Financial Performance - For the six months ended June 30, 2025, the group recorded revenue of approximately HKD 340.9 million, an increase of about 11% compared to HKD 307.0 million for the previous period[10]. - The gross profit for the interim period decreased to approximately HKD 14.2 million from HKD 42.9 million in the previous period, primarily due to intensified market competition[10]. - The group reported a profit attributable to owners of the company of approximately HKD 4.8 million, down from HKD 15.5 million in the previous period[12]. - Revenue for the six months ended June 30, 2025, was HKD 340,853,000, representing an increase of 11.0% compared to HKD 306,970,000 for the same period in 2024[61]. - Gross profit decreased to HKD 14,155,000 from HKD 42,896,000, indicating a significant decline in profitability[61]. - The company reported a pre-tax operating profit of HKD 4,774,000, down from HKD 15,548,000 in the previous year, reflecting a decrease of 69.4%[61]. - Basic and diluted earnings per share for the period were both HKD 0.0282, compared to HKD 0.0918 for the same period last year, a decline of 69.0%[61]. - The company incurred administrative expenses of HKD 9,371,000 for the six months ended June 30, 2025, compared to HKD 7,406,000 in the previous year, indicating increased operational costs[76]. - Other income for the six months ended June 30, 2025, was HKD 18,000, down from HKD 102,000 in the same period of 2024, reflecting a decline in non-operational revenue sources[78]. Revenue Sources - Approximately 99% of the revenue during this interim period came from the electronic components business, contributing about HKD 339.1 million[10]. - The gross profit for the electronic components segment was HKD 14,059,000, while the health products and food segment contributed HKD 96,000, leading to a total segment profit of HKD 14,155,000, a significant decrease from HKD 42,896,000 in the previous year[74]. Assets and Liabilities - Total assets as of June 30, 2025, were HKD 392,385,000, down from HKD 407,309,000 at the end of 2024, a decrease of 3.7%[62]. - Current assets decreased to HKD 372,073,000 from HKD 386,155,000, reflecting a decline of 3.6%[62]. - The total liabilities decreased to HKD 2,320,000 from HKD 21,739,000, indicating a significant reduction in financial obligations[63]. - The company reported a total equity of HKD 390,065,000 as of June 30, 2025, compared to HKD 385,570,000 at the end of 2024, reflecting a growth in shareholder value[64]. - The company’s total assets less current liabilities stood at HKD 390,489,000 as of June 30, 2025, compared to HKD 385,994,000 at the end of 2024, indicating stable asset management[63]. Cash Flow and Liquidity - The group’s cash and cash equivalents were approximately HKD 27.2 million as of June 30, 2025, up from HKD 23.2 million as of December 31, 2024, demonstrating improved liquidity[20]. - The net cash and cash equivalents at the end of the period increased to HKD 27,181,000 from HKD 2,387,000, showing a positive cash flow trend[65]. - Operating cash flow for the six months ended June 30, 2025, was HKD 4,258,000, a recovery from a cash outflow of HKD 16,758,000 in the same period of 2024[65]. Inventory and Receivables - As of June 30, 2025, the group held inventory of approximately HKD 124.6 million, a decrease from HKD 188.8 million as of December 31, 2024, reflecting effective inventory management[17]. - Trade receivables (net of impairment) increased significantly by approximately 120.8% to about HKD 218.0 million as of June 30, 2025, compared to HKD 98.7 million as of December 31, 2024, indicating continuous sales growth[18]. - The total trade and other receivables increased to HKD 220,331,000 as of June 30, 2025, from HKD 174,146,000 as of December 31, 2024, representing a growth of 26.5%[91]. - The aging analysis of trade receivables showed that amounts overdue by 0 to 30 days increased to HKD 112,743,000 in 2025 from HKD 78,732,000 in 2024, while amounts overdue by 31 to 60 days rose to HKD 105,250,000 from HKD 20,014,000[92]. Strategic Plans and Investments - The group plans to invest in production facilities in China to enhance capacity and provide more services, including technical support and product customization[13]. - The group is actively seeking partnerships with technology companies and research institutions to enhance R&D investment and develop next-generation products[14]. - The group aims to diversify its product and customer base to mitigate market volatility and improve supply chain resilience[14]. Shareholder Information - The company has a total of 89,248,577 shares held by various stakeholders, representing 52.67% ownership[34]. - The total number of issued shares as of June 30, 2025, is 169,445,000 