Company Information [Company Overview](index=1&type=section&id=Company%20Overview) Deep Source Holdings Limited (formerly Theme International Holdings Limited) and its subsidiaries primarily engage in the distribution, trading, and processing of commodities, as well as providing securities and derivatives financial services, margin financing, and fund management - The company's name has been changed from 'Theme International Holdings Limited' to 'Deep Source Holdings Limited', and its Chinese name from '榮暉國際集團有限公司' to '至源控股有限公司'[2](index=2&type=chunk)[80](index=80&type=chunk) - Principal businesses include the distribution, trading, and processing of commodities and related products in Hong Kong, Singapore, and China, as well as providing securities and derivatives financial services, margin financing, and fund management in Hong Kong and Singapore[65](index=65&type=chunk) [Board of Directors and Management](index=40&type=section&id=Board%20of%20Directors%20and%20Management) The Board of Directors comprises two executive directors, two non-executive directors, and three independent non-executive directors, with Mr. Wu Lei, an executive director, temporarily serving as Chairman, and Mr. Jiang Jiang as Chief Executive Officer - The Board of Directors consists of Mr. Jiang Jiang (Executive Director), Mr. Wu Lei (Executive Director), Mr. Ding Lin (Non-Executive Director), Mr. Kang Jian (Non-Executive Director), Mr. Liu Song (Independent Non-Executive Director), Ms. Chen Liping (Independent Non-Executive Director), and Mr. Huang Xuebin (Independent Non-Executive Director)[116](index=116&type=chunk) - The position of Chairman has been vacant since **April 1, 2016**, and is currently temporarily held by Executive Director Mr. Wu Lei, with Mr. Jiang Jiang serving as Chief Executive Officer[109](index=109&type=chunk) Financial Performance [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue significantly decreased by **62%** to **HKD 10,132,488 thousand**, but profit for the period increased by **19.6%** year-on-year to **HKD 369,906 thousand**, primarily due to increased other income and profit contributions from associates **Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30)** | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,132,488 | 26,582,474 | -61.9% | | Cost of Sales | (9,761,575) | (25,957,389) | -62.4% | | Gross Profit | 370,913 | 625,085 | -40.7% | | Other Income, Gains and Losses | 56,409 | (146,662) | significant improvement | | Profit from Operations | 273,020 | 291,910 | -6.5% | | Share of Profit of Associates | 140,354 | 64,811 | +116.5% | | Profit Before Tax | 404,509 | 342,084 | +18.2% | | Profit for the Period | 369,906 | 309,184 | +19.6% | | Profit Attributable to Owners of the Company | 321,849 | 294,374 | +9.3% | | Basic and Diluted Earnings Per Share | HKD 2.39 cents | HKD 2.19 cents | +9.1% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and net assets both increased, with a rise in net current assets, indicating a sound financial position **Summary of Condensed Consolidated Statement of Financial Position (As of June 30)** | Metric | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 2,812,412 | 2,690,320 | +4.5% | | Current Assets | 16,829,592 | 16,286,472 | +3.3% | | Current Liabilities | 11,593,095 | 11,725,820 | -1.1% | | Net Current Assets | 5,236,497 | 4,560,652 | +14.8% | | Net Assets | 8,034,727 | 7,236,287 | +11.0% | | Equity Attributable to Owners of the Company | 6,927,261 | 6,115,522 | +13.3% | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased to **HKD 8,034,727 thousand**, primarily due to profit for the period, a positive shift in foreign currency translation reserve, and new share issuance **Summary of Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30)** | Metric | June 30, 2025 (HKD Thousand) | January 1, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Total Equity (End of Period) | 8,034,727 | 7,269,828 | +764,899 | | Equity Attributable to Owners of the Company (End of Period) | 6,927,261 | 6,198,499 | +728,762 | | Profit for the Period (Attributable to Owners of the Company) | 321,849 | 294,374 | +27,475 | | Total Comprehensive Income for the Period | 446,025 | 248,002 | +198,023 | | Issue of New Shares | 407,400 | — | +407,400 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities significantly decreased, but net cash used in financing activities also decreased, resulting in an increase in cash and cash equivalents at the end of the period **Summary of Condensed Consolidated Statement of Cash Flows (For the six months ended June 