Core Viewpoint - Lion Rock Group (01127) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to a weak global illustrated book market and the impact of tariffs imposed by the Trump administration, which affected global supply chains [1] Financial Performance - The company achieved revenue of HKD 1.094 billion, representing a year-on-year decrease of 12.99% [1] - Profit attributable to shareholders was HKD 76.043 million, down 3.86% year-on-year [1] - Basic earnings per share were HKD 0.1013 [1] - A mid-term dividend of HKD 0.03 per ordinary share is proposed [1] Market Impact - The decline in revenue was mainly influenced by the weak performance of the global illustrated book market [1] - The drop in profit attributable to shareholders was primarily due to decreased revenue and profit contributions from Regal and Quarto [1]

Core Viewpoint - Lion Rock Group (01127.HK) reported a 13.0% decrease in revenue for the six months ending June 30, 2025, amounting to approximately HKD 1.094 billion, alongside a profit attributable to shareholders of approximately HKD 76 million, down from HKD 79.1 million in the same period last year [1]. Revenue Breakdown - The printing segment experienced a revenue decline of 12.5%, primarily due to weak global demand in the book market, particularly affected by tariff-related uncertainties in the U.S. market [1]. - The publishing segment saw a more significant revenue drop of 14.1%, mainly attributed to a downturn in the global illustrated book market [1].

EF001 其他信息 其他信息 不適用 發行人董事 於本公佈日期，董事會由執行董事劉竹堅先生、林美蘭女士及朱震環先生；非執行董事李海先生及郭俊升先生；以及獨立非執行董 事李效良教授及何大衞組成。 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 獅子山集團有限公司 | | 股份代號 | 01127 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月中期股息 | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.03 HKD | | 股東 ...

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides a concise overview of the Group's financial performance and comprehensive income for the reporting period [For the Six Months Ended June 30, 2025](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue for the six months ended June 30, 2025, decreased by **13.0%** to **HKD 1,094,025 thousand**, with profit for the period at **HKD 79,090 thousand** and basic earnings per share at **10.13 HK cents** | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,094,025 | 1,257,315 | -13.0% | | Gross Profit | 344,175 | 399,247 | -13.8% | | Profit Before Income Tax | 94,195 | 111,880 | -15.8% | | Profit for the Period | 79,090 | 87,846 | -10.0% | | Profit for the Period Attributable to Owners of the Company | 76,043 | 79,098 | -3.9% | | Total Comprehensive Income for the Period | 120,406 | 73,249 | +64.4% | | Basic Earnings Per Share | 10.13 HK cents | 10.55 HK cents | -3.98% | | Diluted Earnings Per Share | 10.01 HK cents | 10.49 HK cents | -4.58% | - Exchange gains in other comprehensive income significantly improved total comprehensive income for the period, shifting from a **HKD 14,597 thousand loss** in the prior year to a **HKD 41,316 thousand gain** in 2025[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's financial position, detailing assets, liabilities, and equity at the reporting date [As of June 30, 2025](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were **HKD 1,983,663 thousand**, an increase from December 31, 2024, with net assets rising to **HKD 1,781,404 thousand** | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 1,076,578 | 938,948 | +14.7% | | Current Assets | 1,503,526 | 1,651,462 | -9.0% | | Current Liabilities | 596,441 | 703,742 | -15.3% | | Net Current Assets | 907,085 | 947,720 | -4.3% | | Total Assets Less Current Liabilities | 1,983,663 | 1,886,668 | +5.1% | | Non-current Liabilities | 202,259 | 144,346 | +40.1% | | Net Assets | 1,781,404 | 1,742,322 | +2.2% | | Equity Attributable to Owners of the Company | 1,544,561 | 1,510,723 | +2.2% | | Non-controlling Interests | 236,843 | 231,599 | +2.3% | | Total Equity | 1,781,404 | 1,742,322 | +2.2% | - Non-current assets significantly increased, primarily due to growth in property, plant and equipment, right-of-use assets, and intangible assets[7](index=7&type=chunk) - Current liabilities decreased, mainly driven by a reduction in bank borrowings and tax provisions[7](index=7&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section outlines the Group's cash inflows and outflows from operating, investing, and financing activities [For the Six Months Ended June 30, 2025](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities for the six months ended June 30, 2025, significantly increased to **HKD 243,618 thousand**, while net cash used in investing activities decreased, resulting in a net decrease in cash and cash equivalents at period-end | Cash Flow Category | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 243,618 | 125,620 | +93.9% | | Net Cash Used in Investing Activities | (122,057) | (234,720) | -48.0% | | Net Cash Used in Financing Activities | (190,449) | (153,180) | +24.3% | | Net Decrease in Cash and Cash Equivalents | (68,888) | (262,280) | -73.7% | | Cash and Cash Equivalents at End