shares[37]. - The new share option plan allows for a maximum issuance of 16,944,500 shares, which is 10% of the total issued ordinary shares as of June 27, 2024[41]. - The new share option plan was approved by shareholders on June 27, 2024, and will last for ten years until June 26, 2034[38]. - The company aims to attract and retain talent through the new share option plan, aligning the interests of participants with those of shareholders[42]. - The maximum number of options that can be granted to any individual participant in a 12-month period is limited to 1% of the total issued shares[44]. - The old share option plan expired on June 8, 2024, and no new options can be granted under that plan[38]. - The company has a significant concentration of ownership, with multiple entities holding the same number of shares, indicating potential governance implications[34]. Legal and Risk Factors - A legal claim was made against the company for an alleged debt of CAD 2.8 million (approximately HKD 14.8 million), but management believes the claim lacks merit and does not expect a significant adverse impact on the financial position[24]. - As of June 30, 2025, the group had no significant contingent liabilities, reflecting a stable risk profile[25]. - The company has not encountered any significant foreign exchange risks due to its monetary assets and liabilities being primarily denominated in HKD and USD, with HKD pegged to USD[23]. - No significant events occurred after the reporting period that would materially affect the group's operations and financial performance[26]. Stock Options and Valuation - The company has not issued, exercised, canceled, or expired any stock options under the new plan during the interim period[49]. - The new stock option plan will be effective for ten years starting June 27, 2024, with approximately nine years remaining as of the report date[49]. - The fair value of the stock options granted was reported at HKD 0.671 to HKD 0.83 per option[52]. - The expected volatility is determined based on the historical volatility of the company's stock price over past years[97]. - The expected term in the model has been adjusted due to factors such as non-transferability, exercise restrictions, and behavior considerations[97]. - The fair value of stock options is estimated using a binomial model[97]. - Variables and assumptions used in calculating the fair value of stock options are based on the best estimates made by the board[97]. - Changes in variables and assumptions may lead to fluctuations in the fair value of stock options[97].

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: 前海健康控股有限公司 呈交日期: 2025年9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) | 00911 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.4 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.4 | HKD | | 200,000,000 | III.已發行股份及/或庫存 ...

Core Insights - The company, Qianhai Health (00911), reported a mid-year revenue of approximately HKD 341 million for 2025, reflecting a year-on-year growth of 11.04% [1] - Despite the revenue increase, the net profit decreased to HKD 4.774 million, representing a significant decline of 69.3% compared to the previous period [1] - Earnings per share were reported at HKD 0.0282 [1] Financial Performance - Revenue for the mid-year period reached approximately HKD 341 million, marking an 11.04% increase year-on-year [1] - Gross profit fell from approximately HKD 42.9 million in the previous period to about HKD 14.2 million, indicating a substantial decline [1] - The decrease in gross profit is attributed to intensified market competition, which compelled the company to sell electronic components at lower profit margins [1]

Group 1 - The core viewpoint of the article is that Qianhai Health (00911) reported a revenue increase of approximately HKD 341 million for the first half of 2025, reflecting a year-on-year growth of 11.04% [1] - Despite the revenue growth, the company's net profit decreased to HKD 4.774 million, representing a significant year-on-year decline of 69.3% [1] - The gross profit for the period fell from approximately HKD 42.9 million in the previous period to about HKD 14.2 million, primarily due to intensified market competition leading to lower gross margins on electronic component sales [1]

