致：香港交易及結算所有限公司 公司名稱: 隆成金融集團有限公司 呈交日期: 2025年12月4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) | 01225 | 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 | | 500,000,000,000 | HKD | | 0.01 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | 500,000,000,000 | HKD | | 0.01 | HKD | | 5,000,000,000 | 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11月30日 狀態: 新提交 本月底法定/註冊股本 ...

Core Viewpoint - 隆成金融 plans to sell a total of 12.68 million shares of China New Economy at an average price of approximately HKD 0.41 per share, expecting to realize a gain of about HKD 4 million from this transaction [1] Group 1 - The sale will occur on October 23, November 24, and November 25, 2025 [1] - The total proceeds from the sale are estimated to be around HKD 5.2 million, excluding transaction costs [1] - The average price per share for the sale is set at approximately HKD 0.41 [1]

Group 1 - The company, Longcheng Financial (01225), announced the sale of a total of 12.68 million shares of China New Economy shares in the open market [1] - The total consideration for the sale is approximately HKD 5.2 million, excluding transaction costs, with an average price of about HKD 0.41 per share [1] - The group expects to realize a gain of approximately HKD 4 million from this sale [1]

Core Viewpoint - Longcheng Financial (01225.HK) announced the sale of a total of 12.68 million shares of China New Economy shares in the open market, generating approximately HKD 5.2 million in proceeds, excluding transaction costs [1] Group 1 - The shares were sold on October 23, November 24, and November 25, 2025 [1] - The average selling price for the China New Economy shares was approximately HKD 0.41 per share [1] - The group expects to realize a gain of approximately HKD 4 million from this sale [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Lerado Financial Group Company Limited 隆成金融集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：1225） 有關出售上市證券的須予披露交易 出售事項 董事會謹此宣佈，於二零二五年十月二十三日、二零二五年十一月二十四日及二 零二五年十一月二十五日，本公司於公開市場出售合共12,680,000股中國新經濟 股份，總代價約為5,200,000港元（不包括交易成本），中國新經濟股份平均價格 約為每股0.41港元。由於出售事項，本集團預期可變現收益約4,000,000港元。 由於出售事項在公開市場上進行，故本公司並不知悉中國新經濟股份買方的身份。 據董事經作出一切合理查詢後所深知、盡悉及確信，中國新經濟股份的買方及彼 等各自的最終實益擁有人均為獨立第三方。 上市規則的涵義 出售事項的一項或多項適用百分比率高於5% 及低於25%，因此，自二零二五年 十月二十三日起至二 ...

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10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: 隆成金融集團有限公司 呈交日期: 2025年11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) | 01225 | 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 | | | 500,000,000,000 | HKD | | 0.01 HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 500,000,000,000 | HKD | | 0.01 HKD | | 5,000,000,000 | 本月底法定/註冊股本 ...

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: 隆成金融集團有限公司 呈交日期: 2025年10月6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) | 01225 | 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 | | 500,000,000,000 | HKD | | 0.01 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | 500,000,000,000 | HKD | | 0.01 | HKD | | 5,000,000,000 | 本月底法定/註冊股本總 ...

The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at http://www.lerado.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to access the Website Version of Current Corporate Communication. Lerado Financial Group Company Limited 隆成金融集團有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） （Stock Co ...

Lerado Financial Group Company Limited 隆成金融集團有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） （Stock Code 股份代號：1225） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders. Lerado Financial Group Company Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at http://www.lerado.com and the website of The Stoc ...

