[Interim Results Summary](index=1&type=section&id=Summary) The Group's continuing operations saw a slight revenue decrease but improved gross profit, a significant turnaround from loss to profit, and stable gearing ratio Key Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (HK$ Million) | 2024 (HK$ Million) (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 363 | 369 | (2%) | | Gross Profit (Continuing Operations) | 243 | 242 | 1% | | Profit/(Loss) Attributable to Equity Holders | 137 | (81) | (269%) | | Earnings/(Loss) Per Share | **4.88 HK cents** | **(2.89) HK cents** | - | - Revenue from continuing operations decreased by **2%** to **HK$362.7 million**, primarily due to a lack of blockbuster films and reduced attendance during the period[3](index=3&type=chunk) - Gross profit from continuing operations increased by **1%** to **HK$242.9 million**, mainly driven by higher-margin film licensing fee income during the period[3](index=3&type=chunk) - Profit attributable to equity holders turned from a **HK$81 million loss in 2024** to a **HK$136.7 million profit in 2025**, primarily due to non-recurring gains from cinema lease terminations (**HK$19.1 million reversal** and **HK$85.8 million lease modification**), a **HK$32.6 million tax credit** from deferred tax liability reversal on the Singapore property sale, and no non-financial asset impairment losses in 2025 (compared to **HK$313.3 million in 2024**)[4](index=4&type=chunk) - The gearing ratio remained stable at **9.0%** (December 31, 2024: **8.0%**)[4](index=4&type=chunk) [Interim Results](index=3&type=section&id=Interim%20Results) The Group's interim results show a significant turnaround in profitability, driven by improved continuing operations and non-recurring gains, despite some asset reclassifications [Consolidated Statement of Profit or Loss](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's continuing operations revenue slightly decreased for the six months ended June 30, 2025, but gross profit increased, with profit attributable to equity holders significantly improving from a loss to a profit, mainly due to non-recurring gains and reduced impairment losses Key Data from Consolidated Statement of Profit or Loss (Continuing Operations) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Revenue | 362,684 | 369,249 | | Cost of Sales | (119,790) | (127,741) | | Gross Profit | 242,894 | 241,508 | | Other Income | 114,618 | 21,376 | | Profit from Operations | 115,445 | 8,827 | | Profit/(Loss) Before Tax | 105,085 | (10,731) | | Income Tax Credit/(Expense) | 31,627 | (6,947) | | Profit/(Loss) for the Period from Continuing Operations | 136,712 | (17,678) | Key Data from Consolidated Statement of Profit or Loss (Discontinued Operations) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Gain on Disposal of Interest in a Joint Venture | – | 285,575 | | Exchange Reserve Realized on Disposal | – | 8,723 | | Loss for the Period from Discontinued Operations | – | (357,668) | | Profit/(Loss) for the Period | 136,712 | (81,048) | Earnings/(Loss) Per Share (HK cents) | Indicator | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Continuing Operations | **4.88** | **(0.63)** | | Discontinued Operations | – | **(2.26)** | | Total | **4.88** | **(2.89)** | - Total comprehensive income for the period turned from a **HK$114,404 thousand loss in 2024** to a **HK$235,596 thousand profit in 2025**, primarily due to positive exchange differences from subsidiaries outside Hong Kong[8](index=8&type=chunk) [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's total non-current assets decreased, but net current assets turned from negative to positive, reflecting adjustments in asset structure, while net assets and total equity attributable to shareholders both decreased Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Non-current Assets | 1,601,716 | 1,905,656 | | Current Assets | 495,440 | 211,792 | | Current Liabilities | 443,308 | 358,857 | | Net Current Assets/(Liabilities) | 52,132 | (147,065) | | Total Assets Less Current Liabilities | 1,653,848 | 1,758,591 | | Non-current Liabilities | 588,801 | 248,462 | | Net Assets | 1,169,790 | 1,405,386 | | Total Equity Attributable to Equity Holders of the Company | 1,169,790 | 1,405,386 | - Right-of-use assets within non-current assets significantly decreased from **HK$726,127 thousand** to **HK$390,815 thousand**, reflecting changes in leased properties[9](index=9&type=chunk) - Non-current assets held for sale of **HK$271,398 thousand** were newly added to current assets, compared to zero as of December 31, 2024, related to the Singapore property disposal[9](index=9&type=chunk)[34](index=34&type=chunk) - Bank loans in current liabilities significantly increased from **HK$13,965 thousand** to **HK$189,396 thousand**, while bank loans in non-current liabilities increased from zero to **HK$156,016 thousand**[9](index=9&type=chunk)[10](index=10&type=chunk) [Notes to the Unaudited Interim Financial Results](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Results) These notes detail the basis of preparation, accounting policy changes, revenue breakdown, segment reporting, profit before tax components, income tax, earnings per share, and specific balance sheet items, along with discontinued operations and post-reporting events [1 Basis of Preparation](index=8&type=section&id=1%20Basis%20of%20Preparation) These interim results are prepared in accordance with HKEX Listing Rules and HKAS 34, reviewed by the Audit Committee but unaudited, applying the same accounting policies as the 2024 annual report, reflecting management's judgments, estimates, and assumptions - The interim financial information has been prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[11](index=11&type=chunk) - The interim financial information