Group 1 - The company reported a revenue of HKD 6.508 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 1.23% [1] - The profit attributable to equity holders was HKD 11.683 million, a turnaround from a loss of HKD 35.904 million in the same period last year, indicating a significant improvement [1] - The basic earnings per share were HKD 0.0058, and the company proposed an interim dividend of HKD 0.0002 per share [1]

EF001 免責聲明 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 執行董事包括陳永順先生、陳駿鴻先生、陳慶良先生、孫樹發女士、陳翠玲女士和李昭億先生。獨立非執行董事包括黃金德先 生、Azman Bin Badrillah 先生、Prechaya Ebrahim 先生、張奕機先生和鄭家勤先生。 第 2 頁 共 2 頁 v 1.1.1 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 陳唱國際有限公司 | | 股份代號 | 00693 | | 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2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股 ...

[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) This section provides an overview of the company's identity and its interim results announcement [Company Overview](index=1&type=section&id=Company%20Overview) This section introduces Tan Chong International Limited, its Bermuda incorporation, and its stock code 693 on the Hong Kong Stock Exchange - Company Name: **Tan Chong International Limited** - Place of Incorporation: **Bermuda** - Stock Code: **693** [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited interim results of Tan Chong International Limited and its subsidiaries for the six months ended June 30, 2025 - Announcement Content: Unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position for the interim period [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement reports key financial metrics including revenue, cost of sales, gross profit, operating profit, profit before tax, and profit for the period, showing significant profit growth compared to 2024 Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,507,897 | 6,589,126 | -1.23% | | Cost of sales | (5,280,452) | (5,287,082) | -0.13% | | Gross profit | 1,227,445 | 1,302,044 | -5.73% | | Operating profit | 329,768 | 242,711 | +35.86% | | Profit before tax | 234,270 | 140,133 | +67.18% | | Profit for the period | 107,713 | 28,018 | +284.44% | | Attributable to equity holders of the Company | 11,683 | (35,904) | N/A | | Basic and diluted earnings/(loss) per share (HK Cents) | 0.58 | (1.78) | N/A | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement discloses profit for the period and other comprehensive income, including revaluation of defined benefit plans, fair value changes in equity investments, and foreign currency translation differences, showing a shift from loss to profit in total comprehensive income Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 107,713 | 28,018 | +284.44% | | Net change in fair value reserve (non-recyclable) | (37,153) | 261,887 | N/A | | Exchange differences on translation of financial statements of overseas subsidiaries | 716,249 | (498,131) | N/A | | Other comprehensive income for the period | 684,736 | (218,175) | N/A | | Total comprehensive income for the period | 792,449 | (190,157) | N/A | | Attributable to equity holders of the Company | 589,615 | (133,125) | N/A | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides the assets, liabilities, and equity as of June 30, 2025, and December 31, 2024, detailing the composition and changes in non-current assets, current assets, current liabilities, non-current liabilities, and total equity, indicating an increase in net assets Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 15,447,489 | 14,400,824 | +7.27% | | Current assets | 9,611,228 | 9,279,428 | +3.57% | | Current liabilities | 8,636,242 | 7,713,866 | +11.96% | | Net current assets | 974,986 | 1,565,562 | -37.73% | | Non-current liabilities | 3,588,305 | 3,797,682 | -5.51% | | Net assets | 12,834,170 | 12,168,704 | +5.47% | | Total equity attributable to equity holders of the Company | 11,532,534 | 11,052,672 | +4.34% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This section outlines that the interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, noting the application of IAS 21 (Revised) with no significant impact on the report - Basis of Preparation: Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - Accounting Policies: Consistent with those adopted in the 2024 annual financial statements, except for changes expected to be reflected in the 2025 annual financial statements[7](index=7&type=chunk) - Changes in Accounting Policies: Application of IAS 21 (Revised), "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," issued by IASB, which has no significant impact on this report[8](index=8&type=chunk) [Revenue and Segment Reporting](index=6&type=section&id=Revenue%20and%20Segment%20Reporting) This section details the group's revenue classification by major product/service lines and customer geographical markets, provides performance data for each reportable segment, and reconciles segment profit or loss to consolidated profit before tax - Revenue Definition: Sales value of goods sold, services provided to customers, rental income, interest income from loans and advances, management service fees, agency commissions and fees, and warranty income[10](index=10&type=chunk) - Primary Revenue Sources: **Services provided** (HKD **4,374,302 thousand**) and **sales of goods** (HKD **1,616,714 