Core Viewpoint - Automatic Systems (00771.HK) announced changes in its board of directors effective from September 18, 2025, including new appointments and retirements [1] Group 1: Board Appointments - Chen Zheng has been appointed as an independent non-executive director of the company [1] - Huang Chenhong has been appointed as an independent non-executive director of the company [1] Group 2: Board Retirements - Pan Xinrong has resigned from the position of independent non-executive director due to retirement [1] - Ke Xiaojing has resigned from the position of independent non-executive director due to retirement [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 AUTOMATED SYSTEMS HOLDINGS LIMITED 自動系統集團有限公司* （於百慕達註冊成立之有限公司） （股份代號︰771） 獨立非執行董事變更 及 董事會轄下委員會組成變更 1 (1) 陳征先生已獲委任為本公司獨立非執行董事； (2) 黃陳宏博士已獲委任為本公司獨立非執行董事； (3) 潘欣榮先生因退休，已辭任本公司獨立非執行董事之職務； (4) 柯小菁女士因退休，已辭任本公司獨立非執行董事之職務；及 (5) 本公司董事會轄下委員會組成變更如下： i. 陳征先生已獲委任為本公司薪酬委員會主席、本公司審核委員會、提名委員會及 投資委員會成員； ii. 黃陳宏博士已獲委任為本公司審核委員會、薪酬委員會及提名委員會成員； iii. 張秉霞女士已獲委任為本公司提名委員會成員； iv. 潘欣榮先生已不再擔任本公司薪酬委員會主席、本公司審核委員會、提名委員會 及投資委員會成員；及 v. 柯小 ...

19th September 2025 Dear Non-registered Shareholder(s) (Note 1) , AUTOMATED SYSTEMS HOLDINGS LIMITED 自動系統集團有限公司＊ (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 771) （股份代號：771） NOTIFICATION LETTER 通知信函 Automated Systems Holdings Limited (the "Company") – Notice of publication of the Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the website of the Company at www.asl.com.hk (cli ...

AUTOMATED SYSTEMS HOLDINGS LIMITED 自動系統集團有限公司＊ (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 771) （股份代號：771） NOTIFICATION LETTER 通知信函 19th September 2025 Dear Registered Shareholder(s), Automated Systems Holdings Limited (the "Company") – Notice of publication of the Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the website of the Company at www.asl.com.hk (click "Investor R ...

Financial Performance - New contracts signed amounted to HKD 1,519.3 million, representing a 17.3% increase compared to the same period last year[4] - Group gross profit rose to HKD 129.0 million, with a net profit of HKD 41.5 million, reflecting a 9.0% increase year-on-year[4] - Core business revenue in Hong Kong and other Asia-Pacific regions reached HKD 1,332.9 million, an 8.8% increase from the previous year[4] - Adjusted EBITDA for core business grew to HKD 59.6 million, indicating a stable performance[4] - Adjusted EBITDA for the six months ended June 30, 2025, was HKD 1,332,883,000, compared to HKD 1,225,462,000 for the same period in 2024, representing an increase of approximately 8.8%[45] - The net profit attributable to equity holders for the six months ended June 30, 2025, was HKD 41,515,000, compared to HKD 38,101,000 in 2024, reflecting an increase of approximately 10.5%[45] - Basic earnings per share for the period was HKD 4.98, compared to HKD 4.57 in 2024, marking an increase of about 9%[45] - The total revenue for the six months ended June 30, 2025, was HKD 1,332,883,000, which is an increase of approximately 8.8% from HKD 1,225,462,000 in 2024[45] - The company reported a profit of HKD 41,515,000 for the six months ended June 30, 2025, compared to HKD 38,101,000 for the same period in 2024, representing an increase of approximately 6.5%[48] - The total comprehensive income attributable to equity holders of the company for the period was HKD 73,015,000, significantly up from HKD 31,955,000 in the previous year, indicating a growth of about 128%[48] Revenue Breakdown - Revenue from product sales was HKD 675,890,000, up from HKD 611,325,000, reflecting a growth of 10.5%[70] - Revenue from service contracts amounted to HKD 656,993,000, compared to HKD 614,137,000, representing a growth of 7%[70] - The group reported a significant increase in revenue from Hong Kong, reaching HKD 1,226,905,000 for the six months ended June 30, 2025, compared to HKD 1,161,779,000 in 2024, which is an increase of approximately 5.6%[79] - Revenue from the Innovative