Group 1 - The company reported total revenue of HKD 47.822 million for the six months ending June 30, 2025, representing a year-on-year decrease of 56.31% [1] - Shareholders' profit attributable to the company was HKD 19.838 million, showing a year-on-year increase of 10.33% [1] - Earnings per share were HKD 0.005 [1]

[I. Company Information and Interim Results Announcement](index=1&type=section&id=I.%20Company%20Information%20and%20Interim%20Results%20Announcement) This section provides an overview of the company and its interim results announcement, reviewed by the audit committee and auditors [1.1 Company Overview and Announcement Statement](index=1&type=section&id=1.1%20Company%20Overview%20and%20Announcement%20Statement) This announcement, issued by HKEX and SEHK, presents Shouhui Industrial Financial Services Group Limited's (stock code: 730) unaudited condensed consolidated interim results for the six months ended June 30, 2025, reviewed by the Board's audit committee and auditors - Shouhui Industrial Financial Services Group Limited (stock code: 730) released its unaudited condensed consolidated interim results for the six months ended **June 30, 2025**[3](index=3&type=chunk) - The interim results have been reviewed by the company's Board Audit Committee and auditors[3](index=3&type=chunk) [II. Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated statements of profit or loss and other comprehensive income, and financial position [2.1 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total revenue significantly decreased by **56%** to **HKD 47,822 thousand**, while profit for the period slightly increased by **5%** to **HKD 27,493 thousand**, driven by a **111%** rise in other income and reversal of financial asset impairment losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 47,822 | 109,452 | -56% | | Revenue from sale and leaseback arrangements | 29,650 | 93,805 | -68% | | Revenue from supply chain management and fintech business | 16,149 | 13,513 | +19.5% | | Property rental income | 2,023 | 2,134 | -5.2% | | Gross profit | 40,799 | 57,723 | -29.4% | | Other income | 11,094 | 5,253 | +111.2% | | Administrative expenses | (25,198) | (25,014) | +0.7% | | Fair value change of investment properties | (8,452) | (2,341) | +261.0% | | Reversal of impairment loss on financial assets (impairment loss) | 17,727 | (559) | N/A | | Operating profit | 35,970 | 35,052 | +2.6% | | Finance costs | (326) | (583) | -44.0% | | Share of profit of an associate | 1,354 | 2,556 | -47.0% | | Profit before income tax | 36,998 | 37,025 | -0.1% | | Income tax expense | (9,505) | (10,764) | -11.7% | | Profit for the period | 27,493 | 26,261 | +4.7% | | Profit attributable to owners of the Company | 19,838 | 17,981 | +10.3% | | Non-controlling interests | 7,655 | 8,280 | -7.6% | | Total comprehensive income for the period | 14,331 | 53,317 | -73.1% | | Basic and diluted earnings per ordinary share attributable to owners of the Company (HK cents) | 0.50 | 0.45 | +11.1% | - The increase in profit for the period was primarily due to significant investment in risk management for sale and leaseback customers, reducing financial asset impairment losses[49](index=49&type=chunk) - The decrease in total revenue was mainly due to a shift in business focus, reallocating more resources from individual customers to corporate clients within the sale and leaseback arrangements business segment[49](index=49&type=chunk)[50](index=50&type=chunk) [2.2 Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly decreased by **1%** to **HKD 1,863,590 thousand**, while total liabilities significantly reduced by **23%** to **HKD 104,830 thousand**, primarily due to a decrease in current liabilities, leading to a current ratio increase to **1,133%** Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 909,294 | 624,742 | +45.5% | | Total current assets | 954,296 | 1,243,280 | -23.3% | | Total assets | 1,863,590 | 1,868,022 | -0.2% | | **Equity** | | | | | Share capital and reserves attributable to owners of the Company | 1,423,097 | 1,394,912 | +2.0% | | Non-controlling interests | 335,663 | 336,132 | -0.1% | | Total equity | 1,758,760 | 1,731,044 | +1.6% | | **Liabilities** | | | | | Total non-current liabilities | 20,613 | 21,749 | -5.3% | | Total current liabilities | 115,229 | 84,217 | +36.8% | | Total liabilities | 104,830 | 136,978 | -23.4% | | Total equity and liabilities | 1,863,590 | 1,868,022 | -0.2% | | Cash and cash equivalents | 330,152 | 282,810 | +16.7% | | Receivables under sale and leaseback arrangements (non-current) | 648,501 | 358,308 | +81.0% | | Receivables under sale and leaseback arrangements (current) | 112,860 | 566,938 | -80.1% | | Receivables under credit financing arrangements | 492,955 | 377,580 | +30.6% | | Trade receivables | 2,194 | 2,752 | -20.3% | | Trade payables | 4 | 1,783 | -99.8% | | Other payables and accrued expenses | 100,360 | 77,341 | +29.8% | | Current ratio | 1,133% | 1,079% | +54% | | Total borrowings (non-current) | 16,525 | 16,274 | +1.5% | - Total non-current assets significantly increased by **45.5%**, primarily due to a substantial rise in non-current receivables under sale and leaseback arrangements[7](index=7&type=chunk) - Total current liabilities increased by **36.8%**, but overall total liabilities decreased, reflecting an optimized liability structure[8](index=8&type=chunk) [III. Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes on the company's general information, basis of preparation, accounting policies, segment information, and other financial disclosures [3.1 General Information](index=6&type=section&id=3.1%20General%20Information) Shouhui Industrial Financial Services Group Limited is an investment holding company incorporated in Bermuda, with principal businesses including sale and leaseback arrangements, property leasing, and supply chain management and fintech services, with financial information presented in HKD - The company is an investment holding company incorporated in Bermuda, with shares listed on the **Hong Kong Stock Exchange**[9](index=9&type=chunk) - Its principal businesses are providing sale and leaseback arrangements, property leasing services, and supply chain management and fintech business[9](index=9&type=chunk) - The condensed consolidated interim financial information is presented in **HKD** and is unaudited[9](index=9&type=chunk)[10](index=10&type=chunk) [3.2 Basis of Preparation](index=6&type=section&id=3.2%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 issued by the HKICPA and should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024; the company's functional currency is RMB, but financial information is presented in HKD - The condensed consolidated interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'**[11](index=11&type=chunk) - The company's functional currency is **RMB**, but the condensed consolidated interim financial information is presented in **HKD**[12](index=12&type=chunk) [3.3 Accounting Policies, Estimates, and Judgments](index=6&type=section&id=3.3%20Accounting%20Policies,%20Estimates,%20and%20Judgments) The accounting policies adopted in this period are consistent with the previous financial year, with only the HKAS 21 amendment adopted, which had no significant impact on financial performance; management's significant judgments and estimates are consistent with the prior year's consolidated financial statements - Accounting policies are consistent with those adopted in the previous financial year and relevant interim reporting period, except for the adoption of new and revised standards and interpretations[13](index=13&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards (Amendments to **HKAS 21: Lack of Exchangeability**) had no significant impact on the Group's financial performance and position[14](index=14&type=chunk)[15](index=15&type=chunk) - The significant judgments and key sources of estimation uncertainty made by management in preparing the condensed consolidated interim financial information are consistent with those applied in the prior year's consolidated financial statements[16](index=16&type=chunk) [3.4 Segment Information](index=7&type=section&id=3.4%20Segment%20Information) The Group operates in three segments: sale and leaseback arrangements, property leasing, and supply chain management and fintech; in H1 2025, sale and leaseback revenue significantly decreased, while supply chain management and fintech revenue grew, and property leasing revenue remained stable but incurred higher losses due to