由于的关税战及地缘政治事件影响因素的复杂和不确定性叠加因素，全球散货航运市场波动并存在不确 定性。为应对不确定性而对集团带来的不利影响，公司积极探索并落实业务多元化。相信收购能使集团 从以往单一海运物流运输业务拓展至陆上物流业务，从而有效增加集团的收入来源及范围。 智通财经APP讯，勇利投资(01145)发布公告，于2025年10月6日(于交易时段后)，买方HK Courage LLC(公司的间接全资附属公司)与卖方JINHE FENG MINING CONSTRUCTION CO., LTD.订立购买协 议，据此，买方已同意收购及卖方已同意出售采矿运输车，代价为500万美元。 采矿运输车为由卖方拥有的53辆采矿自卸车。 ...

由于的关税战及地缘政治事件影响因素的复杂和不确定性叠加因素，全球散货航运市场波动并存在不确 定性。为应对不确定性而对集团带来的不利影响，公司积极探索并落实业务多元化。相信收购能使集团 从以往单一海运物流运输业务拓展至陆上物流业务，从而有效增加集团的收入来源及范围。 采矿运输车为由卖方拥有的53辆采矿自卸车。 勇利投资(01145)发布公告，于2025年10月6日(于交易时段后)，买方HK Courage LLC(公司的间接全资附 属公司)与卖方JINHE FENG MINING CONSTRUCTION CO.,LTD.订立购买协议，据此，买方已同意收 购及卖方已同意出售采矿运输车，代价为500万美元。 ...

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聲明，且表明不會就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。 COURAGEINVESTMENT GROUP LIMITED 勇利投資集團有限公司 於百慕達註冊成立之有限公司 (香港股份代號: 1145) (新加坡股份代號: CIN) 須予披露交易 有關收購採礦運輸車 收購事項 董事會欣然宣佈，於二零二五年十月六日(於交易時段後)，買方（本公司之間接全資附 屬公司）與賣方訂立購買協議，據此，買方已同意收購及賣方已同意出售採礦運輸車， 代價為5,000,000美元（相當於約39,000,000港元）。 上市規則之涵義 由於有關收購事項之一項或多項適用百分比率（定義見上市規則）超過5%但所有比率低 於25%，故收購事項構成本公司的一項須予披露交易，因此須遵守上市規則第十四章下 申報及公佈規定，唯可豁免獲取股東之批准。 本公司股東及潛在投資者務請注意，收購事項須待協議項下若干先決條件達成（或獲豁 免，如適用）後，方告完成，故完成可能會或不會進行。本公司股東及潛在投資者於買 賣股份時 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 勇利投資集團有限公司 呈交日期: 2025年10月3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) | 01145 | 說明 普通股 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 180,000,000,000 | USD | | 0.001 | USD | | 180,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 180,000,000,000 | USD | | 0.001 | USD | | 180,000,000 | III.已發行股份及/ ...

COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 (Incorporated in Bermuda with limited liability) ( 於百慕達註冊成立之有限公司 ) (Hong Kong Stock Code 香港股份代號: 1145) (Singapore Stock Code 新加坡股份代號: CIN) Dear non-registered shareholder1 , 5 September 2025 Courage Investment Group Limited (the "Company") Notice of publication of the Interim Report for the six months ended 30 June 2025 (the "Current Corporate Communication(s)") The English and Chinese versions of the Company's Current Corporate Communication(s) are now available ...

COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 (Incorporated in Bermuda with limited liability) ( 於百慕達註冊成立之有限公司 ) (Hong Kong Stock Code 香港股份代號: 1145) (Singapore Stock Code 新加坡股份代號: CIN) Dear registered shareholder, 5 September 2025 Courage Investment Group Limited (the "Company") Notice of publication of the Interim Report for the six months ended 30 June 2025 (the "Current Corporate Communication(s)") The English and Chinese versions of the Company's Current Corporate Communication(s) are now available on the ...