30)** | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Net Cash From Operating Activities | 2,379,324 | 4,357,075 | -1,977,751 | | Net Cash Used In Investing Activities | (44,956) | (692,699) | +647,743 | | Net Cash Used In Financing Activities | (1,135,956) | (2,056,305) | +920,349 | | Net Increase in Cash and Cash Equivalents | 1,198,412 | 1,608,071 | -409,659 | | Cash and Cash Equivalents at End of Period | 3,374,678 | 4,276,608 | -901,930 | Notes to the Financial Statements [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and are consistent with the accounting policies and methods of computation used in the 2024 annual financial statements, with no significant changes resulting from new or revised HKFRSs adopted in the current period - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and should be read in conjunction with the **2024** annual financial statements[9](index=9&type=chunk) - The accounting policies and methods of computation used in the preparation are consistent with those used in the annual financial statements for the year ended **December 31, 2024**[9](index=9&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards in the current period did not result in significant changes to accounting policies, presentation, or amounts reported in the financial statements[14](index=14&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from sales of goods trading and processing, and financial services commission income; segment information indicates a significant decrease in revenue from distribution, trading, and processing, while financial services revenue slightly declined [Revenue Analysis](index=8&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, total revenue from contracts with customers was **HKD 9,876,585 thousand**, with sales of goods trading and processing accounting for the vast majority, but significantly lower than the prior period **Revenue Analysis (For the six months ended June 30)** | Source of Revenue | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Sales of Goods Trading and Processing | 9,742,731 | 26,163,372 | -62.8% | | Commission Income and Brokerage Fees from Financial Services | 139,469 | 144,944 | -3.8% | | Total Revenue from Contracts with Customers | 9,876,585 | 26,301,977 | -62.5% | | Other Income (Gains from Derivative Transactions, Interest Income) | 255,903 | 280,497 | -8.7% | | Total Revenue | 10,132,488 | 26,582,474 | -61.9% | [Segment Results and Assets and Liabilities](index=9&type=section&id=Segment%20Results%20and%20Assets%20and%20Liabilities) Both revenue and profit for the Distribution, Trading, and Processing segment significantly decreased, while the Financial Services segment saw substantial profit growth, partially offsetting the overall revenue decline **Segment Results (For the six months ended June 30)** | Segment | 2025 Revenue (HKD Thousand) | 2024 Revenue (HKD Thousand) | 2025 Segment Profit (HKD Thousand) | 2024 Segment Profit (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Distribution, Trading and Processing | 9,737,116 | 26,157,033 | 132,980 | 244,030 | | Financial Services | 395,372 | 425,441 | 159,942 | 63,387 | | Total | 10,132,488 | 26,582,474 | 292,922 | 307,417 | **Segment Assets and Liabilities (As of June 30)** | Segment | June 30, 2025 Segment Assets (HKD Thousand) | December 31, 2024 Segment Assets (HKD Thousand) | June 30, 2025 Segment Liabilities (HKD Thousand) | December 31, 2024 Segment Liabilities (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Distribution, Trading and Processing | 8,278,945 | 8,103,710 | 4,402,329 | 4,152,062 | | Financial Services | 8,379,663 | 8,408,809 | 6,154,449 | 6,234,034 | | Total | 16,658,608 | 16,512,519 | 10,556,778 | 10,386,096 | [Geographical and Product Revenue](index=11&type=section&id=Geographical%20and%20Product%20Revenue) Revenue from contracts with customers in Singapore significantly decreased, primarily due to reduced silver and gold bullion trading, while China's revenue slightly declined and Hong Kong's revenue increased **Revenue from Contracts with Customers by Geographical Market (For the six months ended June 30)** | Geographical Market | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 139,003 | 117,533 | +18.3% | | Singapore | 2,762,721 | 18,626,186 | -85.2% | | China | 6,974,861 | 7,558,258 | -7.7% | | Total Revenue from Contracts with Customers | 9,876,585 | 26,301,977 | -62.5% | **Revenue from Contracts with Customers by Major Product/Service (For the six months ended June 30)** | Major Product/Service | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Trading and Processing