[Company Information](index=3&type=section&id=公司資料) This section provides an overview of the company's governance structure, including its board composition and key professional service providers [Board of Directors and Committee Composition](index=3&type=section&id=董事會及委員會組成) The company's Board of Directors comprises non-executive and independent non-executive directors, with established audit, remuneration, and nomination committees ensuring robust corporate governance. Mr. Li Yixuan was appointed as a non-executive director and committee member effective July 2, 2025 - The Board of Directors includes non-executive directors Mr. Lu Yanpo (Chairman) and Mr. Li Yixuan, along with independent non-executive directors Mr. Xian Ruimin, Mr. Zhang Yilin, and Ms. Fang Xuan[5](index=5&type=chunk) - Audit, Remuneration, and Nomination Committees have been established, with board members serving in these roles[5](index=5&type=chunk) - Mr. Li Yixuan was appointed as a non-executive director and a member of the Nomination, Audit, and Remuneration Committees effective July 2, 2025[6](index=6&type=chunk) [Key Professional Service Providers](index=3&type=section&id=主要專業服務提供者) The company disclosed information on its key professional service providers, including registered and head offices, share registrar, principal bankers, auditor, legal counsel, and investment manager - The Company Secretary is Ms. Zhu Yiyi[5](index=5&type=chunk) - The auditor is BDO Limited, Hong Kong[7](index=7&type=chunk) - The investment manager is Hua An Asset Management (Hong Kong) Company Limited[7](index=7&type=chunk) - The company's stock code on The Stock Exchange of Hong Kong Limited is 1062[7](index=7&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=管理層討論及分析) This section provides an in-depth analysis of the group's financial performance, liquidity, capital structure, investment portfolio, and future outlook [Overall Performance](index=5&type=section&id=整體表現) The Group significantly narrowed its loss during the period, primarily due to a substantial reduction in net fair value losses on financial assets at fair value through profit or loss, despite increased general and administrative expenses Key Financial Performance Comparison for the Period | Indicator | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Loss | (11,680,000) | (124,230,000) | | Net fair value loss on financial assets at FVTPL | (4,690,000) | (124,410,000) | | General and administrative expenses | 12,260,000 | 4,060,000 | | Interest income | 5,370,000 | 960,000 | | Loss per share (HK cents) | (0.40) | (4.28) | - The Group's net assets decreased to approximately **HKD 982.44 million** (December 31, 2024: approximately HKD 994.13 million)[9](index=9&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=5&type=section&id=流動資金%2C%20財政資源及資本架構) The Group maintains a prudent financial management strategy with no borrowings at period-end, a 0% debt-to-equity ratio, and ample cash and cash equivalents, indicating a robust financial position. The revolving loan facility with CCB Asia was terminated in September 2024 - As of June 30, 2025, the Group had **no borrowings**, and its debt-to-equity ratio was **0%**[13](index=13&type=chunk) - Cash and cash equivalents amounted to approximately **HKD 312.99 million** (December 31, 2024: approximately HKD 317.28 million)[13](index=13&type=chunk) - The USD 100 million uncommitted revolving loan facility agreement with China Construction Bank (Asia) Corporation Limited was terminated on September 26, 2024[11](index=11&type=chunk) - Over half of the retained cash is denominated in USD and held in major banks in Hong Kong, resulting in minor foreign exchange fluctuation risk[13](index=13&type=chunk) [Pledged Assets, Capital Commitments, and Contingent Liabilities](index=6&type=section&id=資產抵押%2C%20資本承擔及或然負債) As of the reporting period end, the Group had no pledged assets, significant capital commitments, or contingent liabilities, nor was it involved in any material litigation or arbitration - As of June 30, 2025, the Group had **no pledged assets**, significant capital commitments, or material contingent liabilities[15](index=15&type=chunk) - The Group was **not involved in any material litigation or arbitration**, nor were there any outstanding or threatened material lawsuits or claims against it[15](index=15&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=6&type=section&id=重大收購及出售附屬公司%2C%20聯營公司及合營企業) During the period, the company did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the period, the company had **no significant acquisitions or disposals** of subsidiaries, associates, or joint ventures[16](index=16&type=chunk) [Events After Reporting Period](index=6&type=section&id=結算日後事項) The Board found no material disclosable events occurring after the end of the period and up to the date of this report - The Directors are **unaware of any material disclosable events** occurring after the period and up to the date of this report[17](index=17&type=chunk) [Investment Portfolio Review](index=7&type=section&id=投資組合回顧) The Group's investment portfolio spans logistics infrastructure, supply chain services, advanced manufacturing, and new energy sectors, with detailed reviews of unlisted and listed investments, including market value changes and strategic developments Overview of Key Investment Portfolio (as of June 30, 2025) | Investment Item | Cost/Carrying Value (HKD) | Market Value/Carrying Value (HKD) | % of Total Group Assets (%) | Unrealized Gain/(Loss) Recognized in the Period (HKD) | | :------- | :--------------------- | :------------------- | :------------------------- | :----------------------------------- | | Bihua Ventures | 194,987,520 | 86,706,118 | 8.7 | (653,108) | | Meicai | 200,460,000 | 267,496,320 | 26.8 | (11,932,440) | | G7 Connect Inc | 195,000,000 | 222,175,980 | 22.2 | (928,980) | | J&T Express | 153,260,180 | 90,305,227 | 9.0 | 8,657,581 | | Best Inc. | – | – | 0 | 168,043 (Disposed) | [Unlisted Investment Review](index=8&type=section&id=未上市投資回顧) The Group continues to seek high-quality investment opportunities in logistics infrastructure and supply chain services, with a detailed review of Meicai and G7 Connect Inc's business development and financial performance - The company is committed to identifying and developing high-quality investment opportunities, having established an investment presence in logistics infrastructure, supply chain services, advanced manufacturing, and new energy sectors[20](index=20&type=chunk) - Meicai maintains stable development in the catering supply chain sector by optimizing business structure, improving organizational networks, and enhancing synergy, with continuously improving financial performance and achieving break-even[22](index=22&type=chunk) - G7 Connect Inc, a technology leader in China's logistics industry, is actively integrating R&D and sales teams and expanding its product portfolio to address the challenges of a slow recovery in China's logistics sector[24](index=24&type=chunk) [Listed Investment Review](index=10&type=section&id=上市投資回顧) The Group reviewed its listed investments, including J&T Express's listing performance and outlook, Best Inc.'s privatization completion, and Jinko Technology's business performance held by Bihua Ventures - J&T Express was officially listed on the Hong Kong Stock Exchange on October 27, 2023, with the Group directly holding **13,319,355 Class B ordinary shares**, representing approximately **0.15%** of its issued share capital[26](index=26&type=chunk)[27](index=27&type=chunk) - Best Inc. completed its privatization on March 10, 2025, with the Group receiving approximately **USD 0.478 million** in consideration on March 11, 2025, and no longer holding any of Best Inc.'s issued share capital[29](index=29&type=chunk)[18](index=18&type=chunk) - Bihua Ventures directly holds approximately **1.00% equity** in Jinko Power Technology Co., Ltd., whose business revenue performance is similar to the prior year, with expected performance meeting expectations in the second half[30](index=30&type=chunk) [Employees](index=12&type=section&id=僱員) The company's employee count increased, leading to higher total staff costs, with compensation determined by market levels, individual qualifications, and performance, alongside training provisions - As of June 30, 2025, the company had **9 employees** (June 30, 2024: 6 employees)[32](index=32&type=chunk) Total Staff Costs Comparison | Indicator | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :--- | :----------------------------------- | :----------------------------------- | | Total Staff Costs | 3,530,000 | 3,130,000 | - The company determines employee remuneration based on current market salary levels, individual qualifications, and