Company Information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) This section outlines the composition of the company's board of directors, including executive and independent non-executive directors, and the members and chairs of the audit, remuneration, and nomination committees - Executive Directors include Ms. Liu Sainan (Chairperson), Mr. Hu Yingxia (Chief Executive Officer), and Ms. Li Chunyang[3](index=3&type=chunk) - Independent Non-Executive Directors are Mr. Zhu Gaoming, Mr. Qiu Yiyong, and Mr. Deng Banghao[3](index=3&type=chunk) - Mr. Zhu Gaoming chairs the Audit Committee, Mr. Qiu Yiyong chairs the Remuneration Committee, and Ms. Liu Sainan chairs the Nomination Committee[3](index=3&type=chunk) [Company Secretary and Registration Information](index=3&type=section&id=Company%20Secretary%20and%20Registration%20Information) This section provides detailed information on the company secretary, deputy company secretary, share trading information (HKEX and SGX), registered office, principal place of business, principal bankers, auditor, share registrar, Singapore share transfer agent, and company website - Mr. Chan Shuk Ching is the Company Secretary, and Ms. Li Bik Ping is the Deputy Company Secretary[3](index=3&type=chunk) - Company shares are traded on the HKEX (Stock Code: 1145) and SGX (Stock Code: CIN)[3](index=3&type=chunk) - The auditor is Deloitte Touche Tohmatsu[3](index=3&type=chunk) Management Discussion and Analysis [Business Review](index=4&type=section&id=Business%20Review) During the reporting period, the group's main businesses were marine transportation and trading, with marine business facing significant pressure due to trade tensions and geopolitical events, leading to a 14% year-on-year revenue decrease and a shift from profit to loss 2025 H1 Business Overview | Metric | 2025 H1 (USD '000) | 2024 H1 (USD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 4,381 | 5,070 | -14% | | Profit (Loss) Attributable to Owners of the Company | (1,708) | 1,278 | Shift from profit to loss | | Basic (Loss) Earnings Per Share | (0.16) US cents | 0.12 US cents | Shift from profit to loss | - The marine transportation business market faced immense pressure, primarily due to escalating trade tensions between the US and other countries leading to weak commodity demand, and ongoing geopolitical conflicts in Ukraine and Palestine[5](index=5&type=chunk) - The Group strategically relaunched its trading business to mitigate the cyclical impact on its marine transportation business[5](index=5&type=chunk) [Marine Transportation Business](index=4&type=section&id=Marine%20Transportation%20Business) The group's dry bulk fleet comprises three Supramax vessels with a total carrying capacity of approximately 171,000 DWT, experiencing a 34.1% year-on-year decrease in the average daily Baltic Supramax Index (BSI 58) in 2025 H1, leading to reduced revenue, further impacted by the Heroic vessel's dry-docking - The Group owns three Supramax dry bulk vessels with a carrying capacity of approximately **171,000 DWT**[6](index=6&type=chunk) BSI 58 Index and Marine Transportation Revenue Impact | Metric | 2025 H1 | 2024 H1 (Estimated) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | BSI 58 Average Daily Value | USD 9,202 | USD 13,975 | Decrease of USD 4,773 (-34.1%) | | Impact of Heroic Vessel Downtime | Reduced operating revenue by approximately USD 300,000 | N/A | N/A | - The BSI 58 fell to a five-year historical low of approximately **USD 5,600** in February 2025[6](index=6&type=chunk) [Trading Business](index=4&type=section&id=Trading%20Business) Leveraging the new controlling shareholder's expertise and network in the coal and other commodities industries, the group expanded into coal trading in 2025 H1, generating USD 551,000 in sales revenue and USD 13,000 in profit from 5,200 tons of coal sales - The Group expanded into coal trading in 2025 H1, benefiting from the new controlling shareholder's experience and business network[7](index=7&type=chunk) 2025 H1 Trading Business Performance | Metric | 2025 H1 (USD '000) | 2024 H1 (USD '000) | | :--- | :--- | :--- | | Sales Revenue | 551 | Nil | | Profit | 13 | Nil | | Coal Sales Volume (tons) | 5,200 | Nil | [Financial Review](index=5&type=section&id=Financial%20Review) The group primarily funds operations through cash generated from business and equity, maintaining a strong liquidity ratio despite a decrease due to increased contract liabilities from dry-docking cost provisions, while owners' equity decreased due to the period's loss, and bank interest income fell by 53% due to lower rates 2025 H1 Financial Resources Overview | Metric | June 30, 2025 (USD '000) | December 31, 2024 (USD '000) | Change | | :--- | :--- | :--- | :--- | | Current Assets | 18,603 | 19,660 | Decrease of 1,057 | | Quick Assets | 13,910 | 18,938 | Decrease of 5,028 | | Current Liabilities | 2,287 | 1,003 | Increase of 1,284 | | Current Ratio | 8.1 | 19.6 | Decrease | | Equity Attributable to Owners of the Company | 57,139 | 58,804 | Decrease of 1,665 | | Finance Costs | 8 | 19 | Decrease of 11 | | Bank Interest Income | 182 | 385 (2024 H1) | Decrease of 203 (-53%) | - The decrease in the current ratio was primarily due to provisions for