Industry Solutions segment was HKD 296.4 million, driven by increased demand for application development and IT outsourcing services[137] - The Smart Network Security Services segment recorded service revenue of HKD 105.6 million, with significant contracts including two network framework agreements valued at approximately HKD 125 million[138] - Revenue from the IT Integrated Management Services segment was HKD 235.4 million, benefiting from the demand for IT Service Management projects[139] Expenses and Liabilities - The cost of goods sold for the same period was HKD 583,487,000, up from HKD 522,218,000 in 2024, indicating a rise of about 11.7%[45] - The administrative expenses for the period were HKD 33,444,000, compared to HKD 31,895,000 in 2024, reflecting an increase of about 4.9%[45] - The group’s pre-tax profit for the six months ended June 30, 2025, included employee benefit expenses of HKD 380,672,000, which increased from HKD 340,358,000 in 2024, marking an increase of approximately 11.8%[88] - The total liabilities stood at HKD 1,019,899,000, up from HKD 999,513,000, representing a growth of about 2.1%[51] - The company incurred expenses of HKD 7,276,000 for the purchase of property, plant, and equipment in 2025, compared to HKD 4,331,000 in 2024, indicating an increase of approximately 68.5%[58] Assets and Cash Flow - The company's total assets increased to HKD 3,347,740,000 as of June 30, 2025, from HKD 3,276,421,000 at the end of 2024, reflecting a rise of approximately 2.2%[50] - Current assets increased to HKD 1,713,528,000, compared to HKD 1,662,349,000, which is an increase of approximately 3.1%[51] - The company’s cash and cash equivalents rose to HKD 649,377,000, compared to HKD 299,087,000, marking an increase of approximately 117.5%[51] - Cash inflow from investment activities was HKD 320,686,000 in 2025, a turnaround from a cash outflow of HKD 51,953,000 in 2024[58] - The net increase in cash and cash equivalents for the six months ended June 30, 2025, was HKD 343,797,000, compared to HKD 131,563,000 in 2024, representing a growth of approximately 161.6%[58] Strategic Initiatives and Future Outlook - The company plans to strengthen its talent pool and training in response to rapid technological advancements[30] - Future investments will focus on the "Xin Chuang" sector, establishing a professional technical evaluation team[30] - The implementation of the "Protection of Key Infrastructure (Computer Systems) Ordinance" in January 2026 will create market opportunities that the company intends to capitalize on[30] - The company aims to become a leading integrated technology service partner in the region, leveraging a diverse technology advantage[31] - The group aims to strengthen talent reserves and training while increasing investments in the information technology sector, particularly in the field of innovative solutions and artificial intelligence applications[146] Shareholder Information and Stock Options - The company has adopted a share option scheme effective from March 13, 2017, with a total share issuance limit of 10% of the issued shares at the time of adoption[115] - As of June 30, 2025, the total number of share options granted under the 2017 scheme was 22,318,325, with a weighted average exercise price of HK$0.948[116] - The company confirmed no expenses related to the share option scheme for the six months ended June 30, 2025, consistent with the previous year[118] - The company has granted 6,250 restricted stock units under the 2023 incentive plan, which will become tradable on May 23, 2025[158] - The total number of shares that can be issued under the 2024 Share Plan is capped at 10% of the total shares issued as of September 4, 2024, amounting to 83,369,649 shares[171]

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 公司名稱: 自動系統集團有限公司 呈交日期: 2025年9月4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) | 00771 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000, ...

