香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上市規則的涵義 由於購買事項的最高相關適用百分比率（定義見上市規則）超出5%但低於25%，購買事 項構成本公司的須予披露的交易，須遵守上市規則第14章的匯報及公告規定，惟獲豁 免遵守股東批准規定。 – 1 – 購買事項 董事會宣佈，於二零二五年九月十六日，本公司全資附屬公司民銀投資（香港）已於場外 交易市場購買本金總額為15,000,000美元（相當於約116,881,500港元）的票據，總代價為約 15,849,781.94美元（相當於約123,503,085.85港元）。 票據的主要條款概要 民銀資本控股有限公司 CMBC CAPITAL HOLDINGS LIMITED （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：1141） 有關購買票據的須予披露的交易 購買事項 於二零二五年九月十六日，本公司全資附屬公司民銀投資（香港）已於場外交易市 場購買本金總額為15,000,00 ...

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: 民銀資本控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01141 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | HKD | | 0.4 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,500,000,000 | HKD | | 0.4 | HKD | | 1,000,000,000 | 本月底法定/ ...

Group 1 - The company has submitted a listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International, Minyin Capital, and Fosun International Capital as joint sponsors [1] - The company focuses on developing breakthrough therapies for cancer-related diseases, while also innovating drugs for viral and age-related diseases [1] - The product portfolio includes one commercialized product, Hanai Jia, two core products (CVL009 and CVL218), and a total of 16 drug candidates in development [1] Group 2 - Hanai Jia was commercialized on June 28, 2024, generating approximately RMB 34.7 million in sales during the first half of 2024 [1] - The company has established partnerships with leading pharmaceutical companies and employs a "one drug, multiple indications" research and development model [2]

Core Viewpoint - Minyin Capital (01141.HK) reported a significant increase in both revenue and net profit for the six months ending June 30, 2025, indicating strong performance in its financial services sector [1] Financial Performance - The company recorded revenue of approximately HKD 245 million, representing a year-on-year increase of about 56.7% [1] - Net profit reached approximately HKD 118 million, reflecting a year-on-year growth of around 48.0% [1] - Earnings per share attributable to shareholders were HKD 0.1073 [1] Revenue Drivers - The increase in profit is primarily attributed to substantial growth in income from securities underwriting, sponsorship services, asset management, and wealth management-related fee income during the reporting period [1]

Core Insights - The company, Minyin Capital (01141), reported a mid-year performance for 2025, with revenue of approximately HKD 245 million, representing a year-on-year increase of 56.66% [1] - Net profit reached around HKD 118 million, showing a year-on-year growth of 48.02% [1] - Earnings per share were reported at HKD 0.1073 [1] Revenue Drivers - The increase in profit is primarily attributed to significant growth in income from securities underwriting, sponsorship services, asset management, and wealth management-related fee businesses during the reporting period [1]

Core Viewpoint - Minyin Capital (01141) reported a significant increase in its mid-year performance for 2025, with revenue and net profit showing substantial year-on-year growth [1] Financial Performance - Revenue reached approximately HKD 245 million, representing a year-on-year increase of 56.66% [1] - Net profit was about HKD 118 million, reflecting a year-on-year growth of 48.02% [1] - Earnings per share stood at HKD 0.1073 [1] Revenue Drivers - The increase in profit is primarily attributed to a substantial rise in income from securities underwriting, sponsorship services, asset management, and wealth management-related fee businesses during the reporting period [1]

[Company Information and Report Overview](index=1&type=section&id=I.%20Company%20Information%20and%20Report%20Overview) This section provides fundamental company details and outlines the reporting and comparative periods for the unaudited condensed consolidated results [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) CMBC Capital Holdings Limited (Stock Code: 1141), a company incorporated in Bermuda, announced its unaudited condensed consolidated results for the six months ended June 30, 2025 - Company Name: **CMBC Capital Holdings Limited** (CMBC CAPITAL HOLDINGS LIMITED)[2](index=2&type=chunk) - Stock Code: **1141**[2](index=2&type=chunk) - Place of Incorporation: **Bermuda**[2](index=2&type=chunk) [Reporting and Comparative Periods](index=1&type=section&id=1.2%20Reporting%20and%20Comparative%20Periods) This report covers the unaudited condensed consolidated results for the six months ended June 30, 2025, with comparative figures for the six months ended June 30, 2024 - Reporting Period: **Six months ended June 30, 2025**[3](index=3&type=chunk) - Comparative Period: **Six months ended June 30, 2024**[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated 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=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly increased by 56.7% to HK$245.4 million, profit attributable to owners grew by 48.0% to HK$117.9 million, and basic and diluted earnings per share were 10.73 HK cents Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 245,439 | 156,673 | | Net gain from financial assets/liabilities at fair value through profit or loss | 28,915 | 93,994 | | Net loss from financial assets at fair value through other comprehensive income | (1,136) | (11,413) | | Other income | 6,963 | 9,630 | | Other gains/(losses) | 23,815 | (261) | | Impairment losses | (36,127) | (9,698) | | Staff costs | (45,758) | (40,588) | | Depreciation | (10,643) | (11,085) | | Other operating expenses | (29,288) | (26,811) | | Finance costs | (48,368) | (58,174) | | Profit before tax | 133,812 | 102,267 | | Taxation | (15,882) | (22,594) | | Profit for the period attributable to owners of the Company | 117,930 | 79,673 | | Basic and diluted earnings per share | 10.73 HK cents | 7.16 HK cents | - Profit for the period attributable to owners of the Company increased by **48.0%** year-on-year (2025: **HK$117,930 thousand**; 2024: **HK$79,673 thousand**)[5](index=5&type=chunk) - Revenue increased by **56.7%** year-on-year (2025: **HK$245,439 thousand**; 2024: **HK$156,673 thousand**)[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to HK$4,947.3 million, net current assets were HK$1,509.8 million, and total equity rose to HK$1,556.2 million Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, plant and equipment | 7,333 | 5,189 | | Right-of-use assets | 27,210 | 36,814 | | Goodwill | 16,391 | 16,391 | | Intangible assets | 960 | 960 | | Other assets | 10,385 | 11,080 | | **Total non-current assets** | **62,279** | **70,434** | | **Current Assets** | | | | Trade receivables | 767,815 | 778,325 | | Prepayments, deposits and other receivables | 70,320 | 9,706 | | Interest receivables | 30,803 | 27,770 | | Loans and advances | 20,278 | 21,810 | | Financial assets measured at amortised cost | 15,831 | 15,644 | | Financial assets at fair value through other comprehensive income | 1,451,137 | 1,539,976 | | Financial assets at fair value through profit or loss | 1,217,835 | 920,961 | | Amount due from an intermediate holding company | 20,435 | – | | Cash held on behalf of clients | 692,271 | 211,321 | | Cash and cash equivalents | 598,287 | 248,550 | | **Total current assets** | **4,885,012** | **3,774,063** | | **Current Liabilities** | | | | Trade payables | 738,707 | 270,481 | | Other payables and accruals | 112,416 | 56,710 | | Amount due to an intermediate holding company | – | 103,232 | | Loan from an intermediate holding company | 1,402,441 | 1,234,965 | | Tax payable | 17,985 | 7,003 | | Financial assets sold under repurchase agreements | 1,081,491 | 734,923 | | Lease liabilities | 22,188 | 22,188 | | **Total current liabilities** | **3,375,228** | **2,429,502** | | **Net current assets** | **1,509,784** | **1,344,561** | | **Net assets** | **1,556,154** | **1,388,770** | | **Total equity** | **1,556,154** | **1,388,770** | - Total assets increased from **HK$3,844.5 million** as of December 31, 2024, to **HK$4,947.3 million** as of June 30, 2025[16](index=16&type=chunk) - Total equity increased from **HK$1,388.8 million** as of December 31, 2024, to **HK$1,556.2 million** as of June 30, 2025[8](index=8&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, accounting policy changes, segment information, and specific financial statement line items [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=3.1%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) These interim financial statements are prepared in accordance with HKAS 34 and adopt the same accounting policies as the 2024 annual financial statements, with no material impact from the application of HKAS 21 amendment 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability' - The interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'**[9](index=9&type=chunk) - The amendment to **HKAS 21 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability'** has been applied, but it has no material impact on the interim financial information[10](index=10&type=chunk) [Segment Information](index=7&type=section&id=3.2%20Segment%20Information) The Group's operations are divided into six reportable segments: securities, fixed income direct investment, other investments and financing, asset management, corporate finance and advisory, and others, for resource allocation and performance assessment - The Group has six reportable segments: **securities, fixed income direct investment, other investments and financing, asset management, corporate finance and advisory, and others**[12](index=12&type=chunk) [Segment Revenue Breakdown](index=8&type=section&id=3.2.1%20Segment%20Revenue%20Breakdown) The Group's total revenue for H1 2025 was HK$245.4 million, with significant growth in asset management, underwriting/placement commissions, and financial advisory services, while interest income from debt securities and dividend income decreased Revenue from Contracts with Customers by Service Type | Service Type | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from brokerage and related services | 4,751 | 5,478 | | Commission income from underwriting, sub-underwriting, placing and sub-placing | 49,380 | 10,442 | | Financial advisory, sponsorship services, arrangement fees and other service income | 36,139 | 23,655 | | Asset management fees, investment advisory service fees and performance fees | 93,305 | 51,498 | | **Total revenue from contracts with customers within the scope of HKFRS 15** | **183,575** | **91,073** | | Interest income from provision of financing and securities margin financing | 11,682 | 3,185 | | Interest income from debt securities investments | 16,615 | 22,801 | | Interest income from investments at fair value through profit or loss | 7,083 | 5,583 | | Dividend income and other investment income | 26,484 | 34,031 | | **Total revenue from other sources** | **50,182** | **62,415** | | **Total revenue** | **245,439** | **156,673** | - Asset management fees, investment advisory service fees, and performance fees increased from **HK$51,498 thousand** to **HK$93,305 thousand**, an increase of approximately **81.2%**[13](index=13&type=chunk) - Commission income from underwriting, sub-underwriting, placing, and sub-placing significantly increased from **HK$10,442 thousand** to **HK$49,380 thousand**, a growth of nearly **373%**[13](index=13&type=chunk) [Segment Revenue and Results](index=10&type=section&id=3.2.2%20Segment%20Revenue%20and%20Results) In H1 2025, the securities, asset management, and corporate finance and advisory segments all achieved significant growth in revenue and results, with asset management contributing the largest profit. Fixed income direct investment and other investments and financing segments experienced revenue fluctuations, with the latter's profit significantly declining Segment Revenue and Results Analysis | Segment | Revenue June 30, 2025 (HK$'000) | Revenue June 30, 2024 (HK$'000) | Results June 30, 2025 (HK$'000) | Results June 30, 2024 (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Securities | 59,015 | 14,682 | 28,128 | (562) | | Fixed Income Direct Investment | 52,942 | 62,067 | (15,758) | (22,600) | | Other Investments and Financing | 25,019 | 103,761 | 15,969 | 92,990 | | Asset Management | 93,305 | 51,498 | 82,880 | 39,626 | | Corporate Finance and Advisory | 42,937 | 25,783 | 25,779 | 13,623 | | Others | – | – | (3,186) | (20,810) | | **Total** | **273,218** | **239,254** | **133,812** | **102,267** | - The securities segment turned from a loss of **HK$562 thousand** in H1 2024 to a profit of **HK$28,128 thousand** in H1 2025[15](index=15&type=chunk) - Asset management segment profit increased from **HK$39,626 thousand** to **HK$82,880 thousand**, an increase of approximately **109.1%**[15](index=15&type=chunk) [Segment Assets and Liabilities](index=11&type=section&id=3.2.3%20Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the Group's total segment assets increased to HK$4,947.3 million, with securities and fixed income direct investment segments accounting for the largest share. Total segment liabilities increased to HK$3,391.1 million Segment Assets and Liabilities Analysis | Segment | Assets June 30, 2025 (HK$'000) | Assets December 31, 2024 (HK$'000) | Liabilities June 30, 2025 (HK$'000) | Liabilities December 31, 2024 (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Securities | 1,749,393 | 1,082,353 | 1,293,122 | 725,522 | | Fixed Income Direct Investment | 2,014,144 | 1,721,494 | 1,953,401 | 1,643,011 | | Other Investments and Financing | 870,954 | 830,220 | 83,912 | 68,259 | | Asset Management | 147,498 | 92,038 | 15,937 | 7,128 | | Corporate Finance and Advisory | 60,955 | 33,494 | – | – | | Others | 104,347 | 84,898 | 44,765 | 11,807 | | **Total** | **4,947,291** | **3,844,497** | **3,391,137** | **2,455,727** | - Securities segment assets increased from **HK$1,082,353 thousand** as of December 31, 2024, to **HK$1,749,393 thousand** as of June 30, 2025, an increase of approximately **61.6%**[16](index=16&type=chunk) - Fixed income direct investment segment assets increased from **HK$1,721,494 thousand** to **HK$2,014,144 thousand**, an increase of approximately **17.0%**[16](index=16&type=chunk) [Revenue Details](index=12&type=section&id=3.3%20Revenue%20Details) The Group's total revenue for H1 2025 was HK$245.4 million, primarily driven by asset management fees, underwriting commissions, and financial advisory services, all of which achieved significant growth Revenue Breakdown | Revenue Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from brokerage and related services | 4,751 | 5,478 | | Commission income from underwriting, sub-underwriting, placing and sub-placing | 49,380 | 10,442 | | Interest income from debt securities investments | 16,615 | 22,801 | | Interest income from investments at fair value through profit or loss | 7,083 | 5,583 | | Interest income from provision of financing and securities margin financing | 11,682 | 3,185 | | Dividend income and other investment income | 26,484 | 34,031 | | Financial advisory, sponsorship services, arrangement fees and other service income | 36,139 | 23,655 | | Asset management fees, investment advisory service fees and performance fees | 93,305 | 51,498 | | **Total** | **245,439** | **156,673** | - Asset management fees, investment advisory service fees, and performance fees