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: 雅視光學集團有限公司 呈交日期: 2025年10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) | 01120 | 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 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,0 ...

ARTS OPTICAL INTERNATIONAL HOLDINGS LIMITED 雅 視 光 學 集 團 有 限 公 司 * (Incorporated in Bermuda with limited liability) (Incorporated in Bermuda with limited liability) (Stock Code: 1120) （於 百 慕 達 註 冊 成 立 之 有 限 公 司） (Stock Code 股份代號:1120) NOTIFICATION LETTER 通知信函 16 September 2025 Dear Non-registered Holder(s) (Note 1) , Arts Optical International Holdings Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company ...

(Stock Code 股份代號:1120) NOTIFICATION LETTER 通知信函 16 September 2025 Dear Registered Shareholders, ARTS OPTICAL INTERNATIONAL HOLDINGS LIMITED 雅 視 光 學 集 團 有 限 公 司 * (Incorporated in Bermuda with limited liability) (Incorporated in Bermuda with limited liability) (Stock Code: 1120) （於 百 慕 達 註 冊 成 立 之 有 限 公 司） 如 閣 下 因 任 何 理 由 無 法 以 電 子 郵 件 方 式 收 取 或 閱 覽 公 司 通 訊 的 網 站 版 本 及 欲 索 取 本 次 公 司 通 訊 及 日 後 公 司 通 訊 的 印 刷 本，請 填 妥 及 簽 署 隨 附 之 回 條，並 以 已 預 付 郵 費 的 郵 寄 標 籤 寄 回 本 公 司 之 香 港 股 份 過 戶 登 記 分 處（「股份過戶登記分處」）卓 佳 證 券 登 記 ...

[Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial health, future outlook, investment activities, and human resources during the reporting period [Business Review](index=4&type=section&id=Business%20Review) The Group's consolidated revenue slightly decreased by 2% and turned to loss, primarily impacted by US tariffs, increased operating costs, and rising bank borrowing interest, with significant growth in the optical lens segment Key Financial Performance for the Six Months Ended June 30, 2025 | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 594,900 | 606,400 | -2% | | (Loss) / Profit Attributable to Owners of the Company | (15,000) | 2,500 | Turned from profit to loss | | (Loss) / Earnings Per Share | (3.89) HK cents | 0.64 HK cents | Turned from profit to loss | - The loss attributable to owners of the Company was primarily due to US tariff policies disrupting trade and global supply chains, leading to increased operating costs from new production facilities in Vietnam and Malaysia; significant increases in staff costs, promotion, and exhibition expenses due to the development of eyewear frame distribution and optical lens businesses in China and Southeast Asian markets; and a substantial increase in bank borrowing interest by **HK$2,900,000**[6](index=6&type=chunk)[7](index=7&type=chunk) Revenue Performance by Segment | Segment | 2025 Revenue (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | Share of Consolidated Revenue (2025) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing (ODM) Segment | 379,200 | 419,000 | 64% | -9% | | Distribution Segment | 144,200 | 140,300 | 24% | +3% | | Optical Lens Segment | 71,500 | 47,100 | 12% | +52% | - ODM segment sales to the US significantly decreased by **17%**, primarily due to a substantial increase in US tariffs on China in April 2025, leading most US customers to request a suspension of shipments[6](index=6&type=chunk) - Optical lens segment sales significantly increased by **52%**, mainly due to the Group's further investment in expanding its optical lens production facilities in China and Malaysia during the second half of 2024[10](index=10&type=chunk) [Financial Position and Liquidity](index=5&type=section&id=Financial%20Position%20and%20Liquidity) The Group experienced net cash outflow from operations and a deteriorated net cash position due to high capital expenditure and increased inventory, while maintaining a stable current ratio and normal capital structure Cash Flow and Capital Expenditure | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | (3,100) (Outflow) | 28,200 (Inflow) | Turned from inflow to outflow | | Capital Expenditure | 31,400 | 73,200 | Decrease | | Net Cash Position (Negative Balance) | (61,300) | (13,800) (December 31, 2024) | Deteriorated | | Decrease Amount | 47,500 | - | - | - Inventory balance increased by **18%** from **HK$220,500,000** as of December 31, 2024, to **HK$260,400,000** as of June 30, 2025, primarily due to most US customers suspending shipments since April 2025[12](index=12&type=chunk) Working Capital Metrics | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory Turnover Period | 113 days | 71 days | Increase | | Receivables Turnover Period | 94 days | 91 days | Slight increase | | Current Ratio | 1.2 | 1.2 (December 31, 2024) | Stable | | Debt-to-Equity Ratio | 28% | 27% (December 31, 2024) | Slight increase | Net Assets | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | HK$532,700,000 | HK$520,000,000 | Increase | | Net Assets Per Share | HK$1.38 | HK$1.35 | Increase | - The Group had no significant contingent liabilities as of **June 30, 2025**[15](index=15&type=chunk) - The Group's bank borrowings amounted to **HK$134,700,000**, collateralized by investment properties, leasehold land and buildings, and construction in progress[17](index=17&type=chunk) - The Group primarily faces risks from fluctuations in the **RMB against the USD and HKD**, managing foreign exchange risk by closely monitoring currency rate movements[18](index=18&type=chunk) - The Group's total shareholders' funds were **HK$628,000,000**, current assets were **HK$773,800,000**, and current liabilities were **HK$671,100,000**, with operations primarily financed through internally generated cash flows and bank credit[19](index=19&type=chunk) [Outlook](index=8&type=section&id=Outlook) Facing a volatile trade environment due to US tariffs, the Group will optimize production and costs, strategically focusing on the optical lens segment and smart eyewear for sustainable value creation - The global economy is affected by **US tariff measures**, leading to a volatile trade environment, prompting the Group to adopt a forward-looking strategy of establishing overseas production bases[20](index=20&type=chunk) - The Group will leverage its integrated global production network across **China, Vietnam, and Malaysia** to flexibly allocate production capacity, regularly review operating costs, and implement targeted cost optimization measures[20](index=20&type=chunk) - The **optical lens segment** and **smart eyewear** are strategically important for the Group's long-term development blueprint, with continuous strategic resource allocation to capture growth potential and business opportunities[20](index=20&type=chunk) [Material Investments](index=8&type=section&id=Material%20Investments) The Group did not make or hold any material investments during the reporting period - The Group did not make or hold any material investments during the reporting period, including any investments in investee companies whose value accounted for **5% or more** of the Company's total assets as of **June 30, 2025**[21](index=21&type=chunk) [Future Plans for Material Investments and Capital Expenditures](index=8&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Expenditures) As of June 30, 2025, the Group's capital commitments totaled HK$219,000,000, with no other material investment or capital expenditure plans Capital Commitments | Metric | June 30, 2025 (HK$ Thousand) | | :--- | :--- | | Total Capital Commitments | 219,000 | - Except for those disclosed under capital commitments, the Group had no material investment and capital expenditure plans as of the date of this report[22](index=22&type=chunk) [Material Acquisitions and Disposals](index=9&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - During the reporting period, the Group held no material investments and made no material acquisitions or disposals of subsidiaries, associates, and joint ventures[24](index=24&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed approximately 3,400 full-time employees, with remuneration based on performance, experience, qualifications, and market rates, alongside various benefits Number of Employees | Date | Number of Full-time Employees | | :--- | :--- | | June 30, 2025 | Approximately 3,400 | | December 31, 2024 | 3,600 | - The Group determines remuneration based on employee performance, experience, qualifications, and current market salary levels, with discretionary performance bonuses[25](index=25&type=chunk) - Other employee benefits include insurance and medical coverage, subsidized education and training courses, and provident fund schemes[25](index=25&type=chunk) [Material Events After the End of the Financial Period](index=9&type=section&id=Material%20Events%20After%20the%20End%20of%20the%20Financial%20Period) No material events impacting the Group occurred after the financial period end and up to the report date, other than those disclosed herein - Except as disclosed in this report, no events with a material impact on the Group have occurred after the end of the financial period and up to the date of this report[26](index=26&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's consolidated revenue slightly decreased, turning from profit to loss, driven by operating losses and increased financing costs, but total comprehensive income turned positive due to foreign exchange differences Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 594,939 | 606,394 | -2% | | Gross Profit | 175,140 | 172,039 | +1.8% | | Operating (Loss) / Profit | (4,247) | 7,953 | Turned from profit to loss | | Financing Costs | (5,085) | (989) | Significantly increased | | Share of Profit of Associates | 7,820 | 4,158 | Increase | | (Loss) / Profit Before Tax | (1,560) | 11,091 | Turned from profit to loss | | (Loss) / Profit for the Period | (9,950) | 5,534 | Turned from profit to loss | | Total Comprehensive Income / (Expense) for the Period | 20,801 | (3,041) | Turned from expense to income | | (Loss) / Profit for the Period Attributable to Owners of the Company | (15,035) | 2,460 | Turned from profit to loss | | Basic (Loss) / Earnings Per Share | (3.89) HK cents | 0.64 HK cents | Turned from profit to loss | - Exchange differences arising from translating overseas operations turned from **HK$(6,223) thousand** in 2024 to **HK$20,620 thousand** in 2025, being the primary reason for the positive shift in total comprehensive income for the period[28](index=28&type=chunk) [Condensed Consolidated Statement of Financial Position](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Condensed Consolidated Statement of Financial Position](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group saw increased non-current assets and total equity, but net current assets decreased, while both current and non-current liabilities, particularly bank borrowings, rose Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 675,227 | 622,664 | Increase | | Property, Plant and Equipment | 446,839 | 410,311 | Increase | | Inventories | 260,428 | 220,462 | Increase | | Trade and Other Receivables, Deposits and Prepayments | 358,260 | 399,977 | Decrease | | Bank Balances and Cash | 154,840 | 152,354 | Increase | | Total Current Assets | 773,769 | 773,149 | Slight increase | | Total Current Liabilities | 671,101 | 649,102 | Increase | | Net Current Assets | 102,668 | 124,047 | Decrease | | Total Assets Less Current Liabilities | 777,895 | 746,711 | Increase | | Total Non-current Liabilities | 149,897 | 141,716 | Increase | | Bank Borrowings (Non-current) | 102,265 | 96,442 | Increase | | Equity Attributable to Owners of the Company | 532,672 | 520,021 | Increase | | Total Equity | 627,998 | 604,995 | Increase | - Increased inventory balances and decreased trade and other receivables, deposits, and prepayments reflect changes in the **working capital structure**[31](index=31&type=chunk) - Bank borrowings within current liabilities significantly increased from **HK$69,714 thousand** to **HK$113,889 thousand**, indicating increased short-term borrowing pressure[31](index=31&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Condensed Consolidated Statement of Changes in Equity](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company increased due to total comprehensive income, despite reduced retained earnings, while non-controlling interests also grew from capital contributions Summary of Condensed Consolidated Statement of Changes in Equity | Metric | June 30, 2025 (HK$ Thousand) | January 1, 2025 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 532,672 | 520,021 | Increase | | Non-controlling Interests | 95,326 | 84,974 | Increase | | Total Equity | 627,998 | 604,995 | Increase | | Total Comprehensive Income / (Expense) for the Period (Attributable to Owners of the Company) | 13,968 | (5,369) (2024 prior period) | Turned from expense to income | | Retained Earnings (End of Period) | 275,055 | 290,090 (Beginning of Period) | Decrease | | Capital Contribution from Non-controlling Shareholders for Capital Increase in a Subsidiary | 2,922 | – | New | - Exchange reserve significantly increased from **HK$35,244 thousand** as of January 1, 2025, to **HK$64,247 thousand** as of June 30, 2025, being the main contributor to total comprehensive income attributable to owners of the Company[34](index=34&type=chunk) - Total comprehensive income for the period (unaudited) was **HK$20,801 thousand**, with **HK$13,968 thousand** attributable to owners of the Company and **HK$6,833 thousand** attributable to non-controlling interests[34](index=34&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Condensed Consolidated Statement of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group experienced a shift to net cash outflow from operations, reduced cash used in investing, and a significant increase in cash from financing activities, leading to a slight increase in period-end cash and cash equivalents Summary of Condensed Consolidated Statement of Cash Flows | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Net Cash (Used in) / From Operating Activities | (3,066) (Used) | 28,223 (From) | Turned from inflow to outflow | | Purchase of Property, Plant and Equipment | (31,362) | (73,243) | Decrease | | Net Cash Used in Investing Activities | (40,720) | (66,243) | Decrease | | New Bank Borrowings | 53,588 | 61,715 | Decrease | | Interest Paid on Bank Borrowings | (3,662) | (760) | Increase | | Net Cash From Financing Activities | 44,037 | 13,039 | Significantly increased | | Net Increase / (Decrease) in Cash and Cash Equivalents | 251 (Increase) | (24,981) (Decrease) | Turned from decrease to increase | | Cash and Cash Equivalents at End of Period | 154,840 | 123,530 | Increase | - Net cash from financing activities significantly increased, primarily due to new bank borrowings of **HK$53,588 thousand** and capital contributions from non-controlling shareholders for a subsidiary's capital increase of **HK$2,922 thousand**[36](index=36&type=chunk) - Exchange rate changes had a positive impact of **HK$2,235 thousand** on cash and cash equivalents, compared to a negative impact in the prior period[36](index=36&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=16&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared under HKAS 34 and HKEX Listing Rules, adopting consistent accounting policies and methods as the 2024 annual financial statements - The condensed consolidated financial statements have been prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[37](index=37&type=chunk) - The accounting policies and methods of computation adopted in the preparation of the condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended **December 31, 2024**[37](index=37&type=chunk) [New and Revised Hong Kong Financial Reporting Standards](index=16&type=section&id=New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group applied HKAS 21 amendments from January 1, 2025, with no policy changes; HKFRS 18, effective 2027, is expected to significantly impact financial statement presentation, while financial instrument amendments are not material - The Group first applied the amendments to **Hong Kong Accounting Standard 21 'Lack of Exchangeability'** from **January 1, 2025**, and did not change its accounting policies or make retrospective adjustments due to the adoption of these revised standards[38](index=38&type=chunk) - **Hong Kong Financial Reporting Standard 18 'Presentation and Disclosure in Financial Statements'** will be effective for annual reporting periods beginning on or after **January 1, 2027**, introducing significant changes to the presentation of financial statements, and management is currently assessing its impact[39](index=39&type=chunk) - Amendments to **Hong Kong Financial Reporting Standard 9** and **Hong Kong Financial Reporting Standard 7** regarding the classification and measurement of financial instruments are not expected to have a material impact on the Group's financial position and performance[40](index=40&type=chunk) [Fair Value Measurement](index=17&type=section&id=Fair%20Value%20Measurement) The Group's financial assets and liabilities' carrying amounts approximate fair values, with unlisted equity securities and investment properties classified as Level 3, whose fair value decreased due to valuation inputs like reversionary yield and illiquidity discount - The carrying amounts of the Group's financial assets and financial liabilities reflected in the condensed consolidated statement of financial position approximate their respective fair values[41](index=41&type=chunk) - Fair value measurements use **Level 1, Level 2, and Level 3** input data, with the