公司名稱: Pico Far East Holdings Limited (筆克遠東集團有限公司) FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年9月2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) | 00752 | 說明 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,400,000,000 | HKD | | 0.05 HKD | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,400,000,000 | HKD | | 0.05 H ...

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 公司名稱: Pico Far East Holdings Limited (筆克遠東集團有限公司) 呈交日期: 2025年8月1日 FF301 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 第 2 頁 共 11 頁 v 1.1.1 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) | 00752 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,400,000,000 | HKD | | 0.05 HKD | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,400,000 ...

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

[Pico Far East Group 2025 Interim Report Summary](index=1&type=section&id=Interim%20Report%202025) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The Group reported strong revenue growth of 17.9% to HK$3.469 billion, with core operating profit up 5.1% to HK$281 million and profit attributable to owners of the Company increasing 10.7% to HK$212 million, alongside a stable interim dividend Key Financial Indicators for H1 FY2025 | Indicator | H1 2025 (Unaudited) | H1 2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | HK$3.469 Billion | HK$2.942 Billion | +17.9% | | **Core Operating Profit** | HK$281 Million | HK$267 Million | +5.1% | | **Profit Attributable to Owners of the Company** | HK$212 Million | HK$192 Million | +10.7% | | **Basic Earnings Per Share** | 17.06 HK cents | 15.47 HK cents | +10.3% | | **Proposed Interim Dividend** | 5.5 HK cents | 5.5 HK cents | 0% | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Income%20Statement) The Group's total revenue grew 17.9% to HK$3.469 billion, gross profit increased 14.1% to HK$994 million, and profit attributable to owners of the Company achieved a solid 10.7% growth to HK$212 million Condensed Consolidated Income Statement Summary (HK$'000) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,469,367 | 2,942,002 | | Gross Profit | 994,432 | 871,855 | | Core Operating Profit | 280,844 | 267,290 | | Operating Profit | 268,787 | 254,156 | | Profit Before Tax | 258,682 | 239,658 | | Profit for the Period | 206,335 | 198,809 | | Profit Attributable to Owners of the Company | 212,330 | 191,701 | | Basic Earnings Per Share | 17.06 HK cents | 15.47 HK cents | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period decreased to HK$181 million from HK$219 million last year, primarily due to a negative foreign exchange difference from overseas operations - Due to the shift from positive to negative exchange differences from overseas operations, other comprehensive (expense) income recorded a net expense of **HK$25.63 million** for the period, compared to a net income of HK$20.68 million in the prior period[3](index=3&type=chunk) - Total comprehensive income attributable to owners of the Company was **HK$187 million**, lower than HK$212 million in the prior period[3](index=3&type=chunk) [Condensed Consolidated Balance Sheet](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of April 30, 2025, the Group maintained a robust financial position with total assets of HK$5.793 billion and net assets of HK$2.334 billion, supported by strong liquidity and ample cash balances Balance Sheet Summary (HK$'000) | Item | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 1,472,324 | 1,527,722 | | **Current Assets** | 4,320,706 | 4,179,415 | | **Current Liabilities** | 3,124,017 | 3,057,024 | | **Non-current Liabilities** | 334,545 | 331,940 | | **Net Assets** | 2,334,468 | 2,318,173 | | **Equity Attributable to Owners of the Company** | 2,335,938 | 2,291,917 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group generated HK$267 million in net cash from operating activities, significantly reduced net cash outflow from investing activities, and saw a net increase of HK$262 million in cash and cash equivalents Cash Flow Statement Summary (HK$'000) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 266,715 | 286,062 | | Net cash used in investing activities | (27,910) | (66,360) | | Net cash generated from (used in) financing activities | 23,419 | (155,607) | | **Net increase in cash and cash equivalents** | **262,224** | **64,095** | [Notes to the Financial Statements](index=9&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail key accounting policies, segment information, revenue recognition, and balance sheet items, highlighting the "Exhibitions, Projects, and Brand Activation" segment as a primary growth driver - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting," with accounting policies largely consistent with the prior year, and the Group has assessed new standards with no significant impact expected[11](index=11&type=chunk)[12](index=12&type=chunk)[15](index=15&type=chunk) - The Board recommended an interim dividend of **5.5 HK cents** per share, consistent with the prior period[41](index=41&type=chunk) - The Group's trade receivables turnover is favorable, with **73.8%** of trade receivables aged 91 days or less[45](index=45&type=chunk) [Business Review and Prospects](index=22&type=section&id=Business%20Review%20and%20Prospects) [Operations Review](index=22&type=section&id=Operations%20Review) The Group's four business segments showed mixed performance, with "Exhibitions, Projects and Brand Activation" and "Museums and Themed Entertainment" driving strong growth, while "Visual Brand Activation" declined significantly Performance by Business Segment (HK$'000) | Business Segment | Revenue (H1 2025) | Revenue YoY | Profit (H1 2025) | Profit YoY | | :--- | :--- | :--- | :--- | :--- | | Exhibitions, Projects and Brand Activation | 3,054,592 | +20.2% | 283,395 | +45.0% | | Visual Brand Activation | 104,158 | -35.0% | 124 | -98.6% | | Museums and Themed Entertainment | 264,065 | +44.3% | 20,798 | +35.1% | | Conference and Show Management | 46,552 | -20.3% | 9,940 | -88.5% | - The Group actively adopts digital tools such as AI and data-driven technologies to enhance operational efficiency, reduce costs, and maintain competitiveness[55](index=55&type=chunk) - Geographically, revenue from Greater China decreased, while markets in the Middle East (Bahrain, Saudi Arabia, etc.) and the UK/US regions showed significant growth[34](index=34&type=chunk) [Exhibitions, Projects and Brand Activation](index=23&type=section&id=Exhibitions%2C%20Projects%20and%20Brand%20Activation) This segment was a primary growth driver, achieving strong revenue and profit increases, largely due to successful delivery of major global projects like COP29 and integrating digital interactive elements - This segment's revenue increased by **20.2%** to **HK$3.054 billion**, with profit surging **45.0%** to **HK$283 million**[56](index=56&type=chunk) - The successful delivery of the COP29 project, the largest temporary facility in the history of the UN Climate Change Conference, was a key growth factor and received ISO20121 sustainability certification[57](index=57&type=chunk)[59](index=59&type=chunk) [Visual Brand Activation](index=25&type=section&id=Visual%20Brand%20Activation) This segment's revenue declined 35.0% due to a slowdown in China's automotive and real estate markets, prompting a strategic shift towards sports brands and corporate showrooms - This segment's revenue decreased by **35.0%**, and profit plummeted by **98.6%**[56](index=56&type=chunk) - The business focus is shifting from automotive showrooms to sports brand retail and corporate showrooms to diversify operations[62](index=62&type=chunk) [Museums and Themed Entertainment](index=26&type=section&id=Museums%20and%20Themed%20Entertainment) This segment experienced stable business volume growth, with revenue increasing 44.3% and improved profitability, securing significant projects in Saudi Arabia and Asia - This segment's revenue grew **44.3%** to **HK$264 million**, and profit increased **35.1%** to **HK$20.8 million**[56](index=56&type=chunk) - Multiple significant projects have been secured in Saudi Arabia and Asia, laying a foundation for future growth[64](index=64&type=chunk) [Conference and Show Management](index=26&type=section&id=Conference%20and%20Show%20Management) This segment's profit declined significantly due to a prior-year one-off gain from a subsidiary sale, but core business profitability improved, with a strategic shift towards an "ecosystem-led" model - The profit decline is primarily attributed to a non-recurring gain from the sale of InfocommAsia Pte Ltd. in the prior period[66](index=66&type=chunk) - The business model is transitioning to an "ecosystem-led" approach, leveraging content, community, creativity, and data pillars with an omnichannel strategy for sustainable "always-on" services[66](index=66&type=chunk)[67](index=67&type=chunk) [Liquidity and Financial Position](index=27&type=section&id=Liquidity%20and%20Financial%20Position) The Group maintains a very robust financial position with a net cash balance of HK$1.746 billion, strong liquidity ratios, and a very low debt-to-equity ratio of 4.19%, alongside active foreign exchange hedging Key Financial Ratios | Indicator | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | Net Cash Balance | HK$1.746 Billion | HK$1.512 Billion | | Current Ratio | 1.38 times | 1.37 times | | Debt-to-Equity Ratio | 4.19% | 4.29% | - The Group hedges foreign exchange risks through foreign currency forward contracts and cross-currency swap contracts[73](index=73&type=chunk) [Prospects](index=28&type=section&id=Prospects) Despite market uncertainties, the Group is confident in its future growth, supported by a global network, integrated brand experience services, clear growth strategies, and robust project pipelines across all segments - The Exhibitions, Projects and Brand Activation segment has secured multiple projects for the second half of the fiscal year and beyond, including the FIFA Club World Cup and Arabian Travel Market exhibition[76](index=76&type=chunk) - The Visual Brand Activation segment will continue to expand beyond automotive brands, exploring corporate showrooms and sports retail projects, while leveraging AR/VR technologies[77](index=77&type=chunk) - The Museums and Themed Entertainment segment has several major ongoing projects, including Saudi Arabia's SEVEN themed entertainment project (expected completion 2026) and a Hollywood movie theme park in Japan (expected completion 2027)[78](index=78&type=chunk) - The Conference and Show Management segment will explore new opportunities