Financial Performance - Revenue for the six months ended June 30, 2025, was $15,138,000, a decrease of 22.4% compared to $19,539,000 in the same period of 2024[4] - Gross profit for the same period was $5,653,000, down 18.8% from $6,963,000 in 2024[4] - The company reported a loss before tax of $946,000 for the six months ended June 30, 2025, compared to a profit of $74,000 in 2024[4] - The loss attributable to owners of the company for the period was $920,000, compared to a profit of $24,000 in the previous year[4] - Total comprehensive income for the period was $(908,000), compared to $14,000 in the same period of 2024[5] - The company reported a loss for the period of $920,000 for the six months ended June 30, 2025, compared to a profit of $24,000 in the same period of 2024[32] - The Group's revenue declined by approximately 22.5% from approximately US$19.5 million in the same period last year to approximately US$15.1 million for the six months ended 30 June 2025[83] Assets and Liabilities - Total current assets decreased to $25,666,000 as of June 30, 2025, from $28,649,000 at the end of 2024, reflecting a decline of 10.5%[6] - Cash and cash equivalents increased to $18,050,000 as of June 30, 2025, up from $15,354,000 at the end of 2024, representing a growth of 11.0%[6] - Total non-current assets rose to $2,320,000 as of June 30, 2025, compared to $1,360,000 at the end of 2024, an increase of 70.6%[6] - The company’s net assets decreased to $15,014,000 as of June 30, 2025, down from $15,922,000 at the end of 2024, a decline of 5.7%[7] - Total liabilities as of June 30, 2025, were $12,972,000, down from $14,087,000 at the end of 2024[37] Cash Flow - For the six months ended June 30, 2025, the net cash generated from operating activities was $246,000, compared to a net cash used of $531,000 in the same period of 2024[13] - The cash and cash equivalents increased to $18,050,000 as of June 30, 2025, up from $15,373,000 at the end of the previous period[13] - The operating loss before working capital changes for the six months ended June 30, 2025, was $(591,000), compared to a profit of $393,000 in 2024[13] - Cash generated from operations was $327,000 for the six months ended June 30, 2025, compared to cash used of $(445,000) in the same period of 2024[13] - The net cash generated from investing activities was $2,874,000 for the six months ended June 30, 2025, compared to $149,000 in 2024[13] Segment Performance - Segment revenue from trading and supply chain management services was $6,976,000, down 18.2% from $8,530,000 in the prior year[32] - Segment results for trading and supply chain management services showed a loss of $635,000 compared to a profit of $129,000 in the same period last year[32] - The culture and entertainment business experienced a revenue drop of approximately 25.9% to approximately $8.2 million from approximately $11.0 million in the same period last year[85] - Revenue from the trading and supply chain management services segment recorded approximately US$7.0 million, representing approximately 46.1% of the Group's total revenue[99] - Revenue from the culture and entertainment segment fell by approximately 25.9% from approximately US$11.0 million to approximately US$8.2 million[101] Employee and Operational Costs - Employee benefit expenses totaled $5,284,000 for the six months ended June 30, 2025, compared to $5,221,000 in the same period of 2024[32] - Operating expenses for the six months ended 30 June 2025 amounted to approximately US$7.0 million, reflecting a drop of approximately 1.8% from approximately US$7.2 million for the corresponding period last year[87] - Adjusted operating expenses, excluding a one-time restructuring cost of approximately US$0.4 million, would be approximately US$6.6 million, representing a decrease of approximately 7.4% from the same period last year[87] VIE Contracts and Corporate Governance - The VIE Contracts include an Exclusive Technology Consulting and Services Agreement, allowing WFOE to receive 100% of the net profit of OPCO after deducting taxes, costs, and expenses[142] - The Exclusive Call Option Agreement grants WFOE the option to purchase 100% of OPCO's equity interests for a total purchase price of RMB 10,000, or 1% of the evaluation price as permitted by PRC laws[143] - The Equity Interest Pledge Agreement requires VIE Equity Owners to pledge all their equity interests in OPCO to WFOE to guarantee performance under the contractual arrangements[144] - The Powers of Attorney allow WFOE to act on behalf of VIE Equity Owners in all matters related to OPCO for an initial term of 10 years[143] - The VIE Contracts are designed to mitigate risks associated with the contractual arrangements, as detailed in the company's circular dated April 28, 2017[148] Shareholder Information - The company has not declared any interim dividend for the six months ended June 30, 2025, consistent