PC Partner Group Limited 之 經修訂及重訂 之 組織章程大綱及章程細則 （於2024年12月20日通過特別決議案有條件地採納，自本公司於新加坡證券交易所主板 之上市地位自2025年8月20日起由第二上市轉為第一上市生效當日起生效） – 1 – 公司法（經修訂） 獲豁免的股份有限公司 PC PARTNER GROUP LIMITED （「本公司」） 之 經修訂及重訂 之 組織章程大綱 （於2024年12月20日通過特別決議案有條件地採納，自本公司於新加坡證券交易所主板 之上市地位自2025年8月20日起由第二上市轉為第一上市生效當日起生效） – 2 – 1. 本公司的名稱為PC Partner Group Limited。 2. 本公司的註冊辦事處將位於Ocorian Trust (Cayman) Limited在Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands之辦事處或本公司董事不時決定在開曼群島境內的其他地方。 3. 本公司成立的宗旨乃不受限制並且除非受開曼群島法 ...

Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of the fiscal year 2025, driven primarily by strong sales of its proprietary graphics cards, which offset declines in other business segments [1] Financial Performance - Revenue for the six months ending June 30, 2025, reached HKD 6.355 billion, representing a growth of 28.5% [1] - Profit attributable to the company's owners was HKD 250 million, reflecting a year-on-year increase of 29.0% [1] - The net profit margin stood at 3.9% [1] Business Segments - The growth in revenue was mainly attributed to increased sales of proprietary graphics cards, particularly the NVIDIARTX50 series launched in the first half of fiscal year 2025 [1] - The strong performance of the proprietary graphics card segment fully offset the sales decline in the ODM/OEM graphics card segment [1]

EF001 EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 栢能集團有限公司 | | 股份代號 | 01263 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止中期股息 | | 公告日期 | 2025年8月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.25 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.25 HKD | | 匯率 | 1 HKD : ...

[Company Overview and Financial Summary](index=1&type=section&id=Company%20Overview%20and%20Financial%20Summary) This section provides a high-level overview of the company's financial performance and key highlights for the period [Financial Summary](index=1&type=section&id=Financial%20Summary) PC Partner Group's interim results for the six months ended June 30, 2025, show significant growth in revenue and profit attributable to owners, with a slight decrease in gross margin and stable net profit margin | Metric | 2025 (HK$ Million) | 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,355.3 | 4,944.2 | 28.5% | | Gross Profit | 669.5 | 558.4 | 19.9% | | Gross Margin | 10.5% | 11.3% | -7.1% | | Profit Attributable to Owners of the Company | 250.4 | 194.1 | 29.0% | | Net Profit Margin | 3.9% | 3.9% | 0.0% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including comprehensive income and financial position, for the reporting period [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased by **28.5%** year-on-year, with profit for the period growing by **31.2%**, driven by revenue growth and increased net exchange gains, despite a decline in gross margin | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,355,257 | 4,944,243 | 28.5% | | Cost of Sales | (5,685,791) | (4,385,891) | 29.6% | | Gross Profit | 669,466 | 558,352 | 19.9% | | Other Income and Other Gains/(Losses) Net | 53,817 | 21,233 | 153.5% | | Selling and Distribution Expenses | (70,159) | (54,148) | 29.6% | | Administrative Expenses | (321,268) | (285,394) | 12.6% | | Profit Before Income Tax | 305,258 | 228,459 | 33.6% | | Income Tax Expense | (52,912) | (36,194) | 46.2% | | Profit for the Period | 252,346 | 192,265 | 31.2% | | Profit Attributable to Owners of the Company | 250,359 | 194,060 | 29.0% | | Basic Earnings Per Share | 0.645 HK$ | 0.500 HK$ | 29.0% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by **19.5%** year-on-year, driven by significant increases in current assets such as inventories and trade and other receivables, while cash and bank balances decreased | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Total Non-current Assets | 743,222 | 776,308 | -4.3% | | Total Current Assets | 5,247,943 | 4,238,895 | 23.8% | | Inventories | 1,608,433 | 842,325 | 91.0% | | Trade and Other Receivables (Current) | 1,428,640 | 980,922 | 45.6% | | Cash and Bank Balances | 2,136,685 | 2,334,023 | -8.5% | | Total Assets | 5,991,165 | 5,015,203 | 19.5% | | **LIABILITIES** | | | | | Total Current Liabilities | 2,859,924 | 2,073,868 | 37.9% | | Trade and Other Payables (Current) | 1,513,575 | 1,076,314 | 40.6% | | Borrowings | 1,100,525 | 819,533 | 34.3% | | Total Non-current Liabilities | 67,361 | 79,328 | -15.1% | | **EQUITY** | | | | | Total Equity | 3,063,880 | 2,862,007 | 7.0% | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section details the basis of preparation, significant accounting policies, and other explanatory notes for the interim financial statements [Basis of Preparation and Principal Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The interim financial statements are prepared in accordance with HKAS 34 and Listing Rules disclosure requirements, with consistent accounting policies as annual statements, and have been reviewed by the Audit Committee - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix D2 to the Listing Rules[8](index=8&type=chunk) - The accounting policies adopted in preparing the interim financial statements are consistent with those applied in the annual financial statements, except for the adoption of revised Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) - The interim financial statements are unaudited but have been reviewed by the Company's Audit Committee[10](index=10&type=chunk) [Changes in Hong Kong Financial Reporting Standards](index=6&type=section&id=Changes%20in%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group has adopted revised Hong Kong Financial Reporting Standards effective January 1, 2025, but these changes have no significant impact on the Group's accounting policies - The Group has adopted revised Hong Kong Financial Reporting Standards effective January 1, 2025, including amendments to Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1 'Lack of Exchangeability'[12](index=12&type=chunk) - The aforementioned revised Hong Kong Financial Reporting Standards have **no significant impact** on the Group's accounting policies[12](index=12&type=chunk) [Application of Judgements and Estimates](index=6&type=section&id=Application%20of%20Judgements%20and%20Estimates) Significant judgements and sources of estimation uncertainty made by management in preparing the interim financial statements are consistent with those applied in the annual financial statements - The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the annual financial statements[13](index=13&type=chunk) [Segment Reporting](index=7&type=section&id=Segment%20Reporting) The Group primarily operates in the design, manufacturing, and trading of electronics and PC components, with **HK$6,355.3 million** revenue in H1 2025, largely from graphics cards and significant growth in branded business - The Group primarily operates in one business segment: the design, manufacturing, and trading of electronic and personal computer parts and accessories[14](index=14&type=chunk) Revenue Breakdown from Contracts with Customers | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | **By Major Products/Services** | | | | Graphics Cards | 5,770,287 | 4,088,713 | | Electronic Manufacturing Services ("EMS") | 294,639 | 346,008 | | Other PC Related Products and Parts | 290,331 | 509,522 | | **By Branded and Non-Branded Business** | | | | Branded Business | 4,960,947 | 3,094,288 | | Non-Branded Business | 1,394,310 | 1,849,955 | | **Total Revenue** | 6,355,257 | 4,944,243 | - For the six months ended June 30, 2025, and 2024, **no single customer** contributed **10% or more** of the Group's revenue[18](index=18&type=chunk) [Revenue](index=8&type=section&id=Revenue) Revenue represents the consideration the Group expects to be entitled to for goods sold and services rendered, with contract liabilities primarily related to customer prepayments and volume rebates, partly recognized as current period revenue - Revenue represents the consideration the Group expects to be entitled to in exchange for goods sold and services