Group 1 - The company, Shengyuan Holdings (00851), reported interim results for the six months ending June 30, 2025, with revenue of HKD 12.098 million, a year-on-year decrease of 16.04% [1] - The net profit for the period was HKD 5.333 million, reflecting a significant year-on-year decline of 82.11% [1] - Basic earnings per share were reported at HKD 0.006 [1] Group 2 - The decrease in net profit is primarily attributed to the absence of non-recurring gains from the sale of debt instruments measured at fair value through profit or loss in 2024 [1]

Group 1 - The core viewpoint of the article is that Shengyuan Holdings (00851) reported a decline in both revenue and profit for the six months ending June 30, 2025, indicating financial challenges faced by the company [1] - The company achieved revenue of HKD 12.098 million, representing a year-on-year decrease of 16.04% [1] - The net profit for the period was HKD 5.333 million, which reflects a significant year-on-year decline of 82.11% [1] - Basic earnings per share were reported at HKD 0.006 [1] Group 2 - The decrease in net profit is primarily attributed to the absence of non-recurring gains from the sale of debt instruments measured at fair value through profit or loss in 2024 [1]

Summary of Key Points Core Viewpoint - 盛源控股 (00851.HK) reported a significant decline in revenue and profit for the first half of 2025, primarily due to reduced brokerage and custodial services [1]. Financial Performance - The company recorded commission and fee income of approximately HKD 12.1 million for the six months ending June 30, 2025, representing a year-on-year decrease of 14.8% [1]. - Net profit for the same period was approximately HKD 5.3 million, a substantial drop from HKD 29.8 million in the corresponding period of 2024 [1]. - Basic and diluted earnings per share for the first half of 2025 were approximately HKD 0.006, compared to a loss of HKD 0.0338 per share in 2024 [1]. Non-Recurring Income Impact - The decrease in net profit is mainly attributed to the absence of non-recurring income from the sale of debt instruments measured at fair value, which was recognized in 2024 [1].

