Group 1 - The company Tianjin Development (00882) announced a financial agreement with Industrial Bank for a structured deposit [1] - The agreement involves an investment of RMB 70 million, equivalent to approximately HKD 76.5864 million [1] - This marks the 10th financial agreement between the company’s indirect non-wholly owned subsidiary, Lifescience Pharmaceutical (002393), and Industrial Bank [1]

格隆汇9月10日丨天津发展(00882.HK)公布，于2025年9月10日，力生制药(公司间接非全资附属公司)与 兴业银行订立第十份兴业银行理财协议，以本金金额人民币7000万元认购另一项结构性存款。 ...

（於香港註冊成立之有限公司） （股份代號：882） 須予披露交易 認購興業銀行理財產品 第十份興業銀行理財協議 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。 茲提述本公司日期二零二五年六月十一日及二零二五年六月十九日之公告， 內容有關前理財協議。 於二零二五年九月十日力生製藥（本公司間接非全資附屬公司）與興業銀行 訂立第十份興業銀行理財協議，以本金金額人民幣 70,000,000 元（相當於約 港幣 76,586,433 元）認購另一項結構性存款。 上市規則涵義 新認購事項（按單獨基準計算）不構成本公司於上市規則第 14 章項下的須 予公佈交易。 由於前認購事項及新認購事項均為本集團向同一銀行購入理財產品並仍然持 有的投資，故根據上市規則第 14.22 條，該等認購事項須作為一系列交易合 併計算。 由於根據上市規則第 14.07 條計算有關新認購事項的其中一項適用百分比率 （與前認購事項合併計算時）超過 5%但低於 25%，新認購事項構成本公司 的 ...

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: | 天津發展控股有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00882 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,072,770,125 | | 0 | | 1,072,770,125 | | 增加 / 減少 ...

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Core Viewpoint - Tianjin Development (00882) reported a net profit attributable to shareholders of HKD 344 million for the six months ending June 30, 2025, representing a year-on-year increase of 19.57% despite a revenue decline [1] Financial Performance - Revenue for the period was HKD 1.719 billion, showing a year-on-year decrease of 5.59% [1] - Basic earnings per share were HKD 0.3211 [1] - The company proposed an interim dividend of HKD 0.0518 per share [1]

Group 1 - The company reported a revenue of HKD 1.719 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 5.59% [1] - Shareholders' profit attributable to the company was HKD 344 million, showing a year-on-year increase of 19.57% [1] - The basic earnings per share were HKD 0.3211, and the company proposed an interim dividend of HKD 0.0518 per share [1]

Core Viewpoint - Tianjin Development (00882.HK) reported a decrease in revenue for the six months ending June 30, 2025, compared to the same period last year, while net profit attributable to shareholders increased [1] Financial Performance - Revenue for the period was approximately HKD 1,718,589,000, down from HKD 1,820,260,000 in the same period last year [1] - Net profit attributable to shareholders was approximately HKD 344,455,000, an increase from HKD 288,077,000 year-on-year [1] - Basic earnings per share were reported at HKD 0.3211 [1] Dividends - The interim dividend remained unchanged at HKD 0.0518 per share, consistent with the previous year [1]

EF001 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會包括滕飛先生、翟欣翔博士、夏濱輝先生、孫利軍先生*、伍綺琴女士**、黃紹開先生**、樓家強先 生**及冼漢廸先生**。 * 非執行董事 ** 獨立非執行董事 第 1 頁 共 2 頁 v 1.1.1 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 天津發展控股有限公司 | | 股份代號 | 00882 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月之中期股息 | | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's unaudited consolidated results for the six months ended June 30, 2025, show a year-on-year decrease in revenue, but an increase in profit attributable to owners and basic earnings per share, with interim dividends remaining unchanged Financial Summary for H1 2025 | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 1,718,589 | 1,820,260 | -5.69% | | Profit attributable to owners of the Company | 344,455 | 288,077 | +19.57% | | Basic earnings per share (HK cents) | 32.11 | 26.85 | +19.59% | | Interim dividend (HK cents per share) | 5.18 | 5.18 | 0.00% | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's condensed consolidated statement of profit or loss, statement of profit or loss and other comprehensive income, and statement of financial position for the six months ended June 30, 2025, illustrating financial performance and period-end financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, Group revenue slightly decreased, but profit before tax and profit for the period significantly increased due to substantial growth in other income and a turnaround from loss to gain in other gains Key Data from Condensed Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 1,718,589 | 1,820,260 | -5.69% | | Gross profit | 547,900 | 588,491 | -6.90% | | Other income | 474,910 | 149,223 | +218.26% | | Other gains and losses, net | 26,669 | (30,201) | From loss to gain | | Profit before tax | 691,500 | 416,795 | +65.91% | | Profit for the period | 614,996 | 384,330 | +59.99% | | Profit attributable to owners of the Company | 344,455 | 288,077 | +19.57% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%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, Group profit for the period grew significantly, with total comprehensive income turning from loss to profit, despite a negative impact from fair value changes of equity instruments at fair value through other comprehensive income, as currency translation differences shifted from negative to positive Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Profit for the period | 614,996 | 384,330 | +59.99% | | Fair value changes of equity instruments at fair value through other comprehensive income | (434,692) | (473,760) | Loss narrowed | | Currency translation differences – Group | 127,667 | (72,289) | From loss to gain | | Total comprehensive income (expense) for the period | 454,494 | (134,905) | From loss to gain | | Total comprehensive income (expense) attributable to owners of the Company | 354,123 | 64,717 | +447.19% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%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, Group total assets slightly increased, with significant growth in non-current assets like investments accounted for using the equity method and fixed deposits maturing over three months, while current assets such as cash and cash equivalents and fixed deposits maturing over three months decreased; total equity and total liabilities maintained steady growth Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Total assets | 22,449,648 | 22,192,849 | +1.16% | | Non-current assets | 12,875,509 | 11,701,178 | +10.04% | | Current assets | 9,574,139 | 10,491,671 | -8.75% | | Total equity | 17,687,865 | 17,455,293 | +1.33% | | Total liabilities | 4,761,783 | 4,737,556 | +0.51% | | Net current assets | 4,994,846 | 5,997,598 | -16.72% | - Among non-current assets, investments accounted for using the equity method increased to **HKD 6.34 billion** (December 31, 2024: HKD 6.06 billion), and fixed deposits maturing over three months significantly increased to **HKD 1.62 billion** (December 31, 2024: HKD 238.7 million)[6](index=6&type=chunk) - Among current assets, cash and cash equivalents decreased to **HKD 2.44 billion** (December 31, 2024: HKD 3.54 billion), and fixed deposits maturing over three months decreased to **HKD 1.79 billion** (December 31, 2024: HKD 2.38 billion)[6](index=6&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the basis of preparation, significant accounting policies, segment financial performance, other income and gains, tax expenses, earnings per share calculation, dividend policy, and specifics of various investments and receivables/payables for the condensed consolidated financial statements [Basis of Preparation](index=6&type=section&id=%E7%B7%A8%E5%88%B6%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and Appendix D2 of the Listing Rules, consistent with the statutory annual consolidated financial statements - The financial statements are prepared in accordance with **HKAS 34 "Interim Financial Reporting"** and **Appendix D2 of the Listing Rules**[8](index=8&type=chunk) - Comparative financial information for the year ended December 31, 2024, is derived from the statutory annual consolidated financial statements filed with the Registrar of Companies, with an **unqualified auditor's report**[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 condensed consolidated financial statements are primarily prepared on a historical cost basis, with certain financial instruments measured at fair value, and accounting policies are consistent with the prior year, except for the application of revised HKFRSs - The financial statements are primarily prepared on a **historical cost basis**, with investment properties and certain financial instruments measured at **fair value**[9](index=9&type=chunk) - Except for the application of revised HKFRSs, accounting policies are **consistent with the prior year's financial statements**[9](index=9&type=chunk) [Application of Revised HKFRSs](index=6&type=section&id=%E6%87%89%E7%94%A8%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) Revised HKFRSs, including HKAS 21 (Amendment) "Lack of Exchangeability," were first applied in this interim period, with no significant impact on the Group's financial position or performance - The Group first applied revised HKFRSs, including **HKAS 21 (Amendment) "Lack of Exchangeability"**[10](index=10&type=chunk) - The application of new standards had **no significant impact** on the Group's financial position or 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 has six reportable operating segments: utilities, pharmaceuticals, hotels, electromechanical, port services, and elevators and escalators, each managed independently with performance assessed