is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[13](index=13&type=chunk) [2 Changes in Accounting Policies](index=8&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," but these had no material impact on the interim financial information as the Group did not undertake relevant foreign currency transactions - The Group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," but these had no material impact on the interim financial information[14](index=14&type=chunk) [3 Revenue](index=9&type=section&id=3%20Revenue) The Group's revenue primarily stems from film exhibition, disc and TV licensing, film and TV drama distribution, cinema operations, promotion and advertising services, and agency services, with a diversified customer base and no single customer accounting for over **10%** of revenue - Revenue primarily derives from film exhibition, disc and TV licensing, film and TV drama distribution, cinema operations, promotion and advertising services, and agency services[16](index=16&type=chunk) - The Group has a diversified customer base, with no single customer accounting for more than **10%** of the Group's revenue[17](index=17&type=chunk) [4 Segment Reporting](index=9&type=section&id=4%20Segment%20Reporting) The Group manages its operations by geographical region (Hong Kong, Mainland China, Singapore) and presents segment reports based on internal reporting to the chief operating decision-maker, with segment results calculated as adjusted operating profit after tax, excluding net finance costs, exchange differences, and non-recurring items - The Group manages its operations by geographical region (Hong Kong, Mainland China, Singapore) and presents reportable segments[18](index=18&type=chunk)[21](index=21&type=chunk) Reportable Segment Revenue (Continuing Operations) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Hong Kong | 53,022 | 73,992 | | Mainland China | 27,204 | – | | Singapore | 300,482 | 325,226 | | Sub-total | 380,708 | 399,218 | Reportable Segment Profit/(Loss) After Tax | Region | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Hong Kong | 3,160 | (16,442) | | Mainland China | 26,014 | (1,435) | | Singapore | 5,378 | 20,041 | | Sub-total | 34,552 | 2,164 | - Consolidated revenue from continuing operations was **HK$362,684 thousand** (2024: **HK$369,249 thousand**), and consolidated profit before tax was **HK$105,085 thousand** (2024: **HK$10,731 thousand loss**)[23](index=23&type=chunk) [5 Profit/(Loss) Before Tax](index=11&type=section&id=5%20Profit%2F%28Loss%29%20Before%20Tax) Profit before tax for the period was primarily influenced by reduced finance costs, increased staff costs, decreased depreciation expenses, and non-recurring gains from lease modifications and reversal of restoration cost provisions, with no non-financial asset impairment losses recorded in 2025, unlike the significant impairment losses in 2024 Finance Costs (Continuing Operations) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Interest on bank loans | 3,656 | 14,406 | | Interest on lease liabilities | 6,531 | 9,053 | | Other borrowing costs | 173 | 1,351 | | Total | 10,360 | 24,810 | | Less: Finance costs capitalised | – | (5,252) | | Net | 10,360 | 19,558 | Staff Costs (Excluding Directors' Emoluments, Continuing Operations) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Wages, salaries and other benefits | 45,517 | 44,511 | | Contributions to defined contribution retirement plans | 5,273 | 3,800 | | Total | 50,790 | 48,311 | - Depreciation expenses for continuing operations decreased, with depreciation of owned property, plant and equipment falling from **HK$19,352 thousand** to **HK$15,550 thousand**, and depreciation of right-of-use assets decreasing from **HK$49,469 thousand** to **HK$44,027 thousand**[26](index=26&type=chunk) - The period recorded a **HK$85,849 thousand gain** from lease modifications and a **HK$19,100 thousand reversal** of restoration cost provisions, both classified as non-recurring gains[26](index=26&type=chunk) - No non-financial asset impairment losses were recorded in 2025, whereas in 2024, discontinued operations recorded **HK$225,978 thousand** impairment for fixed assets related to 360 Theatre and **HK$87,355 thousand** impairment for 360 Theatre development costs[26](index=26&type=chunk) [6 Income Tax in the Consolidated Statement of Profit or Loss](index=13&type=section&id=6%20Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Income tax credit of **HK$31,627 thousand** was recorded for continuing operations this period, primarily due to the reversal of deferred tax liabilities, with no profits tax provision in Hong Kong and Mainland China due to losses, and Singapore corporate income tax calculated at a **17%** rate Income Tax Credit/(Expense) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Current income tax - Overseas tax provision | 1,879 | 4,688 | | Current income tax - Over-provision in prior years | (1,975) | (2) | | Deferred tax - Origination and reversal of temporary differences | (31,531) | 2,259 | | Actual tax (credit)/expense | (31,627) | 6,947 | - No provision for profits tax has been made for Hong Kong and Mainland China due to recorded losses[27](index=27&type=chunk)[28](index=28&type=chunk) - Corporate income tax provision for Singapore subsidiaries is calculated at **17%** of estimated assessable profit[28](index=28&type=chunk) [7 Earnings/(Loss) Per Share](index=14&type=section&id=7%20Earnings%2F%28Loss%29%20Per%20Share) Basic earnings per share for the period was **4.88 HK cents**, a significant improvement from the **2.89 HK cents loss per share** in the prior year, with diluted earnings per share being the same as basic earnings per share due to no dilutive potential ordinary shares Basic Earnings/(Loss) Per Share | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Profit/(Loss) attributable