performance, and provides training[32](index=32&type=chunk) [Gearing Ratio](index=12&type=section&id=資產負債比率) The Group maintains a robust financial position with no outstanding bank borrowings, a high current ratio, and a low total liabilities-to-total assets ratio - As of June 30, 2025, the Group had **no outstanding bank borrowings**[33](index=33&type=chunk) Gearing Ratio Comparison | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :------------ | :------------- | | Current Ratio | 2,427% | 2,285% | | Total Liabilities to Total Assets Ratio | 1.74% | 2.28% | [Exchange Rate Risk](index=12&type=section&id=匯兌風險) The Group faces minor exchange rate risk as over half of its retained cash is USD-denominated, currently without a foreign currency hedging policy but under close monitoring - The Group has **no significant exchange rate risk** as over half of its retained cash is denominated in USD and held in major banks in Hong Kong[34](index=34&type=chunk) - The Group currently has **no foreign currency hedging policy** for foreign currency transactions, assets, and liabilities, but closely monitors its foreign exchange risk[34](index=34&type=chunk) [Future Outlook](index=13&type=section&id=未來前景) The company will continue to seek high-quality investment opportunities, particularly in logistics, advanced manufacturing, and new energy, leveraging China Development Bank resources to enhance profitability through diversified investments and strengthened risk management - The company is committed to identifying and developing high-quality investment opportunities, having established an investment presence in logistics infrastructure, supply chain services, advanced manufacturing, and new energy sectors[35](index=35&type=chunk) - The company will actively leverage China Development Bank's resources in logistics infrastructure and credit to help investee companies continuously improve efficiency and expand business opportunities[35](index=35&type=chunk) - The Group will seek opportunities to enhance portfolio profitability through continuous diversified investments in various segments, such as logistics, information technology, advanced manufacturing, healthcare, new energy, and energy conservation and environmental protection[35](index=35&type=chunk) - Management will continue to enhance operational capabilities by strengthening communication and comprehensively reinforcing risk management to navigate the evolving global political and economic environment[36](index=36&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=14&type=section&id=簡明綜合損益及其他全面收益表) The Group's loss for the six months ended June 30, 2025, significantly narrowed, primarily due to a substantial reduction in net fair value losses on financial assets at fair value through profit or loss, despite increased general and administrative expenses Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Net fair value loss on financial assets at FVTPL | (4,688,904) | (124,407,119) | | Realized gain on disposal of financial assets at FVTPL | 129,363 | – | | General and administrative expenses | (12,257,082) | (4,062,310) | | Finance income | 5,372,132 | 958,654 | | Loss before income tax | (11,681,951) | (124,225,697) | | Loss and total comprehensive expense attributable to owners of the company for the period | (11,681,951) | (124,225,697) | | Basic and diluted loss per share (HK cents) | (0.40) | (4.28) | [Condensed Consolidated Statement of Financial Position](index=14&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, the Group's total assets and total equity slightly decreased, but total liabilities remained low, indicating a stable financial position Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :------------------- | :--------------------- | :--------------------- | | Total Assets | 999,828,909 | 1,017,339,527 | | Non-current Assets | 686,762,064 | 700,058,544 | | Current Assets | 313,066,845 | 317,280,983 | | Total Equity attributable to owners of the company | 982,444,081 | 994,126,032 | | Total Liabilities | 17,384,828 | 23,213,495 | | Non-current Liabilities | 4,486,918 | 9,327,461 | | Current Liabilities | 12,897,910 | 13,886,034 | - Financial assets at fair value through profit or loss amounted to **HKD 666,683,645** (December 31, 2024: HKD 674,968,841)[39](index=39&type=chunk) - Cash and cash equivalents were **HKD 312,985,845** (December 31, 2024: HKD 317,280,983)[39](index=39&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=簡明綜合權益變動表) The decrease in total equity during the period primarily reflects the loss attributable to owners of the company, while share capital and share premium remained unchanged Summary of Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (HKD) | Loss for the period (HKD) | June 30, 2025 (HKD) | | :--- | :------------------- | :---------------- | :------------------- | | Share Capital | 29,022,154 | – | 29,022,154 | | Share Premium | 1,043,800,995 | – | 1,043,800,995 | | Accumulated Losses | (461,848,275) | (11,681,951) | (473,530,226) | | Total | 994,126,032 | (11,681,951) | 982,444,081 | - The loss for the period was **HKD (11,681,951)**, leading to an increase in accumulated losses[42](index=42&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=18&type=section&id=簡明綜合現金流量表) The Group experienced a net decrease in cash and cash equivalents during the period, primarily due to cash outflows from operating and financing activities, partially offset by cash inflows from investing activities Summary of Condensed Consolidated Statement of Cash Flows | Cash Flow Category | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :------------- | :----------------------------------- | :----------------------------------- | | Net cash used in operating activities | (8,199,686) | (7,569,178) | | Net cash generated from investing activities | 9,097,787 | 958,654 | | Net cash used in financing activities | (5,193,239) | – | | Net decrease in cash and cash equivalents | (4,295,138) | (6,610,524) | | Cash and cash equivalents at end of period | 312,985,845 | 79,840,960 | - Net cash generated from investing activities significantly increased, primarily from interest received on bank deposits and proceeds from the disposal of financial assets at fair value through profit or loss[44](index=44&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=19&type=section&id=簡明綜合財務報表附註) This section provides detailed notes on the basis of preparation, accounting policies, financial risk management, key estimates, segment information, and other financial disclosures [General Information](index=19&type=section&id=一般資料) The company is an investment holding company incorporated in the Cayman Islands and listed on the HKEX, with China Development Bank as its ultimate controlling entity, primarily aiming for capital appreciation through investments - CDB International Investment Corporation Limited is a limited company incorporated in the Cayman Islands, with its shares listed on The Stock Exchange of Hong Kong Limited[45](index=45&type=chunk) - The company's ultimate controlling entity is China Development Bank, a state-owned policy bank established in the People's Republic of China on March 17, 1994[45](index=45&type=chunk) - The Group's principal business is to achieve medium to long-term capital appreciation of its assets primarily through investments in money market securities, and equity and debt-related securities of listed and unlisted entities globally[45](index=45&type=chunk) [Basis of Preparation](index=19&type=section&id=編製基準) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA, involving key accounting estimates and judgments - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[47](index=47&type=chunk) - The preparation of condensed consolidated financial statements requires the use of certain key accounting estimates, and management also needs to make judgments when applying the Group's accounting policies[47](index=47&type=chunk) [Accounting Policies](index=20&type=section&id=會計政策) The accounting policies applied by the Group are consistent with those used in the prior year's financial statements, and new and amended standards adopted for the first time in this interim period had no significant impact on the financial statements - The accounting policies applied are consistent with those applied in the annual financial statements for the year ended December 31, 2024[49](index=49&type=chunk) - The first-time application of HKAS 21 and HKFRS 1 (Amendments) "Lack of Exchangeability" in this interim period had no significant impact on the amounts reported and/or disclosures in the condensed consolidated financial statements[50](index=50&type=chunk) - Standards issued but not yet applied by the Group are not expected to have a significant impact on the Group's accounting