Core Viewpoint - The company reported a solid performance in its interim results for the six months ending June 30, 2025, despite ongoing geopolitical and economic uncertainties, with revenue and profit showing positive growth compared to the previous year [1] Financial Performance - The company achieved revenue of HKD 1.333 billion, representing an increase of 8.77% year-on-year [1] - Profit attributable to equity holders for the period was HKD 41.515 million, reflecting an increase of 8.96% year-on-year [1] - Basic earnings per share were HKD 4.98 [1] Business Segments - The company’s three core business segments—Application Development, Cybersecurity, and Omni-channel Managed Services—showed robust growth in total service revenue compared to the same period last year [1] - The adjusted EBITDA performance remained stable, benefiting from an increase in new orders in Hong Kong, Macau, and the Asia-Pacific region compared to the previous year [1]

Core Viewpoint - The company reported a revenue of HKD 1.333 billion for the six months ending June 30, 2025, representing an 8.77% year-on-year increase [1] - The profit attributable to equity holders was HKD 41.515 million, up 8.96% year-on-year, with basic earnings per share at HKD 4.98 [1] Financial Performance - The company maintained stable performance amid ongoing geopolitical and economic uncertainties [1] - Adjusted EBITDA showed steady performance, benefiting from an increase in new orders in Hong Kong, Macau, and the Asia-Pacific region compared to the same period last year [1] Business Segments - The total service revenue from the company's three core businesses—Application Development, Cybersecurity, and Omni-channel Managed Services—exhibited robust growth compared to the previous year [1]

Core Viewpoint - The company reported stable total revenue and gross profit for the six months ending June 30, 2025, with a slight increase in net profit attributed to improved performance from associated companies [1] Financial Performance - Total revenue for the period was HKD 1,332.9 million, with gross profit at HKD 129.0 million, both remaining relatively unchanged compared to the same period last year [1] - Product sales increased by 10.6% to HKD 675.9 million, while service revenue rose by 7.0% to HKD 657.0 million [1] - The profit attributable to equity holders of the company was HKD 41.5 million, up 9.0% from HKD 38.1 million in the previous year [1]

[Group Performance Overview](index=1&type=section&id=Group%20Performance%20Overview) [Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) The Group reported growth in revenue and profit for the period, with significant new order intake and stable adjusted EBITDA and profit | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :-------------------- | :-------------------- | :----------- | | Revenue | 1,332,900 | 1,225,500 | 8.8% | | Profit for the period | 41,500 | 38,100 | 9.0% | | New Orders Signed | 1,519,300 | 1,295,000 | 17.3% | | Adjusted EBITDA | 59,600 | 58,200 | 2.2% | | Adjusted Profit | 45,700 | 46,000 | -0.7% | | Basic EPS (HK cents) | 4.98 | 4.57 | 9.0% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The condensed consolidated statement of profit or loss shows growth in revenue and profit attributable to owners, driven by increased revenue and improved associate performance | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Revenue | 1,332,883 | 1,225,462 | | Cost of sales | (583,487) | (522,218) | | Cost of services provided | (620,426) | (580,053) | | Other income | 11,561 | 13,332 | | Other net loss | (4,452) | (921) | | Selling expenses | (55,027) | (47,403) | | Administrative expenses | (33,444) | (31,895) | | Finance income | 530 | 85 | | Finance costs | (729) | (563) | | Share of results of associates | 3,324 | (7,867) | | Profit before income tax | 50,733 | 47,959 | | Income tax expense | (9,218) | (9,858) | | Profit for the period attributable to owners of the Company | 41,515 | 38,101 | | Basic EPS (HK cents) | 4.98 | 4.57 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The condensed consolidated statement of comprehensive income shows a significant increase in total comprehensive income, primarily due to favorable exchange differences from foreign operations | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Profit for the period | 41,515 | 38,101 | | Exchange differences on translation of foreign operations | 23,547 | (4,638) | | Share of other comprehensive income/(loss) of associates | 7,953 | (1,508) | | Total comprehensive income for the period attributable to owners of the Company | 73,015 | 31,955 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group maintained a robust financial position with increased total assets, equity attributable to owners, and a healthy working capital ratio | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Total Assets | 3,347,740 | 3,276,421 | | Equity attributable to owners of the Company | 2,327,841 | 2,276,908 | | Total Liabilities | 1,019,899 | 999,513 | | Net Current Assets | 862,316 | 828,266 | - The working capital ratio was approximately **2.01:1**, indicating a sound financial position[54](index=54&type=chunk) [Notes to the Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) [Basis of Preparation and Accounting Policies](index=6&type=section&id=3.