股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 信控國際資本有限公司 呈交日期: 2025年9月30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) | 00993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | 本月底法定/註 ...

信控國際資本有限公司 XinKong International Capital Holdings Limited （於百慕達註冊成立之有限公司） （股份代號：993） 各位非登記股東1： 於本公司網站登載公司通訊之通知 謹此通知 閣下，信控國際資本有限公司（「本公司」）之下述公司通訊2（「本次公司通訊」）之中、英文版本，現 已登載於本公司網站www.xinkong.com.hk（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： 二零二五年中期報告 如 閣下對本函內容有任何疑問，請致電香港股份過戶登記分處電話熱線(852) 2980 1333，辦公時間為星期一至五（公眾 假期除外）上午9時正至下午6時正，或電郵至is-ecom@vistra.com 。 承董事會命 信控國際資本有限公司 主席 王成 2025年9月30日 附件 附註： 1. 非登記股東指將所持有之本公司股份存放於中央結算系統的人士或公司。 2. 公司通訊指本公司發出或將予發出以供其任何證券的持有人或投資大眾參照或採取行動的任何文件，其中包括但不限於：－ (a) 董 事會報告、 ...

信控國際資本有限公司 XinKong International Capital Holdings Limited （於百慕達註冊成立之有限公司） （股份代號：993） 各位登記股東： 於本公司網站登載公司通訊之通知 謹此通知 閣下，信控國際資本有限公司（「本公司」）之下述公司通訊 1（「本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.xinkong.com.hk（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： 二零二五年中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本， 本次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，本公司建議 閣下向本公司香港股份過戶登記分處卓佳證券登記有限公司（「香港 股份過戶登記分處」）（地址為香港夏慤道16號遠東金融中心17樓）發出（不少於7天的）合理書面通知，或發送電 郵至is-ecom@vistra.com向本公司提供 閣下的電郵地址。 附件 附註： 1. 公司通訊指本公司發出或將予發出以供其任何證券的持有人或投資大 ...

中期報告 2025 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 管理層論述及分析 | | 16 | 中期簡明綜合財務報表審閱報告 | | | 簡明綜合財務報表 | | 18 | 簡明綜合損益表 | | 19 | 簡明綜合全面收益表 | | 20 | 簡明綜合財務狀況表 | | 22 | 簡明綜合權益變動表 | | 24 | 簡明綜合現金流量表 | | 25 | 中期財務資料附註 | | 61 | 補充資料 | | 65 | 釋義 | 信控國際資本有限公司 二零二五年中期報告 公司資料 董事會 非執行董事 王成先生 （主席） 譚杰予女士 陳慶華先生 （行政總裁） 魯昕政先生 獨立非執行董事 洪嘉禧先生 馬立山先生 關浣非先生 審計委員會 洪嘉禧先生 （主席） 馬立山先生 關浣非先生 薪酬委員會 關浣非先生 （主席） 洪嘉禧先生 馬立山先生 提名委員會 洪嘉禧先生 （主席） 王成先生 譚杰予女士 馬立山先生 關浣非先生 執行委員會 執行董事 陳慶華先生 （主席） 魯昕政先生 風險管理委員會 馬立山先生 （主席） 王成先生 陳慶華先生 魯昕政先生 可持續發展委員會 關浣非先生 （主席） ...

茲 提 述 信 控 國 際 資 本 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 三 月 十 八 日 之 公 告，本 公 司 已 完 成 更 改 公 司 名 稱 及 股 份 簡 稱。 更改公司標誌 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 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 （於百慕達註冊成立之有限公司） （股份代號：993） 更 改 公 司 標 誌、公 司 網 址 及 電 郵 域 名 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 已 採 用 新 標 誌 ，即 時 生 效。新 標 誌 將 印 於 本 公 司 相 關 企 業 文 件，包 括 但 不 限 於 本 公 司 宣 傳 材 料、中 期 及 年 度 報 告、公 告、通 告 及 通 函，並 將 於 本 公 司 網 站 展 示。更 改 本 公 司 之 標 誌 將 不 會 影 響 本 公 司 現 有 股 東 的 任 何 權 利。 更改公司網址及電 ...

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: 信控國際資本有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00993 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,00 ...