policies[51](index=51&type=chunk) [Financial Risk Management](index=21&type=section&id=財務風險管理) The Group faces market, credit, and liquidity risks, with detailed disclosures on fair value estimates of financial instruments, particularly valuation techniques, unobservable inputs, and sensitivity analysis for Level 3 instruments - The Group's business activities expose it to various financial risks: market risk (including currency risk and price risk), credit risk, and liquidity risk[52](index=52&type=chunk) - Contractual undiscounted cash outflows for financial liabilities showed no significant change compared to the year-end date of December 31, 2024[54](index=54&type=chunk) Reconciliation of Changes in Fair Value Measurements for Level 3 Financial Assets | Indicator | Financial Assets at Fair Value Through Profit or Loss (HKD) | | :--------------------------------- | :----------------------------------- | | At January 1, 2024 | 832,249,286 | | Total gains or losses recognized in profit or loss (fair value changes) | (67,018,822) | | Derecognition | (152,598,500) | | At June 30, 2024 (unaudited) | 612,631,964 | | At January 1, 2025 | 589,892,946 | | Total gains or losses recognized in profit or loss (fair value changes) | (13,514,528) | | At June 30, 2025 (unaudited) | 576,378,418 | - Fair value estimates for Level 3 financial assets use discounted net asset value or option pricing models, with sensitivity analysis performed on unobservable inputs such as volatility and risk-free rates[57](index=57&type=chunk)[59](index=59&type=chunk) [Critical Accounting Estimates and Judgements](index=25&type=section&id=關鍵會計估計及判斷) The Group's valuation of financial instruments at fair value through profit or loss for financial reporting involves significant accounting estimates and judgments, with assistance from third-party qualified valuers - The Group makes estimates and assumptions about the future, and accounting estimates rarely equate to actual circumstances[65](index=65&type=chunk) - For financial reporting, the Group selects appropriate valuation techniques for financial instruments measured at fair value through profit or loss and appoints third-party qualified valuers when Level 1 inputs are unavailable[67](index=67&type=chunk) [Segment Information](index=26&type=section&id=分部資料) The Group recognizes only one operating segment, investment holding, with its principal place of business and non-current assets (excluding financial assets) located in Hong Kong - The Group recognizes only one operating segment, **investment holding**, and does not disclose separate segment information[68](index=68&type=chunk) - The Group's country of domicile is Hong Kong, which is also the location of its principal place of business[69](index=69&type=chunk) - The Group's non-current assets (excluding financial assets) are located in Hong Kong, and all revenue is derived from the Group's operations in Hong Kong[70](index=70&type=chunk) [Income Tax Expense](index=27&type=section&id=所得稅開支) No Hong Kong profits tax provision was made for the period due to no taxable profits; however, gains from disposing of investments in mainland China are subject to a 10% withholding tax - No provision for Hong Kong profits tax has been made in the condensed consolidated financial statements as the Group did not generate any assessable profits in Hong Kong during both periods[72](index=72&type=chunk) - Under the PRC Enterprise Income Tax Law, a **10% withholding tax** is payable on gains from the disposal of investments in mainland China[73](index=73&type=chunk) [Expenses by Nature](index=27&type=section&id=按性質劃分的開支) Total general and administrative expenses significantly increased during the period, primarily due to growth in depreciation of right-of-use assets, employee benefit expenses, and other expenses Comparison of Total General and Administrative Expenses | Expense Category | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :--------- | :----------------------------------- | :----------------------------------- | | Employee benefit expenses | 3,527,613 | 3,125,846 | | Depreciation of right-of-use assets | 4,959,784 | – | | Auditor's remuneration | 184,500 | 180,000 | | Investment management fees | 100,000 | 95,200 | | Legal and professional fees | 278,214 | 139,281 | | Others | 3,206,971 | 521,983 | | **Total** | **12,257,082** | **4,062,310** | [Dividends](index=28&type=section&id=股息) For the six months ended June 30, 2025, the company neither declared nor proposed any dividends - No dividends were declared or proposed for the six months ended June 30, 2025 (June 30, 2024: Nil)[76](index=76&type=chunk) [Loss Per Share](index=28&type=section&id=每股虧損) Basic and diluted loss per share for the period was HKD 0.40 cents, a significant narrowing from the prior year, with no potential dilutive ordinary shares Summary of Loss Per Share Calculation | Indicator | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Loss attributable to owners of the company | (11,681,951) | (124,225,697) | | Weighted average number of ordinary shares in issue during the period | 2,902,215,360 | 2,902,215,360 | | Basic and diluted loss per share (HK cents) | (0.40) | (4.28) | - No diluted adjustment was made to the loss per share amounts presented for the periods ended June 30, 2025, and 2024, as the Group had no potential dilutive ordinary shares during these periods[77](index=77&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=29&type=section&id=按公平值計入損益之金融資產) The Group's total financial assets at fair value through profit or loss slightly decreased, with detailed disclosures on investments in Bihua Ventures (holding Jinko Technology), Meicai, G7 Connect Inc, and J&T Express, including fair value changes and significant business developments Total Financial Assets at Fair Value Through Profit or Loss | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :------------------- | :--------------------- | | Total | 666,683,645 | 674,968,841 | - Bihua Ventures holds approximately **1% equity** in Jinko Technology, and approximately **HKD 208 million** was recovered during the period through the disposal of Jinko Technology shares[80](index=80&type=chunk)[18](index=18&type=chunk) - Best Inc. completed its privatization on March 10, 2025, and the Group no longer holds its shares, recording a realized gain of approximately **HKD 0.129 million**[83](index=83&type=chunk) - The Group holds **34,441,169 convertible preference shares** in Meicai, with a fair value of approximately **HKD 267.50 million**, and possesses redemption rights[84](index=84&type=chunk)[83](index=83&type=chunk) - The Group holds **1,986,008 convertible preference shares** in G7 Connect Inc, with a fair value of approximately **HKD 222.18 million**, and possesses redemption rights[85](index=85&type=chunk) - The Group directly holds **13,319,355 Class B ordinary shares** in J&T Express, with a fair value of approximately **HKD 90.31 million**[89](index=89&type=chunk) [Cash and Cash Equivalents](index=32&type=section&id=現金及現金等價物) The Group's total cash and cash equivalents slightly decreased, primarily denominated in USD and HKD, with most being bank deposits maturing within three months Composition of Cash and Cash Equivalents | Category | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :------------------- | :--------------------- | | Bank and cash on hand | 22,179,945 | 22,324,520 | | Bank deposits maturing within three months from deposit date | 290,805,900 | 294,956,463 | | **Total** | **312,985,845** | **317,280,983** | Currency Distribution of Cash and Cash Equivalents | Currency | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :------------------- | :--------------------- | | USD | 105,070,192 | 99,543,035 | | HKD | 207,902,945 | 217,725,036 | | RMB | 12,708 | 12,912 | [Leases](index=33&type=section&id=租賃) The Group's office lease contracts continue, with changes in the carrying amounts of right-of-use assets and lease liabilities, and related depreciation and interest expenses recognized in profit or loss - The Group has entered into office lease contracts, with the operating office lease commencing on October 1, 2024, and ending on November 30, 2026[91](index=91&type=chunk) Carrying Amounts of Right-of-Use Assets and Lease Liabilities | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :------------------- | :--------------------- | | Carrying amount of right-of-use assets | 14,052,723 | 19,012,507 | | Carrying amount of lease liabilities | 14,268,703 | 19,109,246 | Amounts Recognized in Profit or Loss Related to Leases | Item | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :--- | :----------------------------------- | :----------------------------------- | | Interest on lease liabilities | 352,696 | 213,467 | | Depreciation expense of right-of-use assets | 4,959,784 | 2,479,892 | | Expense relating to short-term leases | 247,150 | 139,440 | | **Total recognized in profit or loss** | **5,559,630** | **2,832,799** | [Other Payables and Accrued Expenses](index=34&type=section&id=其他應付款項及應計費用) Other payables and accrued expenses primarily consist of accrued general and administrative expenses, which decreased during the period Other Payables and Accrued Expenses | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :------------------- | :--------------------- | | Accrued general and administrative expenses | 3,116,125 | 4,104,249 | [Share Capital](index=34&type=section&id=股本) The number and par value of the company's issued and fully paid ordinary shares remained unchanged during the period Issued and Fully Paid Ordinary Shares | Indicator | Number of Shares | Par Value of Ordinary Shares (HKD) | | :--- | :--------- | :---------------- | | As of June 30, 2025 | 2,902,215,360 | 29,022,154 | [Related Party Transactions](index=34&type=section&id=關聯方交易) The Group has a loan facility agreement with its direct holding company, CDB International Holdings, which remains undrawn, and disclosed key management personnel compensation - The company entered into a term loan facility agreement with its direct holding company, CDB International Holdings, for up to **USD 100,000,000**, with no portion of the facility drawn as of June 30, 2025[95](index=95&type=chunk) Key Management Personnel Compensation | Compensation Category | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | | :------- | :----------------------------------- | :----------------------------------- | | Short-term benefits | 1,596,746 | 1,731,221 | | Post-employment benefits | 79,837 | 178,814 | | **Total** | **1,676,583** | **1,910,035** | [Events After Reporting Date](index=35&type=section&id=報告日後事項) The Board found no material disclosable events occurring after June 30, 2025, and up to the date of this report - The Directors are **unaware of any material disclosable events** occurring after June 30, 2025, and up to the date of this report[98](index=98&type=chunk) [Net Asset Value Per Share](index=35&type=section&id=每股資產淨值) As of June 30, 2025, the company's net asset value per share was HKD 0.34, consistent with the previous year-end Net Asset Value Per Share | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :------------------- | :--------------------- | | Net Asset Value Per Share | 0.34 | 0.34 | - Net asset value per share is calculated based on the condensed consolidated net assets of **HKD 982,444,081** as of June 30, 2025, and **2,902,215,360 ordinary shares** in issue as of June 30, 2025[99](index=99&type=chunk) [Review Report on Interim Financial Information](index=36&type=section&id=中期財務資料審閱報告) Independent auditor BDO Limited, Hong Kong, reviewed the Group's condensed interim financial statements and found no matters indicating non-preparation in accordance with HKAS 34 - The auditor conducted the review in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[102](index=102&type=chunk) - The scope of a review is substantially less than an audit conducted in accordance with Hong Kong Standards on Auditing, thus it does not enable the auditor to obtain assurance that all significant matters that might be identified in an audit will be known, and therefore no audit opinion is expressed[102](index=102&type=chunk) - Based on the review, the auditor found **no matters** that cause them to believe the condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with HKAS 34[103](index=103&type=chunk) [Other Information](index=37&type=section&id=其他資料) This section covers disclosures regarding directors' and substantial shareholders' interests, share option schemes, interim dividends, committee compositions, corporate governance, and changes in director information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=37&type=section&id=董事及最高行政人員於股份%2C%20相關股份及債券中之權益及淡倉) As of June 30, 2025, no directors, chief executive, or their associates held disclosable interests or short positions in the company's or its associated corporations' shares, underlying shares, or debentures - As of June 30, 2025, **no directors or chief executive** of the company, or their respective associates, had any interests or short positions in the shares, underlying shares, or debentures of the company or any of its associated corporations that were required to be recorded in the register kept under Section 352 of the Securities and Futures Ordinance or notified to the company and the Stock Exchange under the Model Code set out in Appendix C3 of the Listing Rules[105](index=105&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=37&type=section&id=主要股東於股份%2C%20相關股份及債券中之權益及淡倉) The company disclosed substantial shareholders' long positions in shares and underlying shares, with China Development Bank and its subsidiaries holding approximately 66.16% interest, and Mr. Liu Tong and his wholly-owned Yuming Investment Limited holding approximately 5.64% interest Substantial Shareholders' Long Positions in the Company's Shares and Underlying Shares | Shareholder Name | Nature of Interest | Number of Issued Shares Held | Approximate Percentage of Issued Share Capital (%) | | :----------- | :------- | :----------------------- | :------------------------- | | China Development Bank | Corporate interest | 1,920,000,000 | 66.16 | | CDB Financial Co., Ltd. | Corporate interest | 1,920,000,000 | 66.16 | | CDB International Holdings | Corporate interest | 1,920,000,000 | 66.16 | | Mr. Liu Tong | Corporate interest | 163,702,560 | 5.64 | | Yuming Investment Limited | Corporate interest | 163,702,560 | 5.64 | - CDB International Holdings is a wholly-owned subsidiary of CDB Financial Co., Ltd., which is a wholly-owned subsidiary of China Development Bank; thus, China Development Bank and CDB Financial Co., Ltd. are deemed to have interests in the same percentage of shares held by CDB International Holdings[107](index=107&type=chunk) - Yuming Investment Limited is beneficially and wholly owned by Mr. Liu Tong; thus, Mr. Liu Tong is deemed to have an interest in the same percentage of shares held by Yuming[107](index=107&type=chunk) [Share Option Scheme](index=38&type=section&id=購股權計劃) The company had no share option scheme during the period, nor did any directors or chief executive possess or exercise any rights to subscribe for company securities - The company **had no share option scheme** during the period[109](index=109&type=chunk) - During the period, **no directors or chief executive** of the company, or their respective associates, had any rights to subscribe for securities of the company or its associated corporations, nor had any such rights been exercised[109](index=109&type=chunk) [Interim Dividend](index=38&type=section&id=中期股息) The Board does not recommend the payment of an interim dividend for the period - The Directors **do not recommend the payment of an interim dividend** for the period (June 30, 2024: Nil)[110](index=110&type=chunk) [Audit Committee](index=38&type=section&id=審核委員會) The Audit Committee comprises four non-executive directors, chaired by independent non-executive director Mr. Zhang Yilin, responsible for reviewing financial reporting, internal controls, and risk management, and has reviewed the interim results for the period - The Audit Committee comprises **four members**: Mr. Lu Yanpo, Mr. Zhang Yilin, Mr. Xian Ruimin, and Ms. Fang Xuan, all of whom are non-executive directors[111](index=111&type=chunk) - The Chairman of the Audit Committee is Mr. Zhang Yilin, an **independent non-executive director** of the company[111](index=111&type=chunk) - The Audit Committee has reviewed the Group's interim results announcement and interim report for the period, including the unaudited condensed consolidated interim financial information[111](index=111&type=chunk) [Remuneration Committee](index=38&type=section&id=薪酬委員會) The Remuneration Committee comprises four members, mostly independent non-executive directors, chaired by Mr. Xian Ruimin, advising the Board on remuneration policies and structures for directors and senior management - The Remuneration Committee comprises **four members**: Mr. Lu Yanpo, Mr. Xian Ruimin, Ms. Fang Xuan, and Mr. Zhang Yilin, with the majority being independent non-executive directors[112](index=112&type=chunk) - The Chairman of the Remuneration Committee is Mr. Xian Ruimin, an **independent non-executive director** of the company[112](index=112&type=chunk) - The Remuneration Committee advises the Board on the overall remuneration policy and structure for the Group's directors and senior management[112](index=112&type=chunk) [Nomination Committee](index=39&type=section&id=提名委員會) The Nomination Committee