Group 1 - The company, Weizhi Holdings, announced the acquisition of Joyful Family Consultant Limited for HKD 155 million, which is expected to complement its existing LED backlighting and lighting product portfolio [1] - Joyful Family Consultant Limited holds 100% equity in Letu Optoelectronics, which owns land in Guangdong Province, China, with a total land use area of approximately 86,118 square meters [1] - The board believes that the acquisition will enhance production efficiency and provide better returns to shareholders by expanding the company's business scale and scope in LED backlighting and lighting products [1] Group 2 - The core business of the company involves manufacturing LED backlighting, lighting products, and semiconductor storage chips, necessitating scalable production capacity to meet growing market demand [2] - Acquiring the land will allow the company to establish core production facilities, reducing reliance on third-party facilities and lowering basic production and operational costs [2] - The available land use rights will provide sufficient space for the company to expand capacity in response to market trends and customer demands, addressing current capacity shortages [2]

Core Viewpoint - The acquisition of Joyful Family Consultant Limited by Weizhi Holdings is aimed at enhancing the company's existing LED backlighting and lighting product portfolio, thereby expanding its business scale and operational efficiency [1] Group 1: Acquisition Details - Weizhi Holdings announced an agreement to acquire all issued ordinary shares of Joyful Family Consultant Limited for HKD 155 million [1] - Joyful Family Consultant Limited is registered in the British Virgin Islands and primarily engaged in investment holding, currently owning all shares of Letu Optoelectronics [1] - Letu Optoelectronics holds land located in Guangdong Province, covering a total area of approximately 86,118 square meters [1] Group 2: Strategic Rationale - The board believes that the acquisition complements the group's existing LED backlighting and lighting product offerings [1] - The acquisition is expected to enhance productivity and improve operational efficiency at a lower cost, ultimately providing greater returns to shareholders [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之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Wai Chi Holdings Company Limited 偉志控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1305） 主要交易及關連交易 收購目標公司之全部股權 買賣協議 於 二 零 二 五 年 九 月 十 五 日（交 易 時 段 後），買 方（即 本 公 司 間 接 全 資 附 屬 公 司） 與 賣 方（即 賣 方）訂 立 買 賣 協 議，據 此，賣 方 已 有 條 件 同 意 出 售 且 買 方 已 有 條 件 同 意 購 買 銷 售 股 份，代 價 金 額 為155,000,000港 元。 上市規則之涵義 由於有關買賣協議項下擬進行之收購事項之最高適用百分比率超過25%但 低 於100%，故 根 據 上 市 規 則 第14章，收 購 事 項 構 成 本 公 司 之 主 要 交 易。 此 外，於 本 公 告 日 期，賣 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 偉志控股有限公司 | | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01305 | 說明 | 偉志控股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 ...

Group 1 - The core viewpoint of the article is that 伟志控股 (01305) reported a decrease in revenue for the first half of 2025, while showing an increase in profit attributable to shareholders [1] - The company's revenue for the period was approximately HKD 1.127 billion, representing a year-on-year decrease of 3.31% [1] - The profit attributable to shareholders for the period was HKD 28.505 million, reflecting a year-on-year increase of 18.93% [1] - The basic and diluted earnings per share were reported at HKD 0.1297 [1]

Group 1 - The core revenue for the company for the six months ending June 30, 2025, is approximately HKD 1.127 billion, representing a slight decrease of about 3.3% compared to approximately HKD 1.166 billion in the same period of 2024 [1] - The overall gross profit margin is approximately 14.8%, which is an increase of about 3.5 percentage points from approximately 11.3% in the same period of 2024 [1] - The profit attributable to the company's owners for the period is HKD 28.505 million, compared to HKD 23.967 million in the same period last year [1]

Group 1 - The core viewpoint of the article is that 伟志控股 (Weizhi Holdings) reported a decrease in revenue for the first half of 2025, while showing an increase in profit attributable to shareholders [1] Group 2 - The company's revenue for the period was approximately 1.127 billion HKD, representing a year-on-year decrease of 3.31% [1] - The profit attributable to shareholders for the period was 28.505 million HKD, which is a year-on-year increase of 18.93% [1] - The basic and diluted earnings per share were 12.97 HKD cents [1]

[Financial Summary and Interim Results Announcement](index=1&type=section&id=I.%20Financial%20Summary%20and%20Interim%20Results%20Announcement) This section presents the unaudited interim financial results for the six months ended June 30, 2025, including a financial summary and the interim results announcement [Financial Summary](index=1&type=section&id=1.1%20Financial%20Summary) Wai Chi Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, showing a slight revenue decrease but growth in gross profit and profit attributable to owners, with improved earnings per share Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,127,460 | 1,166,073 | -3.3% | | Gross Profit | 166,545 | 132,255 | +25.9% | | Gross Profit Margin | 14.8% | 11.3% | +3.5 pp | | Profit for the Period Attributable to Owners of the Company | 28,505 | 23,967 | +18.9% | | Basic and Diluted Earnings Per Share (HK cents) | 12.97 | 10.90 | +19.0% | [Interim Results Announcement](index=1&type=section&id=1.2%20Interim%20Results%20Announcement) The Board is pleased to announce the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income and statement of financial position for the six months ended June 30, 2025 - This announcement covers the unaudited condensed consolidated statement of profit or loss and other comprehensive income for Wai Chi Holdings Limited and its