surplus reserve[32](index=32&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=16&type=section&id=Business%20Review) In H1 2025, the Group continued its primary businesses in oil exploration and production, solar energy, money lending, and investment securities, with total revenue growing 4% to HK$38,158 thousand and profit attributable to owners significantly increasing to HK$11,117 thousand, mainly due to exchange gains and higher income tax expense - The Group's main businesses include oil exploration and production, solar energy, money lending, and investment securities[34](index=34&type=chunk) - Total revenue for H1 2025 increased by **4%** to **HK$38,158 thousand**, and profit attributable to owners of the Company significantly increased to **HK$11,117 thousand**[37](index=37&type=chunk) - The increase in profit was mainly due to exchange gains of **HK$8,136 thousand** from the appreciation of Canadian dollars and New Zealand dollars against Hong Kong dollars (compared to a loss of HK$3,753 thousand in the prior period)[37](index=37&type=chunk) - Income tax expense increased to **HK$1,495 thousand**, primarily related to the oil exploration and production business[37](index=37&type=chunk) - Earnings per share significantly improved to **1.86 HK cents** from **0.20 HK cents** (restated) in the prior period[37](index=37&type=chunk) [Oil Exploration and Production](index=16&type=section&id=Oil%20Exploration%20and%20Production) The Group's oil exploration and production business in the Windy Lake area of Alberta, Canada, continues to develop, with H1 2025 revenue growing to HK$33,458 thousand and operating profit increasing to HK$7,990 thousand, alongside plans to expand new wells through participation and operating agreements - The Group continues to develop its oilfield business in the Windy Lake area of Alberta, Canada[35](index=35&type=chunk)[38](index=38&type=chunk) Oil Exploration and Production Performance (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 33,458 | 32,605 | 2.62% | | EBITDA | 19,215 | 18,865 | 1.86% | | Operating Profit | 7,990 | 7,182 | 11.25% | Oil Production and Sales | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Crude oil production (barrels) | 84,500 | 76,600 | | Crude oil sales volume (barrels) | 84,500 | 75,800 | | Average selling price (CAD/barrel) | 79.7 | 86.1 | - The Group entered into a participation and operating agreement with BRW Petroleum Corp. to acquire interests in oil wells, with drilling operations commencing in July 2025[39](index=39&type=chunk) [Solar Energy](index=16&type=section&id=Solar%20Energy) The Group's solar energy business continues to grow, with H1 2025 revenue increasing 16% to HK$4,343 thousand, primarily due to increased sunshine hours, and the Group has invested HK$58,265 thousand in 50 operational solar photovoltaic systems - The Group diversifies its energy business by investing in renewable energy assets, including solar projects[36](index=36&type=chunk)[40](index=40&type=chunk) Solar Energy Performance (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,343 | 3,759 | 15.54% | | EBITDA | 4,271 | 3,638 | 17.41% | | Operating Profit | 1,634 | 998 | 63.73% | - Revenue growth was primarily due to a **29% increase** in sunshine hours reported by the Hong Kong Observatory, from approximately 700 hours in H1 2024 to approximately 900 hours[41](index=41&type=chunk) - As of June 30, 2025, the Group owned **50 operational solar photovoltaic systems** with a total investment of **HK$58,265 thousand** and a total grid-connected generation capacity of approximately **3,200 kW**[36](index=36&type=chunk)[41](index=41&type=chunk) [Money Lending Business](index=18&type=section&id=Money%20Lending%20Business) The Group's money lending business saw H1 2025 revenue decline 34% to HK$315 thousand and operating profit (before impairment allowance) decrease 17% to HK$318 thousand, mainly due to lower average performing loan amounts, with an expected credit loss provision of HK$527 thousand recognized due to reduced Hong Kong property market values, and the Group expanded its money lending business into New Zealand, increasing its loan portfolio by 22% to HK$18,528 thousand Money Lending Business Performance (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 315 | 477 | -33.96% | | Operating Profit (before impairment allowance) | 318 | 381 | -16.54% | | Expected Credit Loss Provision | 527 | 395 | 33.42% | - The decrease in revenue and operating profit was primarily due to lower average performing loan amounts granted to borrowers in H1 2025[42](index=42&type=chunk) - An expected credit loss provision of **HK$527 thousand** was recognized, mainly due to a decrease in the market value of Hong Kong properties pledged by borrowers to the Group[42](index=42&type=chunk) - The Group commenced its money lending business in New Zealand in June 2025, increasing its loan portfolio size by **22%** to **HK$18,528 thousand** (net