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10月31日 狀態: 新提交 呈交日期: 2025年11月3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) | 00878 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 FF301 第 1 ...

Core Viewpoint - Weikang Pharmaceutical reported a significant decline in revenue and net profit for the first three quarters of 2025, attributing the drop primarily to a reduction in the scope of consolidation [1][2]. Financial Performance - The company achieved a revenue of 151.32 million yuan, a year-on-year decrease of 59.2% [2]. - The net profit attributable to shareholders was -123.85 million yuan, reflecting a staggering year-on-year decline of 380.87% [1][2]. - The basic and diluted earnings per share were both -0.8554 yuan, down 380.83% compared to the previous year [2]. - The weighted average return on net assets was -11.40%, a decrease of 14.64% year-on-year [2]. Operational Insights - Weikang Pharmaceutical has faced consecutive losses in 2023 and 2024, with losses of 8.95 million yuan and 147 million yuan, respectively [2]. - The company is a national high-tech enterprise engaged in pharmaceutical research, production, and sales [3]. Project Delays - The "Marketing Network Center Construction Project" has experienced multiple delays, with the completion date extended from June 30, 2025, to June 30, 2026 [4][5]. - The cumulative investment in this project as of June 30, 2025, was 8.93 million yuan, with an investment progress of 41.68% [5]. Market Performance - As of October 29, the stock price of Weikang Pharmaceutical was 23.47 yuan per share, with a total market capitalization of 3.398 billion yuan [6]. - The stock has seen a price increase of 57.20% since the beginning of 2025 [6].

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金朝陽集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00878 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本 ...

SOUNDWILL HOLDINGS LIMITED 金朝陽集團有限公司 * (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 878) （股份代號：878） NOTIFICATION LETTER 通知信函 16 September 2025 Dear Non-registered Holder(s) (Note 1) , SOUNDWILL HOLDINGS LIMITED (the "Company") — Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at (www.soundwill.com.hk) and the web ...

SOUNDWILL HOLDINGS LIMITED NOTIFICATION LETTER 通知信函 16 September 2025 Dear Registered Shareholders, SOUNDWILL HOLDINGS LIMITED (the "Company") — Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at (www.soundwill.com.hk) and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at (www.hkexnews.hk) respectively (the "Website ...

Financial Performance - Total revenue for the six months ended June 30, 2025, was HKD 180.7 million, a decrease from HKD 1,030.1 million in the same period of 2024[8]. - The net loss attributable to shareholders for the period was HKD 1,337.6 million, compared to a loss of HKD 974.8 million in the previous year, representing a year-on-year increase of approximately 37.2%[8]. - Basic loss per share for the six months was HKD 4.72, compared to HKD 3.44 in the same period of 2024[8]. - The company reported a total comprehensive loss of HKD 1,331,336,000, which includes a loss of HKD 1,337,584,000[77]. - The company reported a pre-tax loss of HKD 1,322,996,000 for the six months ended June 30, 2025, compared to a loss of HKD 916,737,000 in the previous year[99]. - The net loss for the six months ended June 30, 2025, was HKD 1,337,584,000, compared to a net loss of HKD 974,549,000 for the same period in 2024, representing a 37.2% increase in losses[67]. Assets and Liabilities - Total assets as of June 30, 2025, were HKD 16,617 million, down from HKD 17,975 million as of December 31, 2024[8]. - The net asset value decreased to HKD 14,345 million from HKD 15,677 million in the previous year[8]. - Total liabilities decreased from HKD 1,669,611,000 to HKD 1,202,564,000, a reduction of 28.0%[74]. - The total liabilities as of June 30, 2025, were HKD 2,271,780,000, compared to HKD 2,298,398,000 as of December 31, 2024[94]. - The company's equity attributable to owners as of June 30, 2025, was HKD 14,345,405,000, down from HKD 15,676,741,000 at the beginning of the year[77]. Revenue Breakdown - Rental income from property leasing was approximately HKD 162.19 million, accounting for about 90% of total revenue[16]. - Property