subsidiaries for the six months ended June 30, 2025, and the unaudited condensed consolidated statement of financial position as at June 30, 2025[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section provides the condensed consolidated statements of profit or loss, comprehensive income, and financial position for the interim period [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported revenue of HK$1,127,460 thousand, gross profit of HK$166,545 thousand, profit before tax of HK$38,262 thousand, profit for the period of HK$27,984 thousand, and profit attributable to owners of HK$28,505 thousand Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,127,460 | 1,166,073 | | Cost of Sales | (960,915) | (1,033,818) | | Gross Profit | 166,545 | 132,255 | | Other Income | 33,156 | 47,976 | | Selling and Distribution Expenses | (20,145) | (22,176) | | Administrative Expenses | (75,561) | (64,106) | | Research and Development Expenses | (37,803) | (34,175) | | Finance Costs | (27,930) | (32,027) | | Profit Before Tax | 38,262 | 27,747 | | Income Tax Expense | (10,278) | (3,483) | | Profit for the Period | 27,984 | 24,264 | | Profit for the Period Attributable to Owners of the Company | 28,505 | 23,967 | | Basic and Diluted Earnings Per Share (HK cents) | 12.97 | 10.90 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was HK$34,844 thousand, a significant increase from HK$22,803 thousand in the prior year, mainly due to exchange differences from translating foreign operations Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 27,984 | 24,264 | | Exchange Differences Arising from Translation of Financial Statements of Foreign Operations | 6,860 | (406) | | Total Comprehensive Income for the Period | 34,844 | 22,803 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 35,425 | 22,503 | - Total comprehensive income for the period significantly increased, primarily due to exchange differences arising from the translation of financial statements of foreign operations, which turned from a loss of **HK$406 thousand** in 2024 to a gain of **HK$6,860 thousand** in 2025[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, the Group's total assets less current liabilities were HK$958,953 thousand, and net assets increased to HK$931,405 thousand, primarily driven by an increase in reserves, with net current assets also improving Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 389,722 | 402,662 | | Current Assets | 2,441,834 | 2,353,829 | | Current Liabilities | 1,872,603 | 1,828,378 | | Net Current Assets | 569,231 | 525,451 | | Total Assets Less Current Liabilities | 958,953 | 928,113 | | Non-current Liabilities | 27,548 | 31,552 | | Net Assets | 931,405 | 896,561 | | Equity Attributable to Owners of the Company | 928,796 | 893,371 | | Reserves | 926,599 | 891,174 | - Net current assets increased from **HK$525,451 thousand** as at December 31, 2024, to **HK$569,231 thousand** as at June 30, 2025[8](index=8&type=chunk) - Total equity increased from **HK$896,561 thousand** as at December 31, 2024, to **HK$931,405 thousand** as at June 30, 2025, primarily driven by an increase in reserves[9](index=9&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the general information, accounting policies, revenue, segment information, and other financial components of the interim results [General Information](index=6&type=section&id=3.1%20General%20Information) Wai Chi Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX, primarily engages in investment holding, with subsidiaries manufacturing and trading LED backlight and lighting products, and high-tech electronic components and products, using HKD as its presentation currency - Wai Chi Holdings Limited was incorporated on August 16, 2013, under the Companies Law of the Cayman Islands, and its shares were listed on the Main Board of the Stock Exchange of Hong Kong on November 18, 2014[10](index=10&type=chunk) - The Company primarily engages in investment holding, while its subsidiaries' main businesses are the manufacture and trading of LED backlight and LED lighting products, and the trading of high-tech electronic components and products[11](index=11&type=chunk) - The Group adopts **Hong Kong Dollars** as its presentation currency, with Hong Kong subsidiaries using **Hong Kong Dollars** as their functional currency and PRC subsidiaries using **Renminbi**[11](index=11&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=3.2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, applying consistent accounting policies as the previous year, with no significant impact from the first-time application of HKAS 21 (Amendment) - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants[12](index=12&type=chunk) - The condensed consolidated interim financial information has been prepared on the historical cost basis, except for certain financial instruments measured at fair value[13](index=13&type=chunk) - Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability" was first applied during this interim period, but it had no significant impact on financial performance and position[14](index=14&type=chunk) [Revenue and Other Income](index=7&type=section&id=3.3%20Revenue%20and%20Other%20Income) For the six months ended June 30, 2025, the Group's total revenue was HK$1,127,460 thousand, primarily from LED backlight product sales, though semiconductor memory chip revenue significantly decreased, while other income, mainly bank interest and government grants, also saw a year-on-year reduction Revenue Breakdown by Major Product Line | Product Line | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | LED Backlight | 1,103,134 | 899,515 | | LED Lighting | 22,932 | 49,115 | | Semiconductor Memory Chip | 1,394 | 217,443 | | **Total Revenue** | **1,127,460** | **1,166,073** | Other Income Breakdown | Other Income Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 24,546 | 27,762 | | Net Exchange (Loss) Gain | (874) | 1,938 | | Government Grants | 7,607 | 15,835 | | Miscellaneous Income | 1,877 | 2,200 | | **Total Other Income** | **33,156** | **47,976** | - Government grant income decreased from **HK$15,835 thousand** in 2024 to **HK$7,607 thousand** in 2025, primarily due to reduced grants for research projects and additional VAT deductions[15](index=15&type=chunk) [Segment Information](index=8&type=section&id=3.4%20Segment%20Information) The Group is segmented into LED backlight, LED lighting, and semiconductor memory chip operations, with LED backlight being the primary revenue and profit contributor, especially strong in automotive displays, while semiconductor memory chip revenue significantly declined due to strategic adjustments - The Group's reportable operating segments include LED backlight, LED lighting, and semiconductor memory chip[18](index=18&type=chunk) [Segment Revenue and Results](index=8&type=section&id=3.4.1%20Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, the LED backlight segment saw significant growth in both revenue and profit, while the semiconductor memory chip segment experienced a substantial revenue decline, with segment profit excluding unallocated items like central administrative expenses and directors' emoluments Segment Revenue and Profit (For the Six Months Ended June 30, 2025) | Segment | Revenue (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | LED Backlight | 1,103,134 | 67,772 | | LED Lighting | 22,932 | 2,384 | | Semiconductor Memory Chip | 1,394 | 1,082 | | **Total** | **1,127,460** | **71,238** | | Profit Before Tax | | 38,262 | Segment Revenue and Profit (For the Six Months Ended June 30, 2024) | Segment | Revenue (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | LED Backlight | 899,515 | 52,176 | | LED Lighting | 49,115 | 2,834 | | Semiconductor Memory Chip | 217,443 | 12,555 | | **Total** | **1,166,073** | **67,565** | | Profit Before Tax | | 27,747 | - The LED backlight segment's revenue increased by **22.6%** year-on-year, and its segment profit increased by **29.9%** year-on-year[17](index=17&type=chunk)[19](index=19&type=chunk) - The semiconductor memory chip segment's revenue significantly decreased by **99.4%** year-on-year, and its segment profit decreased by **91.4%** year-on-year[17](index=17&type=chunk)[19](index=19&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=3.4.2%20Segment%20Assets%20and%20Liabilities) As at June 30, 2025, both assets and liabilities of the LED backlight segment increased, while those of the semiconductor memory chip segment significantly decreased, reflecting the Group's strategic contraction in this business Segment Assets (HK$ thousand) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | LED Backlight | 1,711,291 | 1,622,910 | | LED Lighting | 104,144 | 69,774 | | Semiconductor Memory Chip | 1,564 | 129,071 | | **Total Segment Assets** | **1,816,999** | **1,821,755** | | Total Consolidated Assets | 2,831,556 | 2,756,491 | Segment Liabilities (HK$ thousand) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | LED Backlight | 1,360,191 | 1,406,310 | | LED Lighting | 62,809 | 68,929 | | Semiconductor Memory Chip | 1,531 | 3,961 | | **Total Segment Liabilities** | **1,424,531** | **1,479,200** | | Total Consolidated Liabilities | 1,900,151 | 1,859,930 | - Semiconductor memory chip segment assets significantly decreased from **HK$129,071 thousand** as at December 31, 2024, to **HK$1,564 thousand** as at June 30, 2025[20](index=20&type=chunk) [Revenue Analysis by Major Product](index=10&type=section&id=3.4.3%20Revenue%20Analysis%20by%20Major%20Product) Within LED backlight products, mid-size backlights were the primary growth driver, while revenue from both LED lighting and semiconductor memory chips significantly declined Revenue by Product Category (HK$ thousand) | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | **LED Backlight** | | | | - Small Size | 103,271 | 92,189 | | - Mid Size | 952,916 | 769,242 | | - Large Size | 46,947 | 38,084 | | Subtotal | 1,103,134 | 899,515 | | **LED Lighting** | | | | - Indoor Lighting | 22,620 | 48,556 | | - Outdoor Lighting | 312 | 559 | | Subtotal | 22,932 | 49,115 | | **Semiconductor Memory Chip** | 1,394 | 217,443 | | **Total** | **1,127,460** | **1,166,073** | - Revenue from mid-size LED backlight products increased by **23.9%** year-on-year, serving as the primary driver for LED backlight business growth[21](index=21&type=chunk) - Revenue from indoor LED lighting decreased by **53.4%** year-on-year, and outdoor lighting revenue decreased by **44.1%** year-on-year[21](index=21&type=chunk) [Revenue by Product Application](index=11&type=section&id=3.4.4%20Revenue%20by%20Product%20Application) Automotive display backlights remain the core of the LED backlight business with continuous revenue growth, while public lighting services generated no subsequent revenue due to project completion Revenue by Product Application (HK$ thousand) | Product Application | 2025 | 2024 | | :--- | :--- | :--- | | **LED Backlight** | | | | - Automotive Displays | 1,017,696 | 823,079 | | - Equipment Displays | 73,758 | 64,815 | | - Televisions | 11,680 | 11,621 | | Subtotal | 1,103,134 | 899,515 | | **LED Lighting** | | | | - Commercial Lighting | 22,932 | 35,838 | | - Public Lighting | – | 13,277 | | Subtotal | 22,932 | 49,115 | | **Semiconductor Memory Chip** | 1,394 | 217,443 | | **Total** | **1,127,460** | **1,166,073** | - Revenue from automotive display backlights increased by **23.6%** year-on-year, making it the largest contributor to the LED backlight business[23](index=23&type=chunk) - Public lighting services generated no additional revenue in the first half of 2025, compared to **HK$13,277 thousand** in the same period of 2024[23](index=23&type=chunk) [Finance Costs](index=11&type=section&id=3.5%20Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were HK$27,930 thousand, a decrease from