of Period | 436,095 | 516,365 | -15.6% | - Net cash generated from operating activities significantly increased, primarily due to a reduction in trade and other receivables and deposits (i.e., cash inflow)[9](index=9&type=chunk) - Net cash used in investing activities decreased, partly because the prior year period included a substantial expenditure of **HKD 157,103 thousand** for subsidiary share repurchases, which was absent in 2025[9](index=9&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details changes in the Group's equity attributable to owners and non-controlling interests over the period [For the Six Months Ended June 30, 2025](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the Company increased to **HKD 1,544,561 thousand**, primarily driven by profit for the period, increased exchange reserves from currency translation, and dividend payments | Equity Item | Balance as at January 1, 2025 (HKD thousands) | Balance as at June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 1,510,723 | 1,544,561 | +33,838 | | Non-controlling Interests | 231,599 | 236,843 | +5,244 | | Total Equity | 1,742,322 | 1,781,404 | +39,082 | **Key Changes:** | Change Item | Six Months Ended June 30, 2025 (HKD thousands) | | :--- | :--- | | Interim and Special Dividends Paid for 2024 | (77,000) | | Profit for the Period | 76,043 | | Currency Translation (Exchange Reserve) | 31,476 | | Equity-settled Share-based Payment Expense Recognized | 1,430 | - Exchange reserve improved from a **HKD 117,544 thousand loss** at the beginning of the period to a **HKD 86,068 thousand loss** at period-end, reflecting a positive impact from currency translation[11](index=11&type=chunk) [Notes](index=9&type=section&id=Notes) This section provides detailed explanatory notes to the condensed consolidated interim financial statements [1. General Information](index=9&type=section&id=1.%20General%20Information) The Company, incorporated in Bermuda, primarily engages in book publishing and printing services, and was listed on the Hong Kong Stock Exchange on July 25, 2011 - The Group's principal activities are book publishing and providing printing services[13](index=13&type=chunk) - The Company's shares were listed on The Stock Exchange of Hong Kong Limited on July 25, 2011[13](index=13&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Appendix 16 of the Listing Rules, using the historical cost convention, and have been reviewed by the Audit Committee but not audited - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and Appendix 16 of the Listing Rules[14](index=14&type=chunk) - The interim financial statements are unaudited but have been reviewed by the Company's Audit Committee[14](index=14&type=chunk) - The adoption of new or revised Hong Kong Financial Reporting Standards had no significant impact on the Group's financial statements for the current and prior accounting periods[15](index=15&type=chunk) [3. Segment Information](index=10&type=section&id=3.%20Segment%20Information) The Group operates Print and Publishing segments, with Print revenue at **HKD 761,463 thousand** and Publishing revenue at **HKD 332,562 thousand** for the six months ended June 30, 2025, and the US remains the largest market despite a revenue decline Revenue and Results by Operating Segment | Segment | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Print | 761,463 | 870,089 | -12.5% | | Publishing | 332,562 | 387,226 | -14.1% | | **Segment Results** | | | | | Print | 110,071 | 108,582 | +1.4% | | Publishing | (6,816) | 23,710 | -128.7% | Revenue by Geographical Location | Region | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | United States | 500,768 | 605,808 | -17.3% | | Australia | 291,850 | 304,952 | -4.3% | | United Kingdom | 127,649 | 151,454 | -15.7% | | Other Regions | 173,758 | 195,101 | -11.0% | | **Total Revenue** | **1,094,025** | **1,257,315** | **-13.0%** | - The Publishing segment shifted from a profit in the prior year to a loss, putting pressure on the Group's overall results[16](index=16&type=chunk)[17](index=17&type=chunk) [4. Finance Costs](index=11&type=section&id=4.%20Finance%20Costs) Total finance costs for the six months ended June 30, 2025, significantly decreased to **HKD 7,735 thousand**, primarily due to reduced interest expenses on bank borrowings | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | 4,215 | 10,002 | -57.9% | | Interest on Lease Liabilities | 3,520 | 3,414 | +3.1% | | **Total Finance Costs** | **7,735** | **13,416** | **-42.4%** | [5. Profit Before Income Tax](index=12&type=section&id=5.