to equity holders - Continuing operations | 136,712 | (17,678) | | Profit/(Loss) attributable to equity holders - Discontinued operations | – | (63,370) | | Total | 136,712 | (81,048) | - Basic earnings/(loss) per share is calculated based on the profit/(loss) attributable to equity holders of the Company and the weighted average number of **2,799,669,050** ordinary shares outstanding[29](index=29&type=chunk) - The Company has no dilutive potential ordinary shares, thus diluted earnings/(loss) per share is the same as basic earnings/(loss) per share[30](index=30&type=chunk) [8 Trade Receivables](index=15&type=section&id=8%20Trade%20Receivables) The Group generally grants credit terms of **one to three months**, with total trade receivables at **HK$13,542 thousand** at the end of the reporting period, a decrease from **HK$16,783 thousand** as of December 31, 2024 - The Group generally grants credit terms ranging from **one to three months**[32](index=32&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 1 month | 7,859 | 11,965 | | Over 1 month but within 2 months | 2,092 | 2,304 | | Over 2 months but within 3 months | 2,168 | 968 | | Over 3 months | 1,423 | 1,546 | | Total | 13,542 | 16,783 | [9 Non-current Assets Held for Sale](index=15&type=section&id=9%20Non-current%20Assets%20Held%20for%20Sale) The Group entered into an agreement on June 2, 2025, to sell a property in Singapore for **SGD48,000,000**, with the sale completed on August 8, 2025, thus its carrying amount of **HK$271,398 thousand** was classified as non-current assets held for sale as of June 30, 2025 - The Group entered into a sale and purchase agreement on June 2, 2025, to dispose of a property in Singapore for **SGD48,000,000**[34](index=34&type=chunk) - The property disposal was completed on August 8, 2025, and its carrying amount of **HK$271,398 thousand** was classified as non-current assets held for sale as of June 30, 2025[34](index=34&type=chunk) [10 Trade Payables](index=15&type=section&id=10%20Trade%20Payables) Total trade payables amounted to **HK$66,589 thousand** at the end of the reporting period, an increase from **HK$61,889 thousand** as of December 31, 2024 Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 3 months | 55,596 | 50,166 | | 4 to 6 months | 133 | 137 | | 7 to 12 months | 243 | 1,274 | | Over 1 year | 10,617 | 10,312 | | Total | 66,589 | 61,889 | [11 Discontinued Operations](index=16&type=section&id=11%20Discontinued%20Operations) The Group completed the disposal of its interest in a Taiwan joint venture (Vie Show Disposal) and a subsidiary operating 360 Theatre (360 Disposal) in 2024, classifying these as discontinued operations, resulting in no revenue or loss from discontinued operations in 2025, compared to a significant loss in 2024 - The Group disposed of its interest in a joint venture in Taiwan (Vie Show Disposal) and its interest in a subsidiary operating 360 Theatre (360 Disposal) in 2024[36](index=36&type=chunk) - These operations have been classified as discontinued operations, and comparative information for the six months ended June 30, 2024, has been restated[36](index=36&type=chunk) Results of Discontinued Operations | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | – | 8,315 | | Gross loss | – | (13,874) | | Other operating expenses | – | (313,333) | | Loss from operations | – | (346,287) | | Gain on disposal of interest in discontinued operations | – | 285,575 | | Loss before tax | – | (63,372) | | Loss for the year from discontinued operations | – | (63,370) | [12 Events After the Reporting Period](index=16&type=section&id=12%20Events%20After%20the%20Reporting%20Period) The Group's shareholders approved the property disposal on August 7, 2025, which was completed on August 8, 2025, with proceeds fully repaying all outstanding bank loans as of June 30, 2025 - The property disposal was completed on August 8, 2025, and the proceeds were fully used to repay all outstanding bank loans as of June 30, 2025[37](index=37&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business operations, including challenges in the film industry and strategic shifts towards integrated entertainment hubs, alongside a detailed financial review covering profit and loss, and financial resources and liquidity [Business Review](index=17&type=section&id=Business%20Review) As a Chinese film and entertainment company, the Group faces challenges from the pandemic, streaming popularity, Hollywood strikes, and wildfires; in response, it is transforming cinemas into integrated entertainment hubs, has terminated all Hong Kong cinema leases, recording non-recurring gains, and continues to focus on the Singapore market as its primary revenue source [Overall Business Overview](index=17&type=section&id=Overall%20Business%20Overview) As a Chinese film and entertainment company, the Group faces challenges from the pandemic, streaming popularity, Hollywood strikes, and wildfires, leading to film supply disruptions and revenue decline, prompting efforts to expand cinemas into integrated entertainment hubs - Established in **1970**, the Group is a world-class Chinese film and entertainment company primarily engaged in film exhibition, film and television program production, and film distribution[38](index=38&type=chunk) - The cinema industry was severely impacted by film supply disruptions caused by the pandemic, the rise of streaming, Hollywood actor and writer strikes, and wildfires in Los Angeles[39](index=39&type=chunk) - Revenue from the Group's continuing operations decreased by **2%** to **HK$362.7 million**, primarily due to a lack of blockbuster films[40](index=40&type=chunk) - The Group is committed to expanding its cinemas from single film viewing services to integrated entertainment hubs offering a