Group 1 - The company reported a revenue of HKD 108 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.4% [1] - Gross profit increased to HKD 59.6 million, showing a year-on-year growth of 3% [1] - The loss attributable to the company's owners was HKD 45.4 million, a significant improvement compared to a loss of HKD 128 million in the same period last year [1] - The basic loss per share was HKD 0.1228 [1]

Core Viewpoint - Eternity Strategy (00764) reported a revenue of HKD 108 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.42% [1] - The loss attributable to shareholders was HKD 45.366 million, a reduction of 64.55% compared to the previous year [1] - The decrease in loss was primarily due to the absence of goodwill impairment losses, which amounted to HKD 45.591 million in the previous period [1] Financial Performance - Revenue for the period was HKD 108 million, down 0.42% year-on-year [1] - Loss attributable to shareholders was HKD 45.366 million, a significant decrease of 64.55% year-on-year [1] - Earnings per share were reported at a loss of HKD 0.1228 [1] Impairment and Fair Value Changes - The previous period recorded a goodwill impairment loss of HKD 45.591 million, which did not occur in the current reporting period [1] - The fair value changes of financial assets recognized in the profit and loss statement generated a gain of HKD 7.828 million in the current period [1] - In the previous period, the same financial asset category recorded a loss of HKD 19.418 million [1]

Group 1 - The company reported a revenue of HKD 108 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.42% [1] - The loss attributable to shareholders was HKD 45.366 million, a reduction of 64.55% compared to the previous year [1] - The loss per share was HKD 0.1228 [1] Group 2 - The reduction in loss was primarily due to the absence of goodwill impairment losses, which amounted to HKD 45.591 million in the six months ending June 30, 2024 [1] - The fair value changes of financial assets recognized in the profit and loss statement generated a gain of HKD 7.828 million, contrasting with a loss of HKD 19.418 million recorded in the same period last year [1]

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) The interim results announcement provides a comprehensive overview of the group's financial performance, operational segments, and corporate governance for the six months ended June 30, 2025 [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the group's financial position and performance for the period, highlighting a significant reduction in loss due to the absence of goodwill impairment and fair value gains on financial assets [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The statement details the group's revenue, gross profit, and net loss, showing a substantial reduction in loss for the period | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 107,702 | 108,156 | -0.4% | | Gross Profit | 59,601 | 57,940 | +2.9% | | Operating Loss | (3,548) | (82,862) | -95.7% | | Loss Before Tax | (41,187) | (126,898) | -67.6% | | Loss for the Period | (45,366) | (127,983) | -64.6% | | Basic Loss Per Share (HK cents) | (12.28) | (34.63) | -64.6% | - Loss for the period significantly decreased by **64.6%**, primarily due to the absence of goodwill impairment loss (HKD 45,591 thousand) recognized in the prior period and a shift from loss to gain in fair value changes of financial assets at fair value through profit or loss[3](index=3&type=chunk)[4](index=4&type=chunk)[57](index=57&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement outlines the group's assets, liabilities, and equity, indicating a slight decrease in equity and an improvement in net current liabilities | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 2,601,962 | 2,599,323 | +0.1% | | Total Equity | 1,027,472 | 1,052,646 | -2.4% | | Total Liabilities | 1,574,490 | 1,546,677 | +1.8% | | Net Current Liabilities | (549,160) | (563,632) | -2.6% | | Cash and Cash Equivalents | 41,070 | 30,322 | +35.5% | - Equity attributable to owners of the Company decreased by **2.4%**, mainly due to the loss incurred during the period, partially offset by exchange gains from the translation of overseas operations[7](index=7&type=chunk)[64](index=64&type=chunk) - Net current liabilities improved, decreasing from **HKD 563,632 thousand** as of December 31, 2024, to **HKD 549,160 thousand** as of June 30, 2025[7](index=7&type=chunk)[67](index=67&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the financial statements, covering accounting policies, segment performance, asset and liability specifics, and equity incentive plans [Basis of Preparation and Going Concern](index=6&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) This section details the basis for preparing the financial statements and addresses the group's going concern status, including management's mitigating actions - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules of the Stock Exchange[8](index=8&type=chunk) - As of June 30, 2025, the Group incurred a loss of **HKD 45,366 thousand** and had net current liabilities exceeding current assets by **HKD 549,160 thousand**, indicating a material uncertainty regarding going