increased by **81.2%** year-on-year, representing the largest source of revenue[17](index=17&type=chunk) - Commission income from underwriting, sub-underwriting, placing, and sub-placing significantly increased by **373.1%** year-on-year[17](index=17&type=chunk) [Other Income](index=12&type=section&id=3.4%20Other%20Income) The Group's other income for H1 2025 was HK$6.96 million, a decrease from HK$9.63 million in the prior period, primarily due to lower bank interest income Other Income Breakdown | Income Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Bank interest income | 1,104 | 3,905 | | Office sharing fee income | 4,440 | 4,440 | | Other income | 1,419 | 1,285 | | **Total** | **6,963** | **9,630** | - Bank interest income decreased from **HK$3,905 thousand** to **HK$1,104 thousand**, a decrease of approximately **71.7%**[18](index=18&type=chunk) [Other Gains/(Losses)](index=12&type=section&id=3.5%20Other%20Gains%2F(Losses)) The Group recorded a net exchange gain of HK$23.82 million in H1 2025, a significant improvement from a net exchange loss of HK$261 thousand in the prior period Other Gains/(Losses) Breakdown | Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Net exchange gains/(losses) | 23,815 | (261) | | **Total** | **23,815** | **(261)** | - Net exchange gains turned from a loss of **HK$261 thousand** in H1 2024 to a gain of **HK$23,815 thousand** in H1 2025[19](index=19&type=chunk) [Impairment Losses](index=13&type=section&id=3.6%20Impairment%20Losses) The Group's impairment losses for H1 2025 significantly increased to HK$36.13 million, primarily due to a substantial increase in impairment provisions for financial assets at fair value through other comprehensive income Impairment Loss Provisions Breakdown | Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Loans and advances | 3,578 | 134 | | Trade receivables | (209) | 1,387 | | Financial assets at fair value through other comprehensive income | 31,398 | 6,569 | | Interest receivables | 1,370 | 1,588 | | Financial assets held under resale agreements | – | 21 | | Financial assets measured at amortised cost | (10) | (1) | | **Total** | **36,127** | **9,698** | - Impairment loss provisions for financial assets at fair value through other comprehensive income increased from **HK$6,569 thousand** to **HK$31,398 thousand**, an increase of approximately **377.9%**[20](index=20&type=chunk) - Impairment loss provisions for loans and advances significantly increased from **HK$134 thousand** to **HK$3,578 thousand**[20](index=20&type=chunk) [Finance Costs](index=13&type=section&id=3.7%20Finance%20Costs) The Group's finance costs for H1 2025 were HK$48.37 million, a decrease from HK$58.17 million in the prior period, primarily due to reduced interest expenses on repurchase agreements Finance Costs Breakdown | Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Loan from an intermediate holding company | 30,265 | 21,604 | | Repurchase agreements | 17,490 | 35,613 | | Lease liabilities | 613 | 957 | | **Total** | **48,368** | **58,174** | - Interest expenses on repurchase agreements decreased from **HK$35,613 thousand** to **HK$17,490 thousand**, a decrease of approximately **50.9%**[21](index=21&type=chunk) - Interest expenses on loans from an intermediate holding company increased from **HK$21,604 thousand** to **HK$30,265 thousand**, an increase of approximately **40.1%**[21](index=21&type=chunk) [Profit Before Tax](index=13&type=section&id=3.8%20Profit%20Before%20Tax) The Group's profit before tax for H1 2025 was HK$133.81 million, a 30.8% increase from HK$102.27 million in the prior period, driven by revenue growth and lower finance costs Profit Before Tax and Depreciation | Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Profit before tax | 133,812 | 102,267 | | Depreciation of property, plant and equipment | 1,039 | 1,481 | | Depreciation of right-of-use assets | 9,604 | 9,604 | | **Total depreciation** | **10,643** | **11,085** | - Profit before tax increased by **30.8%** year-on-year[5](index=5&type=chunk) [Taxation](index=14&type=section&id=3.9%20Taxation) The Group's tax expense for H1 2025 was HK$15.88 million, a decrease from HK$22.59 million in the prior period, with Hong Kong profits tax calculated at 16.5% and the temporary mandatory exception for deferred tax accounting for Pillar Two top-up tax applied Taxation Breakdown | Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Current – Hong Kong profits tax | (15,716) | (7,216) | | Deferred tax for the period | (166) | (15,378) | | **Total** | **(15,882)** | **(22,594)** | - Hong Kong profits tax is calculated at **16.5%** of the estimated assessable profit[24](index=24&type=chunk) - The Group has applied the temporary mandatory exception for deferred tax accounting for **Pillar Two top-up tax**[25](index=25&type=chunk) [Earnings Per Share](index=14&type=section&id=3.10%20Earnings%20Per%20Share) The Group's basic and diluted earnings per share for H1 2025 were 10.73 HK cents, a significant increase from 7.16 HK cents in the prior period, primarily due to increased profit Earnings Per Share Data | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (HK$'000) | 117,930 | 79,673 | | Weighted average number of ordinary shares (thousand shares) | 1,099,256 | 1,113,120 | | Basic and diluted earnings per share (HK cents) | 10.73 | 7.16 | - Basic and diluted earnings per share increased by approximately **49.9%** year-on-year[27](index=27&type=chunk) - There were no dilutive items during the reporting period[28](index=28&type=chunk) [Dividends](index=15&type=section&id=3.11%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend is recommended (prior period: nil)[29](index=29&type=chunk) [Loans and Advances](index=15&type=section&id=3.12%20Loans%20and%20Advances) As of June 30, 2025, the carrying amount of loans and advances was HK$20.28 million, with expected credit loss provisions increasing to HK$238.27 million, reflecting increased credit impairment risk Loans and Advances Breakdown | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Loans and advances | 258,546 | 256,500 | | Less: Expected credit loss provisions | (238,268) | (234,690) | | **Total** | **20,278** | **21,810** | - Expected credit loss provisions increased from **HK$234,690 thousand** to **HK$238,268 thousand**[30](index=30&type=chunk) - Impairment losses of approximately **HK$3,578 thousand** were recognized for the six months ended June 30, 2025, a significant increase from **HK$134 thousand** in the prior period[31](index=31&type=chunk) [Trade Receivables](index=16&type=section&id=3.13%20Trade%20Receivables) As of June 30, 2025, the Group's total trade receivables were HK$767.82 million, with margin clients' receivables being the largest component. Impairment loss reversal of HK$209 thousand was recognized for securities trading receivables, while no impairment loss was recognized for other business receivables [Trade Receivables from Securities Trading Business](index=16&type=section&id=3.13.1%20Trade%20Receivables%20from%20Securities%20Trading%20Business) As of June 30, 2025, total trade receivables from securities trading business were HK$796.88 million, with margin clients' receivables at HK$515.06 million. An impairment loss reversal of HK$209 thousand was recognized during the period Trade Receivables from Securities Trading Business Breakdown | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Clearing houses | 254,717 | 306,354 | | Cash clients | 21,963 | 42,358 | | Margin clients | 515,063 | 476,217 | | Brokers | 5,136 | 18,265 | | **Total** | **796,879** | **843,194** | - Receivables from margin clients are repayable on demand, with annual interest rates ranging from **1.5% to 18.3%**[33](index=33&type=chunk) - An impairment loss reversal of approximately **HK$209 thousand** was recognized for the six months ended June 30, 2025[33](index=33&type=chunk) [Trade Receivables from Securities Underwriting, Advisory, Client Referral and Asset Management Services](index=17&type=section&id=3.13.2%20Trade%20Receivables%20from%20Securities%20Underwriting,%20Advisory,%20Client%20Referral%20and%20Asset%20Management%20Services) As of June 30, 2025, total trade receivables from securities underwriting, advisory, client referral, and asset management services were HK$76.27 million, with the largest portion being not yet due. No impairment loss was recognized during the period Aging Analysis of Trade Receivables from Securities Underwriting, Advisory, Client Referral and Asset Management Services | Aging | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Not yet due | 56,267 | 29,937 | | Overdue less than 31 days | 11,557 | 459 | | Overdue 31 to 60 days | 2,281 | 3,995 | | Overdue 61 to 90 days | 468 | 1,820 | | Overdue over 90 days | 5,701 | 4,467 | | **Total** | **76,274** | **40,678** | | Less: Expected credit loss provisions | (2,713) | (2,713) | | **Net** | **73,561** | **37,965** | - No impairment losses were recognized in the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025 and 2024[34](index=34&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=17&type=section&id=3.14%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, total financial assets at fair value through other comprehensive income were HK$1,451.14 million, with equity investments being the largest component. Expected credit losses of approximately HK$31.40 million were recognized during the period Financial Assets at Fair Value Through Other Comprehensive Income Breakdown | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Debt investments | 527,113 | 703,534 | | Equity investments | 924,024 | 836,442 | | **Total** | **1,451,137** | **1,539,976** | - Expected credit losses of approximately **HK$31,398 thousand** were recognized for the six months ended June 30, 2025, a significant increase from **HK$6,569 thousand** in the prior period[35](index=35&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=18&type=section&id=3.15%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss were HK$1,217.84 million, an increase of approximately 32.2% from December 31, 2024, driven by growth in debt investments and unlisted investment funds Financial Assets at Fair Value Through Profit or Loss Breakdown | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Listed equity investments | 40,642 | 118,488 | | Unlisted equity investments | 43,111 | 40,552 | | Debt investments | 390,729 | 70,889 | | Unlisted investment funds | 743,353 | 691,032 | | **Total** | **1,217,835** | **920,961** | - Debt investments significantly increased from **HK$70,889 thousand** to **HK$390,729 thousand**[36](index=36&type=chunk) - Listed equity investments decreased from **HK$118,488 thousand** to **HK$40,642 thousand**[36](index=36&type=chunk) [Trade Payables](index=18&type=section&id=3.16%20Trade%20Payables) As of June 30, 2025, total trade payables were HK$738.71 million, a significant increase of 173.1% from December 31, 2024, primarily due to a substantial rise in amounts payable to cash clients Trade Payables Breakdown | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Cash clients | 530,498 | 99,978 | | Margin clients | 149,410 | 99,401 | | Clearing houses | 2,875 | 603 | | Brokers | 55,924 | 70,499 | | **Total** | **738,707** | **270,481** | - Amounts payable to cash clients significantly increased from **HK$99,978 thousand** to **HK$530,498 thousand**[37](index=37&type=chunk) - Trade payable balances are generally settled within **two trading days** after the transaction date[38](index=38&type=chunk) [Loan from an Intermediate Holding Company](index=19&type=section&id=3.17%20Loan%20from%20an%20Intermediate%20Holding%20Company) As of June 30, 2025, the total loan from intermediate holding company CMBC International was HK$1,402.44 million, a 13.6% increase from December 31, 2024. The loan is unsecured, bears interest at 4.5% per annum, and is repayable within one year Loan from an Intermediate Holding Company | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Loan from an intermediate holding company | 1,402,441 | 1,234,965 | | **Total** | **1,402,441** | **1,234,965** | - The loan is unsecured and bears interest at an annual rate of **4.5%** (2024: **4%**)[39](index=39&type=chunk) - The unutilized loan facility amounted to approximately **HK$8,646,781 thousand**[39](index=39&type=chunk) [Financial Assets Sold Under Repurchase Agreements](index=19&type=section&id=3.18%20Financial%20Assets%20Sold%20Under%20Repurchase%20Agreements) As of June 30, 2025, the total carrying amount of financial assets (bonds) sold under repurchase agreements was approximately HK$1,081.49 million, a 47.1% increase from December 31, 2024. The Group retained substantially all risks and rewards of these bonds, thus they are treated as liabilities Financial Assets Sold Under Repurchase Agreements | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Bonds | 1,081,491 | 734,923 | | **Total** | **1,081,491** | **734,923** | - The total carrying amount of bonds sold was approximately **HK$1,346,303 thousand**, which are subject to repurchase on agreed dates and at agreed prices in accordance with concurrent agreements[41](index=41&type=chunk) - As the Group retained substantially all the risks and rewards of these bonds, they are not derecognized in the condensed consolidated financial statements and are treated as 'collateral' for liabilities"[41](index=41&type=chunk) [Share Capital](index=20&type=section&id=3.19%20Share%20Capital) As of June 30, 2025, total issued and fully paid share capital was 1,099,255,693 shares with a par value of HK$0.4, totaling HK$439.70 million. During the period, the company repurchased 2,287,000 ordinary shares for approximately HK$652 thousand, which were cancelled after the reporting period Share Capital Movement | Item | Number of Shares June 30, 2025 (thousand shares) | Number of Shares December 31, 2024 (thousand shares) | Amount June 30, 2025 (HK$'000) | Amount December 31, 2024 (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Authorised share capital (HK$0.4 par value per share) | 2,500,000 | 2,500,000 | 1,000,000 | 1,000,000 | | Issued and fully paid: at beginning of period/year | 1,099,256 | 1,119,362 | 439,702 | 447,745 | | Cancellation of repurchased shares | – | (20,106) | – | (8,043) | | At end of period/year | 1,099,256 | 1,099,256 | 439,702 | 439,702 | - For the six months ended June 30, 2025, the Company repurchased a total of **2,287,000 ordinary shares** for a total consideration of approximately **HK$652 thousand**[42](index=42&type=chunk) - The repurchased shares were cancelled on **August 27, 2025**[42](index=42&type=chunk) [Business Review](index=21&type=section&id=IV.