development revenue for the six months ended June 30, 2025, was approximately HKD 6,833,000, accounting for about 4% of total group revenue[20]. - Property management revenue for the six months ended June 30, 2025, was approximately HKD 11,689,000, representing about 6% of total group revenue[23]. - The company reported other income totaling HKD 31,965,000 for the six months ended June 30, 2025, compared to HKD 34,553,000 in the same period of 2024[95]. Market Conditions and Strategy - The group plans to optimize its tenant mix and enhance property management to adapt to changing consumer trends[14]. - The group will adopt a cautious approach towards land reserve replenishment and property acquisitions in response to the current market conditions[14]. - The overall economic outlook for the second half of 2025 remains cautious, with challenges in consumer sentiment and real estate market confidence[29]. - The real estate market in mainland China is showing signs of stabilization, with first-tier cities recovering faster than third and fourth-tier cities[22]. Cash Flow and Financing - The company's net cash inflow from operating activities for the six months ended June 30, 2025, was HKD 81,580,000, a decrease of 76.4% compared to HKD 345,435,000 for the same period in 2024[80]. - The company experienced a net cash outflow from investing activities of HKD 143,473,000 for the six months ended June 30, 2025, compared to a net inflow of HKD 461,432,000 in the previous year[80]. - The total interest expense for the six months ended June 30, 2025, was approximately HKD 24,819,000, down from HKD 38,576,000 for the same period in 2024[32]. - The group’s cash balance in mainland China is approximately HKD 26,414,000 as of June 30, 2025, down from HKD 110,643,000 as of December 31, 2024[116]. Corporate Governance and Compliance - The company has adopted the corporate governance code and confirmed compliance by all directors for the six-month period[60]. - The audit committee reviewed the interim financial statements and found no disagreements with management[62]. - The group has maintained its listing status on the stock exchange despite a proposal for privatization that was not approved by shareholders[36]. Employee Compensation - The total employee compensation for the six months ended June 30, 2025, was approximately HKD 70,285,000, compared to HKD 73,911,000 for the same period in 2024[41]. - The company incurred employee compensation expenses of HKD 70,285,000, slightly lower than HKD 73,911,000 in the previous year[100]. Environmental and Community Engagement - The group actively participates in community service and has received recognition for its environmental protection efforts, including the "Outstanding Environmental Partner" award[29]. - The group is preparing to establish a dedicated team to address climate change, focusing on carbon reduction and energy-saving projects[28].

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: 金朝陽集團有限公司 呈交日期: 2025年9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) | 00878 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本總 ...

Core Viewpoint - Jin Chao Yang Group (00878) reported a significant decline in revenue and an increase in losses for the first half of 2025, primarily due to reduced income from property development projects and valuation losses on investment properties [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 181 million, representing a year-on-year decrease of 82.46% [1] - The loss attributable to shareholders was about HKD 1.338 billion, an increase of 37.21% compared to the previous year [1] - The loss per share was HKD 4.72 [1] Reasons for Performance - The decrease in revenue was mainly attributed to reduced income from property development projects [1] - The increase in losses was due to a decline in income from property development and a valuation loss on investment properties amounting to HKD 1.423 billion, compared to a loss of HKD 1.324 billion in the same period of 2024 [1]

格隆汇8月21日丨金朝阳集团(00878.HK)公告，截至2025年6月30日止6个月，集团录得收益约港币1.8亿 元，较去年同期减少约港币8.49亿元。公司拥有人应占亏损约为港币13.38亿元(2024年6月30日：亏损港 币9.748亿元)，较2024年同期亏损增加37%。亏损增加主要由于截至2025年6月30日录得物业发展项目收 入减少及投资物业估值亏损港币14.2亿元，2024年同期则录得亏损港币13.2亿元。公司每股基本亏损为 港币4.72元，而去年同期每股亏损则为港币3.44元。 收益减少主要由于物业发展项目录得的收入减少。 ...