through its "ecosystem-led" model, with major projects including the Beijing International Science and Technology Expo and the World Gas Conference[80](index=80&type=chunk)[81](index=81&type=chunk) [Corporate Governance and Shareholder Information](index=31&type=section&id=Corporate%20Governance%20and%20Shareholder%20Information) [Directors' and Major Shareholders' Interests](index=31&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) The report details the shareholdings of directors and major shareholders, with Pine Asset Management Limited as the largest shareholder at 36.93%, and directors holding shares through personal interests and share option schemes Major Shareholders' Long Positions | Shareholder Name | Capacity | Shareholding Percentage | | :--- | :--- | :--- | | Pine Asset Management Limited | Beneficial Owner | 36.93% | | FMR LLC | Interest of Controlled Corporation | 9.89% | | Brandes Investment Partners, L.P. | Investment Manager | 8.46% | | FIL Limited | Interest of Controlled Corporation | 6.87% | - Executive Directors Mr. Tse Siu Fai, Ms. Tse Yuen Man, and Mr. Mok Pui Keung all hold shares and share options in the Company[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [Share Option Schemes](index=32&type=section&id=Share%20Option%20Schemes) The Company operates a 2022 share option scheme, with the 2012 scheme expired; no new options were granted this period, but some previously granted options were exercised, resulting in an expense of HK$473,000 - The 2012 Share Option Scheme expired in March 2022, with no new share options granted thereafter[86](index=86&type=chunk) - No new share options were granted under the Share Option Scheme during the period ended April 30, 2025[88](index=88&type=chunk) - A total of **10,524,000** new shares were issued by the Company during the period due to the exercise of share options[48](index=48&type=chunk) - For the six months ended April 30, 2025, the Group recognized a total expense of **HK$473,000** related to share options[97](index=97&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance) The Company largely complied with the Corporate Governance Code, with one deviation where the Chairman and CEO roles are combined, which the Board believes maintains strong management and power balance, and the Audit Committee reviewed the interim financial statements - The Company complied with the Corporate Governance Code, with a deviation from provision C.2.1 where the roles of Chairman and Chief Executive Officer are combined[101](index=101&type=chunk) - The Board believes the presence of five independent non-executive directors ensures a balance of power, and the current arrangement maintains strong management leadership[101](index=101&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements[103](index=103&type=chunk)

Financial Statements [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended April 30, 2025, the Group's revenue grew 17.9% to HKD 3.469 billion, gross profit increased 14.1% to HKD 994.4 million, and profit attributable to equity holders rose 10.7% to HKD 212.3 million Performance Summary for the Six Months Ended April 30, 2025 | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,469,367 | 2,942,002 | +17.9% | | Gross Profit | 994,432 | 871,855 | +14.1% | | Core Operating Profit | 280,844 | 267,290 | +5.1% | | Operating Profit | 268,787 | 254,156 | +5.8% | | Profit Before Tax | 258,682 | 239,658 | +7.9% | | Profit Attributable to Equity Holders of the Company | 212,330 | 191,701 | +10.7% | | Basic Earnings Per Share | 17.06 Cents | 15.47 Cents | +10.3% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period decreased to HKD 180.7 million, primarily due to an exchange loss of HKD 25.1 million from overseas operations, contrasting with a gain in the prior year Summary of Total Comprehensive Income | Indicator | H1 2025 (HKD Thousand) | H1 2024 (HKD Thousand) | | :--- | :--- | :--- | | Profit for the Period | 206,335 | 198,809 | | Other Comprehensive (Expense) Income | (25,633) | 20,683 | | **Total Comprehensive Income for the Period** | **180,702** | **219,492** | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of April 30, 2025, the Group's total assets reached HKD 5.793 billion and net assets were HKD 2.334 billion, both showing slight growth, with net current assets at HKD 1.122 billion reflecting a robust financial position Summary of Statement of Financial Position | Indicator | April 30, 2025 (HKD Thousand) | October 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Non-current Assets | 1,472,324 | 1,527,722 | | Current Assets | 4,320,706 | 4,179,415 | | **Total Assets** | **5,793,030** | **5,707,137** | | Current Liabilities | 3,124,017 | 3,057,024 | | Non-current Liabilities | 334,545 | 331,940 | | **Total Liabilities** | **3,458,562** | **3,388,964** | | **Net Assets** | **2,334,468** | **2,318,173** | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=1.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) This interim financial report adheres to HKAS 34, maintaining consistency with the 2024 annual financial statements, with no significant impact from newly adopted or revised standards - The interim financial report is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - Several revised standards were first adopted from November 1, 2024, but did not result in significant changes to accounting policies or retrospective adjustments[8](index=8&type=chunk) [2. Revenue and Segment Information](index=6&type=section&id=2.%20Revenue%20and%20Segment%20Information) The Group's revenue is primarily driven by four business segments, with "Exhibitions, Projects and Brand Activations" as the largest contributor, while the Middle East and other regions showed strong geographical growth Revenue by Business Segment (HKD Thousand) | Business Segment | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Exhibitions, Projects and Brand Activations | 3,054,592 | 2,540,122 | +20.2% | | Visual Brand Activations | 104,158 | 160,073 | -35.0% | | Museums and Themed Entertainment | 264,065 | 182,712 | +44.5% | | Conference Planning Activations | 46,552 | 59,095 | -21.2% | | **Total** | **3,469,367** | **2,942,002** | **+17.9%** | Revenue by Geographical Region (HKD Thousand) | Region | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Greater China | 1,156,507 | 1,346,371 | -14.1% | | Malaysia, Singapore, Philippines and Vietnam | 683,355 | 682,955 | +0.1% | | Bahrain, Oman, Qatar, Saudi Arabia and UAE | 550,982 | 392,699 | +40.3% | | UK and USA | 476,262 | 408,103 | +16.7% | | Other | 602,261 | 111,874 | +438.3% | [6. Dividends](index=12&type=section&id=6.%20Dividends) The Board declared an interim dividend of 5.5 HK cents per ordinary share for the six months ended April 30, 2025, maintaining the same payout as the previous year - The Board recommended an interim dividend of **5.5 HK cents per ordinary share**, consistent with the prior year[24](index=24&type=chunk)[30](index=30&type=chunk) [7. Earnings Per Share](index=13&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share increased to 17.06 HK cents, up from 15.47 HK cents in the prior year, primarily driven by higher profit attributable to equity holders Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit (HKD Thousand) | 212,330 | 191,701 | | Weighted Average Number of Ordinary Shares | 1,244,276,369 | 1,239,471,873 | | **Basic Earnings Per Share** | **17.06 Cents** | **15.47 Cents** | [Business Review and Prospects](index=15&type=section&id=Business%20Review%20and%20Prospects) [Financial Performance](index=15&type=section&id=Financial%20Performance) During the review period, the Group achieved HKD 3.469 billion in revenue, HKD 280.8 million in core operating profit, and HKD 212.3 million in profit attributable to equity holders, with basic earnings per share at 17.06 HK cents Financial Performance Summary | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 3.469 Billion | HKD 2.942 Billion | +17.9% | | Core Operating Profit | HKD 280.8 Million | HKD 267.3 Million | +5.1% | | Profit Attributable to Equity Holders | HKD 212.3 Million | HKD 191.7 Million | +10.7% | | Basic Earnings Per Share | 17.06 HK Cents | 15.47 HK Cents | +10.3% | [Operational Review](index=15&type=section&id=Operational%20Review) The Group, as a full-service brand activation agency, leverages a "Content, Community, Creativity, and Data" strategy with AI to enhance efficiency, experiencing strong growth in "Exhibitions, Projects and Brand Activations" but a decline in "Visual Brand Activations" due to market shifts - The Group positions itself as a full-service brand activation agency, utilizing a "Content, Community, Creativity, and Data" strategy, and employing AI and data-driven technologies to enhance operational efficiency[31](index=31&type=chunk) Performance by Business Segment | Business Segment | Revenue Change | Profit Change | Main Driver/Reason | | :--- | :--- | :--- | :--- | | Exhibitions, Projects and Brand Activations | +20.2% | +45.0% | Delivery of major projects like COP29 | | Visual Brand Activations | -35.0% | -98.6% | Slowdown in China's automotive market, reduced showroom business | | Museums and Themed Entertainment | +44.3% | +35.1% | Increased business volume in Saudi Arabia and Asia | | Conference Planning Activations | -20.3% | -88.5% | Non-recurring income from subsidiary disposal in prior year | [Exhibitions, Projects and Brand Activations](index=16&type=section&id=Exhibitions,%20Projects%20and%20Brand%20Activations) This segment's revenue increased by 20.2% to HKD 3.054 billion and profit grew by 45.0% to HKD 283 million, driven by major global events like COP29 and Expo 2025 Osaka - Strong growth in segment revenue and profit, primarily driven by the delivery of the **COP29 project**[32](index=32&type=chunk) - Successfully delivered multiple global mega-events, including serving as the main official contractor for COP29, and activating the Vietnam Pavilion and Algeria Pavilion at Expo 2025 Osaka[36](index=36&type=chunk)[37](index=37&type=chunk) [Visual Brand Activations](index=19&type=section&id=Visual%20Brand%20Activations) Revenue for this segment decreased by 35.0% due to the sluggish Chinese real estate and automotive markets, prompting a strategic shift towards sports brands and corporate showroom development - Segment revenue decreased by **35.0%** due to the slowdown in China's automotive market[39](index=39&type=chunk) - Business focus shifted to strengthening collaborations with sports brands and concentrating on developing corporate showroom business to offset the decline in the automotive