with the previous year[197] - Sino Remittance Holding Limited holds 512,250,000 shares, representing approximately 33.93% of the issued share capital as of June 30, 2025[194] - Daohe Global Investment holds 664,121,427 shares, accounting for approximately 43.99% of the issued share capital as of June 30, 2025[194] - Oceanic Force Limited owns 92,042,892 shares, which is about 6.10% of the issued share capital as of June 30, 2025[194] - Leqian Investment Limited has a holding of 178,875,000 shares, representing approximately 11.85% of the issued share capital as of June 30, 2025[194] Market Conditions and Strategic Initiatives - The Group is facing challenging market conditions due to increased tariffs on Chinese imports, which are dampening domestic growth and consumer sentiment[121] - The online claw crane business is under pressure due to promotional restrictions and competition from physical store expansions[121] - The Group plans to expand its online presence through new media platforms and partnerships with key opinion leaders[121] - The Group will introduce new and trending products regularly and enhance operational plans to boost user engagement[121] - The Group is actively pursuing a diversified procurement model and expanding its supply chain network to mitigate adverse economic factors[120]

致：香港交易及結算所有限公司 公司名稱: Daohe Global Group Limited 道和環球集團有限公司 FF301 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 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) | 00915 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | 0.013333333333 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | 0.01333333333 ...

Core Viewpoint - Daohe Global (00915) reported a net loss of $920,000 for the six months ending June 30, 2025, compared to a profit of $24,000 in the same period last year, indicating a significant decline in financial performance [1] Financial Performance - Revenue for the period was $15.138 million, representing a year-on-year decrease of 22.5% [1] - Gross profit decreased by approximately 18.8% to around $5.7 million [2] - The gross margin improved from approximately 35.6% to about 37.3% due to changes in the sales mix [2]

Core Viewpoint - Daohe Global (00915.HK) reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in both trade and supply chain management services and cultural entertainment sectors [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 was $15.138 million, a year-on-year decrease of 22.52% [1] - The loss attributable to shareholders was $0.920 million, compared to a profit of $0.024 million in the same period last year, resulting in a basic loss per share of $0.0006 [1] Group 2: Trade and Supply Chain Management Services - The shipping volume in this segment decreased by approximately 14.0% to about $48.10 million, reflecting clients' cautious ordering behavior due to tariff-related uncertainties [1] - Revenue from trade and supply chain management services fell by about 18.2% to approximately $7.00 million, down from about $8.50 million in the previous year, attributed to the decline in shipping volume and changes in the sales mix [1] Group 3: Cultural Entertainment Business - Total revenue in the cultural entertainment sector dropped by approximately 25.9% to about $8.20 million, down from about $11.00 million in the same period last year [1] - The revenue decline was driven by multiple challenges, including intensified competition in online claw machine platforms, oversaturation in the trendy toy industry, and ongoing trade tensions that have negatively impacted domestic consumer spending [1]

Core Viewpoint - Daohe Global (00915) reported a significant decline in revenue and a net loss for the six months ending June 30, 2025, indicating challenges in its financial performance [1] Financial Performance - Revenue for the period was $15.138 million, a year-on-year decrease of 22.5% [1] - The company recorded a net loss of $0.92 million, compared to a profit of $0.024 million in the same period last year [1] - Basic loss per share was $0.0006 [1] Gross Profit Analysis - Gross profit decreased approximately 18.8% to about $5.7 million [1] - The change in sales mix led to an increase in gross margin from approximately 35.6% to about 37.3% [1]