[Interim Results Overview](index=2&type=section&id=Interim%20Results%20Overview) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group reported a profit before tax of HK$49,540 thousand for the six months ended June 30, 2025, a significant turnaround from a prior-year loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 91,004 | 96,750 | (5,746) | -5.94% | | Cost of Inventories and Services | (26,566) | (30,261) | 3,695 | -12.21% | | Other Income | 26,354 | 2,737 | 23,617 | +862.88% | | Net Other Gains and Losses | 1,293 | (52,729) | 54,022 | N/A | | Profit/(Loss) Before Tax | 49,540 | (35,114) | 84,654 | N/A | | Profit/(Loss) for the Period | 49,263 | (35,143) | 84,406 | N/A | | Basic and Diluted Earnings/(Loss) Per Share | 21.39 HK cents | (15.26) HK cents | 36.65 HK cents | N/A | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HK$363,801 thousand, with net current assets and total equity also rising Condensed Consolidated Statement of Financial Position (As of June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current Assets | 70,490 | 69,997 | 493 | +0.70% | | Current Assets | 501,259 | 754,717 | (253,458) | -33.58% | | Current Liabilities | 207,948 | 512,763 | (304,815) | -59.44% | | Net Current Assets | 293,311 | 241,954 | 51,357 | +21.23% | | Total Assets Less Current Liabilities | 363,801 | 311,951 | 51,850 | +16.62% | | Total Equity | 300,897 | 249,252 | 51,645 | +20.72% | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners of the Company increased to HK$301,271 thousand, driven by profit for the period and exchange differences from translation Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at January 1 | 249,626 | 428,581 | | Profit/(Loss) for the Period | 49,263 | (35,143) | | Exchange Differences Arising from Translation | 3,052 | (1,035) | | Exchange Differences Realized on Disposal of a Subsidiary | (670) | – | | Total Comprehensive Income/(Expense) for the Period | 51,645 | (36,178) | | Equity Attributable to Owners of the Company at June 30 | 301,271 | 392,403 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities significantly increased, but higher cash usage in financing activities led to a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 267,913 | 105,666 | 162,247 | +153.55% | | Net Cash (Used in)/Generated from Investing Activities | (486) | 519 | (1,005) | N/A | | Net Cash Used in Financing Activities | (279,836) | (100,399) | (179,437) | +178.72% | | Net (Decrease)/Increase in Cash and Cash Equivalents | (12,409) | 5,786 | (18,195) | N/A | | Cash and Cash Equivalents at June 30 | 78,061 | 132,573 | (54,512) | -41.12% | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. Basis of Preparation](index=9&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules - Financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and **Appendix D2 of the Listing Rules**[16](index=16&type=chunk) [2. Significant Accounting Policies](index=9&type=section&id=2.%20Significant%20Accounting%20Policies) New and revised HKFRS standards were adopted with no significant financial impact, and the interim financial statements were reviewed by the audit committee - New and revised Hong Kong Financial Reporting Standards were adopted for the first time, but with no significant impact on interim financial information[17](index=17&type=chunk) - The condensed consolidated interim financial statements are unaudited but have been reviewed by the audit committee[18](index=18&type=chunk) [3. Revenue and Segment Information](index=10&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group operates in three segments: medical products/plastic toys, securities brokerage/asset management, and lending/other financial services, with lending being the largest revenue contributor - The Group's main operating segments include medical products and plastic toys, securities brokerage and asset management, and lending and other financial services[20](index=20&type=chunk) Revenue by Major Product and Service Categories (For the six months ended June 30): | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Medical Products | 32,058 | 36,286 | (4,228) | -11.65% | | Plastic Toys | 3,363 | 1,812 | 1,551 | +85.60% | | Fees and Commission Income | 661 | 572 | 89 | +15.56% | | Revenue from Contracts with Customers | 36,082 | 38,670 | (2,588) | -6.69% | | Interest Income from Loans and Finance Lease Receivables | 54,922 | 58,080 | (3,158) | -5.44% | | **Total Revenue** | **91,004** | **96,750** | **(5,746)** | **-5.94%** | Revenue and Results by Segment (For the six months ended June 30): | Segment | 2025 Revenue (HK$ thousand) | 2025 Results (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Medical Products and Plastic Toys Business | 35,421 | (17,529) | 38,098 | (6,742) | | Securities Brokerage and Asset Management Services | 1,198 | (1,087) | 9,897 | (3,275) | | Lending Business and Other Financial Services | 54,385 | 49,812 | 48,755 | 24,239 | | **Total** | **91,004** | **31,196** | **96,750** | **14,222** | [4. Income Tax Expense](index=13&type=section&id=4.%20Income%20Tax%20Expense) Income tax expense for H1 2025 was HK$277 thousand, mainly from China corporate income tax, with Hong Kong and China having different tax rates Income Tax Expense (For the six months ended June 30): | Tax Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | – | 29 | | China Corporate Income Tax | 277 | – | | **Total Income Tax Expense** | **277** | **29** | - Hong Kong profits tax operates under a two-tiered system, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[25](index=25&type=chunk). Chinese subsidiaries are subject to a **25%** tax rate[26](index=26&type=chunk) [5. Profit/(Loss) for the Period](index=14&type=section&id=5.