variety of lifestyle products[40](index=40&type=chunk) [Hong Kong Cinema Operations](index=17&type=section&id=Hong%20Kong%20Cinema%20Operations) The Group terminated all Hong Kong cinema leases and ceased operations in Hong Kong during the period, resulting in no Hong Kong cinemas as of June 30, 2025, and recording non-recurring gains of **HK$19.1 million** from restoration cost provision reversal and **HK$85.8 million** from lease modifications; despite declining attendance and box office revenue due to industry challenges, the Hong Kong segment reported a profit thanks to significant rental support - The Group has terminated all Hong Kong cinema leases and ceased operating cinemas in Hong Kong, resulting in no Hong Kong cinemas as of June 30, 2025[41](index=41&type=chunk)[45](index=45&type=chunk) - Following lease terminations, the Group recorded non-recurring gains of **HK$19.1 million** (reversal of restoration cost provision) and **HK$85.8 million** (lease modification)[41](index=41&type=chunk) Hong Kong Cinema Operating Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Cinemas | 0 | 8 | | Number of Screens | 0 | 33 | | Attendance (Million) | **0.8** | **0.9** | | Net Average Ticket Price (HK$) | **53** | **64** | | Box Office Revenue (HK$ Million) | **43** | **58** | - The Hong Kong film industry experienced declines in attendance and box office revenue due to a scarcity of Hollywood blockbusters, disappointing economic recovery, population outflow, and changing consumer habits[46](index=46&type=chunk) - Despite declining box office revenue, the Hong Kong segment recorded a **HK$3.2 million profit** (2024: **HK$16.4 million loss**), primarily due to significant temporary rental support from landlords[46](index=46&type=chunk) [Singapore Cinema Operations](index=18&type=section&id=Singapore%20Cinema%20Operations) The Singapore market is the Group's primary revenue source, accounting for **79%** of continuing consolidated segment revenue, with **16** cinemas and **122** screens operated by the Group, where Golden Village maintains market leadership; despite reduced attendance, increased average ticket prices and F&B revenue led to slight net box office growth, as Golden Village focuses on transforming cinemas into integrated entertainment centers and diversifying revenue streams - As of June 30, 2025, the Group operated **16** cinemas with a total of **122** screens in Singapore[42](index=42&type=chunk)[43](index=43&type=chunk)[47](index=47&type=chunk) - Singapore accounted for **79%** (2024: **81%**) of the Group's continuing consolidated segment revenue, solidifying its position as a primary revenue source[42](index=42&type=chunk)[47](index=47&type=chunk) Singapore Cinema Operating Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Cinemas | 16 | 16 | | Number of Screens | 122 | 122 | | Attendance (Million) | **2.24** | **2.36** | | Net Average Ticket Price (SGD) | **12.8** | **12.1** | | Net Box Office Revenue (SGD Million) | **29** | **29** | - Golden Village's net box office revenue was **SGD28.7 million**, a **0.7% increase** from 2024, primarily due to a **6% rise** in average net ticket price offsetting a **5% decrease** in attendance[48](index=48&type=chunk) - Golden Village's F&B revenue increased by **4%** from **SGD12.4 million in 2024** to **SGD12.9 million in 2025**, with a **10% increase** in spending per customer[48](index=48&type=chunk) - Golden Village is committed to expanding its cinemas from single viewing purposes to integrated entertainment centers offering other lifestyle options, including expanding Gold Class premium cinemas and F&B offerings[49](index=49&type=chunk) - To mitigate the risk of Hollywood blockbuster delays, Golden Village is increasing alternative content, live online streaming, and special film screenings, while diversifying revenue through advance ticket sales, gift cards, merchandise, and e-commerce platforms[50](index=50&type=chunk) [Film and Television Program Distribution and Production](index=21&type=section&id=Film%20and%20Television%20Program%20Distribution%20and%20Production) The Group holds permanent distribution rights for over **140** self-produced films, generating stable licensing revenue, with film distribution and production businesses collectively recording **HK$43.6 million** in revenue, a slight **0.9%** increase; the Group continues to prudently invest in film production and actively collaborates with external studios to redevelop Chinese classic film intellectual properties - The Group's film library holds permanent distribution rights for over **140** self-produced films, generating stable licensing revenue[51](index=51&type=chunk) - Film distribution and production businesses collectively recorded **HK$43.6 million** in revenue, a slight **0.9% increase** compared to the same period last year[51](index=51&type=chunk) - The Group continues to maintain prudent investment decisions in film production and actively collaborates with external studios to redevelop its Chinese classic film library into online films and film-derived art[52](index=52&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) The Group's continuing operations revenue slightly decreased, but gross profit increased due to higher-margin licensing fee income; finance costs significantly reduced due to lower loan balances and interest rates, and an income tax credit was recorded, mainly from deferred tax liability reversal on the Singapore property sale, leading to a turnaround from loss to profit attributable to equity holders, driven by non-recurring gains and reduced impairment losses [Profit or Loss](index=22&type=section&id=Profit%20or%20Loss) The Group's continuing operations revenue slightly decreased by **2%** to **HK$362.7 million**, but gross profit increased by **1%** to **HK$242.9 