by after-tax profit; accounting for the pharmaceutical segment's research institute was adjusted due to equity changes - The Group has six operating segments: **utilities, pharmaceuticals, hotels, electromechanical, port services, and elevators and escalators**[11](index=11&type=chunk) - In the pharmaceutical segment, due to equity changes, Yaoyan Institute is no longer recognized as an investment accounted for using the equity method since December 25, 2024, but as an equity instrument at fair value through other comprehensive income, with **no profit or loss recognized** in this interim period[11](index=11&type=chunk) Operating Segment Revenue and Profit (Six Months Ended June 30) | Segment | 2025 Segment Revenue (HKD thousand) | 2024 Segment Revenue (HKD thousand) | 2025 Profit (Loss) attributable to owners of the Company (HKD thousand) | 2024 Profit (Loss) attributable to owners of the Company (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Utilities | 712,786 | 768,660 | 78,360 | 82,369 | | Pharmaceuticals | 863,280 | 895,352 | 132,166 | 5,576 | | Hotels | 63,047 | 66,555 | 15,592 | 15,175 | | Electromechanical | 79,476 | 89,693 | (42,296) | (47,982) | | Port Services | ‒ | ‒ | 72,456 | 87,882 | | Elevators and Escalators | ‒ | ‒ | 121,918 | 155,067 | | **Total** | **1,718,589** | **1,820,260** | **378,196** | **298,087** | [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, Group other income surged by 218.26%, primarily driven by a significant increase in dividend income from equity instruments at fair value through other comprehensive income Composition of Other Income (Six Months Ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Interest income | 124,656 | 131,845 | -5.45% | | Government grants | 3,645 | 2,268 | +60.71% | | Dividend income from equity instruments at fair value through other comprehensive income | 334,488 | 2,433 | +13655.77% | | **Total** | **474,910** | **149,223** | **+218.26%** | - Operating profit of the pharmaceutical segment includes dividend income from Tasly Group of approximately **HKD 329.4 million** (six months ended June 30, 2024: nil)[16](index=16&type=chunk) [Other Gains and Losses, Net](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, Group other gains and losses, net, turned from a loss to a gain, primarily due to reversal of impairment losses on trade receivables, fair value gains on financial assets held for trading, and exchange gains Other Gains and Losses, Net (Six Months Ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Reversal of (provision for) impairment losses – trade receivables | 21,591 | (21,963) | From provision to reversal | | Net fair value gains (losses) on financial assets held for trading – listed | 3,320 | 1,162 | +185.71% | | Net fair value gains (losses) on financial assets held for trading – unlisted | 5,113 | (6,118) | From loss to gain | | Net exchange gains (losses) | 4,552 | (1,111) | From loss to gain | | **Total** | **26,669** | **(30,201)** | **From loss to gain** | [Tax Expense](index=10&type=section&id=%E7%A8%85%E9%A0%85%E6%94%AF%E5%87%BA) For the six months ended June 30, 2025, Group tax expense significantly increased, mainly due to higher PRC corporate income tax and under-provision in prior years; some PRC subsidiaries qualify for a preferential 15% corporate income tax rate as high-tech enterprises Tax Expense (Six Months Ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | PRC corporate income tax | 52,301 | 21,529 | +142.94% | | Under-provision in prior years | 24,413 | ‒ | New | | Deferred tax | (210) | 10,936 | From expense to credit | | **Total** | **76,504** | **32,465** | **+135.66%** | - Some PRC subsidiaries qualify as high-tech enterprises and are subject to a **preferential corporate income tax rate of 15%**[18](index=18&type=chunk) [Profit for the Period is Arrived at After Charging](index=11&type=section&id=%E6%9C%9F%E9%96%93%E6%BA%A2%E5%88%A9%E4%B9%83%E6%89%A3%E9%99%A4%E4%B8%8B%E5%88%97%E9%A0%85%E7%9B%AE%E5%BE%8C%E9%81%94%E8%87%B4) Profit for the period is derived after deducting employee benefit expenses, cost of inventories, depreciation and amortization, short-term lease expenses, and research and development costs; employee benefit expenses and cost of inventories increased, while depreciation and amortization decreased Items Deducted in Arriving at Profit for the Period (Six Months Ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 304,443 | 298,463 | +2.00% | | Cost of inventories recognized as expense | 955,188 | 900,853 | +6.03% | | Depreciation of property, plant and equipment | 94,521 | 102,026 | -7.36% | | Depreciation of land use rights | 4,220 | 3,071 | +37.40% | | Amortization of intangible assets | 2,506 | 4,339 | -42.24% | | Research and development costs included in other operating expenses | 79,370 | 74,400 | +6.68% | [Earnings Per Share](index=11&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners were 32.11 HK cents, up from 26.85 HK cents in the prior year, primarily due to increased profit attributable to owners with no change in ordinary shares outstanding Earnings Per Share (Six Months Ended June 30) | Metric | 2025 (HK cents) | 2024 (HK cents) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Basic earnings per share | 32.11 | 26.85 | +19.59% | | Diluted earnings per share | 32.11 | 26.85 | +19.59% | - The number of ordinary shares used for calculating basic and diluted earnings per share was **1,072,770 thousand shares**, with **no dilutive effect** in either interim period[20](index=20&type=chunk) [Dividends](index=12&type=section&id=%E8%82%A1%E6%81%AF) The Board declared an interim dividend of 5.18 HK cents per ordinary share for the six months ended June 30, 2025, consistent with the prior year, totaling approximately HKD 55,569,500 Interim Dividend (Six Months Ended June 30) | Metric | 2025 (HK cents per share) | 2024 (HK cents per share) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Interim dividend | 5.18 | 5.18 | 0.00% | | Total amount (HKD thousand) | 55,569.5 | 55,569.5 | 0.00% | [Investments Accounted for Using the Equity Method](index=12&type=section&id=%E6%8E%A1%E7%94%A8%E6%AC%8A%E7%9B%8A%E6%B3%95%E5%85%A5%E8%B3%AC%E7%9A%84%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group's total investments accounted for using the equity method increased to HKD 6,339,761 thousand, primarily comprising interests in Tianjin Port Development, Otis China, and TEDA Electric Power Investments Accounted for Using the Equity Method (As of June 30) | Investment Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Tianjin Port Development | 3,776,179 | 3,716,230 | +1.61% | | Otis China | 1,092,146 | 928,920 | +17.57% | | TEDA Electric Power | 1,471,436 | 1,419,839 | +3.63% | | **Total** | **6,339,761** | **6,064,989** | **+4.53%** | - The interest in Tianjin Port Development includes goodwill of **HKD 820.7 million** (net of impairment losses), which remained **unchanged** from December 31, 2024[23](index=23&type=chunk) [Equity Instruments at Fair Value Through Other Comprehensive Income](index=13&type=section&id=%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E9%80%8F%E9%81%8E%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E5%88%97%E8%B3%AC%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%B7%A5%E5%85%B7) As of June 30, 2025, the Group's total equity instruments at fair value through other comprehensive income amounted to HKD 1,847,310 thousand, a decrease from December 31, 2024, primarily due to a decline in the fair value of unlisted equity securities, including interests in Tasly Group and Yaoyan Institute Equity Instruments at Fair Value Through Other Comprehensive Income (As of June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Listed equity securities | 77,236 | 84,228 | -8.29% | | Unlisted equity securities | 1,770,074 | 2,181,392 | -18.86% | | **Total** | **1,847,310** | **2,265,620** | **-18.46%** | - Unlisted equity securities primarily include a **12.15% interest in Tasly Group** and a **31.05% interest in Yaoyan Institute**[24](index=24&type=chunk) - The equity interest in Binhai Investment had a market value of **HKD 59.8 million**, with an unrealized fair value loss of **HKD 7.0 million** recognized in other comprehensive income[24](index=24&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=14&type=section&id=%E6%87%89%E6%94%B6%E8%B2%A8%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) As of June 30, 2025, the Group's total trade and other receivables, deposits, and prepayments increased to HKD 2,284,586 thousand, primarily due to higher trade receivables and other receivables, with the latter mainly from dividend income due from Tasly Group Trade and Other Receivables (As of June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Total trade receivables | 1,546,595 | 1,401,862 | +10.32% | | Other receivables, deposits and prepayments | 737,991 | 426,410 | +72.90% | | **Total** | **2,284,586** | **1,828,272** | **+25.07%** | - The increase in other receivables, deposits, and prepayments primarily stemmed from **dividend income due from Tasly Group**[25](index=25&type=chunk) Trade Receivables Ageing Analysis (As of June 30) | Ageing | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Within 30 days | 319,261 | 196,441 | | 31 to 90 days | 175,127 | 293,212 | | 91 to 180 days | 293,002 | 236,725 | | 181 to 365 days | 315,566 | 393,547 | | Over 1 year | 443,639 | 281,937 | [Structured Deposits](index=14&type=section&id=%E7%B5%90%E6%A7%8B%E6%80%A7%E5%AD%98%E6%AC%BE) As of June 30, 2025, the Group's structured deposits increased to HKD 775,603 thousand, with maturities up to six months and expected annual interest rates ranging from 0.8% to 3.4% Structured Deposits (As of June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Structured deposits | 775,603 | 347,394 | +123.26% | - Deposit terms are up to **six months**, with expected annual interest rates ranging from **0.8% to 3.4%** (December 31, 2024: 1.1% to 2.6%)[26](index=26&type=chunk) [Trust Deposits](index=14&type=section&id=%E4%BF%A1%E8%A8%97%E5%AD%98%E6%AC%BE) As of June 30, 2025, the Group's trust deposits slightly increased to HKD 1,064,449 thousand, with maturities of six to twelve months and an expected annualized return of 4.0% Trust Deposits (As of June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Trust deposits | 1,064,449 | 1,036,909 | +2.66% | - Deposit terms are **six to twelve months**, with an expected annualized return of **4.0%**[27](index=27&type=chunk) [Trade Payables](index=15&type=section&id=%E6%87%89%E4%BB%98%E8%B2%A8%E6%AC%BE) As of June 30, 2025, the Group's total trade payables increased to HKD 480,988 thousand, with significant increases in payables aged 31 to 90 days and 91 to 180 days Trade Payables Ageing Analysis (As of June 30) | Ageing | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Within 30 days | 108,329 | 144,080 | -24.81% | | 31 to 90 days | 94,362 | 39,073 | +141.50% | | 91 to 180 days | 62,600 | 35,765 | +75.04% | | Over 180 days | 215,697 | 225,719 | -4.30% | | **Total** | **480,988** | **444,637** | **+8.17%** | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an operational review of the Group's business segments, outlook on the future economic environment, liquidity, capital sources, key financial risk management strategies, and details on staff remuneration, asset pledges, litigation, dividend distribution, share registration, securities trading, and corporate governance [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's diverse businesses include utilities, pharmaceuticals, hotels, electromechanical, and strategic investments, with varied performance: water utilities grew, while heat and power revenues slightly declined; pharmaceutical profit surged due to special dividends; hotel revenue decreased but profit slightly rose; electromechanical revenue fell but losses narrowed; and strategic investments in port services and elevators/escalators contributed less profit [Utilities](index=15&type=section&id=%E5%85%AC%E7%94%A8%E8%A8%AD%E6%96%BD) The utilities business primarily operates water, heat, and power supply in Tianjin Development Area; water business revenue and profit grew, heat business revenue and profit declined, and power business revenue slightly decreased but contributed more profit - The utilities business primarily provides **water, heat, and power** to commercial and residential users in the Tianjin Economic-Technological Development Area, China[30](index=30&type=chunk) [Water Supply](index=15&type=section&id=%E8%87%AA%E4%BE%86%E6%B0%B4) Water supply company revenue was approximately HKD 144 million, up 1.2% year-on-year, with profit of approximately HKD 22 million, increasing 19.6%, primarily due to reduced operating expenses and a 3.6% increase in total sales volume Water Supply Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 144,000 | 142,305 | +1.2% | | Profit | 22,000 | 18,400 | +19.6% | | Total sales volume (tonnes) | 22,563,000 | 21,779,000 | +3.6% | - Profit growth was primarily attributable to successful implementation of **operating expense reduction measures**, leading to improved operating margins[31](index=31&type=chunk) [Heat Energy](index=16&type=section&id=%E7%86%B1%E8%83%BD) Heat and power company revenue was approximately HKD 568.8 million, down 9.2% year-on-year, with profit of approximately HKD 31.1 million, a decrease from HKD 40.4 million in the prior year, mainly due to a 10.2% drop in steam sales volume, partially offset by reduced operating expenses Heat Energy Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 568,800 | 626,400 | -9.2% | | Profit | 31,100 | 40,400 | -22.9% | | Total steam sales volume (tonnes) | 1,714,000 | 1,908,000 | -10.2% | - The decrease in revenue and profit was mainly due to a **decline in steam sales volume**, partially offset by reduced operating expenses[32](index=32&type=chunk) [Electric Power](index=16&type=section&id=%E9%9B%BB%E5%8A%9B) TEDA Electric Power revenue was approximately HKD 1,140.9 million, a 0.2% year-on-year decrease, contributing approximately HKD 29.5 million in profit to the Group, an