fair value changes [3.4.1 Overview of Operating Segments](index=7&type=section&id=3.4.1%20Overview%20of%20Operating%20Segments) The Group's main operating segments include sale and leaseback arrangements, property leasing, and supply chain management and fintech, with segment results not allocating central administrative costs, fair value changes of financial assets, unallocated other income, finance costs, and share of profit of an associate - The Group is divided into three operating segments: sale and leaseback arrangements business, property leasing business, and supply chain management and fintech business[17](index=17&type=chunk) - Segment results refer to the profit or loss of each segment, excluding central administrative costs, fair value changes of financial assets, unallocated other income, finance costs, and share of profit of an associate[18](index=18&type=chunk) [3.4.2 H1 2025 Segment Revenue and Results](index=8&type=section&id=3.4.2%20H1%202025%20Segment%20Revenue%20and%20Results) In H1 2025, sale and leaseback business generated **HKD 29,650 thousand** in revenue and **HKD 38,525 thousand** in segment profit; supply chain management and fintech business generated **HKD 16,149 thousand** in revenue and **HKD 3,699 thousand** in segment profit; property leasing business generated **HKD 2,023 thousand** in revenue but incurred a **HKD 6,494 thousand** segment loss H1 2025 Segment Revenue and Results (For the six months ended June 30) | Segment | Revenue (HKD thousand) | Results (HKD thousand) | | :--- | :--- | :--- | | Sale and leaseback arrangements business | 29,650 | 38,525 | | Property leasing business | 2,023 | (6,494) | | Supply chain management and fintech business | 16,149 | 3,699 | | **Total** | **47,822** | **35,730** | | Unallocated central administrative costs | - | (9,868) | | Unallocated other income | - | 10,108 | | Finance costs | - | (326) | | Share of profit of an associate | - | 1,354 | | **Profit before income tax** | - | **36,998** | [3.4.3 H1 2024 Segment Revenue and Results](index=9&type=section&id=3.4.3%20H1%202024%20Segment%20Revenue%20and%20Results) In H1 2024, sale and leaseback business generated **HKD 93,805 thousand** in revenue and **HKD 39,219 thousand** in segment profit; supply chain management and fintech business generated **HKD 13,513 thousand** in revenue and **HKD 4,135 thousand** in segment profit; property leasing business generated **HKD 2,134 thousand** in revenue but incurred a **HKD 264 thousand** segment loss H1 2024 Segment Revenue and Results (For the six months ended June 30) | Segment | Revenue (HKD thousand) | Results (HKD thousand) | | :--- | :--- | :--- | | Sale and leaseback arrangements business | 93,805 | 39,219 | | Property leasing business | 2,134 | (264) | | Supply chain management and fintech business | 13,513 | 4,135 | | **Total** | **109,452** | **43,090** | | Unallocated central administrative costs | - | (12,437) | | Unallocated other income | - | 4,409 | | Fair value change of financial assets at fair value through profit or loss | - | (10) | | Finance costs | - | (583) | | Share of profit of an associate | - | 2,556 | | **Profit before income tax** | - | **37,025** | [3.4.4 Segment Assets and Liabilities](index=10&type=section&id=3.4.4%20Segment%20Assets%20and%20Liabilities) As of June 30, 2025, sale and leaseback segment assets totaled **HKD 986,216 thousand**, supply chain management and fintech **HKD 96,307 thousand**, and property leasing **HKD 94,191 thousand**, with unallocated assets significantly increasing to **HKD 597,169 thousand**; segment liabilities were **HKD 58,980 thousand** for sale and leaseback, **HKD 5,018 thousand** for supply chain management and fintech, and **HKD 129 thousand** for property leasing Segment Assets and Liabilities (As of June 30) | Segment | 2025 Assets (HKD thousand) | 2024 Assets (HKD thousand) | 2025 Liabilities (HKD thousand) | 2024 Liabilities (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Sale and leaseback arrangements business | 986,216 | 1,145,871 | 58,980 | 99,681 | | Supply chain management and fintech business | 96,307 | 94,540 | 5,018 | 9,640 | | Property leasing business | 94,191 | 101,220 | 129 | 44 | | **Total segment assets/liabilities** | **1,176,714** | **1,341,631** | **64,127** | **109,365** | | Interests in an associate | 89,707 | 86,337 | - | - | | Other unallocated assets | 597,169 | 440,054 | - | - | | Other unallocated liabilities | - | - | 40,703 | 27,613 | | **Total consolidated assets/liabilities** | **1,863,590** | **1,868,022** | **104,830** | **136,978** | - All assets are allocated to reportable segments, excluding interests in associates and other unallocated assets (primarily including property, plant and equipment, right-of-use assets, receivables under credit financing arrangements, cash and cash equivalents, etc.)[21](index=21&type=chunk) - All liabilities are allocated to reportable segments, excluding other unallocated liabilities (primarily including loans from related parties, lease liabilities, deferred tax liabilities, other payables and accrued expenses, and current tax liabilities)[21](index=21&type=chunk) [3.5 Other Income](index=11&type=section&id=3.5%20Other%20Income) For the six months ended June 30, 2025, other income significantly increased by **111%** to **HKD 11,094 thousand**, primarily from interest income on credit financing arrangements with a related party Other Income (For the six months ended June 30) | Source | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Bank deposit interest income | 184 | 593 | | Interest income from deposit services from a related party | 864 | 294 | | Interest income from credit financing arrangements from a related party | 9,970 | 3,936 | | Others | 76 | 430 | | **Total** | **11,094** | **5,253** | - Other income significantly increased by **111%**, primarily due to increased income from credit financing arrangements with a related party[51](index=51&type=chunk) [3.6 Profit for the Period](index=11&type=section&id=3.6%20Profit%20for%20the%20Period) Profit for the period is stated after deducting employee benefit expenses of **HKD 20,831 thousand**, depreciation of property, plant and equipment of **HKD 182 thousand**, amortization of intangible assets of **HKD 1,472 thousand**, and depreciation of right-of-use assets of **HKD 1,863 thousand** Items Deducted from Profit for the Period (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Employee benefit expenses | 20,831 | 22,460 | | Depreciation of property, plant and equipment | 182 | 163 | | Amortization of intangible assets | 1,472 | 1,126 | | Depreciation of right-of-use assets | 1,863 | 1,885 | [3.7 Finance Costs](index=12&type=section&id=3.7%20Finance%20Costs) For the six months ended June 30, 2025, finance costs were **HKD 326 thousand**, a **44%** year-on-year decrease, primarily comprising interest on loans from a related party of **HKD 217 thousand** and interest on lease liabilities of **HKD 109 thousand** Finance Costs (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Interest on loans from a related party | 217 | 373 | | Interest on lease liabilities | 109 | 210 | | **Total** | **326** | **583** | [3.8 Income Tax Expense](index=12&type=section&id=3.8%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was **HKD 9,505 thousand**, an **11.7%** year-on-year decrease, mainly comprising China corporate income tax of **HKD 9,577 thousand** and deferred income tax of **HKD -72 thousand**; Hong Kong profits tax is levied at **16.5%**, and China subsidiaries' tax rate is **25%** Income Tax Expense (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Current tax: China corporate income tax | 9,577 | 12,000 | | Deferred income tax | (72) | (1,236) | | **Income tax expense** | **9,505** | **10,764** | - Hong Kong profits tax is provided at a rate of **16.5%**, and the tax rate for China subsidiaries is **25%**[26](index=26&type=chunk) [3.9 Earnings Per Share](index=13&type=section&id=3.9%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was **0.50 HK cents**, an **11.1%** increase from **0.45 HK cents** in the prior year, with diluted earnings per share being consistent with basic earnings per share due to no potential dilutive shares Earnings Per Share Calculation (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (HKD thousand) | 19,838 | 17,981 | | Weighted average number of ordinary shares (thousand shares) | 3,953,963 | 3,973,037 | | Basic earnings per share (HK cents) | 0.50 | 0.45 | | Diluted earnings per share | Nil | Nil | - As