thousand**)[10](index=10&type=chunk) - Primary Geographical Market: **Japan** (HKD **4,167,682 thousand**)[10](index=10&type=chunk) - Segment EBITDA: **Transportation business** contributed the most, at HKD **416,402 thousand**[13](index=13&type=chunk) [Revenue Classification](index=6&type=section&id=Revenue%20Classification) Revenue is classified by major product or service lines (e.g., sales of goods, services provided, agency commissions) and customer geographical markets (e.g., Singapore, China, Japan), showing various income sources and regional contributions Revenue Classification (For the six months ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 1,616,714 | 1,961,688 | -17.59% | | Services provided | 4,374,302 | 4,117,640 | +6.23% | | Agency commissions and fees | 25,672 | 19,257 | +33.31% | | Warranty income | 1,620 | 1,079 | +50.14% | | Fixed rental income from investment properties | 67,399 | 62,230 | +8.31% | | Interest income from loans and advances | 237,987 | 229,025 | +3.91% | | Motor vehicle rental income | 184,203 | 198,207 | -7.07% | | **Total Revenue** | **6,507,897** | **6,589,126** | **-1.23%** | Revenue by Customer Geographical Market (For the six months ended June 30) | Geographical Market | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Singapore | 1,109,908 | 1,082,869 | +2.50% | | People's Republic of China | 187,228 | 280,248 | -33.19% | | Thailand | 225,597 | 162,074 | +39.20% | | Japan | 4,167,682 | 3,870,477 | +7.68% | | Taiwan | 336,782 | 472,820 | -28.78% | | Other regions | 480,700 | 720,638 | -33.30% | | **Total Revenue** | **6,507,897** | **6,589,126** | **-1.23%** | [Segment Results](index=7&type=section&id=Segment%20Results) This section provides revenue and EBITDA for reportable segments including motor vehicle distribution, heavy commercial and industrial equipment, property rental and development, transportation, and other businesses, highlighting the contribution of each segment, with transportation business having the largest EBITDA Segment Results (For the six months ended June 30) | Segment | 2025 Revenue (HKD Thousand) | 2024 Revenue (HKD Thousand) | 2025 EBITDA (HKD Thousand) | 2024 EBITDA (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Motor vehicle distribution and dealership business | 1,678,097 | 1,968,761 | (87,886) | (30,462) | | Heavy commercial vehicle and industrial equipment distribution and dealership business | 59,218 | 63,178 | 5,331 | 1,041 | | Property rental and development | 58,870 | 55,654 | 86,326 | 43,932 | | Transportation business | 4,167,682 | 3,870,477 | 416,402 | 340,343 | | Other businesses | 544,030 | 631,056 | 253,461 | 228,639 | | **Total** | **6,507,897** | **6,589,126** | **673,634** | **583,493** | [Reconciliation of Reportable Segment Profit or Loss](index=8&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Profit%20or%20Loss) This section reconciles the total EBITDA of each segment with depreciation and amortization, interest income, finance costs, and share of profit of associates, to arrive at the consolidated profit before tax Reconciliation of Segment Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total segment EBITDA | 673,634 | 583,493 | | Depreciation and amortization | (356,653) | (354,693) | | Interest income | 12,787 | 13,911 | | Finance costs | (96,042) | (103,172) | | Share of profit of associates | 544 | 594 | | **Consolidated profit before tax** | **234,270** | **140,133** | [Profit Before Tax](index=8&type=section&id=Profit%20Before%20Tax) This section discloses the components of profit before tax, including finance costs, depreciation, amortization of intangible assets, dividend income, and gain on disposal of property, plant and equipment Profit Before Tax Components (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Finance costs | 96,042 | 103,172 | | Depreciation - owner-occupied property, plant and equipment | 198,774 | 202,003 | | Depreciation - right-of-use assets | 146,074 | 142,510 | | Amortization of intangible assets | 11,805 | 10,180 | | Dividend income | (38,373) | (29,597) | | Gain on disposal of property, plant and equipment | (5,817) | (2,735) | [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) This section analyzes the distribution of income tax expense by region (Hong Kong, Singapore, other regions) and explains the group's applicable weighted average tax rates Income Tax Expense (For the six months ended June 30) | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong | 784 | 318 | | Singapore | 22,478 | 29,472 | | Other regions | 103,295 | 82,325 | | **Total** | **126,557** | **112,115** | - The Group's applicable tax rates primarily range between **16.5% and 31.52%**[16](index=16&type=chunk) [Dividends](index=8&type=section&id=Dividends) This section discloses the interim dividend declared for the six months ended June 30, 2025, at HKD 0.02 per ordinary share, totaling HKD 40,266,000, consistent with the prior year Interim Dividends Declared (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Dividend per ordinary share | 0.02 HKD | 0.02 HKD | | Total dividend | 40,266 | 40,266 | [Earnings/(Loss) Per Share](index=9&type=section&id=Earnings%2F(Loss)%20Per%20Share) This section explains the calculation of basic earnings per share, based on profit attributable to equity holders and the number