[Company Information and Report Statement](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E6%8A%A5%E5%91%8A%E5%A3%B0%E6%98%8E) [Report Statement and Company Profile](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E8%81%B2%E6%98%8E%E8%88%87%E5%85%AC%E5%8F%B8%E6%A6%82%E6%B3%81) This announcement presents the unaudited interim results of Shengyuan Holdings Limited, an investment holding company, for the six months ended June 30, 2025 - This interim results announcement covers the unaudited consolidated results for the six months ended June 30, 2025, and has been reviewed by the external auditor and the Audit Committee[3](index=3&type=chunk)[4](index=4&type=chunk) - Shengyuan Holdings Limited is an investment holding company whose subsidiaries are principally engaged in securities brokerage and financial services, asset management, proprietary trading, and trading business[8](index=8&type=chunk) [Condensed Interim Consolidated Financial Information](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, revenue decreased by 16% to HKD 12,098 thousand, and profit for the period fell sharply to HKD 5,332 thousand Key Data from the Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Revenue | 12,098 | 14,410 | | Other gains and losses | 1,172 | 17,476 | | Profit before income tax | 6,984 | 30,384 | | Profit for the period | 5,332 | 29,803 | | Basic earnings per share (HK cents) | 0.60 | 3.38 | | Diluted earnings per share (HK cents) | 0.60 | 3.38 | - **Profit for the period decreased significantly by 82.1% year-over-year**, primarily due to a reduction in other gains and losses from HKD 17,476 thousand to HKD 1,172 thousand[5](index=5&type=chunk) [Condensed Interim Consolidated Statement of Financial Position](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total assets less current liabilities increased to HKD 122,064 thousand, driven by a rise in net current assets Key Data from the Condensed Interim Consolidated Statement of Financial Position | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Non-current assets | 2,622 | 3,414 | | Current assets | 139,371 | 143,332 | | Current liabilities | 19,929 | 29,162 | | Net current assets | 119,442 | 114,170 | | Total assets less current liabilities | 122,064 | 117,584 | | Net assets | 121,919 | 116,586 | | Total equity | 121,919 | 116,586 | - **Trade and other receivables, deposits and prepayments increased significantly** from HKD 5,995 thousand as of December 31, 2024, to HKD 28,773 thousand as of June 30, 2025[6](index=6&type=chunk) - **Trade and other payables and accrued expenses decreased** from HKD 24,827 thousand as of December 31, 2024, to HKD 13,793 thousand as of June 30, 2025[6](index=6&type=chunk) [Notes to the Condensed Interim Consolidated Financial Information](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) The notes detail the Group's accounting policies, segment information, and breakdowns of financial statement items, providing deeper context for the financial data [Accounting Policies and Basis of Preparation](index=5&type=section&id=2.%20%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E6%88%96%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87) The Group has applied new and revised HKFRSs effective from January 1, 2025, with no material impact on the interim condensed consolidated financial information - The Group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2025, with **no material impact** on the interim financial information[9](index=9&type=chunk) - The interim condensed consolidated financial information is prepared in accordance with HKAS 34 issued by the HKICPA and is consistent with the accounting policies of the previous annual financial statements[10](index=10&type=chunk) [Segment Information](index=6&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operating segments include securities brokerage, asset management, and proprietary trading, with all external revenue from the first two segments - The Group's operating segments include securities brokerage and financial services, asset management services, and proprietary trading and trading business, with each segment managed independently[11](index=11&type=chunk)[12](index=12&type=chunk) - For the first half of 2025, total reportable segment results were **HKD 12,375 thousand**, a significant decrease from HKD 35,640 thousand in the same period of 2024[16](index=16&type=chunk)[17](index=17&type=chunk) Reportable Segment Revenue (For the six months ended June 30, 2025) | Segment | Revenue (HKD in thousands) | | :--- | :--- | | Securities brokerage and financial services | 7,427 | | Asset management services | 4,671 | | Proprietary trading | – | | Trading business | – | | **Total** | **12,098** | Reportable Segment Results (For the six months ended June 30, 2025) | Segment | Results (HKD in thousands) | | :--- | :--- | | Securities brokerage and financial services | 6,202 | | Asset management services | 4,098 | | Proprietary trading | 2,078 | | Trading business | (3) | | **Total** | **12,375** | [Revenue](index=9&type=section&id=5.%20%E6%94%B6%E7%9B%8A) Revenue from contracts with customers totaled HKD 12,098 thousand, primarily from corporate finance and fund management, with a notable drop in brokerage income - **Securities and futures brokerage income decreased sharply** from HKD 1,157 thousand in the prior period to HKD 164 thousand in the first half of 2025[17](index=17&type=chunk) - **Custody fee income decreased** from HKD 2,165 thousand in the prior period to HKD 1,180 thousand in the first half of 2025[17](index=17&type=chunk) Breakdown of Revenue from Contracts with Customers | Revenue Source | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Securities and futures brokerage | 164 | 1,157 | | Corporate finance services income | 6,000 | 6,480 | | Consultancy fee income | 83 | 127 | | Custody fee | 1,180 | 2,165 | | Fund and portfolio management | 4,671 | 4,309 | | **Total** | **12,098** | **14,238** | [Other Gains and Losses](index=10&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D) Other gains and losses were HKD 1,172 thousand, a steep decline from HKD 17,476 thousand in the prior year, which included a large one-off gain - The first half of 2024 included a **one-off gain of HKD 17,326 thousand** from the disposal of debt investments related to the Atta Note and Kin Wo Note, with no such gain in 2025[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) Breakdown of Other Gains and Losses | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Net gain on disposal of debt investments at FVTPL | – | 17,326 | | Fair value change of investments held for trading | 1,155 | 15 | | Net foreign exchange gain | 17 | 135 | | **Total** | **1,172** | **17,476** | [Other Income](index=11&type=section&id=7.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period was HKD 1,569 thousand, mainly from interest and dividend income, remaining stable compared to the prior year Breakdown of Other Income | Revenue Source | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Bank and other interest income | 1,087 | 1,048 | | Dividend income | 482 | 451 | | Sundry income | – | 161 | | **Total** | **1,569** | **1,660** | [Profit Before Income Tax and Income Tax Expense](index=12&type=section&id=8.