there were no potential dilutive shares during the period, diluted earnings per share was consistent with basic earnings per share[27](index=27&type=chunk) [3.10 Receivables Under Sale and Leaseback Arrangements](index=14&type=section&id=3.10%20Receivables%20Under%20Sale%20and%20Leaseback%20Arrangements) As of June 30, 2025, total receivables under sale and leaseback arrangements amounted to **HKD 925,246 thousand**, with a significant increase in non-current assets; all receivables are not overdue, and annual interest rates range from **5.0% to 5.5%** Receivables Under Sale and Leaseback Arrangements (As of June 30) | Type | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Current assets | 112,860 | 566,938 | | Non-current assets | 648,501 | 358,308 | | **Total** | **925,246** | **761,361** | | Allowance for impairment loss | (66,804) | (49,793) | Repayment Terms for Receivables Under Sale and Leaseback Arrangements (As of June 30) | Term | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Within one year | 112,860 | 566,938 | | One to two years | 252,181 | 84,655 | | Two to three years | 301,436 | 199,569 | | Three to four years | 86,536 | 50,614 | | Four to five years | 8,348 | 23,470 | - All receivables are not yet overdue, with annual interest rates ranging from **5.0% to 5.5%**[28](index=28&type=chunk)[31](index=31&type=chunk) [3.11 Trade Receivables](index=15&type=section&id=3.11%20Trade%20Receivables) As of June 30, 2025, trade receivables amounted to **HKD 2,194 thousand**, a decrease from **HKD 2,752 thousand** as of December 31, 2024; the credit period is generally **30 days**, and all accounts are within three months Trade Receivables (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables | 2,194 | 2,752 | Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Within three months | 2,194 | 2,752 | - The credit period for trade receivables is generally **30 days**[31](index=31&type=chunk) [3.12 Trade Payables](index=16&type=section&id=3.12%20Trade%20Payables) As of June 30, 2025, trade payables were **HKD 4 thousand**, a significant decrease from **HKD 1,783 thousand** as of December 31, 2024; all payables are within **30 days** Trade Payables (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade payables | 4 | 1,783 | Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Within 30 days | 4 | 1,783 | [3.13 Share Capital](index=16&type=section&id=3.13%20Share%20Capital) As of June 30, 2025, the company's issued share capital was **HKD 39,539 thousand**, with approximately **3,953,938,703** ordinary shares issued; during the period, the company repurchased and cancelled **3,764,000** shares for a total consideration of approximately **HKD 99 thousand** Changes in Share Capital (As of June 30) | Change | Number of Shares | Amount (HKD thousand) | | :--- | :--- | :--- | | January 1, 2024 | 3,984,639,703 | 39,846 | | Shares cancelled | (12,064,000) | (120) | | June 30, 2024 | 3,972,575,703 | 39,726 | | January 1, 2025 | 3,957,702,703 | 39,577 | | Shares cancelled | (3,764,000) | (38) | | June 30, 2025 | 3,953,938,703 | 39,539 | - For the six months ended June 30, 2025, the company repurchased and cancelled **903,000** shares for a total consideration of approximately **HKD 99,000**[32](index=32&type=chunk) - All repurchased shares have been cancelled, and the difference between the consideration and the nominal value of the shares is recognized in share premium[33](index=33&type=chunk) [3.14 Related Party Disclosures](index=17&type=section&id=3.14%20Related%20Party%20Disclosures) The company is ultimately controlled by Shougang Group Co., Ltd., engaging in various related party transactions and balances with Shougang Group, its subsidiaries, and other China government-related financial institutions, covering revenue from sale and leaseback, supply chain management and fintech services, credit financing interest, deposit services interest, management fees, utility expenses, interest expenses, IT services expenses, and lease payments - The Company is ultimately controlled by **Shougang Group Co., Ltd.**, a state-owned enterprise directly supervised by the State Council of China[34](index=34&type=chunk) - Multiple transactions and balances are conducted with Shougang Group, its subsidiaries, and other China government-related financial institutions[34](index=34&type=chunk) [3.14.1 Key Management Personnel Remuneration](index=17&type=section&id=3.14.1%20Key%20Management%20Personnel%20Remuneration) For the six months ended June 30, 2025, total key management personnel remuneration was **HKD 3,244 thousand**, a decrease from **HKD 4,091 thousand** in the prior year Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 2,909 | 3,859 | | Contributions to retirement benefit schemes | 335 | 232 | | **Total employee benefit expenses** | **3,244** | **4,091** | [3.14.2 Transactions with Related Parties](index=18&type=section&id=3.14.2%20Transactions%20with%20Related%20Parties) For the six months ended June 30, 2025, the company engaged in various transactions with Shougang Group subsidiaries and associates, including **HKD 12,451 thousand** in sale and leaseback revenue, **HKD 5,621 thousand** in supply chain management and fintech services revenue, **HKD 9,970 thousand** in credit financing interest income, **HKD 864 thousand** in deposit services interest income, and expenses for management fees, utilities, interest, IT services, and lease payments Transactions with Related Parties (For the six months ended June 30) | Transaction Type | Related Party | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | :--- | | Revenue from sale and leaseback arrangements | Subsidiaries of Shougang Group | 12,451 | 7,726 | | Revenue from supply chain management and fintech services | Subsidiaries of Shougang Group | 5,586 | 5,530 | | Revenue from supply chain management and fintech services | Associates of Shougang Group | 35 | 22 | | Interest income from credit financing arrangements | Subsidiaries of Shougang Group | 9,970 | 3,936 | | Interest income from deposit services | Subsidiaries of Shougang Group | 864 | 294 | | Management fee expenses | Subsidiaries of Shougang Group | 236 | 187 | | Utility expenses | Subsidiaries of Shougang Group | 55 | 4 | | Interest expenses | Subsidiaries of Shougang Group | 217 | 373 | | Information technology service expenses | Subsidiaries of Shougang Group | 1,298 | – | | Lease payments | Subsidiaries of Shougang Group | 704 | 850 | - The company entered into a master credit facility agreement with **Shougang Group Co., Ltd.**, providing an uncommitted credit facility of up to **RMB 2,000,000,000**[36](index=36&type=chunk) - Supply chain management and fintech service transactions are conducted under a master service agreement with Shougang Group for a period of **32 months**[36](index=36&type=chunk) [3.14.3 Outstanding Balances of Sale and Leaseback Arrangements Business](index=19&type=section&id=3.14.3%20Outstanding%20Balances%20of%20Sale%20and%20Leaseback%20Arrangements%20Business) As of June 30, 2025, total receivables under sale and leaseback arrangements from Shougang Group subsidiaries amounted to **HKD 410,219 thousand**, an increase from **HKD 398,325 thousand** as of December 31, 2024 Outstanding Balances of Sale and Leaseback Arrangements Business (As of June 30) | Related Party | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Subsidiaries of Shougang Group | 410,219 | 398,325 | [3.14.4 Outstanding Balances of Supply Chain Management and Fintech Business](index=19&type=section&id=3.14.4%20Outstanding%20Balances%20of%20Supply%20Chain%20Management%20and%20Fintech%20Business) As of June 30, 2025, receivables for supply chain management and fintech services from Shougang Group subsidiaries were **HKD 2,013 thousand**, a decrease from **HKD 2,730 thousand** as of December 31, 2024 Outstanding Balances of Supply Chain Management and Fintech Business (As of June 30) | Related Party | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Subsidiaries of Shougang Group | 2,013 | 2,730 | [3.14.5 Amounts Due from Related Parties](index=19&type=section&id=3.14.5%20Amounts%20Due%20from%20Related%20Parties) As of June 30, 2025, there were no amounts due from related parties, compared to **HKD 7,527 thousand** as of December 31, 2024, primarily for management and financial consulting services and fintech services, all unsecured, repayable on demand, and interest-free - As of **June 30, 2025**, there were no amounts due from related parties for management and financial consulting services