Group 1 - The company reported a revenue of HKD 17.685 million for the six months ending June 30, 2025, representing a year-on-year decrease of 63.68% [1] - The loss attributable to equity holders increased to HKD 498 million, a year-on-year increase of 766.7% [1] - The basic loss per share was HKD 0.057 [1] Group 2 - The significant increase in net loss was primarily due to a substantial decline in the expected recoverable value of a loan as of June 30, 2025, compared to December 31, 2024, leading to a large impairment provision [1] - The company also incurred a net loss from financial assets measured at fair value through profit or loss during the period [1]

Group 1 - The company reported a revenue of HKD 17.685 million for the six months ending June 30, 2025, representing a year-on-year decrease of 63.68% [1] - The loss attributable to equity holders increased to HKD 498 million, a significant rise of 766.7% compared to the previous year [1] - The basic loss per share was reported at HKD 0.057 [1] Group 2 - The increase in net loss during the period was primarily due to a significant decline in the expected recoverable value of a loan as of June 30, 2025, compared to December 31, 2024, leading to substantial impairment provisions [1] - The company also recorded a net loss from financial assets measured at fair value through profit or loss during the period [1]

[Financial Statements](index=1&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue significantly declined, resulting in a net loss of HK$298,803 thousand and basic loss per share of HK cents 5.7 - **Condensed Consolidated Statement of Profit or Loss Key Data (HK$ thousand):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 17,685 | 48,697 | -63.7% | | Net (loss)/gain on financial assets at FVTPL | (27,745) | 28,375 | Turned from gain to loss | | (Loss)/profit before tax | (314,260) | 118,574 | Turned from profit to loss | | (Loss)/profit for the period | (298,803) | 142,581 | Turned from profit to loss | | (Loss) attributable to owners of the Company | (497,874) | (57,447) | Loss widened | | Basic loss per share (HK cents) | (5.7) | (0.7) | Loss widened | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive loss reached HK$318,571 thousand, driven by the period's loss and other comprehensive loss - **Condensed Consolidated Statement of Comprehensive Income Key Data (HK$ thousand):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | (Loss)/profit for the period | (298,803) | 142,581 | Turned from profit to loss | | Other comprehensive (loss)/income for the period, net of tax | (19,768) | 2,066 | Turned from income to loss | | Total comprehensive (loss)/income for the period | (318,571) | 144,647 | Turned from income to loss | | (Loss) attributable to owners of the Company | (517,642) | (55,381) | Loss widened | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased to HK$1,779,867 thousand, with rising liabilities expanding net liabilities to HK$2,790,592 thousand - **Condensed Consolidated Statement of Financial Position Key Data (HK$ thousand):** | Indicator | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 870,866 | 1,083,985 | -19.7% | | Total current assets | 909,001 | 981,785 | -7.4% | | Total current liabilities | 645,144 | 503,514 | +28.1% | | Net current assets | 263,857 | 478,271 | -44.9% | | Net liabilities | (2,790,592) | (2,273,381) | Loss widened | | Total equity | (2,790,592) | (2,273,381) | Loss widened | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information and Basis of Preparation](index=5&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) This section details the company's basic information, business scope, shareholder structure, and the basis for interim financial preparation and going concern [General Information](index=5&type=section&id=General%20Information) Citic International Capital Holdings Limited is a Bermuda-registered investment holding company engaged in diverse financial services, ultimately controlled by China CITIC Financial Asset Management Co., Ltd - The company's principal businesses include securities brokerage, margin financing, loan financing, financial advisory, direct investment, corporate finance, and management consulting services[6](index=6&type=chunk) - The ultimate controlling company is China CITIC Financial Asset Management Co., Ltd[6](index=6&type=chunk) [Basis of Preparation and Going Concern](index=5&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) Interim financials are prepared on a going concern basis despite challenges, with management confirming sufficient resources through various liquidity measures and shareholder support - As of June 30, 2025, the Group's net current assets were **HK$264 million** (December 31, 2024: HK$478 million), net liabilities were **HK$2,791 million** (December 31, 2024: HK$2,273 million), and loss