increase of HKD 1.2 million from the prior year Electric Power Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 1,140,900 | 1,143,281 | -0.2% | | Profit contribution | 29,500 | 28,300 | +4.24% | - TEDA Electric Power primarily operates **power supply services** in the Tianjin Development Area, also offering services related to new and renewable energy technology applications[33](index=33&type=chunk) [Pharmaceuticals](index=16&type=section&id=%E9%86%AB%E8%97%A5) Pharmaceutical segment revenue was approximately HKD 863.3 million, a 3.6% year-on-year decrease; however, profit surged to HKD 377.9 million due to a special dividend of HKD 303.1 million from Tasly Group, or HKD 74.8 million excluding the dividend, primarily driven by increased interest income Pharmaceutical Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 863,300 | 895,400 | -3.6% | | Profit | 377,900 | 62,300 | +506.58% | | Revenue from production and sales of chemical drugs, proprietary Chinese medicines, and other healthcare products | 787,400 | 811,750 | -3.0% | | Revenue from sales of packaging materials | 75,900 | 84,000 | -9.64% | - The significant increase in pharmaceutical segment profit was primarily due to a **special dividend of HKD 303.1 million** declared by Tasly Group[35](index=35&type=chunk) - Excluding the special dividend, pharmaceutical segment profit was approximately **HKD 74.8 million**, an increase of **HKD 12.5 million** from the prior year, mainly due to increased interest income and the Group no longer sharing in Yaoyan Institute's results[35](index=35&type=chunk) - Lisheng Pharmaceutical intends to subscribe **RMB 173.75 million** to establish a limited partnership fund, representing **34.75%** of the proposed total subscribed capital[36](index=36&type=chunk) [Hotels](index=17&type=section&id=%E9%85%92%E5%BA%97) Courtyard by Marriott revenue was approximately HKD 63 million, down 5.4% year-on-year, but profit slightly increased to HKD 15.6 million, with average occupancy rising 2 percentage points to 89.7% despite a 6.4% drop in average room rate Hotel Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 63,000 | 66,600 | -5.4% | | Profit | 15,600 | 15,200 | +2.63% | | Average occupancy rate | 89.7% | 87.7% | +2.0 ppts | | Average room rate | -6.4% | N/A | -6.4% | [Electromechanical](index=17&type=section&id=%E6%A9%9F%E9%9B%BB) Electromechanical segment revenue was approximately HKD 79.5 million, down 11.4% year-on-year; losses narrowed to approximately HKD 51.1 million, an 11.9% improvement from the prior year, but still impacted by slower hydropower industry development and lower contract gross margins Electromechanical Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 79,500 | 89,693 | -11.4% | | Loss | (51,100) | (58,000) | Loss narrowed 11.9% | - Operating loss was primarily due to the **slowing development of the hydropower industry** and **lower gross margins** on completed contract works[38](index=38&type=chunk) [Strategic and Other Investments](index=18&type=section&id=%E7%AD%96%E7%95%A5%E6%80%A7%E5%8F%8A%E5%85%B6%E4%BB%96%E6%8A%95%E8%B3%87) The Group's strategic and other investments include port services, elevators and escalators, Binhai Investment, and Tasly Group; profit contributions from port services and elevators/escalators decreased, Binhai Investment's equity market value declined with unrealized fair value losses, and Tasly Group's investment fair value decreased but provided substantial dividend income [Port Services](index=18&type=section&id=%E6%B8%AF%E5%8F%A3%E6%9C%8D%E5%8B%99) Tianjin Port Development revenue grew 2.9% to approximately HKD 6,942.2 million, but profit attributable to its owners decreased by 17.6%; the Group's profit contribution from Tianjin Port Development was approximately HKD 72.5 million, a 17.5% year-on-year decrease Port Services Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Tianjin Port Development revenue | 6,942,200 | 6,746,550 | +2.9% | | Profit attributable to owners of Tianjin Port Development | 345,000 | 418,600 | -17.6% | | Group's profit contribution | 72,500 | 87,882 | -17.5% | [Elevators and Escalators](index=18&type=section&id=%E5%8D%87%E9%99%8D%E6%A9%9F%E5%8F%8A%E6%89%B6%E6%89%8B%E9%9B%BB%E6%A2%AF) Otis China revenue was approximately HKD 6,740.8 million, a 23.3% year-on-year decrease; the Group's profit contribution from Otis China was approximately HKD 121.9 million, down 21.4% year-on-year Elevators and Escalators Business Performance (Six Months Ended June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Otis China revenue | 6,740,800 | 8,786,000 | -23.3% | | Group's profit contribution | 121,900 | 155,067 | -21.4% | [Investment in Binhai Investment Company