%20Profit%2F(Loss)%20for%20the%20Period) Profit for the period was primarily driven by a fair value gain on financial assets and the reversal of bond finance costs Major Items Affecting Profit/(Loss) for the Period (For the six months ended June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 458 | 574 | | Depreciation of Right-of-use Assets | 359 | 1,004 | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | (4,796) (Gain) | 43,230 (Loss) | | Net Impairment Loss Recognized on Financial Assets Measured at Amortized Cost | 6,250 | – | | Bank Interest Income | (1,190) | (725) | | Gain on Disposal of Investment in a Subsidiary | (241) | – | | Finance Costs - Bonds | 3,224 | 13,361 | | Finance Costs - Lease Liabilities | 13 | 35 | [6. Dividends](index=14&type=section&id=6.%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend an interim dividend for the first half of **2025** (2024: nil)[29](index=29&type=chunk) [7. Earnings/(Loss) Per Share](index=15&type=section&id=7.%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share for H1 2025 were HK21.39 cents, a turnaround from a loss in the prior period Earnings/(Loss) Per Share Calculation Data (For the six months ended June 30): | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (HK$ thousand) | 49,263 | (35,143) | | Weighted Average Number of Ordinary Shares (Number of shares) | 230,322,413 | 230,322,413 | | **Basic and Diluted Earnings/(Loss) Per Share (HK cents)** | **21.39** | **(15.26)** | - As the exercise of share options would decrease earnings per share, the exercise of share options was not assumed in the calculation of diluted earnings per share[30](index=30&type=chunk) [8. Trade and Other Receivables, Prepayments and Loans and Finance Lease Receivables](index=16&type=section&id=8.%20Trade%20and%20Other%20Receivables,%20Prepayments%20and%20Loans%20and%20Finance%20Lease%20Receivables) Total trade and other receivables and prepayments decreased to HK$94,455 thousand, while loans receivable significantly reduced due to increased credit loss provisions Trade and Other Receivables and Prepayments (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade Receivables from Medical Products and Plastic Toys Business (net of provision) | 6,964 | 20,400 | (13,436) | -65.86% | | Trade Receivables from Securities Brokerage Business (net of provision) | 42,651 | 50,405 | (7,754) | -15.38% | | Total Trade Receivables | 49,615 | 70,805 | (21,190) | -29.93% | | Total Trade and Other Receivables and Prepayments | 94,455 | 115,420 | (20,965) | -18.16% | Loans Receivable (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Loans Receivable (gross of provision) | 820,515 | 1,061,360 | (240,845) | -22.69% | | Loss Allowance for Expected Credit Losses | (639,103) | (659,353) | 20,250 | -3.07% | | **Net Loans Receivable** | **181,412** | **402,007** | **(220,595)** | **-54.87%** | - Annual interest rates for loans receivable range from **6% to 18%**, and effective interest rates for factoring loans range from **10% to 15%**[34](index=34&type=chunk)[35](index=35&type=chunk) [9. Financial Assets at Fair Value Through Profit or Loss](index=19&type=section&id=9.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss slightly decreased to HK$129,661 thousand, with a fair value gain recorded for the period Financial Assets at Fair Value Through Profit or Loss (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Listed Securities Held for Trading | 116,143 | 114,150 | 1,993 | +1.75% | | Unlisted Equity Funds | 8,373 | 13,494 | (5,121) | -37.95% | | Unlisted Debt Securities | 5,145 | 6,540 | (1,395) | -21.33% | | **Total** | **129,661** | **134,184** | **(4,523)** | **-3.37%** | - A fair value change gain of approximately **HK$4,796 thousand** was recorded for the period, compared to a loss of **HK$997 thousand** as of December 31, 2024[36](index=36&type=chunk) - Fair value measurement of listed securities is classified as Level 1, while unlisted equity funds and debt securities are classified as Level 3[37](index=37&type=chunk) [10. Trade and Other Payables and Accrued Charges](index=20&type=section&id=10.%20Trade%20and%20Other%20Payables%20and%20Accrued%20Charges) Total trade and other payables and accrued charges slightly decreased to HK$184,799 thousand as of June 30, 2025 Trade and Other Payables and Accrued Charges (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade Payables from Medical Products and Plastic Toys Business | 16,704 | 10,472 | 6,232 | +59.51% | | Trade Payables from Securities Brokerage Business | 17,751 | 17,058 | 693 | +4.06% | | Total Trade Payables | 34,455 | 27,530 | 6,925 | +25.15% | | Other Payables and Accrued Charges | 150,344 | 162,198 | (11,854) | -7.31% | | **Total** | **184,799** | **189,728** | **(4,929)** | **-2.60%** | [11. Bonds](index=21&type=section&id=11.%20Bonds) Unsecured bonds significantly decreased to HK$63,734 thousand due to redemptions, carrying a fixed annual interest rate of 6% Bonds (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bonds, Unsecured | 63,734 | 363,092 | (299,358) | -82.45% | - The bonds are unsecured, with a **fixed interest rate of 6%**, interest paid annually, and a maturity date on the eighth anniversary of the issue date[39](index=39&type=chunk) [12. Share Capital](index=21&type=section&id=12.