comprises three members, mostly independent non-executive directors, chaired by Board Chairman Mr. Lu Yanpo, responsible for reviewing board structure and proposing changes, and has adopted a board diversity policy - The Nomination Committee comprises **three members**: Mr. Lu Yanpo, Ms. Fang Xuan, and Mr. Zhang Yilin, with the majority being independent non-executive directors[113](index=113&type=chunk) - The Chairman of the Nomination Committee is Mr. Lu Yanpo, the **Chairman of the Board**[113](index=113&type=chunk) - The Nomination Committee reviews the structure, size, and composition (including skills, knowledge, and experience) of the Board at least annually and makes recommendations on any proposed changes to the Board to complement the company's strategy[113](index=113&type=chunk) - The Board adopted a **Board Diversity Policy** in 2013[113](index=113&type=chunk) [Purchase, Sale or Redemption of Shares](index=39&type=section&id=買賣或贖回股份) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, **neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities**[114](index=114&type=chunk) [Compliance with Corporate Governance Code](index=39&type=section&id=遵守企業管治守則) The company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, except for the absence of executive directors, for which the company is actively seeking candidates - The company has **complied with all code provisions** of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the period[115](index=115&type=chunk) - A deviation from Code Provision B.1 of Part 2 of the Corporate Governance Code exists as the Board has **no executive directors**, and the company is actively seeking suitable candidates to fill the vacancy[115](index=115&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=39&type=section&id=遵守董事進行證券交易之標準守則) The company's directors confirmed compliance with the required standards set out in the Model Code throughout the period - Following specific enquiries by the company, the Directors confirmed their **compliance with the required standards** set out in the Model Code throughout the period[116](index=116&type=chunk) [Changes in Information of Directors and Chief Executive Officer under Rule 13.51B(1) of the Listing Rules](index=40&type=section&id=根據上市規則第13.51B%281%29條披露董事及行政總裁資料變動) The company disclosed the appointments of Mr. Jiang Qi as CEO and Mr. Li Yixuan as a non-executive director, along with Ms. Fang Xuan's change in role as an independent non-executive director for another company - Mr. Jiang Qi was appointed as the company's Chief Executive Officer effective June 6, 2025, possessing **over 23 years of experience** in loan management, administrative management, risk management, and investment management[118](index=118&type=chunk) - Mr. Li Yixuan was appointed as a non-executive director of the company effective July 2, 2025, and serves as a member of the Nomination, Audit, and Remuneration Committees, with **over 20 years of relevant management experience**[118](index=118&type=chunk) - Ms. Fang Xuan has served as an independent non-executive director of China Travel International Investment Hong Kong Limited since March 26, 2025[119](index=119&type=chunk) [Acknowledgements](index=41&type=section&id=致謝) The Board extends sincere gratitude to external professionals, fellow directors, company staff, and shareholders for their professional services, valuable contributions, diligence, and hard work during the period - The Board extends its sincere gratitude to external professionals for their professional services provided to the Group during the period[122](index=122&type=chunk) - The Board thanks all directors for their valuable contributions and the company's staff for their diligence and hard work during the period[122](index=122&type=chunk) - The Board expresses its sincere appreciation to the company's shareholders for their support of the Group[122](index=122&type=chunk)

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 致：香港交易及結算所有限公司 公司名稱: 國開國際投資有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01062 | 說明 | 國開國際投資 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | HKD | | 0.01 HKD | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 12,000,000,000 | HKD | | 0.01 HKD | | 120,0 ...

Core Viewpoint - Guokai International Investment (01062) reported a net loss of approximately HKD 11.68 million for the first half of 2025, a significant reduction of 90.6% year-on-year, with a loss per share of 0.4 HKD cents [1] Financial Performance - The loss was primarily attributed to a fair value loss on financial assets amounting to approximately HKD 4.69 million, compared to a loss of approximately HKD 124.41 million in the first half of 2024 [1] - General and administrative expenses for the period were approximately HKD 12.26 million, an increase from approximately HKD 4.06 million in the first half of 2024 [1] - Interest income for the period was approximately HKD 5.37 million, compared to HKD 0.96 million in the first half of 2024 [1]

Core Viewpoint - Guokai International Investment (01062) reported a net loss of approximately HKD 11.68 million for the first half of 2025, a significant reduction of 90.6% year-on-year, with a loss per share of 0.4 HKD cents [1] Financial Performance - The loss was primarily attributed to a fair value loss on financial assets amounting to approximately HKD 4.69 million, compared to a loss of approximately HKD 124.41 million in the first half of 2024 [1] - General and administrative expenses for the period were approximately HKD 12.26 million, an increase from approximately HKD 4.06 million in the first half of 2024 [1] - Interest income for the period was approximately HKD 5.37 million, compared to HKD 0.96 million in the first half of 2024 [1]

Interim Results Announcement [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=簡明綜合損益及其他全面收益表) The company significantly narrowed its loss during the reporting period, primarily due to a substantial reduction in net fair value losses on financial assets at fair value through profit or loss, despite an increase in general and administrative expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | For the Six Months Ended June 30, 2025 (HKD) | For the Six Months Ended June 30, 2024 (HKD) | Change (HKD) | | :--- | :--- | :--- | :--- | | Net fair value losses on financial assets at fair value through profit or loss | (4,688,904) | (124,407,119) | 119,718,215 (Loss narrowed) | | Realized gains on disposal of financial assets at fair value through profit or loss | 129,363 | – | 129,363 | | General and administrative expenses | (12,257,082) | (4,062,310) | (8,194,772) (Expense increased) | | Net other income | 115,236 | 3,285,078 | (3,169,842) (Income decreased) | | Finance income | 5,372,132 | 958,654 | 4,413,478 (Income increased) | | Finance costs | (352,696) | – | (352,696) (Cost increased) | | Loss before income tax | (11,681,951) | (124,225,697) | 112,543,746 (Loss narrowed) | | Loss and total comprehensive expense for the period attributable to owners of the Company | (11,681,951) | (124,225,697) | 112,543,746 (Loss narrowed) | | Basic loss per share (HK cents) | (0.40) | (4.28) | 3.88 (Loss narrowed) | | Diluted loss per share (HK cents) | (0.40) | (4.28) | 3.88 (Loss narrowed) | [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=簡明綜合財務狀況報表) As of June 30, 2025, the company's total assets and equity slightly decreased, while total liabilities significantly reduced, indicating a stable financial structure Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change (HKD) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 686,762,064 | 700,058,544 | (13,296,480) | | Current assets | 313,066,845 | 317,280,983 | (4,214,138) | | **Total assets** | 999,828,909 | 1,017,339,527 | (17,510,618) | | **Equity and Liabilities** | | | | | Total equity | 982,444,081 | 994,126,032 | (11,681,951) | | Non-current liabilities | 4,486,918 | 9,327,461 | (4,840,543) | | Current liabilities | 12,897,910 | 13,886,034 | (988,124) | | **Total liabilities** | 17,384,828 | 23,213,495 | (5,828,667) | | **Total equity and liabilities** | 999,828,909 | 1,017,339,527 | (17,510,618) | Notes to the Condensed Consolidated Financial Statements [Basis of Preparation](index=3&type=section&id=1.%20編製基準) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual financial statements, involving significant management estimates and judgments - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[5](index=5&type=chunk) - The preparation of the statements involves significant accounting estimates and judgments by management[5](index=5&type=chunk) [Accounting Policies](index=3&type=section&id=2.