Core Insights - The company reported a revenue of HKD 341 million for the six months ending June 30, 2025, representing an 11% year-on-year increase [1] - Gross profit decreased to HKD 14.155 million, a 67% decline compared to the previous period [1] - Profit attributable to owners dropped to HKD 4.774 million, reflecting a 69.3% year-on-year decrease [1] - Basic earnings per share were HKD 0.0282 [1] Revenue and Profit Analysis - Revenue increased by HKD 34 million from the previous period, indicating growth despite challenges [1] - The significant drop in gross profit from approximately HKD 42.9 million to about HKD 14.2 million highlights the impact of increased market competition [1] - The decline in profit attributable to owners suggests that the company is facing substantial pressure on its profitability [1] Market Conditions - The decrease in gross profit margin is attributed to intensified market competition, which has forced the company to sell electronic components at lower margins [1]

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&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) The Group's revenue increased 11% to HK$340.9 million, but gross profit declined 66.9% to HK$14.2 million due to market competition, leading to a 69.3% drop in profit attributable to owners to HK$4.8 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 340,853 | 306,970 | 11.0% | | Cost of sales | (326,698) | (264,074) | 23.7% | | Gross profit | 14,155 | 42,896 | -66.9% | | Other income | 18 | 102 | -82.4% | | Net other gains/(losses) | 35 | (19,868) | N/A | | Selling and distribution expenses | (40) | (168) | -76.2% | | Administrative expenses | (9,371) | (7,406) | 26.5% | | Finance costs | (23) | (8) | 187.5% | | Operating profit before income tax | 4,774 | 15,548 | -69.3% | | Income tax expense | – | – | N/A | | Profit for the period attributable to owners of the Company | 4,774 | 15,548 | -69.3% | | Total comprehensive income for the period | 4,495 | 15,695 | -71.3% | | Basic earnings per share | 2.82 HK cents | 9.18 HK cents | -69.3% | - Revenue growth was primarily contributed by the electronic components business, accounting for approximately **99%** of total revenue[33](index=33&type=chunk) - The significant decrease in gross profit was mainly due to intensified market competition, leading to the sale of electronic components products at lower gross margins[33](index=33&type=chunk) - Net other gains/(losses) turned from a loss of **HK$19.8 million** in the prior period to a gain of **HK$35 thousand**, primarily due to no onerous contract provisions in the current period[16](index=16&type=chunk)[34](index=34&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&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, total assets were HK$392.4 million, with net current assets rising to HK$370.2 million due to reduced current liabilities, and equity attributable to owners increasing to HK$390.1 million Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 20,312 | 21,154 | -4.0% | | Current assets | 372,073 | 386,155 | -3.6% | | **Total assets** | 392,385 | 407,309 | -3.7% | | **Equity** | | | | | Equity attributable to owners of the Company | 390,065 | 385,570 | 1.2% | | **Liabilities** | | | | | Non-current liabilities | 424 | 424 | 0.0% | | Current liabilities | 1,896 | 21,315 | -91.1% | | **Total liabilities** | 2,320 | 21,739 | -89.3% | | Net current assets | 370,177 | 364,840 | 1.5% | - Current liabilities significantly decreased by **91.1%**, mainly due to provisions falling from **HK$18.4 million** to zero[5](index=5&type=chunk)[29](index=29&type=chunk) - Inventories decreased to **HK$124.6 million** (December 31, 2024: **HK$188.8 million**), reflecting inventory management[4](index=4&type=chunk)[39](index=39&type=chunk) - Trade and other receivables significantly increased to **HK$220.3 million** (December 31, 2024: **HK$174.1 million**), primarily driven by a **120.8%** increase in trade receivables[4](index=4&type=chunk)[26](index=26&type=chunk)[40](index=40&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) These notes detail the Group's business, accounting policies, segment performance, income, expenses, balance sheet changes, and provisions, offering essential context for the interim results [1. General Information and Basis of Preparation](index=5&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section outlines the Group's primary business activities, its incorporation details, and the functional currency used for financial reporting - The Group is principally engaged in the sale of electronic components products and health products and food[6](index=6&type=chunk) - The Company was incorporated in the Cayman Islands and its shares are listed on the Main Board of The Stock Exchange of Hong Kong[6](index=6&type=chunk) - The financial statements are presented in Hong Kong dollars, which is also the Company's functional currency[7](index=7&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section details the specific accounting standards and disclosure requirements followed in the preparation of the financial statements - The financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules of the Stock Exchange[8](index=8&type=chunk) [3. Significant Accounting Policies](index=6&type=section&id=3.