Group's unlisted equity securities and investment properties classified as **Level 3** fair value measurements[43](index=43&type=chunk)[44](index=44&type=chunk) Level 3 Fair Value Measured Assets | Description | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Unlisted Equity Securities | 7,355 | 7,355 | | Investment Properties (Commercial Units - Hong Kong) | 49,600 | 50,700 | | Total | 56,955 | 58,055 | - The fair value of investment properties decreased by **HK$1,100 thousand** and was recognized in profit or loss[48](index=48&type=chunk) - Key unobservable input data used for **Level 3** fair value measurements include reversionary yield, market monthly rent, and illiquidity discount[53](index=53&type=chunk)[55](index=55&type=chunk) [Revenue and Segment Information](index=24&type=section&id=Revenue%20and%20Segment%20Information) The Group is segmented by geographical markets (Europe, US, Asia, other regions); during the period, ODM revenue decreased, distribution and optical lens revenues increased, with a notable decline in US market revenue and growth in Asia - The Group is currently divided into four segments based on the sale of optical products to customers located in **Europe, the US, Asia, and other regions**[56](index=56&type=chunk) Revenue Analysis by Operating and Reportable Segment (For the Six Months Ended June 30, 2025) | Segment | Europe (HK$ Thousand) | US (HK$ Thousand) | Asia (HK$ Thousand) | Other Regions (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing (ODM) Segment | 184,777 | 87,659 | 106,439 | 392 | 379,267 | | Distribution Segment | 95,502 | 10,906 | 21,078 | 16,685 | 144,171 | | Optical Lens Segment | 266 | – | 71,074 | 161 | 71,501 | | Total Revenue from External Customers | 280,545 | 98,565 | 198,591 | 17,238 | 594,939 | Revenue Analysis by Operating and Reportable Segment (For the Six Months Ended June 30, 2024) | Segment | Europe (HK$ Thousand) | US (HK$ Thousand) | Asia (HK$ Thousand) | Other Regions (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing (ODM) Segment | 205,629 | 105,401 | 105,307 | 2,682 | 419,019 | | Distribution Segment | 90,310 | 14,952 | 18,134 | 16,866 | 140,262 | | Optical Lens Segment | 59 | – | 47,054 | – | 47,113 | | Total Revenue from External Customers | 295,998 | 120,353 | 170,495 | 19,548 | 606,394 | - External customer revenue in the **US market** decreased from **HK$120,353 thousand** to **HK$98,565 thousand**, while external customer revenue in the **Asian market** increased from **HK$170,495 thousand** to **HK$198,591 thousand**[58](index=58&type=chunk)[59](index=59&type=chunk) [Financing Costs](index=27&type=section&id=Financing%20Costs) For the six months ended June 30, 2025, the Group's financing costs significantly increased, mainly due to substantial growth in interest on bank borrowings and lease liabilities Breakdown of Financing Costs | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 3,662 | 760 | Significantly increased | | Interest on lease liabilities | 1,423 | 229 | Significantly increased | | Total | 5,085 | 989 | Significantly increased | [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense increased due to deferred tax growth and prior period under-provision for China corporate income tax, with rates calculated per local regulations Breakdown of Income Tax Expense | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Current period income tax | 7,854 | 5,531 | Increase | | Under-provision in prior periods | 536 | 26 | Increase | | Total | 8,390 | 5,557 | Increase | - Deferred tax increased from **HK$2,174 thousand** in 2024 to **HK$4,185 thousand** in 2025[62](index=62&type=chunk) - The **Hong Kong Profits Tax two-tiered rates** of **8.25% and 16.5%** apply to qualifying entities. The **China Corporate Income Tax rate is 25%**, the **UK corporate tax rate is 25%**, the **South Africa corporate tax rate is 27%**, and the **Italy corporate tax rate is 27.9%**[63](index=63&type=chunk)[64](index=64&type=chunk) [(Loss) / Profit for the Period](index=29&type=section&id=(Loss)%20%2F%20Profit%20for%20the%20Period) For the six months ended June 30, 2025, the Group's loss was influenced by reduced intangible asset amortization, trade receivables impairment reversal, increased PPE depreciation, decreased investment property fair value, and higher net inventory provision Items Affecting (Loss) / Profit for the Period | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Amortisation of intangible assets | 1,346 | 2,231 | Decrease | | Net (reversal of impairment loss) / impairment loss recognised on trade receivables | (761) (Reversal) | 73 (Provision) | Turned from provision to reversal | | Cost of inventories recognised as expense | 409,691 | 438,376 | Decrease | | Depreciation of property, plant and equipment | 23,701 | 16,138 | Increase | | Decrease in fair value of investment properties | 1,100 | 4,000 | Decrease | | Net provision for / (reversal of provision for) inventories | 10,108 (Provision) | (4,021) (Reversal) | Turned from reversal to provision | | Net foreign exchange losses | 1,577 | 1,002 | Increase | - For the six months ended **June 30, 2024**, the reversal of inventory provision was due to changes in market conditions and the sale of certain products previously written down to net realisable value in prior years, leading to an increase in the estimated net realisable value of those products[66](index=66&type=chunk) [Dividends](index=30&type=section&id=Dividends) The Board resolved not to declare any interim dividends for the six months ended June 30, 2025 and 2024; a final dividend of HK5.0 cents per share for 2023 was paid in 2024 - The Board resolved not to declare any interim dividends for the six months ended **June 30, 2025**, and **June 30, 2024**[67](index=67&type=chunk) - For the six months ended **June 30, 2024**, a final dividend of **HK5.0 cents per share** for 2023, totaling **HK$19,313,000**, was paid[67](index=67&type=chunk) [(Loss) / Earnings Per Share](index=30&type=section&id=(Loss)%20%2F%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the Group reported a basic loss per share of HK3.89 cents, compared to earnings of HK0.64 cents in the prior period, with no diluted EPS presented due to absence of potential ordinary shares Basic (Loss) / Earnings Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | (Loss) / Profit for the Period Attributable to Owners of the Company (HK$ Thousand) | (15,035) | 2,460 | | Basic (Loss) / Earnings Per Share | (3.89) HK cents | 0.64 HK cents | | Weighted average number of shares used for calculating basic (loss) / earnings per share | 386,263,374 | 386,263,374 | - Diluted (loss) / earnings per share are not presented as there were no outstanding potential ordinary shares in either period[70](index=70&type=chunk) [Investment Properties](index=31&type=section&id=Investment%20Properties) The Group's investment properties decreased at period-end, with fair value reductions recognized in profit or loss; all are measured at fair value by independent valuers using the income capitalization approach Changes in Investment Properties | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | At end of period | 49,600 | 50,700 | | Decrease in fair value recognised in profit or loss | (1,100) | (4,900) | - All property interests held by the Group under operating leases to earn rental income are measured using the **fair value model** and classified and accounted for as investment properties[71](index=71&type=chunk) - Investment properties are valued by **Vigers Appraisal and Consulting Limited**, an independent professional valuer, using the **income capitalization approach**, referencing market rents and reversionary yields[72](index=72&type=chunk) [Property, Plant and Equipment](index=32&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired approximately HK$51,440,000 in property, plant, and equipment, and recognized new right-of-use assets and lease liabilities from two new lease agreements Acquisition of Property, Plant and Equipment | Period | Acquisition Amount (HK$ Thousand) | | :--- | :--- | | For the six months ended June 30, 2025 | 51,440 | | For the six months ended June 30, 2024 | 56,034 | - The Group entered into two new lease agreements for the use of plant and offices for a term of **two years**, recognizing new right-of-use assets and lease liabilities of **HK$3,877,000** respectively[74](index=74&type=chunk) [Investment in an Associate](index=33&type=section&id=Investment%20in%20an%20Associate) As of June 30, 2025, the Group completed its investment in an associate by fully paying for a 7.5% equity stake in Trenti Industria Occhiali S.p.A. under a share purchase agreement - As of **June 30, 2025**, the Group fully paid the