and fintech services[39](index=39&type=chunk) - As of **December 31, 2024**, total amounts due from related parties were **HKD 7,527 thousand**, including **HKD 2,528 thousand** for management and financial consulting services and **HKD 4,999 thousand** for fintech services[39](index=39&type=chunk) - These balances are unsecured, repayable on demand, and interest-free[39](index=39&type=chunk) [3.14.6 Amounts Due to Related Parties](index=19&type=section&id=3.14.6%20Amounts%20Due%20to%20Related%20Parties) As of June 30, 2025, amounts due to related parties were **HKD 315 thousand**, a slight increase from **HKD 292 thousand** as of December 31, 2024, primarily for information technology services, all unsecured, repayable on demand, and interest-free Amounts Due to Related Parties (As of June 30) | Related Party | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Amounts due to related parties for information technology services | 315 | 292 | - These balances are unsecured, repayable on demand, and interest-free[40](index=40&type=chunk) [3.14.7 Receivables Under Credit Financing Arrangements](index=20&type=section&id=3.14.7%20Receivables%20Under%20Credit%20Financing%20Arrangements) As of June 30, 2025, receivables under credit financing arrangements amounted to **HKD 492,955 thousand**, bearing interest at an annual rate of **5%**, with accrued interest receivable of **HKD 11,310 thousand** Receivables Under Credit Financing Arrangements (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Receivables | 492,955 | 377,580 | | Interest receivable | 11,310 | 628 | - The balances are unsecured, repayable on demand, and bear interest at an annual rate of **5%**[42](index=42&type=chunk) [3.14.8 Loan from a Related Party](index=20&type=section&id=3.14.8%20Loan%20from%20a%20Related%20Party) As of June 30, 2025, the loan balance from a related party was **HKD 16,525 thousand**, unsecured, repayable on demand, and bearing interest at annual rates ranging from **2.48% to 2.76%** Loan from a Related Party (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Loan balance | 16,525 | 16,274 | - The balance is unsecured, repayable on demand, and bears interest at annual rates ranging from **2.48% to 2.76%**[43](index=43&type=chunk) [3.14.9 Deposits with a Related Company](index=20&type=section&id=3.14.9%20Deposits%20with%20a%20Related%20Company) As of June 30, 2025, cash and cash equivalents included current deposits of **HKD 208,731 thousand** placed with a financial institution subsidiary of Shougang Group, bearing an annual interest rate of **1.35%** Deposits with a Related Company (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Current deposits | 208,731 | 194,961 | | Annual interest rate | 1.35% | 0.35% to 1.55% | [3.14.10 Transactions and Balances with Other China Government-Related Entities](index=20&type=section&id=3.14.10%20Transactions%20and%20Balances%20with%20Other%20China%20Government-Related%20Entities) The Group conducts various transactions, including deposits and general banking facilities, with several government-related banks and financial institutions in its ordinary course of business; as of June 30, 2025, **100%** of bank balances were held by these government-related financial institutions - The Group entered into various transactions with several government-related banks and financial institutions, including deposits and other general banking facilities[45](index=45&type=chunk) - As of **June 30, 2025**, **100%** of bank balances were held by these government-related financial institutions[45](index=45&type=chunk) [IV. Management Discussion and Analysis](index=21&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the company's interim dividend, business development strategy, key financial performance indicators, business review and outlook, risk management, liquidity, capital structure, and other operational aspects [4.1 Interim Dividend](index=21&type=section&id=4.1%20Interim%20Dividend) The Board does not declare an interim dividend for the six months ended June 30, 2025 - The Board does not declare an interim dividend for the six months ended **June 30, 2025** (2024: nil)[46](index=46&type=chunk) [4.2 Business Development Strategy](index=21&type=section&id=4.2%20Business%20Development%20Strategy) The Group continues to focus on supply chain management and fintech, finance leasing, and commercial factoring as core businesses, aiming to build an industry-finance integrated supply chain fintech platform service provider to facilitate industrial upgrading, while maintaining steady progress and enhancing its ability to adapt to market changes - The Group continues to focus on supply chain management and fintech business, finance leasing, and commercial factoring as its core businesses[47](index=47&type=chunk) - It is committed to building an industry-finance integrated supply chain fintech platform service provider to facilitate industrial upgrading[47](index=47&type=chunk) - The Group adheres to the principle of seeking progress while maintaining stability, tapping its own potential and continuously improving its ability to adapt to market changes, maintaining stable performance[47](index=47&type=chunk) [4.3 Key Financial Performance Indicators](index=21&type=section&id=4.3%20Key%20Financial%20Performance%20Indicators) For the six months ended June 30, 2025, profit attributable to owners of the Company increased by **10%** to **HKD 19,838 thousand**, and basic earnings per share rose to **0.50 HK cents**; total revenue decreased by **56%** to **HKD 47,822 thousand**, but gross profit margin improved to **85%**; other income significantly grew by **111%**, administrative expenses remained stable, and share of profit of an associate decreased Key Financial Performance Indicators (As of June 30) | Indicator | 2025 (HKD thousand/%) | 2024 (HKD thousand/%) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 47,822 | 109,452 | -56% | | Gross profit margin | 85% | 53% | +32% | | Profit for the period | 27,493 | 26,261 | +5% | | Profit attributable to owners of the Company | 19,838 | 17,981 | +10% | | Basic earnings per share (HK cents) | 0.50 | 0.45 | +11% | | Total cash | 330,152 | 282,810 | +17% | | Total assets | 1,863,590 | 1,868,022 | -1% | | Total liabilities | 104,830 | 136,978 | -23% | | Loan from a related party | 16,525 | 16,274 | +2% | | Share capital and reserves attributable to owners of the Company | 1,423,097 | 1,394,912 | +2% | | Current ratio | 1,133% | 1,079% | +54% | - Profit attributable to owners of the Company increased by **10%**, primarily due to significant efforts in risk management and control for sale and leaseback customers, reducing financial asset impairment losses[49](index=49&type=chunk) - Total revenue decreased by **56%**, mainly due to a shift in business focus, reallocating more resources from individual customers to corporate clients within the sale and leaseback arrangements business segment[49](index=49&type=chunk)[50](index=50&type=chunk) - Gross profit margin increased to **85%**, primarily due to a shift in business focus, reallocating more resources from individual customers to corporate clients within the sale and leaseback arrangements business segment[49](index=49&type=chunk)[50](index=50&type=chunk) - Other income significantly increased by **111%**, primarily due to increased income from credit financing arrangements with a related party[51](index=51&type=chunk) - Administrative expenses slightly increased by **1%**, remaining stable overall[52](index=52&type=chunk) - Share of profit of an associate decreased to **HKD 1,354 thousand**, but continued to contribute to the Group's profit[52](index=52&type=chunk) [4.4 Business Review and Outlook](index=23&type=section&id=4.4%20Business%20Review%20and%20Outlook) The Group will continue to focus on core businesses like supply chain management and fintech, finance leasing, and commercial factoring to build an industry-finance integrated fintech service platform, while exploring new opportunities such as Energy Management Contracting (EMC); business segments showed varied performance, with sale and leaseback shifting to corporate clients, supply chain fintech expanding and enhancing platform intelligence, and property leasing affected by fair value declines - The Group will continue to fully advance its development strategy centered on supply chain management and fintech business, finance leasing, and commercial factoring[53](index=53&type=chunk) - It is committed to building an industry-finance integrated supply