rendered, excluding amounts collected on behalf of third parties[18](index=18&type=chunk) Contract Liabilities | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Contract Liabilities | 68,551 | 51,775 | - Contract liabilities of **HK$21,337,000** as at January 1, 2025, and **HK$32,349,000** as at January 1, 2024, were recognized as revenue for the six months ended June 30, 2025, and 2024, respectively[20](index=20&type=chunk) [Other Income and Other Gains/(Losses) Net](index=9&type=section&id=Other%20Income%20and%20Other%20Gains%2F%28Losses%29%20Net) Other income and net gains for H1 2025 surged by **153.8%**, primarily due to a significant increase in net exchange gains, offsetting reductions in interest income and government grants | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Government Grants | 225 | 4,169 | | Interest Income | 22,499 | 38,901 | | Net Exchange Gains/(Losses) | 25,390 | (23,760) | | Miscellaneous Income | 5,609 | 1,545 | | **Total** | 53,817 | 21,233 | - Net exchange gains shifted from a **HK$23.8 million** loss in H1 2024 to a **HK$25.4 million** gain in H1 2025, representing a significant increase of **HK$49.2 million**[21](index=21&type=chunk)[76](index=76&type=chunk) [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs for H1 2025 decreased by **7.3%** year-on-year, primarily due to lower interest on bank advances and other borrowings resulting from falling interest rates | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest on bank advances and other borrowings | 14,026 | 15,863 | | Interest on lease liabilities | 2,295 | 1,979 | | Interest on restoration costs of leased properties | 166 | — | | **Total** | 16,487 | 17,842 | - Finance costs decreased by **HK$1.3 million**, a **7.3%** reduction, primarily due to a decline in interest rates during the period[81](index=81&type=chunk) [Profit Before Income Tax](index=10&type=section&id=Profit%20Before%20Income%20Tax) Profit before income tax for H1 2025 increased by **33.6%**, driven by revenue growth, though increased inventory obsolescence provisions and impairment losses on financial assets also impacted profitability | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Inventories recognized as expense | 5,669,144 | 4,395,086 | | Provision for obsolete inventories/(reversal of provision) | 16,647 | (9,195) | | Cost of sales | 5,685,791 | 4,385,891 | | Staff costs | 307,989 | 265,215 | | Depreciation of property, plant and equipment | 45,392 | 33,803 | | Depreciation of right-of-use assets | 21,365 | 16,077 | | Provision for impairment loss on financial assets/(reversal of provision) | 10,111 | (6,258) | | Research and development expenses | 32,252 | 37,416 | - Provision for obsolete inventories was **HK$16,647 thousand** in H1 2025, compared to a reversal of provision of **HK$9,195 thousand** in H1 2024[23](index=23&type=chunk) - Research and development expenses decreased from **HK$37,416 thousand** in H1 2024 to **HK$32,252 thousand** in H1 2025[23](index=23&type=chunk) [Income Tax](index=11&type=section&id=Income%20Tax) Income tax expense for H1 2025 increased by **46.1%** year-on-year, primarily due to increased profits in key operating subsidiaries and higher applicable corporate income tax rates, notably a significant increase in Singapore | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong current tax | 14,497 | 31,028 | | China current tax | 948 | 4,370 | | Singapore current tax | 24,774 | — | | Other current tax | 14,442 | 83 | | Deferred tax | (424) | 713 | | **Total income tax expense** | 52,912 | 36,194 | - Hong Kong profits tax is calculated under a two-tiered profits tax rate system, at **8.25%** for assessable profits up to **HK$2 million** and **16.5%** for profits exceeding **HK$2 million**[25](index=25&type=chunk) - High-tech enterprises in China (Dongguan PC Partner Electronics Technology Co., Ltd.) are subject to a **15%** corporate income tax rate, while other Chinese subsidiaries are subject to a statutory rate of **25%**[26](index=26&type=chunk) - Singapore subsidiary PC Partner Technology Pte. Ltd. benefits from Development and Expansion Incentive (DEI) and Financial and Treasury Centre Incentive (FTC), applying preferential income tax rates of **10%** and **8%**, respectively, with income tax provision based on a minimum tax rate of **15%**[27](index=27&type=chunk) [Dividends](index=12&type=section&id=Dividends) The Board declared an interim dividend of **HK$0.25** per share for the six months ended June 30, 2025, an increase from the prior year, totaling **HK$96.971 million** | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Final dividend paid for 2024 (HK$0.15 per share) | 58,183 | — | | Final dividend declared for 2023 (HK$0.20 per share) | — | 77,577 | | Interim dividend declared (HK$0.25 per share) | 96,971 | 77,576 | | **Total** | 155,154 | 155,153 | - The Company's Directors have declared an interim dividend of **HK$0.25** per share (2024: HK$0.20 per share) for the six months ended June 30, 2025, totaling **HK$96,971,000**[29](index=29&type=chunk) [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share for H1 2025 were both **HK$0.645**, an increase from **HK$0.500** in the prior year, reflecting higher profit attributable to owners of the Company | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company for basic and diluted earnings per share calculation | 250,359 | 194,060 | | Weighted average number of ordinary shares (Shares) | 387,883,668 | 387,883,668 | | Basic earnings per share (HK$) | 0.645 | 0.500 | | Diluted earnings per share (HK$) | 0.645 | 0.500 | [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, current trade and other receivables significantly increased by **45.6%**, driven by growth in trade receivables at amortized cost and trade receivables at fair value through profit or loss | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables at amortized cost, net | 1,132,020 | 712,133 | | Trade receivables at fair value through profit or loss | 139,683 | 92,130 | | Other receivables, prepayments and deposits | 172,607 | 200,291 | | Trade and other receivables — current portion | 1,428,640 | 980,922 | Ageing Analysis of Trade Receivables at Amortized Cost | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 645,255 | 397,135 | | Over 1 month but within 3 months | 448,354 | 287,454 | | Over 3 months but within 1 year | 38,336 | 27,544 | | Over 1 year | 75 | — | | **Total** | 1,132,020 | 712,133 | - The credit period for sales of goods ranges from **14 to 90 days** from the invoice date (December 31, 2024: **7 to 90 days**)[32](index=32&type=chunk) [Trade and Other Payables](index=14&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, current trade and other payables increased by **40.6%**, primarily due to a significant rise in trade payables driven by increased purchases | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 1,235,227 | 816,145 | | Employee benefit provisions | 149,260 | 129,882 | | Other taxes payable | 39,754 | 36,840 | | Other payables and accrued charges | 95,522 | 99,315 | | Trade and other payables — current portion | 1,513,575 | 1,076,314 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 638,845 | 536,384 | | Over 1 month but within 3 months | 500,781 | 263,114 | | Over 3 months but within 1 year | 88,870 | 12,440 | | Over 1 year | 6,731 | 4,207 | | **Total** | 1,235,227 | 816,145 | [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) The Group faces a potential US$25 million (approximately HK$198.3 million) Section 301 tariff contingent liability, for which a protest has been filed and partial payment made, though directors deem an outflow of economic benefits unlikely - The Group faces a potential Section 301 tariff contingent liability of approximately **US$25 million** (approximately **HK$198.3 million**) due to customs classification issues for graphics card imports[36](index=36&type=chunk) - The Group has proactively amended its declarations with the US Customs and Border Protection (CBP) and filed a