%20Profit%20Before%20Income%20Tax) In calculating profit before income tax, depreciation and amortization expenses increased, while employee benefit expenses (net of capitalization) and interest income decreased, with a significant increase in net exchange gains | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 23,551 | 22,904 | +647 | | Depreciation of Right-of-use Assets | 22,053 | 21,178 | +875 | | Amortization and Impairment of Intangible Assets | 53,852 | 51,618 | +2,234 | | Employee Benefit Expenses (Net) | 246,380 | 255,437 | -9,057 | | Net Exchange Gains | (19,182) | (1,377) | -17,805 | | Interest Income | (4,925) | (9,965) | +5,040 | - Net exchange gains significantly increased from **HKD 1,377 thousand** in the prior year to **HKD 19,182 thousand** in 2025, positively impacting profit[21](index=21&type=chunk) [6. Income Tax Expense](index=12&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense for the six months ended June 30, 2025, was **HKD 15,105 thousand**, a decrease from the prior year, primarily due to lower profit and the inclusion of deferred tax | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 13,453 | 9,556 | +3,897 | | Overseas Tax | 8,345 | 12,063 | -3,718 | | Under-provision in Prior Years | 855 | 2,279 | -1,424 | | Deferred Tax (Credited) Debited | (7,548) | 136 | -7,684 | | **Total Income Tax Expense** | **15,105** | **24,034** | **-8,929** | - Hong Kong Profits Tax is provided at a rate of **16.5%**, while overseas profits are taxed at prevailing local rates[22](index=22&type=chunk) [7. Earnings Per Share](index=13&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, was **10.13 HK cents**, and diluted earnings per share was **10.01 HK cents**, both decreasing from the prior year | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit for Basic Earnings Per Share (HKD thousands) | 76,043 | 79,098 | -3.9% | | Weighted Average Number of Ordinary Shares for Basic EPS (thousands) | 750,888 | 749,698 | +0.16% | | Basic Earnings Per Share | 10.13 HK cents | 10.55 HK cents | -3.98% | | Diluted Earnings Per Share | 10.01 HK cents | 10.49 HK cents | -4.58% | - The impact of potential dilutive ordinary shares (share awards) increased from **4,261 thousand shares** to **8,492 thousand shares**, contributing to the decrease in diluted earnings[23](index=23&type=chunk) [8. Property, Plant and Equipment](index=13&type=section&id=8.%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant and equipment was **HKD 269,142 thousand**, an increase from the beginning of the period, primarily due to additions, business acquisitions, and exchange differences | Item | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 237,804 | - | - | | Additions | - | 24,590 | +24,590 | | Business Acquisitions | - | 21,198 | +21,198 | | Depreciation | - | (23,551) | -23,551 | | Exchange Differences | - | 9,333 | +9,333 | | Net Book Value at End of Period | - | 269,142 | +31,338 | - Land and buildings include freehold land and buildings in Australia and leasehold buildings in Malaysia[25](index=25&type=chunk) [9. Right-of-use Assets](index=14&type=section&id=9.%20Right-of-use%20Assets) As of June 30, 2025, total right-of-use assets amounted to **HKD 157,115 thousand**, an increase from December 31, 2024, mainly reflecting growth in leased properties | Item | December 31, 2024 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Leased Land | 4,195 | 6,041 | +1,846 | | Leased Properties | 113,825 | 148,444 | +34,619 | | Plant and Equipment | 3,060 | 2,630 | -430 | | **Total** | **121,080** | **157,115** | **+36,035** | [10. Intangible Assets](index=14&type=section&id=10.%20Intangible%20Assets) As of June 30, 2025, total intangible assets were **HKD 558,143 thousand**, an increase from the beginning of the period, primarily due to additions of pre-publication costs, goodwill from business acquisitions, and exchange differences | Item | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Goodwill | 314,437 | 328,848 | +14,411 | | Pre-publication Costs | 211,096 | 229,295 | +18,199 | | **Total** | **525,533** | **558,143** | **+32,610** | **Key Changes:** | Change Item | Amount (HKD thousands) | | :--- | :--- | | Additions of Pre-publication Costs | 66,720 | | Business Acquisitions (Goodwill) | 10,110 | | Amortization and Impairment | (53,852) | | Exchange Differences | 13,806 | [11. Trade and Other Receivables and Deposits](index=15&type=section&id=11.%20Trade%20and%20Other%20Receivables%20and%20Deposits) As of June 30, 2025, total trade and other receivables and deposits were **HKD 642,120 thousand**, a decrease from December 31, 2024, primarily due to a reduction in net trade receivables | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Trade Receivables | 531,982 | 651,743 | -18.4% | | Less: Impairment Provision | (20,525) | (22,590) | -9.1% | | Net Trade Receivables | 511,457 | 629,153 | -18.7% | | Other Receivables and Deposits | 130,663 | 130,974 | -0.2% | | **Total** | **642,120** | **760,127** | **-15.5%** | - Impairment provision for trade receivables was reversed, reflecting improved recovery of overdue accounts[28](index=28&type=chunk) - The Group generally grants trade customers credit terms of **30 to 150 days**[28](index=28&type=chunk) [12. Trade and Other Payables](index=15&type=section&id=12.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were **HKD 427,170 thousand**, a decrease from December 31, 2024, primarily due to a reduction in gross trade payables | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Trade Payables | 127,684 | 150,403 | -15.0% | | Other Payables and Accruals | 299,486 | 304,852 | -1.8% | | **Total** | **427,170** | **455,255** | **-6.2%** | [13. Bank Borrowings](index=16&type=section&id=13.