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section outlines the accounting policies and methods applied, including the impact of newly adopted accounting standards - The condensed consolidated financial statements have been prepared on the historical cost basis, and the accounting policies and methods of computation used are consistent with those followed in the annual financial statements for the year ended December 31, 2024[9](index=9&type=chunk) - The Group has initially applied the amended HKAS 21 'Lack of Exchangeability' during the current interim period, which had no significant impact on the Group's results and financial position[10](index=10&type=chunk) [4. Segment Information](index=6&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This section provides a breakdown of the Group's revenue and results by operating segment, including electronic components and health products - The Group's operating segments include electronic components products (sale of NAND flash wafers, eMCP memory, and other electronic components) and health products and food (sale of medicated wine and other health products)[12](index=12&type=chunk) Revenue and Results by Segment (For the six months ended June 30) | Indicator | 2025 Electronic Components (HK$ Thousand) | 2025 Health Products & Food (HK$ Thousand) | 2025 Total (HK$ Thousand) | 2024 Electronic Components (HK$ Thousand) | 2024 Health Products & Food (HK$ Thousand) | 2024 Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment revenue | 339,115 | 1,738 | 340,853 | 306,970 | – | 306,970 | | Cost of sales | (325,056) | (1,642) | (326,698) | (264,074) | – | (264,074) | | Segment results (Gross profit) | 14,059 | 96 | 14,155 | 42,896 | – | 42,896 | - In the first half of 2025, the health products and food segment contributed revenue of **HK$1,738 thousand** and segment results of **HK$96 thousand** for the first time[13](index=13&type=chunk) [5. Other Income](index=8&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) This section details the components of other income, highlighting changes in interest income from bank deposits and loans Other Income (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 18 | 9 | 9 | | Interest income from loans receivable | – | 93 | -93 | | **Total** | 18 | 102 | -84 | - Total other income decreased from **HK$102 thousand** in 2024 to **HK$18 thousand** in 2025, primarily due to the disappearance of interest income from loans receivable[15](index=15&type=chunk) [6. Net Other Gains/(Losses)](index=8&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%81%84%EF%BC%88%E虧損%EF%BC%89%E6%B7%A8%E9%A1%8D) This section explains the significant shift in net other gains or losses, primarily driven by the absence of onerous contract provisions Net Other Gains/(Losses) (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Onerous contract provisions | – | (19,872) | 19,872 | | Net exchange gains | 35 | 4 | 31 | | **Total** | 35 | (19,868) | 19,903 | - The absence of onerous contract provisions in the current period, compared to **HK$19,872 thousand** in the prior period, was the main reason for the net other gains/(losses) turning from a loss to a gain[16](index=16&type=chunk)[34](index=34&type=chunk) [7. Finance Costs](index=8&type=section&id=7.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) This section details the Group's finance costs, primarily consisting of interest expenses on lease liabilities Finance Costs (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Interest expense on lease liabilities | 23 | 8 | 15 | - Finance costs primarily consisted of interest expenses on lease liabilities, increasing from **HK$8 thousand** in 2024 to **HK$23 thousand** in 2025[17](index=17&type=chunk) [8. Profit Before Tax](index=9&type=section&id=8.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) This section outlines the items deducted in calculating profit before tax, including depreciation and lease-related expenses Items Deducted in Profit Before Tax (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 852 | 1,216 | -364 | | Expenses relating to short-term leases and other leases | 460 | 460 | 0 | - Depreciation expenses decreased, while expenses related to short-term leases and other leases remained unchanged[19](index=19&type=chunk) [9. Income Tax Expense](index=9&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) This section explains the Group's income tax position across different jurisdictions, noting the absence of tax provisions due to taxable losses or exemptions - Hong Kong Profits Tax: No provision has been made as the Company and its Hong Kong subsidiaries had no assessable profits or sufficient tax losses brought forward[20](index=20&type=chunk) - PRC Enterprise Income Tax: No provision has been made as the PRC subsidiaries had estimated tax losses[21](index=21&type=chunk) - Cayman Islands and British Virgin Islands jurisdictions: The Group is not subject to income tax[22](index=22&type=chunk) [10. Dividends](index=9&type=section&id=10.