of impairment allowance)[42](index=42&type=chunk)[43](index=43&type=chunk) [Investment Securities Business](index=19&type=section&id=Investment%20Securities%20Business) The Group's investment securities business recorded revenue of HK$42 thousand and a loss (after impairment allowance) of HK$285 thousand in H1 2025, with its portfolio comprising Hong Kong-listed equity securities and Singapore-listed debt securities - The Group's securities investments include Hong Kong-listed equity securities and Singapore-listed debt securities[44](index=44&type=chunk)[45](index=45&type=chunk) Investment Securities Business Performance (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 42 | – | | Loss (after impairment allowance) | (285) | (532) | [Financial Assets at FVTPL (Investment Securities)](index=19&type=section&id=Financial%20Assets%20at%20FVTPL%20(Investment%20Securities)) As of June 30, 2025, the portfolio value was HK$1,518 thousand, with a net loss of HK$3 thousand recorded in H1 2025, a significant reduction from the prior period, mainly due to unrealized gains offsetting realized losses Financial Assets at FVTPL Portfolio Value (HK$ Thousand) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Portfolio Value | 1,518 | 1,999 | Financial Assets at FVTPL Net Loss (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Loss | (3) | (181) | | Realized losses | (25) | – | | Unrealized gains (losses) | 22 | (181) | - The Group adopted a prudent management approach, making no new investments during the period, and the portfolio includes equity securities of a property company listed on the Hong Kong Stock Exchange[47](index=47&type=chunk) [Debt Instruments at FVOCI (Investment Securities)](index=20&type=section&id=Debt%20Instruments%20at%20FVOCI%20(Investment%20Securities)) As of June 30, 2025, the portfolio value was HK$3,039 thousand, generating HK$42 thousand in interest income in H1 2025, with a fair value loss of HK$308 thousand and an expected credit loss provision of HK$308 thousand recognized, primarily due to market value decline and increased credit risk Debt Instruments at FVOCI Portfolio Value (HK$ Thousand) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Portfolio Value | 3,039 | 3,347 | - Interest income of **HK$42 thousand** was generated in H1 2025[48](index=48&type=chunk) - A fair value loss of **HK$308 thousand** was recognized (H1 2024: HK$350 thousand), mainly due to the decline in market value of debt securities and increased credit risk[48](index=48&type=chunk) - An expected credit loss provision of **HK$308 thousand** was recognized (H1 2024: HK$350 thousand) due to further increased credit risk of the held debt instruments (Mainland property company bonds)[49](index=49&type=chunk) [Overall Results](index=21&type=section&id=Overall%20Results) In H1 2025, oil exploration and production and solar energy businesses contributed profits, while money lending and investment securities recorded losses, with the Group reporting profit attributable to owners of HK$11,117 thousand and total comprehensive income of HK$15,907 thousand, primarily influenced by exchange gains H1 2025 Profit/Loss by Business Segment (HK$ Thousand) | Business Segment | H1 2025 Profit/Loss (HK$ Thousand) | H1 2024 Profit/Loss (HK$ Thousand) | | :--- | :--- | :--- | | Oil Exploration and Production | 7,990 (Profit) | 7,182 (Profit) | | Solar Energy | 1,634 (Profit) | 998 (Profit) | | Money Lending | (209) (Loss) | (14) (Loss) | | Investment Securities | (285) (Loss) | (532) (Loss) | Overall Financial Performance (HK$ Thousand) | Indicator | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit attributable to owners of the Company | 11,117 | 1,034 | | Total comprehensive income (expense) attributable to owners of the Company | 15,907 | (1,389) | | Exchange gains (losses) | 4,790 | (2,423) | [Financial Review](index=21&type=section&id=Financial%20Review) The Group funds its operations through business activities and shareholder capital, with H1 2025 showing increases in both current and quick assets, a high current ratio of 24.7, and a low gearing ratio of 9%, indicating a very robust financial position - The Group primarily finances its operations through cash generated from business activities and shareholder funds[55](index=55&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=21&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) In H1 2025, the Group raised HK$15,753 thousand net from a new share placement for new well drilling, general working capital, and New Zealand money lending, while a capital reorganization (share consolidation and capital reduction) effective April 2025 reduced share capital from HK$61,924 thousand to HK$6,192 thousand, resulting in strong liquidity with a current ratio of approximately 24.7 and a gearing ratio of approximately 9% - A new share placement completed on February 12, 2025, generated net proceeds of **HK$15,753 thousand**, intended