million** due to higher-margin film licensing fee income; other income significantly increased, mainly from non-recurring gains from cinema lease terminations, while finance costs substantially decreased due to lower loan balances and interest rates; an income tax credit was recorded, primarily from deferred tax liability reversal on the Singapore property sale, leading to a turnaround from loss to profit attributable to equity holders, driven by non-recurring gains and reduced impairment losses - Consolidated revenue from continuing operations decreased by **2%** to **HK$362.7 million**, with total attendance decreasing by **7%**[53](index=53&type=chunk) - Gross profit from continuing operations increased by **1%** to **HK$242.9 million**, primarily due to higher-margin film licensing fee income[53](index=53&type=chunk) - Other income of **HK$114.6 million** primarily includes non-recurring gains of **HK$19.1 million** from restoration cost provision reversal and **HK$85.8 million** from lease modifications[53](index=53&type=chunk) - Finance costs decreased from **HK$14.4 million** to **HK$3.7 million**, mainly due to reduced outstanding loan balances and lower interest rates during the period[54](index=54&type=chunk) - Selling and distribution expenses, along with general and administrative expenses, decreased to **HK$224.5 million** (2024: **HK$240.2 million**), and depreciation expenses decreased to **HK$59.6 million** (2024: **HK$68.8 million**)[54](index=54&type=chunk) - Income tax for continuing operations recorded a **HK$31.6 million credit** (2024: **HK$6.9 million expense**), primarily due to a **HK$32.6 million credit** from the reversal of deferred tax liabilities on the Singapore property disposal[55](index=55&type=chunk) - Profit attributable to equity holders turned from a **HK$81 million loss in 2024** to a **HK$136.7 million profit in 2025**[56](index=56&type=chunk) [Financial Resources and Liquidity](index=23&type=section&id=Financial%20Resources%20and%20Liquidity) The Group maintains a robust financial position with net assets reaching **HK$1,405.4 million**, increased cash and bank balances, and stable net debt; gearing and net gearing ratios remain solid, with proceeds from the Singapore property sale used to repay bank loans, further optimizing the financial structure, and the Group faces low foreign exchange risk with no significant contingent liabilities - As of June 30, 2025, net assets reached **HK$1,405.4 million** (December 31, 2024: **HK$1,169.8 million**)[57](index=57&type=chunk) - Total cash and bank balances amounted to **HK$152.2 million** (December 31, 2024: **HK$133.6 million**)[57](index=57&type=chunk) - Net debt remained at a similar level, from **HK$36.4 million** as of December 31, 2024, to **HK$37.2 million** as of June 30, 2025[57](index=57&type=chunk) - Proceeds from the Singapore property disposal were used to repay all outstanding bank borrowings; the property's carrying amount of **HK$271.4 million** was classified as non-current assets held for sale, and bank loans of **HK$189.4 million** were reclassified as current liabilities[58](index=58&type=chunk) - The gearing ratio remained at **9.0%** (December 31, 2024: **8.0%**), and the net gearing ratio remained at **1.8%** (December 31, 2024: **1.7%**)[59](index=59&type=chunk) - The Group has low foreign exchange risk and no significant contingent liabilities or off-balance sheet debt[60](index=60&type=chunk) [Prospects](index=24&type=section&id=Prospects) Facing high uncertainty in Asian economies, trade barriers, geopolitical instability, and film supply issues, the Group will adopt a cautious approach to future operations and expansion plans, continuing to introduce diversified content and quality services to transform cinemas into integrated entertainment destinations, and prudently seeking synergistic investment opportunities within the region - Asian economies face challenges including high uncertainty in trade prospects, tariffs, rising interest rates, declining consumer confidence, and geopolitical instability[61](index=61&type=chunk) - The Group will adopt a cautious approach to future operations and expansion plans, continuing to introduce diversified content and quality services to transform cinemas into integrated entertainment destinations[62](index=62&type=chunk) - The Group will prudently seek suitable investment opportunities within the region to achieve synergies with existing businesses and create value for shareholders[62](index=62&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers employee and remuneration policies, interim dividend decisions, transactions involving listed securities, compliance with the Model Code and Corporate Governance Code, the Audit Committee's role, and publication details for interim results and reports, concluding with an acknowledgement and board member list [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **204** full-time employees, a decrease from **244** as of December 31, 2024; remuneration is primarily determined by industry practice, including salaries, commissions, discretionary bonuses, and share options, and the Group operates a defined contribution retirement benefit scheme - As of June 30, 2025, the Group employed **204** full-time employees (December 31, 2024: **244**)[63](index=63&type=chunk) - Employee remuneration is primarily determined by industry practice, including salaries, commissions, discretionary bonuses, and share options[63](index=63&type=chunk) - The Group operates a defined contribution retirement benefit scheme, with no forfeited contributions arising from employees leaving the scheme during the period[63](index=63&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The Directors do not recommend the payment of any interim dividend for the period ended