Financial Highlights [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, Soundwill Group's revenue significantly decreased from HKD 1,030.1 million to HKD 180.7 million, with loss attributable to owners expanding to HKD 1,337.6 million and basic loss per share at HKD (4.72), while total assets and net assets declined, but the gearing ratio remained at 9% Financial Highlights for the Six Months Ended June 30 | Metric | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Revenue | 180.7 | 1,030.1 | | Net fair value loss on investment properties | (1,423) | (1,324) | | Loss attributable to owners of the Company | (1,337.6) | (974.8) | | Basic loss per share (HKD) | HKD (4.72) | HKD (3.44) | **Financial Position at Period End:** | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total Assets | 16,617 | 17,975 | | Net Assets | 14,345 | 15,677 | | Total Borrowings | 1,350 | 1,360 | | Gearing Ratio | 9% | 9% | | Net asset value per share (HKD) | HKD 50.6 | HKD 55.3 | Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%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%E5%85%A5%E8%A1%A8) For the six months ended June 30, 2025, the Group's total revenue significantly decreased by 82.46% to HKD 180.7 million, primarily due to a sharp decline in goods and services revenue, with loss for the period expanding to HKD 1,337.6 million mainly from increased net fair value loss on investment properties Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from goods and services | 18,522 | 856,374 | -97.84% | | Rental income | 162,190 | 173,741 | -6.76% | | **Total Revenue** | **180,712** | **1,030,115** | **-82.46%** | | Cost of sales | (31,353) | (575,483) | -94.55% | | Gross profit | 149,359 | 454,632 | -67.14% | | Net fair value loss on investment properties | (1,423,124) | (1,324,070) | +7.48% | | Finance costs | (24,819) | (38,576) | -35.66% | | Loss for the period | (1,337,584) | (974,549) | +37.25% | | Loss attributable to owners of the Company | (1,337,584) | (974,829) | +37.26% | | Basic loss per share | HKD (4.72) | HKD (3.44) | +37.21% | [Consolidated Statement of Financial Position](index=4&type=section&id=%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 Group's total assets and net assets both decreased, with a significant reduction in investment property value within non-current assets, while current liabilities saw a substantial decrease in borrowings, leading to an increase in net current assets Key Data from Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Investment properties | 13,861,625 | 15,266,445 | -9.19% | | **Total non-current assets** | **14,223,717** | **15,643,675** | **-9.19%** | | **Current assets** | | | | | Short-term bank deposits | 919,437 | 827,153 | +11.15% | | Cash and cash equivalents | 221,044 | 323,633 | -31.54% | | **Total current assets** | **2,393,468** | **2,331,464** | **+2.66%** | | **Current liabilities** | | | | | Borrowings | 438,474 | 891,298 | -50.80% | | **Total current liabilities** | **1,202,564** | **1,669,611** | **-27.97%** | | **Net current assets** | **1,190,904** | **661,853** | **+79.93%** | | **Non-current liabilities** | | | | | Borrowings | 911,598 | 468,560 | +94.55% | | **Total non-current liabilities** | **1,069,216** | **628,787** | **+69.90%** | | **Net assets** | **14,345,405** | **15,676,741** | **-8.49%** | | **Total equity** | **14,345,405** | **15,676,741** | **-8.49%** | Notes to the Condensed Consolidated Interim Financial Statements [Basis of Preparation](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The Group's condensed consolidated interim financial statements are prepared in HKD in accordance with the Hong Kong Stock Exchange Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA - Financial statements are prepared in accordance with the Hong Kong Stock Exchange Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - The statements are presented in HKD, which is also the Company's functional currency[8](index=8&type=chunk) [Significant Accounting Policies](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The financial statements are prepared primarily under the historical cost convention, except for investment properties, leasehold land and buildings, and financial assets measured at fair value, with new HKFRS amendments applied for the first time this period having no significant impact on the consolidated financial position and performance - Financial statements are primarily prepared using the historical cost convention, except for investment properties, leasehold land and buildings, and financial assets measured at fair value[9](index=9&type=chunk) - Revisions to Hong Kong Financial Reporting Standards were first applied in this interim period, with no significant impact on the Group's consolidated financial position and performance[10](index=10&type=chunk) [Segment Information](index=7&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group identifies and reports three main operating segments based on internal financial information: property development, property leasing, and building management and other services, each managed independently due to differing resource requirements and operating approaches - The Group identifies and reports three main operating segments: **property development**, **property leasing**, and **building management and other services**[12](index=12&type=chunk) - Each business line is managed separately due to differing resource requirements and operating approaches[12](index=12&type=chunk) [Segment Revenue