%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings significantly decreased to **HKD 89,048 thousand** from December 31, 2024, with all borrowings repayable within one year | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Loans Repayable Within One Year | 89,048 | 126,211 | -29.5% | | Bank Loans Repayable After One Year | - | 37,667 | -100% | | **Total** | **89,048** | **163,878** | **-45.7%** | - All bank borrowings are supported by corporate guarantees from the Company and bear interest at floating rates[30](index=30&type=chunk) [14. Share Capital](index=16&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the Company's authorized share capital was **1,500,000 thousand shares** at **HKD 0.01** par value each, with issued and fully paid share capital of **770,000 thousand shares** amounting to **HKD 7,700 thousand**, unchanged from the beginning of the period | Item | Number of Shares (thousands) | Amount (HKD thousands) | | :--- | :--- | :--- | | Authorized Share Capital | 1,500,000 | 15,000 | | Issued and Fully Paid Share Capital | 770,000 | 7,700 | [15. Capital Commitments](index=16&type=section&id=15.%20Capital%20Commitments) As of June 30, 2025, the Group's capital commitments for the acquisition of property, plant and equipment were approximately **HKD 5,556 thousand**, a significant decrease from December 31, 2024 | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Commitments for Acquisition of Property, Plant and Equipment | 5,556 | 34,552 | -83.9% | [16. Dividends and Distributions](index=17&type=section&id=16.%20Dividends%20and%20Distributions) Total dividends approved and paid during the interim period amounted to **HKD 75,111 thousand**, including interim and special dividends, with the Board declaring an interim dividend of **HKD 0.030** per share, consistent with the prior year, but no special dividend | Dividend Type | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 2024 Interim Dividend Paid | 61,600 | - | +61,600 | | 2024 Special Dividend Paid | 15,400 | - | +15,400 | | 2023 Final Dividend Paid | - | 61,600 | -61,600 | | Dividend Income from Shares Held under Share Award Scheme | (1,889) | (1,608) | -281 | | **Total Dividends Paid** | **75,111** | **59,992** | **+15,119** | | **Interim Dividends Declared** | | | | | Interim Dividend Per Share (HKD 0.030) | 23,100 | 23,100 | - | | Special Dividend Per Share (Nil) | - | 11,550 | -11,550 | | **Total Dividends Declared** | **23,100** | **34,650** | **-11,550** | - The 2025 interim dividend is expected to be paid on September 24, 2025[33](index=33&type=chunk) [17. Acquisition of a Business](index=18&type=section&id=17.%20Acquisition%20of%20a%20Business) On May 16, 2025, the Group completed the acquisition of Marvel Printing Pty Ltd's bookbinding and print finishing business for a maximum consideration of **AUD 7,515,000**, generating **HKD 10,110 thousand** in goodwill and expecting synergistic benefits - The Company's indirect non-wholly owned subsidiary, OPUS Group Pty. Ltd., and Marvel Printing Pty Ltd acquired the bookbinding and print finishing business of Marvel Bookbinding and Printfinishing Pty Ltd[34](index=34&type=chunk) - The maximum total consideration was **AUD 7,515,000** (approximately **HKD 36,974,000**), including initial consideration, lease-back reimbursement, and deferred consideration[34](index=34&type=chunk) Identifiable Assets Acquired and Liabilities Assumed in Business Acquisition | Item | Amount (HKD thousands) | | :--- | :--- | | Property, Plant and Equipment | 21,199 | | Right-of-use Assets | 7,281 | | Deferred Tax Assets | 3,019 | | Inventories | 1,328 | | Other Borrowings | (1,562) | | Lease Liabilities | (7,572) | | Provisions | (2,491) | | Deferred Tax Liabilities | (6,909) | | **Total Identifiable Assets Acquired and Liabilities Assumed** | **14,293** | | Cash Consideration | 14,834 | | Deferred Consideration | 9,569 | | **Goodwill** | **10,110** | - From the acquisition date, the acquired business contributed **HKD 2,259 thousand** in revenue and a **HKD 295 thousand net loss** to the Group[37](index=37&type=chunk) [18. Related Party Transactions](index=20&type=section&id=18.%20Related%20Party%20Transactions) The Company's directors, as key management personnel, had total remuneration of **HKD 4,774 thousand** for the six months ended June 30, 2025, with their compensation determined by the Remuneration Committee | Remuneration Category | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 4,385 | 4,432 | -47 | | Post-employment Benefits | 105 | 101 | +4 | | Equity-settled Share-based Payment Expense | 284 | 284 | - | | **Total** | **4,774** | **4,817** | **-43** | [19. Contingent Liabilities](index=20&type=section&id=19.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as at June 30, 2025[41](index=41&type=chunk) [20. Fair Value Measurement](index=20&type=section&id=20.