[Unaudited Interim Results Announcement](index=1&type=section&id=Unaudited%20Interim%20Results%20Announcement) [Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) For the six months ended June 30, 2025, the company's revenue decreased by 22.5% year-on-year to approximately 15.1 million USD, with profit for the period turning from near break-even to a loss of approximately 0.9 million USD, and the Board decided not to declare an interim dividend - Interim Results Summary (For the six months ended June 30, 2025) | Indicator | 2025 (Approx.) | 2024 (Approx.) | Change | | :--- | :--- | :--- | :--- | | Revenue | 15.1 million USD | 19.5 million USD | Down 22.5% | | Profit/(Loss) for the Period | Loss 0.9 million USD | Near break-even | From profit to loss | - The Board of Directors will not declare any interim dividend for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Interim Financial Information](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Information) [Condensed Consolidated Interim Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue decreased to 15,138 thousand USD, with gross profit of 5,653 thousand USD, resulting in a loss of 920 thousand USD for the period and basic loss per share of 0.06 US cents - Key Data from Condensed Consolidated Interim Statement of Profit or Loss (thousand USD) | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 15,138 | 19,539 | | Cost of Sales | (9,485) | (12,576) | | Gross Profit | 5,653 | 6,963 | | Other Income | 432 | 270 | | Selling and Marketing Expenses | (336) | (734) | | General and Administrative Expenses | (6,639) | (6,361) | | Finance Costs | (27) | (33) | | Provision for Trade Receivables | (29) | (31) | | Loss/(Profit) Before Tax | (946) | 74 | | Income Tax Credit/(Expense) | 26 | (50) | | Loss/(Profit) for the Period Attributable to Owners of the Company | (920) | 24 | | Basic Loss/(Earnings) Per Share (US cents) | (0.06) | 0.00 | [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a loss of 920 thousand USD for the period, which, combined with a 12 thousand USD exchange difference on translation of overseas operations, resulted in a total comprehensive loss of 908 thousand USD attributable to owners of the company - Key Data from Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (thousand USD) | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Loss/(Profit) for the Period | (920) | 24 | | Exchange difference on translation of overseas operations | 12 | (10) | | Other comprehensive income for the period | 12 | (10) | | Total comprehensive income for the period attributable to owners of the Company | (908) | 14 | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total non-current assets increased to 2,320 thousand USD, total current assets decreased to 25,666 thousand USD, total current liabilities decreased to 11,730 thousand USD, and net assets were 15,014 thousand USD, a decrease from the end of 2024 - Key Data from Condensed Consolidated Interim Statement of Financial Position (thousand USD) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 2,320 | 1,360 | | Total Current Assets | 25,666 | 28,649 | | Total Current Liabilities | 11,730 | 13,599 | | Net Current Assets | 13,936 | 15,050 | | Total Assets Less Current Liabilities | 16,256 | 16,410 | | Total Non-current Liabilities | 1,242 | 488 | | Net Assets | 15,014 | 15,922 | | Total Equity | 15,014 | 15,922 | [Notes](index=6&type=section&id=Notes) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The Group's condensed consolidated interim financial statements for the six months ended June 30, 2025, are prepared in accordance with HKAS 34 and the disclosure requirements of the Listing Rules, presented in USD, and should be read in conjunction with the annual financial statements - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the disclosure requirements of the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants[7](index=7&type=chunk) - The financial information is presented in **USD** and should be read in conjunction with the annual financial statements for the year ended December 31, 2024[8](index=8&type=chunk) [Changes in Accounting Policies and Disclosures](index=6&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period saw the adoption of amendments to HKAS 21 and HKFRS 1, which had no significant impact on the Group's financial position, performance, or disclosures - Amendments to HKAS 21 and HKFRS 1 (Lack of Exchangeability) have been adopted[9](index=9&type=chunk) - These amendments had no significant impact on the Group's financial position, performance, and disclosures in the condensed consolidated interim financial statements for the current and prior periods[9](index=9&type=chunk) [Operating Segment Information](index=6&type=section&id=Operating%20Segment%20Information) The Group's business comprises two reportable operating segments: Trading and Supply Chain Management Services and Cultural and Entertainment, with management assessing segment performance based on adjusted profit/(loss) before tax, and inter-segment transactions conducted at market prices - The Group's business comprises two reportable operating segments: **Trading and Supply Chain Management Services** and **Cultural and Entertainment**[10](index=10&type=chunk)[12](index=12&type=chunk) - Segment performance is measured based on adjusted profit/(loss) before tax, excluding bank interest income, bank borrowing interest, and unallocated corporate expenses[10](index=10&type=chunk) - Inter-segment sales and transfer transactions are conducted with reference to