dry-docking costs, leading to an increase in contract liabilities[8](index=8&type=chunk) - Management believes the Group has sufficient financial resources to meet its ongoing operational needs[10](index=10&type=chunk) [Foreign Currency Management](index=5&type=section&id=Foreign%20Currency%20Management) The group's monetary assets, liabilities, and business transactions are primarily denominated in USD or HKD, and no significant exchange rate fluctuation risks were encountered in 2025 H1, thus no hedging arrangements were entered into - The Group's monetary assets and liabilities, as well as business transactions, are primarily denominated in **USD or HKD**[11](index=11&type=chunk) - During 2025 H1, the Group did not experience significant exchange rate fluctuation risks and therefore did not enter into any financial arrangements for hedging purposes[11](index=11&type=chunk) [Contingent Liabilities and Capital Commitments](index=5&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) As of June 30, 2025, the group had no significant contingent liabilities or capital commitments - As of June 30, 2025, the Group had no significant contingent liabilities[12](index=12&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments[13](index=13&type=chunk) [Employees and Remuneration Policy](index=6&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group had 12 employees, with staff costs (including directors' emoluments) of USD 666,000, an increase year-on-year, and remuneration packages are reviewed annually based on market terms, individual capabilities, performance, and experience, with MPF schemes and other benefits for Hong Kong employees, and crew expenses also increased year-on-year Employee and Remuneration Overview | Metric | June 30, 2025 | December 31, 2024 | 2025 H1 (USD '000) | 2024 H1 (USD '000) | | :--- | :--- | :--- | :--- | :--- | | Number of Employees | 12 | 18 | N/A | N/A | | Staff Costs (incl. Directors' Emoluments) | N/A | N/A | 666 | 417 | | Number of Crew | Approx. 64 | 64 | N/A | N/A | | Crew Expenses | N/A | N/A | 1,458 | 961 | - Remuneration packages are typically reviewed annually, taking into account prevailing market terms, individual capabilities, performance, and experience[14](index=14&type=chunk) - The Group provides a Mandatory Provident Fund scheme for Hong Kong employees, along with medical insurance, subsidized training programs, and discretionary bonuses[14](index=14&type=chunk) [Outlook](index=6&type=section&id=Outlook) Management remains cautiously optimistic about the medium-to-long-term prospects of the marine transportation business, expecting strong short-term shipping demand, and will leverage the new controlling shareholder's resources to expand logistics and trading businesses in mainland China, Mongolia, and Belt and Road countries, aiming for new growth drivers and business diversification within the year, while continuing prudent operations, fleet expansion opportunities, cost reduction, efficiency improvement, and investment/M&A opportunities - The Group remains cautiously optimistic about the medium-to-long-term prospects of the marine transportation business, expecting strong short-term shipping demand influenced by the rebound in the BSI 58 index and the Red Sea crisis[15](index=15&type=chunk) - The Group will expand its logistics and trading businesses in mainland China, Mongolia, and other "Belt and Road" countries, striving to cultivate new business growth points and achieve business diversification within the year[15](index=15&type=chunk) - Management will continue to uphold a prudent operating philosophy, opportunistically expand the fleet, enhance professional and refined fleet management, implement cost reduction and efficiency improvement measures, and seek investment or merger and acquisition opportunities[15](index=15&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The group's total revenue decreased by 14% year-on-year, primarily due to reduced marine transportation service income, leading to a shift from profit to loss attributable to owners of the company, with a loss of USD 1,708 thousand and basic loss per share of 0.16 US cents, driven by a significant increase in total cost of sales and a decrease in other income Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 H1 (USD '000) | 2024 H1 (USD '000) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 4,381 | 5,070 | -14% | | Total Cost of Sales | (5,207) | (2,966) | Increase of 75.5% | | Other Income | 308 | 502 | -38.7% | | Profit (Loss) Before Tax | (1,708) | 1,278 | Shift from profit to loss | | Profit (Loss) for the Period Attributable to Owners of the Company | (1,708) | 1,278 | Shift from profit to loss | | Basic (Loss) Earnings Per Share Attributable to Owners of the Company | (0.16) US cents | 0.12 US cents | Shift from profit to loss | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the group's total assets slightly decreased, with non-current assets slightly increasing due to property, plant, and equipment, while current assets decreased but saw new inventory and trade receivables, and current liabilities significantly increased, mainly due to higher deposits received, other payables, and accrued expenses, particularly dry-docking