protest, having paid **US$11.8 million** (approximately **HK$92.4 million**) of the amount[36](index=36&type=chunk)[37](index=37&type=chunk) - Based on professional advice, the Directors believe that an outflow of economic benefits for the aforementioned customs classification issue for goods imported into the US is **unlikely**[37](index=37&type=chunk) [Declaration of Interim Dividend](index=16&type=section&id=Declaration%20of%20Interim%20Dividend) The Board declared an interim dividend of **HK$0.25** per share for the six months ended June 30, 2025, totaling **HK$97.0 million**, and announced the suspension of share transfer registration - The Board resolved to declare an interim dividend of **HK$0.25** per share for the six months ended June 30, 2025, totaling **HK$97.0 million** (2024: HK$0.20 per share, totaling HK$77.6 million)[38](index=38&type=chunk) - To determine eligibility for the interim dividend, the Company will suspend share transfer registration in Hong Kong and Singapore from **September 19 to September 23, 2025**[38](index=38&type=chunk) [Business Review and Outlook](index=17&type=section&id=Business%20Review%20and%20Outlook) This section provides an overview of the Group's business operations, performance highlights, and future strategic outlook [Business Overview](index=17&type=section&id=Business%20Overview) PC Partner Group primarily designs, manufactures, and trades graphics cards and other PC-related products, serving ODM/OEM clients and promoting its own brands, while maintaining partnerships with NVIDIA and AMD - The Group manufactures graphics cards for Original Design Manufacturer/Original Equipment Manufacturer ("ODM/OEM") clients and also manufactures and promotes graphics cards and other products under its own brands: **ZOTAC, Inno3D, and Manli**[41](index=41&type=chunk) - The Group's business relationships with **NVIDIA** and **AMD**, two globally dominant Graphics Processing Unit ("GPU") suppliers, enable the development of cost-competitive, high-performance products and solutions[41](index=41&type=chunk) - In addition to manufacturing graphics cards, the Group also designs and develops other PC-related products, such as mini PCs and PC motherboards, under the **ZOTAC** brand or for other parties[41](index=41&type=chunk) [Business Performance](index=18&type=section&id=Business%20Performance) The Group's H1 FY2025 revenue grew by **28.5%**, primarily driven by increased graphics card sales, with a strong rebound in branded business due to the **RTX 50 series** launch and lifted trade restrictions - PC Partner recorded revenue increasing by **HK$1,411.1 million** from **HK$4,944.2 million** in H1 FY2024 to **HK$6,355.3 million** in H1 FY2025, a **28.5%** increase[44](index=44&type=chunk) - Graphics card business segment sales grew by **41.1%**, and branded business sales increased by **60.3%**, primarily driven by strong demand for the **RTX 50 series** graphics cards and the acquisition of **RTX 5090 GPUs**[44](index=44&type=chunk) - The Group has strategically relocated its headquarters to Singapore and established new manufacturing facilities in Batam, Indonesia, to expand into the Southeast Asian market[43](index=43&type=chunk) [Business Compliance](index=18&type=section&id=Business%20Compliance) The Group's operating entities consistently comply with laws and regulations, fulfilling social responsibilities in accordance with **ISO9001, ISO14001, ISO45001, QC080000, ISO13485**, and **RBA** codes - The Group's operating entities consistently comply with laws and regulations, fulfilling various social responsibilities in accordance with **ISO9001, ISO14001, ISO45001, QC080000, ISO13485**, and the Responsible Business Alliance ("RBA") Code[45](index=45&type=chunk) [Outlook](index=18&type=section&id=Outlook) Demand for **NVIDIA RTX 50 series** graphics cards is expected to remain strong, but the Group must contend with AI chip competition for production capacity, having joined the NVIDIA Partner Network and planning to convert its SGX listing to primary and delist from HKEX - Demand for **NVIDIA RTX 50 series** graphics cards, based on the new Blackwell architecture, is expected to remain strong in H2 FY2025, stimulating gaming PC upgrades[46](index=46&type=chunk) - The graphics card business faces challenges from intense competition for production capacity with the huge demand for **AI chips**, leading to limited global semiconductor chip supply[46](index=46&type=chunk) - The Company has become a member of the **NVIDIA Partner Network** and has obtained approval for a primary listing on the Singapore Exchange, with plans to delist from The Stock Exchange of Hong Kong Limited within the current financial year[47](index=47&type=chunk) [Potential Risks and Uncertainties](index=19&type=section&id=Potential%20Risks%20and%20Uncertainties) This section outlines various potential risks and uncertainties that could significantly impact the Group's operations and financial performance [Concentration Risk from Reliance on Key GPU Supplier NVIDIA](index=19&type=section&id=Concentration%20Risk%20from%20Reliance%20on%20Key%20GPU%20Supplier%20NVIDIA) The Group's high reliance on **NVIDIA** as its primary GPU supplier means any supply disruption, allocation changes, or NVIDIA's shift to AI could significantly and adversely impact the Group's business and financial performance - The Group relies heavily on **NVIDIA** for a reliable source of GPUs; NVIDIA has been the Group's largest GPU supplier since 2006, accounting for approximately **68.5%** of total purchases[48](index=48&type=chunk) - NVIDIA has significantly shifted its business focus to **AI applications** in recent years, which may lead to resource reallocation and affect the Group's access to GPUs required for graphics card manufacturing[49](index=49&type=chunk) - Any disruption in NVIDIA's supply or unfavorable terms could force the Group to expend time and resources seeking suitable alternatives, significantly and adversely impacting its business, financial condition, operating results, cash flows, and prospects[50](index=50&type=chunk) [Intense Industry Competition](index=20&type=section&id=Intense%20Industry%20Competition) Operating in an intensely competitive industry with short product cycles, the Group risks losing market share and revenue if it fails to adapt to market changes, new technologies, or compete effectively against rivals with greater resources - The Group operates in an intensely competitive industry characterized by continuously shortening product cycles, requiring substantial resource allocation across development, production, sales, and marketing for new product launches[51](index=51&type=chunk) - Major competitors may possess greater advantages than the Group, such as stronger financial resources, better access to raw materials and components, economies of scale, and widely recognized brands[51](index=51&type=chunk) [Reliance on Key Management Personnel](index=21&type=section&id=Reliance%20on%20Key%20Management%20Personnel) The Group's performance heavily relies on the continued service and performance of its executive directors, senior management, and sales representatives; the departure of any key personnel or failure to attract and retain talent could significantly and adversely impact the business - The Group's performance depends on the continued service and performance of its executive directors, senior management, and sales representatives across various regions[52](index=52&type=chunk) - The departure of any key management personnel without suitable and timely replacements could significantly and adversely impact the Group's business, financial condition, operating results, and prospects[52](index=52&type=chunk) [Disruption to Manufacturing Facilities and Production Processes](index=21&type=section&id=Disruption%20to%20Manufacturing%20Facilities%20and%20Production%20Processes) Geopolitical tensions, natural disasters, transportation issues, or supplier insolvency could disrupt manufacturing facilities