%20Fair%20Value%20Measurement) The Group's fair value measurements primarily involve financial assets (preference share investments) and liabilities (deferred consideration) at fair value through profit or loss, both classified as Level 3 and valued using option pricing models and financial forecasts | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Preference Share Investments | 2,407 | - | | Other Payables - Deferred Consideration | (9,783) | - | | **Net Fair Value** | **(7,376)** | **-** | - The fair value of preference share investments is calculated using an option pricing model, while deferred consideration is determined based on financial forecasts, referencing risk-free rates and credit spreads[43](index=43&type=chunk) - There were no significant changes in the fair value of trade and other receivables, cash and cash equivalents, trade and other payables, bank borrowings, and lease liabilities compared to their cost or amortized cost[43](index=43&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's perspective on the Group's operational performance, financial position, and future outlook [Business Review](index=22&type=section&id=Business%20Review) The Group's first-half turnover decreased by **13%** due to a weak global illustrated book market and US tariff policies, with profit attributable to owners declining by **4%** from reduced contributions by Regent and Quarto - The Group's first-half turnover decreased by **13%** to **HKD 1,094 million**, and profit attributable to owners decreased by **4%** to **HKD 76 million**[44](index=44&type=chunk) - The decline was primarily influenced by a weak global illustrated book market and shifts in global supply chains due to reciprocal tariffs imposed by the US Trump administration[44](index=44&type=chunk) - US print book unit sales decreased by **2%** year-on-year, with adult non-fiction and children's book categories declining by **4%** and **1%** respectively[44](index=44&type=chunk) - Despite information books being exempt from tariffs, trade policy uncertainty led US publishers to reduce offshore printing orders, significantly impacting Hung Hing Printing in China and Regent, which specializes in stationery products[45](index=45&type=chunk) [A. Print Manufacturing](index=23&type=section&id=A.%20Print%20Manufacturing) The Print Manufacturing segment showed mixed performance: Sales declined at Hung Hing Printing but profit rose, Opus Group's turnover fell but gross margin improved with a small acquisition, and Papercraft's sales increased due to expanded capacity and production shifts - Hung Hing Printing's sales decreased by **22%**, but overall profit increased due to favorable exchange rates, lower operating costs, and reduced interest expenses[48](index=48&type=chunk) - Opus Group's turnover decreased by **8%**, but gross margin improved, benefiting from optimized paper procurement and operational efficiency, and completed a small acquisition of Marvel Printing to expand capacity[49](index=49&type=chunk) - Papercraft's sales increased by **20%**, primarily benefiting from expanded printing service capacity and publishing clients shifting production from China to mitigate potential tariff changes[50](index=50&type=chunk) [B. Print Services Management](index=24&type=section&id=B.%20Print%20Services%20Management) In Print Services Management, APOL's sales slightly decreased but profitability remained stable, Regent's sales significantly dropped due to US tariffs, and the new Libermata business, offering procurement consulting, is in early investment stages - APOL's sales decreased by **5%** year-on-year, but its diverse client base and supplier network resulted in a smaller revenue decline and largely stable profitability[51](index=51&type=chunk) - Regent's sales decreased by **27%** as its specialized US stationery products did not receive tariff exemptions, leading customers to seek alternative sourcing in Vietnam and Thailand[52](index=52&type=chunk) - Libermata, a new business unit offering procurement consulting and an online platform, has achieved **millions of US dollars** in cost savings for clients but has limited short-term contribution to Group profit[53](index=53&type=chunk) [C. Publishing](index=24&type=section&id=C.%20Publishing) The Publishing segment, Quarto Group, saw a **14%** revenue decline, underperforming the market due to a weakening global illustrated book market, prompting management to restructure and refocus on core mid-list titles - Quarto Group's first-half revenue decreased by **14%**, with larger declines in core categories such as cooking and gardening[54](index=54&type=chunk) - Management is accelerating structural and process redesign, refocusing publishing plans on core mid-list titles, and reducing overall title count to enhance impact and quality[54](index=54&type=chunk) [Outlook](index=25&type=section&id=Outlook) The Group anticipates intensified competition and gross margin pressure in H2, with EUDR potentially increasing paper costs and ongoing US tariff uncertainty, while responding through diversification, efficiency, Quarto's restructuring, and an interim dividend - Competitive pressure among book printers is expected to intensify in the second half, with