June 30, 2025 (June 30, 2024: nil) - The Directors do not recommend the payment of any interim dividend for the period ended June 30, 2025[64](index=64&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries redeemed, repurchased, or sold any listed securities during the period ended June 30, 2025 - The Company did not redeem any of its listed securities during the period ended June 30, 2025[65](index=65&type=chunk) - Neither the Company nor any of its subsidiaries repurchased or sold any of the Company's listed securities on The Stock Exchange of Hong Kong Limited during the period[65](index=65&type=chunk) [Compliance with the Model Code](index=25&type=section&id=Compliance%20with%20the%20Model%20Code) The Company has adopted a code no less exacting than the Model Code set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Model Code and the Company's code throughout the period ended June 30, 2025 - The Company has adopted a code no less exacting than the Model Code set out in Appendix C3 of the Listing Rules[66](index=66&type=chunk) - All Directors confirm compliance with the Model Code and the Company's code throughout the period ended June 30, 2025[66](index=66&type=chunk) [Compliance with the Corporate Governance Code](index=25&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code provisions during the period, except for rules C.1.6 and F.2.2, as Independent Non-executive Director Ms. Wong Sze Wing and Board Chairman Mr. Ng Kwok Po were unable to attend general meetings due to other commitments - The Company complied with the code provisions of the Corporate Governance Code throughout the period ended June 30, 2025, except for rules C.1.6 and F.2.2[67](index=67&type=chunk) - Independent Non-executive Director Ms. Wong Sze Wing was unable to attend the annual general meeting and extraordinary general meeting due to other work commitments[68](index=68&type=chunk) - The Chairman of the Board, Mr. Ng Kwok Po, was unable to attend the annual general meeting due to other official engagements[68](index=68&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The Company has established an Audit Committee responsible for evaluating financial information, reviewing financial and accounting policies, internal controls, and the relationship with external auditors, which has reviewed the internal control system and the financial information for the current period - The Audit Committee is responsible for evaluating matters related to financial information and performing its duties, including reviewing the Company's financial and internal controls, financial and accounting policies and practices, and the relationship with external auditors[69](index=69&type=chunk) - The Audit Committee has reviewed the internal control system and the financial information for the period ended June 30, 2025[69](index=69&type=chunk) [Publication of Interim Results and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the Company's and the Stock Exchange's websites, and the Company's interim report for the period ended June 30, 2025, will be dispatched to shareholders and published on the same websites in due course - This announcement is published on the websites of the Company and the Stock Exchange[70](index=70&type=chunk) - The Company's interim report for the period ended June 30, 2025, will be dispatched to shareholders and published on the same websites in due course[70](index=70&type=chunk) [Acknowledgement](index=26&type=section&id=Acknowledgement) The Board of Directors expresses gratitude for the efforts and contributions of the Group's management and all employees, and thanks shareholders, customers, and business partners for their trust and support - The Board of Directors acknowledges the efforts and contributions made by the Group's management and all employees, and expresses gratitude for the trust and support from shareholders, customers, and business partners in the Group's development[71](index=71&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) The Company's Board of Directors comprises Mr. Ng Kwok Po, Chairman and Executive Director, three Independent Non-executive Directors (Mr. Leung Man Kit, Ms. Wong Sze Wing, Mr. Fung Chi Man), and four Executive Directors (Ms. Chow Sau Fong, Ms. Go Misaki, Mr. Pang Pok Lun, Ms. Hung Man Yu) - The Company's Board of Directors includes Mr. Ng Kwok Po, Chairman and Executive Director, three Independent Non-executive Directors, and four Executive Directors[73](index=73&type=chunk)

Summary of Key Points Core Viewpoint - As of August 19, a total of 158 stocks reached their 52-week highs, with notable performances from Shetu Holdings (08392), RIMBACO (01953), and PACIFIC LEGEND (08547) achieving high rates of 100.00%, 50.00%, and 50.00% respectively [1]. 52-Week Highs - Shetu Holdings (08392) closed at 0.050 with a peak of 0.072, marking a 100.00% increase - RIMBACO (01953) closed at 0.241 with a peak of 0.270, reflecting a 50.00% increase - PACIFIC LEGEND (08547) closed at 0.600 with a peak of 0.960, also showing a 50.00% increase - Other notable stocks include: - Xingya Holdings (08293) at 49.29% - Yicheng Group (08365) at 35.21% - Yidu (International Holdings) at 35.15% [1]. Additional Stocks with Significant Increases - Orange Sky Golden Harvest (01132) at 31.43% - Mays Health (02415) at 27.18% - Dongfang Zhenxuan (01797) at 20.95% - Xie Rui Lin (00417) at 20.00% - Xi Mei Resources (09936) at 17.92% [1]. 52-Week Lows - The report also noted stocks reaching their 52-week lows, with Bailida Group Holdings (08179) showing a decrease of 7.69% [4]. Summary of Stock Performance - The overall trend indicates a strong performance in the market with a significant number of stocks hitting new highs, suggesting positive investor sentiment and potential growth opportunities in various sectors [1][4].