cost provisions, leading to a decrease in total equity due to the period's loss Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (USD '000) | December 31, 2024 (USD '000) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 40,952 | 40,147 | Increase of 805 | | Current Assets | 18,603 | 19,660 | Decrease of 1,057 | | Inventories | 3,572 | – | New | | Trade Receivables | 133 | – | New | | Bank Deposits | 7,419 | 14,681 | Decrease of 7,262 | | Cash and Cash Equivalents | 6,491 | 4,257 | Increase of 2,234 | | Total Assets | 59,555 | 59,807 | Decrease of 252 | | Current Liabilities | 2,287 | 1,003 | Increase of 1,284 | | Deposits Received, Other Payables and Accrued Expenses | 2,033 | 775 | Increase of 1,258 | | Contract Liabilities | 69 | 219 | Decrease of 150 | | Lease Liabilities (Current) | 185 | 9 | Increase of 176 | | Total Equity | 57,139 | 58,804 | Decrease of 1,665 | - The significant increase in current liabilities was primarily due to a new provision of **USD 1,415 thousand** for dry-docking costs[19](index=19&type=chunk)[43](index=43&type=chunk) Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the company decreased by USD 1,665 thousand, primarily due to a loss of USD 1,708 thousand for the period, partially offset by exchange differences arising from the translation of financial statements of overseas operations of USD 43 thousand Summary of Condensed Consolidated Statement of Changes in Equity | Metric | January 1, 2025 (USD '000) | June 30, 2025 (USD '000) | Change (USD '000) | | :--- | :--- | :--- | :--- | | Share Capital | 1,098 | 1,098 | 0 | | Share Premium | 8,072 | 8,072 | 0 | | Contributed Surplus | 41,029 | 41,029 | 0 | | Exchange Reserve | – | 43 | Increase of 43 | | Retained Profits | 8,605 | 6,897 | Decrease of 1,708 | | Total Equity | 58,804 | 57,139 | Decrease of 1,665 | - A loss of **USD 1,708 thousand** for the period was the primary reason for the decrease in equity[20](index=20&type=chunk) Condensed Consolidated Statement of Cash Flows In 2025 H1, net cash from operating activities shifted from an inflow to an outflow of USD 3,100 thousand, mainly due to the loss before tax, increased inventories, and increased trade receivables, while net cash from investing activities shifted to an inflow of USD 5,400 thousand, primarily from net withdrawals of bank deposits, and cash outflow from financing activities decreased, resulting in a net increase in cash and cash equivalents of USD 2,234 thousand at period-end Summary of Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 H1 (USD '000) | 2024 H1 (USD '000) | Change | | :--- | :--- | :--- | :--- | | Net Cash (Used in) From Operating Activities | (3,100) | 2,924 | Shift from inflow to outflow | | Net Cash From (Used in) Investing Activities | 5,400 | (1,517) | Shift from outflow to inflow | | Cash Used in Financing Activities | (66) | (807) | Outflow decreased | | Net Increase in Cash and Cash Equivalents | 2,234 | 600 | Increase | | Cash and Cash Equivalents at End of Period | 6,491 | 1,914 | Increase | - Cash outflow from operating activities was primarily affected by the loss before tax, an increase in inventories of **USD 3,572 thousand**, and an increase in trade receivables of **USD 133 thousand**[21](index=21&type=chunk) - Cash inflow from investing activities primarily resulted from net withdrawals of bank deposits[21](index=21&type=chunk) Notes to the Condensed Consolidated Financial Statements [1. General Information](index=12&type=section&id=1.%20General%20Information) This section introduces the company's registration information, listing venues, functional currency, and primary businesses of marine transportation services and trading - The Company was incorporated in Bermuda and is primarily listed on the Main Board of the HKEX and secondarily listed on the Main Board of the SGX[22](index=22&type=chunk) - The condensed consolidated financial statements are presented in **USD**, which is the Company's functional currency[22](index=22&type=chunk) - The Company is an investment holding company, and the principal activities of its major subsidiaries are marine transportation services and trading[23](index=23&type=chunk) [2. Principal Accounting Policies](index=12&type=section&id=2.%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with IAS 34 and the HKEX Listing Rules, using the historical cost basis, with the first-time application of IFRS amendments in the current period having no significant impact on financial position and performance - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the HKEX Listing Rules[24](index=24&type=chunk) - The financial statements have been prepared on a historical cost basis, and the accounting policies are consistent with those set out in the audited consolidated financial statements for the previous year, except for the application of amendments to International Financial Reporting Standards[25](index=25&type=chunk) - The first-time application of amendments to International Financial Reporting Standards (IAS 21 Amendment "Lack of Exchangeability") did not have a significant impact on the financial position and performance for the current and prior periods[26](index=26&type=chunk) [3. Revenue](index=13&type=section&id=3.