of Commodities | 9,737,116 | 26,157,033 | -62.8% | | Commission Income and Brokerage Fees | 139,469 | 144,944 | -3.8% | | Total | 9,876,585 | 26,301,977 | -62.5% | [Items in Profit Before Tax](index=12&type=section&id=Items%20in%20Profit%20Before%20Tax) For the six months ended June 30, 2025, both finance costs and interest income from bank deposits decreased, while losses from fair value changes of financial assets at fair value through profit or loss increased; notably, no provision for losses due to alleged misappropriation of funds was made this period, unlike a significant provision in the prior period **Items Deducted From / (Credited To) Profit Before Tax (For the six months ended June 30)** | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Finance Costs | 8,865 | 14,637 | -5,772 | | Interest Income from Bank Deposits | (38,017) | (55,960) | +17,943 | | Losses from Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss | 13,405 | 5,363 | +8,042 | | Depreciation (Property, Plant and Equipment) | 9,386 | 8,176 | +1,210 | | Depreciation (Right-of-use Assets) | 6,001 | 7,309 | -1,308 | | Provision for Losses Due to Alleged Misappropriation of Funds | — | 167,660 | -167,660 | | Exchange (Gains) / Losses, Net | (4,717) | 36,007 | significant improvement | | Directors' Remuneration | 3,040 | 3,440 | -400 | | Other Staff Costs | 92,687 | 105,468 | -12,781 | [Income Tax](index=13&type=section&id=Income%20Tax) Current period income tax expense slightly increased, mainly from China corporate income tax and Singapore corporate income tax; the company applies different tax policies in Hong Kong, Singapore, and China, including Singapore's Global Trader Programme (GTP) preferential tax rate and China's small-profit enterprise tax reduction **Income Tax Expense (For the six months ended June 30)** | Tax Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 649 | 75 | +574 | | China Corporate Income Tax | 16,163 | 9,319 | +6,844 | | Singapore Corporate Income Tax | 17,791 | 23,506 | -5,715 | | Total | 34,603 | 32,900 | +1,703 | - Singapore subsidiary Bright Point Trading Pte. Ltd. benefits from the Global Trader Programme (GTP) incentive, with a portion of eligible income taxed at a preferential rate of **5%**[26](index=26&type=chunk) - Income tax provision for China operations is calculated at a **25%** tax rate, except for small-profit enterprises which enjoy tax reductions[26](index=26&type=chunk) [Earnings Per Share](index=14&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were **HKD 2.39 cents**, an increase from the prior period; basic and diluted earnings per share are equal as no potentially dilutive shares were issued **Earnings Per Share (For the six months ended June 30)** | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD Thousand) | 321,849 | 294,374 | +9.3% | | Weighted Average Number of Ordinary Shares (Thousands) | 13,484,853 | 13,471,345 | +0.1% | | Basic and Diluted Earnings Per Share | HKD 2.39 cents | HKD 2.19 cents | +9.1% | [Dividends](index=14&type=section&id=Dividends) The Board does not recommend an interim dividend for the period ended June 30, 2025, consistent with the prior period - The Directors do not recommend an interim dividend for the period ended **June 30, 2025** (**2024**: nil)[31](index=31&type=chunk) [Notes to the Statement of Financial Position](index=15&type=section&id=Notes%20to%20the%20Statement%20of%20Financial%20Position) This section details the changes and composition of major balance sheet items as of June 30, 2025, including property, plant and equipment, investments in associates, inventories, various receivables, derivative instruments, cash and bank balances, and various payables [Property, Plant and Equipment](index=15&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant and equipment totaling approximately **HKD 9,698 thousand**, a significant increase from the prior period - For the six months ended **June 30, 2025**, the Group acquired property, plant and equipment of approximately **HKD 9,698,000**, compared to **HKD 1,452,000** in the prior period[33](index=33&type=chunk) [Investments in Associates](index=15&type=section&id=Investments%20in%20Associates) As of June 30, 2025, the company's equity in associates increased to **HKD 2,512,137 thousand**, primarily invested in mineral trading and processing, investment holding, and other businesses in China and Singapore **Investments in Associates (As of June 30)** | Region | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | In China | 544,004 | 526,104 | +17,900 | | In Singapore | 1,968,133 | 1,841,805 | +126,328 | | Total | 2,512,137 | 2,367,909 | +144,228 | - Key associates include Lianyungang Hengxintong Mining Co., Ltd. (China, bulk mineral trading and processing, **30%** stake), Green Esteel Pte. Ltd. (Singapore, investment holding and iron ore and hot briquetted iron trading, **20.2%** stake), and Shandong Energy Group Ronghui International Trading Co., Ltd. (China, bulk mineral trading, commodity import and export, **49%** stake)[35](index=35&type=chunk) [Inventories](index=15&type=section&id=Inventories) As of June 30, 2025, total inventories significantly decreased to **HKD 1,915,146 thousand**, primarily due to a reduction in finished goods inventory **Inventories (As of June 30)** | Inventory Category | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Raw Materials | 11,930 | 33,288 | -21,358 | | Finished Goods | 1,903,216 | 3,602,063 | -1,698,847 | | Total | 1,915,146 | 3,635,351 | -1,720,205 | [Trade and Bills Receivables](index=16&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, trade and bills receivables increased to **HKD 2,754,077 thousand**, primarily concentrated within the 90-day aging period **Trade and Bills Receivables (As of June 30)** | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 2,610,096 | 2,330,160 | +279,936 | | 91 to 180 days | 134,909 | 3,941 | +130,968 | | Over 180 days | 9,072 | 10,582 | -1,510 | | Total | 2,754,077 | 2,344,683 | +409,394 | - The average credit period is **30 to 90 days**, with no bad debt provisions made during the period or at the end of the reporting period[37](index=37&type=chunk)[38](index=38&type=chunk) [Accounts Receivable](index=17&type=section&id=Accounts%20Receivable) As of June 30, 2025, total accounts receivable increased to **HKD 3,392,892 thousand**, primarily from brokers and dealers and company balances in futures contract trading business **Accounts Receivable (As of June 30)** | Source | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | From Futures Contract Trading Business | 3,390,463 | 2,874,357 | +516,106 | | From Providing Financial Services - Clients | 2,429 | 21,405 | -18,976 | | Total | 3,392,892 | 2,895,762 | +497,130 | - Receivables from brokers and dealers are current and repayable on demand[39](index=39&type=chunk) [Derivative Instruments](index=17&type=section&id=Derivative%20Instruments) As of June 30, 2025, both the notional amounts and fair values of derivative assets and liabilities significantly increased, reflecting expanded futures contract trading activities **Derivative Instruments (As of June 30)** | Item | June 30, 2025 Contract/Notional Amount (HKD Thousand) | June 30, 2025 Assets (HKD Thousand) | June 30, 2025 Liabilities (HKD Thousand) | December 31, 2024 Contract/Notional Amount (HKD Thousand) | December 31, 2024 Assets (HKD Thousand) | December 31, 2024 Liabilities (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Contracts - Sell | 19,024,202 | 216,979 | (383,322) | 10,838,250 | 115,900 | (269,763) | | Futures Contracts - Buy | 15,892,496 | 331,205 | (241,321) | 9,890,571 | 299,865 | (127,634) | | Total Derivatives | — | 548,184 | (624,643) | — | 415,765 | (397,397) | [Prepayments, Deposits and Other Receivables](index=18&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables increased to **HKD 763,445 thousand**, primarily due to a significant rise in trade deposits **Prepayments, Deposits and Other Receivables (As of June 30)** | Item | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Trade Deposits | 595,115 | 191,811 | +403,304 | | VAT Recoverable | 68,426 | 313,637 | -245,211 | | Prepayments, Deposits and Other Receivables | 99,904 | 89,379 | +10,525 | | Total | 763,445 | 594,827 | +168,618 | [Cash and Bank Balances](index=18&type=section&id=Cash%20and%20Bank%20Balances) As of June 30, 2025, total cash and bank balances increased to **HKD 7,416,768 thousand**, with a significant increase in cash in general accounts **Cash and Bank Balances (As of June 30)** | Item | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Cash at Bank - General Accounts | 3,374,678 | 2,165,073 | +1,209,605 | | Cash at Bank - Restricted Deposits | 583,596 | 582,129 | +1,467 | | Cash at Bank - Trust and Segregated Accounts | 3,458,494 | 3,649,060 | -190,566 | | Total | 7,416,768 | 6,396,262 | +1,020,506 | - Restricted bank deposits primarily serve as collateral for bills payable and bank financing[42](index=42&type=chunk) - Trust and segregated accounts hold client funds, which the Group is not permitted to use to settle its own liabilities[42](index=42&type=chunk) [Trade and Bills