concern[9](index=9&type=chunk) - Management has implemented several measures to address going concern challenges, including actively recovering loans receivable, improving service apartment occupancy, negotiating loan renewals, realizing financial assets, and implementing cost-saving initiatives[9](index=9&type=chunk)[10](index=10&type=chunk) [Significant Accounting Policies](index=7&type=section&id=Significant%20Accounting%20Policies) This section outlines the key accounting policies applied in preparing the condensed consolidated financial statements, including measurement bases and the impact of new standards - The condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value[11](index=11&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards (such as HKAS 21 amendments) had no significant impact on the financial position or performance for the current and prior periods[11](index=11&type=chunk)[12](index=12&type=chunk) [Operating Segments](index=8&type=section&id=Operating%20Segments) The group's performance is analyzed across five operating segments: property investment, sales of financial assets, lending, sales of jewelry products, and operation of golf club houses - The Group operates five segments: property investment, sales of financial assets, lending, sales of jewelry products, and operation of golf club houses[13](index=13&type=chunk)[14](index=14&type=chunk) Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | Revenue (HKD thousands) | (Loss)/Profit (HKD thousands) | | :--- | :--- | :--- | | Property Investment | 2,815 | (46,610) | | Sales of Financial Assets | (574) | 7,214 | | Lending | 6,774 | 8,466 | | Sales of Jewellery Products | 31,255 | 408 | | Operation of Golf Club Houses | 67,432 | 28,752 | | **Consolidated** | **107,702** | **(1,770)** | Segment Assets and Liabilities (As of June 30, 2025) | Segment | Assets (HKD thousands) | Liabilities (HKD thousands) | | :--- | :--- | :--- | | Property Investment | 1,820,579 | (586,123) | | Sales of Financial Assets | 69,055 | (97,779) | | Lending | 217,155 | (10,893) | | Sales of Jewellery Products | 66,543 | (10,325) | | Operation of Golf Club Houses | 406,175 | (346,648) | | **Consolidated** | **2,579,507** | **(1,051,768)** | - The property investment segment recorded the largest loss, primarily impacted by a loss of **HKD 27,058 thousand** from fair value changes of investment properties[13](index=13&type=chunk)[19](index=19&type=chunk) - The operation of golf club houses segment contributed the highest revenue and profit, demonstrating its stable operating performance[13](index=13&type=chunk) [Geographical Information and Major Customers](index=14&type=section&id=Geographical%20Information%20and%20Major%20Customers) This section provides a geographical breakdown of the group's revenue and non-current assets, highlighting its primary operational regions and customer concentration Revenue from External Customers (For the six months ended June 30) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Australia | 891 | 586 | | Europe | 4,069 | 3,696 | | Hong Kong | 33,455 | 36,082 | | China | 69,287 | 67,792 | | **Total** | **107,702** | **108,156** | Non-current Assets (As of reporting period end) | Region | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 259,988 | 283,035 | | China | 1,632,740 | 1,627,112 | | **Total** | **1,892,728** | **1,910,147** | - The Group primarily operates in Hong Kong and China, with China contributing the majority of revenue and non-current assets, and no single external customer accounted for **10%** or more of the Group's total revenue in either period[21](index=21&type=chunk)[22](index=22&type=chunk) [Revenue from Contracts with Customers](index=15&type=section&id=Revenue%20from%20Contracts%20with%20Customers) This section details the revenue generated from customer contracts, categorized by goods and services, with a focus on golf club operations and jewelry sales Revenue from Contracts with Customers Details (For the six months ended June 30) | Type of Goods and Services | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Sales of Jewellery Products | 31,255 | 31,796 | | Operation of Golf Club Houses (Club Activities) | 35,900 | 35,012 | | Operation of Golf Club Houses (Food and Beverage) | 5,429 | 5,398 | | Operation of Golf Club Houses (Membership Fees) | 17,075 | 15,257 | | Property Investment (Property Management Income) | 662 | 729 | | **Revenue from Contracts with Customers** | **90,321** | **88,192** | - Total revenue was **HKD 107,702 thousand**, with **HKD 90,321 thousand** derived from contracts with customers, primarily contributed by the operation of golf club houses and sales of jewelry products[23](index=23&type=chunk) - The sales of financial assets business recorded a trading loss of **HKD 574 thousand**, a significant reduction from the **HKD 4,621 thousand** loss in the prior period[23](index=23&type=chunk)[24](index=24&type=chunk) [Investment and Other Income](index=16&type=section&id=Investment%20and%20Other%20Income) This section details the group's investment and other income sources, primarily driven by estimated interest income from finance leases Investment and Other Income (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Dividend Income | 196 | 228 | | Estimated Interest Income from Finance Lease Receivables | 9,938 | 8,540 | | Interest Income from Bank Deposits | 107 | 105 | | Miscellaneous Income | 285 | 217 | | **Total** | **10,526** | **9,090** | - Investment and other income increased by **15.8%** year-on-year, primarily driven by higher estimated interest income from finance lease receivables[25](index=25&type=chunk) [Other Gains and Losses](index=16&type=section&id=Other%20Gains%20and%20Losses) This section outlines the group's other gains and losses, highlighting the impact of goodwill impairment and fair value changes in financial and investment properties Other Gains and Losses (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Goodwill Impairment Loss | – | (45,591) | | Gains/(Losses) from Fair Value Changes of Financial Assets at FVTPL | 7,828 | (19,418) | | Loss from Fair Value Changes of Investment Properties | (27,058) | (22,444) | | Loss on Disposal of Niches | – | (146) | | Write-off of Property, Plant and Equipment | (6) | – | | **Total** | **(19,236)** | **(87,599)** | - Other gains and losses significantly improved from a loss of **HKD 87,599 thousand** in the prior period to a loss of **HKD 19,236 thousand** in the current period, mainly due to the absence of goodwill impairment loss and a shift from loss to gain in fair value changes of financial assets[26](index=26&type=chunk) - Loss from fair value changes of investment properties increased to **HKD 27,058 thousand** from a loss of **HKD 22,444 thousand** in the prior period[26](index=26&type=chunk) [Expected Credit Loss (ECL) Allowance](index=17&type=section&id=Expected%20Credit%20Loss%20(ECL)%20Allowance) This section details the expected credit loss allowance for financial assets, showing a reversal of provisions in the current period Expected Credit Loss (ECL) Allowance (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | ECL (Reversal)/Allowance for Loans Receivable | (1,702) | (993) | | ECL Allowance for Trade Receivables | – | 2,120 | | **Total** | **(1,702)** | **1,127** | - The current period recorded an expected credit loss allowance reversal of **HKD 1,702 thousand** for financial assets, compared to an allowance of **HKD 1,127 thousand** in the prior period, primarily due to an increased reversal of expected credit loss allowance for loans receivable[27](index=27&type=chunk) [Finance Costs](index=17&type=section&id=Finance%20Costs) This section details the group's finance costs, highlighting a decrease primarily due to reduced estimated interest on secured collateralized notes Finance Costs (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on Amounts Payable to an Associate | 270 | 330 | | Interest on Amounts Payable to Directors and Related Parties | 2,971 | 2,457 | | Interest on Bank Borrowings | 3,811 | 3,373 | | Interest on Lease Liabilities | 6,744 | 6,920 | | Interest on Other Borrowings | 14,915 | 10,984 | | Interest on Convertible Bonds | 396 | – | | Estimated Interest on Secured Collateralized Notes | 12,780 | 24,260 | | **Total (Net of Capitalized Interest)** | **37,639** | **44,036** | - Finance costs decreased by **15%** year-on-year, mainly due to a reduction in estimated interest on secured collateralized notes and lower amounts payable to directors and related parties[28](index=28&type=chunk)[63](index=63&type=chunk) [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) This section outlines the group's income tax expense, noting an increase primarily due to higher corporate income tax in China Income Tax Expense (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong Profits Tax (Current Tax) | – | – | | China Corporate Income Tax (Current Tax) | (6,159) | (3,126) | | Deferred Tax Credit | 1,980 | 2,041 | | **Total** | **(4,179)** | **(1,085)** | - Income tax expense significantly increased year-on-year, primarily due to higher current corporate income tax in China, partially offset by deferred tax credits[29](index=29&type=chunk)[63](index=63&type=chunk) - Chinese subsidiaries are subject to a tax rate of **25%**, while Hong Kong profits tax applies a two-tiered tax rate (**8.25%** and **16.5%**)[29](index=29&type=chunk) [Loss for the Period](index=19&type=section&id=Loss%20for%20the%20Period) This section details the components contributing to the loss for the period, including amortization, cost of inventories sold, depreciation, and staff costs Loss for the Period Deducted/(Included) Items (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Amortization of Intangible Assets | 8,359 | 8,512 | | Cost of Inventories Sold | 25,844 | 26,313 | | Depreciation of Property, Plant and Equipment | 12,073 | 13,444 | | Depreciation of Right-of-use Assets | 3,005 | 3,041 | | Staff Costs (Including Directors' Emoluments) | 33,009 | 38,868 | - Staff costs (including directors' emoluments) decreased by **15%**, primarily due to a reduction in headcount and the implementation of cost-saving measures[30](index=30&type=chunk)[79](index=79&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) This section states the board's decision regarding the interim dividend for the period - For the six months ended June 30, 2025, the Board did not recommend the payment of an interim dividend (2024: nil)[31](index=31&type=chunk)[55](index=55&type=chunk) [Loss Per Share](index=20&type=section&id=Loss%20Per%20Share) This section presents the basic and diluted loss per share, reflecting the overall improvement in the group's financial performance Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Loss Per Share | (12.28) | (34.63) | | Diluted Loss Per Share | (12.28) | (34.63) | - Both basic and diluted loss per share significantly decreased, consistent with the improving trend of the loss for the period[4](index=4&type=chunk)[33](index=33&type=chunk) - No diluted earnings per share were presented for the first half of 2025 as there were no outstanding potential ordinary shares, and for the first half of 2024, share options were not assumed to be exercised as their exercise price was higher than the average market price of the shares[33](index=33&type=chunk) [Loans Receivable](index=21&type=section&id=Loans%20Receivable) This section details the group's loans receivable, including their net amount, interest rates, and collateral arrangements Loans Receivable (As of reporting period end) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loans to Customers | 929,868 | 929,868 | | Accrued Interest Receivable | 58,017 | 55,652 | | Accumulated ECL Allowance | (813,823) | (813,704) | | **Net Loans Receivable** | **174,062** | **171,816** | - Net loans receivable slightly increased, with all loans denominated in HKD and carrying effective annual interest rates ranging from **8% to 20%**[34](index=34&type=chunk) - An expected credit loss allowance reversal of **HKD 1,702 thousand** for loans receivable was recognized in the current period, an increase from **HKD 993 thousand** in the prior period[34](index=34&type=chunk) - Multiple loans receivable are secured by corporate guarantees, share charges, and pledges of niche usage rights[35](index=35&type=chunk) [Trade Receivables](index=22&type=section&id=Trade%20Receivables) This section provides an overview of the group's trade receivables, including their net amount and aging analysis, reflecting improved credit risk assessment Trade Receivables (As of reporting period end) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade Receivables | 40,809 | 39,646 | | Accumulated ECL Allowance | (2,890) | (2,890) | | **Net Trade Receivables** | **37,919** | **36,756** | Aging Analysis of Trade Receivables (As of reporting period end) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 Days | 4,871 | 5,036 | | 31 to 60 Days | 3,651 | 6,795 | | 61 to 90 Days | 7,376 | 6,628 | | 91 to 120 Days | 3,758 | 4,103 | | 121 to 180 Days | 7,555 | 10,052 | | Over 180 Days | 10,708 | 4,142 | | **Total** | **37,919** | **36,756** | - No expected credit loss allowance for trade receivables was recognized in the current period, compared to **HKD 2,120 thousand** in the prior period, indicating an improvement in credit risk assessment[39](index=39&type=chunk) [Trade Payables](index=23&type=section&id=Trade%20Payables) This section details the group's trade payables, including their total amount and aging analysis, and highlights the group's financial risk management policies Trade Payables (As of reporting period end) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade Payables | 39,368 | 43,006 | Aging Analysis of Trade Payables (As of reporting period end) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 Days | 1,729 | 1,555 | | 31 to 60 Days | 1,036 | 3,084 | | 61 to 90 Days | 1,236 | 726 | | 91 to 120 Days | 671 | 84 | | Over 120 Days | 34,696 | 37,557 | | **Total** | **39,368** | **43,006** | - Total trade payables decreased by **8.4%**, with an average credit period of **120 days**, and the Group implements financial risk management policies to ensure timely settlement[40](index=40&type=chunk)[41](index=41&type=chunk) [Equity-settled Share-based Payment Transactions](index=24&type=section&id=Equity-settled%20Share-based%20Payment%20Transactions) This section outlines the group's equity-settled share-based payment transactions, including the status of various share option and share award schemes - The 2011 Share Option Scheme expired on December 11, 2021, with all unexercised share options lapsing during the period[42](index=42&type=chunk)[43](index=43&type=chunk) - The 2021 Share Option Scheme was terminated on August 15, 2024, and no share options have been granted since its adoption[44](index=44&type=chunk) - The Company adopted the 2024 Share Option Scheme, but no share options have been granted since its adoption[45](index=45&type=chunk)[46](index=46&type=chunk) - The Share Award Scheme was amended on August 15, 2024, to comply with the latest requirements of Chapter 17 of the Listing Rules; as of June 30, 2025, the number of shares held for the Share Award Scheme was **12,431 thousand shares**, valued at **HKD 24,455 thousand**, with no new purchases during the period[47](index=47&type=chunk)[48](index=48&type=chunk) - For the year ended December 31, 2024, **3,800,000** share awards were granted to consultant Mr. Wong Chun Hung under the Share Award Scheme, with a purchase price of zero and a fair value of **HKD 0.65**[49](index=49&type=chunk) [Comparative Figures](index=28&type=section&id=Comparative%20Figures) This section explains the adjustments