%20Revenue) The group's revenue primarily derives from marine transportation services and trading, with marine transportation service revenue decreasing year-on-year in 2025 H1, while trading revenue contributed as a new business Revenue Breakdown (USD '000) | Revenue Source | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | Marine Transportation Services | 3,830 | 5,070 | Decrease of 1,240 | | Trading | 551 | – | New | | **Total Revenue** | **4,381** | **5,070** | **Decrease of 689** | [4. Segment Information](index=14&type=section&id=4.%20Segment%20Information) The group re-evaluated and identified two operating segments: marine transportation services and trading, with the marine transportation services segment experiencing a decrease in both revenue and performance, turning into a loss in 2025 H1, while the trading segment contributed new revenue and profit, and segment assets and liabilities also reflected changes in the business structure - The Group has reclassified into two operating segments: marine transportation services and trading, for resource allocation and performance evaluation[28](index=28&type=chunk) Segment Revenue and Results (USD '000) | Metric | Marine Transportation Services (2025 H1) | Trading (2025 H1) | Total (2025 H1) | Marine Transportation Services (2024 H1) | Trading (2024 H1) | Total (2024 H1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Revenue | 3,830 | 551 | 4,381 | 5,070 | – | 5,070 | | Segment Results | (749) | 13 | (736) | 2,170 | – | 2,170 | Segment Assets and Liabilities (USD '000) | Metric | Marine Transportation Services (June 30, 2025) | Trading (June 30, 2025) | Total (June 30, 2025) | Marine Transportation Services (December 31, 2024) | Trading (December 31, 2024) | Total (December 31, 2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 44,116 | 4,202 | 48,318 | 43,153 | – | 43,153 | | Segment Liabilities | 1,919 | 1 | 1,920 | 789 | – | 789 | [5. Other Income](index=16&type=section&id=5.%20Other%20Income) Total other income for 2025 H1 was USD 308 thousand, a year-on-year decrease, primarily due to reduced bank interest income Other Income (USD '000) | Income Type | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | Bank Interest Income | 182 | 385 | Decrease of 203 | | Other Income | 126 | 117 | Increase of 9 | | **Total** | **308** | **502** | **Decrease of 194** | [6. Profit (Loss) Before Tax](index=17&type=section&id=6.%20Profit%20%28Loss%29%20Before%20Tax) The loss before tax was primarily affected by increased employee benefit expenses, crew expenses, and depreciation, as well as decreased bank interest income Factors Affecting Profit (Loss) Before Tax (USD '000) | Item | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses (incl. Directors' Emoluments) | 666 | 417 | Increase of 249 | | Crew Expenses | 1,458 | 961 | Increase of 497 | | Depreciation of Property, Plant and Equipment | 1,353 | 992 | Increase of 361 | | Depreciation of Right-of-Use Assets | 67 | 49 | Increase of 18 | | Bank Interest Income | (182) | (385) | Decrease of 203 | [7. Income Tax Expense](index=17&type=section&id=7.%20Income%20Tax%20Expense) For the six months ended June 30, 2025 and 2024, the group incurred no taxable profits in Hong Kong or other jurisdictions, resulting in zero income tax expense - For the six months ended June 30, 2025 and 2024, no taxable profits arose in Hong Kong, and the Directors believe no tax was incurred in other jurisdictions[37](index=37&type=chunk) [8. (Loss) Earnings Per Share](index=17&type=section&id=8.%20%28Loss%29%20Earnings%20Per%20Share) Basic loss per share for 2025 H1 was 0.16 US cents, compared to basic earnings per share of 0.12 US cents in the prior year, primarily due to the shift from profit to loss for the period, with no diluted (loss) earnings per share presented as there were no potentially dilutive ordinary shares (Loss) Earnings Per Share (US cents) | Metric | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | Profit (Loss) for the Period Attributable to Owners of the Company (USD '000) | (1,708) | 1,278 | Shift from profit to loss | | Basic (Loss) Earnings Per Share (US cents) | (0.16) | 0.12 | Shift from profit to loss | | Weighted Average Number of Ordinary Shares in Issue ('000 shares) | 1,097,704 | 1,097,704 | No change | - For the six months ended June 30, 2025 and 2024, no diluted (loss) earnings per share were presented as there were no potentially dilutive ordinary shares[38](index=38&type=chunk) [9. Dividends](index=18&type=section&id=9.%20Dividends) For the six months ended June 30, 2025, the Board of Directors resolved not to pay, declare, or propose any dividends - No dividends were paid, declared, or proposed for the six months ended June 30, 2025[39](index=39&type=chunk) - The Company's Directors decided not to pay dividends for this interim period[39](index=39&type=chunk) [10. Property, Plant and Equipment](index=18&type=section&id=10.%20Property,%20Plant%20and%20Equipment) In 2025 H1, the group's additions to property, plant, and equipment amounted to USD 1,862 thousand, a significant increase compared to the prior year Additions to Property, Plant and Equipment (USD '000) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Additions Amount | 1,862 | 2 | [11. Trade Receivables](index=18&type=section&id=11.