Limited](index=18&type=section&id=%E6%96%BC%E6%BF%B1%E6%B5%B7%E6%8A%95%E8%B3%87%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%8A%95%E8%B3%87) The Group holds a 4.2% equity interest in Binhai Investment, with a market value of approximately HKD 59.8 million as of June 30, 2025, and recognized an unrealized fair value loss of approximately HKD 7 million Binhai Investment Company Limited Investment Status (As of June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Equity market value | 59,800 | 66,800 | -10.48% | | Unrealized fair value loss | 7,000 | N/A | New | - The Group holds a **4.2% equity interest in Binhai Investment**, which is listed on the Main Board of the Stock Exchange[42](index=42&type=chunk) [Investment in Tasly Pharmaceutical Group Co., Ltd.](index=18&type=section&id=%E6%96%BC%E5%A4%A9%E5%A3%AB%E5%8A%9B%E7%94%9F%E7%89%A9%E9%86%AB%E8%97%A5%E7%94%A2%E6%A5%AD%E9%9B%86%E5%9C%98%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%8A%95%E8%B3%87) The Group holds a 12.15% non-core passive equity interest in Tasly Group, with a fair value of approximately HKD 852.3 million as of June 30, 2025, a decrease from December 31, 2024, recognizing approximately HKD 420.4 million in unrealized fair value losses and exchange differences, while receiving approximately HKD 329.4 million in dividend income during the review period Tasly Group Investment Status (As of June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Fair value | 852,300 | 1,272,700 | -33.03% | | Unrealized fair value loss and exchange differences | 420,400 | N/A | New | | Dividend income (H1) | 329,400 | 4,000 (Full Year) | Substantially increased | - The Group holds a **12.15% equity interest in Tasly Group**, which is a **non-core passive investment** and will not be sold in the foreseeable future[43](index=43&type=chunk)[44](index=44&type=chunk) [Outlook](index=19&type=section&id=%E5%B1%95%E6%9C%9B) For the second half of 2025, the global economy faces high uncertainty with ongoing geopolitical conflicts and international trade frictions; China's economy is expected to achieve its targets through policy synergy, and the Company will actively promote stable business development, deepen integration, focus on shareholder value, adhere to prudent financial management, and enhance core competitiveness - The global economy is expected to face **high uncertainty** in the second half of 2025, with ongoing geopolitical conflicts and international trade frictions[45](index=45&type=chunk) - China's economy is projected to achieve its targets through **policy synergy**[45](index=45&type=chunk) - The Company will actively promote **stable business development**, deepen integration, focus on **shareholder value**, strengthen its foundation, and enhance core competitiveness[45](index=45&type=chunk) [Liquidity, Capital Resources and Key Risks](index=19&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B3%87%E6%9C%AC%E4%BE%86%E6%BA%90%E5%8F%8A%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA) As of June 30, 2025, the Group's total cash on hand and bank loans both decreased, with a slight improvement in the gearing ratio; funding primarily comes from operating cash flow and loan financing, with close monitoring of interest rate, exchange rate, and credit risks, and no derivative contracts entered Liquidity Status (As of June 30) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Total cash on hand | 5,909,600 | 6,272,100 | -5.89% | | Total bank loans | 1,972,800 | 1,989,800 | -0.85% | | Gearing ratio | 15.3% | 15.8% | -0.5 ppts | - **HKD 1.94 billion** in bank loans will mature within one year[46](index=46&type=chunk) - Of the outstanding bank loans, **HKD 1.92 billion** bears floating interest rates, with **HKD 1.72 billion** linked to environmental, social, and governance (ESG) performance indicators[47](index=47&type=chunk) - The Group has **not entered into any derivative contracts or hedging transactions** and closely monitors foreign currency exchange rate fluctuations[48](index=48&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=%E5%93%A1%E5%B7%A5%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) The Group employs approximately 2,735 staff, contributing to pension schemes for both PRC and Hong Kong employees, with some PRC subsidiary employees participating in restricted share incentive plans - The Group employs approximately **2,735 staff**, including management, technical, and production personnel[49](index=49&type=chunk) - Contributions are made to government-established pension schemes for PRC employees and to the **Mandatory Provident Fund Scheme** for Hong Kong employees[49](index=49&type=chunk) - Some employees of PRC subsidiaries participate in