and production processes, affecting capacity, increasing costs, and potentially leading to lost orders due to client demands for ex-China production - Disruptions to manufacturing facilities and production processes, whether caused by geopolitical tensions, natural disasters, transportation issues, or supplier insolvency, could significantly and adversely impact the Group's production capacity[53](index=53&type=chunk) - An increasing number of customer inquiries about manufacturing options outside China indicates a potential shift in demand or concerns about supply chain disruptions, which, if not properly addressed, could lead to reduced orders[53](index=53&type=chunk) [Material Procurement and Manufacturing Cost Control](index=22&type=section&id=Material%20Procurement%20and%20Manufacturing%20Cost%20Control) Raw material and component costs constitute a significant portion of the Group's expenses; substantial cost increases that cannot be passed on to customers, or lower procurement costs for competitors, would adversely affect the Group's manufacturing costs, profitability, and financial performance - A significant portion of the Group's total expenses comprises component and material costs, with key raw materials and components including **ASIC, RAM, PCB, thermal modules**, and various other electronic parts, collectively accounting for **over 90%** of total material costs[54](index=54&type=chunk) - Significant increases in the cost of raw materials and components could adversely impact the Group's manufacturing costs, business operations, financial condition, and overall performance[54](index=54&type=chunk) [Concentration Risk in Graphics Card Business](index=22&type=section&id=Concentration%20Risk%20in%20Graphics%20Card%20Business) Graphics card sales constitute a major portion of the Group's revenue and profit; any adverse changes in market demand, competitive pressures, or strategic decisions leading to reduced graphics card demand would significantly and adversely impact the Group's business - Revenue from graphics cards is likely to continue forming a significant portion of total revenue in the foreseeable future, exposing the Group to concentration risk from a single business segment[55](index=55&type=chunk) - Any adverse developments, such as a decline in the popularity of graphics cards, could lead to a substantial reduction in the Group's revenue and weaken its ability to withstand product-specific risks[55](index=55&type=chunk) [Trade Policy and Regulatory Risks](index=23&type=section&id=Trade%20Policy%20and%20Regulatory%20Risks) Trade tariffs, import/export restrictions, economic sanctions, and technology export limitations across multiple jurisdictions, especially US-China trade tensions, could increase product costs, reduce demand, and significantly and adversely impact the Group's business - Multiple jurisdictions impose restrictions on technology exports originating within their territories, including foreign trade policies, economic sanctions, treaties, government regulations, and tariffs[56](index=56&type=chunk) - Trade restrictions on advanced computing integrated circuits may in the future prevent US technology companies like NVIDIA from exporting advanced integrated circuits to the Group, which has business operations in Greater China and Southeast Asia[57](index=57&type=chunk) - Ongoing tariff threats, trade restrictions, trade barriers, and trade and technology tensions between China and the United States could have a comprehensive and disruptive impact on the global economy[63](index=63&type=chunk) [Research and Development and Technological Innovation Capabilities](index=23&type=section&id=Research%20and%20Development%20and%20Technological%20Innovation%20Capabilities) The computer electronics manufacturing industry experiences rapid technological shifts, requiring the Group to continuously innovate and adapt; failure to compete effectively or timely launch market-demanded new products will adversely affect business and operating results - The computer electronics manufacturing industry is characterized by rapid technological changes, continuous innovation, intense global competition, and susceptibility to product lifecycle variations[58](index=58&type=chunk) - Competitors may develop or acquire alternative and competitive technologies and standards, thereby undermining the competitiveness of the Group's products or even rendering them obsolete[59](index=59&type=chunk) - If the Group fails to adapt to technological changes in a timely manner or effectively engage in R&D to launch new products that meet market needs, its business and operating results could be adversely affected[59](index=59&type=chunk) [Legal and Regulatory Compliance Risks](index=24&type=section&id=Legal%20and%20Regulatory%20Compliance%20Risks) The Group's operations must comply with various national laws and regulations and obtain relevant licenses; failure to comply, renew licenses, or changes in the regulatory environment could lead to penalties, civil liabilities, additional costs, or business disruptions - In conducting its business operations, the Group must comply with relevant laws and regulations and obtain various licenses, permits, registrations, and approvals from government authorities in the countries where it operates[60](index=60&type=chunk) - Should the Group fail to comply with relevant laws and regulations, it may face penalties and/or civil liabilities for such violations[60](index=60&type=chunk) - There is no assurance that the regulatory environment in which the Group operates will not undergo significant changes in the future or become more stringent or potentially more unfavorable[61](index=61&type=chunk) [Inventory Risk](index=25&type=section&id=Inventory%20Risk) The Group faces inventory obsolescence risk, potentially leading to write-downs or discounted sales due to rapid technological changes or inaccurate customer demand assessment, adversely impacting financial condition and operating results - The Group faces inventory risk, where finished goods, raw materials, and components may become obsolete due to rapid technological changes or other reasons, necessitating inventory write-downs and adversely impacting operating results[62](index=62&type=chunk) - The Group may be unable to accurately assess changes in customer demand or consumer preferences, leading to inventory accumulation and potentially significant inventory write-downs or the sale of slow-moving inventory at substantial discounts or losses[62](index=62&type=chunk) [Global Economic Uncertainty](index=25&type=section&id=Global%20Economic%20Uncertainty) Uncertain global economic prospects, including inflationary pressures, geopolitical issues, trade barriers, and US-China trade tensions, could negatively impact consumer spending and corporate capital expenditure confidence, increasing the Group's operating costs and financial risks - Inflationary pressures are increasing in many countries, and disputes over geopolitical issues and trade barriers have led to the implementation or proposed implementation of tariffs on certain products imported into various countries[63](index=63&type=chunk) - Uncertainty regarding global economic recovery adds to global market concerns, with increasing uncertainties potentially posing risks to the Group, including higher interest expenses on bank borrowings[64](index=64&type=chunk) [Risk of Changes in China's Economic Policies](index=26&type=section&id=Risk%20of%20Changes%20in%20China%27s%20Economic%20Policies) The Group is influenced by China's economic, social, political, and legal developments; any adverse changes in China's economic conditions, government policies, or laws and regulations could significantly and adversely impact overall Chinese economic growth and demand for the Group's products - The Group is affected by China's economic, social, political, and legal developments, including government policies influencing development levels, growth rates, foreign exchange controls, resource