made to comparative figures due to a share consolidation event - Certain comparative figures have been adjusted for the share consolidation that became effective on June 20, 2025, assuming it was effective in prior periods[54](index=54&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the group's financial performance, liquidity, capital structure, business segment results, and future outlook, highlighting strategies for navigating economic uncertainties [Financial Review](index=29&type=section&id=Financial%20Review) This section reviews the group's financial performance, including revenue, loss attributable to owners, gross profit margins, administrative expenses, and associate contributions - The Group's revenue was **HKD 107,702 thousand**, a **0.4%** decrease from the prior period, mainly due to reduced lending and property investment businesses, partially offset by a narrower loss from sales of financial assets and growth in golf club operations[56](index=56&type=chunk) - Loss attributable to owners of the Company decreased by **65%**, primarily due to the absence of goodwill impairment loss (HKD 45,591 thousand) recognized in the prior period and a shift from loss to gain in fair value changes of financial assets[57](index=57&type=chunk) Gross Profit and Gross Profit Margin by Major Business (For the six months ended June 30) | Business | 2025 Gross Profit (HKD thousands) | 2024 Gross Profit (HKD thousands) | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Sales of Jewellery Products | 5,412 | 5,483 | 17% | 17% | | Property Investment | 2,815 | 5,235 | - | - | | Operation of Golf Club Houses | 45,175 | 40,710 | 67% | 63% | - Administrative expenses decreased to **HKD 54,515 thousand**, primarily due to the Group's effective cost-saving measures[61](index=61&type=chunk) - Share of results of associates turned from a loss to a profit of **HKD 713 thousand**, mainly from the profit contribution of Elite Prosperous Investment Limited[61](index=61&type=chunk) [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) This section assesses the group's liquidity and financial resources, including equity, cash, outstanding borrowings, and key liquidity ratios - Equity attributable to owners of the Company decreased by **2.4%** to **HKD 1,033,111 thousand**, primarily due to the loss for the period, partially offset by exchange gains[64](index=64&type=chunk) - Cash and cash equivalents increased by **35.5%** to **HKD 41,070 thousand**[64](index=64&type=chunk) - Total outstanding borrowings amounted to **HKD 650,207 thousand**, comprising secured notes, bank financing, finance company loans, securities margin financing, and advances from directors/related parties, with most being secured or guaranteed[64](index=64&type=chunk)[65](index=65&type=chunk)[70](index=70&type=chunk) Liquidity Indicators (As of reporting period end) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 63% | 60% | | Net Current Liabilities (HKD thousands) | 549,160 | 563,632 | | Current Ratio | 0.47 | 0.45 | [Capital Structure and Share Consolidation](index=33&type=section&id=Capital%20Structure%20and%20Share%20Consolidation) This section discusses the group's capital structure and the impact of the share consolidation event during the period - The Company's capital structure remained unchanged during the period[68](index=68&type=chunk) - On June 20, 2025, the Company implemented a share consolidation, where every ten ordinary shares of **HKD 0.01** par value were consolidated into one ordinary share of **HKD 0.10** par value, with the number of issued shares adjusted accordingly[69](index=69&type=chunk) [Equity Fundraising Activities](index=34&type=section&id=Equity%20Fundraising%20Activities) This section summarizes the group's equity fundraising activities over the past 12 months, including convertible bond subscriptions and their utilization Equity Fundraising Activities in the Past 12 Months | Announcement Date | Fundraising Activity | Net Proceeds | Intended Use | Actual Use | | :--- | :--- | :--- | :--- | :--- | | December 23, 2024 & January 7, 2025 | Subscription of Convertible Bonds | Approx. HKD 4 million | General working capital | Consistent with announced intended use | | April 16, 2025 & April 29, 2025 | Subscription of Convertible Bonds | Approx. HKD 9 million | (i) Up to approx. HKD 2 million for general working capital; (ii) Up to approx. HKD 7 million for debt repayment | Consistent with announced intended use | - As of the date of this announcement, all proceeds from fundraising activities have been fully utilized[71](index=71&type=chunk) [Major Acquisitions and Disposals](index=34&type=section&id=Major%20Acquisitions%20and%20Disposals) This section confirms the absence of any major acquisitions or disposals of subsidiaries, associates, and joint ventures during the period - For the six months ended June 30, 2025, the Group had no major acquisitions or disposals of subsidiaries, associates, or joint ventures[72](index=72&type=chunk)[73](index=73&type=chunk) [Pledged Assets and Major Commitments](index=35&type=section&id=Pledged%20Assets%20and%20Major%20Commitments) This section details the group's pledged assets as collateral for borrowings and outlines its significant contractual