the prior year, primarily due to lower interest on bank and other borrowings Finance Costs Breakdown (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 27,447 | 31,824 | | Interest on Lease Liabilities | 483 | 203 | | **Total Finance Costs** | **27,930** | **32,027** | - Interest on bank and other borrowings decreased from **HK$31,824 thousand** in 2024 to **HK$27,447 thousand** in 2025[23](index=23&type=chunk) [Income Tax Expense](index=12&type=section&id=3.6%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense increased to HK$10,278 thousand, primarily due to the gradual utilization and eventual expiration of previously available tax concessions and attributes, with two PRC subsidiaries enjoying a preferential 15% tax rate as high-tech enterprises Income Tax Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax | 10,278 | 3,483 | - Income tax expense increased from **HK$3,483 thousand** in 2024 to **HK$10,278 thousand** in 2025[24](index=24&type=chunk) - Wai Chi Opto (Shenzhen) Co., Ltd. and Huizhou Wai Chi Electronics Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[25](index=25&type=chunk) [Components of Profit for the Period](index=13&type=section&id=3.7%20Components%20of%20Profit%20for%20the%20Period) For the six months ended June 30, 2025, the Group's total staff costs, inventory costs, and depreciation expenses slightly decreased, but net exchange differences turned from a gain to a loss Key Components of Profit for the Period (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total Staff Costs | 163,027 | 170,859 | | Cost of Inventories Recognized as Expense | 960,915 | 1,033,818 | | Net Exchange Loss (Gain) | 874 | (1,938) | | Depreciation of Property, Plant and Equipment | 24,201 | 26,325 | | Depreciation of Right-of-Use Assets | 4,560 | 5,703 | | Net Loss on Disposal of Property, Plant and Equipment | 23 | 3,473 | - Total staff costs decreased by **4.6%** year-on-year, and cost of inventories decreased by **7.0%** year-on-year[27](index=27&type=chunk) - Net exchange differences turned from a gain of **HK$1,938 thousand** in 2024 to a loss of **HK$874 thousand** in 2025[27](index=27&type=chunk) [Dividends and Earnings Per Share](index=13&type=section&id=3.8%20Dividends%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the Board did not recommend any interim dividend, and basic and diluted earnings per share increased to 12.97 HK cents, with diluted earnings per share being equal to basic earnings per share due to no potential dilutive ordinary shares - No dividends were paid or proposed for the six months ended June 30, 2025[28](index=28&type=chunk) Earnings Per Share (HK cents) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 12.97 | 10.90 | - As there were no potential dilutive ordinary shares outstanding during the period, diluted earnings per share were equal to basic earnings per share[29](index=29&type=chunk) [Financial Assets](index=14&type=section&id=3.9%20Financial%20Assets) The Group holds investments in life insurance policies at fair value through profit or loss and unlisted equity investments at fair value through other comprehensive income, with the latter held for medium to long-term strategic purposes [Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=3.9.1%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group holds two life insurance policies with total insured amounts of approximately US$1,750,000 and US$3,492,000, both with Wai Chi Opto as the beneficiary, which can be terminated at any time to recover cash value Life Insurance Policy Investments (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Life Insurance Policy Investments | 7,983 | 7,983 | - The Group's subsidiary, Wai Chi Opto, entered into life insurance policies with an insurance company, insuring directors Mr. Chan Chung Po and Ms. Yiu Kwan Yu, with total insured amounts of approximately **US$1,750,000** and **US$3,492,000**, respectively[30](index=30&type=chunk)[31](index=31&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=14&type=section&id=3.9.2%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) The Group holds HK$13,626 thousand in unlisted equity investments, not held for trading, but for medium to long-term strategic purposes, with short-term fair value fluctuations not recognized in profit or loss Financial Assets at Fair Value Through Other Comprehensive Income (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unlisted Equity Investments | 13,626 | 13,626 | - This unlisted equity investment is issued by a private entity incorporated in Taiwan and is held for medium to long-term strategic purposes[32](index=32&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=3.10%20Trade%20and%20Bills%20Receivables) As at June 30, 2025, the Group's net trade receivables moderately increased, while bills receivables decreased, with an average credit period of 15 to 180 days and most trade receivables aged within 90 days Total Trade and Bills Receivables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 1,005,838 | 980,962 | | Bills Receivables | 133,598 | 170,361 | | **Total** | **1,139,436** | **1,151,323** | - Net trade receivables increased by approximately **2.5%** from **HK$980,962 thousand** as at December 31, 2024, to **HK$1,005,838 thousand** as at June 30, 2025[33](index=33&type=chunk) Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 90 days | 966,498 | 875,005 | | 91 to 180 days | 19,849 | 83,002 | | 181 to 365 days | 19,491 | 22,955 | | **Total** | **1,005,838** | **980,962** | [Trade and Bills Payables and Other Payables](index=16&type=section&id=3.11%20Trade%20and%20Bills%20Payables%20and%20Other%20Payables) As at June 30, 2025, the Group's trade payables slightly decreased, bills payables slightly increased, and other payables and accrued expenses also declined, with an average credit period of 30 to 90 days for goods purchased Trade and Bills Payables and Other