chain fintech service platform, providing customized comprehensive financial services to the steel industry and its upstream and downstream clients, corporate clients, and the individual consumer leasing market[53](index=53&type=chunk) - The Group will explore business opportunities related to Energy Management Contracting (**EMC**) and other potential businesses to maximize shareholder returns[53](index=53&type=chunk) [4.4.1 Sale and Leaseback Arrangements Business Segment](index=23&type=section&id=4.4.1%20Sale%20and%20Leaseback%20Arrangements%20Business%20Segment) Southern Leasing primarily provides finance leasing, including direct and sale and leaseback arrangements, with core clients in the steel industry and large domestic enterprises; in H1 2025, segment revenue decreased by **68%** to **HKD 29,650 thousand** due to a shift from individual to corporate clients, with the Group planning to invest more resources in Energy Management Contracting (**EMC**) projects aligned with green and low-carbon development policies - Southern Leasing primarily engages in providing finance leasing services in China, including direct leasing and sale and leaseback arrangements[54](index=54&type=chunk)[55](index=55&type=chunk) - Core clients are in the steel industry and large domestic enterprise groups, aiming for stable returns and lower risks[56](index=56&type=chunk) - As of **June 30, 2025**, approximately **95%** of the total receivables under sale and leaseback arrangements were from three major customers, two of whom are related parties[56](index=56&type=chunk) Customer Distribution (As of June 30, 2025) | Customer | Receivables (HKD thousand) | Proportion (%) | | :--- | :--- | :--- | | Independent individual customers | 28,134 | 4 | | Beijing Enji Energy Saving Technology Co., Ltd. | 323,008 | 42 | | Tonghua Iron and Steel Co., Ltd. | 305,322 | 40 | | Shougang Shuicheng Iron and Steel (Group) Co., Ltd. | 101,134 | 13 | | Beijing Shougang International Engineering Technology Co., Ltd. | 3,763 | 1 | - Revenue from the sale and leaseback arrangements service segment decreased by **68%** to **HKD 29,650 thousand**, primarily due to a shift in business focus from individual customers to corporate clients[58](index=58&type=chunk) - The Group will invest more resources in providing finance leasing services for Energy Management Contracting (**EMC**) projects and engineering companies, and explore related business opportunities[59](index=59&type=chunk) [4.4.2 Supply Chain Management and Fintech Business Segment](index=25&type=section&id=4.4.2%20Supply%20Chain%20Management%20and%20Fintech%20Business%20Segment) This segment's revenue grew to **HKD 16,149 thousand**, but results slightly declined due to increased staff costs; the business model is based on real trade, focusing on 'Shougang Jingpiao' electronic debt certificates, utilizing blockchain technology to provide transferable, divisible, and financiable digital certificates for the supply chain; future plans include developing diverse products, enhancing the intelligence of the 'Shougang Supply Chain Finance Platform,' and exploring other business opportunities - Revenue from the supply chain management and fintech business segment grew to **HKD 16,149 thousand**, primarily due to continuous business expansion[60](index=60&type=chunk) - Segment results recorded a profit of **HKD 3,699 thousand**, with the decrease mainly attributable to increased staff costs[60](index=60&type=chunk) - The business focuses on multi-level transferable electronic debt certificates (**'Shougang Jingpiao'**) within the steel industry supply chain and related businesses, utilizing blockchain technology to provide immutable and traceable digital certificates for suppliers[60](index=60&type=chunk) - The Group will continue to develop diverse products to address financing difficulties and high costs for small and medium-sized suppliers[61](index=61&type=chunk) - The Group will continue to enhance the intelligence of the **'Shougang Supply Chain Finance Platform'** (i.e., integration with DeepSeek) and explore other business opportunities within the supply chain[61](index=61&type=chunk) [4.4.3 Property Leasing Business Segment](index=26&type=section&id=4.4.3%20Property%20Leasing%20Business%20Segment) This segment's revenue slightly decreased to **HKD 2,023 thousand**, and segment results recorded a loss of **HKD 6,494 thousand**, primarily due to a **HKD 8,452 thousand** decline in the fair value of investment properties - Revenue from the property leasing business segment decreased to **HKD 2,023 thousand**, remaining stable[62](index=62&type=chunk) - Segment results recorded a loss of **HKD 6,494 thousand**, primarily due to a decline of approximately **HKD 8,452 thousand** in the fair value of investment properties during the period[62](index=62&type=chunk) [4.5 Risk Management Infrastructure](index=26&type=section&id=4.5%20Risk%20Management%20Infrastructure) The Group will focus on strengthening its risk control system, introducing information technology platforms, and advancing the construction of online risk control platforms based on asset securitization and industry supply chain businesses to achieve sustainable growth and create commercial value - The Group will seize policy opportunities in China's innovative modern supply chain sector and industrial upgrading strategies of target core enterprises' industries, providing innovative combined financial products to serve the real economy[63](index=63&type=chunk) - Through the supply chain finance platform, the Group aims to provide financing convenience for small and medium-sized merchants, reduce financing costs, and enhance supply chain stability[63](index=63&type=chunk) - The Group will focus on strengthening its risk control system, introducing information technology platforms, and advancing the construction of online risk control platforms based on asset securitization and industry supply chain businesses[64](index=64&type=chunk) [4.6 Liquidity, Financial Resources, and Financing Activities](index=27&type=section&id=4.6%20Liquidity,%20Financial%20Resources,%20and%20Financing%20Activities) As of June 30, 2025, the Group's total cash increased to **HKD 330,152 thousand**, primarily from net cash generated from operating activities; total borrowings were **HKD 16,525 thousand**, all non-current and bearing fixed interest rates; the current ratio improved to **1,133%** Liquidity and Financial Resources (As of June 30) | Indicator | 2025 (HKD thousand/%) | 2024 (HKD thousand/%) | | :--- | :--- | :--- | | Total borrowings (non-current) | 16,525 | 16,274 | | Total cash and cash equivalents | 330,152 | 282,810 | | Total equity | 1,758,760 | 1,731,044 | | Total assets | 1,863,590 | 1,868,022 | | Current ratio | 1,133% | 1,079% | - Total cash and cash equivalents increased by **17%**, primarily due to net cash generated from operating activities of approximately **HKD 49,503,000**[66](index=66&type=chunk) - The Group's borrowings amounted to approximately **HKD 16,525,000**, all non-current and bearing fixed interest rates, with no new borrowings obtained during the period[66](index=66&type=chunk) [4.7 Capital Structure](index=28&type=section&id=4.7%20Capital%20Structure) As of June 30, 2025, share capital and reserves attributable to owners of the Company increased to **HKD 1,423,097 thousand**, mainly due to exchange differences arising from translation during the period; issued share capital was **HKD 39,539 thousand**, with no new shares issued during the period Capital Structure (As of June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Share capital and reserves attributable to owners of the Company | 1,423,097 | 1,394,912 | | Issued share capital | 39,539 | 39,577 | | Issued ordinary shares (shares) | 3,953,938,703 | 3,957,702,703 | - Share capital and reserves attributable to owners of the Company increased, primarily due to exchange differences arising from translation during the period, totaling approximately **HKD 18,796,000**[67](index=67&type=chunk) - The Company did not issue any new shares during the review period[67](index=67&type=chunk) [4.8 Significant Acquisitions, Disposals, and Material Investments](index=28&type=section&id=4.8%20Significant%20Acquisitions,%20Disposals,%20and%20Material%20Investments) During the period, Southern Leasing sold receivables to Sichuan Xinhuang Jiuhe Financial Leasing Co., Ltd. for a consideration not exceeding **RMB 300 million**; apart from this, the Group had no other significant