allocation, inflation rates, and trade balance conditions[65](index=65&type=chunk) - Any adverse changes in China's economic conditions, government policies, or laws and regulations could significantly and adversely impact overall Chinese economic growth, leading to reduced product demand[65](index=65&type=chunk) [Financial Review and Analysis](index=26&type=section&id=Financial%20Review%20and%20Analysis) This section provides a detailed analysis of the Group's financial performance, including revenue, costs, profitability, and financial position [Revenue Analysis](index=26&type=section&id=Revenue%20Analysis) The Group's H1 2025 revenue grew by **28.5%** year-on-year, primarily driven by strong sales of graphics cards, especially the branded **RTX 50 series**, offsetting declines in ODM/OEM graphics cards, EMS, and other PC-related product sales - Revenue increased by **HK$1,411.1 million** from **HK$4,944.2 million** in H1 FY2024 to **HK$6,355.3 million** in H1 FY2025, a **28.5%** increase[66](index=66&type=chunk) [By Product Category](index=26&type=section&id=By%20Product%20Category) Graphics card sales grew by **41.1%**, with branded graphics card sales up **62.1%**, primarily driven by **RTX 50 series** demand, while ODM/OEM graphics cards, EMS, and other PC-related product sales declined Revenue by Product Category | Product Category | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Graphics Cards | 5,770.3 | 4,088.7 | 41.1% | | - Branded Graphics Cards | 4,917.0 | 3,033.3 | 62.1% | | - ODM/OEM Graphics Cards | 853.3 | 1,055.4 | -19.1% | | EMS Business | 294.6 | 346.0 | -14.9% | | Other PC Related Products and Parts | 290.4 | 509.5 | -43.0% | | **Total** | 6,355.3 | 4,944.2 | 28.5% | - The branded graphics card segment saw strong sales performance from the **NVIDIA RTX 50 series** launched in H1 FY2025, fully offsetting the decline in ODM/OEM graphics card sales[66](index=66&type=chunk) - EMS business decreased by **14.9%**, mainly due to a significant reduction in ATM and POS system-related orders; sales of other PC-related products and parts declined by **43.0%**, primarily due to decreased mini PC sales and reduced component trading business[67](index=67&type=chunk) [By Geographical Region](index=27&type=section&id=By%20Geographical%20Region) All major regional markets (APAC, NALA, China, and EMEAI) recorded revenue growth ranging from **17.6% to 45.8%**, primarily driven by strong demand for branded **RTX 50 series** graphics cards Revenue by Geographical Region | Region | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Asia Pacific (APAC) | 2,549.3 | 2,167.5 | 17.6% | | North America and Latin America (NALA) | 840.8 | 580.4 | 44.9% | | People's Republic of China (China) | 1,373.3 | 1,104.6 | 24.3% | | Europe, Middle East, Africa and India (EMEAI) | 1,591.9 | 1,091.7 | 45.8% | | **Total** | 6,355.3 | 4,944.2 | 28.5% | - APAC revenue grew by **17.6%**, primarily due to strong sales performance of the new **RTX 50 series** graphics cards in the branded graphics card segment, coupled with increased ODM/OEM orders for graphics cards[70](index=70&type=chunk) - NALA, China, and EMEAI regions recorded revenue growth of **44.9%, 24.3%**, and **45.8%** respectively, all primarily driven by strong demand for the new **RTX graphics cards** in the branded graphics card segment[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Cost and Profit Analysis](index=28&type=section&id=Cost%20and%20Profit%20Analysis) The Group's gross profit increased by **19.9%** in H1 2025, but gross margin declined due to higher **RTX 50 series** material costs and reduced sales of high-margin products; other income grew significantly, while selling and distribution, administrative, and income tax expenses all increased [Cost of Sales](index=28&type=section&id=Cost%20of%20Sales) Raw material costs increased by **29.3%** year-on-year, in line with sales growth, but rose by **0.5%** to **87.1%** of sales, mainly due to higher **RTX 50 series** graphics card costs; conversion costs grew by **42.8%**, impacted by increased **RTX 50 series** production and higher indirect manufacturing costs at the new Indonesian facility - Raw material costs increased by **HK$1,255.6 million** from **HK$4,282.1 million** in H1 FY2024 to **HK$5,537.7 million** in H1 FY2025, a **29.3%** increase[74](index=74&type=chunk) - Raw material costs as a percentage of sales increased by **0.5%** from **86.6%** in H1 FY2024 to **87.1%** in H1 FY2025, primarily due to the higher cost of the new **RTX 50 series** graphics cards compared to previous generations[74](index=74&type=chunk) - Conversion costs, including direct labor and indirect production costs, increased by **HK$44.4 million** from **HK$103.7 million** in H1 FY2024 to **HK$148.1 million** in H1 FY2025, a **42.8%** increase[74](index=74&type=chunk) [Gross Profit and Gross Margin](index=29&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit for H1 2025 increased by **19.9%** to **HK$669.5 million**, but gross margin decreased from **11.3%** to **10.5%**, primarily due to higher **RTX 50 series** material costs and declining sales of high-margin EMS and other products - The Group's gross profit for H1 FY2025 was **HK$669.5 million**, an increase of **HK$111.1 million** or **19.9%** from **HK$558.4 million** in H1 FY2024[75](index=75&type=chunk) - The gross margin for H1 FY2025 was **10.5%**, compared to **11.3%** in H1 FY2024[75](index=75&type=chunk) - The change in gross margin primarily resulted from higher material costs for the new **RTX 50 series**, leading to a higher cost-to-revenue ratio for these graphics cards, coupled with declining sales of high-margin products in the EMS and other PC-related products and parts segments[75](index=75&type=chunk) [Other Income and Net Gains](index=29&type=section&id=Other%20Income%20and%20Net%20Gains) Other income and net gains surged by **153.8%** to **HK$53.8 million**, primarily driven by a **HK$49.2 million** increase in net exchange gains, offsetting reductions in interest income and government grants - Other income and other gains/(losses) net increased by **HK$32.6 million** from **HK$21.2 million** in H1 FY2024 to **HK$53.8 million** in H1 FY2025, a **153.8%** increase[76](index=76&type=chunk) - This was primarily due to a **HK$49.2 million** increase in net exchange gains, shifting from an exchange loss of **HK$23.8 million** in H1 FY2024 to an exchange gain of **HK$25.4 million** in H1 FY2025[76](index=76&type=chunk) [Selling and Distribution Expenses](index=29&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by **29.3%** year-on-year to **HK$70.1 million**, primarily due to additional air freight and transportation costs for the **RTX 50 series** launch and higher logistics costs from the new Indonesian manufacturing facility - Selling and distribution expenses increased by **HK$15.9 million** from **HK$54.2 million** in H1 FY2024 to **HK$70.1 million** in H1 FY2025, a **29.3%** increase[77](index=77&type=chunk) - This was mainly due to additional air freight and transportation costs incurred for the launch of the new **RTX 50 series** graphics cards, and increased logistics and transportation expenses for graphics cards produced in Batam, Indonesia, due to longer delivery distances to key regional customers[77](index=77&type=chunk) [Administrative Expenses](index=29&type=section&id=Administrative%20Expenses) Administrative expenses increased by **12.6%** year-on-year to **HK$321.3 million**, primarily due to higher staff costs and directors' remuneration from increased headcount in Singapore and Indonesia, and greater depreciation expenses from the new Indonesian manufacturing plant and Singapore headquarters - Administrative expenses were **HK$35.9 million** higher than H1 FY2024, increasing by **12.6%** from **HK$285.4 million** in H1 FY2024 to **HK$321.3 million** in H1 FY2025[78](index=78&type=chunk) - Staff costs and directors' remuneration increased by **12.7%**, primarily related to increased headcount in Singapore and