market contraction leading to aggressive pricing strategies and downward pressure on gross margins[55](index=55&type=chunk) - The EU Deforestation Regulation (EUDR), effective December 2025, is expected to result in a mid-single-digit percentage price premium for compliant paper products, which will be difficult to fully pass on to publishing clients[55](index=55&type=chunk) - The US government has implemented reciprocal tariffs, but printed information books are currently excluded; however, management remains cautious as tariff rates and exemptions may change, and the Group is pursuing geographical diversification to mitigate risks[56](index=56&type=chunk) - The Group will continue to focus on enhancing production efficiency and optimizing paper procurement at Papercraft and Opus Group, with approximately **AUD 15 million** in capital expenditure planned for Opus Group to modernize equipment[57](index=57&type=chunk)[58](index=58&type=chunk) - Quarto is undergoing strategic restructuring, refocusing its publishing program on core mid-list titles and strengthening workflow systems to improve efficiency and responsiveness[58](index=58&type=chunk) - The Board declared a first interim dividend of **HKD 0.03** per share, reflecting the Group's confidence in its financial position and future prospects[59](index=59&type=chunk) [Review of Financial Performance](index=27&type=section&id=Review%20of%20Financial%20Performance) The Group's first-half turnover decreased by **13.0%** due to market weakness in both print and publishing, with overall gross margin stable despite mixed segment performance, resulting in profit attributable to owners of approximately **HKD 76 million** - Turnover decreased by **13.0%** year-on-year to approximately **HKD 1,094 million**, with the Print business segment declining by **12.5%** and the Publishing business segment by **14.1%**[60](index=60&type=chunk) - Overall gross margin remained stable compared to the prior year, with improved gross margins at Australian printing facilities offset by declining gross margins in the Publishing business[60](index=60&type=chunk) | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Interest Income | 4,900 | 10,000 | -5,100 | | Other Income | 30,200 | 13,700 | +16,500 | | Selling and Distribution Costs | 175,900 | 180,700 | -4,800 | | Administrative Expenses | 103,200 | 114,700 | -11,500 | | Reversal/(Provision) for Impairment of Trade Receivables | 1,800 | (2,200) | +4,000 | | Finance Costs | 7,700 | 13,400 | -5,700 | | Income Tax Expense | 15,100 | 24,000 | -8,900 | | Profit Attributable to Owners of the Company | 76,000 | 79,100 | -3,100 | - Administrative expenses decreased primarily due to higher legal and professional fees incurred in 2024 for corporate projects such as subsidiary privatization, delisting, acquisition offers, and share repurchases, as well as reduced management personnel costs in the Publishing business segment and lower external service expenses from internal development of a book management system[61](index=61&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=28&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's net current assets were approximately **HKD 907,100 thousand** with a current ratio of **2.5**, and total bank borrowings and lease liabilities decreased to **HKD 257,800 thousand**, reducing the gearing ratio to **14.5%** while maintaining ample liquidity | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 907,100 | 947,700 | -4.3% | | Cash and Bank Balances | 436,100 | 500,500 | -12.9% | | Current Ratio | 2.5 | 2.3 | +8.7% | | Total Bank Borrowings and Lease Liabilities | 257,800 | 299,400 | -13.9% | | Gearing Ratio | 14.5% | 17.2% | -15.7% | - Approximately **HKD 24,600 thousand** was invested in property, plant and equipment during the period, funded by internal resources[64](index=64&type=chunk) - The Group regularly monitors its liquidity requirements, ensuring sufficient cash reserves and adequate credit facilities are maintained[64](index=64&type=chunk) [Foreign Exchange Management](index=29&type=section&id=Foreign%20Exchange%20Management) The Group's sales, costs, and expenses are denominated in multiple currencies, primarily USD, AUD, EUR, GBP, HKD, and RMB, with foreign exchange contracts used to hedge currency risks - The Group's sales, costs, and expenses are primarily denominated in US Dollars, Australian Dollars, Euros, British Pounds, Hong Kong Dollars, and Renminbi[65](index=65&type=chunk) - The Group enters into foreign exchange contracts from time to time to hedge its currency risks[65](index=65&type=chunk) [Significant Acquisitions and Disposals](index=29&type=section&id=Significant%20Acquisitions%20and%20Disposals) Aside from the business acquisition disclosed in Note 17, the Group had no other significant acquisitions or disposals requiring disclosure under the Listing Rules during the interim period - The Group had no other significant acquisitions or disposals requiring disclosure under the Listing Rules during the interim period, apart from the business acquisition disclosed in Note 