%20Business%20Review) This section provides an overview of the Group's overall business performance and detailed reviews of its key operating segments [Overall Business Performance](index=21&type=section&id=4.1%20Overall%20Business%20Performance) The Group recorded revenue of approximately HK$245.4 million, a 56.7% year-on-year increase, and net profit of approximately HK$117.9 million, a 48.0% year-on-year increase, primarily due to significant growth in fee-based income from securities underwriting, sponsorship services, asset management, and wealth management - Revenue of approximately **HK$245.4 million**, a year-on-year increase of approximately **56.7%**[43](index=43&type=chunk) - Net profit of approximately **HK$117.9 million**, a year-on-year increase of approximately **48.0%**[43](index=43&type=chunk) - The increase in profit was primarily attributable to a significant year-on-year increase in fee-based income from **securities underwriting, sponsorship services, asset management, and wealth management-related businesses**[43](index=43&type=chunk) [Securities Business](index=21&type=section&id=4.2%20Securities%20Business) Despite market volatility, the Group's offshore debt capital market department performed exceptionally, completing 162 bond underwriting issuances with a total underwriting size exceeding US$1.71 billion, a 44% year-on-year increase, ranking among the top tier in the industry - Completed **162 bond underwriting issuances**, a year-on-year increase of **37%**[44](index=44&type=chunk) - Total underwriting size exceeded **US$1.71 billion**, a year-on-year increase of **44%**[44](index=44&type=chunk) - Underwriting scale ranked among the **top tier** in the industry, with clients primarily being financial institutions and investment-grade local state-owned enterprises[44](index=44&type=chunk) [Investment and Financing Business](index=22&type=section&id=4.3%20Investment%20and%20Financing%20Business) Amid macroeconomic uncertainties, the Group increased expected credit loss provisions for some high-yield bond investments, adjusted fair values of equity investments, and strengthened risk control in financing. Investments focused on Greater China, expanding to Asia, Europe, and America, with bond investments primarily in stable leading enterprises and equity investments in technology innovation and healthcare companies - Increased expected credit loss provisions for certain **high-yield bond investments** and adjusted the fair value of several **equity investments**[45](index=45&type=chunk) - Investments focused on **Greater China**, expanding to other developed regions such as Asia, Europe, and America, achieving diversified deployment[45](index=45&type=chunk) - In financing, customized solutions are provided, including **asset-backed loans, M&A loans, equity pledge financing, and bridge financing**, adopting a risk-control-oriented and stable development strategy[46](index=46&type=chunk) [Fixed Income Direct Investment](index=30&type=section&id=4.3.1%20Fixed%20Income%20Direct%20Investment) Fixed income direct investment segment revenue and net investment gains/losses were approximately HK$52.9 million, with segment loss decreasing to approximately HK$15.8 million, primarily due to overall gains from bond investment transactions and reduced interest expenses on repurchase agreements - Fixed income direct investment segment revenue and net investment gains/losses were approximately **HK$52.9 million**, an increase from **HK$43.5 million** in the prior period[57](index=57&type=chunk) - Segment loss decreased to approximately **HK$15.8 million**, compared to a loss of approximately **HK$22.6 million** in the prior period[57](index=57&type=chunk) - The decrease in segment loss was primarily due to increased net investment gains/losses and reduced interest expenses from repurchase agreements due to lower interest rates[57](index=57&type=chunk) [Other Investments and Financing](index=31&type=section&id=4.3.2%20Other%20Investments%20and%20Financing) Other investments and financing segment revenue and net investment gains/losses were approximately HK$25.0 million, a significant decrease from HK$103.8 million in the prior period, leading to a segment profit decline to HK$16.0 million, primarily due to a substantial reduction in fair value gains from investment projects - Other investments and financing segment revenue and net investment gains/losses were approximately **HK$25.0 million**, a significant decrease from **HK$103.8 million** in the prior period[58](index=58&type=chunk) - Segment profit decreased to approximately **HK$16.0 million**, compared to a profit of approximately **HK$93.0 million** in the prior period[58](index=58&type=chunk) - The investment portfolio primarily includes **listed equities, bonds, unlisted equities, and unlisted funds**, covering a wide range of sectors such as **industrial, healthcare, technology, consumer goods, real estate, and finance**[59](index=59&type=chunk) [Lending Business](index=32&type=section&id=4.3.3%20Lending%20Business) The Group engages in financing and money lending as an 'exempted person,' primarily focusing on short-to-medium term financing, with strict risk assessment and end-to-end management to ensure controllable overall credit and operational risks - The Group engages in financing and money lending as an **'exempted person'** as defined under the **Money Lenders Ordinance**[61](index=61&type=chunk) - The lending business primarily focuses on **short-to-medium term financing** to ensure flexibility and high liquidity in asset allocation[62](index=62&type=chunk) - Through practical risk control measures and stringent risk assessments, the overall credit and operational risks of the lending business are controllable[62](index=62&type=chunk) [Asset Management Business](index=23&type=section&id=4.4%20Asset%20Management%20Business) Amid macroeconomic challenges, the Group's asset management business maintained a prudent investment strategy, achieving stable net asset value growth for public funds and leading industry rankings. It successfully obtained approval to issue an SFC-authorized US dollar money market fund - CMBC Capital Greater China Select Bond Fund's net asset value increased by **3.09%**, and CMBC Capital Greater China Strategy Fund's net asset value increased by **7.40%**[47](index=47&type=chunk) - CMBC Capital Greater China Select Bond Fund ranked **first** in the 'Three-Year Greater China Bond Fund Performance List' for the second consecutive year[47](index=47&type=chunk) - Successfully obtained approval to issue an **SFC-authorized US dollar money market fund**[47](index=47&type=chunk) [Corporate Finance and Advisory Business](index=24&type=section&id=4.5%20Corporate%20Finance%20and%20Advisory%20Business) Benefiting from the recovery of Hong Kong's capital market and the trend of mainland enterprises listing in Hong Kong, the Group's corporate finance and advisory business saw significant growth in both revenue and profit. It successfully assisted multiple IPO projects in submitting listing applications and completed 14 IPO underwriting projects - Successfully assisted **Xinqi'an Technology Co., Ltd.** in completing its listing on the Main Board of the Stock Exchange and assisted **four IPO projects** in submitting listing applications[48](index=48&type=chunk) - Completed **14 IPO underwriting projects**, an increase of **3** from the prior period, covering sectors such as **artificial intelligence, biotechnology, consumer goods, and finance**[48](index=48&type=chunk) - Wealth management-related intermediary businesses formed a diversified product and service synergy matrix through **customized asset allocation solutions and efficient professional services**[48](index=48&type=chunk) [Outlook and Development Strategies](index=25&type=section&id=V.