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared under HKAS 34 and Listing Rules, adopting revised HKAS 21 with no significant impact on performance or financial position - The interim financial information has been prepared in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[11](index=11&type=chunk) - The adoption of the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability' had no significant impact on the Group's results and financial position for the current and prior periods[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.2%20Revenue%20and%20Segment%20Information) The Group's revenue is primarily from IT products and services, with Hong Kong as the main source and non-current assets in overseas markets - The Group comprises two operating segments: IT products and IT services[13](index=13&type=chunk) [Revenue Composition](index=7&type=section&id=3.2.1%20Revenue%20Composition) This section details the composition of the Group's revenue, distinguishing between sales of goods and revenue from service contracts | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change (%) | | :------- | :-------------- | :-------------- | :----------- | | Sales of goods | 675,890 | 611,325 | 10.6% | | Revenue from service contracts | 656,993 | 614,137 | 7.0% | | **Total Revenue** | **1,332,883** | **1,225,462** | **8.8%** | [Operating Segment Performance](index=7&type=section&id=3.2.2%20Operating%20Segment%20Performance) This section details the financial performance of the Group's IT products and IT services segments, including external customer revenue and segment profit | Segment | 2025 External Customer Revenue (HKD thousands) | 2024 External Customer Revenue (HKD thousands) | 2025 Reportable Segment Profit (HKD thousands) | 2024 Reportable Segment Profit (HKD thousands) | | :--- | :-------------------------- | :-------------------------- | :---------------------------- | :---------------------------- | | IT Products | 675,890 | 611,325 | 68,815 | 67,276 | | IT Services | 656,993 | 614,137 | 1,866 | 8,087 | - Profit from the IT Services segment decreased by approximately **77%** year-on-year, while profit from the IT Products segment saw a slight increase[15](index=15&type=chunk)[16](index=16&type=chunk) [Segment Reconciliation](index=9&type=section&id=3.2.3%20Segment%20Reconciliation) This section reconciles reportable segment revenue and profit with the condensed consolidated statement of profit or loss, detailing adjustments and unallocated items - After reconciliation, reportable segment revenue for 2025 was **HKD 1,332,883 thousands**, excluding **HKD 19,289 thousands** of inter-segment revenue[20](index=20&type=chunk) - Reportable segment profit reconciled to profit before income tax for 2025 was **HKD 50,733 thousands**, with key adjustments including unallocated other income, other net loss, depreciation, share of results of associates, finance costs, and unallocated corporate expenses[22](index=22&type=chunk) - Unallocated assets included **HKD 1,241,212 thousands** in interests in associates and **HKD 649,377 thousands** in bank balances and cash[23](index=23&type=chunk) [Geographical Segment Information](index=11&type=section&id=3.2.4%20Geographical%20Segment%20Information) This section provides geographical breakdown of external customer revenue and non-current assets, highlighting key regions like Hong Kong, USA, and Thailand | Location | 2025 External Customer Revenue (HKD thousands) | 2024 External Customer Revenue (HKD thousands) | 2025 Non-current Assets (HKD thousands) | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | | Hong Kong | 1,226,905 | 1,161,779 | 317,771 | | USA | – | – | 1,204,116 | | Thailand | 57,511 | 22,966 | 558 | - The USA region holds the largest proprietary non-current assets, primarily consisting of interests in associates[25](index=25&type=chunk) - External customer revenue in Thailand increased by over **150%** year-on-year[25](index=25&type=chunk) [Timing of Revenue Recognition](index=12&type=section&id=3.2.5%20Timing%20of%20Revenue%20Recognition) This section details the timing of revenue recognition, distinguishing between revenue recognized at a point in time and over time, and outlines unsatisfied performance obligations | Timing of Revenue Recognition | 2025 (HKD thousands) | 2024 (HKD thousands) | | :----------- | :-------------- | :-------------- | | At a point in time | 788,512 | 705,211 | | Over time | 544,371 | 520,251 | - As of June 30, 2025, revenue from unsatisfied performance obligations amounted to **HKD 1,849,013 thousands**, expected to be recognized within one to five years[26](index=26&type=chunk) [Other Income and Losses](index=12&type=section&id=3.3%20Other%20Income%20and%20Losses) Other