selling prices to third parties at the time[11](index=11&type=chunk) [Segment Revenue and Results](index=7&type=section&id=Segment%20Revenue%20and%20Results) - Segment Revenue and Results (For the six months ended June 30, 2025, thousand USD) | Segment | Revenue from external customers | Segment results | | :--- | :--- | :--- | | Trading and Supply Chain Management Services | 6,976 | (635) | | Cultural and Entertainment | 8,162 | 25 | | **Total** | **15,138** | **(610)** | | Bank interest income | | 198 | | Corporate and other unallocated expenses | | (534) | | Loss Before Tax | | (946) | - Segment Revenue and Results (For the six months ended June 30, 2024, thousand USD) | Segment | Revenue from external customers | Segment results | | :--- | :--- | :--- | | Trading and Supply Chain Management Services | 8,530 | 129 | | Cultural and Entertainment | 11,009 | 226 | | **Total** | **19,539** | **355** | | Bank interest income | | 194 | | Corporate and other unallocated expenses | | (472) | | Bank borrowing interest | | (3) | | Profit Before Tax | | 74 | [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) - Segment Assets and Liabilities (As of June 30, 2025, thousand USD) | Segment | Segment Assets | Segment Liabilities | | :--- | :--- | :--- | | Trading and Supply Chain Management Services | 11,160 | 4,095 | | Cultural and Entertainment | 16,554 | 4,863 | | **Total** | **27,714** | **8,958** | | Corporate and other unallocated assets | 272 | | | Loan from a shareholder | | 3,856 | | Corporate and other unallocated liabilities | | 158 | | **Total Assets** | **27,986** | | | **Total Liabilities** | | **12,972** | - Segment Assets and Liabilities (As of December 31, 2024, thousand USD) | Segment | Segment Assets | Segment Liabilities | | :--- | :--- | :--- | | Trading and Supply Chain Management Services | 13,418 | 5,396 | | Cultural and Entertainment | 16,295 | 4,746 | | **Total** | **29,713** | **10,142** | | Corporate and other unallocated assets | 296 | | | Loan from a shareholder | | 3,856 | | Corporate and other unallocated liabilities | | 89 | | **Total Assets** | **30,009** | | | **Total Liabilities** | | **14,087** | [Revenue](index=10&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was 15,138 thousand USD, primarily from sales of goods, commission income, and internet value-added services, with the China market contributing the majority, and all revenue recognized at a point in time when goods are transferred/services provided - Revenue Analysis (thousand USD) | Revenue Type | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Sales of goods | 5,427 | 7,295 | | Commission income | 3,613 | 4,114 | | Internet value-added services revenue | 6,098 | 8,130 | | **Total** | **15,138** | **19,539** | [Disaggregated Revenue Information](index=10&type=section&id=Disaggregated%20Revenue%20Information) - Revenue by Type of Goods or Services and Geographical Market (For the six months ended June 30, 2025, thousand USD) | Type of Goods or Services | Trading and Supply Chain Management Services | Cultural and Entertainment | Total | | :--- | :--- | :--- | :--- | | Sales of goods | 3,363 | 2,064 | 5,427 | | Commission income | 3,613 | – | 3,613 | | Internet value-added services revenue | – | 6,098 | 6,098 | | **Subtotal** | **6,976** | **8,162** | **15,138** | | **Geographical Market** | | | | | China | 927 | 8,162 | 9,089 | | Southern Hemisphere | 3,109 | – | 3,109 | | North America | 1,796 | – | 1,796 | | Europe | 625 | – | 625 | | Other | 519 | – | 519 | | **Subtotal** | **6,976** | **8,162** | **15,138** | | **Timing of Revenue Recognition** | | | | | At a point in time when goods are transferred/services provided | 6,976 | 8,162 | 15,138 | - Revenue by Type of Goods or Services and Geographical Market (For the six months ended June 30, 2024, thousand USD) | Type of Goods or Services | Trading and Supply Chain Management Services | Cultural and Entertainment | Total | | :--- | :--- | :--- | :--- | | Sales of goods | 4,416 | 2,879 | 7,295 | | Commission income | 4,114 | – | 4,114 | | Internet value-added services revenue | – | 8,130 | 8,130 | | **Subtotal** | **8,530** | **11,009** | **19,539** | | **Geographical Market** | | | | | China | 1,063 | 11,009 | 12,072 | | Southern Hemisphere | 4,100 | – | 4,100 | | North America | 2,236 | – | 2,236 | | Europe | 513 | – | 513 | | Other | 618 | – | 618 | | **Subtotal** | **8,530** | **11,009** | **19,539** | | **Timing of Revenue Recognition** | | | | | At a point in time when goods are transferred/services provided | 8,530 | 11,009 | 19,539 | [Loss/(Profit) Before Tax](index=11&type=section&id=Loss%2F%28Profit%29%20Before%20Tax) For the six months ended June 30, 2025, the Group recorded a loss before tax of 946 thousand USD, primarily due to higher cost of sales, cost of services, and employee benefit expenses, despite a positive net exchange difference - Components of Loss/(Profit) Before Tax (thousand USD) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 4,562 | 5,708 | | Cost of services provided | 4,923 | 6,868 | | Depreciation of property, plant and equipment | 76 | 69 | | Depreciation of right-of-use assets | 401 | 379 | | Employee benefit expenses | 5,666 | 5,585 | | Loss on disposal of property, plant and equipment | – | 1 | | Net exchange difference | (38) | 69 | [Income Tax](index=12&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the Group recorded an income tax credit of 26 thousand USD, mainly from deferred tax credit of 20 thousand USD and current tax of 23 thousand USD from outside Hong Kong, offset by a net over-provision from prior periods - Hong Kong qualified group entities are subject to tax at **8.25%** on the first **HKD 2,000,000** of assessable profits, with the remainder taxed at **16.5%**[20](index=20&type=chunk) - Total Income Tax Credit/(Expense) (thousand USD) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Current - Hong Kong | – | 19 | | Current - Outside Hong Kong | 23 | 29 | | Net (over-provision)/under-provision from prior periods | (29) | 2 | | Deferred tax | (20) | – | | **Total tax (credit)/expense for the period** | **(26)** | **50** | [Dividends](index=12&type=section&id=Dividends) The Board of Directors decided not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Directors will not declare any interim dividend for the six months ended June 30, 2025 (2024: nil)[21](index=21&type=chunk) [Loss/(Earnings) Per Share](index=12&type=section&id=Loss%2F%28Earnings%29%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was 0.06 US cents, compared to basic earnings per share of 0.00 US cents in the prior year period, primarily due to a loss of 920 thousand USD for the period - Basic loss per share was **0.06 US cents**, calculated based on a loss for the period of **920 thousand USD** and **1,509,592,701** ordinary shares in issue[22](index=22&type=chunk) - The Group had no potentially dilutive ordinary shares in issue for the period ended June 30, 2025[22](index=22&type=chunk) [Property, Plant and Equipment](index=12&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group purchased assets worth 24 thousand USD and recognized no gain or loss from the disposal of assets - Changes in Property, Plant and Equipment (thousand USD) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Purchases of assets | 24 | 41 | | Net book value of assets disposed of | 0 | 1 | | Gain or loss on disposal | 0 | Loss 1 | [Right-of-Use Assets](index=12&type=section&id=Right-of-Use%20Assets) For the six months ended June 30, 2025, the Group recognized 1,331 thousand USD in right-of-use assets and lease liabilities due to new lease agreements, a significant increase from the prior year period - The Group recognized **1,331 thousand USD** in right-of-use assets and lease liabilities due to new lease agreements (2024: **31 thousand USD**)[24](index=24&type=chunk) [Trade Receivables](index=13&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables were 2,680 thousand USD, a decrease from 3,901 thousand USD at the end of 2024, with the provision for doubtful debts increasing to 700 thousand USD, and trade receivables over 90 days closely monitored - Trade Receivables (thousand USD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gross trade receivables | 3,380 | 4,531 | | Provision for doubtful debts | (700) | (630) | | **Net** | **2,680** | **3,901** | - Ageing Analysis of Trade Receivables (thousand USD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 1,374 | 1,963 | | 31 to 60 days | 460 | 921 | | 61 to 90 days | 221 | 345 | | 91 to 365 days | 711 | 708 | | Over one year | 614 | 594 | | **Total** | **3,380** | **4,531** | [Trade Payables](index=13&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were 779 thousand USD, a significant decrease from 1,449 thousand USD at the end of 2024, primarily concentrated within 30 days - Ageing Analysis of Trade Payables (thousand USD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 485 | 651 | | 31 to 60 days | 141 | 637 | | 61 to 90 days | 65 | 74 | | 91 to 365 days | 25 | 11 | | Over one year | 63 | 76 | | **Total** | **779** | **1,449** | [Related Party Transactions](index=14&type=section&id=Related%20Party%20Transactions) The Group engaged in two significant related party transactions during the period: an unsecured, interest-free loan from a shareholder and compensation for key management personnel [Loan from a Shareholder](index=14&type=section&id=Loan%20from%20a%20Shareholder) - A loan from a shareholder amounted to **3,856 thousand USD**, unsecured, interest-free, and repayable by May 22, 2026[27](index=27&type=chunk) [Compensation of Key Management Personnel](index=14&type=section&id=Compensation%20of%20Key%20Management%20Personnel) - Key Management Personnel Compensation (thousand USD) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Short-term