for the period was **HK$299 million** (June 30, 2024: profit of HK$143 million)[10](index=10&type=chunk) - The Group has obtained a financial support letter from its indirect controlling shareholder, CITIC Financial Asset International Holdings, committing to provide sufficient financial support[12](index=12&type=chunk) - The Group plans to improve liquidity by disposing of publicly traded bonds and listed equity securities, recovering project cash flows, controlling expenses and capital expenditures, and actively developing its licensed businesses[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=Changes%20in%20Accounting%20Policies) The revised HKAS 21 "Lack of Exchangeability" is applied for the first time, with no significant impact expected on the Group's condensed consolidated financial statements - The revised HKAS 21 "Lack of Exchangeability" is applied for the first time, requiring assessment of currency exchangeability and estimation of spot exchange rates[18](index=18&type=chunk) - This revision is not expected to have any significant impact on the Group's condensed consolidated financial statements[18](index=18&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group's operating segments include Securities, Corporate Finance, Asset Management and Direct Investment, Financial Services, and Others, with Asset Management and Direct Investment recording the largest loss [Overview of Operating Segments](index=7&type=section&id=Overview%20of%20Operating%20Segments) The Executive Committee serves as the chief operating decision-maker, categorizing business into four reportable segments for internal reporting and performance assessment - The Group's chief operating decision-maker is the Executive Committee[19](index=19&type=chunk) - The Group's businesses are divided into four reportable segments: Securities, Corporate Finance, Asset Management and Direct Investment, Financial Services, and Others[20](index=20&type=chunk) [Segment Performance and Assets & Liabilities](index=8&type=section&id=Segment%20Performance%20and%20Assets%20%26%20Liabilities) Asset Management and Direct Investment recorded a significant loss of HK$304,366 thousand, while the Securities segment turned from profit to a loss of HK$6,672 thousand - **H1 2025 Segment Performance (HK$ thousand):** | Segment | Segment Revenue | Segment Results | | :--- | :--- | :--- | | Securities | 2,787 | (6,672) | | Corporate Finance | – | – | | Asset Management and Direct Investment | 14,898 | (304,366) | | Financial Services and Others | – | (4,132) | | **Total** | **17,685** | **(315,170)** | - **H1 2024 Segment Performance (HK$ thousand):** | Segment | Segment Revenue | Segment Results | | :--- | :--- | :--- | | Securities | 1,590 | 2,747 | | Corporate Finance | 32 | (2,140) | | Asset Management and Direct Investment | 46,440 | 159,690 | | Financial Services and Others | 667 | (39,201) | | **Total** | **48,697** | **121,096** | - **Segment Assets and Liabilities (HK$ thousand):** | Segment | June 30, 2025 (Assets) | Dec 31, 2024 (Assets) | June 30, 2025 (Liabilities) | Dec 31, 2024 (Liabilities) | | :--- | :--- | :--- | :--- | :--- | | Securities | 234,978 | 205,848 | 153,496 | 121,204 | | Corporate Finance | 10,133 | 10,126 | – | – | | Asset Management and Direct Investment | 1,392,111 | 1,742,287 | 463,837 | 354,262 | | Financial Services and Others | 80,279 | 71,351 | 11,157 | 26,472 | | **Total Segment** | **1,717,501** | **2,029,612** | **628,490** | **501,938** | [Geographical Information and Major Customers](index=12&type=section&id=Geographical%20Information%20and%20Major%20Customers) Group operations are primarily in Hong Kong and Mainland China, with Hong Kong's external customer revenue significantly decreasing, and three major customers contributing over 10% of total revenue - **Revenue from External Customers (HK$ thousand):** | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong | 14,607 | 48,030 | | Mainland China | 3,078 | 667 | | **Total** | **17,685** | **48,697** | - **Major Customer Revenue Contribution (HK$ thousand):** | Customer | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Customer A (Asset Management and Direct Investment) | 6,750 | 29,734 | | Customer B (Asset Management and Direct Investment) | 3,230 | 3,933 | | Customer C (Asset Management and Direct Investment) | 2,926 | 5,540 | [Revenue Breakdown](index=13&type=section&id=Revenue%20Breakdown) Total revenue significantly decreased from HK$48,697 thousand to HK$17,685 thousand, driven by substantial reductions in commission, service fees, and interest income - **Revenue Breakdown (HK$ thousand):** | Revenue Source | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Commission and service fee income | 1,613 | 2,350 | -31.3% | | Interest income (effective interest method) | 14,377 | 40,187 | -64.2% | | Other interest income | 1,695 | 5,380 | -68.5% | | Investment income (dividends) | – | 780 | -100% | | **Total Revenue** | **17,685** | **48,697** | **-63.7%** | [Finance Costs](index=14&type=section&id=Finance%20Costs) Total finance costs decreased to HK$126,018 thousand, mainly due to reduced interest on bank borrowings and direct controlling company loans, despite an increase in indirect controlling company loan interest - **Finance Costs (HK$ thousand):** | Cost Source | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | – | 10,339 | -100% | | Interest on direct controlling company loans | – | 33,335 | -100% | | Interest on indirect controlling company loans | 125,392 | 88,723 | +41.3% | | **Total Finance Costs** | **126,018** | **134,039** | **-5.98%** | [Breakdown of Loss/(Profit) Before Tax](index=14&type=section&id=Breakdown%20of%20Loss%2F%28Profit%29%20Before%20Tax) Loss before tax was significantly impacted by a substantial increase in net impairment provisions for other loans and debt instruments, turning from a reversal to a large provision - **Breakdown of Loss/(Profit) Before Tax (HK$ thousand):** | Item | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net impairment provisions/(reversal) for other loans and debt instruments | 160,360 | (214,006) | Turned from reversal to provision | | Legal and professional fees | 5,765 | 1,115 | +417% | | Employee benefit expenses | 4,996 | 6,319 | -21% | | Net impairment reversal for financial assets at FVOCI | (13,812) | (7,746) | Reversal increased | [Income Tax](index=15&type=section&id=Income%20Tax) No Hong Kong profits tax provision was made due to the absence of assessable profits, with Chinese subsidiaries taxed at 25% and a total tax credit from prior year over-provisions - No Hong Kong profits tax provision was made as no assessable profits were generated in Hong Kong[36](index=36&type=chunk) - Chinese subsidiaries are subject to a tax rate of **25%**[36](index=36&type=chunk) - **Total Tax Credit for the Period (HK$ thousand):** | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Over-provision in prior years (Mainland China) | (15,457) | (24,007) | | **Total Tax Credit for the Period** | **(15,457)** | **(24,007)** | [Loss Per Share](index=15&type=section&id=Loss%20Per%20Share) Basic loss per share attributable to ordinary equity holders significantly widened to HK cents 5.7, with no diluted loss per share presented due to the absence of potential dilutive ordinary shares - **Basic Loss Per Share (HK cents):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Loss for the period attributable to ordinary equity holders of the Company (HK$ thousand) | (497,874) | (57,447) | Loss widened | | Basic loss per share (HK cents) | (5.7) | (0.7) | Loss widened | [Financial Assets](index=16&type=section&id=Financial%20Assets) The Group's financial assets at FVTPL and FVOCI both decreased, with non-listed fixed income securities remaining a major component and increased impairment reversal for FVOCI assets [Financial Assets at Fair Value Through Profit or Loss](index=16&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Total financial assets at FVTPL decreased to HK$955,595 thousand, with non-listed fixed income securities and non-listed fund investments as primary components - **Financial Assets at Fair Value Through Profit or Loss (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Non-listed fund investments (non-current) | 281,736 | 320,120 | -11.99% | | Non-listed fixed income securities (non-current) | 414,718 | 428,415 | -3.19% | | Non-listed fund investments (current) | 169,757 | 168,392 | +0.81% | | Listed fixed income securities (current) | 48,713 | 104,518 | -53.4% | | **Total** | **955,595** | **1,065,438** | **-10.31%** | [Financial Assets at Fair Value Through Other Comprehensive Income](index=17&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) Total financial assets at FVOCI slightly decreased to HK$73,763 thousand, recording a fair value loss and an increased net impairment reversal - **Financial Assets at Fair Value Through Other Comprehensive Income (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed income securities (non-current) | 18,354 | 24,575 | -25.39% | | Fixed income securities (current) | 55,409 | 52,628 | +5.28% | | **Total** | **73,763** | **77,203** | **-4.59%** | - The fair value loss for the period was **HK$4,123 thousand** (2024: gain of HK$5,479 thousand)[42](index=42&type=chunk) - The net impairment reversal for the period was **HK$13,812 thousand** (2024: HK$7,746 thousand)[42](index=42&type=chunk) [Finance Lease Receivables](index=17&type=section&id=Finance%20Lease%20Receivables) The carrying amount of finance lease receivables decreased to HK$7,818 thousand, with an expected credit loss provision of HK$159,826 thousand and an average loss rate of 91% - **Finance Lease Receivables (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross finance lease receivables | 167,644 | 174,709 | -4.04% | | Provision for expected credit losses | (159,826) | (166,034) | -3.74% | | **Carrying Amount** | **7,818** | **8,675** | **-10.0%** | - As of June 30, 2025, the average loss rate for credit-impaired finance lease receivables was **91%** (December 31, 2024: 90%)[46](index=46&type=chunk) [Other Loans and Debt Instruments](index=18&type=section&id=Other%20Loans%20and%20Debt%20Instruments) The carrying amount of other loans and debt instruments significantly decreased to HK$191,803 thousand, with expected credit loss provisions increasing to HK$1,155,082 thousand and an average loss rate of 92% - **Other Loans and Debt Instruments (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Other loans and debt instruments | 1,346,885 | 1,333,979 | +0.97% | | Provision for expected credit losses | (1,155,082) | (994,720) | +16.12% | | **Carrying Amount** | **191,803** | **339,259** | **-43.47%** | - As of June 30, 2025, the average loss rate for credit-impaired other loans and debt instruments was **92%** (December 31, 2024: 79%)[51](index=51&type=chunk) [Margin Loan Advances to Customers](index=19&type=section&id=Margin%20Loan%20Advances%20to%20Customers) The carrying amount of margin loan advances decreased to HK$7,840 thousand, with expected credit loss provisions increasing to HK$91,975 thousand and high concentration among top customers - **Margin Loan Advances to Customers (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Margin loan advances | 99,815 | 93,999 | +6.19% | | Provision for expected credit losses | (91,975) | (82,456) | +11.55% | | **Carrying Amount** | **7,840** | **11,543** | **-32.08%** | - As of June 30, 2025, loans to the top five margin customers accounted for **99%** of the total carrying amount[53](index=53&type=chunk) - As of June 30, 2025, the average loss rate for credit-impaired margin loan advances was **92.9%** (December 31, 2024: 88.4%)[55](index=55&type=chunk) [Trade Receivables](index=21&type=section&id=Trade%20Receivables) The carrying amount of trade receivables significantly decreased to HK$1,261 thousand, with expected credit loss provisions of HK$80,302 thousand, primarily from direct investment business - **Trade Receivables (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross trade receivables | 81,563 | 83,597 | -2.43% | | Provision for expected credit losses | (80,302) | (80,298) | +0.005% | | **Carrying Amount** | **1,261** | **3,299** | **-61.8%** | - As of June 30, 2025, trade receivables arising from direct investment business amounted to **HK$79,177 thousand** (December 31, 2024: HK$73,992 thousand)[61](index=61&type=chunk) [Trade Payables](index=22&type=section&id=Trade%20Payables) Trade payables increased to HK$134,644 thousand, with most of them bearing interest at bank savings deposit rates - **Trade Payables (HK$ thousand):** | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Trade payables | 134,644 | 100,798 | - Approximately **HK$132,390 thousand** (December 31, 2024: HK$99,111 thousand) of trade payables bear interest at bank savings deposit rates[62](index=62&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Board of Directors resolved not to declare any interim dividend for the reporting period - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, and June 30, 2024[63](index=63&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Highlights](index=23&type=section&id=Financial%20Highlights) Revenue significantly decreased, resulting in a net loss of HK$298,803 thousand and basic loss per share of HK cents 5.7, primarily due to increased loan impairment and FVTPL losses - Revenue for the period was approximately **HK$17,685 thousand** (last corresponding period: HK$48,697 thousand), with a net loss of **HK$27,745 thousand** from financial assets at FVTPL (last corresponding period: gain of HK$28,375 thousand)[64](index=64&type=chunk) - Net loss was approximately **HK$298,803 thousand** (last corresponding period: net profit of HK$142,581 thousand), primarily due to increased impairment provisions from a significant decline in the expected recoverable value of loans, and a net loss from financial assets at FVTPL[64](index=64&type=chunk) - Basic loss per share was **HK cents 5.7** (last corresponding period: HK cents 0.7)[65](index=65&type=chunk) [Business Review](index=23&type=section&id=Business%20Review) In H1 2025, the Group focused on licensed businesses, strengthened risk control, and pursued business transformation amidst global economic challenges, resulting in losses in key segments [Macroeconomic Environment](index=23&type=section&id=Macroeconomic%20Environment) H1 2025 saw global economic slowdown due to geopolitical conflicts, while China's economy showed resilience and Hong Kong's economy recovered