%20Share%20Capital) Authorized share capital was HK$5,000,000 thousand, and issued share capital remained unchanged at HK$2,304 thousand as of June 30, 2025 Share Capital Information (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Authorized Share Capital (500,000,000,000 ordinary shares) | 5,000,000 | 5,000,000 | | Issued Share Capital (230,322,413 ordinary shares) | 2,304 | 2,304 | [13. Related Party Disclosures](index=22&type=section&id=13.%20Related%20Party%20Disclosures) Key management personnel remuneration for H1 2025 was HK$1,269 thousand, a slight increase from the prior period Key Management Personnel Remuneration (For the six months ended June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 1,269 | 1,229 | 40 | +3.25% | [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=23&type=section&id=Business%20Review) The Group's core businesses include financial services (securities brokerage, margin financing, lending) and manufacturing/distribution of plastic toys and medical products - The Group's core businesses include financial services (**securities brokerage, margin financing, lending**) and the manufacturing and distribution of medical products and plastic toys[43](index=43&type=chunk) [Medical Products and Plastic Toys Business](index=23&type=section&id=Medical%20Products%20and%20Plastic%20Toys%20Business) Medical product sales revenue decreased by 11.7% to HK$32.1 million, while plastic toy sales revenue grew by 85.6% to HK$3.4 million Medical Products and Plastic Toys Business Revenue (For the six months ended June 30): | Business | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Medical Product Sales Revenue | 32.1 | 36.3 | -11.7% | | Plastic Toy Sales Revenue | 3.4 | 1.8 | +85.6% | [Securities Brokerage, Margin Financing, Underwriting and Placement, and Asset Management Business](index=23&type=section&id=Securities%20Brokerage,%20Margin%20Financing,%20Underwriting%20and%20Placement,%20and%20Asset%20Management%20Business) Pegasus Securities' revenue significantly decreased to HK$1.2 million, with plans to expand asset management and corporate finance businesses Pegasus Securities Revenue (For the six months ended June 30): | Item | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Pegasus Securities Revenue | 1.2 | 9.9 | -87.88% | - The Group plans to expand its **asset management** and **corporate finance** businesses to provide comprehensive financial services[45](index=45&type=chunk) [Lending and Finance Lease](index=23&type=section&id=Lending%20and%20Finance%20Lease) Lending business interest income increased to HK$54.4 million, representing 59.8% of total revenue, and is expected to continue its contribution Lending Business Interest Income (For the six months ended June 30): | Item | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 54.4 | 48.8 | +11.47% | - Interest income from the lending business accounts for approximately **59.8%** of the Group's total revenue and is expected to continue contributing revenue[46](index=46&type=chunk) [Prospects](index=24&type=section&id=Prospects) The Group aims to expand its financial services in Hong Kong and China, including lending and securities brokerage, and diversify through new investments - The Group will focus on developing its financial segment in **Hong Kong** and **China**, including **lending, finance lease, and securities brokerage** businesses[47](index=47&type=chunk) - Plans include expanding into **corporate finance, asset management, and financing planning**, and seeking potential investment opportunities for business diversification[47](index=47&type=chunk) - Committed to strengthening corporate governance to create maximum value for shareholders[48](index=48&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) H1 2025 consolidated revenue decreased by 5.9% to HK$91.0 million, with a profit of HK$49.5 million driven by fair value gains and bond finance cost reversals Financial Performance Overview (For the six months ended June 30): | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 91.0 | 96.8 | -5.9% | | Gross Profit Margin | 70.8% | N/A | N/A | | Profit/(Loss) Before Tax | 49.5 | (35.1) | N/A | | Profit/(Loss) Attributable to Owners of the Company | 49.3 | (35.1) | N/A | - The recorded profit is primarily attributable to the change in financial assets at fair value through profit or loss from a loss to a gain (approximately **HK$4.8 million** gain compared to approximately **HK$43.2 million** loss in the prior period), and the reversal of finance costs for redeemed bonds of approximately **HK$23.1 million**[49](index=49&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) Cash and cash equivalents decreased to HK$78.1 million, while bonds payable significantly reduced, improving net current assets, current ratio, and gearing ratio Liquidity and Financial Resources (As of June 30): | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 78.1 | 91.1 | -14.27% | | Bonds Payable | 63.7 | 363.1 | -82.45% | | Net Current Assets | 293.3 | 242.0 | +21.20% | | Current Ratio | 2.4 | 1.5 | +60.00% | | Gearing Ratio | 21.2% | 145.7% | -85.45% | [Material Investments](index=25&type=section&id=Material%20Investments) The Group held no material investments exceeding 5% of total assets as of June 30, 2025 - As of June 30, 2025, the Group did not hold any material investments exceeding **5%** of total assets[51](index=51&type=chunk) [Pledged Assets](index=25&type=section&id=Pledged%20Assets) The