for drilling Canadian oil assets, general working capital, and investment opportunities[52](index=52&type=chunk) - The placement proceeds have been partially utilized for new well drilling, general working capital, and the New Zealand money lending business, with plans for land interest acquisition in the oil exploration and production business[53](index=53&type=chunk) - A capital reorganization became effective on April 1, 2025, involving a **10-to-1 share consolidation** and a reduction of par value per share from HK$0.10 to HK$0.01, with **HK$55,732 thousand** from share capital transferred to the contributed surplus reserve[54](index=54&type=chunk) Liquidity and Capital Structure (HK$ Thousand) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current assets | 261,698 | 227,382 | | Quick assets | 217,391 | 195,314 | | Current liabilities | 10,592 | 10,572 | | Current ratio | 24.7 | 21.5 | | Total assets | 471,835 | 436,984 | | Total liabilities | 43,328 | 40,137 | | Gearing ratio | 9% | 9% | - Bank and other interest income decreased by **10%** to **HK$3,232 thousand**, mainly due to a general decline in fixed deposit interest rates[56](index=56&type=chunk) - Equity attributable to owners of the Company increased by **HK$31,660 thousand** to **HK$428,509 thousand**, primarily due to the combined effect of profit, exchange gains, and net proceeds from the placement[56](index=56&type=chunk) [Outlook](index=23&type=section&id=Outlook) The Group's business strategy is to continue developing oil exploration and production and diversify into renewable energy projects to create sustainable value, anticipating long-term stable income from Canadian oil operations and Hong Kong's solar 'Feed-in Tariff' scheme, while managing business conservatively and prudently amidst international oil price volatility and other uncertainties - The Group's strategy is to develop its oil exploration and production business and diversify into renewable energy projects to achieve sustainable business development and shareholder value creation[57](index=57&type=chunk)[58](index=58&type=chunk) - The Canadian oil assets are located in a politically stable region with mature oil regulations, offering significant business opportunities[57](index=57&type=chunk) - The solar energy business benefits from the Hong Kong government's "Feed-in Tariff Scheme," which can provide long-term stable income until the end of 2033[57](index=57&type=chunk) - Facing uncertainties such as international oil price fluctuations, the Group will manage its business in a conservative and prudent manner[59](index=59&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) [Compliance with Corporate Governance Code](index=24&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the company complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, with deviations noted for the vacant Chairman and Chief Executive Officer positions and the appointment of an executive director as Chairman of the AGM - The company has complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, with two deviations[60](index=60&type=chunk) [Chairman and Chief Executive Officer](index=24&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) The Group deviates from Corporate Governance Code provision C.2.1 due to vacant Chairman and Chief Executive Officer positions, with daily management responsibilities shared by executive directors, overall direction determined by the Board, and independent non-executive directors providing independent perspectives to ensure power balance - There is a deviation from Code Provision C.2.1 due to the vacant positions of Chairman and Chief Executive Officer[60](index=60&type=chunk)[61](index=61&type=chunk) - Daily management responsibilities are shared by executive directors, overall direction is determined by the Board, and three independent non-executive directors provide independent perspectives to ensure a balance of power[61](index=61&type=chunk) [Shareholders' Meeting](index=24&type=section&id=Shareholders'%20Meeting) The Group deviates from Corporate Governance Code provision F.2.2 due to the vacant Chairman position, with Executive Director Mr. Chan Shui Yuen serving as Chairman of the Annual General Meeting on June 27, 2025 - There is a deviation from Code Provision F.2.2 because the Chairman position is vacant, and Executive Director Mr. Chan Shui Yuen served as the Chairman of the Annual General Meeting on June 27, 2025[62](index=62&type=chunk)[63](index=63&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The condensed consolidated financial statements for the six months ended June 30, 2025, were not reviewed but have been reviewed by the Audit Committee and approved by the Board - The condensed consolidated financial statements were not reviewed but have been reviewed by the Audit Committee and approved by the Board[64](index=64&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[65](index=65&type=chunk)