commitments - The Group has pledged Shun Tak Property, **100%** of the issued shares of Eternal Strategy Investment (China) Co., Ltd., Hong Kong-listed equity securities, bank deposits, and life insurance policies of key management personnel as collateral for borrowings[77](index=77&type=chunk) - As of June 30, 2025, total contracted but unprovided commitments for the development costs of the main land parcel amounted to **HKD 246,284 thousand**, an increase from December 31, 2024[75](index=75&type=chunk) [Exchange Rate Risk and Hedging](index=35&type=section&id=Exchange%20Rate%20Risk%20and%20Hedging) This section addresses the group's exposure to exchange rate risk, primarily in HKD and RMB, and its hedging strategy - The Group is primarily exposed to exchange rate risk denominated in HKD and RMB, but did not use financial instruments for hedging purposes during the six months ended June 30, 2025[76](index=76&type=chunk) [Legal Proceedings](index=36&type=section&id=Legal%20Proceedings) This section provides an update on significant legal proceedings involving the group, including a civil lawsuit concerning outstanding legal fees - Beihu No. 9, a wholly-owned subsidiary of the Company, is involved in a civil lawsuit concerning outstanding legal fees, with a claim amount of **RMB 31,000,000** (approximately **HKD 33,967 thousand**)[78](index=78&type=chunk) - The Group's PRC legal counsel advised that Beihu No. 9 is unlikely to be required to pay the fees, thus no provision for liability has been made[78](index=78&type=chunk) [Employees and Remuneration Policy](index=36&type=section&id=Employees%20and%20Remuneration%20Policy) This section details the group's employee numbers, staff costs, and remuneration policies, highlighting cost-saving measures Employees and Staff Costs (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 346 | 357 | | Staff Costs (HKD thousands) | 33,009 | 38,868 | - The decrease in staff costs was primarily due to a reduction in headcount and the implementation of effective cost-saving measures[79](index=79&type=chunk) - Employee benefits include basic salaries, contributions to retirement benefit schemes, discretionary bonuses, medical plans, share options, and share awards[79](index=79&type=chunk) [Business Review](index=36&type=section&id=Business%20Review) This section provides a detailed review of the performance and strategic initiatives for each of the group's operating segments [Sales of Financial Assets Business](index=36&type=section&id=Sales%20of%20Financial%20Assets%20Business) This section reviews the performance of the sales of financial assets business, noting a shift from loss to profit due to fair value changes and reduced trading losses Sales of Financial Assets Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Segment Revenue (Pre-tax) | 7,214 | (24,109) | | Gains/(Losses) from Fair Value Changes of Financial Assets at FVTPL | 7,828 | (19,418) | | Trading Loss on Sales of Financial Assets | (574) | (4,621) | - This business segment shifted from a loss to a profit, primarily benefiting from a change from loss to gain in fair value changes of financial assets and a significant reduction in trading losses[80](index=80&type=chunk) - The sale of three Hong Kong-listed equity securities resulted in a trading loss of **HKD 574 thousand** in the current period, with the fair value of Hong Kong-listed equity securities held at period-end being **HKD 46,196 thousand**[80](index=80&type=chunk)[81](index=81&type=chunk) [Lending Business](index=38&type=section&id=Lending%20Business) This section reviews the lending business, noting a decrease in interest income and segment profit due to credit-impaired loans, alongside ongoing recovery efforts Lending Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Loan Interest Income | 6,774 | 11,133 | | Segment Profit (Pre-tax) | 8,466 | 9,489 | - Loan interest income decreased by **39%**, primarily because interest income is no longer recognized for nine loans classified as Stage 3 (credit-impaired), and interest for three other Stage 3 loans is calculated on their net carrying amount[83](index=83&type=chunk) - Segment profit decreased by **11%**, mainly impacted by reduced loan interest income, partially offset by lower salaries[83](index=83&type=chunk) - No new loans were granted or principal drawn by customers during the period, and at period-end, **12** outstanding loans totaling **HKD 987,885 thousand** were classified as Stage 3 (credit-impaired)[83](index=83&type=chunk) - An expected credit loss allowance reversal of **HKD 1,702 thousand** for loans receivable was recognized in the current period, an increase from **HKD 993 thousand** in the prior period[84](index=84&type=chunk) - The Group is actively pursuing recovery actions against multiple credit-impaired customers (e.g., Customers A, D, I, J, H, F, L, N, G), including extending repayment periods, legal proceedings, asset preservation, and negotiating settlement agreements[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Sales of Jewellery Products Business](index=41&type=section&id=Sales%20of%20Jewellery%20Products%20Business) This section reviews the sales of jewelry products business, which turned profitable due to the absence