and Results](index=7&type=section&id=%E5%88%86%E9%A1%9E%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE) Property development segment revenue significantly decreased, leading to a substantial reduction in overall segment revenue and profit, while property leasing and building management and other services segments remained relatively stable, but overall segment profit was dragged down by property development Segment Revenue and Results | Segment | 2025 Revenue (HKD thousand) | 2024 Revenue (HKD thousand) | Revenue Change (%) | 2025 (Loss)/Profit (HKD thousand) | 2024 (Loss)/Profit (HKD thousand) | (Loss)/Profit Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Development | 6,833 | 846,029 | -99.19% | (11,223) | 282,977 | -103.97% | | Property Leasing | 162,422 | 173,825 | -6.67% | 126,461 | 147,594 | -14.32% | | Building Management and Other Services | 12,268 | 10,893 | +12.62% | 7,352 | 8,152 | -9.81% | | **Segment Total** | **181,523** | **1,030,747** | **-82.39%** | **122,590** | **438,723** | **-72.06%** | | Net fair value loss on investment properties | (1,423,124) | (1,324,070) | +7.48% | | | | | Loss before income tax expense | (1,322,996) | (916,737) | +44.33% | | | | - Operating and reportable segment results exclude finance costs, net fair value loss on investment properties, gain on disposal of a subsidiary, certain other income, other gains and losses, certain administrative expenses, and income tax expense[14](index=14&type=chunk) [Segment Assets and Liabilities](index=8&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total segment assets decreased, primarily due to a reduction in property leasing segment assets, while total segment liabilities slightly declined, but total borrowings remained stable Segment Assets and Liabilities | Segment | June 30, 2025 Segment Assets (HKD thousand) | December 31, 2024 Segment Assets (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Development | 1,336,992 | 1,430,883 | -6.69% | | Property Leasing | 14,103,271 | 15,494,105 | -8.98% | | Building Management and Other Services | 35,085 | 31,800 | +10.33% | | **Total Segment Assets** | **15,475,348** | **16,956,788** | **-8.74%** | | **Total Assets** | **16,617,185** | **17,975,139** | **-7.49%** | | **Total Segment Liabilities** | **550,049** | **555,608** | **-1.00%** | | Borrowings | 1,350,072 | 1,359,858 | -0.72% | | **Total Liabilities** | **2,271,780** | **2,298,398** | **-1.16%** | - Segment assets exclude certain property, plant and equipment, financial assets at fair value through other comprehensive income, financial assets at fair value through profit or loss, assets classified as held for sale, short-term bank deposits, and certain cash and cash equivalents[15](index=15&type=chunk) - Segment liabilities exclude certain other payables, provision for income tax, deferred tax liabilities, deposits received for disposal of investment properties, and borrowings[16](index=16&type=chunk) [Other Income](index=9&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's total other income was HKD 31.965 million, a slight decrease from the prior year, primarily due to reduced interest income from financial assets at fair value through profit or loss Other Income Details | Source of Income | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from financial assets at fair value through profit or loss and other bank interest income | 21,800 | 26,811 | -18.69% | | Interest income from loans receivable | 4,567 | 3,600 | +26.86% | | Dividend income from financial assets at fair value through other comprehensive income | 1,914 | — | N/A | | Miscellaneous income | 3,684 | 4,142 | -11.18% | | **Total** | **31,965** | **34,553** | **-7.50%** | [Finance Costs](index=9&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, the Group's total finance costs were HKD 24.819 million, a significant decrease of 35.66% from the prior year, primarily due to reduced interest expense on borrowings Finance Costs Details | Source of Cost | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on borrowings | 24,103 | 37,839 | -36.29% | | Interest expense on lease liabilities | 716 | 737 | -2.85% | | **Total** | **24,819** | **38,576** | **-35.66%** | [Loss Before Income Tax Expense](index=9&type=section&id=%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF%E5%89%8D%E虧%E6%90%8D) For the six months ended June 30, 2025, the Group's loss before income tax expense was HKD 1,322.996 million, a 44.33% increase in loss from the prior year, primarily impacted by a significant reduction in cost of completed properties held for sale recognized and increased net fair value loss on investment properties Components of Loss Before Income Tax Expense | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of completed properties held for sale recognized | 4,390 | 553,874 | -99.21% | | Depreciation of right-of-use assets and other property, plant and equipment | 620 | 1,342 | -53.79% | | Employee remuneration expenses | 70,285 | 73,911 | -4.90% | | Rental for short-term leases and low-value leases | 532 | 103 | +416.50% | - Loss before income tax expense is stated after deducting the above expenses[18](index=18&type=chunk) [Income Tax Expense](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the Group's income tax expense significantly decreased to HKD 14.588 million, a 74.76% reduction from the prior year, primarily due to a substantial decrease in Hong Kong profits tax Income Tax Expense Details | Tax Type | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 