income decreased while other net losses significantly increased, mainly due to net losses from deemed disposal of partial interests in associates | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Interest on bank deposits | 10,438 | 11,237 | | Rental income from investment properties | 490 | 1,403 | | Total other income | 11,561 | 13,332 | | Net (loss)/gain on deemed disposal of partial interests in associates | (4,970) | 58 | | Net exchange gain/(loss) | 522 | (975) | | Total other net loss | (4,452) | (921) | [Finance Income and Profit Before Tax](index=13&type=section&id=3.4%20Finance%20Income%20and%20Profit%20Before%20Tax) Finance income increased due to discounting of finance lease receivables, leading to higher profit before tax, alongside increased employee benefit expenses - Finance income primarily refers to the increase in discounting recognized after initially recognizing finance lease receivables at their fair value[29](index=29&type=chunk) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Profit before income tax | 50,733 | 47,959 | | Employee benefit expenses (excluding directors' emoluments) | 380,672 | 340,358 | [Income Tax Expense](index=14&type=section&id=3.5%20Income%20Tax%20Expense) Income tax expense slightly decreased, with Hong Kong profits tax calculated under a two-tiered system and contributions from overseas taxation | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Hong Kong profits tax | 8,037 | 7,663 | | Overseas taxation | 2,165 | 1,959 | | Over-provision in prior years: overseas taxation | (129) | – | | Deferred tax: current period | (855) | 236 | | **Income tax expense** | **9,218** | **9,858** | - Hong Kong profits tax is calculated under a two-tiered profits tax rate system, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[31](index=31&type=chunk) [Dividends](index=14&type=section&id=3.6%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not propose to declare an interim dividend for the six months ended June 30, 2025[33](index=33&type=chunk)[52](index=52&type=chunk) - A final dividend of **3.0 HK cents** per share for the year ended December 31, 2024, amounting to **HKD 25,011 thousands**, was approved and paid during the period[33](index=33&type=chunk) [Earnings Per Share](index=15&type=section&id=3.7%20Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners increased, with diluted EPS for 2025 reflecting the share award scheme's impact | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :------------ | :------------ | | Basic earnings per share | 4.98 | 4.57 | | Diluted earnings per share | 4.91 | 4.57 | - The calculation of diluted earnings per share for 2025 has considered the Company's share awards issued under the 2024 Share Award Scheme[39](index=39&type=chunk) [Property, Plant and Equipment](index=16&type=section&id=3.8%20Property%2C%20Plant%20and%20Equipment) Property, plant and equipment additions included computer equipment and leasehold improvements, with some assets pledged for bank financing - For the six months ended June 30, 2025, additions to property, plant and equipment primarily comprised computer equipment (approximately **HKD 2,836 thousands**) and leasehold improvements (approximately **HKD 4,316 thousands**)[37](index=37&type=chunk) - The Group has pledged land and buildings with a carrying amount of approximately **HKD 179,225 thousands** to secure bank financing[38](index=38&type=chunk) [Investment Properties](index=17&type=section&id=3.9%20Investment%20Properties) An investment property was reclassified for office use, and some investment properties are pledged to secure bank financing - The Group reclassified an investment property with a fair value of **HKD 24,525 thousands** to property, plant and equipment, now used for office purposes[40](index=40&type=chunk) - As of June 30, 2025, the Group had pledged investment properties with a carrying amount of approximately **HKD 22,475 thousands** to secure bank financing[40](index=40&type=chunk) [Interests in Associates](index=17&type=section&id=3.10%20Interests%20in%20Associates) Total interests in associates increased, but a net loss resulted from the deemed disposal of partial interests due to GDH share dilution | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Interests in listed associates | 1,204,117 | 1,189,036 | | Interests in unlisted associates | 37,095 | 30,170 | | **Total interests in associates** | **1,241,212** | **1,219,206** | - The Group's interest in GDH was diluted due to the vesting of restricted share units and share options, resulting in a recognized net loss of **HKD 4,970 thousands** from the deemed disposal of partial interests[42](index=42&type=chunk) - GDH's fair value, based on Nasdaq quotations, was **USD 11.55** per share as of June 30, 2025, lower than **USD 22.24** per share as of December 31, 2024[41](index=41&type=chunk) [Trade and Other Receivables](index=19&type=section&id=3.11%20Trade%20and%20Other%20Receivables) Net trade receivables decreased, with