Payables](index=19&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables increased to **HKD 4,106,373 thousand**, with a significant increase in amounts aged **91 to 180 days** **Trade and Bills Payables (As of June 30)** | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Within 90 days | 2,969,603 | 3,311,406 | -341,803 | | 91 to 180 days | 1,108,570 | 542,048 | +566,522 | | 181 to 365 days | 25,725 | 11,364 | +14,361 | | Over one year | 2,475 | 5,283 | -2,808 | | Total | 4,106,373 | 3,870,101 | +236,272 | [Accounts Payable](index=19&type=section&id=Accounts%20Payable) As of June 30, 2025, accounts payable from futures contract trading business amounted to **HKD 5,467,849 thousand**, a decrease from year-end, primarily representing client margin deposits **Accounts Payable (As of June 30)** | Source | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | From Futures Contract Trading Business | 5,467,849 | 5,775,864 | -308,015 | - Accounts payable primarily represent client margin deposits for futures contract trading, repayable upon contract closure[44](index=44&type=chunk) [Amount Due to an Associate](index=19&type=section&id=Amount%20Due%20to%20an%20Associate) As of June 30, 2025, the amount due to an associate was **HKD 780,000 thousand**, a significant decrease from year-end, and is unsecured, interest-free, and repayable within one year **Amount Due to an Associate (As of June 30)** | Item | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Amount Due to an Associate | 780,000 | 1,141,920 | -361,920 | - This amount is unsecured, interest-free, and repayable within one year[45](index=45&type=chunk) [Share Capital](index=20&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital increased due to the issuance of new shares under general mandate, reaching a total of **14,286,345 thousand shares** **Changes in Share Capital (As of June 30)** | Item | Number of Ordinary Shares (Thousands) | Share Capital (HKD Thousand) | | :--- | :--- | :--- | | As at January 1, 2024 and December 31, 2024 | 13,471,345 | 33,679 | | Issue of New Shares under General Mandate | 815,000 | 2,037 | | As at June 30, 2025 | 14,286,345 | 35,716 | - On **June 13, 2025**, the company entered into subscription agreements with no less than **6** independent third parties to issue **815,000,000** new shares at **HKD 0.5** per share, for a total consideration of approximately **HKD 407,500,000**, with net proceeds of approximately **HKD 407,400,000**[48](index=48&type=chunk) [Related Party Transactions](index=20&type=section&id=Related%20Party%20Transactions) The Group engaged in various related party transactions, including key management personnel compensation, amounts due from/to related parties, brokerage and commission income, and trading commodity sales and purchases **Key Management Personnel Compensation (For the six months ended June 30)** | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Salaries, Allowances and Other Benefits in Kind | 2,940 | 3,360 | -420 | | Retirement Benefit Scheme Contributions | 100 | 80 | +20 | | Total | 3,040 | 3,440 | -400 | - Amounts due from/to related parties arose in the ordinary course of business and are determined on terms similar to those offered to third-party customers[50](index=50&type=chunk) - Brokerage and commission income, and trading commodity sales and purchase transactions from related parties, are determined at commission rates similar to those offered to third-party customers[51](index=51&type=chunk) [Fair Value Measurement](index=23&type=section&id=Fair%20Value%20Measurement) The Group's financial assets and liabilities are measured at fair value, primarily categorized into Level 1 and Level 3 inputs; as of June 30, 2025, total recurring fair value measurements amounted to **HKD 49,151 thousand** **Fair Value Hierarchy Disclosure (As of June 30, 2025)** | Description | Level 1 (HKD Thousand) | Level 2 (HKD Thousand) | Level 3 (HKD Thousand) | Total (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Other Comprehensive Income (Private Equity Investments) | — | — | 20,153 | 20,153 | | Financial Assets at Fair Value Through Profit or Loss (Listed Securities) | 38,704 | — | — | 38,704 | | Financial Assets at Fair Value Through Profit or Loss (Unlisted Funds) | — | — | 66,753 | 66,753 | | Derivative Instruments - Assets | 548,184 | — | — | 548,184 | | Derivative Instruments - Liabilities | (624,643) | — | — | (624,643) | | Total Recurring Fair Value Measurements | (37,755) | — | 86,906 | 49,151 | - Level 3 fair value measurements use the market approach (guideline transaction method) for unlisted equity securities