Indonesia, and provisions for staff performance bonuses and directors' profit sharing due to higher profits[78](index=78&type=chunk)[79](index=79&type=chunk) - Other administrative expenses increased by **12.2%**, mainly due to higher depreciation expenses incurred by the new manufacturing plant in Batam, Indonesia, and the new headquarters in Singapore during H1 FY2025[79](index=79&type=chunk) [Impairment Loss on Financial Assets](index=30&type=section&id=Impairment%20Loss%20on%20Financial%20Assets) Impairment loss on financial assets shifted from a **HK$6.3 million** reversal in H1 2024 to a **HK$10.1 million** provision in H1 2025, primarily because a reversal for a customer in the prior period did not recur - Impairment loss on financial assets increased by **HK$16.4 million**, from a reversal of **HK$6.3 million** in H1 FY2024 to a provision of **HK$10.1 million** in H1 FY2025[80](index=80&type=chunk) - The Group recorded a reversal of impairment loss for a customer in H1 FY2024, which did not recur in H1 FY2025[80](index=80&type=chunk) [Finance Costs](index=30&type=section&id=Finance%20Costs) Finance costs decreased by **7.3%** year-on-year to **HK$16.5 million**, primarily due to a decline in interest rates during the period - Finance costs decreased by **HK$1.3 million** from **HK$17.8 million** in H1 FY2024 to **HK$16.5 million** in H1 FY2025, a **7.3%** reduction[81](index=81&type=chunk) - This was primarily due to a decline in interest rates during the period[81](index=81&type=chunk) [Income Tax Expense](index=30&type=section&id=Income%20Tax%20Expense) Income tax expense increased by **46.1%** year-on-year to **HK$52.9 million**, primarily due to increased profits in certain key operating subsidiaries and higher applicable corporate income tax rates - Income tax expense of **HK$52.9 million** was recorded in H1 FY2025, an increase of **HK$16.7 million** or **46.1%** from **HK$36.2 million** in H1 FY2024[82](index=82&type=chunk) - This was primarily due to increased profits in some of the Company's key operating subsidiaries during H1 FY2025, which are subject to higher corporate income tax rates[82](index=82&type=chunk) [Profit Attributable to Owners of the Company](index=30&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) Profit attributable to owners of the Company for H1 2025 was **HK$250.4 million**, an increase from **HK$194.1 million** in the prior year, primarily driven by growth in sales revenue - The Group recorded profit attributable to owners of the Company of **HK$250.4 million** in H1 FY2025, compared to **HK$194.1 million** in H1 FY2024[83](index=83&type=chunk) - The increase in profit was primarily due to increased sales revenue in H1 FY2025[83](index=83&type=chunk) [Earnings Per Share and Dividends](index=30&type=section&id=Earnings%20Per%20Share%20and%20Dividends) Basic and diluted earnings per share for H1 2025 were both **HK$0.645**, and the Board declared an interim dividend of **HK$0.25** per share, totaling **HK$97.0 million** - Profit attributable to owners of the Company for H1 FY2025 was **HK$250.4 million**, resulting in basic and diluted earnings per share of **HK$0.645** and **HK$0.645**, respectively[84](index=84&type=chunk)[85](index=85&type=chunk) - The Board declared an interim dividend of **HK$0.25** per share for the period ended June 30, 2025, estimated to total **HK$97.0 million**[85](index=85&type=chunk) [Financial Position Analysis](index=31&type=section&id=Financial%20Position%20Analysis) As of June 30, 2025, total assets grew by **19.5%**, driven by significant increases in current inventories and trade receivables, while cash and bank balances decreased; current liabilities rose sharply due to higher trade payables and bank borrowings [Non-current Assets](index=31&type=section&id=Non-current%20Assets) Total non-current assets decreased by **4.3%** to **HK$743.2 million**, primarily due to reduced net book value of property, plant and equipment and right-of-use assets, while deferred tax assets slightly increased due to higher tax losses - The Group's total non-current assets decreased by **HK$33.1 million** from **HK$776.3 million** as at December 31, 2024, to **HK$743.2 million** as at June 30, 2025, a **4.3%** reduction[86](index=86&type=chunk) - The net book value of property, plant and equipment decreased by **3.6%**, and right-of-use assets decreased by **12.2%**, primarily due to depreciation[86](index=86&type=chunk) - Deferred tax assets increased by **HK$0.5 million** from **HK$7.6 million** as at December 31, 2024, to **HK$8.1 million** as at June 30, 2025, a **6.6%** increase, primarily due to increased tax losses in certain Group member companies[87](index=87&type=chunk) [Current Assets](index=32&type=section&id=Current%20Assets) Total current assets increased by **23.8%** to **HK$5,247.9 million**, driven by significant increases in inventories (**91.0%** growth) and trade and other receivables (**45.6%** growth), while cash and bank balances decreased by **8.5%** - The Group's total current assets increased by **HK$1,009.0 million** from **HK$4,238.9 million** as at December 31, 2024, to **HK$5,247.9 million** as at June 30, 2025, a **23.8%** increase[89](index=89&type=chunk) - Inventory value increased by **91.0%** to **HK$1,608.4 million**, primarily due to the higher value of new **RTX 50 series** GPUs and graphics cards, and longer logistics and production times at the new Indonesian manufacturing plant[90](index=90&type=chunk) - Trade and other receivables under current assets increased by **45.6%** to **HK$1,428.6 million**, primarily related to increased sales in H1 FY2025 and higher credit sales under bank factoring arrangements[91](index=91&type=chunk) - Cash and bank balances decreased by **8.5%** to **HK$2,136.7 million**, primarily due to the utilization of more surplus cash on hand to finance purchases and operations during the period[93](index=93&type=chunk) [Current Liabilities](index=33&type=section&id=Current%20Liabilities) Total current liabilities increased by **37.9%** to **HK$2,859.9 million**, primarily due to increases in trade and other payables (**40.6%** growth), bank borrowings (**34.3%** growth), and current income tax liabilities (**436.5%** growth) - The Group's total current liabilities increased by **HK$786.0 million** from **HK$2,073.9 million** as at December 31, 2024, to **HK$2,859.9 million** as at June 30, 2025, a **37.9%** increase[94](index=94&type=chunk) - Trade and other payables increased by **40.6%**, with trade payables increasing by **51.3%**, primarily due to increased purchases of **RTX 50 series** GPUs to support business growth[94](index=94&type=chunk) - The Group's bank borrowings increased by **34.3%** to **HK$1,100.5 million**, primarily due to increased bank borrowings before the end of H1 this year to finance GPU purchases[95](index=95&type=chunk) - Current income tax liabilities increased by **436.5%** to **HK$67.6 million**, primarily related to increased profits in certain Group member companies[96](index=96&type=chunk) [Non-current Liabilities](index=35&type=section&id=Non-current%20Liabilities) Non-current liabilities decreased by **15.1%** to **HK$67.3 million**, primarily due to lease liability payments in accordance with the lease terms of properties - Non-current liabilities decreased by **HK$12.0 million** from **HK$79.3 million** as at December 31, 2024, to **HK$67.3 million** as at June 30, 2025, a **15.1%** reduction[97](index=97&type=chunk) - This was primarily due to payments of lease liabilities in accordance with the lease terms of properties[97](index=97&type=chunk) [Equity](index=35&type=section&id=Equity) As of June 30, 2025, total equity was **HK$3,063.9 million**, comprising share capital, non-controlling interests, and various reserves, reflecting the Group's robust capital structure - As at June 30, 2025, total equity was **HK$3,063.9 million**, comprising issued share capital of **HK$38.8 million**, non-controlling interests of **HK$1.9 million**, and reserves