Payables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 543,035 | 570,854 | | Bills Payables | 813,670 | 796,634 | | Other Payables and Accrued Expenses | 57,255 | 75,797 | | **Total** | **1,413,960** | **1,443,285** | - Trade payables decreased by **4.9%** from **HK$570,854 thousand** as at December 31, 2024, to **HK$543,035 thousand** as at June 30, 2025[36](index=36&type=chunk) - The average credit period for purchases of goods is **30 to 90 days**[36](index=36&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the industry, business performance, and future outlook, highlighting key operational and strategic developments [Industry Review](index=17&type=section&id=4.1%20Industry%20Review) In the first half of 2025, the global economy saw cautious recovery, China's GDP grew by approximately 5.3%, and the new energy vehicle market surged with a 40.3% year-on-year sales increase, benefiting the LED backlight industry, which faces challenges like price competition, overcapacity, trade tariffs, and Southeast Asian competition, driving a shift towards high-value-added products - China's GDP grew by approximately **5.3%** year-on-year in the first half of 2025, with stable industrial output[38](index=38&type=chunk) - China's new energy vehicle sales surged by **40.3%** year-on-year, reaching **6.94 million units** and accounting for **44.3%** of all new car sales, with NEV exports growing by **75.2%** to **1.06 million units**[39](index=39&type=chunk) - The LED backlight industry benefited from the growth in the new energy vehicle market, with strong demand for automotive display panels and a nearly **488%** increase in China's LED module exports[40](index=40&type=chunk) - The industry faces challenges including a approximately **5%** reduction in exports to North America due to US tariffs and increased competition from Southeast Asia, prompting a shift towards high-value-added areas such as Mini/Micro LED and automotive-grade LED products[41](index=41&type=chunk) [Business Review](index=18&type=section&id=4.2%20Business%20Review) During the review period, the Group's total revenue slightly decreased, but core LED segment revenue grew, with strong performance in LED backlight business, especially automotive display backlights, while LED lighting and semiconductor memory chip revenues significantly declined due to strategic adjustments, and the Group continued to invest in quality control and R&D to maintain market competitiveness - The Group's total revenue for the review period was approximately **HK$1,127,460,000**, a slight decrease of approximately **3.3%** compared to approximately **HK$1,166,073,000** in the same period of 2024[43](index=43&type=chunk) - Revenue from the core LED business segment was approximately **HK$1,126,066,000**, an increase of approximately **18.7%** compared to the same period in 2024[43](index=43&type=chunk) [Overview](index=18&type=section&id=4.2.1%20Overview) The Group focuses on its core LED product business, particularly automotive display LED backlights, effectively controlling costs and improving efficiency through product R&D, quality assurance, and an ERP system, resulting in a slight decrease in total revenue but growth in the LED segment, while semiconductor memory chip revenue significantly reduced - The Group continues to focus on its core LED product business, particularly LED backlights for automotive displays[42](index=42&type=chunk) - The ERP system effectively controls costs and enhances financial management and operational efficiency through real-time monitoring, information exchange, and data management[42](index=42&type=chunk) - Revenue from the semiconductor memory chip business was approximately **HK$1,394,000**, a **99.4%** decrease from the same period last year, primarily reflecting the Group's strategic positioning[43](index=43&type=chunk) [LED Backlight Business](index=18&type=section&id=4.2.2%20LED%20Backlight%20Business) The LED backlight business is the Group's largest contributor, with automotive display backlight orders remaining high and gross profit margin increasing, driven by new energy vehicle technology, mass production of high-value-added display components, strengthened domestic supply chains, and upgraded automated production lines, leading to significant growth LED Backlight Product Revenue (HK$ thousand) | Product Application | 2025 | 2024 | | :--- | :--- | :--- | | Automotive Displays | 1,017,696 | 823,079 | | Television Displays | 11,680 | 11,621 | | Other Industrial Equipment Displays | 73,758 | 64,815 | | **Total** | **1,103,134** | **899,515** | - Orders for automotive display backlight products remained high, accounting for approximately **92.3%** (2024: 91.5%) of total LED backlight product sales[45](index=45&type=chunk) - The gross profit margin of the LED backlight business increased from **13.3%** in the same period last year to **14.6%** in the review period[45](index=45&type=chunk) - Revenue from other industrial equipment display backlights increased by approximately **13.8%**, primarily driven by technological advancements, especially in emerging fields such as low-altitude aircraft and robotics[47](index=47&type=chunk) [Lighting Services Business](index=19&type=section&id=4.2.3%20Lighting%20Services%20Business) Total revenue from the lighting services business significantly decreased, primarily because public lighting services generated no additional revenue due to the completion of independent projects, and commercial lighting revenue also declined Lighting Services Revenue (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Commercial Lighting | 22,932 | 35,838 | | Public Lighting | – | 13,277 | | **Total** | **22,932** | **49,115** | - Total lighting services revenue decreased from **HK$49,115 thousand** in 2024 to **HK$22,932 thousand** in 2025[48](index=48&type=chunk) - Public lighting services generated no additional revenue during the