11,172 | 53,861 | -79.25% | | PRC enterprise income tax | 59 | 205 | -71.22% | | PRC land appreciation tax | 4 | 394 | -98.98% | | Deferred tax expense | 3,353 | 3,352 | +0.03% | | **Total** | **14,588** | **57,812** | **-74.76%** | - Hong Kong profits tax is provided at a rate of **16.5%**, and PRC enterprise income tax is levied at a rate of **25%**[20](index=20&type=chunk)[21](index=21&type=chunk) [Loss Per Share](index=10&type=section&id=%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, the basic loss per share attributable to owners of the Company was HKD 4.72, an increase of 37.21% from HKD 3.44 in the prior year Loss Per Share Calculation | Metric | 2025 (HKD thousand/share) | 2024 (HKD thousand/share) | Change (%) | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company | (1,337,584) | (974,829) | +37.21% | | Number of ordinary shares used in calculating basic loss per share | 283,308,635 | 283,308,635 | 0% | | **Basic loss per share** | **HKD (4.72)** | **HKD (3.44)** | **+37.21%** | - Diluted loss per share is not presented as there were no potential ordinary shares in issue during the period[22](index=22&type=chunk) [Trade and Other Receivables / Loans Receivable](index=11&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%EF%BC%8F%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE) As of June 30, 2025, the Group's total trade receivables slightly increased, while net loans receivable decreased, resulting in a slight overall reduction in total trade and other receivables Trade and Other Receivables / Loans Receivable Details | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross trade receivables, net | 54,408 | 48,895 | +11.28% | | 0 to 30 days | 11,289 | 12,778 | -11.65% | | 31 to 90 days | 12,885 | 16,002 | -19.48% | | 91 to 180 days | 12,266 | 9,300 | +31.89% | | Over 180 days | 17,968 | 10,815 | +66.14% | | Gross loans receivable, net | 11,432 | 12,589 | -9.19% | | Other receivables, utility deposits and prepayments | 85,427 | 93,730 | -8.86% | | **Total trade and other receivables classified as current assets** | **151,267** | **155,214** | **-2.54%** | | Non-current assets: Loans receivable | 213,092 | 222,181 | -4.00% | | **Total** | **364,359** | **377,395** | **-3.45%** | - The Group's credit period ranges from **30 to 90 days**[23](index=23&type=chunk) [Trade and Other Payables](index=12&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade payables increased, primarily due to a rise in payables over 90 days, while other payables decreased, leading to a slight overall reduction in total trade and other payables Trade and Other Payables Details | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross trade payables | 27,526 | 24,231 | +13.59% | | 0 to 30 days | 2,793 | 4,705 | -40.64% | | 31 to 90 days | 3,809 | 3,472 | +9.70% | | Over 90 days | 20,924 | 16,054 | +30.33% | | Other payables | 520,181 | 542,035 | -4.03% | | **Total** | **547,707** | **566,266** | **-3.28%** | - The Group is granted credit periods ranging from **30 to 60 days** by suppliers[24](index=24&type=chunk) Management Discussion and Analysis [Overview](index=13&type=section&id=%E6%A6%82%E8%A7%88) In the first half of 2025, global political and economic instability, trade disputes, geopolitical conflicts, and soaring prices led to a slow economic recovery, with Hong Kong's economy showing weakness due to international and local market impacts, low consumer sentiment, and a weak asset market; the Group's main investment property rental income slightly declined, and it will cautiously manage land reserves and old building acquisitions, adjusting asset strategies to meet market challenges - Global political and economic instability, trade disputes, geopolitical conflicts, and soaring prices have led to a slow economic recovery[25](index=25&type=chunk) - Hong Kong's economy performed weakly, with low consumer sentiment, strong wait-and-see investment attitudes, and a weak asset market[25](index=25&type=chunk) - The Group's main investment property rental income continued to record a slight decrease during the period, and it will actively optimize tenant mix and marketing strategies[26](index=26&type=chunk) - The Group will cautiously handle land reserves and acquisitions of old buildings, slowing down its pace and adopting a conservative approach to market conditions[26](index=26&type=chunk) [Property Leasing](index=14&type=section&id=%E7%89%A9%E6%A5%AD%E7%A7%9F%E8%B3%83) As of June 30, 2025, property leasing revenue was approximately HKD 162.19 million, accounting for about 90% of the Group's total revenue; despite tourism recovery, changing consumption patterns and cautious spending led to ongoing rental adjustment pressure and a slight overall decline in rental income, with the Group enhancing customer loyalty through tenant mix optimization, membership programs, and special events - Property leasing business revenue was approximately **HKD 162.19 million**, accounting for about **90%** of the Group's total revenue[28](index=28&type=chunk) - Despite the recovery of the tourism industry, changing consumption patterns and cautious spending led to continuous rental adjustment pressure, resulting in a slight overall decrease in rental income[28](index=28&type=chunk) - The Group enhances customer loyalty by optimizing its tenant mix, introducing internationally renowned enterprises and themed restaurants, and complementing these efforts with the “Soundwill Club” membership program and various