and the net asset method for unlisted funds[59](index=59&type=chunk) - There were no transfers between Level 1 and Level 2, nor into or out of Level 3 during the period[56](index=56&type=chunk) [Capital Commitments](index=27&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments - As of **June 30, 2025**, the Group had no significant capital commitments (**December 31, 2024**: nil)[61](index=61&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the company's name was changed; additionally, the company entered into two memoranda of understanding and one sale and purchase agreement to acquire a **60%** interest in an Indonesian nickel mining company and a **60%** equity stake in a Chinese enterprise management consulting company - In **July 2025**, the company's name was changed from 'Theme International Holdings Limited' to 'Deep Source Holdings Limited', and its Chinese name from '榮暉國際集團有限公司' to '至源控股有限公司'[62](index=62&type=chunk) - In **August 2025**, the company entered into a memorandum of understanding to acquire a **60%** interest in PT Aneka Tambang Resources Indonesia, an Indonesian company holding nickel commodity mining permits, for **USD 9,900,000**[62](index=62&type=chunk) - On **August 26, 2025**, the company entered into a sale and purchase agreement to conditionally acquire a **60%** equity interest in Anhui Chujiang Hengchuang Enterprise Management Consulting Co., Ltd. for **RMB 900 million**[63](index=63&type=chunk) [Approval of Condensed Consolidated Financial Statements](index=27&type=section&id=Approval%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025 - The condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on **August 29, 2025**[64](index=64&type=chunk) Management Discussion and Analysis and Other Information [Business Overview](index=28&type=section&id=Business%20Overview) Deep Source Holdings Limited primarily engages in the distribution, trading, and processing of commodities, as well as providing securities and derivatives financial services, margin financing, and fund management - The Group primarily engages in the distribution, trading, and processing of commodities and related products in Hong Kong, Singapore, and China; and provides securities and derivatives financial services, margin financing, and fund management in Hong Kong and Singapore[65](index=65&type=chunk) [Financial and Business Review](index=28&type=section&id=Financial%20and%20Business%20Review) For the six months ended June 30, 2025, the Group's total revenue decreased by **62%** year-on-year, mainly due to reduced activity in the distribution, trading, and processing business, particularly silver and gold bullion trading; despite the revenue decline, profit for the period increased by **19.6%** due to improved other income and increased profit from associates **Summary of Financial and Business Review (For the six months ended June 30)** | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 10,132,488 | 26,582,474 | -62.0% | | Profit for the Period | 369,906 | 309,184 | +19.6% | | Basic Earnings Per Share | HKD 2.39 cents | HKD 2.19 cents | +9.1% | | Distribution, Trading and Processing Business Revenue | 9,737,116 | 26,157,033 | -62.8% | | Financial Services Business Revenue | 395,372 | 425,441 | -7.1% | | Gross Profit | 370,913 | 625,085 | -40.7% | | Other Gains/(Losses) | 56,409 | (146,662) | significant improvement | | Share of Profit of Associates | 140,354 | 64,811 | +116.5% | - The decrease in revenue was primarily due to reduced trading volume of silver and gold bullion, which ceased in the second half of **2024**[68](index=68&type=chunk) - The increase in profit for the period was mainly due to no provision for losses from alleged misappropriation of funds by a Singapore subsidiary (**2024**: **HKD 167,660,000**) and increased share of profit from associates[69](index=69&type=chunk)[71](index=71&type=chunk) [Future Outlook](index=30&type=section&id=Future%20Outlook) The Group will focus on the continued development of its financial services and distribution, trading, and processing businesses, planning to expand product lines, seek acquisition opportunities, and extend into international markets [Financial Services Business](index=30&type=section&id=Financial%20Services%20Business) The financial services business covers lending, securities and derivatives trading