employee benefits | 616 | 616 | | Employee retirement benefits | 46 | 46 | | **Total** | **662** | **662** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) During the reporting period, global economic uncertainties and trade tensions significantly impacted all of the Group's business segments, leading to a 22.5% decrease in total revenue, an 18.8% reduction in gross profit, and a shift from profit to loss for the period [Overview](index=15&type=section&id=Overview) - Total revenue decreased by approximately **22.5%** from approximately **19.5 million USD** to approximately **15.1 million USD**[29](index=29&type=chunk) - Shipments for Trading and Supply Chain Management Services decreased by approximately **14.0%** to approximately **48.1 million USD**, with revenue decreasing by approximately **18.2%** to approximately **7.0 million USD**[29](index=29&type=chunk) - Total revenue from Cultural and Entertainment business decreased by approximately **25.9%** to approximately **8.2 million USD**, primarily due to increased competition, product over-saturation, and suppressed consumer spending[30](index=30&type=chunk) - Gross profit decreased by approximately **18.8%** to approximately **5.7 million USD**, but the gross profit margin increased from approximately **35.6%** to approximately **37.3%**[30](index=30&type=chunk) - Profit for the period turned from near break-even to a loss of approximately **0.9 million USD**, with operating expenses decreasing by approximately **1.8%** (or approximately **7.4%** excluding restructuring costs)[31](index=31&type=chunk) [Segment Analysis](index=16&type=section&id=Segment%20Analysis) - The Group's business includes **Trading and Supply Chain Management Services** and **Cultural and Entertainment** operating segments[32](index=32&type=chunk) [Trading and Supply Chain Management Services](index=16&type=section&id=Trading%20and%20Supply%20Chain%20Management%20Services) - Total shipment volume decreased by approximately **14.0%** to approximately **48.1 million USD**, as customer procurement strategies became more conservative[33](index=33&type=chunk) - The Trading and Supply Chain Management Services segment recorded revenue of approximately **7.0 million USD**, accounting for approximately **46.1%** of the Group's total revenue[37](index=37&type=chunk) [Geographical Analysis](index=16&type=section&id=Geographical%20Analysis) - Total Shipment Value of Trading and Supply Chain Management Services by Region (million USD) | Region | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | North America | 32.4 | 41.7 | | Europe | 11.9 | 9.8 | | Other | 3.8 | 4.4 | | **Total** | **48.1** | **55.9** | - North America shipment volume decreased by approximately **22.3%** to approximately **32.4 million USD**, accounting for approximately **67.4%** of total shipments[35](index=35&type=chunk) - Europe shipment volume increased by approximately **21.4%** to approximately **11.9 million USD**, accounting for approximately **24.7%** of total shipments[36](index=36&type=chunk) - "Other" (primarily Southern Hemisphere) shipment volume decreased by approximately **13.6%** to approximately **3.8 million USD**[37](index=37&type=chunk) [Cultural and Entertainment](index=17&type=section&id=Cultural%20and%20Entertainment) - Revenue from the Cultural and Entertainment segment decreased by approximately **25.9%** from approximately **11.0 million USD** to approximately **8.2 million USD**[37](index=37&type=chunk) - Cultural and Entertainment Segment Revenue Composition (million USD) | Revenue Type | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Online entertainment | 6.1 | 8.1 | | Sales of goods | 2.1 | 2.9 | | **Total** | **8.2** | **11.0** | - Online entertainment revenue decreased by approximately **25.0%** to approximately **6.1 million USD**, and sales of goods contracted by approximately **28.3%** to approximately **2.1 million USD**[38](index=38&type=chunk)[39](index=39&type=chunk) - The decrease in revenue was due to increased competition in online claw machine games, over-saturation in the trendy toy industry, and macroeconomic headwinds suppressing consumer spending[30](index=30&type=chunk)[39](index=39&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) The Group maintains a sound financial position with ample cash and deposits, a current ratio of approximately 2.2, and a zero debt-to-equity ratio; trade receivables are closely monitored and adequately provided for, with net assets of approximately 15.0 million USD [Financial Resources and Liquidity](index=18&type=section&id=Financial%20Resources%20and%20Liquidity) - Deposits and cash and cash equivalents were approximately **21.1 million USD** (consistent with the end of 2024)[40](index=40&type=chunk) - Total bank facilities were approximately **5.1 million USD**, of which approximately **100 thousand USD** was utilized for