events[28](index=28&type=chunk) [Supreme Mini Storage Management Limited](index=14&type=section&id=%E8%87%B3%E5%B0%8A%E8%BF%B7%E4%BD%A0%E5%80%89%E7%AE%A1%E7%90%86%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) Supreme Mini Storage provides professionally managed and secure storage spaces with ideal occupancy rates across Hong Kong, Kowloon, and the New Territories, including a new Fo Tan branch; its "One Box" doorstep storage service is popular, and a new Tuen Mun branch with smart self-service access is planned for the second half of the year - Supreme Mini Storage provides safe, spacious, and efficient storage spaces, with branches across Hong Kong, Kowloon, and the New Territories, including a new branch in Fo Tan[29](index=29&type=chunk) - The “One Box” doorstep storage service has been launched and is highly popular among customers in the medical, tourism, student, and professional sectors[30](index=30&type=chunk) - Plans are underway to open a new branch in Tuen Mun in the second half of the year and introduce more smart self-service access equipment to enhance customer convenience[30](index=30&type=chunk) [Property Development](index=15&type=section&id=%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95) As of June 30, 2025, property development revenue was approximately HKD 6.833 million, representing about 4% of total Group revenue; its digital industrial landmark iCITY achieved a 95% occupancy rate with favorable rental returns, and the second phase of its workspace project is planned for launch this year, while the mainland China property market stabilized, but the Group's projects in third and fourth-tier cities like Zhuhai and Zhaoqing still face inventory reduction challenges - Property development business revenue was approximately **HKD 6.833 million**, accounting for about **4%** of the Group's total revenue[31](index=31&type=chunk) - Its digital industrial landmark iCITY achieved an occupancy rate of **95%**, with a rent per square foot of approximately **HKD 35**, setting a new benchmark for industrial building rents, and plans are underway to launch the second phase of its workspace project within the year[31](index=31&type=chunk) - While the mainland China real estate market has stabilized, the Group's projects in third and fourth-tier cities like Zhuhai and Zhaoqing still face inventory reduction challenges[32](index=32&type=chunk) [Building Management and Other Services](index=16&type=section&id=%E6%A8%93%E5%AE%87%E7%AE%A1%E7%90%86%E5%8F%8A%E5%85%B6%E4%BB%96%E6%9C%8D%E5%8B%99) As of June 30, 2025, property management business revenue was approximately HKD 11.689 million, accounting for about 6% of the Group's total revenue; Soundwill Property Management provides quality building management and maintenance services, holds ISO certifications, and actively uses high-tech central management and IoT systems to enhance service and risk management, while the Group is committed to carbon reduction, energy saving, and community engagement, fulfilling its corporate social responsibility - Property management business revenue was approximately **HKD 11.689 million**, accounting for about **6%** of the Group's total revenue[33](index=33&type=chunk) - Soundwill Property Management holds quality management certifications such as ISO9001, ISO14001, and ISO45001, and utilizes a high-tech central management center and IoT systems to enhance risk management[34](index=34&type=chunk)[35](index=35&type=chunk) - The Group has established an environmental management and energy-saving task force to implement carbon reduction and energy-saving measures, and actively participates in community services and charitable projects[34](index=34&type=chunk)[35](index=35&type=chunk) [Financial Performance Review](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%9B%9E%E9%A1%A7) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 82.46% to HKD 180.712 million, primarily due to reduced property development project income, while loss attributable to owners expanded by 37% to HKD 1,337.584 million, mainly impacted by decreased property development income and increased investment property valuation losses, resulting in a basic loss per share of HKD 4.72 Financial Performance Review | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 180,712 | 1,030,115 | -82.46% | | Loss attributable to owners of the Company | (1,337,584) | (974,829) | +37.21% | | Investment property valuation loss | (1,423,124) | (1,324,070) | +7.48% | | Total interest expense | 24,819 | 38,576 | -35.66% | | Basic loss per share | HKD (4.72) | HKD (3.44) | +37.21% | - The decrease in revenue was primarily due to reduced income from property development projects[41](index=41&type=chunk) - The increase in loss was mainly due to decreased income from property development projects and increased investment property valuation losses[41](index=41&type=chunk) [Outlook](index=18&type=section&id=%E5%B1%95%E6%9C%9B) Looking ahead to the second half of 2025, the global political and economic landscape remains volatile, Hong Kong's economic momentum is weak, and the real estate market faces challenges; the Group will continue to cautiously address these challenges, flexibly adjust strategies, solidify core businesses, and explore diversified development paths, while financially optimizing resource allocation, enhancing operational efficiency, and strengthening cash flow to navigate cyclical challenges and create long-term shareholder value - The global political and economic landscape remains