review period, compared to **HK$13,277 thousand** in the same period last year[48](index=48&type=chunk) [Semiconductor Memory Chip Business](index=20&type=section&id=4.2.4%20Semiconductor%20Memory%20Chip%20Business) Revenue from the semiconductor memory chip business significantly decreased by 99.4%, primarily reflecting the Group's strategic decision to treat it as a non-core business, limiting resource allocation and utilizing existing facilities to generate supplementary income Semiconductor Memory Chip Business Revenue (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Semiconductor Memory Chip Business Revenue | 1,394 | 217,443 | - Revenue significantly decreased by **99.4%**, primarily reflecting the Group's strategic decision to treat this area as a non-core business, limiting resource commitment and utilizing existing facilities to generate supplementary income[49](index=49&type=chunk) [Quality Control](index=20&type=section&id=4.2.5%20Quality%20Control) The Group ensures product excellence from design to manufacturing through stringent quality control procedures, particularly dedicating significant efforts to the automotive display backlight segment to meet high industry standards, holding multiple quality and environmental management system certifications such as ISO 9001 and ISO 14001 - The Group has established stringent quality control procedures to ensure product excellence at all stages of design, manufacturing, and storage, with significant efforts dedicated to the automotive display backlight segment to meet the rigorous safety requirements of the automotive industry[50](index=50&type=chunk) - The Group's quality and environmental management systems have been awarded **ISO 9001:2008** and **ISO 14001:2004** certifications[51](index=51&type=chunk) [Research and Development](index=20&type=section&id=4.2.6%20Research%20and%20Development) The Group highly prioritizes R&D, conducting market research to understand customer needs, actively participating in new product design, improving existing products, optimizing production processes, promoting new technologies, and assessing industry trends, holding 278 registered patents in China as of June 30, 2025, with plans to further strengthen its R&D center and talent pool - The Group's R&D activities include co-developing new product designs with customers, improving the quality, efficiency, and functionality of existing products, standardizing and optimizing production processes and capacity, introducing and promoting new production technologies and materials, and evaluating future prospects and development trends in the LED industry[53](index=53&type=chunk) - As at June 30, 2025, the Group held **278** registered patents in China[53](index=53&type=chunk) [Outlook](index=21&type=section&id=4.3%20Outlook) For the second half of 2025, the global economy is expected to recover moderately amid ongoing geopolitical uncertainties, with a promising electric vehicle market where Chinese regulatory measures may curb overcompetition and global trade patterns stabilize, driving diversified growth in the LED backlight display market, particularly in automotive applications, low-altitude aircraft, and robotics, as the Group continues to focus on technological innovation, cost optimization, global market expansion, upstream resource integration, and international collaborations - The global economy is expected to experience a moderate recovery in the second half of 2025, with ongoing geopolitical uncertainties and challenges from trade protectionism[54](index=54&type=chunk) - The electric vehicle market shows promising prospects, with Chinese regulatory measures expected to curb overcompetition, global trade patterns stabilizing, and Chinese EV manufacturers demonstrating strong competitiveness in emerging markets, especially Southeast Asia[55](index=55&type=chunk) - The LED backlight display market is showing diversified growth trends in areas such as automotive applications, low-altitude aircraft, and robotics[56](index=56&type=chunk) - The Group's strategic direction focuses on technological innovation, cost optimization, and global market expansion, having achieved breakthroughs in Mini LED technology, and will further deepen integration with upstream resources and seek international collaborations[57](index=57&type=chunk) [Financial Review](index=22&type=section&id=V.%20Financial%20Review) This section offers a detailed financial analysis of revenue, gross profit, expenses, taxation, and key balance sheet items for the interim period [Revenue](index=22&type=section&id=5.1%20Revenue) For the six months ended June 30, 2025, the Group's total revenue decreased by 3.3% year-on-year, with LED backlight product sales growing by 22.6% driven by automotive display backlights, LED lighting product sales decreasing by 53.3%, and semiconductor memory chip business revenue significantly declining by 99.4% Revenue Breakdown (HK$ thousand) | Product Category | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | LED Backlight Products | 1,103,134 | 899,515 | +22.6% | | LED Lighting Products | 22,932 | 49,115 | -53.3% | | Semiconductor Memory Chip Business | 1,394 | 217,443 | -99.4% | | **Total Revenue** | **1,127,460** | **1,166,073** | **-3.3%** | - The increase in LED backlight product sales was primarily driven by increased sales of automotive display backlights[58](index=58&type=chunk) [Gross Profit](index=23&type=section&id=5.2%20Gross%20Profit) During the review period, the Group's overall gross profit increased by 25.9% year-on-year, with gross profit margin rising by 3.5 percentage points to 14.8%, primarily due to increased LED backlight product sales, while the LED segment saw improved gross profit and margin, and the semiconductor memory chip business experienced a significant gross profit decline but an improved gross profit margin Gross Profit and Gross Profit Margin (HK$ thousand) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Overall Gross Profit | 166,545 | 132,255 | +25.9% | | Overall Gross Profit Margin | 14.8% | 11.3% | +3.5 pp | | LED Segment Gross Profit | 166,490 | 128,438 | +29.6% | | LED Segment Gross Profit Margin | 14.8% | 13.5% | +1.3 pp | | Semiconductor Memory Chip Business Gross Profit | 55 | 3,817 | -98.6% | | Semiconductor Memory Chip Business Gross Profit Margin | 4.0% | 1.8% | +2.2 pp | - The overall increase in gross profit was primarily due to increased sales of LED backlight products[59](index=59&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=5.3%20Selling%20and%20Distribution%20Expenses) For the six months ended June 30, 2025, the Group's selling and distribution expenses decreased by 9.2% year-on-year, primarily comprising staff costs, sales commissions, and transportation costs Selling and Distribution Expenses (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Selling and Distribution Expenses | 20,145 | 22,176 | - Selling and distribution expenses decreased by approximately **9.2%** year-on-year[60](index=60&type=chunk) [Administrative and Research and Development Expenses](index=23&type=section&id=5.4%20Administrative%20and%20Research%20and%20Development%20Expenses) For the six months ended June 30, 2025, the Group's combined administrative and R&D expenses increased by 15.3% year-on-year, primarily through resource integration to enhance management efficiency Administrative and Research and Development Expenses (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Administrative and Research and Development Expenses | 113,364 | 98,281 | - Combined administrative and research and development expenses increased by approximately **15.3%** year-on-year[61](index=61&type=chunk) [Other Income](index=23&type=section&id=5.5%20Other%20Income) During the review period, the Group's other income decreased by 30.9% year-on-year, primarily due to reduced bank interest income and government grants Other Income (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Other Income | 33,156 | 47,976 | - Other income decreased by approximately **30.9%** year-on-year, primarily due to reduced bank interest income and government grants[62](index=62&type=chunk) [Taxation](index=24&type=section&id=5.6%20Taxation) During the review period, the Group's tax expense significantly increased year-on-year, primarily due to the gradual utilization and eventual expiration of previously available tax concessions and attributes, with two PRC subsidiaries enjoying a preferential 15% corporate income tax rate as high-tech enterprises Tax Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Tax Expense | 10,278 | 3,483 | - The increase in tax expense was primarily due to the gradual utilization and eventual expiration of previously available tax concessions and attributes[63](index=63&type=chunk) - Wai Chi Opto (Shenzhen) Co., Ltd. and Huizhou Wai Chi Electronics Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[63](index=63&type=chunk) [Inventories](index=24&type=section&id=5.7%20Inventories) As at June 30, 2025, the Group's inventories increased by 38.6% year-on-year, primarily due to enhanced production capacity in preparation for higher anticipated order volumes Inventories (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Inventories | 353,259 | 254,828 | - Inventories increased by approximately **38.6%**, due to enhanced production capacity and active preparation for higher anticipated order volumes[64](index=64&type=chunk) [Trade Receivables](index=24&type=section&id=5.8%20Trade%20Receivables) As at June 30, 2025, the Group's net trade receivables moderately increased by 2.5% Trade Receivables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 1,005,838 | 980,962 | - Net trade receivables moderately increased by approximately **2.5%**[65](index=65&type=chunk) [Trade Payables](index=24&type=section&id=5.9%20Trade%20Payables) As at June 30, 2025, the Group's trade payables decreased by 4.9% year-on-year, representing normal operational fluctuations Trade Payables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 543,035 | 570,854 | - Trade payables decreased by **4.9%**, which is a minor fluctuation within normal operations[66](index=66&type=chunk) [Interim Dividend](index=24&type=section&id=5.10%20Interim%20Dividend) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025[67](index=67&type=chunk) [Other Information](index=24&type=section&id=VI.%20Other%20Information) This section covers corporate governance, directors' securities transactions, audit committee review, interim report publication, and board composition [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=6.1%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[68](index=68&type=chunk) [Corporate Governance Practices](index=25&type=section&id=6.2%20Corporate%20Governance%20Practices) The Company is committed to maintaining good corporate governance and complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with the only non-compliance being Mr. Chan Chung Po serving as both CEO and Chairman - The Company has applied and complied with the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[69](index=69&type=chunk) - Mr. Chan Chung Po, the Chief Executive Officer, also serves as the Chairman of the Company, which is the only deviation from Code Provision C.2.1 (separation of roles of chairman and chief executive)[69](index=69&type=chunk) [Model Code for Securities Transactions by Directors](index=25&type=section&id=6.3%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code during the review period - The Company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code throughout the review period[70](index=70&type=chunk) [Audit Committee](index=25&type=section&id=6.4%20Audit%20Committee) The Audit Committee reviewed the unaudited interim financial report for the six months ended June 20, 2025, on August 25, 