industry[39](index=39&type=chunk) [Museums and Themed Entertainment](index=20&type=section&id=Museums%20and%20Themed%20Entertainment) This segment achieved stable business volume growth, with revenue increasing by 44.3% and profit by 35.1%, bolstered by significant project commissions in Saudi Arabia and Asia - Stable business volume growth and enhanced profitability, with several significant project commissions secured in Saudi Arabia and Asia[41](index=41&type=chunk) [Conference Planning Activations](index=20&type=section&id=Conference%20Planning%20Activations) The segment's profit decline was primarily due to non-recurring income in the prior year, with core business profitability improving through a strategic shift from a "project-centric" to an "ecosystem-led" model - Profit decline primarily due to non-recurring income from the disposal of a subsidiary in the prior year; core business profitability has actually improved[43](index=43&type=chunk) - Business strategy transformed from "project-centric" to "ecosystem-led," adopting an omnichannel approach to strengthen client engagement[43](index=43&type=chunk) [Liquidity and Financial Information](index=21&type=section&id=Liquidity%20and%20Financial%20Information) The Group maintains a robust financial position with HKD 1.746 billion in net cash balances, a current ratio of 1.38 times, and a low gearing ratio of 4.19%, supported by foreign exchange hedging policies Cash Position (HKD Million) | Indicator | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | Bank and Cash Balances | 2,145 | 1,914 | | Pledged Bank Deposits | 122 | 65 | | Less: Borrowings | (521) | (467) | | **Net Cash Balances** | **1,746** | **1,512** | Key Financial Ratios | Ratio | April 30, 2025 | October 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.38 times | 1.37 times | | Gearing Ratio | 4.19% | 4.29% | [Prospects](index=24&type=section&id=Prospects) Despite market uncertainties, the Group is confident in its future, leveraging its global network and integrated services, with secured projects for the upcoming periods and continued strategic diversification and technological integration to drive long-term value - The Group remains confident in its prospects, believing its global business network and integrated services contribute to resilience[55](index=55&type=chunk) - Multiple projects have been secured across all business segments for the second half of the fiscal year and beyond, including services for renowned brands such as Hisense Group, Yonex, and NEOM[55](index=55&type=chunk)[56](index=56&type=chunk) - Strategic focus will continue on client diversification and leveraging AI and data-driven technologies to create integrated brand experiences, driving long-term value creation[61](index=61&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Corporate Governance](index=28&type=section&id=Corporate%20Governance) The Company largely complied with the Corporate Governance Code, with the only deviation being the combined roles of Chairman and CEO, which the Board believes maintains sufficient power balance - The Company complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are not separated, held by the same individual[64](index=64&type=chunk) - The Board believes the current arrangement maintains a balance of power, as all major decisions are made in consultation with the Board and senior management, and there are five independent non-executive directors[64](index=64&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting matters, including these unaudited interim financial statements, in collaboration with management - The Audit Committee has reviewed these unaudited condensed consolidated interim financial statements[66](index=66&type=chunk)

[Performance Summary](index=4&type=section&id=Performance%20Summary) The company achieved significant financial growth in FY2024, with revenue increasing by 18.8% and profit attributable to shareholders rising by 56.8% | Indicator | 2024 (HKD) | 2023 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 6.327 billion | 5.328 billion | +18.8% | | **Core Operating Profit** | 499.4 million | 360.0 million | +38.7% | | **Profit for the Year** | 368.0 million | 243.7 million | +51.0% | | **Profit Attributable to Company Shareholders** | 357.6 million | 228.1 million | +56.8% | | **EBITDA** | 564.4 million | 437.4 million | +29.0% | | **Dividend Per Share** | 16.5 HK cents | 9.0 HK cents | +83.3% | | **Earnings Per Share - Basic** | 28.84 HK cents | 18.41 HK cents | +56.7% | | **Equity Attributable to Company Shareholders** | 2.292 billion | 2.261 billion | +1.4% | | **Average Return on Equity Attributable to Company Shareholders** | 15.7% | 10.4% | +5.3 percentage points | | **Current Ratio** | 1.37 times | 1.48 times | -7.4% | [Group Overview](index=5&type=section&id=Group%20Overview) The group operates globally across 36 cities, managing over 4,000 projects with approximately 2,700 full-time employees - The Group's business spans **36 cities globally**, employs approximately **2,700 full-time staff**, and activated over **4,000 projects** during the year[9](index=9&type=chunk)[11](index=11&type=chunk) | Indicator | Data | | :--- | :--- | | Cities Covered | 36 | | Projects Activated | 4,000+ | | Total Exhibition Space | Approx. 3,000,000 square meters | | Full-time Employees | Approx. 2,700 | | Production Facility Area | 70,000+ square meters | | International Awards Received | 90+ | [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) The Chairman's Statement provides an overview of the group's strong financial performance, strategic initiatives, and operational highlights for the year [Financial Results](index=6&type=section&id=Chairman%27s%20Statement%20-%20Financial%20Results) This fiscal year, the Group achieved strong performance growth, with total revenue increasing by 18.8% year-on-year and profit attributable to shareholders significantly growing by 56.8%, reflecting the Group's success in expanding market share amidst global economic recovery | Financial Indicator | Amount (HKD) | Year-on-Year Growth | | :--- | :--- | :--- | | Total Revenue | 6.327 billion | +18.8% | | EBITDA | 564.4 million | +29.0% | | Core Operating Profit | 499.4 million | +38.7% | | Profit Attributable to Company Shareholders | 357.6 million | +56.8% | [Dividends](index=7&type=section&id=Chairman%27s%20Statement%20-%20Dividends) The Board recommends a final dividend of 7.5 HK cents per share and a special dividend of 3.5 HK cents per share, bringing the total annual dividend to 16.5 HK cents per share, an 83.3% increase from last year | Dividend Type | Amount Per Share (HK cents) | | :--- | :--- | | Interim Dividend | 5.5 | | Proposed Final Dividend | 7.5 | | Proposed Special Dividend | 3.5 | | **Total Annual Dividend** | **16.5** | - The total annual dividend is **16.5 HK cents per share**, a significant increase of **83.3%** compared to 9.0 HK cents in 2023[19](index=19&type=chunk) - The company will offer a scrip dividend scheme, allowing shareholders to elect to convert the special dividend of **3.5 HK cents per share** into new shares[19](index=19&type=chunk) [Business Review](index=8&type=section&id=Chairman%27s%20Statement%20-%20Business%20Review) Facing a complex geopolitical environment, the Group successfully navigated market changes through its global presence and integrated brand activation strategy, particularly increasing business volume in Southeast Asia and the Middle East, while optimizing resource allocation and enhancing US market capabilities through strategic asset sales and acquisitions during the year - Geopolitical tensions led to a global trade shift towards geopolitical alliances, resulting in increased business volume for the Group in **Southeast Asia and the Middle East**, and assisting Chinese brands in expanding into overseas markets[23](index=23&type=chunk) - Strategic divestment of a **45% equity stake** in InfocommAsia Pte Ltd. in Singapore was undertaken to reallocate resources to core businesses[25](index=25&type=chunk) - Full acquisition of Infinity Marketing Team, LLC (IMT) in the US was completed to expand global reach and enhance business potential in the US market[25](index=25&type=chunk) - To build a data-driven enterprise, the Group continues to focus on utilizing data tools and the AI-powered Pico PowerOne system for digital transformation, aiming to improve sales conversion rates and operational efficiency[28](index=28&type=chunk) [Operational Review](index=10&type=section&id=Chairman%27s%20Statement%20-%20Operational%20Review) This year's operational performance was strong, with total revenue reaching HKD 6.327 billion, primarily driven by exhibitions, events, and brand activation business, which accounted for 86.0% and achieved significant growth, while the Greater China region remained the largest market but with a decreased share, reflecting growth in other regions [By Geography](index=10&type=section&id=Chairman%27s%20Statement%20-%20Operational%20Review%20-%20By%20Geography) Greater China contributed 40.4% of total revenue, remaining the largest market, but its share decreased from 47.8% last year, while Southeast Asia, the Middle East, UK, and US markets remained relatively stable, and other regions' revenue share significantly grew from 4.0% to 14.0% | Region | Revenue Share (2024) | Revenue Share (2023) | | :--- | :--- | :--- | | Greater China | 40.4% | 47.8% | | Southeast Asia | 21.0% | 21.5% | | Middle East | 10.0% | 11.5% | | UK and US | 14.6% | 15.2% | | Other Regions | 14.0% | 4.0% | [Exhibitions, Events and Brand Activation](index=10&type=section&id=Chairman%27s%20Statement%20-%20Operational%20Review%20-%20Exhibitions%2C%20Events%20and%20Brand%20Activation) As the Group's core business, this segment's revenue increased by 23.2% year-on-year to HKD 5.439 billion, with profit growing by 33.1% to HKD 402.5 million, accounting for 86.0% of total revenue, as the Group successfully delivered multiple global large-scale exhibitions and brand events and was appointed as the main official contractor for COP29, demonstrating its leadership in integrated brand experiences and sustainable solutions | Indicator | 2024 (HKD) | 2023 (HKD) | | :--- | :--- | :--- | | Revenue | 5.439 billion | 4.413 billion | | Profit | 402.5 million | 302.5 million | - The Group was appointed as the main official contractor for the **COP29 Blue Zone venue**, responsible for designing and constructing **215,000 square meters** of temporary facilities, marking the first event to receive ISO20121 (Event Sustainability Management System) certification[40](index=40&type=chunk) - A successful