%20%E8%82%A1%E6%81%AF) This section states that the Board of Directors has not recommended the distribution of any dividends for the interim period - The Board of Directors has not recommended the distribution of any dividends[23](index=23&type=chunk) [11. Earnings Per Share](index=10&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This section provides the calculation of basic and diluted earnings per share, noting their equivalence due to anti-dilutive effects Earnings Per Share Calculation Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand/Thousand Shares) | 2024 (HK$ Thousand/Thousand Shares) | | :--- | :--- | :--- | | Profit attributable to owners of the Company | 4,774 | 15,548 | | Weighted average number of ordinary shares | 169,445 | 169,445 | | Basic and diluted earnings per share | 2.82 HK cents | 9.18 HK cents | - Diluted earnings per share are the same as basic earnings per share because the exercise of outstanding share options had an anti-dilutive effect[24](index=24&type=chunk) [12. Property, Plant and Equipment](index=10&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) This section details the Group's capital expenditures on property, plant, and equipment during the interim period - Acquisitions of property, plant and equipment amounted to **HK$10,580** during the current interim period, an increase from **HK$8,000** in the previous period[25](index=25&type=chunk) - No significant disposals were made in either period[25](index=25&type=chunk) [13. Trade and Other Receivables](index=11&type=section&id=13.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section provides a detailed breakdown and aging analysis of trade and other receivables, highlighting significant changes and credit management practices Trade and Other Receivables (As at each reporting date) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 217,993 | 98,746 | 119,247 | | Prepayments for purchases of inventories | – | 70,574 | -70,574 | | Other prepayments and deposits | 2,338 | 4,826 | -2,488 | | **Total** | 220,331 | 174,146 | 46,185 | Aging Analysis of Trade Receivables (As at each reporting date) | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 112,743 | 78,732 | | 31 to 60 days | 105,250 | 20,014 | | **Total** | 217,993 | 98,746 | - Trade receivables significantly increased by **120.8%**, primarily reflecting sales growth[26](index=26&type=chunk)[40](index=40&type=chunk) - Prepayments for purchases of inventories decreased from **HK$70.6 million** to zero, indicating that prepayments have been utilized or converted into inventories[26](index=26&type=chunk)[28](index=28&type=chunk) - The Group grants credit periods of **60 to 180 days** to customers and closely monitors credit quality[26](index=26&type=chunk) [14. Provisions](index=12&type=section&id=14.%20%E6%92%A5%E5%82%99) This section details the changes in onerous contract provisions, explaining their utilization and the underlying reasons Movement in Onerous Contract Provisions (As at each reporting date) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | At January 1 | 18,400 | 92,199 | | (Utilized)/Provision | (18,400) | 60,400 | | Derecognition upon disposal of subsidiary | – | (134,199) | | **At end of period** | – | 18,400 | - As of June 30, 2025, onerous contract provisions were fully utilized, resulting in a zero balance at period-end, compared to **HK$18.4 million** as of December 31, 2024[29](index=29&type=chunk) - Provisions primarily related to electronic components product purchase contracts, where expected costs exceeded economic benefits due to declining market prices[29](index=29&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section details the Group's operational performance, financial changes, future strategies, and risk management, noting revenue growth despite declining gross margins due to competition, with a focus on technology, capacity, and diversification [Business Review](index=13&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the Group's core business in electronic components, market trends, and strategic approaches to product management and pricing - The Group is principally engaged in the sale of electronic components products, including NAND flash wafers, eMCP memory, etc[31](index=31&type=chunk) - The global semiconductor market experienced significant growth driven by technological advancements, increased demand for electronic devices, the promotion of AI and 5G technologies, and