of ordinary shares outstanding, noting that diluted earnings per share is the same as basic due to no dilutive securities - **Basic earnings per share** for 2025: **0.58 HK Cents** (based on profit of HKD 11,683,000)[18](index=18&type=chunk) - **Basic loss per share** for 2024: **(1.78) HK Cents** (based on loss of HKD 35,904,000)[18](index=18&type=chunk) - Number of ordinary shares outstanding: **2,013,309,000 shares**[18](index=18&type=chunk) - Diluted earnings/(loss) per share is the same as basic earnings/(loss) per share, as there were no dilutive securities issued during the period[18](index=18&type=chunk) [Investments Accounted for at Fair Value Through Other Comprehensive Income](index=9&type=section&id=Investments%20Accounted%20for%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) This section discloses the group's investments accounted for at fair value through other comprehensive income, primarily comprising listed and unlisted equity securities outside Hong Kong, with the strategic investment in Subaru Corporation recording an unrealized loss this period Investments Accounted for at Fair Value Through Other Comprehensive Income (As of June 30) | Investment Type | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Listed equity securities outside Hong Kong | 1,607,299 | 1,641,277 | | Unlisted equity securities | 7,545 | 6,828 | | **Total** | **1,614,844** | **1,648,105** | - Investment in **Subaru Corporation**: **HKD 1,563,661 thousand** (as of June 30, 2025), representing **1.5%** of issued shares and **6.2%** of the Group's total assets at cost[20](index=20&type=chunk) - A fair value **loss of HKD 35,622 thousand** was recognized in the first half of 2025, compared to a **gain of HKD 257,442 thousand** in the same period of 2024[20](index=20&type=chunk) [Trade Receivables](index=10&type=section&id=Trade%20Receivables) This section provides an aging analysis of trade receivables as of the reporting date, showing amounts across different aging bands, and notes the Group's credit period ranges from 7 days to 6 months Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 984,713 | 741,504 | | 31 to 90 days | 172,728 | 189,297 | | Over 90 days | 13,145 | 17,589 | | **Total** | **1,170,586** | **948,390** | - The Group's permitted credit period ranges from **7 days to 6 months**[22](index=22&type=chunk) [Trade Payables](index=10&type=section&id=Trade%20Payables) This section provides an aging analysis of trade payables as of the reporting date, showing amounts across different aging bands Aging Analysis of Trade Payables (As of June 30) | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 726,455 | 581,726 | | 31 to 90 days | 204,599 | 121,246 | | 91 to 180 days | 58,566 | 42,118 | | Over 180 days | 111,441 | 99,326 | | **Total** | **1,101,061** | **844,416** | [Share-based Payments](index=10&type=section&id=Share-based%20Payments) This section details the Group's two share compensation schemes (2015 and 2022 Schemes), including their operation, grant terms, point movements, fair value assumptions, and related expenses [2015 Scheme](index=10&type=section&id=2015%20Scheme) This section describes the 2015 share compensation scheme, managed by an independent trustee, which awards share points based on performance to eligible directors, senior executives, and auditors, disclosing total points granted and fair value estimates - Scheme Nature: A performance-based share compensation scheme managed by a trustee independent of the Group[24](index=24&type=chunk) - Points Granted: As of June 30, 2025, selected participants were granted a total of **475,520 points**[26](index=26&type=chunk) - Point Movement: Unconverted points at period-end were **185,000 points** for both 2025 and 2024[28](index=28&type=chunk) - Fair Value Estimation: Using the Black-Scholes model, the fair value of points on July 1, 2024, was **JPY 1,636**[30](index=30&type=chunk) - Expense: For the six months ended June 30, 2025, the Group recognized a net share-based equity-settled payment expense of **HKD 130,000** related to the 2015 Scheme[31](index=31&type=chunk) [2022 Scheme](index=12&type=section&id=2022%20Scheme) This section describes the 2022 share compensation scheme, also managed by an independent trustee, which awards share points to eligible directors and employees, with some convertible to cash, disclosing total points granted, movements, and fair value estimates - Scheme Nature: A performance-based share compensation scheme managed by a trustee independent of the Group, with some points convertible to cash at prevailing market prices[32](index=32&type=chunk) - Points Granted: As of June 30, 2025, a total of **105,200 points** were granted for the equity-settled portion, and **25,300 points** for the cash-settled portion[33](index=33&type=chunk) - Point Movement: Unconverted cash-settled points at period-end were **19,300 points** for both 2025 and 2024[35](index=35&type=chunk) - Fair Value Estimation: Using the Black-Scholes model, the fair value of points on October 1, 2024, was **JPY 1,948**[37](index=37&type=chunk) - Expense: For the six months ended June 30, 2025, net equity-settled expense was **HKD 1,736,000**, and net cash-settled expense was **HKD 683,000**[38](index=38&type=chunk) [Management Review and Outlook](index=14&type=section&id=Management%20Review%20and%20Outlook) This