of trade receivables provisions, and outlines strategies for market expansion and product diversification Sales of Jewellery Products Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 31,255 | 31,796 | | Segment Revenue (Pre-tax) | 408 | (1,803) | - This business segment shifted from a loss to a profit, primarily because no provision for trade receivables was made in the current period, compared to a **HKD 2,120 thousand** provision in the prior period[90](index=90&type=chunk) - To address the sluggish market and soaring gold prices, the Group is developing affordable jewelry products and other gemstone jewelry, with plans to expand into Japan and other Asia-Pacific markets[91](index=91&type=chunk) - Inventories of jewelry products at period-end amounted to **HKD 26,816 thousand**, slightly lower than at the end of last year[91](index=91&type=chunk) [Property Investment Business](index=42&type=section&id=Property%20Investment%20Business) This section reviews the property investment business, noting reduced revenue due to lower occupancy but a narrower segment loss due to the absence of goodwill impairment Property Investment Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 2,815 | 5,235 | | Segment Loss (Pre-tax) | (46,610) | (88,890) | - Revenue decreased by **46%**, primarily due to lower occupancy rates of residential serviced apartments[92](index=92&type=chunk) - Segment loss significantly narrowed, primarily due to the absence of goodwill impairment loss in the current period (HKD 45,591 thousand in the prior period)[92](index=92&type=chunk)[95](index=95&type=chunk) - The Group has developed seven residential serviced apartments and two office buildings on the main land parcel in Beijing, currently leased primarily under short-term agreements[93](index=93&type=chunk)[94](index=94&type=chunk) - Loss from fair value changes of investment properties amounted to **HKD 27,058 thousand**, including a loss of **HKD 6,845 thousand** from residential serviced apartments, a loss of **HKD 20,500 thousand** from the investment property portion of Shun Tak Property, and a gain of **HKD 287 thousand** from Hong Kong Po Fook Hill niches[95](index=95&type=chunk)[96](index=96&type=chunk) [Operation of Golf Club House Business](index=44&type=section&id=Operation%20of%20Golf%20Club%20House%20Business) This section reviews the operation of golf club house business, which demonstrated growth in both revenue and segment profit through self-management and diverse income streams Operation of Golf Club House Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 67,432 | 64,613 | | Segment Profit (Pre-tax) | 28,752 | 24,860 | - This business achieved growth in both revenue and segment profit, demonstrating its stable income-generating capability[98](index=98&type=chunk) - Since October 2023, the Group has self-operated and managed the club house, with primary income sources from members, golf club operations, and food and beverage operations[97](index=97&type=chunk) [Associates](index=45&type=section&id=Associates) This section details the contributions from the group's associates, including profit from Elite Prosperous Investment Limited and the impact of losses from China Smart Health Holdings Limited - Elite Prosperous Investment Limited, in which the Company holds a **49%** interest, contributed a profit of **HKD 713 thousand**, primarily from gains on fair value changes of its unlisted investment holding company investments[99](index=99&type=chunk) - China Smart Health Holdings Limited, in which the Company holds a **21.94%** interest, had a zero share of loss for the period, as its losses equaled or exceeded the Group's interest in the associate[99](index=99&type=chunk)[100](index=100&type=chunk) [Future Prospects](index=45&type=section&id=Future%20Prospects) This section outlines the group's outlook and strategic priorities for the second half of 2025, addressing macroeconomic uncertainties and specific business segment plans - Directors anticipate that the global macroeconomic environment in the second half of 2025 will remain uncertain, characterized by inflationary pressures, volatile energy prices, geopolitical risks, and trade tensions[101](index=101&type=chunk) - The Group will prudently monitor the stock market, adjust its equity securities investment portfolio as needed, maintain its loan portfolio size, and closely monitor repayment statuses[101](index=101&type=chunk)[102](index=102&type=chunk) - The jewelry products business will continue to develop affordable and other gemstone products and explore new markets in Japan and Southeast Asia, with performance in the second half expected to be similar to the first half[102](index=102&type=chunk) - The property investment business will allocate more resources to marketing and leasing activities to improve occupancy rates and complete the remaining residential serviced apartments and office buildings as planned[102](index=102&type=chunk) - The golf club operation business is expected to generate stable income and achieve moderate growth, with management focusing on enhancing operational efficiency and customer experience[103](index=103&type=chunk) [Events After Reporting Period](index=46&type=section&id=Events%20After%20Reporting%20Period) This