the intelligent and electrified transformation of the automotive industry[31](index=31&type=chunk) - The Group adopts a strategic bulk procurement approach, actively manages its product portfolio and inventory levels, and focuses on product portfolio diversification, venturing into consumer electronics, automotive, and industrial application fields[31](index=31&type=chunk)[32](index=32&type=chunk) - Continuously evaluates pricing strategies, utilizing data analytics to adjust pricing in response to market changes, ensuring competitiveness and profit maximization[32](index=32&type=chunk) [Financial Review](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides an overview of the Group's financial performance, including revenue, gross profit, and net profit, highlighting key changes and their drivers - Revenue for the current interim period was approximately **HK$340.9 million**, representing a year-on-year increase of approximately **11%**, primarily from the electronic components business[33](index=33&type=chunk) - Gross profit significantly decreased from **HK$42.9 million** to **HK$14.2 million**, mainly due to intensified market competition leading to lower gross margins[33](index=33&type=chunk) - Profit attributable to owners of the Company was approximately **HK$4.8 million**, a significant decrease from **HK$15.5 million** in the prior period[35](index=35&type=chunk) Key Financial Review Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 340,900 | 307,000 | 11.0% | | Gross profit | 14,200 | 42,900 | -66.9% | | Profit attributable to owners of the Company | 4,800 | 15,500 | -69.0% | [Revenue and Gross Profit](index=14&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%AF%9B%E5%88%A9) This section analyzes the drivers behind the Group's revenue growth and the significant decline in gross profit due to market competition - Revenue increased by **11%** to **HK$340.9 million**, with the electronic components business contributing approximately **99%**[33](index=33&type=chunk) - Gross profit decreased by **66.9%** to **HK$14.2 million**, primarily due to intensified market competition leading to lower gross margins for electronic components products[33](index=33&type=chunk) - The Group will focus on improving operational efficiency and optimizing product portfolio strategies to sustain revenue growth and enhance gross margins[33](index=33&type=chunk) [Net Other Gains/(Losses)](index=14&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%88%E虧損%EF%BC%89%E6%B7%A8%E9%A1%8D) This section explains the shift from a net loss to a net gain in other income, primarily due to the absence of onerous contract provisions - No onerous contract provisions were recognized in the current interim period, compared to approximately **HK$19.8 million** in the prior period, leading to a shift from net loss to net gain in other income[34](index=34&type=chunk) - These provisions were utilized and charged to cost of sales during the current interim period due to the sale of contract products[34](index=34&type=chunk) [Results](index=14&type=section&id=%E6%A5%AD%E7%B8%BE) This section highlights the significant decrease in profit attributable to owners of the Company for the interim period - Profit attributable to owners of the Company for the period was approximately **HK$4.8 million**, a significant decrease from **HK$15.5 million** in the prior period[35](index=35&type=chunk) [Future Prospects](index=15&type=section&id=%E6%9C%AA%E4%BE%86%E5%89%8D%E6%99%AF) This section outlines the Group's strategic plans for future growth, including investments in new technologies, capacity expansion, and diversification into new business areas - The electronic components industry will be driven by new technologies such as third-generation semiconductors, 5G, AI, and automotive electronics, with demand in new energy sectors (electric vehicles, smart cars, solar energy storage) expected to grow significantly[36](index=36&type=chunk) - Plans to invest in production facilities in China to enhance capacity and provide technical support, product customization, assembly, packaging, and testing services[36](index=36&type=chunk) - Seeks collaboration with technology companies and research institutions to drive innovation and develop next-generation products[36](index=36&type=chunk) - The health segment is actively developing, exploring investments in skincare and health product factories, and procuring body care products to establish authorized distributor relationships[36](index=36&type=chunk) - Will continue to diversify its product and customer base, improve the supply chain, and seize business expansion opportunities by investing in and/or acquiring promising businesses or projects[36](index=36&type=chunk)[37](index=37&type=chunk) [Working Capital and Inventory Management](index=16&type=section&id=%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91%E5%8F%8A%E5%AD%98%E8%B2%A8%E7%AE%A1%E6%8E%A7) This section discusses the Group's working capital position, including liquidity ratios, equity, and strategies for managing inventory levels Key Working Capital and Inventory Management Data (As at each reporting date) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current ratio | Approx. 