17[66](index=66&type=chunk) [Pledged Assets](index=29&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had approximately **HKD 200 thousand** in pledged deposits, serving as collateral for a subsidiary's bank guarantee facility - The Group had approximately **HKD 200 thousand** in pledged deposits as collateral for a subsidiary's bank guarantee facility[67](index=67&type=chunk) [Capital Commitments and Contingent Liabilities](index=29&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had capital commitments of approximately **HKD 5,600 thousand** for the acquisition of printing machinery and no significant contingent liabilities - The Group's commitments for the acquisition of printing machinery amounted to approximately **HKD 5,600 thousand**, to be funded by internal resources[68](index=68&type=chunk) - The Group had no significant contingent liabilities as at June 30, 2025[69](index=69&type=chunk) [Other Disclosures](index=30&type=section&id=Other%20Disclosures) This section includes additional disclosures on corporate governance, shareholdings, and other regulatory compliance matters [Directors' and Chief Executive's Interests in Securities](index=30&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Securities) As of June 30, 2025, the Company's directors and chief executive held long positions in the Company's shares and those of its associate, Opus Group Global Limited, with Mr. Liu Chuk Kin being the largest shareholder, holding **46.70%** of the Company's issued share capital Long Positions in the Company's Shares | Director's Name | Personal Interests (Shares) | Corporate Interests (Shares) | Total Interests (Shares) | Percentage of Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Mr. Liu Chuk Kin | 101,481,297 | 258,135,326 | 359,616,623 | 46.70 | | Ms. Lam Mei Lan | 10,148,688 | Nil | 10,148,688 | 1.32 | | Mr. Chu Chun Wan | 200,000 | Nil | 200,000 | 0.03 | | Mr. Li Hai | 200,000 | Nil | 200,000 | 0.03 | | Mr. Kwok Chun Sing | 200,000 | 249,804 | 449,804 | 0.06 | | Professor Li Xiao Liang | 200,000 | Nil | 200,000 | 0.03 | Long Positions in Shares of the Company's Associate, Opus Group Global Limited | Director's Name | Personal Interests (Shares) | Corporate Interests (Shares) | Total Interests (Shares) | Percentage of Opus' Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Mr. Liu Chuk Kin | 19,426,864 | 323,738,411 | 343,165,275 | 68.82 | | Ms. Lam Mei Lan | 1,035,543 | Nil | 1,035,543 | 0.21 | - Mr. Liu Chuk Kin is deemed to have an interest in the shares held by City Apex Ltd. through his interest in Green Field Group[71](index=71&type=chunk) [Major Shareholders](index=32&type=section&id=Major%20Shareholders) As of June 30, 2025, major shareholders included Green Field Group Limited, City Apex Ltd., Mr. Cheng Man Kei, Mr. and Mrs. Webb David Michael Webb Karen and Anne, JcbNext Berhad, and Preferable Situation Assets Limited, with Green Field Group Limited and City Apex Ltd. being the largest, each holding **33.52%** of the issued share capital Major Shareholder Holdings | Shareholder Name/Entity | Total Interests (Shares) | Percentage of Company's Issued Share Capital (%) | | :--- | :--- | :--- | | Green Field Group Limited | 258,135,326 | 33.52 | | City Apex Ltd. | 258,135,326 | 33.52 | | Mr. Cheng Man Kei | 64,179,613 | 8.34 | | Mr. and Mrs. Webb David Michael Webb Karen and Anne | 77,648,976 | 10.08 | | JcbNext Berhad | 54,112,030 | 7.03 | | Preferable Situation Assets Limited | 45,407,408 | 5.90 | - Green Field Group is the ultimate holding company of City Apex Ltd. and is therefore deemed to have an interest in the shares held by City Apex Ltd[76](index=76&type=chunk) [Share Award Scheme](index=33&type=section&id=Share%20Award%20Scheme) The Hung Hing Printing Share Award Scheme, adopted in 2013 to incentivize participants, expired on December 30, 2023, with no new awards granted in H1 2025, but **17,292,000** effective award shares remain outstanding - The Hung Hing Printing Share Award Scheme aims to recognize and encourage participants' contributions and incentivize them to promote the Group's operations and development[78](index=78&type=chunk) - The scheme expired on December 30, 2023, and no share awards were granted or shares purchased during the six months ended June 30, 2025[78](index=78&type=chunk) - As at June 30, 2025, there were **17,292,000** effective award shares under the Hung Hing Printing Share Award Scheme[78](index=78&type=chunk)[79](index=79&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, and the date of this interim report, the Company had no share option scheme - The Company had no share option scheme[80](index=80&type=chunk) [Purchase, Sale or Redemption of Shares](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Shares) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[81](index=81&type=chunk) [Corporate Governance Code](index=34&type=section&id=Corporate%20Governance%20Code) The Board believes the Company complied with the Corporate Governance Code provisions in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company complied with the code provisions set out in