advertising campaign activated for State Farm Insurance generated **26 billion impressions** and ranked highly in Super Bowl ad ratings[41](index=41&type=chunk) - Leveraging data expertise, the Group provided data monitoring and analysis services for the Shenzhen Tencent Global Digital Ecosystem Summit, helping clients build an event data asset library to enhance return on investment[43](index=43&type=chunk) [Visual Branding Activation](index=14&type=section&id=Chairman%27s%20Statement%20-%20Operational%20Review%20-%20Visual%20Branding%20Activation) Both revenue and profit for this segment decreased, primarily due to reduced store openings by traditional fuel vehicle manufacturers in mainland China; despite challenges, the segment remained profitable and benefited from electric vehicle market growth, establishing partnerships with EV brands like Dongfeng Nano and Xiaomi | Indicator | 2024 (HKD) | 2023 (HKD) | | :--- | :--- | :--- | | Revenue | 293 million | 383 million | | Profit | 9.1 million | 32.0 million | - The decline in revenue was primarily attributed to reduced store openings by traditional fuel vehicle manufacturers in mainland China due to declining sales[52](index=52&type=chunk) - The Group solidified its market share in the electric vehicle sector, partnering with brands such as Dongfeng Nano, GAC Trumpchi, AION Hyper, Lotus, Mercedes-Benz, Polestar, Volkswagen, and Xiaomi[52](index=52&type=chunk) [Museums and Themed Entertainment](index=16&type=section&id=Chairman%27s%20Statement%20-%20Operational%20Review%20-%20Museums%20and%20Themed%20Entertainment) This segment maintained stable growth, with revenue increasing by 6.3% year-on-year to HKD 422 million and profit growing by 30.2% to HKD 50.4 million, with good progress on the 11 SKIES themed attraction project in Hong Kong in collaboration with K11 Group | Indicator | 2024 (HKD) | 2023 (HKD) | | :--- | :--- | :--- | | Revenue | 422 million | 397 million | | Profit | 50.4 million | 38.7 million | - In Hong Kong, the themed attraction project at **11 SKIES**, in collaboration with K11 Group, is progressing well and is expected to become a landmark retail and entertainment destination in the future[60](index=60&type=chunk) [Conference and Show Management](index=17&type=section&id=Chairman%27s%20Statement%20-%20Operational%20Review%20-%20Conference%20and%20Show%20Management) Benefiting from economic recovery and government incentives, this segment's business flourished, with revenue increasing by 28.1% year-on-year to HKD 173 million and profit soaring from HKD 3.2 million to HKD 91.3 million, as the Group leveraged smart technology and AI data analytics to drive community-based strategies, enhancing brand influence | Indicator | 2024 (HKD) | 2023 (HKD) | | :--- | :--- | :--- | | Revenue | 173 million | 135 million | | Profit | 91.3 million | 3.2 million | - The strong performance of this segment was driven by increased demand for large-scale events, coupled with the application of smart technology and AI-driven data analytics[65](index=65&type=chunk) [Financial Position](index=18&type=section&id=Chairman%27s%20Statement%20-%20Financial%20Position) The Group's financial position is robust, with total net tangible assets growing by 3.6%, net cash balance significantly increasing to HKD 1.512 billion, a current ratio of 1.37 times, and a debt-to-equity ratio decreasing from 6.20% to 4.29%, indicating strong liquidity and solvency | Indicator | 2024 (HKD) | 2023 (HKD) | | :--- | :--- | :--- | | Total Net Tangible Assets | 1.859 billion | 1.795 billion | | Bank and Cash Balances | 1.979 billion | 1.294 billion | | Net Cash Balance | 1.512 billion | 904 million | | Total Borrowings | 467 million | 390 million | | Current Ratio | 1.37 times | 1.48 times | | Debt-to-Equity Ratio | 4.29% | 6.20% | - As of October 31, 2024, the Group's total pledged assets amounted to **HKD 208 million**, primarily comprising freehold and leasehold land and buildings, as well as bank deposits[76](index=76&type=chunk) [Outlook](index=20&type=section&id=Chairman%27s%20Statement%20-%20Outlook) Looking ahead to 2025, the Group anticipates a challenging global business environment but remains cautiously optimistic about growth opportunities from China's 'Belt and Road' initiative, continuing to invest in content, community, creativity, and data strategies to deepen integrated brand experience services, and has secured multiple large-scale exhibition and event projects, expecting continued growth across all business segments - The new US administration is expected to introduce trade uncertainties, but China's "Belt and Road" initiative is anticipated to bring growth opportunities to **Southeast Asian and Middle Eastern markets**[80](index=80&type=chunk) - The Group will continue to invest in its existing content, community, creativity, and data strategies, transforming from a supplier to a trusted advisor[80](index=80&type=chunk) - Multiple large-scale projects have been secured, including the **China International Machine Tool Show in Beijing**, the **Guangzhou International Automobile Exhibition**, and events for renowned brands such as **BYD, Jaguar Land Rover, and Meta**[81](index=81&type=chunk) - The Visual Branding Activation segment will continue to deliver digital showroom solutions for clients like **Bentley and Lexus**, and expand its business to themed entertainment projects such as **LEGOLAND Shenzhen**[82](index=82&type=chunk) - The Museums and Themed Entertainment segment is involved in significant contracts including the **Hong Kong Museum of History, Hong Kong Wetland Park, and a Hollywood movie theme park in Japan**[84](index=84&type=chunk) [Directors and Senior Management Profile](index=23&type=section&id=Directors%20and%20Senior%20Management%20Profile) This section provides detailed profiles of the company's executive directors, independent non-executive directors, and senior management, highlighting their experience and responsibilities - This section provides detailed information on the background, experience, and responsibilities of the company's **Executive Directors, Independent Non-Executive Directors, and Senior Management members**, showcasing the management team's professional capabilities in areas such as exhibitions, events, finance, and legal affairs[93](index=93&type=chunk)[95](index=95&type=chunk)[100](index=100&type=chunk) [Five-Year Financial Summary](index=27&type=section&id=Five-Year%20Financial%20Summary) This section presents a five-year overview of key financial indicators, including revenue, profit attributable to shareholders, total assets, and equity | Indicator (HKD thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 6,327,002 | 5,327,931 | 4,541,018 | 4,051,864 | 3,438,111 | | **Profit Attributable to Company Shareholders** | 357,568 | 228,083 | 162,642 | 136,909 | 50,536 | | **Total Assets** | 5,707,137 | 5,060,507 | 5,011,624 | 5,385,841 | 4,764,940 | | **Equity Attributable to Company Shareholders** | 2,291,917 | 2,261,271 | 2,105,432 | 2,187,658 | 1,957,974 | [Corporate Governance Report](index=29&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance framework, including board structure, committee functions, and risk management practices [Board of Directors](index=31&type=section&id=Corporate%20Governance%20Report%20-%20Board%20of%20Directors) The Board of Directors is responsible for overseeing the company's business and affairs, comprising experienced executive and non-executive directors, and held four meetings during the reporting period, with all directors participating in continuous professional development training - The Board of Directors is responsible for fulfilling the functions outlined in Corporate Governance Code A.2.1, including formulating, reviewing, and monitoring corporate governance policies, director training, and compliance[133](index=133&type=chunk) - For the fiscal year ended October 31, 2024, the Board held **four meetings**, with all directors maintaining high attendance rates[134](index=134&type=chunk) [Committees](index=33&type=section&id=Corporate%20Governance%20Report%20-%20Committees) The company has established Remuneration, Audit, and Nomination Committees to ensure transparent and effective corporate governance, with each committee predominantly composed of independent non-executive directors, fulfilling their respective duties during the year, including reviewing remuneration policies, financial statements, internal controls, and board structure [Remuneration Committee](index=33&type=section&id=Corporate%20Governance%20Report%20-%20Remuneration%20Committee) The Remuneration Committee, composed of one executive director and two independent non-executive directors, is responsible for formulating and monitoring the remuneration policies for directors and senior management, holding one meeting during the year to review performance-based remuneration, share option grants, and director's fee proposals - The Remuneration Committee is responsible for ensuring the company has formal and transparent procedures for formulating and monitoring the remuneration policies for directors and senior management[147](index=147&type=chunk) - Its work during the year included recommending remuneration packages for executive directors and senior management, approving share option grants, and reviewing proposals for directors' fees[150](index=150&type=chunk) [Audit Committee](index=35&type=section&id=Corporate%20Governance%20Report%20-%20Audit%20Committee) The Audit Committee, comprising five independent non-executive directors, is responsible for reviewing financial statements, risk management, and internal control systems, holding three meetings during the year to review the annual audit plan, financial reports, internal audit progress, and risk management review reports - The Audit Committee's primary responsibilities include considering the appointment of external auditors, reviewing interim and annual financial statements, and reviewing the company's internal control and risk management systems[155](index=155&type=chunk) - Its work during the year included reviewing the **2023 Annual Report, 2024 Interim Report, internal audit progress reports, and the 2025 internal audit plan**[155](index=155&type=chunk) [Nomination Committee](index=36&type=section&id=Corporate%20Governance%20Report%20-%20Nomination%20Committee) The Nomination Committee, composed of one executive director and three independent non-executive directors, is responsible for reviewing the board's structure, size, and composition, and making recommendations on director appointments and re-election, holding