%20Outlook%20and%20Development%20Strategies) This section outlines the Group's future outlook, strategic priorities, and specific initiatives to navigate market challenges and capitalize on opportunities [Outlook](index=25&type=section&id=5.1%20Outlook) The global economy in H2 2025 is expected to remain complex and uncertain, with prevalent trade protectionism, but China's economy is projected to maintain growth, and Hong Kong's financial market is recovering. The Group will cautiously and optimistically address external challenges, seizing opportunities from Hong Kong's improving financial market and innovation - The global economy in H2 2025 is expected to remain **complex and uncertain**, with **trade protectionism** prevailing worldwide[49](index=49&type=chunk) - China's economy performed better than expected in H1, with both opportunities and challenges in H2, and monetary and fiscal policies still have room for support[49](index=49&type=chunk) - Hong Kong's economy maintains a **moderate recovery**, its financial market continues to **improve**, and stablecoin practices bring new development opportunities[49](index=49&type=chunk) [Development Strategies and Specific Initiatives](index=26&type=section&id=5.2%20Development%20Strategies%20and%20Specific%20Initiatives) The Group will adhere to the 'One Minsheng' strategy, leverage its international advantages and Hong Kong licensed investment banking services, promote cross-border business synergy, develop light-asset investment banking, and continuously improve corporate governance and risk management capabilities - Adhere to the **'One Minsheng' strategy**, fully leverage international advantages and Hong Kong licensed investment banking services, and vigorously promote **cross-border business synergy**[50](index=50&type=chunk) - Vigorously develop **strategic investment banking businesses**, focusing on specialized areas such as **TMT, new energy, high-tech, consumer and social services, biomedicine, and M&A**[50](index=50&type=chunk) - Solidly advance **wealth management foundational businesses**, promote securities business upgrades, accelerate the creation of a **one-stop trading platform**, and launch **virtual asset ETF trading services**[51](index=51&type=chunk) - Continuously enhance **risk and compliance management capabilities**, improve the comprehensive risk management system, and strengthen compliance training[51](index=51&type=chunk) - Strengthen the **investment banking talent development system**, attract top talent, and build a first-class international investment banking team[51](index=51&type=chunk) - Optimize the **securities trading APP functionality** and enhance user experience[52](index=52&type=chunk) - Fully leverage the positive spillover effects of the overseas research team, build a **high-end CMBC Research brand**, and strengthen cross-border decision support and research value transformation[52](index=52&type=chunk) [Financial Performance Analysis](index=29&type=section&id=VI.%20Financial%20Performance%20Analysis) This section provides a detailed analysis of the Group's financial performance, including overall profitability, revenue drivers, and segment-specific results [Overall Financial Performance](index=29&type=section&id=6.1%20Overall%20Financial%20Performance) The Group's profit attributable to owners for H1 2025 was HK$117.9 million, a 48.0% year-on-year increase, with basic and diluted earnings per share of 10.73 HK cents, indicating a significant improvement in profitability - Profit attributable to owners of the Company was approximately **HK$117.9 million**, a year-on-year increase of **48.0%**[53](index=53&type=chunk) - Basic and diluted earnings per share were approximately **10.73 HK cents**[53](index=53&type=chunk) [Revenue Analysis](index=29&type=section&id=6.2%20Revenue%20Analysis) The Group's revenue for H1 2025 increased by 56.7% from HK$156.7 million to HK$245.4 million, primarily driven by increased bond and equity underwriting, sponsorship projects, asset management fee rate adjustments, and wealth management-related fee income - Revenue increased by approximately **56.7%** from approximately **HK$156.7 million** in the prior period to approximately **HK$245.4 million**[54](index=54&type=chunk) - The increase in revenue was primarily due to increased **bond and equity underwriting projects** and **sponsorship projects**, significant growth in **asset management fee income**, and increased **fee income from wealth management-related businesses**[54](index=54&type=chunk) [Securities Segment Performance](index=30&type=section&id=6.3%20Securities%20Segment%20Performance) The securities segment's revenue rose to HK$59.0 million, achieving a profit of HK$28.1 million, turning around from a loss year-on-year, primarily due to increased bond underwriting business and growth in interest income from securities margin financing - Securities segment revenue increased to approximately **HK$59.0 million**, with segment results showing a profit of **HK$28.1 million**[56](index=56&type=chunk) - Compared to revenue of approximately **HK$14.7 million** and a loss of approximately **HK$0.6 million** in the prior period, the segment achieved a year-on-year turnaround to profit[56](index=56&type=chunk) - The increase in segment revenue was primarily due to increased **bond underwriting business** and increased **interest income from securities margin financing** driven by higher receivables from margin clients[56](index=56&type=chunk) [Investment and Financing Segment Performance](index=30&type=section&id=6.4%20Investment%20and%20Financing%20Segment%20Performance) The investment and financing segment showed mixed performance, with increased revenue and reduced losses in fixed income direct investment, while other investments and financing saw significant declines in both revenue and profit, mainly impacted by fair value gains from investment projects [Fixed Income Direct Investment Segment](index=30&type=section&id=6.4.1%20Fixed%20Income%20Direct%20Investment%20Segment) Fixed income direct investment segment revenue and net investment gains/losses were approximately HK$52.9 million, with segment loss decreasing to approximately HK$15.8 million, primarily due to overall gains from bond investment transactions and reduced interest expenses on repurchase agreements - Fixed income direct investment segment revenue and net investment gains/losses were approximately **HK$52.9 million**, compared to approximately **HK$43.5 million** in the prior period[57](index=57&type=chunk) - Segment loss decreased to approximately **HK$15.8 million**, compared to a loss of approximately **HK$22.6 million** in the prior period[57](index=57&type=chunk) - The decrease in segment loss was primarily due to increased net investment gains/losses and reduced interest expenses from repurchase agreements due to lower interest rates[57](index=57&type=chunk) [Other Investments and Financing Segment](index=31&type=section&id=6.4.2%20Other%20Investments%20and%20Financing%20Segment) Other investments and financing segment revenue and net investment gains/losses were approximately HK$25.0 million, a significant decrease from HK$103.8 million in the prior period, leading to a segment profit decline to HK$16.0 million, primarily due to a substantial reduction in fair value gains from investment projects - Other investments and financing segment revenue and net investment gains/losses were approximately **HK$25.0 million**, compared to approximately **HK$103.8 million** in the prior period[58](index=58&type=chunk) - Segment profit decreased to approximately **HK$16.0 million**, compared to a profit of approximately **HK$93.0 million** in the prior period[58](index=58&type=chunk) - The significant decrease in segment revenue and net investment gains/losses was primarily due to a substantial reduction in fair value gains from investment projects compared to the prior period[58](index=58&type=chunk) [Asset Management Segment Performance](index=33&type=section&id=6.5%20Asset%20Management%20Segment%20Performance) The asset management segment's revenue was approximately HK$93.3 million and profit was approximately HK$82.9 million, both significantly increased year-on-year, primarily