%20Trade%20Receivables) Trade receivables primarily originate from marine transportation services, with credit terms of 0 to 30 days, and as of June 30, 2025, they were neither overdue nor impaired and have since been fully settled - Trade receivables arise from marine transportation services, with an aging of within **30 days** from the invoice date[41](index=41&type=chunk) - As of June 30, 2025, the Group's trade receivables were neither overdue nor impaired and have since been fully settled[41](index=41&type=chunk) [12. Other Receivables and Prepayments](index=18&type=section&id=12.%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total other receivables and prepayments increased to USD 988 thousand from December 31, 2024, primarily due to increases in other receivables and prepayments for operating expenses Other Receivables and Prepayments (USD '000) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Other Receivables | 711 | 558 | Increase of 153 | | Prepayments for Operating Expenses and Other Deposits | 277 | 154 | Increase of 123 | | Account Balance with Brokers | – | 10 | Decrease of 10 | | **Total** | **988** | **722** | **Increase of 266** | [13. Deposits Received, Other Payables and Accrued Expenses](index=19&type=section&id=13.%20Deposits%20Received,%20Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, total deposits received, other payables, and accrued expenses significantly increased to USD 2,033 thousand, primarily due to a new provision of USD 1,415 thousand for dry-docking costs Deposits Received, Other Payables and Accrued Expenses (USD '000) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Accrued Operating Expenses and Other Payables | 618 | 625 | Decrease of 7 | | Provision for Dry-docking Costs | 1,415 | – | New 1,415 | | Deposits Received from Vessel Charterers | – | 150 | Decrease of 150 | | **Total** | **2,033** | **775** | **Increase of 1,258** | [14. Share Capital](index=19&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged, with a par value of USD 0.001 per share, each carrying one voting right and the right to receive dividends Share Capital Structure | Item | Number of Shares ('000 shares) | Amount (USD '000) | | :--- | :--- | :--- | | Authorized Share Capital (par value USD 0.001 per share) | 180,000,000 | 180,000 | | Issued and Fully Paid Share Capital (par value USD 0.001 per share) | 1,097,704 | 1,098 | - All issued ordinary shares have a par value of **USD 0.001** per share, each carrying one voting right and the right to receive dividends when declared by the Company[44](index=44&type=chunk) [15. Related Party Disclosures](index=20&type=section&id=15.%20Related%20Party%20Disclosures) This section discloses the group's related party transactions, including property, plant, and equipment acquisition costs and office lease expenses payable to related companies, all entered into on normal commercial terms or better and classified as de minimis related party transactions, along with key management personnel emoluments Related Party Transactions (USD '000) | Transaction Type | 2025 H1 | 2024 H1 | Remarks | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment acquisition costs payable to a related company | 69 | – | Controlled by a key management personnel of the Company | | Office lease expenses payable to a related company | – | 24 | Having a common principal shareholder with the Company | - All related party transactions were entered into on terms agreed between the relevant parties and constitute connected transactions as defined under Chapter 14A of the HKEX Listing Rules, fully exempt from reporting, announcement, and independent shareholders' approval requirements[47](index=47&type=chunk) Key Management Personnel Emoluments (USD '000) | Emolument Type | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Short-term Benefits | 351 | 202 | | Retirement Benefits | 11 | 8 | | **Total** | **362** | **210** | [16. Authorization for Issue of Unaudited Condensed Consolidated Financial Statements](index=20&type=section&id=16.%20Authorization%20for%20Issue%20of%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for the six months ended June 30, 2025, were approved and authorized for issue by the Board of Directors on August 20, 2025 - The unaudited condensed consolidated financial statements for the six months ended June 30, 2025, were approved and authorized for issue by the Board of Directors on **August 20, 2025**[49](index=49&type=chunk) Other Information [Interim Dividend](index=21&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[51](index=51&type=chunk) [Changes in Directors' Information](index=21&type=section&id=Changes%20in%20Directors'%20Information) Independent Non-Executive Director Mr. Zhu Gaoming resigned as Vice President and Head of Overseas Business of CIFI Holdings (Group) Co. Ltd. and joined Fosun International Limited as Senior Assistant and Senior Expert in Gold Management on August 4, 2025 - Independent Non-Executive Director Mr. Zhu Gaoming resigned as Vice President and Head of Overseas Business of CIFI Holdings (Group) Co. Ltd. in July 2025[52](index=52&type=chunk) - Mr. Zhu Gaoming joined Fosun International Limited as Senior Assistant