with policy support - The global economy slowed due to geopolitical conflicts and US tariff policies[66](index=66&type=chunk) - China's economy demonstrated resilience in industrial upgrading, domestic demand growth, and technological innovation[66](index=66&type=chunk) - Hong Kong's economy showed signs of recovery with policy support and deepening regional cooperation[66](index=66&type=chunk) [Securities Business](index=24&type=section&id=Securities%20Business) The Securities business maintained compliance, enhanced FinTech, and increased business synergy for asset disposal, but recorded a loss of HK$6,672 thousand due to increased impairment provisions - The Securities business continuously enhanced its FinTech capabilities and launched an SMS anti-fraud registration program[67](index=67&type=chunk) - Increased business synergy to assist in disposing of stock-related assets from existing projects within the system, thereby increasing intermediary income[67](index=67&type=chunk) - **Securities Segment Performance (HK$ thousand):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Segment revenue and other gains/(losses) | 636 | 5,050 | -87.4% | | Segment results | (6,672) | 2,747 | Turned from profit to loss | [Asset Management and Direct Investment](index=24&type=section&id=Asset%20Management%20and%20Direct%20Investment) This business actively responded to market changes, strengthened risk control, and focused on distressed asset management, but recorded a loss of HK$304,366 thousand - Focused on distressed asset management, targeting investment and financing opportunities in state-owned enterprises and distressed assets/corporate rescue themes[69](index=69&type=chunk) - **Asset Management and Direct Investment Segment Performance (HK$ thousand):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Segment revenue | 14,898 | 46,440 | -67.9% | | Net loss/(gain) on financial assets at FVTPL | (27,745) | 28,375 | Turned from gain to loss | | Segment results | (304,366) | 159,690 | Turned from profit to loss | [Corporate Finance](index=25&type=section&id=Corporate%20Finance) The Corporate Finance business continued its licensed business transformation, strengthened compliance and risk control, and expanded advisory services, achieving zero segment results for the period - Expanded services including financial advisory for listed companies, debt restructuring, asset stripping, and asset injection[71](index=71&type=chunk) - Collaborated with China CITIC Financial Asset's distressed asset business, leveraging its licensed support role[71](index=71&type=chunk) - **Corporate Finance Segment Performance (HK$ thousand):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Segment revenue | – | – | No change | | Segment results | – | (2,140) | Loss narrowed | [Financial Services and Others](index=25&type=section&id=Financial%20Services%20and%20Others) This business, primarily providing finance lease services in Mainland China, focused on recovering existing projects with no new additions, resulting in zero revenue but a narrowed loss - The business primarily focuses on gradually recovering existing projects, with no new projects added during the period[72](index=72&type=chunk) - **Financial Services and Others Segment Performance (HK$ thousand):** | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Segment revenue | – | 667 | -100% | | Segment loss | (4,132) | (39,201) | Loss narrowed | [Outlook](index=26&type=section&id=Outlook) The Group anticipates continued global economic challenges, aiming to capitalize on market opportunities by enhancing marketing, deepening distressed asset business, and developing unique investment banking models - The Securities business will increase market promotion and institutional client expansion, raise the proportion of intermediary business income, and strengthen internal business synergy[74](index=74&type=chunk) - The Asset Management business will counter-cyclically deepen its "big distressed asset" business, focusing on investment opportunities such as cooperation with state-owned enterprises, substantive restructuring, and corporate rescue[74](index=74&type=chunk) - The Corporate Finance business will build a distinctive investment banking model, explore cross-border distressed asset disposal opportunities, and assist listed companies with debt restructuring, asset stripping, and asset injection[74](index=74&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) [Capital Structure and Liquidity](index=26&type=section&id=Capital%20Structure%20and%20Liquidity) Total equity attributable to owners was negative HK$2,790,592 thousand, with the gearing ratio increasing to 257%, but the Group expects sufficient working capital from shareholder support - **Capital Structure and Liquidity (HK$ thousand):** | Indicator | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total