%20會計政策) The accounting policies applied by the Group are consistent with the 2024 annual financial statements, with new and revised standards adopted having no material impact on the current period's financial statements - Accounting policies are consistent with the 2024 annual financial statements, except for the adoption of new and revised standards[6](index=6&type=chunk) - Revisions to Hong Kong Financial Reporting Standards adopted in the current period (e.g., Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1 "Lack of Exchangeability") have no material impact on the condensed consolidated financial statements[7](index=7&type=chunk) - Standards issued but not yet applied by the Group (e.g., revisions to Hong Kong Financial Reporting Standard 9, 7, 18) are not expected to have a significant impact on the Group's accounting policies[8](index=8&type=chunk) Standards Issued But Not Yet Applied by the Group | Standard | Amendments | Effective Date | | :--- | :--- | :--- | | HKFRS 9 and 7 (Amendments) | Classification and Measurement of Financial Instruments | January 1, 2026 | | HKFRS 9 and 7 (Amendments) | Contracts that rely on natural energy production for electricity | January 1, 2026 | | HKFRS 1, 7, 9, 10 and HKAS 7 (Amendments) | Annual Improvements to HKFRS Standards – Volume 11 | January 1, 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | January 1, 2027 | | HK(IFRIC)-Int 5 (Amendments) | Presentation of Financial Statements – Classification by a Borrower of a Term Loan that Contains a Repayment on Demand Clause | January 1, 2027 | | HKFRS 19 | Disclosure Simplification for Non-Publicly Accountable Subsidiaries | January 1, 2027 | | HKFRS 10 and HKAS 28 (2011) (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | [Segment Information](index=5&type=section&id=3.%20分部資料) The Group's primary business is investing in equity and other financial instruments, with the chief operating decision maker regularly reviewing the investment portfolio as a single "investment holding" operating segment, thus no separate segment information is disclosed - The chief operating decision maker, a non-executive director of the Company, regularly reviews the investment portfolio[9](index=9&type=chunk) - The Group's principal business is investing in equity and other financial instruments, with financial assets at fair value through profit or loss managed and valued on a total return basis[9](index=9&type=chunk) - The Group recognizes only one operating segment, investment holding, and does not disclose separate segment information[9](index=9&type=chunk) - The Group's principal place of business is Hong Kong, and non-current assets (excluding financial assets) and revenue are all located in Hong Kong[10](index=10&type=chunk) [Income Tax Expense](index=5&type=section&id=4.%20所得稅開支) No Hong Kong profits tax provision was made for the current period as the Group did not generate assessable profits, but gains from the disposal of investments in mainland China are subject to a 10% withholding tax - Hong Kong profits tax is calculated at **16.5%**, but no assessable profits were generated in the current period, so no provision was made[11](index=11&type=chunk) - Gains from the disposal of investments in mainland China are subject to a **10%** withholding tax[12](index=12&type=chunk) [Expenses by Nature](index=6&type=section&id=5.%20按性質劃分的開支) During the reporting period, the Group's total general and administrative expenses significantly increased, primarily due to substantial rises in depreciation of right-of-use assets, other staff costs, and other expenses Expenses by Nature (For the Six Months Ended June 30) | Expense Item | For the Six Months Ended June 30, 2025 (HKD) | For the Six Months Ended June 30, 2024 (HKD) | Change (HKD) | | :--- | :--- | :--- | :--- | | Employee benefit expenses – Basic salaries and other benefits | 3,359,306 | 2,834,493 | 524,813 | | Employee benefit expenses – Retirement benefit contributions | 168,307 | 291,353 | (123,046) | | Depreciation of right-of-use assets | 4,959,784 | – | 4,959,784 | | Auditor's remuneration | 184,500 | 180,000 | 4,500 | | Investment management fees | 100,000 | 95,200 | 4,800 | | Legal and professional fees | 278,214 | 139,281 | 138,933 | | Others | 3,206,971 | 521,983 | 2,684,988 | | **Total general and administrative expenses** | **12,257,082** | **4,062,310** | **8,194,772** | [Loss Per Share](index=7&type=section&id=6.%20每股虧損) For the six months ended June 30, 2025, the loss attributable to owners of the Company significantly narrowed, leading to a substantial reduction in basic and diluted loss per share Loss Per Share (For the Six Months Ended June 30) | Indicator | For the Six Months Ended June 30, 2025 (HKD) | For the Six Months Ended June 30, 2024 (HKD) | Change (HKD) | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company | (11,681,951) | (124,225,697) | 112,543,746 (Loss narrowed) | | Basic and diluted loss per share (HK cents) | (0.40) | (4.28) | 3.88 (Loss narrowed) | - For the periods ended June 30, 2025 and 2024, the Group had no potential dilutive ordinary shares outstanding, thus the basic loss per share amount was not adjusted for dilution[14](index=14&type=chunk) [Net Asset Value Per Share](index=7&type=section&id=7.%20每%20股資產淨值) As of June 30, 2025, the net asset value per share remained stable, consistent with December 31, 2024, reflecting a slight decrease in total net assets with an unchanged total number of shares Net Asset Value Per Share | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change (HKD) | | :--- | :--- | :--- | :--- | | Net asset value per share | 0.34 | 0.34 | 0.00 | - Net asset value per share is calculated based on the condensed consolidated net assets of **HKD982,444,081** as of June 30, 2025 (December 31, 2024: HKD994,126,032) and 2,902,215,360 issued ordinary shares[16](index=16&type=chunk) [Events After the Reporting Date](index=7&type=section&id=8.%20報告日後事項) As of the date of this announcement, the directors are not aware of any significant events after the reporting date that require disclosure - The directors are not aware of any significant disclosable events occurring after June 30, 2025, and up to the date of this announcement[17](index=17&type=chunk) Management Discussion and Analysis [Overall Performance](index=8&type=section&id=整體表現) During the reporting period, the Group's loss significantly narrowed, primarily due to a substantial reduction in net fair value losses on financial assets, despite an increase in general and administrative expenses - The Group recorded a loss of approximately **HKD11.68 million** for the period, a significant reduction compared to approximately **HKD124.23 million** in the same period last year[19](index=19&type=chunk) - The narrowed loss is mainly attributable to net fair value losses on financial assets at fair value through profit or loss of approximately **HKD4.69 million**, significantly lower than approximately **HKD124.41 million** in the same period last year[19](index=19&type=chunk) - General and administrative expenses increased to approximately **HKD12.26 million**, compared to approximately **HKD4.06 million** in the same period last year[19](index=19&type=chunk) - Interest income was approximately **HKD5.37 million**, compared to approximately **HKD0.96 million** in the same period last year[19](index=19&type=chunk) - As of June 30, 2025, net assets decreased to approximately **HKD982.44 million** (December 31, 2024: approximately HKD994.13 million), with loss per share of approximately **HKD0.40 cents** (same period last year: approximately HKD4.28 cents)[19](index=19&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=8&type=section&id=流%20動%20資%20金、財%20政%20資%20源%20及%20資%20本%20架%20構) The Group adopts a prudent financial management strategy to maintain adequate liquidity and minimize financial risks, with no borrowings, a 0% debt-to-equity ratio, and sufficient cash and cash equivalents, indicating a robust financial position - The Group adopts a prudent financial management strategy aimed at maintaining adequate liquidity and minimizing financial risks[20](index=20&type=chunk) - As of June 30, 2025, the Group had no borrowings, and the debt-to-equity ratio was **0%**[22](index=22&type=chunk) - As of June 30, 2025, cash and cash equivalents were approximately **HKD312.99 million** (December 31, 2024: approximately HKD317.28 million)[22](index=22&type=chunk) - Over half of the retained cash is denominated in USD and deposited with major banks in Hong Kong, resulting in minor foreign exchange fluctuation risk[22](index=22&type=chunk) - The **USD100 million** uncommitted revolving loan facility agreement with China Construction Bank (Asia) was terminated on September 26, 2024[21](index=21&type=chunk) [Pledged Assets, Capital Commitments and Contingent Liabilities](index=9&type=section&id=資%20產%20抵%20押、資%20本%20承%20擔%20及%20或%20然%20負%20債) As