Core Viewpoint - Zhiyuan Holdings (00990) announced a conditional agreement to acquire 60% equity in a target company for a total consideration of RMB 900 million, marking a strategic shift towards mineral resource development and financial services [1] Group 1: Acquisition Details - The acquisition involves the target company, which primarily engages in enterprise management consulting and information consulting services [1] - Upon completion, the target company will become an indirect non-wholly owned subsidiary of Zhiyuan Holdings, and its financial performance will be consolidated into the company's financial statements [1] Group 2: Strategic Transformation - In July 2025, the company will officially change its name to Zhiyuan Holdings Limited, indicating a strategic transformation towards mining resource extraction, deep processing, and synergistic development in financial services [1] - The company aims to focus on high-quality global mineral projects, including nickel, manganese, aluminum, vanadium, titanium, pyrite, and phosphorus [1] - The goal is to build a portfolio that encompasses green mining, deep processing, and downstream chemical industries to fully unlock mineral value [1] Group 3: Target Company's Role - The target company indirectly holds equity in Copper Chemical Group, which is involved in mining, mineral processing, sulfur-phosphorus coal chemical processing, titanium chemical processing, and new materials [1] - The target company serves as a core platform for its shareholders to invest in Copper Chemical Group [1] - The company aims to gain control over the target company through this acquisition to benefit from the investment returns generated by the target company and its subsidiaries [1]

Group 1 - The company, Zhiyuan Holdings, announced a conditional agreement to acquire 60% equity in the target company for a total consideration of RMB 900 million [1] - Upon completion, the target company will become an indirect non-wholly owned subsidiary of Zhiyuan Holdings, and its financial performance will be consolidated into the company's financial statements [1] - The target company, established in China, primarily engages in enterprise management consulting and information consulting services [1] Group 2 - In July 2025, the company will officially change its name to Zhiyuan Holdings Limited, marking a strategic transformation towards mining resource extraction, deep processing, and financial services [1] - The company focuses on high-quality global mineral projects, including nickel, manganese, aluminum, vanadium, titanium, pyrite, phosphorus, and titanium [1] - The aim is to build a portfolio that encompasses green mining, deep processing, and downstream chemical industries to fully unlock mineral value [1] Group 3 - The target company indirectly holds equity in Copper Chemical Group, which is involved in mining and mineral processing, sulfur-phosphorus coal chemical processing, titanium chemical processing, and new materials [1] - The target company serves as the core platform for its shareholders to invest in Copper Chemical Group [1] - The company aims to gain control over the target company through this acquisition to benefit from the investment returns generated by the target company and its subsidiaries [1]

Group 1 - The company has entered into a sale and purchase agreement to acquire 60% equity in Anhui Chujing Hengchuang Enterprise Management Consulting for a total consideration of RMB 900 million [1] - Upon completion, the target company will become an indirect non-wholly owned subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1] - The company will officially change its name to Zhiyuan Holdings Limited in July 2025, marking a strategic transformation towards mining resource extraction, deep processing, and financial services [1] Group 2 - The company aims to focus on high-quality global mineral projects, including nickel, manganese, aluminum, vanadium, titanium, pyrite, and phosphorus [1] - The goal is to build an investment portfolio that encompasses green mining, deep processing, and downstream chemical industries to fully realize mineral value [1] - The target company indirectly holds equity in Copper Chemical Group, which is involved in mining, mineral processing, sulfur-phosphorus coal chemical processing, titanium chemical processing, and new materials [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。 DEEP SOURCE HOLDINGS LIMITED 至源控股有限公司 * （前稱榮暉國際集團有限公司） （於百慕達註冊成立之有限公司） （股份代號：990） 有關收購目標公司 60% 股權之主要交易 緒言 董事會欣然宣佈，於二零二五年八月二十六日（於交易時段後），買方與賣方及目 標公司訂立買賣協議，據此買方已有條件同意收購而賣方已有條件同意出售合共 於目標公司的60%股權，總代價為人民幣900百萬元。 於完成後，目標公司將成為本公司之間接非全資附屬公司，且目標公司之財務業 績將在本公司之綜合財務報表內綜合入賬。 上市規則的涵義 由於買賣協議項下擬進行之收購事項的最高適用百分比率超過25%但低於 100%，因此，根據上市規則第14章，收購事項構成本公司的主要交易，並須遵 守（其中包括）上市規則項下公佈及股東批准規定。 一般事項 本公司已就訂立買賣協議及其項下擬進行之交易取得其於本公告日期擁有超過 5 ...