equity attributable to owners | (2,790,592) | (2,273,381) | Loss widened | | Cash and bank balances | 379,152 | 413,122 | -8.22% | | Gearing ratio | 257% | 186% | +71 percentage points | | Controlling shareholder loans and perpetual capital bonds | 10,088,215 | 9,929,603 | +1.6% | | Undrawn bank standby facilities | 100,000 | 100,000 | No change | - The change in gearing ratio is primarily due to a decrease in total assets from increased provisions and an increase in total liabilities from new shareholder loans[76](index=76&type=chunk) [Pledged Group Assets](index=28&type=section&id=Pledged%20Group%20Assets) As of June 30, 2025, the Group had not pledged any fixed deposits to secure bank loan facilities - As of June 30, 2025, the Group had not pledged any fixed deposits to secure bank loan facilities[81](index=81&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) The Group's primary operations are transacted and recorded in HKD, USD, and RMB, resulting in minimal significant foreign exchange risk due to the HKD-USD peg - The Group's principal businesses are transacted and recorded in Hong Kong Dollars, US Dollars, and Renminbi[82](index=82&type=chunk) - Due to the peg between the Hong Kong Dollar and the US Dollar, the Group faces minimal significant foreign exchange risk[82](index=82&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no significant contingent liabilities at the end of the reporting period[83](index=83&type=chunk) [Material Investments](index=28&type=section&id=Material%20Investments) The Group holds several material investments, with some facing default or significant declines in expected recoverable value, leading to increased impairment provisions - Holds ordinary shares and convertible bonds in Yu Cheng Ke Jin, with a total fair value representing approximately **23.31%** of total assets; this project is in default and has entered provisional liquidation proceedings[84](index=84&type=chunk)[85](index=85&type=chunk) - Holds Fund I (Tujia equity), with a fair value representing approximately **8.35%** of total assets, and has received in-specie distribution of Tujia Series E preferred shares[87](index=87&type=chunk) - Holds loans to Crown International Group Limited, with a fair value representing approximately **3.81%** of total assets, and recorded a net impairment provision of approximately **HK$149,677 thousand** for the period due to a significant decline in expected recoverable value[87](index=87&type=chunk) - Holds shares in Fund II, with a fair value representing approximately **8.41%** of total assets, and is currently operating normally[88](index=88&type=chunk) [Impairment Provision Status](index=30&type=section&id=Impairment%20Provision%20Status) The Group makes expected credit loss provisions for financial assets under HKFRS 9, with major credit risks from various loan and debt instruments, resulting in a net impairment loss of approximately HK$151 million [Overall Impairment Provision Status](index=30&type=section&id=Overall%20Impairment%20Provision%20Status) The Group applies HKFRS 9's expected credit loss model for financial asset impairment, categorizing projects into three stages, with a net impairment loss of approximately HK$151 million for the period - The Group makes impairment provisions for financial assets based on the expected credit loss model under HKFRS 9[89](index=89&type=chunk) - Major credit risks arise from other loans and debt instruments, margin loan advances to customers, financial assets at FVOCI, finance lease receivables, trade receivables, and amounts due from associates[91](index=91&type=chunk) - The net impairment loss for the period was approximately **HK$151 million**, primarily due to a significant decline in the expected recoverable value of other loans and debt instruments transferred from a margin project, resulting in a net impairment provision of approximately **HK$150 million**[93](index=93&type=chunk) [Impairment Provision Status for Public Bonds](index=31&type=section&id=Impairment%20Provision%20Status%20for%20Public%20Bonds) Public bonds are classified as financial assets at FVOCI and measured for expected credit losses across three stages, with a reversal of impairment provisions of HK$13,813 thousand for the period - Public bonds are classified as financial assets at FVOCI, with fair value measured by public market trading prices[94](index=94&type=chunk) - Expected credit loss provisions for Stage 1 and 2 public bonds are measured using the expected credit loss model, while Stage 3 is determined by the market price at period-end[95](index=95&type=chunk) - A reversal of impairment provisions of **HK$13,813 thousand** for financial assets at FVOCI was recorded for the period[96](index=96&type=chunk) [Explanation of Finance Lease Business and Impairment Provision