significant overdue amounts, while other receivables and prepayments increased due to higher supplier prepayments | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Trade receivables – net | 162,305 | 192,410 | | Trade receivables – gross (over 90 days) | 38,506 | 45,013 | | Other receivables, deposits and prepayments – net | 92,871 | 85,144 | - Prepayments primarily consisted of amounts paid to suppliers, increasing from **HKD 43,104 thousands** to **HKD 56,596 thousands**[48](index=48&type=chunk) [Financial Assets](index=20&type=section&id=3.12%20Financial%20Assets) The Group committed to acquiring an equity interest in a limited partnership fund, designated as a financial asset at fair value through OCI for long-term capital growth - The Group has committed to acquiring an equity interest in a limited partnership fund amounting to **USD 3,000,000**[47](index=47&type=chunk) - As of June 30, 2025, **USD 660,000** (approximately **HKD 5,181 thousands**) has been contributed and designated as a financial asset at fair value through other comprehensive income, aiming for long-term capital growth[47](index=47&type=chunk) [Trade and Other Payables](index=21&type=section&id=3.13%20Trade%20and%20Other%20Payables) Trade payables slightly decreased, while contract liabilities significantly increased due to higher billings in advance and customer deposits | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Trade payables | 290,262 | 298,705 | | Other payables and accrued charges | 145,621 | 179,849 | | Contract liabilities | 399,541 | 344,568 | - The increase in contract liabilities was primarily due to higher billings in advance and customer deposits received from customers during the period[51](index=51&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Performance Review](index=22&type=section&id=4.1%20Financial%20Performance%20Review) The Group maintained robust financial performance amidst uncertainties, with growth in revenue and profit, significant new orders, a healthy working capital ratio, and no outstanding borrowings | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Y-o-Y Change (%) | | :--- | :-------------------- | :-------------------- | :----------- | | Total Revenue | 1,332.9 | 1,225.5 | 8.8% | | Gross Profit | 129.0 | 129.0 | 0.0% | | Profit for the period attributable to owners of the Company | 41.5 | 38.1 | 9.0% | | New Orders Signed | 1,519.3 | 1,295.0 | 17.3% | | Adjusted EBITDA | 59.6 | 58.2 | 2.2% | | Adjusted Profit | 45.7 | 46.0 | -0.7% | - Product sales increased by **10.6%** to **HKD 675.9 million**, and service revenue rose by **7.0%** to **HKD 657.0 million**[53](index=53&type=chunk) - As of June 30, 2025, the Group's order backlog was approximately **HKD 1,849.0 million**, with a working capital ratio of **2.01:1** and no outstanding borrowings[54](index=54&type=chunk) [Business Segment Review](index=24&type=section&id=4.2%20Business%20Segment%20Review) The Group's three core businesses maintained robust growth, leveraging innovative technologies to expand into Xinchuang and Asia-Pacific/Oceania markets - The Group's new orders signed and revenue grew by **17.3%** and **8.8%** respectively, with adjusted EBITDA increasing by **2.2%**[57](index=57&type=chunk) - Total service revenue from the three core businesses (Innovative Industry Solutions, Intelligent Cybersecurity Services, IT Integrated Management Services) showed robust growth[57](index=57&type=chunk) - Actively leveraging innovative technologies such as **AI**, **blockchain**, and **cloud computing** to facilitate digital transformation across industries and build digital government[58](index=58&type=chunk) - Further expanding into the Xinchuang domain, strengthening the 'Chinese + Foreign' product benchmarking and testing platform, and expanding into the Asia-Pacific and Oceania markets[62](index=62&type=chunk)[63](index=63&type=chunk) [Innovative Industry Solutions (Dev)](index=24&type=section&id=4.2.1%20Innovative%20Industry%20Solutions%20(Dev)) This section highlights the growth in new service orders and revenue for Innovative Industry Solutions, driven by AI, blockchain, and cloud technologies for e-government and Xinchuang projects - New service orders signed for Innovative Industry Solutions increased year-on-year, with service revenue recorded at **HKD 296.4 million**[58](index=58&type=chunk) - Actively utilizing innovative technologies like **AI**, **blockchain**, and **cloud computing** to develop e-government platforms, Hong Kong-wide census data systems, and the 'eHealth+' system[58](index=58&type=chunk) - Continuously expanding business opportunities in China-originated IT Application Innovation (Xinchuang) projects, accumulating successful cases and implementation experience[58](index=58&type=chunk) [Intelligent Cybersecurity Services (Sec)](index=25&type=section&id=4.2.2%20Intelligent%20Cybersecurity%20Services%20(Sec)) This section details the performance of Intelligent Cybersecurity Services, noting a decrease in new service orders but significant