of June 30, 2025, the Group had no pledged assets, significant capital commitments, or material contingent liabilities, nor was it involved in any major litigation or arbitration - As of June 30, 2025, the Group had no pledged assets, significant capital commitments, or any material contingent liabilities[23](index=23&type=chunk) - As of June 30, 2025, the Group was not involved in any major litigation or arbitration[23](index=23&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=9&type=section&id=重大收購及出售附屬公司及聯營公司) During the reporting period, the Company did not undertake any material acquisitions or disposals of subsidiaries and associates - During the period, the Company had no material acquisitions or disposals of subsidiaries and associates[24](index=24&type=chunk) [Events After the Reporting Date](index=9&type=section&id=結算日後事項) As of the date of this announcement, the directors are not aware of any significant events after the reporting date that require disclosure - The directors are not aware of any significant disclosable events occurring after the period and up to the date of this announcement[25](index=25&type=chunk) [Investment Details and Review](index=10&type=section&id=投資詳情及回顧) The Group's investment portfolio primarily focuses on logistics infrastructure, supply chain services, advanced manufacturing, and new energy sectors, including unlisted investments Meicai and G7, and listed investments J&T Express, Best Inc., and Jinko Power. Best Inc. completed privatization during the period, and the Group received consideration - The Group is committed to identifying and exploring high-quality investment opportunities, having established an investment footprint in logistics infrastructure and supply chain services, advanced manufacturing, and new energy sectors[28](index=28&type=chunk)[45](index=45&type=chunk) - The Group will leverage China Development Bank's resources in agricultural modernization, logistics infrastructure, and credit to assist investee companies in improving efficiency and expanding business[28](index=28&type=chunk)[45](index=45&type=chunk) Group Investment Details (As of June 30, 2025) | Investee | Market Value/Book Value as of June 30, 2025 (HKD) | Market Value/Book Value as of December 31, 2024 (HKD) | Percentage of Total Assets (June 30, 2025) | | :--- | :--- | :--- | :--- | | B&H Ventures | 86,706,118 | 87,359,226 | 8.7% | | Best Inc | – | 3,428,249 | 0% | | Meicai | 267,496,320 | 279,428,760 | 26.8% | | G7 Connect Inc | 222,175,980 | 223,104,960 | 22.2% | | J&T Express | 90,305,227 | 81,647,646 | 9.0% | - Best Inc. completed privatization on March 10, 2025, and the Group received consideration of approximately **USD478,000** on March 11, 2025, no longer holding its issued share capital[27](index=27&type=chunk)[38](index=38&type=chunk) - B&H Ventures recovered approximately **HKD208 million** from the sale of Jinko Power shares[27](index=27&type=chunk) [Unlisted Investment Review](index=11&type=section&id=未上市投資回顧) The Group's unlisted investments primarily include Meicai and G7, both in logistics and supply chain technology; Meicai has achieved breakeven and continues to grow, while G7 faces challenges from slow industry recovery and is actively integrating resources to enhance competitiveness [Meicai](index=12&type=section&id=Meicai) Meicai, a catering supply chain service provider, has achieved breakeven through business structure optimization and improved synergy, with anticipated sustained growth - Meicai provides catering supply chain related services, reducing costs by shortening agricultural product circulation links and offering one-stop procurement services[29](index=29&type=chunk)[30](index=30&type=chunk) - Meicai has achieved breakeven, with continuously improving financial performance, and is expected to maintain a satisfactory growth rate and become an industry leader[31](index=31&type=chunk) - The Group holds **34,441,169 Series D preferred shares** of Meicai, representing approximately **1.06%** of its issued share capital[29](index=29&type=chunk) [G7](index=12&type=section&id=G7) G7, a leading IoT technology company in China's logistics sector, provides SaaS services and digital solutions; despite slow industry recovery post-pandemic, G7 is actively integrating R&D and sales teams and expanding its product portfolio to enhance competitiveness - G7 is a leading IoT technology company in China, operating the largest IoT smart logistics integrated platform in China, providing SaaS services[32](index=32&type=chunk) - G7 offers full-scenario digital services such as vehicle management, driver safety, and asset services through its big data cloud platform and AI algorithms[32](index=32&type=chunk) - The slow recovery of China's logistics industry after the COVID-19 pandemic has adversely affected G7's revenue growth[33](index=33&type=chunk) - G7 is actively integrating its R&D and sales teams and expanding its product portfolio to assist customers in enhancing their digitalization levels with technological advantages[33](index=33&type=chunk) - The Group holds **39,720,160 Series C preferred shares** of G7, representing approximately **2.92%** of its issued share capital[29](index=29&type=chunk)[32](index=32&type=chunk) [Listed Investment Review](index=13&type=section&id=上市投資回顧) The Group's listed investments include J&T Express, Best Inc., and Jinko Power; J&T Express is listed in Hong Kong, Best Inc. completed privatization, and Jinko Power is listed in Shanghai, all expected to contribute to the Company's performance [J&T Express](index=13&type=section&id=極兔速遞) The Group indirectly and then directly holds J&T Express Class B ordinary shares through the Yimidida merger and reorganization; J&T Express is now listed in Hong Kong and is expected to improve financial performance through overseas business expansion and economies of scale - The Group, through the Yimidida merger and reorganization, completed the closing procedures in January 2022 and directly holds J&T Express Class B ordinary shares via a Yimeter in-specie dividend on March 4, 2024[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - J&T Express was listed on the Hong Kong Stock Exchange on October 27, 2023, stock code 1519.HK[35](index=35&type=chunk) - As of June 30, 2025, the Company directly holds **13,319,355 Class B ordinary shares** of J&T Express, representing approximately **0.15%** of its issued share capital[29](index=29&type=chunk)[36](index=36&type=chunk) - J&T Express is expected to rapidly improve its financial performance through economies of scale, leveraging its overseas business presence[36](index=36&type=chunk) [Best Inc.](index=14&type=section&id=百世集團) Best Inc., an integrated logistics service provider, completed its privatization in March 2025, and the Group has received consideration and no longer holds its shares - Best Inc. integrates internet, information technology, and traditional logistics services to create a one-stop logistics and supply chain service platform[38](index=38&type=chunk) - Best Inc. completed privatization on March 10, 2025, and the Group received approximately **USD478,000** in consideration on March 11, 2025, no longer owning its issued share capital[27](index=27&type=chunk)[38](index=38&type=chunk) [Jinko Power](index=14&type=section&id=晶科科技) The Group indirectly holds Jinko Power shares through B&H Ventures; Jinko Power is listed on the Shanghai Stock Exchange, with business revenue comparable to the prior year, and is expected to meet expectations in the second half and make a significant contribution to the Company's performance - The Company indirectly holds Jinko Power shares through B&H Ventures, which subscribed for Jinko Solar Power preferred shares in 2014, later converted to Jinko Power ordinary shares[39](index=39&type=chunk)[40](index=40&type=chunk) - Jinko Power completed its A-share initial public offering on the Shanghai Stock Exchange in May 2020, stock code 601778[40](index=40&type=chunk) - As of June 30, 2025, B&H Ventures directly holds approximately **1.00%** equity interest in Jinko Power[27](index=27&type=chunk)[40](index=40&type=chunk) - Jinko Power's business revenue for the current period is comparable to the same period last year, with second-half performance expected to meet expectations and make a significant contribution to the Company's performance[41](index=41&type=chunk) [Employees](index=15&type=section&id=僱%20員) As of June 30, 2025, the Company's employee count increased to 9, with total staff costs rising; remuneration is determined based on market levels, qualifications, and performance, with training provided - As of June 30, 2025, the Company had **9 employees** (June 30, 2024: 6 employees)[42](index=42&type=chunk) - Total staff costs (excluding directors' fees) for the period were approximately **HKD3.53 million** (same period last year: HKD3.13 million)[42](index=42&type=chunk) - Remuneration is determined based on market salary levels, individual qualifications, and performance, and is reviewed regularly[42](index=42&type=chunk) - The Company does not have a share option scheme but provides training to employees[42](index=42&type=chunk) [Gearing Ratio](index=15&type=section&id=資產負債比率) As of June 30, 2025, the Group had no outstanding bank borrowings, and both the current ratio and total liabilities to total assets ratio remained at healthy levels, indicating a robust financial position - As of June 30, 2025, the Group had no outstanding bank borrowings[43](index=43&type=chunk) - The current ratio (current assets to current liabilities) was approximately **2,427%** (December 31, 2024: approximately 2,285%)[43](index=43&type=chunk) - The ratio of total liabilities to total assets was approximately **1.74%** (December 31, 2024: approximately 2.28%)[43](index=43&type=chunk) [Exchange Rate Risk](index=15&type=section&id=匯兌風險) Over half of the Group's retained cash is denominated in USD and held in major Hong Kong banks, resulting in minor exchange rate risk; currently, no foreign currency hedging policy is in place, but it will be closely monitored and considered for hedging - Over half of the retained cash is denominated in USD and deposited with major banks in Hong Kong, with no significant exchange rate risk during the period[44](index=44&type=chunk) - The Group currently has no foreign currency hedging policy but will closely monitor foreign exchange risks and consider hedging when necessary[44](index=44&type=chunk) [Outlook](index=16&type=section&id=展%20望) Looking ahead, the Group will continue to identify high-quality investment opportunities, particularly diversifying investments in logistics, information technology, advanced manufacturing, healthcare, new energy, and energy conservation, while strengthening risk management and operational capabilities to navigate a complex and volatile economic environment - The Company is committed to identifying and exploring high-quality investment opportunities, particularly in logistics infrastructure and supply chain services, advanced manufacturing, and new energy sectors[45](index=45&type=chunk) - The logistics industry is expected to maintain good growth and is a key industry supported by China Development Bank[45](index=45&type=chunk) - The Group will continue to diversify investments across different segments, including logistics, information technology, advanced manufacturing, healthcare, new energy, and energy conservation and environmental protection[46](index=46&type=chunk) - Management will comprehensively strengthen risk management and continuously enhance operational capabilities through improved communication to address uncertainties arising from the volatile global political and economic environment[46](index=46&type=chunk) [Interim Dividend](index=16&type=section&id=中期股息) The directors do not recommend the payment of an interim dividend for the current period - The directors do not recommend the payment of an interim dividend for the current period (June 30, 2024: nil)[47](index=47&type=chunk) Other Information [Audit Committee](index=17&type=section&id=審核委員會) The Audit Committee, comprising four non-executive directors, is responsible for reviewing financial reporting, internal control systems, risk management, and audit procedures, and has reviewed the interim results announcement and financial information for the current period - The Audit Committee comprises four non-executive directors, with Mr Zhang Yilin, an independent non-executive director, serving as Chairman[48](index=48&type=chunk) - The Audit Committee is responsible for reviewing financial reporting, internal control systems, risk management, and audit procedures[48](index=48&type=chunk) - The Audit Committee has reviewed the Group's interim results announcement and interim report for the current period, including the unaudited condensed consolidated interim financial information[48](index=48&type=chunk) [Purchase, Sale or Redemption of Shares](index=17&type=section&id=買賣或贖回股份) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[49](index=49&type=chunk) [Compliance with Corporate Governance Code](index=17&type=section&id=遵守企業管治守則) The Company complied with all code provisions of the Corporate Governance Code during the reporting period, with a deviation due to a vacancy for an executive director, which the Board is actively seeking to fill - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the current period[50](index=50&type=chunk) - Deviation: Following the resignation of Mr Bai Zhe as an executive director, the Board has no executive directors, deviating from Code Provision B.1 of Part 2 of the Corporate Governance Code[50](index=50&type=chunk) - The Board is actively seeking suitable candidates to fill the vacancy and will maintain the existing investment policies and strategies until a new executive director is appointed[51](index=51&type=chunk) [Compliance with the Standard Code for Securities Transactions by Directors](index=18&type=section&id=遵守董事進行證券交易之標準守則) Following inquiry by the Company, the directors confirmed compliance with the required standards set out in the Standard Code in Appendix C3 to the Listing Rules throughout the reporting period - The directors confirmed compliance with the required standards set out in the Standard Code in Appendix C3 to the Listing Rules throughout the current period[52](index=52&type=chunk) [Acknowledgements](index=18&type=section&id=致%20謝) The Board of Directors extends its sincere gratitude to external professionals, directors, company employees, and shareholders - The Board expresses its gratitude to external professionals, all directors, company employees, and shareholders for their support and contributions[53](index=53&type=chunk) [Publication of Interim Report](index=18&type=section&id=刊發中期報告) The 2025 Interim Report will be published on the HKEX and Company websites and dispatched to shareholders in due course - The 2025 Interim Report will be published on the HKEX website (www.hkexnews.hk) and the Company's website (www.cdb-intl.com) and dispatched to shareholders in due course[54](index=54&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 不就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的 任 何 損 失 承 擔 任 何 責 任。 CHINA DEVELOPMENT BANK INTERNATIONAL INVESTMENT LIMITED 國 開 國 際 投 資 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股 份 代 號：1062） 資產淨值 於 二 零 二 五 年 七 月 三 十 一 日，本 公 司 每 股 股 份 之 未 經 審 核 綜 合 資 產 淨 值 約 為： 港 幣0.3558元 國開國際投資有限公司 主 席 此每股資產淨值是根據本公司已發行股份2,902,215,360股 計 算。 承董事局命 盧硯坡 香 港，二 零 二 五 年 八 月 十 一 日 於 本 公 告 日 期，董 事 會 成 員 包 括 非 執 行 董 事 盧 硯 坡 先 生 及 李 屹 軒 先 生； 及 獨 立 非 執 行 董 事 冼 銳 民 先 ...

Group 1 - The core viewpoint of the article indicates that Guokai International Investment (01062.HK) is expecting a loss attributable to shareholders of approximately HKD 11.68 million for the six-month period ending June 30, 2025, which is an improvement compared to a loss of approximately HKD 124.23 million in the same period last year [1] - The anticipated loss reduction is primarily attributed to a significant decrease in the fair value loss of financial assets measured at fair value through profit or loss compared to the same period last year [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 不就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的 任 何 損 失 承 擔 任 何 責 任。 CHINA DEVELOPMENT BANK INTERNATIONAL INVESTMENT LIMITED 本公司尚未完成本集團截至二零二五年六月三十日止六個月之未經審 核 中 期 業 績。本 公 告 所 載 資 料 乃 僅 根 據 目 前 可 得 資 料 作 出 之 初 步 評 估， 而 並 非 根 據 經 本 公 司 核 數 師 審 核 或 審 閱 之 任 何 數 據 或 資 料。有 關 本 集 團 財 務 業 績 及 表 現 之 詳 情，請 參 閱 本 公 司 將 於 二 零 二 五 年 八 月 刊 發 之 中 期 業 績 公 告。 – 1 – 股 東 及 潛 在 投 資 者 於 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事，倘 有 任 何 疑 問， 應 向 專 業 或 財 務 顧 問 尋 求 獨 立 意 見。 承董 ...

承董事會命 國開國際投資有限公司 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 不就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的 任 何 損 失 承 擔 任 何 責 任。 CHINA DEVELOPMENT BANK INTERNATIONAL INVESTMENT LIMITED 國 開 國 際 投 資 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股 份 代 號：1062） 董事會會議召開日期 國 開 國 際 投 資 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 十 八 日（星 期 一）舉 行 董 事 會 會 議，藉 以（其 中 包 括） 考慮並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 其 發 佈，以 及 考 慮 建 議 派 發 中 期 股 息（如 有）。 於 本 公 告 日 期，董 事 會 成 員 包 括 非 執 行 董 事 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 國開國際投資有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01062 | 說明 | 國開國際投資 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | HKD | | 0.01 HKD | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 12,000,000,000 | HKD | | 0.01 HKD | | 120,0 ...