section provides management's analysis of the company's performance during the period and its strategic outlook for the future [Interim Dividend Declaration and Register of Members](index=14&type=section&id=Interim%20Dividend%20Declaration%20and%20Register%20of%20Members) The Board declared an interim ordinary dividend of HKD 0.02 per share, totaling HKD 40,266,000, and announced the payment date and closure period for the register of members - Interim Dividend: **HKD 0.02 per share**, totaling **HKD 40,266,000**[39](index=39&type=chunk) - Payment Date: **September 24, 2025**[39](index=39&type=chunk) - Register of Members Closed: From **September 11, 2025, to September 12, 2025**[40](index=40&type=chunk) [Performance Overview](index=14&type=section&id=Performance%20Overview) The Group's revenue slightly declined by 1% in H1 2025, but profit after tax surged by 284%, EBITDA rose by 15%, and operating profit margin improved to 5.1%, driven by stringent cost control and operational efficiency, with improved net gearing and net asset value per share - Revenue: **HKD 6.51 billion**, a slight **1% decline** compared to the same period in 2024[41](index=41&type=chunk) - Profit After Tax: **HKD 107.7 million**, a significant **284% increase** from HKD 28 million in the same period of 2024[41](index=41&type=chunk) - EBITDA: Increased by **15%** to **HKD 673.6 million** in the first half of 2025[41](index=41&type=chunk) - Operating Profit Margin: Improved to **5.1%** (3.7% in the same period of 2024)[41](index=41&type=chunk) - Cost Control: **Administrative expenses decreased by 11%**, and **distribution costs decreased by 29%** (excluding ZERO and ETHOZ Group)[41](index=41&type=chunk) - Net Gearing Ratio: **49.3%** (as of June 30, 2025)[42](index=42&type=chunk) - Net Asset Value Per Share: **HKD 6.37** (as of June 30, 2025), an increase from HKD 6.04 at the end of December 2024[44](index=44&type=chunk) [Significant Investments](index=15&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held HKD 1.61 billion in fair value investments, primarily strategic listed and unlisted equity securities, recording an unrealized loss of HKD 37 million this period, compared to a gain of HKD 262 million in the prior year - Total Fair Value Investments: **HKD 1.61 billion** (as of June 30, 2025)[46](index=46&type=chunk) - Investment Composition: Primarily **equity securities listed on the Tokyo Stock Exchange**, representing strategic investments accumulated over many years[46](index=46&type=chunk) - Unrealized Fair Value Change: A **loss of HKD 37 million** was recorded in the first half of 2025, compared to a **gain of HKD 262 million** in the same period of 2024[46](index=46&type=chunk) [Regional Market Performance](index=15&type=section&id=Regional%20Market%20Performance) This section provides a detailed review of the Group's business performance in key regional markets including Singapore, China, Taiwan, Philippines, Malaysia, Thailand, Vietnam, Cambodia, and Japan, covering sales, challenges, and strategic plans for brands like Nissan, Subaru, ETHOZ, and ZERO [Singapore Market](index=15&type=section&id=Singapore%20Market) Singapore's TIV grew by 28%, but Nissan passenger and commercial vehicle sales declined due to reduced emission scheme incentives; Subaru business achieved a significant 181% growth, outperforming the market, with plans to launch new hybrid models - Total Industry Volume (TIV): Increased by **28%** in the first half of 2025 (**29%** for passenger vehicles, **22%** for commercial vehicles)[47](index=47&type=chunk) - Nissan Passenger Vehicle Sales: **Decreased by 26%** year-on-year, primarily due to reduced incentives for A2-category passenger vehicles under the Vehicle Emissions Scheme (VES)[48](index=48&type=chunk) - Nissan Commercial Van Sales: **Decreased by 8%** year-on-year, affected by the cancellation of Commercial Vehicle Emissions Scheme (CVES) incentives and the termination of the early turnover scheme[48](index=48&type=chunk) - Nissan Outlook: New Townstar EV and upgraded Serena e-POWER are expected to launch in the second half, aiming for growth in both commercial and passenger vehicle markets[49](index=49&type=chunk) - Subaru Business: Achieved **181% growth** in the first half of 2025, outperforming the TIV growth for the same period[50](index=50&type=chunk) - Subaru Outlook: The new **Forester E-Boxer** strong hybrid vehicle is expected to launch in the second half of 2025[50](index=50&type=chunk) [ETHOZ Group](index=16&type=section&id=ETHOZ%20Group) ETHOZ Group's total revenue declined by 2.4% in the first half, mainly due to reduced vehicle leasing and sales, but net profit grew by 10% driven by increased interest income. The Group remains optimistic about the full-year outlook and confident in its core business's long-term potential - Total Revenue: **Decreased by 2.4%** to **HKD 445.4 million** compared to the same period in 2024[51](index=51&type=chunk) - Net Profit: **Increased by 10%** compared to the same period in 2024[51](index=51&type=chunk) - Reason for Revenue Decline: Primarily due to **reduced vehicle leasing income and vehicle sales**, offset by an **increase in interest income**[51](index=51&type=chunk) - Outlook: Remains **optimistic about the full-year outlook**, relying on the