contract wins and ISO certification for its Security Operations Center - New service orders for Intelligent Cybersecurity Services decreased, with service revenue recorded at **HKD 105.6 million**[59](index=59&type=chunk) - Secured two cybersecurity framework agreements with the Hong Kong International Airport Authority totaling nearly **HKD 125 million**, and provided 24/7 threat detection and on-site technical support for a government department[59](index=59&type=chunk) - Extended ISO certification to the Security Operations Center (SOC) in Guangzhou, standardizing service quality across regions[59](index=59&type=chunk) [IT Integrated Management Services (Ops)](index=25&type=section&id=4.2.3%20IT%20Integrated%20Management%20Services%20(Ops)) This section reviews the growth in new service orders and revenue for IT Integrated Management Services, highlighting major contract wins across diverse sectors and the adoption of AIOps technology - New service orders for IT Integrated Management Services increased, with service revenue recorded at **HKD 235.4 million**[60](index=60&type=chunk) - Signed multiple significant large-scale managed service contracts or renewals across sectors including finance and insurance, aviation, real estate, education, retail, and government[61](index=61&type=chunk) - Successfully secured a Virtual Desktop Infrastructure (VDI) technology diversification project and a five-year Hong Kong-wide IT endpoint facility support and maintenance contract from a government department[61](index=61&type=chunk) - Provided 24-hour automated services through AI-powered IT Operations (AIOps) platform services, demonstrating a transition from ITSM to leading AIOps technological advantages[61](index=61&type=chunk) [Strategic Focus and Market Expansion](index=26&type=section&id=4.2.4%20Strategic%20Focus%20and%20Market%20Expansion) This section outlines the Group's strategic focus on Xinchuang, strengthening product benchmarking, and expanding into Asia-Pacific and Oceania markets with increased AI technology adoption - The Group further expanded its presence in the Xinchuang domain, strengthening the 'Chinese + Foreign' product benchmarking and testing platform to enhance integrated technology capabilities[62](index=62&type=chunk) - Actively focusing on industries and expanding into the Asia-Pacific and Oceania markets, with offices established in Malaysia and Australia, and continuous expansion of Offshore Development Centers (ODC)[63](index=63&type=chunk) - Accelerating the utilization of **AI** technology to provide efficient solutions across various industries[63](index=63&type=chunk) [Associates' Business](index=26&type=section&id=4.3%20Associates%27%20Business) Associates GDH and i-Sprint showed strong performance with significant revenue and profit growth, demonstrating leadership in FinTech and AI applications - GDH's total revenue for the first half reached **USD 201.5 million** (approximately **HKD 1,581.9 million**), a **23.7%** increase, with non-GAAP EBITDA at **USD 27.4 million** (approximately **HKD 214.7 million**)[64](index=64&type=chunk) - GDH's revenue proportion from **AI** and data business continued to increase, growing almost three times faster than conventional business, reflecting its leadership in enterprise-grade **AI** solutions[64](index=64&type=chunk) - i-Sprint's revenue for the period was approximately **HKD 84.5 million**, a **15.6%** increase, with EBITDA at approximately **HKD 26.8 million**, a significant **59.3%** increase[65](index=65&type=chunk) - i-Sprint continued to deepen collaborations with Asia-Pacific technology partners and distributors, launching upgraded cybersecurity solutions integrated with **AI**[65](index=65&type=chunk) [Prospects and Outlook](index=27&type=section&id=4.4%20Prospects%20and%20Outlook) The Group will cautiously navigate global uncertainties, focusing on opportunities from China's economic recovery and Greater Bay Area integration, while investing in Xinchuang and AI for sustainable development - The Group will closely monitor emerging business opportunities driven by China's economic recovery and the deep integration of the Greater Bay Area[66](index=66&type=chunk) - Will remain highly vigilant to capture market gaps arising from the implementation of the Critical Infrastructure (Computer Systems) Protection Ordinance[66](index=66&type=chunk) - Continuously strengthening talent reserves and training, increasing investment in the Xinchuang domain, and establishing professional technical evaluation teams[66](index=66&type=chunk) - Combining **DevSecOps** capabilities with platform-based managed services to focus on the Xinchuang domain and explore **AI** application scenarios, seizing digital economy transformation opportunities[66](index=66&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Financial Resources and Liquidity](index=28&type=section&id=5.1%20Financial%20Resources%20and%20Liquidity) The Group maintains robust financial resources and ample liquidity, with