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax was HKD 6,984 thousand, with major expenses including staff costs and auditor's remuneration, and an income tax expense of HKD 1,652 thousand - Hong Kong Profits Tax is calculated under a two-tiered system, with a rate of **8.25% on the first HKD 2 million** of profits and **16.5% on the remainder**[24](index=24&type=chunk) Items Deducted from Profit Before Income Tax | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Finance costs | 68 | 114 | | Auditor's remuneration | 200 | 340 | | Staff costs | 3,852 | 4,284 | Income Tax Expense | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 1,652 | 581 | [Dividends and Earnings Per Share](index=12&type=section&id=10.%20%E8%82%A1%E6%81%AF) The company did not declare any dividends for the period, and basic earnings per share fell to 0.60 HK cents due to lower profit - The company **did not propose or declare any dividends** for the six months ended June 30, 2025, and June 30, 2024[26](index=26&type=chunk) - **Basic earnings per share was 0.60 HK cents** (H1 2024: 3.38 HK cents), calculated based on a profit of HKD 5,332 thousand and 881,970,541 weighted average ordinary shares[28](index=28&type=chunk) - There were **no dilutive potential ordinary shares** during the period, so diluted earnings per share was the same as basic earnings per share[28](index=28&type=chunk) [Property, Plant and Equipment and Leases](index=13&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group did not acquire or dispose of any property, plant and equipment, while the carrying values of right-of-use assets and lease liabilities decreased - The Group **did not purchase or dispose of any property, plant and equipment** during the six months ended June 30, 2025[29](index=29&type=chunk) Lease-Related Assets and Liabilities | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Carrying amount of right-of-use assets | 1,730 | 2,471 | | Carrying amount of lease liabilities | 1,827 | 2,631 | Lease-Related Expenses | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Depreciation expense of right-of-use assets | 741 | 741 | | Interest on lease liabilities | 68 | 114 | | Expense relating to short-term leases | 68 | 71 | [Trade and Other Receivables, Deposits and Prepayments](index=14&type=section&id=14.%20%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other receivables increased sharply to HKD 29,283 thousand, driven by a significant rise in prepayments and receivables from corporate finance services - **Prepayments increased substantially** from HKD 615 thousand as of December 31, 2024, to HKD 19,134 thousand as of June 30, 2025[33](index=33&type=chunk) - **Trade receivables from corporate finance services increased** from HKD 200 thousand as of December 31, 2024, to HKD 3,283 thousand as of June 30, 2025[34](index=34&type=chunk) Breakdown of Trade and Other Receivables | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Trade receivables | 21,256 | 18,161 | | Less: Allowance for impairment loss recognised | (13,518) | (13,492) | | Prepayments | 19,134 | 615 | | Other receivables and deposits | 1,901 | 711 | | **Total** | **29,283** | **6,505** | [Investments Held for Trading](index=16&type=section&id=15.%20%E6%8C%81%E4%BD%9C%E8%B2%B7%E8%B3%A3%E7%94%A8%E9%80%94%E6%8A%95%E8%B3%87) As of June 30, 2025, investments held for trading consisted of listed equity securities valued at HKD 15,155 thousand, a slight increase from year-end 2024 Investments Held for Trading | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Listed equity securities | 15,155 | 14,000 | [Trade and Other Payables and Accrued Expenses](index=17&type=section&id=16.%20%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E4%BB%A5%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Total trade and other payables decreased significantly to HKD 13,793 thousand, primarily due to a reduction in payables from securities and futures trading - **Trade payables from securities and futures contract trading (cash clients) decreased** from HKD 20,029 thousand as of December 31, 2024, to HKD 10,400 thousand as of June 30, 2025[36](index=36&type=chunk) Breakdown of Trade and Other Payables | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Trade payables from securities and futures contract trading | 12,709 | 22,336 | | Other payables | 144 | 793 | | Accrued expenses | 940 | 1,698 | | **Total** | **13,793** | **24,827** | [Share Capital](index=18&type=section&id=17.%20%E8%82%A1%E6%9C%AC) The company's share capital structure remained unchanged, with an issued and fully paid capital of HKD 88,197 thousand as of June 30, 2025 - All issued shares rank pari passu in all respects, including rights to dividends, voting, and return of capital[37](index=37&type=chunk) Share Capital Structure | Item | Number of Ordinary Shares | Nominal Value (HKD in thousands) | | :--- | :--- | :--- | | Authorised share capital | 6,000,000,000 | 600,000 | | Issued and fully paid share capital | 881,970,541 | 88,197 | [Events After the Reporting Period](index=18&type=section&id=18.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group had no significant events after the reporting period up to the date of the interim financial information's publication - There were **no significant events** relating to the Group after June 30, 2025, and up to the date of publication of the interim condensed consolidated financial information[38](index=38&type=chunk) [Business and Financial Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) [Financial Summary](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) The Group's fee and commission income was approximately HKD 12.1 million, a 14.8% decrease, while profit for the period fell sharply to HKD 5.3 million - **Fee and commission income was approximately HKD 12.1 million**, a decrease of 14.8% year-over-year, mainly due to reduced income from securities brokerage and general custody services[40](index=40&type=chunk) - **Profit for the period was approximately HKD 5.3 million**, compared to HKD 29.8 million in the prior period, with the decrease mainly due to the absence of a one-off gain from the disposal of debt instruments in 2024[40](index=40&type=chunk) - **Basic and diluted earnings per share were both approximately 0.6 HK cents**, compared to 3.38 HK cents in the prior period[40](index=40&type=chunk) [Business Segment Operations](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F) The Group provides securities brokerage, financial services, and asset management through its subsidiaries, with varied performance across segments during the period [Securities Brokerage and Financial Services](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%AD%89%E5%88%B8%E7%B6%93%E7%B4%80%E5%8F%8A%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8B%99) Shengyuan Securities provides brokerage and financing services, with its client trust bank balances decreasing by 43.0% to HKD 12.7 million