due to fee rate adjustments for some portfolios in the second half of last year - Asset management segment recorded revenue of approximately **HK$93.3 million**, compared to approximately **HK$51.5 million** in the prior period[63](index=63&type=chunk) - Segment profit recorded was approximately **HK$82.9 million**, compared to approximately **HK$39.6 million** in the prior period[63](index=63&type=chunk) - The increase in segment revenue and profit was due to a significant year-on-year increase in revenue resulting from **fee rate adjustments for some portfolios** in the second half of last year[63](index=63&type=chunk) [Corporate Finance and Advisory Segment Performance](index=33&type=section&id=6.6%20Corporate%20Finance%20and%20Advisory%20Segment%20Performance) The corporate finance and advisory segment's revenue was approximately HK$42.9 million and profit was approximately HK$25.8 million, both significantly increased year-on-year, benefiting from a favorable Hong Kong capital market, IPO market rebound, and increased sponsorship and equity underwriting income - Corporate finance and advisory segment recorded revenue of approximately **HK$42.9 million**, compared to approximately **HK$25.8 million** in the prior period[64](index=64&type=chunk) - Segment profit recorded was approximately **HK$25.8 million**, compared to a segment profit of approximately **HK$13.6 million** in the prior period[64](index=64&type=chunk) - The increase in segment revenue and results was primarily due to increased **sponsorship income and equity underwriting income** during the reporting period[64](index=64&type=chunk) [Administrative Expenses and Finance Costs](index=34&type=section&id=6.7%20Administrative%20Expenses%20and%20Finance%20Costs) The Group's administrative expenses and finance costs totaled approximately HK$134.1 million in H1 2025, a slight decrease from the prior period. Staff costs and other operating expenses increased, while finance costs decreased due to lower interest rates on repurchase agreements Administrative Expenses and Finance Costs Breakdown | Item | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Staff costs | 45,758 | 40,588 | | Depreciation | 10,643 | 11,085 | | Other operating expenses | 29,288 | 26,811 | | Finance costs | 48,368 | 58,174 | | **Total** | **134,057** | **136,658** | - The increase in staff costs was primarily due to an **increase in headcount**[66](index=66&type=chunk) - The decrease in finance costs was primarily due to **lower interest rates on repurchase agreements**[68](index=68&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=35&type=section&id=VII.%20Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) This section details the Group's capital structure, liquidity position, financial resources, and related financial management aspects [Capital Structure](index=35&type=section&id=7.1%20Capital%20Structure) As of June 30, 2025, the Group's total issued shares were 1,099,255,693, with total equity attributable to shareholders of approximately HK$1,556.2 million. During the reporting period, the company repurchased 2,287,000 shares, which were cancelled after the period end - Total issued shares were **1,099,255,693** with a par value of **HK$0.4** per share[69](index=69&type=chunk) - Total equity attributable to shareholders was approximately **HK$1,556.2 million**, an increase from **HK$1,388.8 million** as of December 31, 2024[69](index=69&type=chunk) - During the reporting period, the Company repurchased a total of **2,287,000 ordinary shares** for a total consideration of approximately **HK$0.65 million**[86](index=86&type=chunk) [Liquidity and Financial Resources](index=35&type=section&id=7.2%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's current assets were approximately HK$4,885.0 million, and quick assets were approximately HK$2,468.2 million. The current ratio was approximately 1.4, and the gearing ratio was approximately 61.0%. Management believes the Group has ample financial resources to meet its operational needs - Current assets were approximately **HK$4,885.0 million**, an increase from **HK$3,774.1 million** as of December 31, 2024[71](index=71&type=chunk) - Quick assets (cash, listed equity securities investments, and debt investments) totaled approximately **HK$2,468.2 million**[71](index=71&type=chunk) - The current ratio was approximately **1.4** (December 31, 2024: **1.6**)[71](index=71&type=chunk) - The gearing ratio was approximately **61.0%** (December 31, 2024: **58.4%**)[72](index=72&type=chunk) - Management believes the Group has **ample financial resources** to meet its ongoing operational funding requirements[72](index=72&type=chunk) [Pledge of Assets](index=36&type=section&id=7.3%20Pledge%20of%20Assets) Unless otherwise disclosed, as of June 30, 2025, the Group had no other pledged or charged assets - As of **June 30, 2025**, the Group had no other pledged or charged assets[73](index=73&type=chunk) [Contingent Liabilities](index=36&type=section&id=7.4%20Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of **June 30, 2025**, the Group had no material contingent liabilities[74](index=74&type=chunk) [Other Important Information](index=37&type=section&id=VIII.%20Other%20Important%20Information) This section covers additional disclosures including future investment plans, capital commitments, significant investments, foreign currency risk, human resources, risk management, corporate governance, and post-reporting period events [Future Plans for Material Investments or Capital Assets](index=37&type=section&id=8.1%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no specific plans for any material investments or capital assets - As of **June 30, 2025**, the Group had no specific plans for any material investments or capital assets[75](index=75&type=chunk) [Capital Commitments](index=37&type=section&id=8.2%20Capital%20Commitments) As of June 30, 2025, the Group had no material capital commitments - As of **June 30, 2025**, the Group had no material capital commitments[76](index=76&type=chunk) [Holding of Material Investments](index=37&type=section&id=8.3%20Holding%20of%20Material%20Investments) During the reporting period, the Group did not hold any single material investment exceeding 5% of its total assets - During the reporting period, the Group did not hold any single material investment exceeding **5% of its total assets**[77](index=77&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=37&type=section&id=8.4%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) During the reporting period, the Group did not have any material acquisitions or disposals of subsidiaries and associates - During the reporting period, the Group did not have any **material acquisitions or disposals of subsidiaries and associates**[78](index=78&type=chunk) [Foreign Currency Risk Management](index=37&type=section&id=8.5%20Foreign%20Currency%20Risk%20Management) The Group's revenue is primarily denominated in USD and HKD, while expenses are mainly in HKD. Given the HKD's peg to the USD, the Directors believe foreign exchange risk is manageable, and the Group does not use derivative financial instruments to hedge foreign exchange risk - The Group's revenue is primarily denominated in **US dollars and Hong Kong dollars**, and expenses are mainly denominated in **Hong Kong dollars**[79](index=79&type=chunk) - The Group does not use **derivative financial instruments** to hedge its foreign exchange risk[79](index=79&type=chunk) - As the Hong Kong dollar is pegged to the US dollar, the Directors believe the Group's **foreign exchange risk is manageable**[79](index=79&type=chunk) [Human Resources and Remuneration