borrowings[40](index=40&type=chunk) - The current ratio was approximately **2.2** (end of 2024: approximately **2.1**), and the debt-to-equity ratio was **zero**[40](index=40&type=chunk) - Trade receivables were approximately **2.7 million USD** (end of 2024: approximately **3.9 million USD**), with adequate provision made for accounts over 90 days[41](index=41&type=chunk) - Net assets were approximately **15.0 million USD** (end of 2024: approximately **15.9 million USD**)[41](index=41&type=chunk) - The Group had no significant contingent liabilities or guarantees, nor had it pledged any of its assets[42](index=42&type=chunk) [Remuneration Policy and Staff Development Programs](index=18&type=section&id=Remuneration%20Policy%20and%20Staff%20Development%20Programs) As of June 30, 2025, the Group employed 259 staff, with total employee costs of approximately 5.7 million USD, offering competitive remuneration, a share option scheme, and discretionary bonuses to incentivize employees - As of June 30, 2025, the Group employed **259** staff (2024: **264** staff)[43](index=43&type=chunk) - Total employee costs for the review period were approximately **5.7 million USD** (2024: approximately **5.6 million USD**)[43](index=43&type=chunk) - The Group has established competitive remuneration packages, a share option scheme for eligible employees, and discretionary bonuses to incentivize staff[44](index=44&type=chunk) [Prospects](index=19&type=section&id=Prospects) Facing global economic uncertainty, escalating trade barriers, and surging tariffs with the potential return of the Trump administration, the Group anticipates continued challenges in the short term and will actively diversify procurement, expand supply chain networks, broaden product portfolios, implement cost controls, and explore M&A and investment opportunities to navigate these challenges - The global economy faces complex challenges, with escalating trade barriers and surging tariffs, and the situation is expected to remain challenging in the second half of the year[45](index=45&type=chunk) - The Group is actively pursuing diversified procurement models, expanding its supply chain network, broadening its product portfolio, and implementing strict cost controls[45](index=45&type=chunk) - The Cultural and Entertainment segment will expand its online business through new media platforms and influencer collaborations, regularly launch new products, and deepen its design capabilities to develop innovative trendy toy products[46](index=46&type=chunk) - The Group will closely monitor economic developments, adjust strategies, and explore potential M&A and investment opportunities to consolidate and diversify its business[47](index=47&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Material Investments, Major Acquisitions or Disposals](index=20&type=section&id=Material%20Investments%2C%20Major%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group had no material investments, major acquisitions, or disposals - The Group had no material investments, major acquisitions, or disposals during the reporting period[48](index=48&type=chunk) [Future Plans for Material Investments](index=20&type=section&id=Future%20Plans%20for%20Material%20Investments) As of the date of this announcement, the Group has no plans for any significant future investments or capital assets - As of the date of this announcement, the Group has no plans for any significant future investments or capital assets[49](index=49&type=chunk) [Events After Reporting Period](index=20&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the end of the reporting period and up to the date of this announcement - No significant events occurred after the end of the reporting period and up to the date of this announcement[50](index=50&type=chunk) [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024: nil)[51](index=51&type=chunk) [Purchase, Sale or Redemption of Shares](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) 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 - 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[52](index=52&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Company's Audit Committee has reviewed the Group's accounting policies and the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, but this information has not been audited or reviewed by an independent auditor - The Audit Committee has reviewed the Group's accounting policies and the unaudited condensed consolidated interim financial information[53](index=53&type=chunk) - The condensed consolidated interim financial information has not been audited or reviewed by the Company's independent auditor[53](index=53&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) For the period ended June 30, 2025, and up to the date of this announcement, the Company has not yet appointed a Chairman of the Board, but the Board believes this vacancy will not adversely