Appendix C1 to the Listing Rules on Corporate Governance Code[82](index=82&type=chunk) [Standard Code for Securities Transactions](index=34&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted the Standard Code for directors' securities transactions and is unaware of any non-compliance - The Company has adopted the Standard Code as the code of conduct for directors' dealings in the Company's securities[83](index=83&type=chunk) - The Company is not aware of any non-compliance with the required standards set out in the Standard Code by any director regarding securities dealings during the interim period[83](index=83&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately **1,758** full-time employees, offering competitive salaries, performance-based incentives, and other benefits including share awards, provident funds, insurance, and medical coverage - As at June 30, 2025, the Group had approximately **1,758** full-time employees (June 30, 2024: **1,797**)[84](index=84&type=chunk) - Employee salaries are competitive and rewarded based on performance, with other benefits including share awards, provident funds, insurance, and medical coverage[84](index=84&type=chunk) [Interim Dividend and Closure of Register of Members](index=34&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board resolved to declare an interim dividend of **HKD 0.030** per ordinary share for the six months ended June 30, 2025, with the share register closing on September 11, 2025, and the dividend expected to be paid on September 24, 2025 - The Board recommended an interim dividend of **HKD 0.030** per ordinary share for the six months ended June 30, 2025[85](index=85&type=chunk) - The register of members will be closed on September 11, 2025, and to qualify for the dividend, all transfer documents must be lodged with Hong Kong Central Share Registrar Services Limited by **4:30 p.m. on September 10, 2025**[85](index=85&type=chunk) - The interim dividend is expected to be paid on September 24, 2025[85](index=85&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews the Group's financial reporting and internal controls, and has reviewed this interim report, deeming it compliant with applicable accounting standards and adequately disclosed - The Audit Committee comprises three independent non-executive directors: Mr. Ho Tai Wai, Professor Li Xiao Liang, and Mr. Ng Siu On[86](index=86&type=chunk) - The Audit Committee reviews the Group's financial reporting and internal controls and has reviewed the Company's interim report for the six months ended June 30, 2025[86](index=86&type=chunk) [By Order of the Board](index=35&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Chairman Mr. Liu Chuk Kin on behalf of the Board on August 27, 2025, with the Board comprising three executive, two non-executive, and three independent non-executive directors - This announcement was issued by Chairman Mr. Liu Chuk Kin on August 27, 2025[87](index=87&type=chunk) - The Board comprises executive directors Mr. Liu Chuk Kin, Ms. Lam Mei Lan, and Mr. Chu Chun Wan; non-executive directors Mr. Li Hai and Mr. Kwok Chun Sing; and independent non-executive directors Professor Li Xiao Liang, Mr. Ho Tai Wai, and Mr. Ng Siu On[87](index=87&type=chunk)

格隆汇8月15日丨狮子山集团(01127.HK)公告，公司将于2025年8月27日(星期三)上午十时正于香港九龙 观塘海滨道123号绿景大厦东翼11楼举行董事会会议，董事会将于会上通过议案，其中包括批准公司及 其附属公司截至2025年6月30日止6个月期间的中期业绩，以及考虑派发中期股息(如适用)。 ...

承董事會命 獅子山集團有限公司 主席 劉竹堅 香港, 二零二五年八月十五日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 LION ROCK GROUP LIMITED 獅子山集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1127） 董事會會議召開日期 獅子山集團有限公司(「本公司」)董事會(「董事會」)宣佈，本公司將於二零二五年八月 二十七日(星期三)上午十時正於香港九龍觀塘海濱道 123 號綠景大廈東翼 11 樓舉行董事 會會議，董事會將於會上通過議案，其中包括批准本公司及其附屬公司截至二零二五年 六月三十日止六個月期間的中期業績，以及考慮派發中期股息(如適用)。 * 僅供識別 於本公佈日期，董事會由執行董事劉竹堅先生、林美蘭女士及朱震環先生；非執行董事李海先 生、郭俊升先生;以及獨立非執行董事李效良教授、何大衞先生及伍兆安先生組成。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 承董事會命 獅子山集團有限公司 主席 劉竹堅 香港，二零二五年八月十一日 於本公佈日期，本公司董事會由執行董事劉竹堅先生、林美蘭女士及朱震環先生；非執行董事李海先生及郭 俊升先生；以及獨立非執行董事李效良教授、何大衞先生及伍兆安先生組成。 * 僅供識別 LION ROCK GROUP LIMITED 獅子山集團有限公司* (於百慕達註冊成立之有限公司) (股份代號：1127) 更改公司網址 獅子山集團有限公司 (「本公司」)之董事會(「董事會」 )謹此宣佈，本公司網址將由 「www.lionrockgrouphk.com」更改為「www.lionrock.hk」，從二零二五年八月十二日起生效。本公 司提交以供於香港聯合交易所有限公司網站上刊發的所有公告、通告或其他文件亦將在本公司之新 網址上刊發。 ...

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 致：香港交易及結算所有限公司 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) | 01127 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 15,000,000 公司名稱: 獅子山集團有限公 ...

Core Viewpoint - Lion Rock Group (01127.HK) announced that its Executive Director and Chief Financial Officer, Ms. Lin Meilan, intends to retire at the end of the year [1] Group 1 - The board welcomes Mr. Wang Shiyang, a member of the Chartered Professional Accountants of Canada and former Financial Director of Citybus Limited, to take over as Chief Operating Officer and Chief Financial Officer effective August 1, 2025 [1] - Ms. Lin and Mr. Wang will work together to ensure a smooth transition [1]

智通财经APP讯，狮子山集团(01127)发布公告，狮子山集团有限公司执行董事兼首席财务官林美兰女士 已通知公司董事会，表示其有意于年末退任。 董事会欢迎加拿大特许会计师公会会员及城巴有限公司前任财务董事王世扬先生担任首席营运官及首席 财务官，自2025年8月1日起生效。 ...