vendor **EUR787,500** (equivalent to approximately **HK$6,975,000**) as consideration for the acquisition, completing the additional purchase of a **7.5%** equity stake in Trenti Industria Occhiali S.p.A[75](index=75&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=33&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) The Group's trade receivables decreased, with credit terms of 30-150 days, though overdue amounts over 180 days increased; an impairment provision of HK$761,000 was reversed, and trade receivables from associates also decreased Aging Analysis of Trade Receivables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 90 days | 195,722 | 245,483 | | 91 – 180 days | 93,184 | 99,562 | | Over 180 days | 16,726 | 9,421 | | Total | 305,632 | 354,466 | - For the six months ended **June 30, 2025**, the Group reversed an impairment provision of **HK$761,000** (for the six months ended June 30, 2024: impairment provision of HK$73,000 was made)[77](index=77&type=chunk) - Trade receivables from an associate amounted to **HK$53,285,000** (net of credit loss provision of HK$593,000), a decrease compared to **December 31, 2024**[78](index=78&type=chunk) [Trade and Other Payables and Accruals](index=34&type=section&id=Trade%20and%20Other%20Payables%20and%20Accruals) The Group's total trade and other payables and accruals decreased, with a significant reduction in 61-120 day trade payables but an increase in those over 120 days, while trade payables to associates slightly rose Total Trade and Other Payables and Accruals | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total | 509,513 | 544,780 | Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 60 days | 121,422 | 132,589 | | 61 – 120 days | 7,159 | 36,308 | | Over 120 days | 8,234 | 4,593 | | Total | 136,815 | 173,490 | - Trade payables to an associate amounted to **HK$242,000**, an increase from **HK$194,000** as of December 31, 2024, and were not overdue at the end of the reporting period[82](index=82&type=chunk) [Bank Borrowings](index=35&type=section&id=Bank%20Borrowings) The Group's total secured bank borrowings increased, with fair value approximating carrying amounts; some are collateralized by investment properties and land, and the Group complied with financial covenants during the period Secured Bank Borrowings | Date | Amount (HK$ Thousand) | | :--- | :--- | | June 30, 2025 | 216,154 | | December 31, 2024 | 166,156 | Borrowing Repayment Schedule | Term | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within one year | 113,889 | 69,714 | | After one year but within two years | 22,371 | 14,116 | | After two years but within five years | 66,426 | 68,538 | | After five years | 13,468 | 13,788 | | Total | 216,154 | 166,156 | - Bank borrowings of **HK$134,669,000** are collateralized by the Group's investment properties, land and buildings, and construction in progress[84](index=84&type=chunk) - The Group complied with its financial covenants for borrowing facilities for the six months ended **June 30, 2025**[85](index=85&type=chunk) [Share Capital](index=37&type=section&id=Share%20Capital) The Company's authorized and issued and fully paid share capital remained unchanged at period-end, with a par value of HK$0.1 per share Share Capital Details | Item | June 30, 2025 (Number of Shares) | December 31, 2024 (Number of Shares) | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorised share capital (HK$0.1 par value per share) | 1,000,000,000 | 1,000,000,000 | 100,000 | 100,000 | | Issued and fully paid share capital (HK$0.1 par value per share) | 386,263,374 | 386,263,374 | 38,626 | 38,626 | [Capital Commitments](index=37&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's total capital commitments significantly increased, mainly for subsidiary investment establishment costs, leasehold land and buildings, and machinery and plant capital expenditures Breakdown of Capital Commitments | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Establishment costs of investments in subsidiaries | 144,240 | 120,518 | | Buildings under construction | 1,671 | 3,345 | | Leasehold land and buildings | 39,529 | 20,170 | | Machinery and plant | 32,745 | 4,857 | | Leasehold improvements | 670 | 105 | | Furniture, fixtures and office equipment | 131 | 50 | | Total | 218,986 | 149,045 | [Related Party Transactions](index=38&type=section&id=Related%20Party%20Transactions) During the reporting period, the Group conducted various transactions with associates, including sales, procurement, and lease liability repayments, while remuneration for directors and key management personnel decreased Transactions with Associates | Type of Transaction | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Sales of optical frames and sunglasses to an associate | 53,177 | 59,435 | | Purchases of optical frames, sunglasses and raw materials from an associate | 48 | 91 | | Repayment of lease liabilities to an associate | 1,317 | – | - The Directors consider that the above transactions with associates were conducted in the ordinary course of business[88](index=88&type=chunk) Key Management Personnel Remuneration | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Short-term benefits | 5,906 | 7,222 | | Post-employment benefits | 346 | 331 | | Total | 6,252 | 7,553 | [Approval of Financial Statements](index=39&type=section&id=Approval%20of%20Financial%20Statements) The interim financial statements were approved and authorized for issue by the Board of Directors on August 28, 2025 - The interim financial statements were approved and authorized for issue by the Board of Directors on **August 28, 2025**[92](index=92&type=chunk) [Additional Information](index=40&type=section&id=Additional%20Information) [Dividends](index=40&type=section&id=Dividends) The Company's Board of Directors resolved not to declare any interim dividends for the six months ended June 30, 2025 - The Company's Board of Directors resolved not to declare any interim dividends for the six months ended **June 30, 2025** (2024: nil)[94](index=94&type=chunk) [Standard Code for Securities Transactions by Directors](index=40&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code for Securities Transactions by Directors of Listed Issuers from HKEX Listing Rules Appendix C3, with all Directors confirming compliance during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in **Appendix C3** of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[95](index=95&type=chunk) - All Directors have confirmed that they have complied with the required standards set out in the Model Code throughout the reporting period[95](index=95&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Shares](index=40&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Shares) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[96](index=96&type=chunk) - As of **June 30, 2025**, the Company did not hold any treasury shares[96](index=96&type=chunk) [Issue of Equity Securities](index=40&type=section&id=Issue%20of%20Equity%20Securities) The Company did not issue equity securities for cash or sell treasury shares for cash during the reporting period - The Company did not issue equity securities for cash or sell treasury shares for cash during the reporting period[97](index=97&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=41&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, several Directors and the Chief Executive held long positions in the Company's shares, with Mr. Ng Hoi Ying and Ms. Ng Chi Hung holding significant interests Directors' and Chief Executive's Long Positions in the Company's Shares | Name of Director / Chief Executive | Personal Interests (shares) | Family Interests (shares) | Other Interests (shares) | Total (shares) | Approximate % of the Company's issued share capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Ng Hoi Ying | 2,856,000 | 62,833,347 | 153,600,000 | 219,289,347 | 56.77% | | Ng Yat Shan | 3,766,000 | – | – | 3,766,000 | 0.97% | | Ng Kim Ying | 21,703,000 | – | – | 21,703,000 | 5.62% | | Ng Chi Hung | 62,833,347 | 156,456,000 | – | 219,289,347 | 56.77% | - Mr. Ng Hoi Ying's **153,600,000 shares** are held by Ratagan International Company Limited, which is wholly owned by HSBC International Trustee Limited as trustee of a discretionary trust[100](index=100&type=chunk) - Ms. Ng Chi Hung, spouse of Mr. Ng Hoi Ying, is deemed to be interested in all shares held/owned by Mr. Ng Hoi Ying pursuant to **Part XV of the Securities and Futures Ordinance**[100](index=100&type=chunk) [Substantial Shareholders' Interests and Short Positions](index=42&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions) As of June 30, 2025, substantial shareholders, including HSBC International Trustee