affect the Company and is committed to identifying a suitable candidate - The Company has not yet appointed a Chairman of the Board, in breach of Rule C.2.1 of Appendix C1 to the Listing Rules[54](index=54&type=chunk) - The Board believes that the vacancy of the Chairman will not adversely affect the Company and is committed to identifying and appointing a suitable Chairman[54](index=54&type=chunk) [Standard Code for Securities Transactions](index=21&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Standard Code as set out in Appendix C3 to the Listing Rules as the code of conduct for Directors' dealings in company securities and has established written guidelines for employees no less exacting than the Standard Code; all Directors confirmed compliance with the Standard Code during the reporting period, and no employee violations were found - The Company has adopted the Standard Code as set out in Appendix C3 to the Listing Rules as the code of conduct for Directors' dealings in the Company's securities[55](index=55&type=chunk) - All Directors have confirmed compliance with the Standard Code during the reporting period[55](index=55&type=chunk) - The Company has established written guidelines for employees no less exacting than the terms of the Standard Code, and no violations by relevant employees were found[55](index=55&type=chunk) [Publication of Results Announcement and Interim Report](index=21&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the Company's website and the Stock Exchange's website, and the interim report will be sent to shareholders upon request and published on the aforementioned websites in due course - This announcement has been published on the Company's website (www.daoheglobal.com.hk) and the Stock Exchange's website (www.hkexnews.hk)[56](index=56&type=chunk) - The Company's 2025 interim report will be sent to shareholders upon request and published on the aforementioned websites in due course[56](index=56&type=chunk) [By Order of the Board](index=21&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Wong Hing Nin, Executive Director and Chief Executive Officer, on behalf of the Board; as of the announcement date, the Board comprises two executive directors and three independent non-executive directors - This announcement is issued by Mr. Wong Hing Nin, Executive Director and Chief Executive Officer, on behalf of the Board[57](index=57&type=chunk) - As of the date of this announcement, the executive directors are Mr. Wong Hing Nin and Mr. Lung Li Ping, and the independent non-executive directors are Mr. Lau Shu Yan, Mr. Cheung Wui Chun, and Ms. Lok Kuen[57](index=57&type=chunk)

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 本公佈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。 Daohe Global Group Limited 道和環球集團有限公司（「本公司」） 之董事（「董事」）會（「董事會」）宣佈，董事會會議將於二零二 五年八月二十二日（星期五）舉行，藉以（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六個月之中期業績及考慮派 付中期股息（如有）。 承董事會命 Daohe Global Group Limited 道和環球集團有限公司 執行董事兼行政總裁 黃慶年 香港，二零二五年八月十一日 Daohe Global Group Limited 道 和 環 球 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：915） 董事會會議召開日期 於本公佈日期，本公司執行董事為黃慶年先生及龍利平先生，而獨立 非執行董事為劉樹人先生、張會軍先生及駱娟女士。 ...

Core Viewpoint - Daohe Global (00915) expects to incur a loss of no less than $900,000 in the first half of 2025, compared to nearly breakeven in the same period last year [1] Summary by Relevant Sections - **Financial Performance** - The company anticipates a loss of at least $900,000 for the upcoming reporting period [1] - Last year's performance was close to breakeven [1] - **Reasons for Loss** - The board attributes the expected loss primarily to the intensified challenges and uncertainties in the business environment due to the trade war, resulting in a decline in sales compared to the same period last year [1] - The trade and supply chain management services segment recorded a one-time restructuring cost of approximately $400,000 [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，概不對因本公佈全部或任 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。 1 1) 因貿易戰加劇了營商環境的挑戰性和不確定性，導致銷售額較去年同期有所 下跌；及 2) 貿易及供應鏈管理服務分部錄得一次性重組成本約400,000美元。 本公佈所載資料乃本集團僅依據未經審核的綜合管理賬目及目前所得的最新資料 而作出之初步評估而發出，且尚未經本公司核數師審閱或審核。本集團於報告期 間的實際業績，尚待有關賬目及資料落實並將根據最新資料進行調整，其可能有 別於本公佈所載資料。本公司將密切關注有關情況，並於有需要時提供進一步最 新資料。 Daohe Global Group Limited 道 和 環 球 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：915） 盈利警告 本公佈乃由Daohe Global Group Limited道和環球集團有限公司（「本公司」，連 同其附屬公司統稱「本集團」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第13.09( ...

FF301 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 | 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) | 00915 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | 0.013333333333 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 3,000,000,000 | USD | 0.013333333333 | USD | | 40,000,000 | 截至月份: 2025年7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: Daohe Global Group Limited 道和環球集團有限公司 呈交日期 ...