volatile, Hong Kong's economic momentum is weak, and the real estate market faces difficulties[39](index=39&type=chunk) - The Group will cautiously address operational challenges, flexibly adjust strategies, solidify core businesses, and explore diversified development paths[39](index=39&type=chunk) - The Group will optimize resource allocation and enhance operational efficiency, retaining more resources and strengthening cash flow to ensure robust financial management[40](index=40&type=chunk) Other Information [Shareholder and Investor Communication / Investor Relations](index=17&type=section&id=%E8%82%A1%E6%9D%B1%E5%8F%8A%E6%8A%95%E8%B3%87%E8%80%85%E6%BA%9D%E9%80%9A%EF%BC%8F%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82) The Group is committed to enhancing corporate transparency, maintaining comprehensive interactive communication with investors through electronic channels, briefings, and press releases to build trusting partnerships, and emphasizes the importance of good corporate governance for long-term success and sustainable development - The Group is committed to enhancing corporate transparency, timely disclosing development information, and maintaining communication with investors through electronic channels, briefings, and press releases[36](index=36&type=chunk) - The Board believes that good corporate governance is key to the Group's long-term success and sustainable development[36](index=36&type=chunk) [Corporate Citizenship](index=17&type=section&id=%E4%BC%81%E6%A5%AD%E5%85%AC%E6%B0%91) The Group views sustainable development as a core strategy, establishing a dedicated team to optimize environmental, social, and governance performance and preparing to form a climate change task force; it actively gives back to the community through the "Soundwill Volunteer Team" participating in community services, environmental recycling, and providing mini-storage resources, and was awarded the "Outstanding Environmental Partner" in the "BOC Hong Kong Corporate Low Carbon Environmental Leadership Awards 2024" - The Group considers sustainable development a core strategy, establishing a dedicated team to optimize environmental, social, and governance performance, and preparing to form a climate change task force[37](index=37&type=chunk) - The “Soundwill Volunteer Team” actively participates in community services, environmental recycling, and provides mini-storage resources free of charge on a long-term basis[37](index=37&type=chunk) - The Group was awarded the “Outstanding Environmental Partner” in the “BOC Hong Kong Corporate Low Carbon Environmental Leadership Awards 2024”[38](index=38&type=chunk) [Financial Resources and Liquidity](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91) As of June 30, 2025, the Group's cash and bank balances were approximately HKD 1,140.481 million, total borrowings were approximately HKD 1,350.072 million, and the gearing ratio was 9%; the Group's foreign exchange risk primarily stems from HKD and RMB exchange rate fluctuations, with no hedging measures taken during the period, and property acquisition and development funding partly derived from internal resources and bank borrowings Financial Resources and Liquidity | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 1,140,481 | 1,150,786 | -0.90% | | Total borrowings | 1,350,072 | 1,359,858 | -0.72% | | Gearing ratio | 9% | 9% | 0% | | Net assets | 14,345,405 | 15,676,741 | -8.49% | - The Group's foreign exchange risk primarily arises from fluctuations in the HKD and RMB exchange rates, with no hedging measures undertaken during the period[43](index=43&type=chunk)[44](index=44&type=chunk) - Funding for property acquisitions and developments is partly sourced from internal resources and bank borrowings, with bank loan repayment periods aligned with the useful lives of assets and project completion dates[44](index=44&type=chunk) [Proposed Privatization of the Company](index=20&type=section&id=%E5%BB%BA%E8%AD%B0%E5%B0%87%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%A7%81%E6%9C%89%E5%8C%96) The offeror previously proposed privatizing the Company and delisting it by way of a scheme, but as the scheme was not approved by the scheme shareholders at the court meeting, the Company maintained its listing status on the Stock Exchange - The offeror previously proposed privatizing the Company and delisting its shares[45](index=45&type=chunk) - The Company maintained its listing status on the Stock Exchange as the scheme was not approved by the scheme shareholders[45](index=45&type=chunk) [Material Investments Held](index=20&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the financial period ended June 30, 2025, the Group held no material investments other than those disclosed in the "Management Discussion and Analysis" section - For the financial period ended June 30, 2025, the Group held no material investments (other than those disclosed in the Management Discussion and Analysis section)[46](index=46&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD) For the period ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, and joint ventures - For the period ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, and joint ventures[47](index=47&type=chunk) [Events After the Reporting Period](index=20&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As of June 30, 2025, no other significant events affecting the Company or its subsidiaries occurred after the reporting period, except for those disclosed in this announcement - No other significant events affecting the Company or its subsidiaries occurred after the reporting period[48](index=48&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 321 employees in Hong Kong and 50 in mainland China, with total employee numbers increasing from the prior year; employee remuneration is determined by performance, experience, and market practice, including salaries, medical insurance, MPF, and discretionary year-end bonuses, with total employee salaries and wages amounting to approximately HKD 70.285 million during the period Employee Numbers and Remuneration | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong employees | 321 | 301 | +6.64% | | Mainland China employees | 50 | 42 | +19.05% | | Total employee salaries and wages (HKD thousand) | 70,285 | 73,911 | -4.90% | - Employee remuneration is determined based on job performance, experience, and market practice, including salaries, medical insurance, Mandatory Provident Fund, and discretionary year-end bonuses[49](index=49&type=chunk) [Pledged Assets](index=20&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged certain investment properties, properties held for sale, and property, plant and equipment with a total carrying amount of approximately HKD 8,531.831 million as collateral for bank financing - The Group pledged certain investment properties, properties held for sale, and property, plant and equipment with a total carrying amount of approximately **HKD 8,531,831,000** (December 31, 2024: approximately HKD 9,335,969,000) as collateral for bank financing[50](index=50&type=chunk) [Contingent Liabilities](index=21&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group provided guarantees of approximately HKD 11.345 million to banks for mortgage loans obtained by property buyers in mainland China, with directors deeming the fair value of these financial guarantees not material - The Group provided guarantees of approximately **HKD 11,345,000** to banks for mortgage loans obtained by property buyers in mainland China[51](index=51&type=chunk) - These guarantees will be released upon delivery of the properties to buyers and completion of mortgage registration or settlement of the loans[51](index=51&type=chunk) - The Directors consider the fair value of the financial guarantees not material[51](index=51&type=chunk) [Corporate Governance](index=21&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) During the reporting period, the Group complied with the applicable provisions of the Stock Exchange's Corporate Governance Code, though the roles of Chairman and Chief Executive Officer were not separated, both held by Mr. Chan King Tak; the Group adopted the Model Code for Securities Transactions by Directors of Listed Issuers and established guidelines for relevant employees no less exacting than the Model Code - The Group complied with the applicable provisions of the Stock Exchange's Corporate Governance Code, although the roles of Chairman and Chief Executive Officer were not separated, both held by Mr. Chan King Tak[52](index=52&type=chunk) - The Group has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirmed that all Directors complied with it during the period[53](index=53&type=chunk) - The Group has adopted guidelines for relevant employees regarding dealings in the Company's securities that are no less exacting than the Model Code[54](index=54&type=chunk) [Interim Dividend](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[55](index=55&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) 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 - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[56](index=56&type=chunk) [Public Float](index=22&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) Based on publicly available information, the Company maintained the public float required by the Listing Rules during the six months ended June 30, 2025, and up to the date of this report - The Company has maintained the public float required by the Listing Rules[57](index=57&type=chunk) [Audit Committee](index=22&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting principles, internal control systems, risk management, internal audit, and financial reporting matters, and also reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, without disagreement - The Audit Committee has reviewed the Group's accounting principles, internal control systems, risk management, internal audit, and financial reporting matters[58](index=58&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements without disagreement[58](index=58&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=22&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement has been published on the websites of The Stock Exchange of Hong Kong Limited and the Company, and the Company's 2025 interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company (www.soundwill.com.hk)[59](index=59&type=chunk) - The Company's 2025 interim report will be dispatched to shareholders and published on the aforementioned websites in due course[59](index=59&type=chunk) [Appreciation](index=23&type=section&id=%E9%B3%B4%E8%AC%9D) Mr. Chan King Tak, Chairman of the Board, on behalf of the Board, expressed gratitude to all Directors and staff for their contributions and outstanding performance during the period - Mr. Chan King Tak, Chairman of the Board, expressed gratitude to all Directors and staff for their contributions and outstanding performance during the period[60](index=60&type=chunk)