one meeting during the year to review board composition and the independence of independent non-executive directors, and making recommendations for director re-election - The Nomination Committee reviews the Board's structure, size, and composition at least annually and identifies qualified individuals to serve as directors[158](index=158&type=chunk) - Its work during the year included reviewing the Board's structure, assessing the independence of independent non-executive directors, and making recommendations for the re-election of directors at the **2025 Annual General Meeting**[163](index=163&type=chunk) [Risk Management and Internal Control](index=38&type=section&id=Corporate%20Governance%20Report%20-%20Risk%20Management%20and%20Internal%20Control) The Group has established a 'three lines of defense' risk management framework, with the Board bearing overall responsibility for system effectiveness, and during the year, the Board conducted an annual review of the risk management and internal control systems, covering financial, operational, and compliance controls, deeming them effective and adequate - The risk governance framework is based on a "three lines of defense" model: the first line is operational management, the second is the Group Risk Management Committee, and the third is the Internal Audit Department[168](index=168&type=chunk) - Key risks identified, managed, and monitored during the year included changes in customer preferences and technology, exchange rate fluctuations, crisis management, work safety, and legal compliance, with international tax compliance identified as an emerging risk[169](index=169&type=chunk) - The Board conducted an annual review of the adequacy and effectiveness of the risk management and internal control systems for the year ended October 31, 2024, and found no significant concerns[171](index=171&type=chunk) [Report of the Directors](index=43&type=section&id=Report%20of%20the%20Directors) This report provides an overview of the company's share option schemes and details of its major shareholders [Share Options](index=46&type=section&id=Report%20of%20the%20Directors%20-%20Share%20Options) The company has 2012 and 2022 share option schemes to incentivize eligible persons, with the 2012 scheme having expired but unexercised options remaining valid; as of the fiscal year-end, the total number of unexercised share options under both schemes was 22,430,000, and 6,798,000 share options were granted under the 2022 scheme during the year - The **2012 Share Option Scheme** expired on March 22, 2022, and no new share options will be granted under it; the company adopted a new **2022 Share Option Scheme** on March 25, 2022[209](index=209&type=chunk) | Scheme | Unexercised at Beginning of Year | Granted During Year | Exercised During Year | Lapsed/Cancelled During Year | Unexercised at End of Year | | :--- | :--- | :--- | :--- | :--- | :--- | | **2012 Scheme** | 6,444,000 | 0 | (302,000) | (660,000) | 5,482,000 | | **2022 Scheme** | 11,670,000 | 6,798,000 | (1,474,000) | (46,000) | 16,948,000 | | **Total** | **18,114,000** | **6,798,000** | **(1,776,000)** | **(706,000)** | **22,430,000** | - The **6,798,000 share options** granted on May 27, 2024, have an exercise price of **HKD 1.700** and an estimated total fair value of **HKD 2,133,000**[234](index=234&type=chunk)[237](index=237&type=chunk) [Major Shareholders](index=55&type=section&id=Report%20of%20the%20Directors%20-%20Major%20Shareholders) According to the register of major shareholders, as of October 31, 2024, Pine Asset Management Limited, FMR LLC, and Brandes Investment Partners, L.P. were the company's major shareholders, holding 37.24%, 9.98%, and 8.53% of the equity, respectively | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Pine Asset Management Limited | Beneficial Owner | 462,167,186 | 37.24% | | FMR LLC | Interest of Controlled Corporation | 123,789,010 | 9.98% | | Brandes Investment Partners, L.P. | Investment Manager | 105,897,175 | 8.53% | | FIL Limited | Interest of Controlled Corporation | 85,984,539 | 6.93% | [Independent Auditor's Report](index=58&type=section&id=Independent%20Auditor%27s%20Report) This report presents the auditor's opinion on the consolidated financial statements and highlights key audit matters [Opinion](index=58&type=section&id=Independent%20Auditor%27s%20Report%20-%20Opinion) Auditor RSM Hong Kong Certified Public Accountants believes that the consolidated financial statements truly and fairly reflect the Group's consolidated financial position as of October 31, 2024, and its financial performance and cash flows for the year then ended, and have been properly prepared in accordance with the disclosure requirements of the Companies Ordinance - The auditor issued an **unqualified opinion** on the Group's consolidated financial statements[275](index=275&type=chunk) [Key Audit Matters](index=58&type=section&id=Independent%20Auditor%27s%20Report%20-%20Key%20Audit%20Matters) The auditor identified three key audit matters: impairment of trade receivables and contract assets, recognition of revenue from construction contracts, and impairment assessment of goodwill and other intangible assets, which are considered most significant due to substantial management judgment and estimation involved - Impairment of trade receivables and contract assets: Involves significant management judgment regarding **expected credit losses**[278](index=278&type=chunk) - Revenue from construction contracts and contract assets/liabilities: Revenue from construction contracts is recognized over time using the input method, requiring significant estimates of **total contract costs and progress towards completion**[280](index=280&type=chunk) - Impairment assessment of goodwill and other intangible assets: Based on value-in-use calculations, requiring significant management assumptions on **future sales, gross margins, growth rates, and discount rates**[284](index=284&type=chunk) [Consolidated Financial Statements](index=64&type=section&id=Consolidated%20Financial%20Statements) This section presents the consolidated income statement, statement of financial position, and cash flow statement for the Group [Consolidated Income Statement](index=64&type=section&id=Consolidated%20Financial%20Statements%20-%20Consolidated%20Income%20Statement) The consolidated income statement shows the Group's revenue for the 2024 fiscal year was HKD 6.327 billion, an 18.8% year-on-year increase, with gross profit growing to HKD 1.942 billion and profit for the year reaching HKD 368 million, a significant 51.0% year-on-year increase | Item (HKD thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 6,327,002 | 5,327,931 | | Gross Profit | 1,942,100 | 1,590,594 | | Operating Profit | 474,563 | 328,990 | | Profit Before Tax | 454,243 | 301,132 | | **Profit for the Year** | **368,023** | **243,731** | | Profit Attributable to Company Shareholders | 357,568 | 228,083 | [Consolidated Statement of Financial Position](index=66&type=section&id=Consolidated%20Financial%20Statements%20-%20Consolidated%20Statement%20of%20Financial%20Position) As of October 31, 2024, the Group's total assets increased to HKD 5.707 billion, total liabilities were HKD 3.389 billion, and net assets were HKD 2.318 billion, with net current assets remaining stable at HKD 1.122 billion, indicating a robust financial structure | Item (HKD thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Non-current Assets** | 1,527,722 | 1,594,742 | | **Current Assets** | 4,179,415 | 3,465,765 | | **Total Assets** | **5,707,137** | **5,060,507** | | **Current Liabilities** | 3,057,024 | 2,336,406 | | **Non-current Liabilities** | 331,940 | 394,163 | | **Total Liabilities** | **3,388,964** | **2,730,569** | | **Net Assets** | **2,318,173** | **2,329,938** | | Equity Attributable to Company Shareholders | 2,291,917 | 2,261,271 | [Consolidated Statement of Cash Flows](index=70&type=section&id=Consolidated%20Financial%20Statements%20-%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash generated from operating activities significantly increased to HKD 949 million in this fiscal year, with net cash used in investing activities at HKD 218 million and net cash used in financing activities at HKD 366 million, primarily for dividend payments and acquisition of non-controlling interests, resulting in a net increase of HKD 365 million in cash and cash equivalents at year-end | Item (HKD thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 949,339 | 460,366 | | Net Cash Used in Investing Activities | (217,993) | (135,961) | | Net Cash Used in Financing Activities | (365,855) | (561,075) | | **Net Increase (Decrease) in Cash and Cash Equivalents** | **365,491** | **(236,670)** | | Cash and Cash Equivalents at Beginning of Year | 1,173,464 | 1,372,347 | | **Cash and Cash Equivalents at End of Year** | **1,576,085** | **1,173,464** | [Notes to the Consolidated Financial Statements](index=72&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the consolidated financial statements, including segment information, intangible assets, and receivables [Note 8 Revenue and Segment Information](index=117&type=section&id=Note%208%20Revenue%20and%20Segment%20Information) This note details revenue by business segment and geography, with Exhibitions, Events and Brand Activation being the largest segment contributing HKD 5.438 billion in revenue, and Greater China being the largest regional market contributing HKD 2.556 billion in revenue 按業務分部劃分之收益 (千港元) | Segment | 2024 Revenue (HKD thousands) | 2023 Revenue (HKD thousands) | | :--- | :--- | :--- | | Exhibitions, Events and Brand Activation | 5,438,411 | 4,413,088 | | Visual Branding Activation | 292,981 | 383,403 | | Museums and Themed Entertainment | 422,290 | 396,939 | | Conference and Show Management | 173,320 | 134,501 | | **Total** | **6,327,002** | **5,327,931** | 按地區劃分之收益 (千港元) | Region | 2024 Revenue (HKD thousands) | 2023 Revenue (HKD thousands) | | :--- | :--- | :--- | | Greater China | 2,556,357 | 2,545,368 | | Malaysia, Singapore, Philippines and Vietnam | 1,331,793 | 1,146,762 | | Middle East | 630,663 | 615,114 | | UK and US | 926,085 | 808,127 | | Other | 882,104 | 212,560 | | **Total** | **6,327,002** | **5,327,931** | [Note 19 Intangible Assets](index=133&type=section&id=Note%2019%20Intangible%20Assets) As of the fiscal year-end, the Group's intangible assets had a carrying amount of HKD 433 million, with goodwill accounting for HKD 290 million, primarily allocated to the Exhibitions, Events and Brand Activation segment (HKD 189 million) and the Museums and Themed Entertainment segment (HKD 97 million), and management performed impairment tests on goodwill, finding no significant impairment | Intangible Asset Category | Carrying Amount (2024, HKD thousands) | Carrying Amount (2023, HKD thousands) | | :--- | :--- | :--- | | Goodwill | 290,196 | 290,327 | | Software | 44,988 | 48,878 | | Customer Relationships | 68,174 | 92,900 | | Trade Names | 22,533 | 22,687 | | Other | 6,659 | 10,291 | | **Total** | **432,550** | **466,017** | - Goodwill impairment tests were based on value-in-use calculations, utilizing discount rates ranging from **15.00% to 20.00%** and terminal growth rates from **0.00% to 3.00%**[594](index=594&type=chunk) [Note 27 Accounts Receivable, Deposits and Prepayments](index=144&type=section&id=Note%2027%20Accounts%20Receivable%2C%20Deposits%20and%20Prepayments) As of the fiscal year-end, trade receivables net of provisions were HKD 901 million, an increase from HKD 773 million last year, with the majority of receivables aged 91 days or less, indicating generally normal collection, and the Group has made a provision of HKD 120 million for doubtful debts | Item (HKD thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Trade Receivables (Gross) | 1,020,530 | 861,070 | | Less: Provision for Doubtful Debts | (119,758) | (88,018) | | **Trade Receivables (Net)** | **900,772** | **773,052** | [Particulars of Major Investment Properties](index=180&type=section&id=Particulars%20of%20Major%20Investment%20Properties) This section lists the Group's major investment properties as of October 31, 2024, located in Hong Kong and mainland China, including commercial, residential, and industrial properties - This section lists the Group's major investment properties held as of **October 31, 2024**, with locations spanning **Hong Kong and mainland China (Shanghai, Beijing, Shenzhen, Guangzhou)**, and property types including commercial, residential, and industrial uses[739](index=739&type=chunk)[742](index=742&type=chunk) [Corporate Information](index=182&type=section&id=Corporate%20Information) This section provides essential corporate details, including board members, company secretary, auditor, principal bankers, registered office, share registrar, and key company events - This section provides essential company information, including **Board of Directors members, Company Secretary, Auditor, Principal Bankers, Registered Office, Share Registrar**, and important company event schedules[745](index=745&type=chunk)[746](index=746&type=chunk)

Financial Performance - Revenue for the year ended October 31, 2024, increased to HKD 6,327,002 thousand, up 18.7% from HKD 5,327,931 thousand in 2023[3] - Gross profit rose to HKD 1,942,100 thousand, representing a 22.0% increase compared to HKD 1,590,594 thousand in the previous year[3] - Core operating profit improved to HKD 499,409 thousand, a 38.8% increase from HKD 359,951 thousand in 2023[3] - Net profit for the year reached HKD 368,023 thousand, up 51.0% from HKD 243,731 thousand in the prior year[3] - Basic earnings per share increased to 28.84 cents, compared to 18.41 cents in 2023, reflecting a growth of 56.5%[3] - Total comprehensive income for the year was HKD 410,628 thousand, a significant rise of 53.0% from HKD 268,288 thousand in 2023[4] - Total revenue for the year ended October 31, 2023, was HKD 5,327,931, an increase from HKD 5,141,646 in the previous year[32] - Reported segment profit for the year was HKD 376,342, up from HKD 302,511 in the previous year, reflecting a growth of approximately 24.5%[32] - The company expects total revenue for 2024 to reach HKD 6,691,769, representing a 19.2% increase compared to HKD 5,611,706 in 2023[34] - The total revenue for the fiscal year reached HKD 6.327 billion, an increase of 18.8% compared to HKD 5.328 billion in the previous year[53] Assets and Liabilities - Total assets as of October 31, 2024, amounted to HKD 4,179,415 thousand, an increase from HKD 3,465,765 thousand in 2023[6] - Current liabilities increased to HKD 3,057,024 thousand from HKD 2,336,406 thousand in the previous year, indicating a rise of 30.9%[6] - The company reported a decrease in non-current liabilities to HKD 331,940 thousand from HKD 394,163 thousand, down 15.7%[7] - Shareholders' equity stood at HKD 2,291,917 thousand, slightly up from HKD 2,261,271 thousand in 2023, reflecting a growth of 1.4%[7] - The total assets reported for 2024 are HKD 5,707,137, an increase from HKD 5,060,507 in 2023, indicating a growth of approximately 12.8%[34] - The total liabilities for 2024 increased to HKD 3,388,964 from HKD 2,730,569 in 2023, marking a rise of about 24.1%[34] Revenue Breakdown - The revenue breakdown by major product or service for 2024 includes: Exhibition, Projects, and Brand Activation at HKD 5,438,411 thousand; Visual Brand Activation at HKD 292,981 thousand; Museum and Theme Entertainment at HKD 422,290 thousand; and Conference Planning Activation at HKD 173,320 thousand[23] - Total revenue from customer contracts for the year 2024 was HKD 6,327,002 thousand, an increase from HKD 5,327,931 thousand in 2023, representing a growth of approximately 18.7%[23] - The segment profit for Exhibition, Projects, and Brand Activation was HKD 402,583 thousand, while the total segment profit amounted to HKD 553,324 thousand for the year[30] - The revenue from the museum and theme entertainment segment was HKD 422 million, representing 6.7% of the total group revenue, with a profit of HKD 50.4 million[81] Operational Changes and Strategies - The group adopted the revised Hong Kong Accounting Standard No. 1 and the Practical Guide No. 2 for the first time this year, impacting the disclosure of accounting policies in the consolidated financial statements[10] - The group implemented the revised Hong Kong Accounting Standard No. 12, narrowing the scope of initial recognition exemptions, which primarily affects the disclosure of deferred tax assets and liabilities in the notes to the consolidated financial statements[12] - The group is enhancing operational efficiency by establishing a global partner platform to strengthen supplier and resource management, aiming to control costs and improve gross margins[65] - The company is committed to sustainable development, integrating environmental protection and community support into its core operations[62] - The group is focusing on data-driven growth and digital transformation through the AI-supported PowerOne system, aiming to convert data into assets and enhance sales conversion rates[63] - The company is implementing a talent development model to foster a culture of knowledge sharing and training, utilizing AI tools to match employee skills with project needs[65] Market Presence and Future Outlook - The group anticipates continued growth in global markets, particularly in Southeast Asia and the Middle East, driven by China's Belt and Road Initiative[100] - The group is focusing on delivering high-quality services in exhibitions and brand activations to maintain sustainable growth[101] - Key projects include the China International Machine Tool Exhibition in Beijing and the Guangzhou International Auto Show, among others, indicating a strong market presence[102] - The group is leveraging data-driven strategies to gain a competitive advantage and expects to maintain growth in the coming years[110] Corporate Governance - The company has adhered to the corporate governance code but deviated from the separation of the roles of Chairman and CEO, which are held by the same individual[117] - The board consists of five independent non-executive directors, ensuring a balance of power[117] - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance for the fiscal year ending October 31, 2024[119] - The audit committee has reviewed the accounting principles and internal controls, discussing financial reporting matters[120] Employee and Operational Metrics - The group employed approximately 2,700 full-time staff and operated in 36 cities across 22 countries, focusing on integrated brand experiences through content, community, creativity, and data strategies[58] - The group’s cash balance net of external interest-bearing borrowings was HKD 1.512 billion, an increase from HKD 904 million[89] - The group’s debt-to-asset ratio was 4.29%, down from 6.20% in the previous year[91] - The group employed approximately 2,700 full-time employees, with total employee costs amounting to HKD 1.4 billion[94]

[Financial Highlights](index=2&type=section&id=Financial%20Highlights) [Overall Performance](index=2&type=section&id=Overall%20Performance) For the six months ended April 30, 2024, the Group achieved strong financial performance with total revenue growing 18% to **HKD 2.942 billion**, core operating profit increasing 53% to **HKD 267 million**, and profit attributable to company shareholders rising 90% to **HKD 192 million**, with basic earnings per share at **15.47 HK cents** Key Financial Indicators for H1 2024 | Indicator | Six Months Ended April 30, 2024 | Six Months Ended April 30, 2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | HKD 2.942 billion | HKD 2.493 billion | +18% | | **Core Operating Profit** | HKD 267 million | HKD 174 million | +53% | | **Profit Attributable to Company Shareholders** | HKD 192 million | HKD 101 million | +90% | | **Basic Earnings Per Share** | 15.47 HK cents | 8.17 HK cents | +89.3% | - The Board recommended an interim dividend of **5.5 HK cents** per ordinary share, a **175% increase** from **2.0 HK cents** in the prior year period[136](index=136&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) During the period, the Group's revenue increased 18.0% to **HKD 2.942 billion**, gross profit rose 24.1% to **HKD 872 million**, operating profit surged 61.5% to **HKD 254 million**, and profit for the period reached **HKD 199 million**, up 94.2% Condensed Consolidated Income Statement | Item | Six Months Ended April 30, 2024 (thousand HKD) | Six Months Ended April 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 2,942,002 | 2,493,180 | | Gross Profit | 871,855 | 702,755 | | Core Operating Profit | 267,290 | 173,808 | | Operating Profit | 254,156 | 157,332 | | Profit Before Tax | 239,658 | 136,188 | | Profit for the Period | 198,809 | 102,385 | | Profit Attributable to Company Shareholders | 191,701 | 101,111 | | Basic Earnings Per Share | 15.47 cents | 8.17 cents | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The Group reported a profit for the period of **HKD 199 million**, with other comprehensive income significantly reduced to **HKD 20.68 million** due to foreign exchange differences, resulting in a total