2025, meeting with management and external auditors to assess accounting policies - The Audit Committee reviewed the unaudited interim financial report for the six months ended June 30, 2025, and met with management and external auditors on August 25, 2025, to review the financial statements and assess accounting policies[71](index=71&type=chunk) [Publication of Interim Report](index=25&type=section&id=6.5%20Publication%20of%20Interim%20Report) The Company's 2025 interim report will be dispatched to shareholders and published on the Company's and HKEX websites in due course - The Company's 2025 interim report will be dispatched to its shareholders and published on the Company's website www.waichiholdings.com and the HKEX website www.hkexnews.hk in due course[72](index=72&type=chunk) [Acknowledgement](index=26&type=section&id=6.6%20Acknowledgement) The Board extends its sincere gratitude to all shareholders who trust the management, as well as to business partners and banking institutions for their continuous support of the Group - The Board extends its sincere gratitude to all shareholders of the Company who fully trust the Group's management, as well as to business partners and banking institutions for their continuous support[73](index=73&type=chunk) [Board of Directors](index=26&type=section&id=6.7%20Board%20of%20Directors) As of the announcement date, the Company's Board of Directors comprises executive directors Mr. Chan Chung Po (Chairman and CEO), Ms. Luk Fong, Ms. Yiu Kwan Yu, and Ms. Yung Kin Fai, along with independent non-executive directors Mr. Au Yeung Tin Wah, Mr. Ho Chi Wai, and Mr. Yu Chun Yu - The executive directors of the Company are Mr. Chan Chung Po (Chairman and Chief Executive Officer), Ms. Luk Fong, Ms. Yiu Kwan Yu, and Ms. Yung Kin Fai[74](index=74&type=chunk) - The independent non-executive directors of the Company are Mr. Au Yeung Tin Wah, Mr. Ho Chi Wai, and Mr. Yu Chun Yu[74](index=74&type=chunk)

Market Overview - The global sales of new energy vehicles are expected to exceed 18 million units in 2024, representing a 45% year-on-year growth, with China's penetration rate soaring to 38.6% [1] - The demand for in-car displays is experiencing explosive growth, with global shipments of automotive panels projected to reach 228 million units in 2024, a historical high [1] - The automotive display panel market is expected to surpass $15.8 billion, with a target of $20 billion by 2025 [1] Industry Dynamics - The average number of screens in high-end vehicles has increased to 4.2 in 2024, up from 2.8 in 2022 [1] - The proportion of central control screens larger than 12 inches has reached 72%, an increase of 7 percentage points from 2022 [1] - The penetration rate of Mini LED technology in automotive applications is expected to exceed 15% in 2024, significantly enhancing the value of individual vehicle displays by 300% [1] Company Spotlight: Weizhi Optoelectronics - Weizhi Optoelectronics is the leading player in the automotive backlight module market, with a 15% market share and a diverse client base including major panel manufacturers and automotive brands [2][6] - The company has a strong vertical integration strategy, producing 75% of key materials in-house, covering the entire supply chain from molds to SMT [4] - Weizhi is innovating with curved displays and local dimming backlight technologies, and plans to establish a vehicle-grade COB production line for Mini LED by 2024 [5] Financial Performance - In 2024, Weizhi's revenue is projected to be 2.372 billion RMB, with a net profit of 92 million RMB, reflecting a year-on-year growth of 25.6% and 96.3% respectively [6] - The company's gross margin is expected to be 21.8%, an increase of 4.2 percentage points [6] - The stock is currently undervalued, with a PE ratio of only 4 times, compared to 58 times for comparable companies in the A-share market [6] Strategic Investment - CICC's strategic investment in Weizhi, amounting to 30-50 million RMB, aims to expand Mini LED production lines and develop glass-based backlight technology [7] - The investment is expected to increase Weizhi's Mini LED module production capacity by 300% by 2025 [7] Competitive Landscape - BOE is projected to capture 18.7% of the market share in 2024, while Huaxing Optoelectronics is expected to hold 15.2% [8] - The competition in the backlight module sector is intensifying, with some companies facing significant losses, while Weizhi and Weishi are experiencing growth due to their technological advantages [8] Future Outlook - The demand for automotive backlight modules is anticipated to reach 245 million units in 2024, with the penetration rate of new energy vehicles targeting 35% [9] - The collaboration between CICC and Weizhi is seen as a significant step towards enhancing China's manufacturing capabilities and moving up the value chain [9] - Analysts predict a substantial increase in Weizhi's stock price, with target prices set at 3.2 HKD and 3.5 HKD based on future earnings projections [9]

Core Viewpoint - The company announced a non-binding investment intention letter with CICC Zhanxin Venture Capital, indicating a potential investment of approximately RMB 30 million to 50 million to enhance the business development of its subsidiary, Shenzhen Weizhi [1] Group 1: Investment Details - CICC Zhanxin Venture Capital intends to invest between RMB 30 million and 50 million in Shenzhen Weizhi to strengthen its business operations [1] - The investment is aimed at providing necessary financial resources to enhance existing production capacity, adopt new production technologies, and launch new production lines [1] Group 2: Strategic Implications - The board believes that the investment will improve the company's business development and growth potential [1] - The signing of the investment intention letter is considered to be in the overall interest of the company and its shareholders [1]