Policies](index=38&type=section&id=8.6%20Human%20Resources%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had approximately 100 employees, with total staff costs of approximately HK$45.8 million. Remuneration is based on market terms and individual capabilities, including MPF schemes, subsidized training, share award schemes, and discretionary bonuses - As of **June 30, 2025**, the Group had approximately **100 employees** (June 30, 2024: **88 employees**)[80](index=80&type=chunk) - Total staff costs were approximately **HK$45.8 million** (prior period: **HK$40.6 million**)[80](index=80&type=chunk) - Employee benefit schemes include a **Mandatory Provident Fund scheme, subsidized training programs, a share award scheme, and discretionary bonuses**[80](index=80&type=chunk) [Risk Management Capabilities](index=38&type=section&id=8.7%20Risk%20Management%20Capabilities) The Group continuously strengthens its overall risk management capabilities, with a Risk Management and Internal Control Committee, implementing comprehensive risk management, and establishing robust internal control procedures to manage credit, market, legal and compliance, operational, and liquidity risks - The Board has established a **Risk Management and Internal Control Committee** to oversee the Group's overall risk management framework[81](index=81&type=chunk) - The Group implements **comprehensive risk management**, primarily managing **credit risk, market risk, legal and compliance risk, operational risk, and liquidity risk**[81](index=81&type=chunk) - Robust **internal control procedures** have been established to monitor, assess, and manage risks associated with various business activities[81](index=81&type=chunk) [Interim Dividend](index=38&type=section&id=8.8%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an **interim dividend** for the reporting period (prior period: nil)[82](index=82&type=chunk) [Corporate Governance](index=38&type=section&id=8.9%20Corporate%20Governance) Throughout the reporting period, the Company complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - The Company has complied with all applicable provisions of the **Corporate Governance Code** set out in **Appendix C1 of the Listing Rules**[83](index=83&type=chunk) [Standard Code for Securities Transactions by Directors of Listed Issuers](index=39&type=section&id=8.10%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules and confirmed that all Directors complied with it during the reporting period - The Company has adopted the **Standard Code** set out in **Appendix C3 of the Listing Rules**[84](index=84&type=chunk) - All Directors have complied with the required standards set out in the **Standard Code** during the reporting period[84](index=84&type=chunk) [Review of Interim Results](index=39&type=section&id=8.11%20Review%20of%20Interim%20Results) The Company's Audit Committee has reviewed the unaudited condensed consolidated financial statements and deemed them compliant with applicable accounting standards, Listing Rules, and other legal requirements, with adequate disclosures - The Company's **Audit Committee** has reviewed the unaudited condensed consolidated financial statements[85](index=85&type=chunk) - The Audit Committee believes the financial statements comply with applicable **accounting standards, Listing Rules requirements, and other applicable legal requirements**, and that **adequate disclosures** have been made[85](index=85&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=39&type=section&id=8.12%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) The Company repurchased 2,287,000 shares during the reporting period for approximately HK$0.65 million, aiming to enhance the net asset value per share. All repurchased shares were cancelled as of the announcement date - The Company repurchased a total of **2,287,000 shares** on the Stock Exchange for a total consideration of approximately **HK$0.65 million**[86](index=86&type=chunk) - The repurchase of shares can enhance the **net asset value per share**[86](index=86&type=chunk) - As of the date of this announcement, all repurchased shares have been **cancelled**[86](index=86&type=chunk) Details of Share Repurchases | Month of Repurchase | Total Number of Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration Paid (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | April | 1,826,000 | 0.330 | 0.235 | 518 | | May | 461,000 | 0.305 | 0.280 | 134 | | **Total** | **2,287,000** | | | **652** | [Events After the Reporting Period](index=40&type=section&id=8.13%20Events%20After%20the%20Reporting%20Period) Except as disclosed in this interim results announcement, no material events occurred after the reporting period and up to the date of this announcement - Except as disclosed in this interim results announcement, no **material events** occurred after the reporting period and up to the date of this announcement[89](index=89&type=chunk) [Publication of Interim Report](index=40&type=section&id=8.14%20Publication%20of%20Interim%20Report) The Company's interim report for the reporting period will be published on the Stock Exchange and the Company's website in due course - The Company's interim report for the reporting period will be published on the **Stock Exchange (www.hkexnews.hk)** and the **Company's website (www.cmbccap.com)** in due course[90](index=90&type=chunk) [Board of Directors](index=40&type=section&id=8.15%20Board%20of%20Directors) As of the date of this announcement, the Board of Directors includes Executive Directors Mr. Li Baozhen, Mr. Li Ming, and Mr. Wu Haigan; Non-executive Directors Ms. Wu Yuan and Mr. Xu Feng; and Independent Non-executive Directors Mr. Li Zhuoran, Mr. Wu Bin, and Mr. Wang Lihua - Executive Directors: **Mr. Li Baozhen, Mr. Li Ming, and Mr. Wu Haigan**[92](index=92&type=chunk) - Non-executive Directors: **Ms. Wu Yuan and Mr. Xu Feng**[92](index=92&type=chunk) - Independent Non-executive Directors: **Mr. Li Zhuoran, Mr. Wu Bin, and Mr. Wang Lihua**[92](index=92&type=chunk)

CMBC Capital Holdings Limited (Stock Code: 1141) 民銀資本控股有限公司 （股份代號: 1141） Terms of reference for the Nomination Committee 提名委員會職權範圍 提名委員會成員（"成員"）須由董事會委任，並由不少於三名成員組成，其中大部分應為 獨立非執行董事，且至少一名成員須為不同性別。提名委員會的法定人數為兩名成員。 2.2 The chairman of the Nomination Committee (the "Chairman") shall be appointed by the Board and shall be either an independent non-executive director of the Company or the chairman of the Board. 提名委員會主席（"主席"）須由董事會委任，並且須為獨立非執行董事或董事會主席。 (revised and effective on 28 August 2025) （於 2025 年 8 月 28 日修改及生 ...

Group 1 - The company, Minyin Capital (01141.HK), expects to record a consolidated net profit of approximately HKD 110 million to HKD 130 million for the six months ending June 30, 2025, compared to a net profit of HKD 80 million in the same period last year [1] - The board attributes the increase in net profit to the initial success of the company's transformation and development, with significant year-on-year growth in revenue from securities underwriting, sponsorship services, asset management, and wealth management-related fee businesses [1]

Core Viewpoint - Minyin Capital (01141) expects to achieve a consolidated net profit of approximately HKD 110 million to HKD 130 million for the six months ending June 30, 2025, compared to a consolidated net profit of HKD 80 million in the same period last year [1] Group 1 - The increase in net profit is primarily attributed to the initial success of the company's transformation and development [1] - Revenue from securities underwriting, sponsorship services, asset management, and wealth management-related fee businesses has significantly increased year-on-year during the relevant period [1]