Group had no pledged assets as of June 30, 2025 - As of June 30, 2025, the Group had no pledged assets[52](index=52&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from multiple currencies, especially RMB appreciation, with ongoing risk assessment but no hedging policy - The Group faces foreign exchange risk from multiple currencies, particularly affected by **RMB appreciation**[53](index=53&type=chunk) - Management continuously assesses foreign exchange risk but currently has no hedging policy[53](index=53&type=chunk) [Equity Price Risk](index=26&type=section&id=Equity%20Price%20Risk) The Group faces equity price risk from listed securities investments, managed by monitoring market changes and considering mitigation measures - The Group faces **equity price risk** from listed securities investments, which management monitors through market changes[54](index=54&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) The Company had no material contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Company had no material contingent liabilities[55](index=55&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employed 141 staff (132 in China) as of June 30, 2025, with remuneration including salaries, bonuses, benefits, and training - The Group employed a total of **141 staff**, with **132** located in China[56](index=56&type=chunk) - Employee remuneration includes **basic salaries, discretionary bonuses, retirement benefits, and share options**, with training provided[56](index=56&type=chunk) [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the first half of **2025**[57](index=57&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in H1 2025 - In the first half of **2025**, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[58](index=58&type=chunk) [Share Option Scheme](index=27&type=section&id=Share%20Option%20Scheme) No share options were granted, exercised, lapsed, or cancelled under the 2022 Share Option Scheme in H1 2025, with 23,032,241 options available for grant - In the first half of **2025**, no share options were granted, exercised, lapsed, or cancelled under the **2022 Share Option Scheme**[59](index=59&type=chunk) - As of June 30, 2025, the number of share options available for grant under the Share Option Scheme was **23,032,241**[59](index=59&type=chunk) [Future Plans for Material Investments or Capital Assets](index=27&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group had no specific future plans for material investments or capital assets as of June 30, 2025 - As of June 30, 2025, the Group had no specific future plans for material investments or capital assets[60](index=60&type=chunk) [Material Acquisitions and Disposals](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals for the six months ended June 30, 2025 - In the first half of **2025**, the Group had no material acquisitions or disposals[61](index=61&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) No material events occurred after the reporting period up to the date of this report - No material events occurred after the reporting period up to the date of this report[62](index=62&type=chunk) [Shareholder and Corporate Governance Information](index=28&type=section&id=Shareholder%20and%20Corporate%20Governance%20Information) [Directors' Interests in Shares and Related Shares](index=28&type=section&id=Directors'%20Interests%20in%20Shares%20and%20Related%20Shares) No directors, supervisors, or chief executives held disclosable interests or short positions in the Company's shares or debentures as of June 30, 2025 - As of June 30, 2025, no directors, supervisors, or chief executives held disclosable company shares or related interests[63](index=63&type=chunk) [Major Shareholders](index=28&type=section&id=Major%20Shareholders) Opus Platinum Growth Fund held 7.82% of issued share capital, with Mr. Lai Shu Fan deemed to have the same interest due to indirect ownership Major Shareholders' Shareholdings (As of June 30): | Name of Shareholder | Nature of Interest | Number of Ordinary Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Opus Platinum Growth Fund | Beneficial Owner | 18,000,000 | 7.82% | | Mr. Lai Shu Fan | Interest in Controlled Corporation | 18,000,000 | 7.82% | - Mr. Lai Shu Fan indirectly owns approximately **40.03%** interest in Opus Platinum Growth Fund and is therefore deemed to have an interest in the shares held by the fund[65](index=65&type=chunk) [Corporate Governance Code](index=29&type=section&id=Corporate%20Governance%20Code) The Board believes the Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for H1 2025 - The Board believes the Company fully complied with the Corporate Governance Code in **Appendix C1** of the Listing Rules for the first half of **2025**[67](index=67&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, reviewed accounting principles, internal controls, and the interim financial statements - The Audit Committee, comprising **three independent non-executive directors**, has reviewed accounting principles, internal controls, and these interim financial statements[68](index=68&type=chunk) [Compliance with Model Code](index=29&type=section&id=Compliance%20with%20Model%20Code) The Company adopted a directors' securities transaction code, with all directors confirming full compliance in H1 2025 - The Company has adopted a model code for directors' securities transactions, and all directors confirmed full compliance in the first half of **2025**[69](index=69&type=chunk)