due to client withdrawals - Shengyuan Securities is licensed for Type 1 (dealing in securities), Type 2 (dealing in futures contracts), and Type 4 (advising on securities) regulated activities[41](index=41&type=chunk) - Shengyuan Capital is licensed for Type 6 (advising on corporate finance) regulated activities, providing corporate advisory services[42](index=42&type=chunk) - **Client trust bank balances at Shengyuan Securities were approximately HKD 12.7 million**, a 43.0% decrease from HKD 22.3 million as of December 31, 2024, mainly due to client fund withdrawals[42](index=42&type=chunk) [Asset Management Services](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86) Shengyuan Asset Management's assets under management decreased sharply to HKD 0.15 million following the termination of an overseas fund in July 2024 - Shengyuan Asset Management is licensed for Type 4 (advising on securities) and Type 9 (asset management) regulated activities[43](index=43&type=chunk) - **Total assets under management decreased sharply** from HKD 658.9 million as of June 30, 2024, to HKD 0.15 million as of June 30, 2025[44](index=44&type=chunk) - The decrease in AUM was primarily due to the **termination of an overseas fund in July 2024**[45](index=45&type=chunk) [Proprietary Trading](index=21&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%87%AA%E7%87%9F%E8%B2%B7%E8%B3%A3) The proprietary trading business, focused on the Hong Kong market, recorded a significantly lower profit of approximately HKD 2.1 million compared to the prior year - The proprietary trading business primarily invests in listed shares, corporate bonds, and private funds in the Hong Kong market[46](index=46&type=chunk) - **Proprietary trading profit was approximately HKD 2.1 million**, a significant decrease from HKD 19.7 million in the same period last year[46](index=46&type=chunk) [Prospects and Future Plans](index=21&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A6%8F%E5%8A%83) The Group maintains a cautiously optimistic outlook, focusing on enhancing its fund management platform, expanding services, and exploring fintech opportunities - The Group maintains a **cautiously optimistic outlook** for the second half of 2025 and beyond, continuing to follow a prudent strategy and monitor macroeconomic developments[47](index=47&type=chunk) - It will leverage Hong Kong's position as a financial hub in the Greater Bay Area to **strengthen cross-border cooperation** and expand its securities brokerage, asset management, and corporate finance services[47](index=47&type=chunk) - The management team is committed to enhancing the fund management platform, expanding discretionary account services, and actively researching fintech areas such as **Web 3.0, stablecoins, and virtual currencies**[48](index=48&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's cash and cash equivalents stood at approximately HKD 25.8 million, with no borrowing debt and operations funded by internal cash flow - **Cash and cash equivalents were approximately HKD 25.8 million**, a decrease of about HKD 18.2 million from December 31, 2024[50](index=50&type=chunk) - **Net current assets stood at HKD 119.4 million**, with current assets of approximately HKD 139.4 million and current liabilities of approximately HKD 19.9 million[51](index=51&type=chunk) - The Group has **no borrowings or other debt**, making the gearing ratio not applicable, and funds its operations through internally generated cash flow[51](index=51&type=chunk) [Other Financial and Operational Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E5%8F%8A%E9%81%8B%E7%87%9F%E4%BF%A1%E6%81%AF) The Group's transactions are mainly in HKD, USD, and RMB, with 19 employees, and no significant contingent liabilities or pledged assets - The Group's transactions are mainly denominated in HKD, USD, and RMB, and it **does not have a foreign currency hedging policy**, but management monitors exchange rate fluctuations[52](index=52&type=chunk) - The Group's capital structure, comprising issued share capital and reserves, remained unchanged during the period[53](index=53&type=chunk)[54](index=54&type=chunk) - As of June 30, 2025, the Group had **no significant contingent liabilities or pledged assets**[55](index=55&type=chunk)[57](index=57&type=chunk) - The Group employed **19 employees**, maintained competitive remuneration policies, and provided regular training, but granted no share options during the period[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the six months ended June 30, 2025[61](index=61&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Review of Interim Report](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A%E4%B9%8B%E5%AF%A9%E9%96%B1) The interim report for the period has been reviewed by Beijing Xinghua in accordance with Hong Kong Standard on Review Engagements 2410 - This interim report has been reviewed by **Beijing Xinghua** in accordance with Hong Kong Standard on Review Engagements 2410[62](index=62&type=chunk) - The interim report will be published on the websites of the company and the Stock Exchange and dispatched to shareholders in due course[62](index=62&type=chunk) [Audit Committee](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three non-executive directors with relevant financial expertise, has reviewed the Group's accounting principles and interim results - The Audit Committee is composed of Ms. Huang Qin (Chairlady), Mr. Zhang Jinfan, and Mr. Huang Shuanggang, all of whom are non-executive directors with appropriate professional qualifications and financial experience[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's accounting principles and practices, discussed internal control and financial reporting matters, and reviewed the interim results and unaudited financial statements for the period[63](index=63&type=chunk) [Corporate Governance](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company has complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the reporting period - The company is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[64](index=64&type=chunk) [Model Code for Securities Transactions by Directors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code for securities transactions by directors and confirmed all directors' compliance during the period - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for securities transactions by directors[65](index=65&type=chunk) - Following specific enquiry, all directors have confirmed their compliance with the required standards set out in the Model Code during the reporting period[65](index=65&type=chunk) [Board of Directors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the announcement date, the Board of Directors consists of two executive, one non-executive, and three independent non-executive directors - The Board of Directors comprises executive directors Mr. Zhou Quan and Mr. Zhao Yun, non-executive director Mr. Huang Shuanggang, and independent non-executive directors Mr. Zhang Jinfan, Ms. Huang Qin, and Mr. Kwok Yiu Lai[66](index=66&type=chunk)[68](index=68&type=chunk)