comprehensive income of **HKD 219 million**, largely consistent with **HKD 221 million** in the prior year Condensed Consolidated Statement of Comprehensive Income | Item | Six Months Ended April 30, 2024 (thousand HKD) | Six Months Ended April 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Profit for the Period | 198,809 | 102,385 | | Other Comprehensive Income for the Period, Net of Tax | 20,683 | 119,081 | | **Total Comprehensive Income for the Period** | **219,492** | **221,466** | | Total Comprehensive Income Attributable to Company Shareholders | 212,316 | 219,785 | [Condensed Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of April 30, 2024, the Group's total assets were **HKD 5.17 billion**, total liabilities **HKD 2.72 billion**, and net assets (total equity) **HKD 2.449 billion**, a 5.1% increase from the beginning of the period, with net current assets stable at **HKD 1.132 billion** and cash balances at **HKD 1.476 billion** Summary of Financial Position | Item | April 30, 2024 (thousand HKD) | October 31, 2023 (thousand HKD) | | :--- | :--- | :--- | | Non-current Assets | 1,585,576 | 1,594,742 | | Current Assets | 3,584,799 | 3,465,765 | | Current Liabilities | 2,452,744 | 2,336,406 | | Non-current Liabilities | 269,105 | 394,163 | | **Net Assets** | **2,448,526** | **2,329,938** | | **Equity Attributable to Company Shareholders** | **2,387,228** | **2,261,271** | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of April 30, 2024, equity attributable to company shareholders increased from **HKD 2.261 billion** to **HKD 2.387 billion**, primarily driven by **HKD 192 million** profit for the period, partially offset by **HKD 86.78 million** in final dividends paid - Beginning equity attributable to shareholders was **HKD 2,261,271 thousand**, with profit for the period contributing **HKD 191,701 thousand**, and the 2023 final dividend payout consuming **HKD 86,781 thousand**, resulting in an ending equity attributable to shareholders of **HKD 2,387,228 thousand**[22](index=22&type=chunk) [Condensed Consolidated Cash Flow Statement](index=8&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the period, net cash from operating activities increased 17.8% to **HKD 286 million**, net cash used in investing activities significantly decreased to **HKD 66.36 million**, and net cash used in financing activities decreased to **HKD 156 million**, leading to a net increase in cash and cash equivalents of **HKD 64.10 million**, reversing the prior year's decrease, with an ending balance of **HKD 1.246 billion** Summary of Cash Flow Statement | Item | Six Months Ended April 30, 2024 (thousand HKD) | Six Months Ended April 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 286,062 | 242,729 | | Net Cash Used in Investing Activities | (66,360) | (125,544) | | Net Cash Used in Financing Activities | (155,607) | (200,136) | | **Net Increase (Decrease) in Cash and Cash Equivalents** | **64,095** | **(82,951)** | | Cash and Cash Equivalents at End of Period | 1,246,180 | 1,351,778 | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. Basis of Preparation and Key Accounting Policies](index=9&type=section&id=1.%20Basis%20of%20Preparation%20and%20Key%20Accounting%20Policies) These interim financial statements are prepared under HKAS 34, with the Group adopting new and revised HKFRSs, including amendments to HKAS 12 on deferred tax and the Pillar Two Model Rules, and retrospectively applying accounting guidance on the abolition of the MPF offsetting mechanism, none of which had a material impact on the financial statements - The Group adopted amendments to HKAS 12, 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction,' narrowing the scope of initial recognition exemption, but with no material impact on the statement of financial position[27](index=27&type=chunk)[96](index=96&type=chunk) - The Group first adopted amendments related to 'International Tax Reform—Pillar Two Model Rules' and applied the relevant temporary exception provisions[48](index=48&type=chunk)[49](index=49&type=chunk) - In response to the abolition of the MPF offsetting mechanism in Hong Kong, the Group retrospectively applied relevant accounting guidance to provide more reliable information[50](index=50&type=chunk)[86](index=86&type=chunk) [2. Fair Value Measurement](index=11&type=section&id=2.%20Fair%20Value%20Measurement) The report details fair value measurement hierarchies for financial assets and liabilities, with most financial assets measured at Level 2 (observable inputs like fund investments) and Level 3 (unobservable inputs like unlisted equity securities), for which management uses discounted cash flow, recent transaction prices, and option pricing models for valuation Financial Assets Measured at Fair Value (April 30, 2024) | Asset Class | Level 1 (thousand HKD) | Level 2 (thousand HKD) | Level 3 (thousand HKD) | Total (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets at FVTOCI | – | – | 19,061 | 19,061 | | Financial Assets at FVTPL | – | 20,948 | 1,908 | 22,856 | | **Total** | **–** | **20,948** | **20,969** | **41,917** | - Level 3 fair value financial instruments primarily include unlisted equity securities, investments in simple agreements for future equity, and contingent consideration, valued using discounted cash flow, recent transaction prices, and income approaches[60](index=60&type=chunk)[41](index=41&type=chunk)[69](index=69&type=chunk) [3. Revenue and Segment Information](index=14&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's revenue is primarily derived from four business segments, with 'Exhibitions, Events and Brand Activation' being the largest contributor at approximately **86%** of total revenue, while the Greater China region accounts for the largest share at approximately **46%**, with all segments and key regional markets achieving year-on-year revenue growth Revenue by Business Segment (External Customers) | Business Segment | H1 2024 Revenue (thousand HKD) | H1 2023 Revenue (thousand HKD) | | :--- | :--- | :--- | | Exhibitions, Events and Brand Activation | 2,540,122 | 2,149,148 | | Visual Brand Activation | 160,073 | 159,912 | | Museums and Themed Entertainment | 182,712 | 152,597 | | Conference and Show Management | 59,095 | 31,523 | | **Total** | **2,942,002** | **2,493,180** | Revenue by Geographical Region | Region | H1 2024 Revenue (thousand HKD) | H1 2023 Revenue (thousand HKD) | | :--- | :--- | :--- | | Greater China | 1,346,371 | 1,268,773 | | Southeast Asia | 682,955 | 440,039 | | Middle East | 392,699 | 317,433 | | UK and US | 408,103 | 359,753 | | Others | 111,874 | 107,182 | | **Consolidated Total** | **2,942,002** | **2,493,180** | [4. & 5. Finance Costs and Income Tax Expense](index=16&type=section&id=4.%20%26%205.%20Finance%20Costs%20and%20Income%20Tax%20Expense) During the period, the Group's finance costs decreased to **HKD 16.18 million** from **HKD 20.58 million** due to lower borrowing interest, while income tax expense increased to **HKD 40.85 million** from **HKD 33.80 million**, consistent with the growth in profit before tax Finance Costs and Income Tax Expense | Item | Six Months Ended April 30, 2024 (thousand HKD) | Six Months Ended April 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Finance Costs | 16,176 | 20,580 | | Income Tax Expense | 40,849 | 33,803 | [7. & 8. Dividends and Earnings Per Share (EPS)](index=18&type=section&id=7.%20%26%208.%20Dividends%20and%20Earnings%20Per%20Share%20%28EPS%29) The Group paid a 2023 final dividend of **7.0 HK cents** per share, totaling **HKD 86.78 million**, and the Board resolved to declare a 2024 interim dividend of **5.5 HK cents** per share, significantly higher than **2.0 HK cents** in the prior period, with basic EPS at **15.47 HK cents** and diluted EPS at **15.45 HK cents**, both substantially up year-on-year - The 2023 final dividend paid was **7.0 HK cents** per share, totaling **HKD 86,781 thousand**[105](index=105&type=chunk) - The Board resolved to declare a 2024 interim dividend of **5.5 HK cents** per share (2023: **2.0 HK cents**)[106](index=106&type=chunk) Earnings Per Share Calculation | Item | Six Months Ended April 30, 2024 | Six Months Ended April 30, 2023 | | :--- | :--- | :--- | | Profit (thousand HKD) | 191,701 | 101,111 | | Weighted Average Number of Ordinary Shares (Basic) | 1,239,471,873 | 1,238,350,038 | | Weighted Average Number of Ordinary Shares (Diluted) | 1,241,132,205 | 1,238,971,680 | [Key Balance Sheet Items](index=19&type=section&id=Key%20Balance%20Sheet%20Items) At period-end, the Group's property, plant, and equipment had a carrying value of **HKD 510 million**, intangible assets **HKD 453 million**, trade receivables **HKD 716 million** (mostly within 91 days), and trade payables **HKD 321 million**, with **610,000 new shares** issued during the period due to share option exercises - Trade receivables at period-end were approximately **HKD 716 million**, with about **78%** (**HKD 557 million**) aged within 91 days[113](index=113&type=chunk) - Trade payables at period-end were approximately **HKD 321 million**, with about **75%** (**HKD 240 million**) aged within 91 days[115](index=115&type=chunk) - During the period, **610,000 ordinary shares** were issued due to the exercise of share options[117](index=117&type=chunk)[122](index=122&type=chunk) [18. & 19. Commitments and Contingencies](index=22&type=section&id=18.%20%26%2019.%20Commitments%20and%20Contingencies) As of April 30, 2024, the Group had contracted but unprovided capital commitments of **HKD 4.64 million** and provided guarantees totaling approximately **HKD 79.75 million** for performance bonds and other matters, for which directors believe the likelihood of claims is remote Capital Commitments and Guarantees | Item | April 30, 2024 (thousand HKD) | October 31, 2023 (thousand HKD) | | :--- | :--- | :--- | | Capital Commitments (Contracted but not provided for) | 4,635 | 3,543 | | Performance Guarantees | 66,437 | 106,376 | | Other Guarantees | 13,317 | 1,423 | [21. Subsequent Events](index=23&type=section&id=21.