196.2 times | Approx. 18.1 times | Significantly improved | | Equity attributable to owners of the Company | Approx. HK$390.1 million | Approx. HK$385.6 million | 1.2% growth | | Equity per share | Approx. HK$2.3 | Approx. HK$2.3 | Flat | | Inventories | Approx. HK$124.6 million | HK$188.8 million | 34.0% decrease | - Current ratio significantly increased to **196.2 times**, indicating a substantial improvement in liquidity[38](index=38&type=chunk) - Inventories decreased by **34.0%** to **HK$124.6 million**, stated at the lower of cost and net realizable value, with the Group having risk management and internal control measures in place[39](index=39&type=chunk) - The Group will regularly review and evaluate its product portfolio and structure to optimize inventory levels and capitalize on favorable prices[39](index=39&type=chunk) [Trade Receivables](index=16&type=section&id=%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section addresses the increase in trade receivables, outlining management's strategies for credit risk assessment and collection to maintain financial stability - Trade receivables (net of loss allowance) significantly increased by approximately **120.8%** to approximately **HK$218.0 million**, reflecting sales growth[40](index=40&type=chunk) - Management regularly reviews the recoverability of receivables, assesses customer creditworthiness, and monitors aging to identify potential risks and mitigate losses[40](index=40&type=chunk) - Despite the increase in receivables, management remains vigilant in ensuring effective collection management to support liquidity and financial stability[40](index=40&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) This section details the Group's primary funding sources and its cash and cash equivalents position, noting the absence of borrowings Cash and Cash Equivalents (As at each reporting date) | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 27.2 | 23.2 | 17.2% | - The Group's primary source of funds is internally generated cash flows[41](index=41&type=chunk) - As at the reporting date, the Group had no borrowings[42](index=42&type=chunk) [Pledge of Assets](index=17&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) This section discloses the Group's pledged assets, specifically land and buildings, as collateral for product procurement - Certain land and buildings with a total carrying amount of approximately **HK$19.6 million** have been pledged to a supplier as collateral for product procurement in the electronic components business[43](index=43&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) This section assesses the Group's exposure to foreign exchange risk, concluding it is not significant due to the HKD-USD peg - The Group's monetary assets and liabilities are primarily denominated in Hong Kong dollars and US dollars, and due to the peg between the Hong Kong dollar and the US dollar, no significant foreign exchange risk has arisen[44](index=44&type=chunk) [Litigation](index=17&type=section&id=%E8%A8%B4%E8%A8%9F) This section details a legal claim against the Company and its former subsidiary, outlining management's assessment and monitoring of the situation - A supplier has initiated legal proceedings against a disposed subsidiary of the Company and the Company itself, claiming payment of approximately **HK$14.8 million**[45](index=45&type=chunk) - Management believes the counterclaim lacks basis and supporting evidence and does not expect it to have a material adverse effect on the Group's overall financial position, thus no provision has been made[45](index=45&type=chunk) - Management is seeking legal advice and closely monitoring the progress of the litigation[45](index=45&type=chunk) [Contingent Liabilities](index=18&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) This section confirms the absence of any significant contingent liabilities for the Group as of the reporting date - As of June 30, 2025, the Group had no significant contingent liabilities[46](index=46&type=chunk) [Events After Reporting Period](index=18&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This section states that no significant events impacting operations or financial performance occurred after the interim period up to the announcement date - No significant