relevant **restricted share incentive plans**[49](index=49&type=chunk) [Pledge of Assets](index=20&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%BC%E8%A8%98) As of June 30, 2025, the Group pledged restricted bank deposits of HKD 59.4 million and property, plant and equipment with a carrying amount of HKD 55.6 million to financial institutions as collateral for general banking facilities Asset Pledge Status (As of June 30) | Pledged Assets | Amount (HKD thousand) | | :--- | :--- | | Restricted bank deposits | 59,400 | | Property, plant and equipment | 55,600 | - Pledged assets serve as **collateral for general banking facilities**[50](index=50&type=chunk) [Litigation](index=20&type=section&id=%E8%A8%B4%E8%A8%9F) The Tianjin Higher People's Court dismissed the appeal by Zhongyang Pharmaceutical and its agent, upholding the first-instance judgment; Group management believes this litigation will not have a material adverse impact on the Group's financial position - The Tianjin Higher People's Court dismissed the appeal by Zhongyang Pharmaceutical and its agent, with the **first-instance judgment upheld and final**[51](index=51&type=chunk) - Management believes the litigation will **not have a material adverse impact** on the Group's financial position[51](index=51&type=chunk) [Interim Dividend](index=20&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared an interim dividend of 5.18 HK cents per share for the six months ended June 30, 2025, payable on October 31, 2025 - The Board declared an interim dividend of **5.18 HK cents per share**, consistent with the prior year[52](index=52&type=chunk) - The interim dividend will be **paid on October 31, 2025**[52](index=52&type=chunk) [Closure of Register of Members](index=20&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) To determine eligibility for the interim dividend, the Company's register of members will be closed from September 24 to September 26, 2025 - The register of members will be closed from **September 24 to September 26, 2025**, to determine eligibility for the interim dividend[53](index=53&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&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%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 - Neither the Company nor its subsidiaries engaged in any **purchase, sale, or redemption of listed securities** during the review period[54](index=54&type=chunk) [Compliance with Corporate Governance Code](index=21&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) For the six months ended June 30, 2025, the Company complied with the Corporate Governance Code provisions in Appendix C1 Part 2 of the Listing Rules and will continue to monitor and review its corporate governance practices - The Company consistently complied with the **Corporate Governance Code** in Appendix C1 Part 2 of the Listing Rules during the review period[55](index=55&type=chunk) - The Board will continue to **monitor and review corporate governance practices and procedures**[56](index=56&type=chunk) [Compliance with the Standard Securities Dealing Code for Directors of Listed Issuers](index=21&type=section&id=%E9%81%B5%E5%AE%88%E4%B8%8A%E5%B8%82%E7%99%BC%E8%A1%8C%E4%BA%BA%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) All Directors confirmed compliance with the Standard Securities Dealing Code in Appendix C3 of the Listing Rules during the review period, and the Company has established written guidelines for senior management and specific individuals regarding securities transactions, no less exacting than the Standard Code - All Directors confirmed compliance with the **Standard Securities Dealing Code for Directors of Listed Issuers** during the review period[57](index=57&type=chunk) - The Company has established **strict written guidelines for securities transactions** for senior management and specific individuals who may have access to price-sensitive information[57](index=57&type=chunk) [Review by Audit Committee](index=21&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E4%B9%8B%E5%AF%A9%E9%96%B1) The Audit Committee engaged independent auditors to review the unaudited condensed consolidated financial statements and discussed accounting principles, risk management (including ESG risks), internal control system effectiveness, auditing, and financial reporting with management - The Audit Committee engaged **independent auditors to review the unaudited condensed consolidated financial statements**[58](index=58&type=chunk) - The Audit Committee reviewed **accounting principles, risk management (including ESG risks), the effectiveness of internal control systems, auditing, and financial reporting matters**[58](index=58&type=chunk)