Limited, Maritime Overseas Assets Limited, Ratagan International Company Limited, and David Michael Webb and Karen Anne Webb and their controlled entities, held significant interests in the Company's issued share capital Substantial Shareholders' Long Positions in the Company's Shares | Name of Shareholder | Capacity | Number of issued ordinary shares held | Approximate % of the Company's issued share capital | | :--- | :--- | :--- | :--- | | HSBC International Trustee Limited | Trustee | 153,600,000 | 39.77% | | Maritime Overseas Assets Limited | Interest of controlled corporation | 153,600,000 | 39.77% | | Ratagan International Company Limited | Beneficial owner | 153,600,000 | 39.77% | | David Michael Webb and Karen Anne Webb | Interest of controlled corporation | 39,720,000 | 10.28% | | Preferable Situation Assets Limited | Beneficial owner | 23,168,600 | 6.00% | - HSBC International Trustee Limited is the trustee of **The Arts 2007 Trust**, of which Mr. Ng Hoi Ying is the settlor and a beneficiary[101](index=101&type=chunk) - Mr. David Michael Webb and Ms. Karen Anne Webb are deemed to be interested in **39,720,000 shares** of the Company held by Preferable Situation Assets Limited and Member One Limited[101](index=101&type=chunk) [Corporate Governance](index=43&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code in Listing Rules Appendix C1 Part 2, with Audit, Remuneration, and Nomination Committees, comprising independent non-executive directors, ensuring effective corporate governance - The Company has complied with all applicable code provisions set out in the **Corporate Governance Code** contained in **Appendix C1 Part 2** of the Listing Rules throughout the reporting period[104](index=104&type=chunk) - The Audit Committee has reviewed the Group's interim report for the reporting period and is of the opinion that it has been prepared in accordance with applicable accounting standards and requirements, and that adequate disclosures have been made[104](index=104&type=chunk) - The Remuneration Committee is responsible for determining the remuneration of executive directors, independent non-executive directors, and senior management, while the Nomination Committee is responsible for reviewing the Board structure, assessing independence, and making recommendations for director appointments[104](index=104&type=chunk)[105](index=105&type=chunk) [Company Information](index=44&type=section&id=Company%20Information) [Company Information](index=44&type=section&id=Company%20Information) This chapter provides basic information for Arts Optical International Holdings Limited, including Board members, company secretary, auditor, legal advisors, registered office, principal place of business, share registrars, principal bankers, and company website - Board members include executive directors such as Chairman **Ng Hoi Ying** and Chief Executive Officer **Ng Yat Shan**, as well as independent non-executive directors such as **Wong Chung Wai, Chung Hiu Lam, Lam Yu Lung, and Fong Kin Kiu**[106](index=106&type=chunk) - The Company Secretary is **Choi Pui Yiu**, the Auditor is **RSM Hong Kong**, and the Legal Advisors are **Stephenson Harwood** and **Conyers Dill & Pearman**[106](index=106&type=chunk) - The Company's Registered Office is in **Bermuda**, and its Hong Kong Head Office and Principal Place of Business are located at **Units A-G, 32/F, Kings Wing Plaza 1, 55 King Yip Street, Kwun Tong, Kowloon, Hong Kong**[106](index=106&type=chunk) - Principal Bankers include **Bank of China (Hong Kong) Limited** and **Hang Seng Bank Limited**[106](index=106&type=chunk)

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: 雅視光學集團有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 100,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01120 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 386,263,374 | | 0 | | 386,263,374 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 386,263,374 | ...

Core Viewpoint - 雅视光学 reported a revenue of HKD 595 million for the six months ending June 30, 2025, representing a year-on-year decrease of 1.89% [1] - The company experienced a loss attributable to shareholders of HKD 15.035 million, marking a shift from profit to loss compared to the previous year [1] - The loss per share was HKD 0.0389 [1] Financial Performance - Revenue for the period was HKD 595 million, down 1.89% year-on-year [1] - The company reported a loss of HKD 15.035 million, indicating a transition from profit to loss [1] - Loss per share was recorded at HKD 0.0389 [1]

Core Viewpoint - The company reported a decline in revenue and a shift to a loss in its interim results for the six months ending June 30, 2025 [1] Financial Performance - The company's revenue for the period was HKD 595 million, representing a year-on-year decrease of 1.89% [1] - The company recorded a loss attributable to shareholders of HKD 15.035 million, marking a transition from profit to loss compared to the previous year [1] - The loss per share was HKD 0.0389 [1]

Core Viewpoint - The company reported a slight decrease in consolidated revenue by 2% to HKD 595 million for the six months ending June 30, 2025, and recorded a loss attributable to shareholders of HKD 15 million, translating to a loss per share of HKD 0.0389 [1] Financial Performance - Consolidated revenue decreased by 2% to HKD 595 million [1] - Loss attributable to shareholders was HKD 15 million compared to a profit of HKD 2.5 million in 2024 [1] - Loss per share was HKD 0.0389, compared to earnings per share of HKD 0.0064 in 2024 [1] Reasons for Loss - The loss was primarily attributed to the impact of U.S. tariff policies disrupting trade between the U.S. and China, which also affected global supply chains [1] - Increased operational costs due to the establishment of production facilities in Vietnam and Malaysia [1] - Significant increases in employee costs, promotional, and exhibition expenses related to the development of eyewear distribution and lens business in China and Southeast Asia [1] - Increased bank loan interest expenses by HKD 2.9 million due to funding for overseas production bases [1]

[Interim Results Highlights](index=1&type=section&id=Interim%20Results%20Highlights) The company reported a slight revenue decrease, turning from profit to a HK$15 million loss attributable to owners, with no interim dividend [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Revenue slightly decreased by 2% to HK$595 million, resulting in a HK$15 million loss attributable to owners and no interim dividend Financial Highlights for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 594,939 | 606,394 | | (Loss) / Profit Attributable to Owners of the Company | (15,035) | 2,460 | | (Loss) / Earnings Per Share (HK Cents) | (3.89) | 0.64 | | Interim Dividend Per Share | Nil | Nil | - Profit attributable to owners of the company turned from a profit of **HK$2.46 million** in the same period of 2024 to a loss of **HK$15.035 million** in the same period of 2025[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Group revenue decreased by 2% to HK$595 million, turning to a HK$9.95 million loss due to higher expenses and reduced associate contributions Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 594,939 | 606,394 | | Cost of Sales | (419,799) | (434,355) | | Gross Profit | 175,140 | 172,039 | | Operating (Loss) / Profit | (4,247) | 7,953 | | Finance Costs | (5,085) | (989) | | (Loss) / Profit Before Tax | (1,560) | 11,091 | | (Loss) / Profit for the Period | (9,950) | 5,534 | | (Loss) / Profit Attributable to Owners of the Company | (15,035) | 2,460 | - Operating profit turned from **HK$7.953 million** in the same period of 2024 to an operating loss of **HK$4.247 million** in the same period of 2025[4](index=4&type=chunk) - Finance costs significantly increased by **414.7%** to **HK$5.085 million**, primarily due to higher interest on bank borrowings and lease liabilities[4](index=4&type=chunk)[16](index=16&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets less current liabilities increased to HK$778 million, with net assets rising to HK$628 million, driven by non-current asset growth and increased bank borrowings Condensed Consolidated Statement of Financial Position (Summary) | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current Assets | 675,227 | 622,664 | | Current Assets | 773,769 | 773,149 | | Current Liabilities | 671,101 | 649,102 | | Net Current Assets | 102,668 | 124,047 | | Total Assets Less Current Liabilities | 777,895 | 746,711 | | Non-current Liabilities | 149,897 | 141,716 | | Net Assets | 627,998 | 604,995 | | Equity Attributable to Owners of the Company | 532,672 | 520,021 | | Total Equity | 627,998 | 604,995 | - Non-current assets increased by **8.4%** to **HK$675 million**, mainly due to increases in property, plant and equipment to **HK$447 million** and investments in associates to **HK$96.966 million**[6](index=6&type=chunk) - Net current assets decreased by **17.2%** to **HK$103 million**, primarily affected by increased inventories, decreased trade receivables, and higher bank borrowings within current liabilities[6](index=6&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, application of new accounting standards, revenue segmentation, and specific financial item analyses [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies as the 2024 annual financial statements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and applicable disclosure requirements of the Listing Rules[8](index=8&type=chunk) - The accounting policies and methods of computation adopted are consistent with those used in the annual financial statements for the year ended December 31, 2024[8](index=8&type=chunk) [New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted HKAS 21 amendments without policy changes and is assessing HKFRS 18's impact on presentation, with no material effect on financial position - The Group first applied the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025, without changing accounting policies or making retrospective adjustments[9](index=9&type=chunk) - Hong Kong Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will be effective from January 1, 2027, introducing significant changes to the statement of profit or loss structure, disclosure of management-defined performance measures, and aggregation of information classification[10](index=10&type=chunk) - Amendments to Hong Kong Financial Reporting Standards 9 and 7 are not expected to have a significant impact on the Group's financial position and performance[12](index=12&type=chunk) [Application of Revised Hong Kong Financial Reporting Standards by the Group](index=6&type=section&id=Application%20of%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20by%20the%20Group) The Group adopted amendments to HKAS 21 from January 1, 2025, without any changes to accounting policies or retrospective adjustments - The Group first applied the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025[9](index=9&type=chunk) - The adoption of these revised standards did not result in changes to the Group's accounting policies or retrospective adjustments[9](index=9&type=chunk) [Impact of New and Revised Hong Kong Financial Reporting Standards Issued But Not Yet Adopted by the Group](index=6&type=section&id=Impact%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20Issued%20But%20Not%20Yet%20Adopted%20by%20the%20Group) HKFRS 18, effective 2027, will significantly alter financial statement presentation and disclosure, while other amendments are not expected to have a material impact - Hong Kong Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will be effective from January 1, 2027, introducing significant changes to the statement of profit or loss structure, disclosure of management-defined performance measures, and aggregation of information classification[10](index=10&type=chunk) - Management is assessing the potential impact of applying Hong Kong Financial Reporting Standard 18 on the presentation and disclosure of the condensed consolidated financial statements[10](index=10&type=chunk) - Amendments to Hong Kong Financial Reporting Standards 9 and 7 are not expected to have a significant impact on the Group's financial position and performance[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) Group revenue, segmented by market and division, slightly decreased overall, but saw growth in distribution and lens divisions, particularly in Asia - The Group's revenue is segmented by customer location into Europe, USA, Asia, and Other Regions, primarily selling optical products[13](index=13&type=chunk) Revenue and Results Analysis by Operating and Reportable Segment (Six Months Ended June 30, 2025) | Division/Region | Europe (HK$ Thousand) | USA (HK$ Thousand) | Asia (HK$ Thousand) | Other Regions (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing Division | 184,777 | 87,659 | 106,439 | 392 | 379,267 | | Distribution Division | 95,502 | 10,906 | 21,078 | 16,685 | 144,171 | | Lens Division | 266 | – | 71,074 | 161 | 71,501 | | Revenue from External Customers | 280,545 | 98,565 | 198,591 | 17,238 | 594,939 | | Segment Profit | 14,691 | 1,942 | 1,650 | 2,216 | 20,499 | Revenue and Results Analysis by Operating and Reportable Segment (Six Months Ended June 30, 2024) | Division/Region | Europe (HK$ Thousand) | USA (HK$ Thousand) | Asia (HK$ Thousand) | Other Regions (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing Division | 205,629 | 105,401 | 105,307 | 2,682 | 419,019 | | Distribution Division | 90,310 | 14,952 | 18,134 | 16,866 | 140,262 | | Lens Division | 59 | – | 47,054 | – | 47,113 | | Revenue from External Customers | 295,998 | 120,353 | 170,495 | 19,548 | 606,394 | | Segment Profit | 17,705 | 4,116 | 4,906 | 1,726 | 28,453 | [Finance Costs](index=8&type=section&id=Finance%20Costs) Group finance costs significantly increased to HK$5.085 million, primarily driven by higher interest on bank borrowings and lease liabilities Finance Costs | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,662 | 760 | | Interest on Lease Liabilities | 1,423 | 229 | | **Total** | **5,085** | **989** | - Finance costs increased by **414.7%** year-on-year, primarily driven by a **HK$2.902 million** increase in interest on bank borrowings and a **HK$1.194 million** increase in interest on lease liabilities[16](index=16&type=chunk) [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense rose to HK$8.39 million, influenced by increased taxes in Hong Kong and the UK, deferred tax, and under-provision for PRC corporate income tax Income Tax Expense | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 1,132 | 643 | | PRC Corporate Income Tax | 113 | 197 | | UK Corporate Tax | 2,193 | 2,073 | | South Africa Corporate Tax | 69 | 122 | | Italy Corporate Tax | 162 | 322 | | Deferred Tax | 4,185 | 2,174 | | **Total for the Period** | **7,854** | **5,531** | | Under-provision in Prior Periods (PRC Corporate Income Tax) | 536 | 20 | | **Total Income Tax Expense** | **8,390** | **5,557** | - Income tax expense increased by **50.98%** year-on-year to **HK$8.39 million**[17](index=17&type=chunk) - Hong Kong profits tax is levied at a two-tiered rate, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[17](index=17&type=chunk) [(Loss) / Profit for the Period](index=10&type=section&id=%EF%BC%88Loss%EF%BC%89%20%2F%20Profit%20for%20the%20Period) The Group recorded a loss of HK$9.95 million, primarily due to increased intangible asset amortization, inventory provisions, property, plant and equipment depreciation, and net exchange losses Key Items Affecting (Loss) / Profit for the Period | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Amortisation of Intangible Assets | 1,346 | 2,231 | | Cost of Inventories | 409,691 | 438,376 | | Depreciation of Property, Plant and Equipment | 23,701 | 16,138 | | Decrease in Fair Value of Investment Properties | 1,100 | 4,000 | | Net Provision for / (Reversal of Provision for) Inventories | 10,108 | (4,021) | | Net Exchange Loss | 1,577 | 1,002 | - Net provision for inventories turned from a reversal of **HK$4.021 million** in the same period of 2024 to a provision of **HK$10.108 million** in the same period of 2025, negatively impacting profit[21](index=21&type=chunk) - Depreciation of property, plant and equipment increased by **46.8%** to **HK$23.701 million**[21](index=21&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, and June 30, 2024[22](index=22&type=chunk) - The final dividend for 2024 was nil, while the final dividend for 2023 was **5.0 HK cents** per share, amounting to **HK$19.313 million** paid[22](index=22&type=chunk) [(Loss) / Earnings Per Share](index=11&type=section&id=%EF%BC%88Loss%EF%BC%89%20%2F%20Earnings%20Per%20Share) Basic loss per share was 3.89 HK cents, compared to earnings per share of 0.64 HK cents in the prior period, reflecting the change in loss attributable to owners Basic (Loss) / Earnings Per Share | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | (Loss) / Profit for the Period Attributable to Owners of the Company | (15,035) | 2,460 | | Weighted Average Number of Shares | 386,263,374 | 386,263,374 | | Basic (Loss) / Earnings Per Share (HK Cents) | (3.89) | 0.64 | - Diluted (loss) / earnings per share is not presented as there were no outstanding potential ordinary shares in either period[23](index=23&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=11&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) Total