and Senior Expert in Gold Management on **August 4, 2025**[52](index=52&type=chunk) [Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=21&type=section&id=Directors'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, none of the company's directors or chief executives had any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations that were required to be recorded in the register kept under Section 352 of the SFO or notified to the company and the HKEX under the Model Code - As of June 30, 2025, none of the Company's directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[53](index=53&type=chunk) [Share Option Scheme](index=21&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in 2017 to provide participants with an opportunity to acquire ownership interests, with the scheme's authorized limit updated in 2021 to a total of 109,770,356 shares, representing approximately 10% of the company's issued shares at the time of approval, and no share options have been granted since the scheme's adoption date - The Company adopted a share option scheme on **June 28, 2017**, to provide participants with an opportunity to acquire ownership interests in the Company[54](index=54&type=chunk) - On **October 20, 2021**, shareholders approved an update to the share option scheme's authorized limit, allowing for the issuance of up to **109,770,356 shares**, representing approximately **10%** of the issued shares[54](index=54&type=chunk) - No share options have been granted under the share option scheme since its adoption date[54](index=54&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=22&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) Save for the disclosures under the share option scheme, at no time during the six months ended June 30, 2025, had the company or any of its subsidiaries entered into any arrangements that would enable the directors to acquire benefits by means of purchasing shares or debentures of the company or any other body corporate - Save for the disclosures under the share option scheme, during the reporting period, neither the Company nor any of its subsidiaries entered into any arrangements that would enable the directors to acquire benefits by means of purchasing shares or debentures of the Company or any other body corporate[55](index=55&type=chunk) [Shareholders' Interests and Short Positions Disclosable Under the SFO](index=22&type=section&id=Shareholders'%20Interests%20and%20Short%20Positions%20Disclosable%20Under%20the%20SFO) As of June 30, 2025, Ms. Liu Sainan, through her wholly-owned Huajian Limited, held 51.81% of the company's shares, making her a substantial shareholder Major Shareholders' Shareholding | Shareholder Name | Capacity and Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Shares | | :--- | :--- | :--- | :--- | | Liu Sainan | Interest in Controlled Corporation | 568,768,963 | 51.81% | | Huajian Limited | Beneficial Owner | 568,768,963 | 51.81% | - Huajian Limited is wholly owned by Ms. Liu Sainan, and under the Securities and Futures Ordinance, Ms. Liu is deemed to be interested in the shares of the Company held by Huajian[56](index=56&type=chunk) [Corporate Governance](index=22&type=section&id=Corporate%20Governance) For the six months ended June 30, 2025, the company consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - The Company has consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules[57](index=57&type=chunk) [Model Code for Securities Transactions by Directors of Listed Issuers](index=22&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the HKEX Listing Rules, and all directors, after specific inquiry, confirmed compliance with the required standards of the Model Code - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the HKEX Listing Rules[58](index=58&type=chunk) - After specific inquiry with the directors, all directors confirmed compliance with the standards required by the Model Code[58](index=58&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[59](index=59&type=chunk) [Completion of Voluntary Conditional General Cash Offer](index=23&type=section&id=Completion%20of%20Voluntary%20Conditional%20General%20Cash%20Offer) The voluntary conditional general cash offer made by Huajian Limited, wholly owned by Ms. Liu, the company's Executive Director and Chairperson, was completed on February 18, 2025, after which Huajian became the direct and ultimate controlling company, holding 568,768,963 shares, approximately 51.81% of the company's issued share capital - The voluntary conditional general cash offer made by Huajian Limited was completed on **February 18, 2025**[61](index=61&type=chunk) - Upon completion of the general offer, Huajian became the direct and ultimate controlling company of the Company, holding approximately **51.81%** of the Company's issued share capital[61](index=61&type=chunk) [Audit Committee](index=23&type=section&id=Audit%20Committee) The company's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, were reviewed by the Audit Committee and formally approved by the Board of Directors upon the Audit Committee's recommendation - The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, have been reviewed by the Company's Audit Committee[62](index=62&type=chunk) - The