Core Viewpoint - The company, Orange Sky Golden Harvest (1132.HK), experienced a significant stock price increase of 53.33%, reaching HKD 0.092, marking a new high since March 2023, despite low trading volume [1] Financial Performance - The company announced a positive earnings forecast, expecting a net profit attributable to shareholders of no less than HKD 125 million for the first half of the year, a substantial turnaround from a net loss of HKD 81 million in the same period last year [1]

Core Viewpoint - The company, Orange Sky Golden Harvest (01132), has experienced a significant stock price increase of over 48% following the announcement of expected profits for the first half of 2025, contrasting with losses in the first half of 2024 [1] Financial Performance - The company anticipates a net profit attributable to shareholders of no less than 125 million HKD for the first half of 2025, compared to a net loss of 81 million HKD in the first half of 2024 [1] - The expected profit is influenced by several non-recurring gains, including approximately 19 million HKD and 46 million HKD from the termination of certain cinema leases in Hong Kong, and about 39 million HKD from lease modifications of other cinemas [1] - Additional gains include a tax credit of 33 million HKD from the sale of a property in Singapore and a reduction in operating expenses due to cost savings and short-term rental support [1] Comparison with Previous Period - In the first half of 2024, the company recorded a non-financial asset impairment loss of 313 million HKD, whereas no such impairment is expected in the upcoming period [1] - The previous year also saw a non-recurring gain of 294 million HKD from the sale of equity in a joint venture, which is not expected to recur in the current period [1]

Core Viewpoint - Orange Sky Golden Harvest (01132) has experienced a significant stock price increase of over 48% following a positive earnings forecast, projecting a net profit attributable to shareholders of at least HKD 125 million for the first half of 2025, compared to a net loss of HKD 81 million in the first half of 2024 [1] Financial Performance - The anticipated net profit for the first half of 2025 is influenced by several non-recurring gains, including approximately HKD 19 million and HKD 46 million from the termination of certain cinema leases in Hong Kong [1] - Additional non-recurring gains of about HKD 39 million are expected from lease modifications of other cinemas [1] - A deferred tax liability credit of HKD 33 million is anticipated from the sale of a property in Singapore [1] - In contrast, the first half of 2024 recorded a non-financial asset impairment loss of HKD 313 million, which is not expected to recur in the upcoming period [1] - The previous year also saw a non-recurring gain of HKD 294 million from the sale of equity in a joint venture, which will not be repeated [1] - The company has also reduced operational expenses due to cost-cutting measures and short-term rental support [1]

Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index rising by 0.26% to 25,241.29 points, the Hang Seng Tech Index up by 0.24% to 5,592.3 points, the National Enterprises Index increasing by 0.23% to 9,054.09 points, and the Red Chip Index gaining 0.18% to 4,373.41 points [1] Company Performance - Sinopec Oilfield Services reported revenue of approximately 37.051 billion yuan, a year-on-year increase of 0.6%, and a net profit of approximately 492 million yuan, up 9% [2] - Leap Motor achieved revenue of 24.25 billion yuan, a significant year-on-year growth of 174%, and a net profit of 30 million yuan, turning around from a loss of 2.21 billion yuan in the same period last year [2] - Wanwu Cloud reported revenue of 18.137 billion yuan, a year-on-year increase of 3.11%, and a net profit of 792 million yuan, up 3.88% [3] - China Biopharmaceuticals recorded revenue of 17.57 billion yuan, a year-on-year increase of 10.7%, and a net profit of 3.39 billion yuan, up 140.2% [3] - Tongcheng Travel reported revenue of 9.05 billion yuan, a year-on-year increase of 11.5%, with adjusted EBITDA of 2.34 billion yuan, up 35.2%, and a net profit of 1.56 billion yuan, up 28.6% [3] - Hansoh Pharmaceutical reported revenue of 7.434 billion yuan, a year-on-year increase of 