trade receivables decreased by 14% to HK$306 million, consistent with the revenue decline, with credit terms ranging from 30 to 150 days - The Group's trade receivables have credit terms ranging from **30 to 150 days**[24](index=24&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 90 Days | 195,722 | 245,483 | | 91 – 180 Days | 93,184 | 99,562 | | Over 180 Days | 16,726 | 9,421 | | **Total** | **305,632** | **354,466** | - Total trade receivables decreased by **13.78%** from **HK$354 million** as of December 31, 2024, to **HK$306 million** as of June 30, 2025[24](index=24&type=chunk) [Trade and Other Payables and Accruals](index=12&type=section&id=Trade%20and%20Other%20Payables%20and%20Accruals) Total trade and other payables and accruals decreased to HK$509 million, with trade payables reducing to HK$137 million Trade and Other Payables and Accruals | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Payables | 136,815 | 173,490 | | Provision for Penalties | 19,383 | 19,359 | | Other Payables and Accruals | 353,315 | 351,931 | | **Total** | **509,513** | **544,780** | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 60 Days | 121,422 | 132,589 | | 61 – 120 Days | 7,159 | 36,308 | | Over 120 Days | 8,234 | 4,593 | | **Total** | **136,815** | **173,490** | - Total trade payables decreased by **21.14%** from **HK$173 million** as of December 31, 2024, to **HK$137 million** as of June 30, 2025[25](index=25&type=chunk) [Bank Borrowings](index=12&type=section&id=Bank%20Borrowings) Total secured bank borrowings increased to HK$216 million, with a significant rise in short-term borrowings, collateralized by investment properties and other assets Analysis of Bank Borrowings Repayment Schedule | Repayment Period | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within One Year | 113,889 | 69,714 | | After One Year But Within Two Years | 22,371 | 14,116 | | After Two Years But Within Five Years | 66,426 | 68,538 | | After Five Years | 13,468 | 13,788 | | **Total** | **216,154** | **166,156** | - Total secured bank borrowings increased by **29.97%** from **HK$166 million** as of December 31, 2024, to **HK$216 million** as of June 30, 2025[25](index=25&type=chunk) - **HK$134.7 million** of bank borrowings are secured by the Group's investment properties, leasehold land and buildings, and construction in progress[26](index=26&type=chunk)[39](index=39&type=chunk) - The Group complied with its financial covenants for borrowing facilities for the six months ended June 30, 2025[27](index=27&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's financial performance, operational segments, liquidity, and future outlook [Dividends](index=14&type=section&id=Dividends) The Board decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[28](index=28&type=chunk) [Profitability Analysis](index=14&type=section&id=Profitability%20Analysis) Consolidated revenue slightly decreased by 2% to HK$594.9 million, leading to a HK$15 million loss attributable to owners, primarily due to US tariffs, rising operating costs, and increased finance costs Profitability Analysis Summary | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Consolidated Revenue | 594,900 | 606,400 | | (Loss) / Profit Attributable to Owners of the Company | (15,000) | 2,500 | | (Loss) / Earnings Per Share (HK Cents) | (3.89) | 0.64 | - The loss was primarily due to increased US tariffs disrupting global supply chains and rising operating costs[31](index=31&type=chunk) - Increased staff costs, promotion, and exhibition expenses resulted from the development of eyewear frame distribution and lens businesses in China and Southeast Asian markets[31](index=31&type=chunk) - Bank borrowing interest significantly increased by **HK$2.9 million** as the Group funded production bases outside China[31](index=31&type=chunk) [Original Design Manufacturing (ODM) Division](index=14&type=section&id=Original%20Design%20Manufacturing%20%28ODM%29%20Division) ODM division revenue decreased by 9% to HK$379.2 million, accounting for 64% of consolidated revenue, mainly due to increased US tariffs on China impacting shipments Original Design Manufacturing Division Revenue | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 379,200 | 419,000 | | % of Consolidated Revenue | 64% | 69% | - Revenue decreased by **9%**, primarily because a significant increase in US tariffs on China in April 2025 led most US customers to suspend shipments until June 2025[30](index=30&type=chunk) - Sales of optical frames, sunglasses, and accessories accounted for **45%**, **49%**, and **6%** of ODM division revenue, respectively[30](index=30&type=chunk) [Distribution Division](index=14&type=section&id=Distribution%20Division) Distribution division revenue grew moderately by 3% to HK$144.2 million, representing 24% of consolidated revenue, with significant growth in Asia driven by marketing efforts Distribution Division Revenue | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 144,200 | 140,300 | | % of Consolidated Revenue | 24% | 23% | - Asia sales significantly increased by **16%** compared to the same period last year, primarily from self-owned distributors in Hong Kong and Malaysia[32](index=32&type=chunk) - The German brand STEPPER remains the most popular brand in the distribution division[32](index=32&type=chunk) [Lens Division](index=15&type=section&id=Lens%20Division) Lens division revenue surged by 52% to HK$71.5 million, comprising 12% of consolidated revenue, driven by investments in production facilities in China and Malaysia Lens Division Revenue | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 71,500 | 47,100 | | % of Consolidated Revenue | 12% | 8% | - Sales significantly increased by **52%**, primarily due to the Group's further investment in expanding its lens production facilities in China and Malaysia in the second half of 2024[33](index=33&type=chunk) - Currently, almost all revenue from the lens division is generated from Asia, and the Group plans to gradually expand its lens business to other regions[33](index=33&type=chunk) [Financial Position and Liquidity](index=15&type=section&id=Financial%20Position%20and%20Liquidity) The Group experienced a net cash outflow of HK$3.1 million from operations, with high capital expenditure and a deteriorating net cash position, though the current ratio remained stable - Net cash outflow from operating activities was **HK$3.1 million** (2024: inflow of **HK$28.2 million**), primarily due to the net loss recorded during the reporting period[34](index=34&type=chunk) - Capital expenditure amounted to **HK$31.4 million**, allocated to investment plans for the Malaysia optical lens production line and Vietnam factory expansion[34](index=34&type=chunk) - The net cash position (bank balances and cash less bank borrowings) decreased by **HK$47.5 million**, from a negative **HK$13.8 million** as of December 31, 2024, to a negative **HK$61.3 million** as of June 30, 2025[34](index=34&type=chunk) [Cash Flow](index=15&type=section&id=Cash%20Flow) The Group recorded a net cash outflow from operating activities of HK$3.1 million, with continued high capital expenditure and a deteriorating net cash position - The Group recorded a net cash outflow from operating activities of **HK$3.1 million**, compared to an inflow of **HK$28.2 million** in the same period last year[34](index=34&type=chunk) - Capital expenditure remained high at **HK$31.4 million**, primarily for investment plans in the Malaysia optical lens production line and Vietnam factory expansion[34](index=34&type=chunk) - The net cash position (bank balances and cash less bank borrowings) decreased by **HK$47.5 million**, from a negative **HK$13.8 million** as of December 31, 2024, to a negative **HK$61.3 million** as of June 30, 2025[34](index=34&type=chunk) [Working Capital Management](index=15&type=section&id=Working%20Capital%20Management) Inventory turnover increased due to suspended US shipments, trade receivables turnover slightly increased, while the current ratio remained stable at 1.2 - Inventory balance increased by **18%** to **HK$260.4 million**, and inventory turnover days increased from **71 days** to **113 days**, mainly due to suspended shipments to US customers[35](index=35&type=chunk) - Total trade receivables and bills receivable balance decreased by **14%** to **HK$305.8 million**, and trade receivables turnover days slightly increased from **91 days** to **94 days**[35](index=35&type=chunk) - The Group's current ratio remained stable at **1.2** as of June 30, 2025, and December 31, 2024[35](index=35&type=chunk) [Gearing Position](index=15&type=section&id=Gearing%20Position) The Group maintained a normal