strength and resilience of its core businesses for growth[51](index=51&type=chunk) [China Market](index=16&type=section&id=China%20Market) Hong Kong Subaru sales declined by 13% but market share increased; mainland China Subaru dealership sales dropped by 43% amid fierce competition, yet the Group is optimistic about the new Forester launch in the second half - Hong Kong Subaru Business: Sales **decreased by 13%** in the first half of 2025 compared to the same period in 2024, but successfully **increased Subaru's market share** (TIV decreased by 23% in the same period)[52](index=52&type=chunk) - Mainland China Subaru Dealership Business: Sales **decreased by 43%** in the first half of 2025 compared to the same period in 2024, continuously facing intense brand competition[52](index=52&type=chunk) - Outlook: The Group remains **optimistic about the launch of the new Forester** in the second half for both Hong Kong and mainland China markets[52](index=52&type=chunk) [Taiwan and Philippines Markets](index=16&type=section&id=Taiwan%20and%20Philippines%20Markets) Taiwan Subaru sales declined by 36% due to trade tariffs, economic confidence, and aging models; Philippines Subaru sales dropped by 64% due to NEV tax incentives and new market entrants. Both markets anticipate improved performance in the second half with the new Forester E-Boxer - Taiwan Subaru Business: Sales **decreased by 36%** in the first half of 2025 compared to the same period in 2024, affected by uncertain US trade tariff situation, declining economic confidence, and an aging model lineup[53](index=53&type=chunk) - Philippines Subaru Business: Sales **decreased by 64%** in the first half of 2025 compared to the same period in 2024, impacted by new brands entering the market attracted by New Energy Vehicle (NEV) tax incentives[53](index=53&type=chunk) - Outlook: Both Taiwan and Philippines markets anticipate improved prospects in the second half with the launch of the new **Forester E-Boxer** strong hybrid[53](index=53&type=chunk) - Philippines: Committed to continuous improvement and expansion of its dealership network, opening a **Subaru Pampanga dealership** in Angeles City, Luzon, in June 2025[53](index=53&type=chunk) [Malaysia, Thailand, Vietnam, and Cambodia Markets](index=16&type=section&id=Malaysia%2C%20Thailand%2C%20Vietnam%2C%20and%20Cambodia%20Markets) The Group is transitioning these markets from Completely Knocked Down (CKD) to Completely Built Up (CBU) imports from Japan. Malaysia and Vietnam Subaru sales declined, Thailand Subaru sales grew by 100%, and Cambodia sales were flat but market share increased. All markets are optimistic or cautiously optimistic about the CBU launch of the new Forester - Strategic Transformation: The Group is transitioning markets like Malaysia, Thailand, Vietnam, and Cambodia from Completely Knocked Down (CKD) to Completely Built Up (CBU) imports from Japan[54](index=54&type=chunk) - Malaysia Subaru: Sales **decreased by 37%** in the first half of 2025 compared to the same period in 2024, affected by market normalization, US trade tariffs, and petrol subsidy adjustments[54](index=54&type=chunk) - Thailand Subaru: Achieved a strong **100% year-on-year sales growth** in the first half of 2025, despite TIV recovery being impacted by high household debt levels[55](index=55&type=chunk) - Vietnam Subaru: Sales **decreased by 40%** in the first half of 2025 compared to the same period in 2024, with a slow start[55](index=55&type=chunk) - Cambodia Subaru: Recorded **zero growth** in the first half of 2025, but successfully **increased Subaru's market share** (TIV decreased by 20% in the same period)[55](index=55&type=chunk) - Outlook: All markets will formally advance the CBU transition with the launch of the new Forester, maintaining an **optimistic or cautiously optimistic outlook** for the second half[54](index=54&type=chunk)[55](index=55&type=chunk) [Japan Market (ZERO Group)](index=17&type=section&id=Japan%20Market%20(ZERO%20Group)) ZERO Group's first-half revenue grew by 8% to HKD 4.2 billion, with net profit after tax up 36%, driven by expanded domestic automotive and HR businesses, a one-off compensation, and improved used car export profitability. The Group will continue to optimize its business structure and cost control to sustain profitability - Revenue: Recorded an **8% increase** in revenue to **HKD 4.2 billion** in the first half of 2025[56](index=56&type=chunk) - Net Profit After Tax: **Increased by 36%** in the first half of 2025 compared to the same period last year[56](index=56&type=chunk) - Reasons for Growth: Primarily benefited from the **expansion of domestic automotive-related businesses and human resources businesses**, a **one-off compensation** received for the Kawasaki Integrated Logistics Center fire, and **improved profitability in used car export business**[56](index=56&type=chunk) - Outlook: ZERO Group will continue to **optimize its vehicle transportation business structure**, implement measures to **enhance efficiency**, drive **gross profit-focused sales activities**, **streamline business processes**, and **reduce operating costs** to maintain profitability[56](index=56&type=chunk) [Hire Purchase and Financing Business](index=17&type=section&id=Hire%20Purchase%20and%20Financing%20Business) The Group provides