%20Subsequent%20Events) On May 31, 2024, the Group exercised a put option to acquire the remaining **40%** equity interest in indirect non-wholly owned subsidiary Infinity Marketing Team, LLC (IMT) for approximately **USD 30.07 million**, making IMT an indirect wholly-owned subsidiary - Subsequent to the reporting period, the Group acquired the remaining **40%** equity interest in Infinity Marketing Team, LLC (IMT) for a cash consideration of approximately **HKD 235 million** (**USD 30,070,118.39**), making it a wholly-owned subsidiary[133](index=133&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) [Operations Review](index=24&type=section&id=Operations%20Review) Despite global economic challenges, the Group achieved strong growth in H1, leveraging its integrated brand experience framework and 'content, community, creativity, and data' strategy, with sustained growth in Greater China, strong momentum in Southeast Asia, effective investments in the Middle East, steady recovery in the US and Europe, and all business segments recording revenue growth, most notably 'Conference and Show Management' - The Group achieved good progress across key markets (Mainland China, Southeast Asia, Middle East, US, Europe) by integrating data and digital elements into comprehensive cross-platform solutions[137](index=137&type=chunk)[138](index=138&type=chunk) - The Group strategically divested **45%** equity in InfocommAsia Pte Ltd. to reallocate resources and focus on core businesses[138](index=138&type=chunk) [Exhibitions, Events and Brand Activation](index=25&type=section&id=Exhibitions%2C%20Events%20and%20Brand%20Activation) As the Group's largest segment, revenue grew **18.2%** to **HKD 2.54 billion**, demonstrating strong momentum, with the Group providing services for major global exhibitions like Mobile World Congress and Dubai Airshow, and creating innovative digital-integrated brand activation projects for clients such as State Farm and Xiaomi Segment Revenue Performance | Business Segment | H1 2024 Revenue | H1 2023 Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Exhibitions, Events and Brand Activation | HKD 2.54 billion | HKD 2.149 billion | +18.2% | - The Group provides services for numerous renowned global exhibitions and continuously integrates digital interactive elements such as AI, Web3, and VR/AR into cross-platform project solutions[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) [Visual Brand Activation](index=28&type=section&id=Visual%20Brand%20Activation) Despite intensified competition in China's EV market, this segment's revenue remained stable at **HKD 160 million**, consistent with the prior year, as the Group strengthened its market position and secured key contracts by focusing on leading automotive brands like Kia and GAC Aion and leveraging innovative digital tools Segment Revenue Performance | Business Segment | H1 2024 Revenue | H1 2023 Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Visual Brand Activation | HKD 160 million | HKD 160 million | 0% | - The Group was appointed as the exclusive service provider for Kia China's new EV showrooms and provides visual brand services for **150 retail stores** of GAC Aion's premium brand, Hyper[154](index=154&type=chunk) [Museums and Themed Entertainment](index=29&type=section&id=Museums%20and%20Themed%20Entertainment) Revenue for this segment grew **20.4%** to **HKD 183 million**, driven by the smooth progress of ongoing projects and completion of several significant ones, including the well-progressing 11 SKIES themed attraction project in Hong Kong with K11 Group, poised to be a future landmark retail and entertainment destination Segment Revenue Performance | Business Segment | H1 2024 Revenue | H1 2023 Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Museums and Themed Entertainment | HKD 183 million | HKD 152 million | +20.4% | - The Group's 11 SKIES themed attraction project in Hong Kong, in collaboration with K11 Group and adjacent to Hong Kong International Airport, is progressing well and is set to become a future retail and entertainment landmark[158](index=158&type=chunk) [Conference and Show Management](index=30&type=section&id=Conference%20and%20Show%20Management) This segment performed exceptionally well, with revenue surging **84.4%** to **HKD 59 million** as demand for conferences and conventions recovered, leveraging the Group's 'content, community, creativity, and data' strategy, along with smart technology and AI-driven data analytics, to provide deeper insights and effective content for clients Segment Revenue Performance | Business Segment | H1 2024 Revenue | H1 2023 Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | Conference and Show Management | HKD 59 million | HKD 32 million | +84.4% | - The Group capitalized on the recovery in demand for conferences and conventions in key markets like Southeast Asia, achieving rapid business growth[160](index=160&type=chunk) [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's financial position is robust, with net cash balance (bank and cash balances less borrowings) significantly increasing to **HKD 1.146 billion** from **HKD 904 million** at period-end, total borrowings decreasing to **HKD 344 million**, and the gearing ratio falling from **6.20%** to **3.64%**, indicating reduced financial risk and ample liquidity Cash and Borrowing Position (million HKD) | Item | April 30, 2024 | October 31, 2023 | | :--- | :--- | :--- | | Bank and Cash Balances | 1,490 | 1,294 | | Less: Borrowings | (344) | (390) | | **Net Cash Balance** | **1,146** | **904** | Key Financial Ratios | Ratio | April 30, 2024 | October 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 1.46 times | 1.48 times | | Gearing Ratio | 3.64% | 6.20% | [Human Resources](index=32&type=section&id=Human%20Resources) As of April 30, 2024, the Group employed approximately **2,600 full-time staff** globally, with staff costs increasing to **HKD 656 million** from **HKD 454 million** in the prior period, and its remuneration policy is linked to employee performance and regional trends, offering discretionary bonuses and share options as incentives - As of period-end, the Group had approximately **2,600 full-time employees**, with staff costs for the period totaling **HKD 656 million**[169](index=169&type=chunk) [Outlook](index=32&type=section&id=Outlook) The Group is optimistic about its future, poised to capture a larger market share in the recovering economy, supported by a robust pipeline of diverse projects, unique digital experience expertise, and the full acquisition of Infinity Marketing Team, LLC (IMT), while continuing to focus on innovation, integrating AI, data, and Web3 technologies to expand into new markets and sustain profit growth for long-term shareholder value - The Group possesses a strong project pipeline for the second half of the fiscal year and beyond, covering various sectors including exhibitions, automotive projects, and art festivals[172](index=172&type=chunk)[174](index=174&type=chunk) - The full acquisition of IMT will help the Group expand its service expertise and business network in the US, driving new business development[174](index=174&type=chunk)[133](index=133&type=chunk) - The Visual Brand Activation segment will continue to benefit from growth in the EV sector and has been appointed by BYD as one of its qualified suppliers for future global large-scale center projects[175](index=175&type=chunk)[176](index=176&type=chunk) - The Museums and Themed Entertainment segment has secured major project contracts, including the Hong Kong Museum of History, Wetland Park, and a Hollywood movie theme park in Japan, with expected completion between 2025 and 2026[178](index=178&type=chunk)[183](index=183&type=chunk) [Corporate Governance and Other Information](index=36&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Shareholders' Interests](index=36&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) The report discloses directors' and major shareholders' interests in the company's shares, with Pine Asset Management Limited being the largest shareholder at **37.28%** as of April 30, 2024, and institutional investors like FMR LLC and Brandes Investment Partners, L.P. also holding significant positions Major Shareholder Holdings (April 30, 2024) | Shareholder Name | Capacity | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Pine Asset Management Limited | Beneficial Owner | 462,167,186 | 37.28% | | FMR LLC | Interest of Controlled Corporation | 123,789,010 | 9.99% | | Brandes Investment Partners, L.P. | Investment Manager | 99,023,157 | 7.99% | | FIL Limited | Interest of Controlled Corporation | 89,813,000 | 7.24% | [Share Option Schemes](index=36&type=section&id=Share%20Option%20Schemes) The company operates a share option scheme adopted in 2022, with **17,416,000 outstanding share options** under the 2012 and 2022 schemes as of period-end, during which **610,000 options** were exercised, and **HKD 433,000** in share option expenses were recognized - As of April 30, 2024, there were **17,416,000 outstanding share options** under the 2012 and 2022 schemes[197](index=197&type=chunk)[198](index=198&type=chunk) - During the period, **610,000 share options** were exercised at exercise prices of **HKD 1.154** and **HKD 1.300** respectively[198](index=198&type=chunk) - The Group recognized total expenses of **HKD 433,000** for share options granted during the period[208](index=208&type=chunk) [Corporate Governance](index=41&type=section&id=Corporate%20Governance) During the reporting period, the company complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are not separate, but the Board believes the existing arrangement maintains a strong management position with sufficient power balance, and the Audit Committee has reviewed these interim financial statements - The company complies with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are held by the same individual, an arrangement the Board believes maintains a strong management position with sufficient power balance[216](index=216&type=chunk) - The Audit Committee, together with management, has reviewed the Group's accounting principles, internal controls, and unaudited interim financial statements[218](index=218&type=chunk)

本集團之酬金政策乃按個別僱員之表現及根據各地區之薪酬趨勢而制訂，並將每年定 期檢討。除公積金計劃及醫療保險外，亦會根據個別僱員之表現評估而給予僱員酌情 花紅及僱員購股權。 資產抵押 於二零二四年四月三十日，以下資產已被抵押作為若干銀行向本集團授出信貸融資之 抵押品。 | --- | --- | --- | |--------------------|------------|--------------| | | | | | | 二零二四年 | 二零二三年 | | | 四月三十日 | 十月三十一日 | | | 未經審核 | 經審核 | | | 千港元 | 千港元 | | 永久業權土地及樓宇 | 50,021 | 50,510 | | 租賃土地及樓宇 | 93,012 | 94,887 | | 已抵押銀行存款 | 14,381 | 3,711 | | | | | | | 157,414 | 149,108 | – 24 – 或然負債 | --- | --- | --- | |------------------------------------------------|-------------------- ...

賈殷殷 集團首席數字官 52歲，她於二零一八年加入本集團，在品牌傳訊及數碼策略 擁有逾25年經驗。她現時負責推動本集團的數碼轉型。她擁 有南加州大學馬歇爾商學院的環球行政人員工商管理碩士學 位，目前為香港城市大學的工商管理學博士課程學習夥伴， 並獲該校商學院頒發DBA知識貢獻獎。 22 筆克遠東集團有限公司 | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------| | 張志強 | 梁誠 | | 企業發展和人力資源總監 | 高級副總裁－營運管理（中國） | | 57 歲，他於一九九三年加入本集團，在展覽及活動行業擁有 | 執行董事（北京、天津及西安筆克） | | 30 年經驗。他現時負責監管本集團在場館管理及人力資源方 | 56 歲，他於二零零八年加入本集團，在展覽及活動行業擁有 | | 面的企業發展， ...