acquisitions, disposals, or material investments - Southern Leasing (an indirect non-wholly owned subsidiary of the Company) entered into a disposal agreement with Sichuan Xinhuang Jiuhe Financial Leasing Co., Ltd. to sell receivables for a consideration not exceeding **RMB 300 million** (approximately **HKD 318.03 million**)[68](index=68&type=chunk) - For the six months ended **June 30, 2025**, the Group had no other significant acquisitions, disposals, or material investments[68](index=68&type=chunk) [4.9 Pledge of Assets](index=29&type=section&id=4.9%20Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledged assets - As of **June 30, 2025**, the Group had no pledged assets[69](index=69&type=chunk) [4.10 Foreign Exchange Risk](index=29&type=section&id=4.10%20Foreign%20Exchange%20Risk) The Group primarily operates in Hong Kong and China, with revenues and expenditures denominated in HKD and RMB, and the Directors believe there is no significant foreign exchange risk; forward foreign exchange contracts will be considered for hedging if necessary - The Group primarily operates in Hong Kong and China, with revenues and expenditures denominated in **HKD** and **RMB**, and the Directors believe there is no significant foreign exchange risk[70](index=70&type=chunk) - If necessary, the Group will consider using forward foreign exchange contracts to hedge foreign exchange risk[70](index=70&type=chunk) [4.11 Contingent Liabilities](index=29&type=section&id=4.11%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had no significant contingent liabilities[71](index=71&type=chunk) [4.12 Employees](index=29&type=section&id=4.12%20Employees) As of June 30, 2025, the Group employed **61** full-time employees, with remuneration determined by market practice, individual performance, and work experience, offering benefits such as medical insurance, insurance plans, Mandatory Provident Fund, and discretionary bonuses - As of **June 30, 2025**, the Group employed **61** full-time employees (excluding employees of associates), a decrease from **63** as of December 31, 2024[72](index=72&type=chunk) - Remuneration is determined with reference to market practice, individual performance, and work experience, and benefits such as medical insurance, insurance plans, Mandatory Provident Fund, and discretionary bonuses are provided[72](index=72&type=chunk) - During the period, neither the Company nor its subsidiaries paid or undertook to pay any amount to any person as an inducement to join or upon joining[72](index=72&type=chunk) [4.13 Purchase, Sale, or Redemption of the Company's Listed Securities](index=30&type=section&id=4.13%20Purchase,%20Sale,%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, the company repurchased and cancelled **903,000** shares on the SEHK for a total consideration of **HKD 98,595**; apart from this, there were no other purchases, sales, or redemptions of listed securities during the period - For the six months ended **June 30, 2025**, the company repurchased a total of **903,000** shares on the SEHK for a total consideration (before expenses) of **HKD 98,595**[73](index=73&type=chunk) - All repurchased shares were cancelled during the review period[73](index=73&type=chunk) Details of Share Repurchases (January 2025) | Month | Number of Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | January | 903,000 | 0.114 | 0.108 | 98,595 | | **Total** | **903,000** | - | - | **98,595** | - Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the SEHK or any other securities exchange during the review period[74](index=74&type=chunk) [V. Governance and Acknowledgements](index=30&type=section&id=V.%20Governance%20and%20Acknowledgements) This section covers the company's corporate governance code compliance, audit committee's role, auditor's scope of work, and the Board's composition and acknowledgements [5.1 Corporate Governance Code](index=30&type=section&id=5.1%20Corporate%20Governance%20Code) The company is committed to maintaining good corporate governance standards and has complied with the code provisions of the Corporate Governance Code set out in Appendix 14 to the SEHK Listing Rules - The company is committed to maintaining good corporate governance standards and procedures to safeguard the interests of all shareholders and enhance accountability and transparency[75](index=75&type=chunk) - For the six months ended **June 30, 2025**, the company has complied with the code provisions of the Corporate Governance Code set out in Appendix 14 to the SEHK Listing Rules[75](index=75&type=chunk) [5.2 Audit Committee](index=31&type=section&id=5.2%20Audit%20Committee) The Audit Committee, comprising four members including three independent non-executive directors and one non-executive director, is primarily responsible for financial reporting matters, risk management, and internal controls, and has reviewed these interim financial statements - The Audit Committee comprises four members, including three independent non-executive directors (Mr. Tam King Ching, Kenny; Mr. Ng Man Fung, Peter; Ms. Ann Yinlin) and one non-executive director (Mr. Huang Donglin)[76](index=76&type=chunk) - Its primary focus is on financial reporting matters, reviewing financial information, and overseeing financial reporting-related systems and controls, as well as advising the Board on high-risk related matters, risk management, and internal controls[76](index=76&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended **June 30, 2025**[76](index=76&type=chunk) [5.3 Auditor's Scope of Work](index=31&type=section&id=5.3%20Auditor's%20Scope%20of%20Work) Shinewing (HK) CPA Limited has reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410 - Shinewing (HK) CPA Limited has reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended **June 30, 2025**, in accordance with **Hong Kong Standard on Review Engagements 2410**[77](index=77&type=chunk) [5.4 Acknowledgements and Board Composition](index=31&type=section&id=5.4%20Acknowledgements%20and%20Board%20Composition) The Board Chairman, Sun Yajie, on behalf of the Board, expressed gratitude to clients, suppliers, shareholders, management, and staff; as of the announcement date, the Board comprises seven members, including the Chairman, Managing Director, Executive Director, Non-executive Director, and Independent Non-executive Directors - Board Chairman **Sun Yajie**, on behalf of the Board, expressed gratitude for the support of clients, suppliers, and shareholders, as well as the efforts of management and staff[78](index=78&type=chunk) - As of the announcement date, the Board comprises seven members, including Chairman **Ms. Sun Yajie**, Managing Director **Ms. Fu Yao**, Executive Director **Mr. Tian Gang**, Non-executive Director **Mr. Huang Donglin**, and three Independent Non-executive Directors: **Mr. Tam King Ching, Kenny**, **Mr. Ng Man Fung, Peter**, and **Ms. Ann Yinlin**[79](index=79&type=chunk)

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 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。 CAPITAL INDUSTRIAL FINANCIAL SERVICES GROUP LIMITED 首 惠 產 業 金 融 服 務 集 團 有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號：730） 有關EMC採購總協議之持續關連交易 EMC採購總協議 董事會欣然宣佈，於二零二五年八月二十八日（ 聯交所交易時段後 ），本公司與 首鋼工程已訂立EMC採購總協議，自生效日期起計為期三年，據此，本公司已 同意根據EMC採購總協議之條款及條件供應而首鋼工程已同意購買貨品。 上市規則之涵義 於本公告日期，首鋼工程為首鋼（ 透過其全資附屬公司持有本公司2,425,736,972 股 股 份 ，佔 本 公 告 日 期 本 公 司 已 發行 股 本 約 61.35 % ）之 附 屬 公 司 ， 根 據 上市 規 則為本公司之控股股東，因此 ...

Core Viewpoint - The company, Shouhui Industrial Finance (00730.HK), is scheduled to hold a board meeting on August 29, 2025, to approve its interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend if appropriate [1] Summary by Relevant Sections - **Board Meeting Announcement** - The board meeting will take place at 803, 8th Floor, Hysan Place, 39 Hennessy Road, Wan Chai, Hong Kong [1] - The meeting aims to approve the interim financial results for the six months ending June 30, 2025 [1] - The board will also consider the proposal for an interim dividend, if deemed appropriate [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的任何損失承擔任何責任。 承董事會命 首惠產業金融服務集團有限公司 主席 孫亞杰 香港，二零二五年八月十九日 首惠產業金融服務集團有限公司 * CAPITAL INDUSTRIAL FINANCIAL SERVICES GROUP LIMITED （於百慕達註冊成立之有限公司） （股份代號：730） 董事會召開日期 首惠產業金融服務集團有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於 二零二五年八月二十九日（星期五）於香港灣仔告士打道 39 號夏慤大廈 8 樓 803 室 舉行董事會會議，藉以（其中包括）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，以及（如適當）考慮派發中期股息之建議。 於本公告日期，董事會由孫亞杰女士（主席）、付瑤女士（董事總經理）、田剛先生（執 行董事）、黃冬林先生（非執行董事）、譚競正先生（獨立非執行董事）、伍文峯先生（獨 立非執行董事）及安殷霖女士（獨立非執行董事）組成。 ...