hire purchase, finance lease, and commercial loan services, primarily to SMEs. This section details net receivables, customer distribution, aging analysis, loan terms, and stringent risk management and impairment assessment policies for various loan types [Business Types and Customer Distribution](index=17&type=section&id=Business%20Types%20and%20Customer%20Distribution) The Group's hire purchase and finance lease businesses primarily involve motor vehicles, office automation, and IT equipment across Singapore, China, and Malaysia, with HKD 2.7 billion in net receivables, mainly from SMEs. Commercial loans total HKD 3.2 billion, predominantly secured, provided to Singaporean clients - Net Hire Purchase and Finance Lease Receivables: **HKD 2.7 billion**, representing **45%** of total loans and advances[58](index=58&type=chunk) - Hire Purchase and Finance Lease Customer Distribution: **Singapore 11%, China 87%, Malaysia 2%**, totaling **7,845 customers**, of which **96% are SMEs**[58](index=58&type=chunk) - Total Commercial Loans: **HKD 3.2 billion**, representing **55%** of total loans and advances, provided to only **561 Singaporean customers**[59](index=59&type=chunk) - Commercial Loan Type: **97% are secured commercial loans**[59](index=59&type=chunk) [Key Loan Approval Terms](index=18&type=section&id=Key%20Loan%20Approval%20Terms) Hire purchase and finance lease terms range from 1 to 8 years with annual interest rates of 2.48% to 12%; commercial loan credit periods are 1 to 3 years with annual interest rates of 6% to 9% - Hire Purchase and Finance Lease Term: Ranging from **1 to 8 years**, with annual interest rates from **2.48% to 12%**[60](index=60&type=chunk) - Commercial Loan Credit Period: **1 to 3 years**, with annual interest rates from **6% to 9%**[61](index=61&type=chunk) [Risk Management Policy](index=18&type=section&id=Risk%20Management%20Policy) The Group has established comprehensive risk management policies to identify, analyze, and control credit risk, encompassing stringent credit approval processes (e.g., KYC, AML, qualitative and quantitative assessments) and credit monitoring measures (e.g., regular loan portfolio reviews, customer follow-ups) - Risk Management Objective: To identify and analyze risks faced by the Group, establish appropriate risk limits and control measures, and monitor risks and compliance with these limits[62](index=62&type=chunk) - Credit Approval: Conducts screening checks ("Know Your Customer," "Anti-Money Laundering," and "Countering the Financing of Terrorism") and submits credit proposals for review by the Credit Risk Department[63](index=63&type=chunk) - Assessment Factors: The credit approval team considers both **quantitative** (balance sheet assessment, profit and loss assessment, financial ratio assessment, etc.) and **qualitative** (business model/operating model, management team/owner profile, and risk appetite, etc.) factors[65](index=65&type=chunk) - Credit Enhancement: Specifically for commercial loan businesses, credit enhancement is obtained through corporate guarantees/personal guarantees/vendor buy-back guarantees and/or property collateral[65](index=65&type=chunk) - Credit Monitoring: Regular review of loan portfolios, with the Credit Management Department responsible for customer follow-ups, including daily calls, review of auto-debit rejection cases, monthly collection rate report reviews, and site visits[68](index=68&type=chunk)[72](index=72&type=chunk) [Loan Impairment Policy and Assessment](index=19&type=section&id=Loan%20Impairment%20Policy%20and%20Assessment) The Group regularly assesses financial assets for credit impairment, recognizing impairment when adverse events affect future cash flows. Impairment assessment involves reviewing non-performing and outstanding loans, with a provision of HKD 50.4 million made for loans and advances and finance leases - Impairment Assessment: At each reporting date, the Group assesses whether financial assets carried at amortized cost have experienced credit impairment[69](index=69&type=chunk) - Evidence of Credit Impairment: Includes significant financial difficulty of the borrower, default (e.g., overdue for more than 90 days), the Group restructuring the loan, or the borrower likely entering bankruptcy[72](index=72&type=chunk) - Impairment Provision: As of June 30, 2025, an impairment provision of **HKD 50.4 million** has been made for loans and advances and finance leases[70](index=70&type=chunk) - Bad Debt Write-offs: Bad debt write-offs were **less than 0.1%** in the first half of 2025[70](index=70&type=chunk) [Outlook](index=19&type=section&id=Outlook) The Group anticipates a continuously complex and volatile global economic environment, and will continue to strengthen cost control and operational efficiency. ETHOZ Group's independent listing plan has been postponed, but the Group remains confident in its fundamentals and long-term growth potential, aiming for sustainable growth with prudence and discipline - Global Economic Outlook: The global economic environment is expected to remain **complex and volatile**, with geopolitical tensions and market fluctuations continuously impacting operating conditions[71](index=71&type=chunk) - Group Strategy: Will enter the second half of 2025 with a **robust and resilient stance**, having