events that would materially affect the Group's operations and financial performance have occurred subsequent to the interim period and up to the date of this announcement[47](index=47&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&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) This section confirms that neither the Company nor its subsidiaries engaged in any transactions involving its listed securities during the interim period - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the current interim period[48](index=48&type=chunk) [Interim Dividend](index=18&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) This section reiterates the Board's decision not to recommend any interim dividend for the reported period - The Directors do not recommend the payment of any dividend for the current interim period[49](index=49&type=chunk) [Corporate Governance](index=18&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Group maintains high corporate governance standards, adhering to Listing Rules and Model Code, with an Audit Committee of independent non-executive directors reviewing financial reports and internal controls [Corporate Governance Code](index=18&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) This section confirms the Company's adherence to the Corporate Governance Code, including its internal control systems and board composition - The Company has applied the principles of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules and complied with its applicable provisions[50](index=50&type=chunk) - An internal control system is in place, and the Board includes three independent non-executive directors to ensure a balance of power and effective decision-making[50](index=50&type=chunk) [Model Code for Securities Transactions](index=18&type=section&id=%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) This section confirms the Company's adoption and compliance with a code of conduct for securities transactions by directors - The Company has adopted a code of conduct no less exacting than the Model Code set out in Appendix C3 to the Listing Rules and confirmed that all Directors have complied with it[51](index=51&type=chunk) [Audit Committee](index=19&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) This section describes the composition and responsibilities of the Audit Committee, including its review of the interim financial statements - The Audit Committee has been established in accordance with the Listing Rules, comprising three independent non-executive directors, responsible for reviewing and overseeing financial reporting procedures, risk management, and internal control systems[52](index=52&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements for the current interim period and is of the opinion that they have been prepared in accordance with applicable standards, the Listing Rules, and statutory provisions, and have made adequate disclosures[52](index=52&type=chunk)[53](index=53&type=chunk) [Other Information](index=19&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section provides the Board's statement and the current list of Board members, offering updated information on the corporate governance structure [Board Statement and Directors' List](index=19&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%81%B2%E6%98%8E%E5%8F%8A%E8%91%A3%E4%BA%8B%E5%90%8D%E5%96%AE) This section presents the Board's statement and the current composition of the Board of Directors as of the announcement date - The announcement is issued by Mr. Wong Chi Kwan, Chairman of the Board, on behalf of the Board[54](index=54&type=chunk) - As of the date of this announcement, the Board members include Non-executive Directors Mr. Wong Chi Kwan, Mr. Chan Hoi Bun, Mr. Chan Kei; Executive Directors Mr. Tong Yu Yuen, Mr. Yuen Chi Lap; and Independent Non-executive Directors Mr. Li Wai, Mr. Leung Chun Tung, Ms. Ng Hung Yu[55](index=55&type=chunk)

Group 1 - The board meeting of Qianhai Health (00911.HK) is scheduled for August 20, 2025, to approve the interim results for the period ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 於本公告日期，非執行董事為黃志群先生、陳凱犇先生及陳琦先生；執行董事為湯裕源先生及 源自立先生；及獨立非執行董事為李煒先生、梁振東先生及吳鴻茹女士。 董事會會議召開日期 前海健康控股有限公司（「本公司」）董事（「董事」）組成之董事會（「董事會」）謹此宣佈，本 公司董事會會議將於二零二五年八月二十日（星期三）舉行，以（其中包括）批准本公司及其 附屬公司截至二零二五年六月三十日止之中期業績及其刊發，並及考慮派發中期股息之建議 （如有）。 承董事會命 前海健康控股有限公司 主席 黃志群 香港，二零二五年八月六日 Qianhai Health Holdings Limited 前海健康控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：911） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 前海健康控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00911 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.4 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.4 | HKD | ...

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]