financial statements were formally approved by the Board of Directors upon the recommendation of the Audit Committee[62](index=62&type=chunk) [By Order of the Board](index=23&type=section&id=By%20Order%20of%20the%20Board) This interim report was issued by Chief Executive Officer Hu Yingxia on behalf of the Board of Directors on August 20, 2025 - This interim report was issued by Chief Executive Officer Hu Yingxia on behalf of the Board of Directors on **August 20, 2025**[63](index=63&type=chunk) Past Performance and Forward-Looking Statements The company's past performance and operating results contained in this interim report are historical data and do not guarantee future results, and this report may contain forward-looking statements and opinions involving risks and uncertainties, with no obligation for the company, directors, employees, or agents to correct or update such statements or assume liability for their non-realization or inaccuracy - The Company's past performance and operating results contained in this interim report are historical data only, and past performance does not guarantee the Company's future results[64](index=64&type=chunk) - This interim report may contain forward-looking statements and opinions, which therefore involve risks and uncertainties, and actual results may differ materially from expected performance[64](index=64&type=chunk) - The Company, its directors, employees, or agents assume no obligation to correct or update any forward-looking statements or opinions contained in this interim report, or any liability arising from the non-realization or inaccuracy of any such statements or opinions[64](index=64&type=chunk) Glossary This section provides a glossary of key abbreviations and their meanings used in this interim report, and states that the Chinese version of this interim report is a translation of the English version for reference only, with the English version prevailing in case of any discrepancy or inconsistency - This interim report lists key abbreviations and their meanings, unless the context otherwise requires[65](index=65&type=chunk) - The Chinese version of this interim report is a translation of the English version and is for reference only; in case of any discrepancy or inconsistency between the English and Chinese versions, the English version shall prevail[66](index=66&type=chunk)

呈交日期: 2025年9月5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) | 01145 | 說明 普通股 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 180,000,000,000 | USD | | 0.001 | USD | | 180,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 180,000,000,000 | USD | | 0.001 | USD | | 180,000,000 | 本月底法定/註冊股本總額： USD 180,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 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 ...

Core Viewpoint - Yongli Investment (01145.HK) reported a significant decline in revenue and a shift from profit to loss in the first half of 2025, primarily due to adverse market conditions in the shipping industry [1] Financial Performance - The company recorded revenue of $4.381 million in the first half of 2025, representing a year-on-year decrease of 14% [1] - The loss attributable to shareholders was $1.708 million, compared to a profit of $1.278 million in the same period last year [1] - Basic loss per share was $0.16, a decline from a basic earnings per share of $0.12 for the period ending June 30, 2024 [1] Market Conditions - The shipping business faced immense pressure, with charter rates for ultra-flexible dry bulk carriers plummeting by 34.1% year-on-year [1] - The decline in demand for goods was attributed to escalating trade tensions between the U.S. and other countries, as well as ongoing geopolitical conflicts in Ukraine and Palestine, leading to reduced demand and an oversupply of vessels [1] Strategic Response - To mitigate the cyclical impacts on the shipping business, the company strategically resumed its trading operations during the first half of 2025 [1]

Core Viewpoint - Yongli Investment (01145) reported a total revenue of $4.381 million for the first half of 2025, representing a year-on-year decrease of 13.59% and a net loss of $1.708 million, marking a shift from profit to loss compared to the previous year [1] Group 1: Financial Performance - The total revenue for the first half of 2025 was $4.381 million, down 13.59% year-on-year [1] - The company experienced a net loss of $1.708 million, compared to a profit in the previous year [1] - Earnings per share were reported at a loss of $0.16 [1] Group 2: Market Conditions - The market conditions for the shipping business faced significant pressure, with charter rates for ultra-flexible dry bulk carriers plummeting by 34.1% year-on-year [1] - The decline in demand for goods was attributed to escalating trade tensions between the U.S. and other countries, as well as ongoing geopolitical conflicts in Ukraine and Palestine [1] - The combined effects of weakened demand for goods and an oversupply of vessels contributed to the challenging market environment [1] Group 3: Strategic Response - To mitigate the cyclical impacts on the shipping business, the company strategically resumed its trading operations in the first half of 2025 [1]