of **HK$3,023.2 million**[98](index=98&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's operations, capital expenditures, and other capital requirements are primarily funded by internally generated cash and bank borrowings; as of June 30, 2025, the Group had ample liquidity and unutilized credit facilities, though its net cash to equity ratio decreased - During the review period, the Group's operations, capital expenditures, and other capital requirements were funded through both internal and external sources, with external sources primarily including bank borrowings[99](index=99&type=chunk) - As at June 30, 2025, the Group's cash and cash equivalents amounted to **HK$1,978.4 million**, net current assets were **HK$2,388.0 million**, and unutilized credit facilities totaled **HK$1,803.2 million**[99](index=99&type=chunk) - The Group's net cash to equity ratio decreased from **49.0%** as at December 31, 2024, to **30.5%** as at June 30, 2025, primarily due to a reduction in cash and bank balances and an increase in bank borrowings[107](index=107&type=chunk) [Working Capital](index=35&type=section&id=Working%20Capital) Inventory turnover days slightly decreased to **39 days**, trade receivables turnover days increased to **30 days**, and trade payables turnover days decreased to **33 days**, reflecting the impact of sales growth on working capital - Inventory turnover days decreased from **40 days** as at December 31, 2024, to **39 days** as at June 30, 2025, primarily due to a significant increase in sales, offsetting the impact of increased inventories at the half-year end[100](index=100&type=chunk) - Trade receivables turnover days increased from **29 days** as at December 31, 2024, to **30 days** as at June 30, 2025, primarily related to a significant increase in sales, offsetting the impact of increased trade receivables at the half-year end[100](index=100&type=chunk) - Trade payables turnover days decreased from **37 days** as at December 31, 2024, to **33 days** as at June 30, 2025, primarily due to an increase in cost of sales (consistent with increased sales during the period), leading to a reduction in trade payables turnover days[101](index=101&type=chunk) [Cash Flow Analysis](index=36&type=section&id=Cash%20Flow%20Analysis) Net cash generated from operating activities increased to **HK$670.3 million** in H1 2025, while net cash used in investing activities was **HK$0.4 million**, and net cash used in financing activities was **HK$894.8 million**, primarily for import loan repayments and dividend payments - Net cash generated from operating activities in H1 FY2025 was **HK$670.3 million**, exceeding **HK$558.5 million** in H1 FY2024, due to increased operating profit and working capital[102](index=102&type=chunk) - Net cash used in investing activities in H1 FY2025 was **HK$0.4 million**, compared to net cash generated of **HK$55.8 million** in H1 FY2024, primarily due to reduced fixed deposit activities and lower interest received[103](index=103&type=chunk) - Net cash used in financing activities in H1 FY2025 was **HK$894.8 million**, primarily comprising repayment of import loans of **HK$811.8 million** and dividends paid to owners of the Company of **HK$58.2 million**[104](index=104&type=chunk) [Foreign Exchange Management](index=36&type=section&id=Foreign%20Exchange%20Management) The Group primarily faces currency risk from sales and purchases denominated in currencies other than its operating functional currency, and has entered into structured investment contracts to manage this risk - The Group primarily faces currency risk from sales and purchases denominated in currencies other than its operating functional currency, with the main currencies giving rise to this risk being **US dollars, Renminbi, Euros, Korean Won, Japanese Yen, Singapore dollars, and Indonesian Rupiah**[105](index=105&type=chunk) - The Group entered into one structured investment contract in FY2024 and another in H1 FY2025[105](index=105&type=chunk) [Pledge of Assets](index=37&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged **HK$0.3 million** in bank deposits as collateral for corporate credit cards and pledged certain office properties with a total carrying value of approximately **HK$349.0 million** to a bank - As at June 30, 2025, bank deposits of **HK$0.3 million** were pledged to a bank as security for corporate credit cards granted to the Group[106](index=106&type=chunk) - The Group also pledged certain office properties with a total carrying value of approximately **HK$349.0 million** to a bank[106](index=106&type=chunk) [Capital Management](index=37&type=section&id=Capital%20Management) The Group aims for a capital gearing ratio below **100%** and regularly reviews its capital structure; as of June 30, 2025, the Group was in a net cash position with a net cash to equity ratio of **30.5%** - The Group's target capital gearing ratio is **below 100%**, determined as the ratio of net debt to equity[107](index=107&type=chunk) - The Group's net cash to equity ratio decreased from **49.0%** as at December 31, 2024, to **30.5%** as at June 30, 2025[107](index=107&type=chunk) [Capital Expenditure](index=37&type=section&id=Capital%20Expenditure) Capital expenditure for H1 2025 was **HK$20.9 million**, primarily for purchasing property, plant, and equipment, funded by internally generated cash - Capital expenditure for H1 FY2025 was **HK$20.9 million**, primarily for the purchase of property, leasehold improvements, plant and machinery, office and testing equipment, furniture and fixtures, and motor vehicles[108](index=108&type=chunk) - Funds for capital expenditure were sourced from internally generated funds[108](index=108&type=chunk) [Disposal of Investments](index=37&type=section&id=Disposal%20of%20Investments) Disposals of investments in H1 2025 primarily included assets such as leasehold improvements, plant and machinery, written off upon expiry of their useful lives, totaling **HK$7.3 million** - Disposals of investments in H1 FY2025 primarily included assets such as leasehold improvements, plant and machinery, office and testing equipment, and furniture and fixtures, written off upon the expiry of their useful lives, totaling **HK$7.3 million**[109](index=109&type=chunk) [Capital Commitments](index=37&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had entered into capital commitment contracts for the acquisition of property, plant, and equipment totaling **HK$6.3 million**, to be funded by internally generated funds - As at June 30, 2025, the Group had entered into capital commitment contracts for the acquisition of property, plant and equipment totaling **HK$6.3 million**, which will be funded by internally generated funds[110](index=110&type=chunk) [Lease Commitments](index=38&type=section&id=Lease%20Commitments) The Group has lease commitments for future minimum lease payments under irrevocable operating leases for manufacturing plants, offices, warehouses, and equipment, funded by internally generated cash - The Group has lease commitments for future minimum lease payments under irrevocable operating leases for its manufacturing plants, offices, warehouses, and office equipment in China, Hong Kong, Taiwan, Indonesia, Singapore, Germany, Japan, and South Korea, as well as certain motor vehicles used for business purposes[111](index=111&type=chunk) [Contingent Liabilities](index=38&type=section&id=Contingent%20Liabilities) The Group faces a potential US$25 million (approximately HK$198.3 million) Section 301 tariff contingent liability, for which a protest has been filed and partial payment made - The Group faces a potential Section 301 tariff contingent liability of approximately **US$25 million** (approximately **HK$198.3 million**) due to customs classification issues for graphics card imports[112](index=112&type=chunk) - The Group has filed a protest for the total contingent liability of **US$25 million** (approximately **HK$198.3 million**) and has paid **US$11.8 million** (approximately **HK$92.4 million**) of this amount[112](index=112&type=chunk) [Other Significant Matters](index=38&type=section&id=Other%20Significant%20Matters) This section covers various other important disclosures and events relevant to the Group's operations and governance [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=38&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[113](index=113&type=chunk) [Future Plans for Material Investments or Capital Assets](index=38&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Company plans to delist from the Stock Exchange in FY2025 - The Company plans to delist from the Stock Exchange in FY2025[114](index=114&type=chunk) [Events After Reporting Period](index=38&type=section&id=Events%20After%20Reporting%20Period) The Company has received in-principle approval from SGX to convert its secondary listing to a primary listing, effective August 20, 2025, and will subsequently delist from HKEX - The Company intends to convert its secondary listing on the Singapore Exchange to a primary listing ("Proposed Conversion") and subsequently delist from the Stock Exchange[115](index=115&type=chunk) - On August 8, 2025, the Singapore Exchange granted in-principle approval for the Company to proceed with the Proposed Conversion, which is expected to take effect on August 20, 2025[116](index=116&type=chunk) [Employees and Remuneration Policies](index=39&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group's employee count increased to **2,947**; remuneration is based on individual performance and industry practice, reviewed annually, and includes medical benefits, provident funds, and performance-linked bonuses - As at June 30, 2025, the Group had **2,947** employees (December 31, 2024: **2,536** employees)[117](index=117&type=chunk) - Employee remuneration is determined based on individual performance and prevailing industry practices, reviewed at least annually[117](index=117&type=chunk) [Material Acquisitions and Disposals of Property, Plant and Equipment](index=39&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Property%2C%20Plant%20and%20Equipment) In H1 FY2025, the Group had no material acquisitions or disposals of property, plant, or equipment - In H1 FY2025, the Group had **no material acquisitions or disposals** of property, plant, or equipment[118](index=118&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=39&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the six months ended June 30, 2025[119](index=119&type=chunk) [Corporate Governance](index=39&type=section&id=Corporate%20Governance) This section details the Group's adherence to corporate governance principles and practices, including compliance with relevant codes and committee structures [Compliance with Corporate Governance Code](index=39&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group complied with the Corporate Governance Code during the review period, with exceptions for the combined Chairman and CEO roles and the absence of an internal audit function, though a professional firm was engaged to review risk management and internal control systems - For the six months ended June 30, 2025, the Company complied with the code provisions in Part 2 of the Corporate Governance Code ("CG Code") set out in Appendix C1 to the Listing Rules, except for the deviations from code provisions C.2.1 and D.2.5 as noted below[120](index=120&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Wang Hsi-Hao, which the Board believes is in the best interests of the Company's shareholders[121](index=121&type=chunk) - The Company has not established an internal audit function but has engaged a professional firm to review its risk management and internal control systems, with the firm reporting directly to the Audit Committee[122](index=122&type=chunk) [Standard Code for Securities Transactions by Directors](index=40&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with this code during the review period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers ("Standard Code") as set out in Appendix C3 to the Listing Rules, as the required standard for Directors' securities transactions[123](index=123&type=chunk) - All Directors confirmed their compliance with the required standards set out in the Standard Code during the review period[123](index=123&type=chunk) [Audit Committee](index=41&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews and oversees the Group's financial reporting, internal controls, and risk management systems, and has reviewed these interim results - The primary responsibilities of the Audit Committee are to review and oversee the Group's financial reporting process, internal control and risk management systems, and to provide advice and recommendations to the Board[124](index=124&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Choi Sze Man (Chairman), Mr. Kong Chi Keung, and Ms. Kwan Sau Ying[124](index=124&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[125](index=125&type=chunk) [Report Publication Information](index=41&type=section&id=Report%20Publication%20Information) This section provides details regarding the publication of the results announcement and interim report, along with board information [Publication of Results Announcement and Interim Report](index=41&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX, SGX, and the Company's websites, with the interim report to be published in due course - This results announcement is published on the websites of The Stock Exchange of Hong Kong Limited ("HKEX") (www.hkex.com.hk), the Singapore Exchange (www.sgx.com), and the Company (www.pcpartner.com)[126](index=126&type=chunk) - The Company's 2025 interim report will be published on the HKEX website, the Singapore Exchange website, and the Company's website in due course[126](index=126&type=chunk) [By Order of the Board](index=41&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Wang Hsi-Hao, Chairman, on behalf of the Board, listing the Board members as of the announcement date, August 19, 2025 - This announcement is issued by Mr. Wang Hsi-Hao, Chairman of PC Partner Group Limited, in Singapore on August 19, 2025[127](index=127&type=chunk) - As of the announcement date, the Board members include Executive Directors Mr. Wang Hsi-Hao, Mr. Wan

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所對本公 佈的內容概不負責，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 因本公佈全部或任何部分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。 ® （於開曼群島註冊成立之有限公司） （港交所股份代號：1263） （新加坡交易所股票代碼：PCT） 海外監管公佈 本海外監管公佈由栢能集團有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.10B條作出。 請 參 閱 本 公 司 於 二 零 二 五 年 八 月 十 四 日 在 新 加 坡 證 券 交 易 所 網 站 (http://www.sgx.com)所登載文件之以下頁數。 承董事會命 栢能集團有限公司* 主席 王錫豪 PC PARTNER GROUP LIMITED 栢能集團有限公司 * 新加坡及香港，二零二五年八月十四日 於本公佈日期，執行董事為王錫豪先生、王芳柏先生、梁華根先生、何乃立先生及 文偉洪先生；非執行董事為何黃美德女士；而獨立非執行董事為陳艷女士、蔡思勄 先生、吳成偉先生、江治強先生、關秀英女士、LOW Teck Seng教授及張俊偉先 生。 ...

香港联交所最新资料显示，8月11日，栢能集团(01263)股东将股票存入广发证券香港，存仓市值4.05亿 港元，占比14.19%。 栢能集团公告，根据公司向新加坡交易所提出将其于新加坡交易所的第二上市地位改为主要上市地位的 申请，新加坡交易所已于2025年8月8日原则上批准建议转换，但须符合本公布所载的若干条件。建议转 换将自2025年8月20日起生效，届时公司将于港交所及新加坡交易所拥有双重主要上市地位。 ...

智通财经APP获悉，香港联交所最新资料显示，8月11日，栢能集团(01263)股东将股票存入广发证券香 港，存仓市值4.05亿港元，占比14.19%。 栢能集团公告，根据公司向新加坡交易所提出将其于新加坡交易所的第二上市地位改为主要上市地位的 申请，新加坡交易所已于2025年8月8日原则上批准建议转换，但须符合本公布所载的若干条件。建议转 换将自2025年8月20日起生效，届时公司将于港交所及新加坡交易所拥有双重主要上市地位。 ...

格隆汇8月8日丨栢能集团(01263.HK)公告，董事会谨此宣布，根据公司向新加坡交易所提出将其于新加 坡交易所第二上市地位改为主要上市地位申请，新加坡交易所已于2025年8月8日原则上批准建议转换， 惟须符合本公布下文所载若干条件。建议转换将自2025年8月20日起生效，届时公司将于港交所及新加 坡交易所拥有双重主要上市地位。 ...

此外，根据公司于2025年5月16日就建议转换向新加坡交易所提出豁免遵守新交所自由流通量规定的申 请，新加坡交易所已于2025年6月4日授予公司遵守新交所自由流通量规定的豁免，宽限期自转换日期起 计为期九个月。 智通财经APP讯，栢能集团(01263)发布公告，根据公司向新加坡交易所提出将其于新加坡交易所的第二 上市地位改为主要上市地位的申请，新加坡交易所已于2025年8月8日原则上批准建议转换，但须符合本 公布所载的若干条件。建议转换将自2025年8月20日起生效，届时公司将于港交所及新加坡交易所拥有 双重主要上市地位。 ...

此外，根据公司于2025年5月16日就建议转换向新加坡交易所提出豁免遵守新交所自由流通量规定的申 请，新加坡交易所已于2025年6月4日授予公司遵守新交所自由流通量规定的豁免，宽限期自转换日期起 计为期九个月。 栢能集团(01263)发布公告，根据公司向新加坡交易所提出将其于新加坡交易所的第二上市地位改为主 要上市地位的申请，新加坡交易所已于2025年8月8日原则上批准建议转换，但须符合本公布所载的若干 条件。建议转换将自2025年8月20日起生效，届时公司将于港交所及新加坡交易所拥有双重主要上市地 位。 ...