healthy total assets, working capital ratio, no outstanding borrowings, and stable bank facilities - As of June 30, 2025, the Group's total assets were **HKD 3,347.7 million**, with a working capital ratio of approximately **2.01:1**[67](index=67&type=chunk) - The Group's total consolidated bank facilities amounted to approximately **HKD 270.3 million**, with no outstanding borrowings[67](index=67&type=chunk) - The Group provided performance guarantees to customers as contract collateral totaling approximately **HKD 126.9 million**[67](index=67&type=chunk) [Material Acquisitions and Disposals](index=28&type=section&id=5.2%20Material%20Acquisitions%20and%20Disposals) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - For the six months ended June 30, 2025, there were no other material acquisitions or disposals by the Company or any of its subsidiaries[68](index=68&type=chunk) [Treasury Policy and Foreign Exchange Risk](index=28&type=section&id=5.3%20Treasury%20Policy%20and%20Foreign%20Exchange%20Risk) Operations are funded by internal resources and bank credit, primarily in HKD and USD, with minimal foreign exchange risk due to the HKD-USD peg, thus no hedging instruments are used - The Group's operating expenses are generally funded by internal resources and bank credit facilities, with bank deposits primarily denominated in **HKD** and **USD**, and bank borrowings in **HKD**[69](index=69&type=chunk) - Due to the **HKD-USD** peg policy, the Group's exposure to **USD** foreign exchange risk remains minimal, with no significant exchange rate fluctuation risk during the period, hence no hedging financial instruments were applied[70](index=70&type=chunk) [Contingent Liabilities and Capital Commitments](index=29&type=section&id=5.4%20Contingent%20Liabilities%20and%20Capital%20Commitments) The Group has contingent liabilities from bank-issued performance guarantees and contracted capital commitments for property, plant and equipment and a limited partnership fund - As of June 30, 2025, performance guarantees issued by banks on behalf of the Group to customers as contract collateral amounted to approximately **HKD 126.9 million**[71](index=71&type=chunk) | Capital Commitment Item | June 30, 2025 (HKD millions) | December 31, 2024 (HKD millions) | | :----------- | :----------------------- | :----------------------- | | Property, Plant and Equipment | 1.1 | 2.0 | | Capital contribution to limited partnership fund | 18.4 | – | [Employees and Remuneration Policy](index=29&type=section&id=5.5%20Employees%20and%20Remuneration%20Policy) The Group employs 1,647 staff globally, with remuneration based on performance, experience, and market conditions, offering comprehensive benefits and long-term incentives - As of June 30, 2025, the Group (excluding its associates) employed **1,647** permanent and contract staff across Hong Kong, Mainland China, Taiwan, Macau, Thailand, the UK, Australia, and Malaysia, an increase of **189** from the prior year[73](index=73&type=chunk) - Remuneration is determined based on employee performance, work experience, and prevailing market conditions, offering MPF, insurance, medical benefits, training, and discretionary bonuses[73](index=73&type=chunk) - The share option scheme and share award scheme aim to provide long-term incentives for key employees[73](index=73&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=5.6%20Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[74](index=74&type=chunk) [Audit Committee and Corporate Governance](index=29&type=section&id=5.7%20Audit%20Committee%20and%20Corporate%20Governance) The Audit Committee reviewed accounting principles, risk management, and financial statements, with the Company confirming full compliance with director securities transaction and corporate governance codes - The Audit Committee, together with management, reviewed the Group's adopted accounting principles and practices, and discussed matters concerning audit, risk management, internal control systems, and financial statements[75](index=75&type=chunk) - The Company made specific inquiries to all Directors regarding their compliance with the Model Code for Securities Transactions by Directors for the six months ended June 30, 2025, and all Directors confirmed full compliance with the standards prescribed therein[76](index=76&type=chunk) - The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the six months ended June 30, 2025[77](index=77&type=chunk) [Board Information](index=30&type=section&id=5.8%20Board%20Information) This announcement, dated August 20, 2025, details the latest Board of Directors' composition, including Executive, Non-executive, and Independent Non-executive Directors - This announcement is dated **August 20, 2025**[79](index=79&type=chunk) - The Board members include Executive Directors Mr. WANG Wai Hang and Mr. WONG Yuet Au; Non-executive Director Ms. ZHANG Bingxia; and Independent Non-executive Directors Mr. POON Yan Wing, Mr. TANG Kin Sum, and Ms. OR Siu Ching[79](index=79&type=chunk)