14.27%, and a net profit of 3.135 billion yuan, up 15.02% [4] - Meitu reported revenue of 1.82 billion yuan, a year-on-year increase of 12.3%, and a net profit of 397 million yuan, up 30.8% [5] - Huabao International reported revenue of 1.621 billion yuan, a year-on-year increase of 2.5%, and a net profit of 118 million yuan, up 298.1% [6] - Andeli Juice reported revenue of 948 million yuan, a year-on-year increase of 50%, and a net profit of 201 million yuan, up 50.3% [6] Earnings Warnings and Surprises - Road King issued a profit warning, expecting a mid-term net loss of approximately 1.9 to 2.1 billion HKD [7] - Hui Kee Group also issued a profit warning, anticipating a mid-term net loss of approximately 800 to 900 million HKD, a year-on-year increase [8] - Yunfeng Financial issued a profit alert, expecting a mid-term net profit of approximately 480 million HKD, a significant year-on-year increase of about 139% [9] - Heung Kong Holdings issued a profit warning, expecting a mid-term net loss of 130 to 160 million HKD [10] - JS Global Life issued a profit warning, expecting a mid-term net loss of no more than 56 million USD, turning from profit to loss [11] - United Pharmaceutical issued a profit alert, expecting a mid-term net profit of approximately 1.85 billion yuan, a year-on-year increase [12] - Orange Sky Golden Harvest issued a profit alert, expecting a net profit exceeding 125 million HKD, turning from loss to profit [13] - Ximei Resources issued a profit alert, expecting a mid-term net profit of approximately 81.8 to 100 million HKD, a year-on-year increase [14] - International Resources issued a profit alert, expecting a mid-term net profit of approximately 59 million USD, a year-on-year increase [15] - Siheng Holdings issued a profit alert, expecting a mid-term net profit exceeding 50 million HKD, turning from loss to profit [16] Insurance Sector - New China Life Insurance reported cumulative original premium income of 137.806 billion yuan for the first seven months, a year-on-year increase of 23% [17] Automotive Sector - Leap Motor delivered 50,129 vehicles in July [18]

本文源自：金融界AI电报 橙天嘉禾(01132.HK)公布，该集团预期于2025年上半年取得股东应占收益净额不少于1.25亿港元，而 2024年上半年的亏损净额则为8100万港元。 ...

Core Viewpoint - The company, Orange Sky Golden Harvest (01132), anticipates a net profit attributable to shareholders of no less than HKD 125 million in the first half of 2025, a significant recovery from a net loss of HKD 81 million in the first half of 2024 [1] Financial Performance - The expected net profit for the first half of 2025 is influenced by several non-recurring gains, including: - A non-recurring net gain of approximately HKD 19 million and HKD 46 million from the termination of certain cinema leases in Hong Kong due to the reversal of reset cost provisions and lease modifications [1] - A non-recurring net gain of about HKD 39 million from lease modifications of other cinemas [1] - A tax credit of HKD 33 million resulting from the reversal of deferred tax liabilities due to the sale of a property in Singapore [1] - In contrast, the first half of 2024 experienced a significant impairment loss of HKD 313 million on non-financial assets, which is not expected to recur in the upcoming period [1] - The previous year also saw a non-recurring net gain of HKD 294 million from the sale of equity in a joint venture, which will not be repeated in the current period [1] - The company has also reduced operational expenses due to cost-cutting measures and short-term rental support [1]

智通财经APP讯，橙天嘉禾(01132)公布，该集团预期于2025年上半年取得股东应占收益净额不少于1.25 亿港元，而2024年上半年的亏损净额则为8100万港元。 公告称，2025年上半年股东应占收益净额主要由于以下各项的净影响所致：终止香港若干电影院租约所 产生分别来自拨回重置成本拨备及租赁修改的非经常性净收益约1900万港元及4600万港元;因其他电影 院的租赁修改而产生的非经常性净收益约3900万港元;因出售新加坡一项物业而拨回递延税项负债所产 生的所得税抵免3300万港元;2024年同期取得非金融资产减值亏损3.13亿港元，而期内并无取得有关减 值;去年同期出售集团于一间合营企业的权益所取得非经常性净收益2.94亿港元，而期内并无取得有关 收益;及 期内集团的营运开支减少，乃由于成本减少及短期租金支持所致。 ...

格隆汇8月18日丨橙天嘉禾(01132.HK)公布，集团预期于截至2025年6月30日止六个月录得股东应占收益 净额不少于1.25亿港元，而上年同期的亏损净额则为8,100万港元。 董事会认为，期间股东应占收益净额主要由于以下各项的净影响所致：(i)诚如公司日期为2025年6月27 日的公布所载，终止香港若干电影院租约所产生分别来自拨回重置成本拨备及租赁修改的非经常性净收 益约1,900万港元及4,600万港元；(ii)因其他电影院的租赁修改而产生的非经常性净收益约3,900万港元； (iii)因出售新加坡一项物业而拨回递延税项负债所产生的所得税抵免3,300万港元；(iv)上年同期录得非 金融资产减值亏损3.13亿港元，而期间并无录得有关减值；(v)上年同期出售集团于一间合营企业的权益 所录得非经常性净收益2.94亿港元，而期间并无录得有关收益；及(vi)期间集团的营运开支减少，乃由 于成本减少及短期租金支持所致。- ...