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的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：730） 延遲寄發通函 CAPITAL INDUSTRIAL FINANCIAL SERVICES GROUP LIMITED 首 惠 產 業 金 融 服 務 集 團 有 限 公 司* 主席 孫亞杰 香港，二零二五年八月十五日 * 僅供識別 – 1 – 於本公告日期，董事會由孫亞杰女士（ 主席 ）、付瑤女士（ 董事總經理 ）、田剛先生 （ 執行董事 ）、黃冬林先生（ 非執行董事 ）、譚競正先生（ 獨立非執行董事 ）、伍文峯 先生（ 獨立非執行董事 ）及安殷霖女士（ 獨立非執行董事 ）組成。 – 2 – 謹此提述首惠產業金融服務集團有限公司日期為二零二五年七月二十五日之兩項 公告（「該等公告」），內容有關(i)修訂有關服務總協議之年度上限；(ii)重續有關服 務 總協 議之 主 要交 易及 持續 ...

公司名稱: 首惠產業金融服務集團有限公司 （備註1) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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) | 00730 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,00 ...

Financial Performance - The company reported a consolidated revenue of $500 million for the fiscal year, representing a 15% increase year-over-year[8]. - The Group recorded a revenue of approximately HK$191,635,000 for the year ended December 31, 2024, representing a decrease of approximately 13% compared to HK$219,285,000 for 2023[55]. - Profit attributable to owners of the Company for the year ended December 31, 2024, was approximately HK$28,684,000, down 11% from HK$32,082,000 in 2023, primarily due to a decrease in profit from the property leasing services segment[56]. - The gross profit margin increased to approximately 62% for the year ended December 31, 2024, compared to 55% for 2023, attributed to significant cost control efforts[58]. - Revenue from the sale and leaseback arrangements segment decreased by approximately 16% to approximately HK$157,495,000 in 2024, compared to HK$188,021,000 in 2023[78]. - The profit from the sale and leaseback arrangements segment increased to approximately HK$59,044,000 in 2024, up from HK$48,961,000 in 2023[78]. - The supply chain management and financial technology business segment generated revenue of approximately HK$29,976,000 in 2024, compared to HK$26,845,000 in 2023[79]. - The profit from the supply chain management and financial technology business segment rose to approximately HK$8,266,000 in 2024, up from HK$4,202,000 in 2023[79]. Market Expansion and Growth - User data showed a growth of 25% in active users, reaching 2 million by the end of the fiscal year[8]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[8]. - The company plans to enter two new international markets in the upcoming year, targeting a 15% increase in global sales[8]. - The Company aims to enhance its core value by seizing opportunities from the "One Belt, One Road" initiative and the internationalization of the RMB[31]. Strategic Initiatives - New product launches contributed to 30% of total revenue, with three major products introduced in the last quarter[8]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[8]. - A new partnership with a leading tech firm is expected to drive innovation and improve operational efficiency[8]. - The Group plans to invest more resources into corporate clients in the future, particularly in financing projects aligned with the latest environmental policies[33]. - The Group aims to enhance its supply chain management and financial technology business, focusing on intelligent construction of the Shougang SCF Platform[83]. Sustainability and Environmental Commitment - The management emphasized a focus on sustainability initiatives, aiming for a 40% reduction in carbon emissions by 2025[8]. - The Group emphasizes green and low-carbon development, aiming to innovate financial products that help reduce carbon emissions and energy consumption[43]. - The Company is committed to aligning with the latest environmental policies set by the PRC government through its financing activities[32]. - The Group plans to provide finance lease services for energy management and energy conservation projects, aligning with national dual-carbon targets and environmental policies[91]. Corporate Governance - The Company is committed to maintaining good corporate governance standards and has complied with the Corporate Governance Code during the financial year ended December 31, 2024[117][118]. - The Board consists of three Executive Directors, two Non-executive Directors, and three Independent Non-executive Directors, with 57.1% male and 42.9% female representation[129]. - The Company has adopted a Board Diversity Policy to ensure sustainable and balanced development, considering factors such as gender, age, and professional experience[127][128]. - The Board meets regularly, holding at least four meetings a year, with provisions for additional meetings as needed[136][140]. - The Nomination Committee is responsible for identifying suitably qualified candidates for the Board, ensuring adherence to the Board Diversity Policy[133]. - The Company has received confirmations of independence from each Independent Non-executive Director for the year ended December 31, 2024[162]. Financial Stability and Risk Management - The global economy faced volatile uncertainties, impacting capital flow and presenting both challenges and opportunities[31]. - The Group emphasizes risk management and aims to maintain excellent asset quality and financial stability for long-term development[89]. - The Group's borrowings as of December 31, 2024, were approximately HK$16,274,000, up from HK$9,810,000 in 2023, with no borrowings due within the next 12 months[99]. - The Group's total assets reached approximately HKD 1.8 billion, with annual revenue of approximately HKD 192 million for the year ending December 31, 2024[33]. Employee and Talent Management - The Group is committed to cultivating high-quality talent and optimizing employee remuneration and incentives[42]. - As of December 31, 2024, the Group employed 63 full-time employees, an increase from 59 employees as of December 31, 2023[110]. - The company encourages directors to participate in continuous professional development, with various training sessions attended throughout the year[172].

Financial Performance - Total revenue for the year ending December 31, 2024, is reported at HKD 191,635,000, a decrease of 12.6% compared to HKD 219,285,000 for the previous year[4] - Gross profit for the year is HKD 118,854,000, slightly down from HKD 120,355,000, indicating a gross margin of approximately 62.1%[5] - The company reported a net profit of HKD 42,434,000 for the year, up from HKD 37,648,000, reflecting a year-over-year increase of 12.5%[5] - Revenue from post-sale leasing arrangements was HKD 157,495,000, down 16.3% from HKD 188,021,000 in the previous year[4] - Revenue from supply chain management and financial technology services increased to HKD 29,976,000, up 11.3% from HKD 26,845,000[4] - Other income decreased to HKD 18,580,000 from HKD 20,535,000, a decline of 9.5%[5] - The company reported a net loss of HKD 36,776,000 for the year 2024, compared to a loss of HKD 26,399,000 in 2023, indicating a deterioration in financial performance[6] - Basic and diluted earnings per share for the company were HKD 0.72, down from HKD 0.81 in the previous year, reflecting a decrease of approximately 11.1%[6] Assets and Liabilities - Total assets of the company as of December 31, 2024, amounted to HKD 1,868,022,000, a decrease from HKD 1,914,701,000 in 2023, representing a decline of about 2.4%[7] - Non-current assets decreased to HKD 624,742,000 in 2024 from HKD 515,130,000 in 2023, showing an increase of approximately 21.2%[7] - Current assets totaled HKD 1,243,280,000 in 2024, down from HKD 1,399,571,000 in 2023, indicating a reduction of about 11.2%[7] - The company's total equity as of December 31, 2024, was HKD 1,731,044,000, compared to HKD 1,756,500,000 in 2023, reflecting a decrease of approximately 1.5%[7] - The company’s total liabilities increased to HKD 136,978,000 in 2024 from HKD 128,000,000 in 2023, indicating a rise of about 7.0%[7] - Total liabilities decreased from HKD 158,201 million to HKD 136,978 million, representing a reduction of approximately 13.9%[8] - Current liabilities amounted to HKD 129,465 million, down from HKD 115,229 million, indicating a decrease of approximately 11.7%[8] - Non-current liabilities decreased from HKD 28,736 million to HKD 21,749 million, reflecting a decline of about 24.3%[8] Revenue Segments - The company operates primarily in the sectors of sale-leaseback arrangements, property leasing services, and supply chain management[10] - For the fiscal year ending December 31, 2024, the total revenue from the after-sales leaseback arrangement service was HKD 157,495,000[17] - The revenue from supply chain management and financial technology business was HKD 29,976,000, while property leasing service generated HKD 4,164,000, leading to a total segment revenue of HKD 191,635,000[17] - The overall segment performance showed a profit of HKD 57,825,000, with the after-sales leaseback arrangement service contributing HKD 59,044,000 to the profit[17] - The company operates in three business segments: after-sales leaseback