Core Viewpoint - Shengyuan Holdings (00851) anticipates a significant decrease in net profit attributable to shareholders for the six months ending June 30, 2025, projected at approximately HKD 5.3 million, compared to HKD 29.8 million for the same period in 2024 [1] Financial Performance - The expected net profit for the upcoming period is approximately HKD 5.3 million [1] - The net profit for the same period in 2024 was approximately HKD 29.8 million [1] - The decrease in net profit is primarily attributed to the absence of non-recurring gains from the sale of debt instruments measured at fair value through profit or loss in 2024 [1]

Group 1 - The company expects to achieve a net profit attributable to shareholders of approximately HKD 5.3 million for the six months ending June 30, 2025, compared to approximately HKD 29.8 million for the same period in 2024 [1] - The decrease in net profit is primarily due to the absence of non-recurring gains from the sale of debt instruments measured at fair value through profit or loss, which were recognized in 2024 [1]

Group 1 - The company anticipates a net profit attributable to shareholders of approximately HKD 5.3 million for the six months ending June 30, 2025, a significant decrease from approximately HKD 29.8 million in the same period of 2024 [1] - The decline in net profit is primarily due to the absence of non-recurring gains from the sale of debt instruments measured at fair value, which were recognized in 2024 [1]

本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及本公司潛在投資 者，根據對本集團截至二零二五年六月三十日止六個月（「報告期間」）之未 經審核綜合管理賬目及董事會目前可得的其他資料之初步評估，預期本集 團將錄得本公司擁有人應佔淨利潤約5.3百萬港元，而二零二四年同期本公 司擁有人應佔淨利潤為約29.8百萬港元。 淨利潤減少乃主要由於並無確認於二零二四年出售按公平值計入損益之債 務工具產生之非經常性收益。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：851） 盈利警告 本公告由盛源控股有限公司（「本公司」，連同其附屬公司「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)(a)條及香港 法例第571章證券及期貨條例第XIVA部 項 下 之 內 幕 消 息 條 文（定 義 見 上 市 規則）而作出。 – 2 – – 1 – 截至本公告日期，本公司仍在落實本集團於報 ...

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

盛源控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二五年八月二十一日（星期四）舉行董事會會議，藉以（其中包括）考慮及 批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績 及其發佈，以及派發中期股息（如有）。 承董事會命 盛源控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：851） 董事會會議通告 執行董事 周全 香港，二零二五年八月十一日 於本公告日期，董事會成員包括執行董事周全先生及趙允先生，非執行董 事黃雙剛先生，獨立非執行董事張勁帆先生、黃沁女士及郭耀黎先生。 ...