Status](index=32&type=section&id=Explanation%20of%20Finance%20Lease%20Business%20and%20Impairment%20Provision%20Status) The Group provides finance lease services in Mainland China, with three existing projects classified as Stage 3, and no new projects planned, focusing on recovery - The Group provides finance lease services in Mainland China through Zhongju Leasing, primarily using a sale-and-leaseback model[97](index=97&type=chunk) - As of June 30, 2025, there were three outstanding finance lease projects with a total carrying amount of approximately **HK$7,818 thousand**, representing approximately **0.44%** of the Group's total assets[98](index=98&type=chunk) - All finance lease projects are classified as Stage 3, with impairment provisions of approximately **HK$352 thousand** recorded for the period[101](index=101&type=chunk) - The finance lease business will primarily focus on gradually recovering existing projects, with no plans for new projects[98](index=98&type=chunk) [Key Internal Control Measures](index=33&type=section&id=Key%20Internal%20Control%20Measures) The Group implements key internal control measures in its finance lease business, including daily risk monitoring, actions for overdue projects, and regular review by management and the Board - Implements daily risk monitoring, continuous tracking of deployed projects, and activation of early warning signals[102](index=102&type=chunk) - Takes various recovery actions for overdue projects, including collection notices, communication and negotiation, legal proceedings, and debt assignment[102](index=102&type=chunk) - Management reviews risk classification results quarterly, while the Board's Audit Committee and Risk Management Committee regularly review and supervise impairment projects and risk management mechanisms[103](index=103&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 10 individuals, with a remuneration policy considering job nature, market levels, experience, expertise, and potential, alongside benefits and training - **Number of Employees:** | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 10 | | Dec 31, 2024 | 12 | - The remuneration policy considers job nature, market levels, employee experience, expertise, and development potential, with discretionary incentives and bonuses[104](index=104&type=chunk) - Provides benefits such as group medical and life insurance, and is committed to offering a learning and development environment and training programs[104](index=104&type=chunk)[105](index=105&type=chunk) [Changes in Directors' Information](index=35&type=section&id=Changes%20in%20Directors'%20Information) Independent Non-executive Director Mr. Hung Ka Hai, Clement, had changes in other directorships, and Board Chairman Mr. Wang Cheng was appointed as a director of CITIC Financial Asset International Holdings - Independent Non-executive Director Mr. Hung Ka Hai, Clement, was appointed as an independent non-executive director of Wealthy Financial Investment Holdings Limited and resigned as an independent non-executive director of Frontier Services Group Limited[110](index=110&type=chunk) - Board Chairman Mr. Wang Cheng was appointed as a director of CITIC Financial Asset International Holdings[110](index=110&type=chunk) - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[106](index=106&type=chunk) [Corporate Governance Practices](index=35&type=section&id=Corporate%20Governance%20Practices) The Company adopted and complied with all applicable code provisions of the Corporate Governance Code and the Model Code for Securities Transactions by Directors of Listed Issuers - The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[107](index=107&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules, and all Directors have confirmed full compliance[108](index=108&type=chunk) [Review of Interim Financial Information](index=35&type=section&id=Review%20of%20Interim%20Financial%20Information) The Company's Audit Committee reviewed the Group's interim financial information, which was also reviewed by the external auditor, BDO Limited, in accordance with HKSRS 2410 - The Company's Audit Committee has reviewed the interim financial information[109](index=109&type=chunk) - The external auditor, BDO Limited, has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[109](index=109&type=chunk) [Report Publication](index=36&type=section&id=Report%20Publication) The Company's interim report will be published in September 2025 on the HKEXnews website and the Company's website - The Company's interim report will be published in September 2025 on the HKEXnews website (www.hkexnews.hk) and the Company's website (www.hrif.com.hk)[111](index=111&type=chunk)

Group 1 - The company, Xinkong International Capital (00993.HK), announced that it will hold a board meeting on August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025 [1]