implemented various measures to **strengthen cost control and enhance operational efficiency**[71](index=71&type=chunk) - ETHOZ Group Independent Listing: Following a comprehensive market assessment, the Group has decided to **postpone the advancement of this plan**, prioritizing timing and value creation[71](index=71&type=chunk) - Group Confidence: With years of experience in navigating economic cycles, the Group remains **confident in its ability to adapt to market changes** and consistently achieve sustainable long-term performance[71](index=71&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers additional corporate governance details, including share transactions, audit committee review, corporate governance code compliance, and board composition [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[73](index=73&type=chunk) - As of June 30, 2025, the Company held no treasury shares[73](index=73&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, in conjunction with management, has reviewed the Group's unaudited consolidated interim financial report for the six months ended June 30, 2025 - The Audit Committee, together with management, has reviewed the Group's unaudited consolidated interim financial report for the six months ended June 30, 2025[74](index=74&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The Board found no information indicating any breach of the Corporate Governance Code under Appendix C1 of the HKEX Listing Rules. Non-executive and independent non-executive directors have no fixed terms but are subject to retirement by rotation and re-election, with emphasis on the Chairman's role in leadership continuity and decision execution - The Company's Directors are not aware of any information that might indicate a breach of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules at any time during the six months ended June 30, 2025[75](index=75&type=chunk) - The Company's non-executive and independent non-executive Directors do not have specific terms of appointment but are subject to retirement by rotation and re-election at the Company's annual general meeting in accordance with the Company's Bye-laws[75](index=75&type=chunk) - The Board believes that the current structure facilitates **strong leadership continuity**, enabling the Group to execute decisions quickly and effectively[75](index=75&type=chunk) [Board Directive and List of Directors](index=20&type=section&id=Board%20Directive%20and%20List%20of%20Directors) The announcement was issued by Ms. Sun Shu Fa, Finance Director, on behalf of the Board, and lists the executive and independent non-executive directors as of the announcement date - The announcement was issued by **Ms. Sun Shu Fa, Finance Director**, on behalf of the Board[76](index=76&type=chunk) - Executive Directors include **Mr. Glenn Tan Eng Soon, Mr. Tan Keng Leong, Mr. Tan Keng Loke, Ms. Sun Shu Fa, Ms. Tan Siew Ling, and Mr. Lee Sze Yick**[76](index=76&type=chunk) - Independent Non-executive Directors include **Mr. Ng Kim Tuck, Mr. Azman Bin Badrillah, Mr. Prechaya Ebrahim, Mr. Teo Ek Kee, and Mr. Tay Ka Chye**[76](index=76&type=chunk)

Group 1 - The board meeting of Chen Chang International (00693.HK) is scheduled for August 27, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] - Chen Chang International reported a 73.0% increase in net profit for the fiscal year, reaching 7.179 billion Japanese yen [2]

董事會召開日期 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公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或部分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。 TAN CHONG INTERNATIONAL LIMITED 陳唱國際有限公司 （在百慕達註冊成立之有限公司） （股份代號 ：693） 於本公告日期，執行董事包括陳永順先生、陳駿鴻先生、陳慶良先生、孫樹發女士、陳翠玲女 士和李昭億先生。獨立非執行董事包括黃金德先生、 Azman Bin Badrillah 先生、 Prechaya Ebrahim 先生、張奕機先生和鄭家勤先生。 陳唱國際有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於二 零二五年八月二十七日（星期三）舉行， 藉以（其中包括）審議及批准本公司及其附屬 公司截至二零二五年六月三十日止六個月之中期業績及宣派中期股息（如有）。 承董事會命 陳唱國際有限公司 張淑儀 劉檳燕 聯席公司秘書 香港，二零二五年八月十三日 網址：http://www.tanchong.com ...

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 TAN CHONG INTERNATIONAL LIMITED 陳唱國際有限公司 （於百慕達註冊成立之有限公司） （股份代號：693） 附屬公司ZERO CO., LTD.截至二零二五年六月三十日止年度財務業績公告 本公告並非陳唱國際有限公司(「本公司」)之財務業績公告。本公告乃本公司根據證券及期貨 條例第XIVA部及上市規則第13.09(2)(a)條而作出，為本公司股東提供本公司之上市附屬公司 ZERO之財務資料，ZERO已於二零二五年八月七日提交其截至二零二五年六月三十日止年度 財務業績。 本公告乃根據香港法例第571章證券及期貨條例(「證券及期貨條例」)第XIVA部及香港聯合交易 所有限公司證券上市規則(「上市規則」)第13.09(2)(a)條而作出。 Zero Co., Ltd. (「Zero」)為本公司非全資附屬公司，其股份於東京證券交易所(「東京證券交易 所」) 標準市場上市，已於二零二五年八 ...

呈交日期: 2025年8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) | 00693 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.5 | HKD | | 1,500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.5 | HKD | | 1,500,000,000 | 本月底法定/註冊股本總額： HKD 1,500,000,000 第 1 頁 共 10 頁 v 1.1.1 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 ...

7月31日，截至港股收盘，恒生指数下跌1.6%，报24773.33点。陈唱国际（00693.HK）收报1.46港元/ 股，上涨8.96%，成交量6.3万股，成交额9.15万港元，振幅10.45%。 最近一个月来，陈唱国际累计涨幅24.07%，今年来累计涨幅38.16%，跑赢恒生指数25.51%的涨幅。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，专业零售行业市盈率（TTM）平均值为-4.95倍，行业中值-0.19倍。陈唱国际市盈率 5.63倍，行业排名第2位；其他宝胜国际（03813.HK）为5.56倍、傲基股份（02519.HK）为6.25倍、包 浩斯国际（00483.HK）为7.08倍、周生生（00116.HK）为7.15倍、ASIA COMM HOLD（00104.HK）为 8.09倍。 来源：金融界 财务数据显示，截至2024年12月31日，陈唱国际实现营业总收入117.59亿元，同比减少8.15%；归母净 利润4.44亿元，同比增长70.97%；毛利率19.82%，资产负债率48.61%。 资料显示，陈唱国际有限公司为「日产」汽车在新加坡之独家分销商,以及「Subaru」汽车在 ...