Core Viewpoint - The company, Zhiyuan Holdings (00990.HK), announced that it will hold a board meeting on August 29, 2025, to approve the publication of its interim results for the six months ending June 30, 2025, and to consider the payment of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 29, 2025 [1] - The meeting will focus on approving the interim results announcement for the six months ending June 30, 2025 [1] - The company will also consider the potential payment of an interim dividend during the meeting [1]

董事會會議召開日期 至源控股有限公司（「本公司」）之董事會（「董事會」）宣佈，本公司將於二零二五年 八月二十九日（星期五）舉行董事會會議，藉以（其中包括）批准刊發本公司及其附屬 公司截至二零二五年六月三十日止六個月之中期業績公告，以及考慮派付中期股息 （如有）。 承董事會命 至源控股有限公司 執行董事 吳磊 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。 DEEP SOURCE HOLDINGS LIMITED 至源控股有限公司 * （前稱榮暉國際集團有限公司） （於百慕達註冊成立之有限公司） （股份代號：990） 香港，二零二五年八月十五日 於本公告日期，執行董事為江江先生及吳磊先生；非執行董事為丁琳先生及康健先生；及獨立非執 行董事為柳松先生、陳麗屏女士及黃學斌先生。 * 僅供識別 ...

智通财经APP获悉，荣晖国际(00990)涨超3%，截至发稿，涨3.41%，报0.91港元，成交额1932.62万港 元。 消息面上，荣晖国际发布公告，于2025年8月1日，公司与PT Mitra Unggul Berjaya(卖方)及杨成林先生 (卖方担保人)就买卖于PT Aneka Tambang Resources Indonesia(目标公司)的60%权益订立具法律约束力的 谅解备忘录。 （原标题：港股异动 | 荣晖国际(00990)涨超3% 近日拟购买一家印度尼西亚镍矿开采公司60%股权） 谅解备忘录载有关于公司拟购买及卖方拟出售目标公司(一家在印度尼西亚共和国注册成立的公司，持 有生产经营采矿业务许可证，可开采镍商品，覆盖位于印度尼西亚哈马黑拉岛以南的奥比群岛的608公 顷面积(镍矿))60%的全部已发行股本的若干谅解及条款。 ...

荣晖国际(00990)涨超3%，截至发稿，涨3.41%，报0.91港元，成交额1932.62万港元。 消息面上，荣晖国际发布公告，于2025年8月1日，公司与PT Mitra Unggul Berjaya(卖方)及杨成林先生 (卖方担保人)就买卖于PT Aneka Tambang Resources Indonesia(目标公司)的60%权益订立具法律约束力的 谅解备忘录。 谅解备忘录载有关于公司拟购买及卖方拟出售目标公司(一家在印度尼西亚共和国注册成立的公司，持 有生产经营采矿业务许可证，可开采镍商品，覆盖位于印度尼西亚哈马黑拉岛以南的奥比群岛的608公 顷面积(镍矿))60%的全部已发行股本的若干谅解及条款。 ...

自2025年8月8日上午九时正起，于联交所进行股份买卖的英文股份简称将由"THEME INT'L"更改 为"DEEP SOURCE"，而中文股份简称将由"荣晖国际"更改为"至源控股"。公司于联交所的股份代号将 维持不变，仍为"990"。 智通财经APP讯，荣晖国际(00990)公布，公司的名称由"Theme International Holdings Limited"改为"Deep Source Holdings Limited"，并采用"至源控股有限公司"作为新中文名称(仅供识别)，以取代先前中文名 称"荣晖国际集团有限公司"(仅供识别)。 ...