section confirms the absence of any significant events subsequent to the reporting period - The Group had no significant events after the reporting period and up to the date of approval of the condensed consolidated financial statements[104](index=104&type=chunk) [Corporate Governance and Other Information](index=47&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the group's corporate governance practices, including compliance with the code, standards for directors' securities transactions, and the financial information review process [Corporate Governance Code](index=47&type=section&id=Corporate%20Governance%20Code) This section details the company's adherence to the Corporate Governance Code, noting an exception regarding the combined roles of Chairman and CEO - The Company has complied with the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules for the six months ended June 30, 2025, except for code provision C.2.1[105](index=105&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Li Hung Wai, with the Board believing this arrangement provides strong and consistent leadership and enhances the effectiveness of business strategies[105](index=105&type=chunk) [Standard Code for Securities Transactions by Directors](index=47&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) This section confirms that all directors have complied with the standard code for securities transactions - All Directors have confirmed their compliance with the Standard Code set out in Appendix C3 to the Listing Rules for the six months ended June 30, 2025[106](index=106&type=chunk) [Review of Financial Information](index=47&type=section&id=Review%20of%20Financial%20Information) This section confirms the review of the interim report and condensed consolidated financial statements by the audit committee - The Audit Committee of the Board has reviewed the 2025 interim report and the condensed consolidated financial statements for the six months ended June 30, 2025, and agreed with the accounting policies and practices adopted[107](index=107&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=47&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This section outlines the publication details for the interim results announcement and the interim report - This interim results announcement has been published on the Company's and the Stock Exchange's websites, and the interim report will be dispatched to shareholders and published at an appropriate time[108](index=108&type=chunk)

Core Viewpoint - The company expects a significant reduction in losses for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to the absence of goodwill impairment losses and positive changes in the fair value of financial assets [1] Financial Performance - The expected loss attributable to owners of the company will decrease by approximately 61% to 66%, from HKD 128 million in 2024 to a significantly lower figure in 2025 [1] - In 2024, the company recognized a goodwill impairment loss of HKD 45.6 million, which will not be present in the upcoming period [1] - The fair value changes of financial assets are projected to yield a gain of HKD 7.8 million, contrasting with a loss of HKD 19.4 million in the same period of 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ETERNITY INVESTMENT LIMITED * 764 內幕消息 截至二零二五年六月三十日止六個月 預期虧損大幅減少 本公佈乃Eternity Investment Limited（永恒策略投資有限公司*）（「本公司」，連同其附 屬公司為「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及證券及期貨條例（香港法例第571章）第XIVA部之內幕消息條文（定義見上 市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資 者，與二零二四年同期本公司擁有人應佔虧損128,000,000港元相比，預期截至二零二五年 六月三十日止六個月（「本期間」）之本公司擁有人應佔虧損將減少約61%至66%。該大 幅減幅主要由於(i) 本期間並無於二零二四年同期確認商譽減值虧損45,600,000港元；及(ii) 按公平值計入損益表之金融資 ...

Core Viewpoint - Eternity Strategy (00764.HK) will hold a board meeting on August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution, if any [1] Group 1 - The board meeting is scheduled for August 28, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The proposal for an interim dividend distribution will also be reviewed [1]

承董事會命 Eternity Investment Limited 永恒策略投資有限公司* * 764 董事會會議日期 Eternity Investment Limited (永恒策略投資有限公司*) (「本公司」)之董事會(「董事會」) 謹此宣佈，將於二零二五年八月二十八日(星期四)舉行董事會會議，以(其中包括)批准及 刊發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未經審核之中期業績及考慮 派發中期股息(如適用)。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ETERNITY INVESTMENT LIMITED 主席 李雄偉 香港，二零二五年八月十五日 於本公佈日期，董事會包括三名執行董事李雄偉先生、張國偉先生及張國勳先生；以及 四名獨立非執行董事尹成志先生、吳向仁先生、梁曼儀女士及羅國豪先生。 * 僅供識別 ...

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 FF301 致：香港交易及結算所有限公司 公司名稱: 永恒策略投資有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00764 | 說明 | 永恒策略 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本 ...

资料显示，永恒策略投资有限公司于2000年2月在香港联合交易所有限公司上市。本公司乃一间投资控 股公司,而其附属公司主要从事销售金融资产、物业投资、借贷,以及设计及销售珠宝产品。 6月9日，截至港股收盘，恒生指数上涨1.63%，报24181.43点。永恒策略（00764.HK）收报0.046港元/ 股，上涨9.52%，成交量8万股，成交额3440港元，振幅14.29%。 最近一个月来，永恒策略累计跌幅4.55%，今年来累计跌幅40%，跑输恒生指数18.61%的涨幅。 财务数据显示，截至2024年12月31日，永恒策略实现营业总收入2.07亿元，同比增长13.87%；归母净利 润-3.85亿元，同比减少51.08%；毛利率49.84%，资产负债率59.5%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，综合企业行业市盈率（TTM）平均值为3.77倍，行业中值0.48倍。永恒策略市盈率-0.39 倍，行业排名第23位；其他金山能源（00663.HK）为1.33倍、天津发展（00882.HK）为4.05倍、上海实 业控股（00363.HK）为4.76倍、中信股份（00267.HK）为4.81倍 ...