gearing position, with the debt-to-equity ratio slightly increasing to 28%, and non-current liabilities primarily comprising bank borrowings - The Group maintained a normal gearing position, with the debt-to-equity ratio slightly increasing from **27%** as of December 31, 2024, to **28%** as of June 30, 2025[36](index=36&type=chunk) - Non-current liabilities primarily include bank borrowings, amounting to **HK$102.3 million** as of June 30, 2025[36](index=36&type=chunk) [Net Assets](index=16&type=section&id=Net%20Assets) Equity attributable to owners of the company increased to HK$532.7 million, with net assets per share rising to HK$1.38, reflecting growth from the end of 2024 Net Assets Per Share | Metric | June 30, 2025 (HK$) | December 31, 2024 (HK$) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 532,700,000 | 520,000,000 | | Total Number of Issued Shares | 386,263,374 | 386,263,374 | | Net Assets Per Share | 1.38 | 1.35 | - Equity attributable to owners of the company was **HK$532.7 million** as of June 30, 2025, an increase from **HK$520 million** as of December 31, 2024[37](index=37&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[38](index=38&type=chunk) [Pledge of the Group's Assets](index=16&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As of June 30, 2025, HK$134.7 million of the Group's bank borrowings were secured by investment properties, leasehold land and buildings, and construction in progress - **HK$134.7 million** of the Group's bank borrowings are secured by investment properties, leasehold land and buildings, and construction in progress[39](index=39&type=chunk) [Foreign Currency Risk](index=16&type=section&id=Foreign%20Currency%20Risk) The Group primarily faces RMB exchange rate fluctuations against USD and HKD, but manages this limited risk through close monitoring and forward contracts - The Group primarily faces the risk of fluctuations in the Renminbi against the US Dollar and Hong Kong Dollar[40](index=40&type=chunk) - As most transactions are conducted in US Dollars, Hong Kong Dollars, or Renminbi, the Group's exposure to foreign exchange fluctuation risk is limited[40](index=40&type=chunk) - The Group manages its foreign exchange risk by closely monitoring changes in foreign currency exchange rates and entering into forward contracts when appropriate[40](index=40&type=chunk) [Capital Structure and Financial Policy](index=16&type=section&id=Capital%20Structure%20and%20Financial%20Policy) Total shareholders' funds increased to HK$628 million, with financing primarily from internal cash flow and bank credit, guided by policies ensuring adequate resources and prudent risk management - The Group's total shareholders' funds amounted to **HK$628 million** as of June 30, 2025, an increase from **HK$605 million** as of December 31, 2024[41](index=41&type=chunk) - The Group generally funds its business operations through internally generated cash flows and credit facilities provided by its principal bankers in Hong Kong and Mainland China[41](index=41&type=chunk) - The Group's financial policy aims to ensure sufficient financial resources to support its business operations and investment activities while prudently and effectively managing financial risks[41](index=41&type=chunk) [Future Outlook and Other Information](index=17&type=section&id=Future%20Outlook%20and%20Other%20Information) This section outlines the market outlook, employee and remuneration policies, and significant events after the reporting period [Market Outlook](index=17&type=section&id=Market%20Outlook) The global economy faces trade volatility due to US tariffs, which the Group addresses through diversified production bases and strategic focus on the lens and smart eyewear sectors - The global economy is affected by US tariff measures, leading to volatile trade environments and widespread disruptions to global supply chains[42](index=42&type=chunk) - The Group has adopted a proactive strategy by establishing overseas production bases and flexibly allocating production capacity using its integrated global production network in China, Vietnam, and Malaysia[42](index=42&type=chunk) - The lens division and smart eyewear sector are considered strategic priorities for the Group's long-term development blueprint, with continuous strategic resource allocation to capture growth opportunities[42](index=42&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed approximately 3,400 full-time staff globally, with remuneration based on performance, experience, qualifications, and market levels, supplemented by various benefits - As of June 30, 2025, the Group employed approximately **3,400** full-time employees in Mainland China, Hong Kong, Europe, Southeast Asia, and South Africa (December 31, 2024: **3,600** employees)[43](index=43&type=chunk) - Remuneration is determined based on employee performance, experience, qualifications, and market salary levels, with discretionary performance bonuses[43](index=43&type=chunk) - Other employee benefits include insurance and medical coverage, subsidized education and training courses, and provident fund schemes[43](index=43&type=chunk) [Significant Events After the Reporting Period](index=17&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) No significant events impacting the Group occurred after the reporting period up to the date of this announcement, other than those already disclosed - Except for those disclosed in this announcement, no significant events affecting the Group occurred after the end of the reporting period and up to the date of this announcement[44](index=44&type=chunk) [Corporate Governance and Other Disclosures](index=17&type=section&id=Corporate%20Governance%20and%20Other%20Disclosures) This section covers the company's adherence to corporate governance codes, share transactions, review of interim results, publication details, and board composition [Corporate Governance](index=17&type=section&id=Corporate%20Governance) The company complied with the Listing Rules' Corporate Governance Code, with independent non-executive directors serving on key committees for oversight and advice - The Company has complied with all applicable code provisions set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited's Corporate Governance Code throughout the reporting period[45](index=45&type=chunk) - The Company has an Audit Committee, Remuneration Committee, and Nomination Committee, all comprising independent non-executive directors, responsible for oversight and recommendations in their respective areas[45](index=45&type=chunk)[46](index=46&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period, and no treasury shares were held - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[47](index=47&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[47](index=47&type=chunk) [Review of Interim Results](index=18&type=section&id=Review%20of%20Interim%20Results) The Group's unaudited interim results and interim report were reviewed by the Audit Committee, which confirmed their preparation in accordance with applicable accounting standards and adequate disclosure - The Group's unaudited interim results and interim report for the reporting period have been reviewed by the Audit Committee[48](index=48&type=chunk) - The Audit Committee believes that the report has been prepared in accordance with applicable accounting standards and requirements, and that adequate disclosures have been made[48](index=48&type=chunk) [Publication of Interim Report](index=18&type=section&id=Publication%20of%20Interim%20Report) The 2025 Interim Report will be dispatched to shareholders in mid-September 2025 and published on the company's and HKEXnews websites - The 2025 Interim Report will be dispatched to the Company's shareholders in mid-September 2025[49](index=49&type=chunk) - The report will be published on the Company's website (www.artsgroup.com) and the HKEXnews website (www.hkexnews.hk)[49](index=49&type=chunk) [Directors](index=18&type=section&id=Directors) As of the announcement date, the Board of Directors comprises eight directors, including four executive directors and four independent non-executive directors - The Board of Directors comprises eight directors, including four executive directors: Mr. Ng Hoi Ying, Ms. Ng Yat Shan, Mr. Ng Kim Ying, and Ms. Ng Chi Hung[50](index=50&type=chunk) - The four independent non-executive directors are Mr. Wong Chak Wai, Mr. Chung Hiu Lam, Mr. Lam Yu Lung, and Dr. Fong Kin Chiu[50](index=50&type=chunk)

Group 1 - The company, 雅视光学 (01120.HK), announced that its board meeting will be held on August 28, 2025, to approve the publication of the interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend during this meeting [1]