Company Overview - Chen Chang International (00693.HK) closed at HKD 1.2 per share, up 12.15% with a trading volume of 51,000 shares and a turnover of HKD 60,200 [1] - The company is the exclusive distributor of Nissan and Subaru vehicles in Singapore and Hong Kong, and also distributes Nissan diesel heavy commercial vehicles and industrial machinery in Singapore and Brunei [2] Financial Performance - For the fiscal year ending December 31, 2024, Chen Chang International reported total revenue of HKD 11.759 billion, a year-on-year decrease of 8.15% [2] - The net profit attributable to shareholders was HKD 444 million, showing a significant year-on-year increase of 70.97% [2] - The gross profit margin stood at 19.82%, while the debt-to-asset ratio was 48.61% [2] Stock Performance - Over the past month, Chen Chang International has seen a cumulative increase of 9.18%, while year-to-date, the stock has risen by 4.9%, underperforming the Hang Seng Index which has increased by 16.31% [2] - The company's price-to-earnings (P/E) ratio is 4.49, ranking second in the professional retail industry, which has an average P/E ratio of 4.62 [2] Industry Context - The professional retail industry has a median P/E ratio of -0.28, with other companies in the sector showing varied P/E ratios, such as Baoguang Industrial (0.19), Baosheng International (5.4), and Chow Sang Sang (6.23) [2]

Financial Performance - The group recorded a revenue of HKD 12.7 billion in 2024, a slight decrease of 8% compared to HKD 13.8 billion in 2023, primarily due to unprecedented transformation challenges in the automotive sector[7]. - The group achieved a significant post-tax profit of HKD 609.5 million, a 60% increase from HKD 380.6 million in 2023, driven by strategic measures in its business portfolio[7]. - EBITDA increased by 13.2% from HKD 1.6 billion to HKD 1.8 billion, while operating profit rose by 27.1% from HKD 857.9 million to HKD 1.0903 billion, with an operating profit margin increasing from 6.2% to 8.6%[8]. - The total dividend for 2024 is HKD 150.998 million, consistent with the total dividend for the 2023 fiscal year, with a proposed final dividend of HKD 0.055 per share[12]. - The company reported a significant increase in revenue, achieving a total of $X million for the quarter, representing a Y% growth year-over-year[132]. - The company provided guidance for the next quarter, expecting revenue to be between $A million and $B million, indicating a growth rate of C%[135]. Debt and Financial Ratios - The net debt ratio was 48.3% as of December 31, 2024, slightly down from 48.6% in 2023, with net debt recorded at HKD 5.8721 billion[8]. - The net receivables from leasing and financing contracts amounted to HKD 2.36 billion, representing 44% of total loans and advances[23]. - Business loans totaled HKD 2.96 billion, accounting for 56% of total loans and advances, with 95% being secured loans[25]. - As of December 31, 2024, the provision for loan and advance impairment was HKD 47.6 million, up from HKD 39.4 million as of December 31, 2023[31]. - The bad debt write-off rate for the entire year of 2024 was 0.3%[31]. Employee and Operational Metrics - The group’s total employee count decreased by 11% to 4,912 as of the end of 2024, primarily due to the closure of the Subaru factory in Thailand[9]. - The employee turnover rate increased from 18.4% in 2023 to 21.6% in 2024, with significant changes noted in Thailand due to a one-time adjustment in production[100]. - The percentage of employees receiving training remained stable at 30% for males and decreased from 32% to 27% for females from 2023 to 2024[102]. - The average training hours completed per employee decreased for both management and non-management categories, attributed to the hiring of experienced personnel[103]. Sales and Market Performance - In Singapore, the total industry volume (TIV) increased by 37% in 2024, driven by the recovery of the Certificate of Entitlement (COE)[13]. - Nissan's overall sales increased by 27% compared to the previous year, maintaining strong market demand for its electric vehicle series[14]. - Subaru sales tripled in 2024, achieving a growth of nearly 203% compared to 2023, with the TIV rising by 42%[15]. - In Hong Kong, the group achieved a 10% increase in sales volume in 2024, outperforming the TIV growth of 6%[17]. - In Taiwan, sales volume decreased by 48% in 2024 due to intensified competition, while TIV contracted by 4%[18]. - In Malaysia, sales dropped by 29% compared to 2023, attributed to the introduction of multiple new brands in the market[19]. Governance and Compliance - The board consists of five executive directors, one non-executive director, and five independent non-executive directors, ensuring a balanced governance structure[40]. - The group has adopted the Corporate Governance Code and has complied with most of its provisions during the review period[38]. - The board has established an independence assessment mechanism in 2022 to enhance its effectiveness and ensure the protection of shareholders' interests[42]. - The board meets approximately quarterly, with special meetings convened for urgent matters, and has approved mid-term and annual performance results, as well as dividend recommendations[44]. - The company has adopted an anti-corruption policy to prevent, deter, detect, report, and investigate all forms of fraud and corruption, with the next review scheduled for 2025[118]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development practices and responsible resource management, emphasizing operational sustainability and efficient resource utilization[77]. - The company has established an ESG committee to assist the board in evaluating, prioritizing, and managing significant ESG issues[75]. - The company adheres to all applicable environmental laws and regulations set by authorities, supporting local governments in achieving net-zero emissions goals[77]. - The company has identified significant ESG focus areas, including resource usage, emissions, environmental compliance, and community investment[76]. - The company is exploring alternative fuel solutions, including e-Fuels and electric automated vehicles, to improve fuel efficiency and reduce greenhouse gas emissions[79]. Community Engagement and Corporate Social Responsibility (CSR) - The company donated two Subaru flat engines to a technical college in Thailand to enhance technical training for future workforce development[124]. - The company is actively involved in community projects, including a canal cleaning initiative in Thailand aimed at flood prevention and improving local community welfare[124]. - The company encourages employee participation in CSR activities, fostering a culture of social responsibility and enhancing workplace morale[124]. Product and Market Development - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on expanding the product line in the upcoming year[136]. - The company is investing in new technology development, allocating $E million towards R&D initiatives aimed at enhancing product efficiency[138]. - Market expansion plans include entering two new regions, projected to increase market share by F% over the next fiscal year[139]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the automotive sector[140].