arrangement service, property leasing service, and supply chain management and financial technology business[15] Expenses and Costs - Administrative expenses increased to HKD 61,235,000 from HKD 55,593,000, representing an increase of 10.4%[5] - The company reported other income of HKD 20,395,000 for the fiscal year ending December 31, 2024[17] - The central administrative costs for the fiscal year ending December 31, 2024, were HKD 33,096,000[17] - The company continues to emphasize cost control in its after-sales leasing segment, contributing to improved gross profit margin[49] Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to drive future growth[3] - The company aims to enhance its supply chain management capabilities to improve operational efficiency and profitability[3] - The company is committed to leveraging its competitive advantages in the steel industry and upstream and downstream customers to drive long-term growth[52] - The company is shifting resources from individual customers to corporate clients, reflecting a strategic change in business direction[49] - The company plans to focus on supply chain management and financial technology as future core businesses, enhancing the intelligence level of the Shougang Supply Chain Finance Platform[60] Corporate Governance - The company is a wholly-owned subsidiary of Wheeling Holdings Limited, which is under the direct supervision of a state-owned enterprise in China[9] - The registered office is located in Bermuda, with a primary business address in Hong Kong[9] - The company has complied with the corporate governance code as of December 31, 2024[78] - The board of directors is composed of key members including the chairperson and the general manager, indicating strong leadership structure[82] - The presence of multiple independent directors highlights the company's commitment to corporate governance and transparency[82] Future Outlook - The company is currently evaluating the impact of new accounting standards and interpretations, expecting no significant effect on the consolidated financial statements[14] - The company has adopted revised standards effective from January 1, 2024, which are expected to have no significant financial impact on the consolidated financial statements[12] - The company is likely to discuss future strategies and performance metrics in upcoming communications[82] - The announcement date is set for March 25, 2025, suggesting upcoming financial disclosures or strategic updates[82]

Financial Performance - Total revenue for the six months ended June 30, 2024, was HK$109,452,000, an increase of 9.43% from HK$100,020,000 in the same period of 2023[8]. - Gross profit for the period was HK$57,723,000, up from HK$53,743,000, reflecting a gross profit margin improvement[8]. - Profit for the period was HK$26,261,000, a decrease of 12.3% compared to HK$30,120,000 in the previous year[10]. - Earnings per share for profit attributable to ordinary equity holders was HK$0.12 for the six months ended June 30, 2024[9]. - Total comprehensive income for the period was HK$14,332,000, compared to a comprehensive loss of HK$25,683,000 in the same period of 2023[9]. - The company reported other income of HK$5,253,000, contributing positively to the overall financial performance[8]. - The operating profit for the period was HK$35,052,000, down from HK$39,324,000 in the previous year[8]. - The total comprehensive income for the period ended June 30, 2024, was HK$14,331,000, which includes a profit of HK$17,981,000 and other comprehensive losses of HK$3,650,000[18]. - For the six months ended June 30, 2024, the profit attributable to owners of the Company was HK$17,981,000, a decrease of 19.0% compared to HK$22,406,000 for the same period in 2023[91]. - Basic earnings per share for the six months ended June 30, 2024, was HK$0.45, down from HK$0.56 in 2023, reflecting a decline of 19.6%[92]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to HK$1,913,269, a slight decrease from HK$1,914,701 as of December 31, 2023[12]. - Total non-current assets decreased to HK$280,993 from HK$515,130, indicating a significant reduction[12]. - Current assets increased to HK$1,632,276 from HK$1,399,571, reflecting a growth of approximately 16.6%[12]. - Total equity as of June 30, 2024, was HK$1,746,948, down from HK$1,756,500 at the end of 2023, representing a decrease of about 0.5%[13]. - Total liabilities increased to HK$166,321 from HK$158,201, marking an increase of approximately 5.3%[13]. - Cash and cash equivalents rose to HK$430,886 from HK$319,054, showing a significant increase of about 35%[12]. - Trade receivables under credit financing arrangements decreased slightly to HK$164,215 from HK$165,386[12]. - The total segment assets as of June 30, 2024, amounted to HK$1,755,906,000[74]. - The total segment liabilities as of June 30, 2024, were HK$125,768,000[73]. Expenses and Costs - Administrative expenses increased to HK$25,014,000 from HK$20,303,000, indicating a rise in operational costs[8]. - Employee benefit expenses increased to HK$20,451,000 for the six months ended June 30, 2024, up 54.3% from HK$13,247,000 in 2023[81]. - The total income tax expense for the six months ended June 30, 2024, was HK$10,764,000, slightly higher than HK$10,207,000 in 2023, representing an increase of 5.5%[85]. - Interest received during the first half of 2024 amounted to HK$752, compared to HK$4,823 in the same period of 2023[22]. - The company incurred payments for property, plant, and equipment totaling HK$644 and for intangible assets totaling HK$1,868 during the reporting period[22]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was HK$120,207, compared to a net cash used of HK$12,126 in the same period of 2023, representing a significant improvement[22]. - Cash flows from investing activities generated a net cash inflow of HK$3,063 for the first half of 2024, down from HK$17,863 in the prior year[22]. - The company reported a net cash outflow from financing activities of HK$10,188 for the six months ended June 30, 2024, compared to a net cash inflow of HK$60,306 in the same period of 2023[22]. - The total cash and cash equivalents at the end of the period increased to HK$430,886, up from HK$378,239 at the end of June 2023[22]. Shareholder Information - The company declared dividends amounting to HK$11,954 to non-controlling interests during the period[15]. - A dividend of HK$15,890,000 was declared during the period[18]. - The company repurchased its own shares amounting to HK$1,110,000 during the period[18]. - The retained earnings at the end of the period were HK$544,725,000, reflecting a decrease from the previous period[18]. Segment Performance - For the six months ended June 30, 2024, the total segment revenue was HK$109,452,000, with sale and leaseback arrangements contributing HK$93,805,000, supply chain management and financial technology business contributing HK$13,513,000, and property leasing services contributing HK$2,134,000[66]. - The profit before income tax for the sale and leaseback arrangements services was HK$39,219,000, while the supply chain management and financial technology business reported a profit of HK$4,135,000, and property leasing services incurred a loss of HK$264,000[66]. - Revenue from supply chain management and financial technology services increased to HK$5,530,000 for the six months ended June 30, 2024, compared to HK$2,843,000 in the previous year, showcasing growth in this segment[144]. - The property leasing services segment recorded a loss of approximately HK$264,000 for the six months ended June 30, 2024, compared to a profit of approximately HK$2,197,000 in the same period in 2023[194]. Accounting and Valuation - The company has adopted new accounting standards effective from January 1, 2024, which include amendments to HKAS 1 and HKFRS 16, but these are not expected to have a significant impact on current or future periods[32]. - The Group's financial assets at fair value through profit or loss (FVPL) include listed equity securities valued at HK$2,086,000 as of June 30, 2024, down from HK$2,848,000 as of December 31, 2023, indicating a decrease of approximately 26.5%[54]. - The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period, with the current bid price used for financial assets held by the Group[54]. - The Group's financial assets at FVPL are determined using quoted market prices, ensuring reliability in valuation[56]. Risk Management - The Group is focusing on strengthening its risk control system and developing an online risk management platform based on asset securitization and industry supply chain business[198]. - The Group's financial leverage ratio is being monitored to align with business requirements and cash flow situations[198]. - The Group plans to continue optimizing its management and control strategies to enhance risk management capabilities[198].