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 | | | 致：香港交易及結算所有限公司 公司名稱: 勵時集團有限公司 呈交日期: 2025年9月30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) | 01327 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 13,000,000,000 | HKD | | 0.01 | HKD | | 130,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 13,000,000,000 | HKD | | 0.01 | HKD | | 130,000,000 | 本月底法定/註冊股本總額： HKD 13 ...

NOTIFICATION LETTER 通知信函 Dear Non-registered holder(1) 各位非登記持有人(1)： 勵時集團有限公司（「本公司」） 二零二五年中期報告（「本次公司通訊」）之發佈通知 Luxxu Group Limited (the "Company") Notice of Publication of Interim Report 2025 (the "Current Corporate Communication(s)") The English and Chinese versions of the Company's Current Corporate Communication(s) are available on the Company's website at www.luxxu.hk (select the "Announcements & Circulars" section within the "Investor Relations") and the website of The Stock Exchange of Hong Kong Limited ...

NOTIFICATION LETTER 通知信函 Dear registered holder, 25 September 2025 二零二五年中期報告（「本次公司通訊」）之發佈通知 本公司的本次公司通訊的中、英文版本已上載於本公司網站(www.luxxu.hk)及香港聯合交易所有限公司（「聯交所」）的網站(www.hkexnews.hk)， 或本公司已按閣下同意的安排附上本次公司通訊的印刷本（如適用）。閣下可在本公司網站或在聯交所網站瀏覽本次公司通訊。 Luxxu Group Limited (the "Company") Notice of Publication of 2025 Interim Report (the "Current Corporate Communication(s)") The English and Chinese versions of the Company's Current Corporate Communication(s) are available on the Company's website at www.luxxu.hk and the website of ...

[Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=3&type=section&id=Financial%20Review) Revenue slightly decreased to RMB 21.4 million, but gross profit increased by 49.2% to RMB 8.8 million, with gross margin rising to 41.1%, and other income turned profitable Revenue Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21.4 | 22.1 | -3.2% | - Revenue decrease was primarily due to intense industry competition leading to fewer sales orders, partially offset by increased exhibition income and higher average selling prices for the Group's branded watches[5](index=5&type=chunk) Cost of Sales Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 12.6 | 16.1 | -21.7% | - The decrease in cost of sales is consistent with the reduction in revenue from branded watch sales during the period[6](index=6&type=chunk) Gross Profit and Gross Margin Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 8.8 | 5.9 | +49.2% | | Gross Margin | 41.1% | 26.9% | +14.2pp | - The increase in gross profit was primarily due to higher average selling prices for the Group's branded watches for the six months ended June 30, 2025[7](index=7&type=chunk) Other Income and Losses Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Other Income and Losses | 1.2 (Income) | (5.7) (Loss) | +6.9 | - The turnaround from loss to profit was mainly due to the unrealized fair value changes of financial assets at fair value through profit or loss[8](index=8&type=chunk) Administrative Expenses Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 11.4 | 6.7 | +4.7 | - The increase in administrative expenses was primarily due to higher depreciation and staff costs[10](index=10&type=chunk) [Loss Before Tax](index=4&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the company's loss before tax narrowed to approximately RMB 5.6 million from RMB 10.7 million in the prior year Loss Before Tax | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss Before Tax | (5.6) | (10.7) | +5.1 | - Loss before tax narrowed[13](index=13&type=chunk) [Loss for the Period](index=4&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, loss for the period decreased to approximately RMB 5.6 million from RMB 10.7 million, driven by increased gross profit, higher administrative expenses, and a turnaround in other income and losses Loss for the Period | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss for the Period | (5.6) | (10.7) | +5.1 | - The decrease was mainly due to the net effect of increased gross profit, higher administrative expenses, and the turnaround in other income and losses[14](index=14&type=chunk) [Prospects and Future Outlook](index=4&type=section&id=Prospects%20and%20Future%20Outlook) The Group plans to enhance watch and jewelry design capabilities by strengthening its design team and recruiting talent to navigate the challenging economic environment in 2025, focusing on luxury high-end markets and potential collaborations to meet growing demand from the middle class and female consumers - The Group aims to provide quality products by enhancing its core competitiveness through strengthening the design and artistic literacy of its design team and recruiting more talent to improve watch and jewelry design and development capabilities[15](index=15&type=chunk) - The Group will closely monitor market reactions and re-strategize its business and product portfolio to adapt to market demands, including but not limited to designing, producing, and selling luxury high-end watches and jewelry while maintaining competitiveness[15](index=15&type=chunk) - The Group believes that in the long term, luxury high-end watches and jewelry and accessories consumption has strong potential, given (i) the rise of the middle class, (ii) increasing disposable income, especially among Chinese women, and (iii) higher female labor force participation rates[15](index=15&type=chunk) - The Group will allocate more resources and effort to its design team, considering collaborations with renowned designers to offer fashionable and reasonably priced watches and jewelry suitable for professional wear[15](index=15&type=chunk) [Financial Position](index=4&type=section&id=Financial%20Position) As of June 30, 2025, the Group's cash and bank balances increased to RMB 2.4 million, with the current ratio significantly rising to 15.5 times and the debt-to-equity ratio decreasing to 52.0%, indicating improved liquidity and a more robust financial structure Cash and Bank Balances | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2.4 | 1.0 | +1.4 | - Most cash and bank balances are held in HKD[17](index=17&type=chunk) Current Ratio | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 15.5 times | 5.7 times | +9.8 times | - The current ratio is defined as current assets divided by current liabilities[17](index=17&type=chunk) Debt-to-Equity Ratio | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Debt-to-Equity Ratio | 52.0% | 86.2% | -34.2pp | - The debt-to-equity ratio is defined as total interest-bearing borrowings divided by shareholders' equity[17](index=17&type=chunk) [Debts and Asset Pledges](index=4&type=section&id=Debts%20and%20Asset%20Pledges) As of June 30, 2025, the Group had no assets pledged to secure any loans - As of June 30, 2025, the Group had no assets pledged to secure any loans granted to the Group[18](index=18&type=chunk) [Capital Commitments](index=5&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: RMB zero)[20](index=20&type=chunk) [Foreign Exchange Risk](index=5&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in China and is exposed to foreign exchange risk related to RMB and USD, with no hedging activities during the reporting period, but management will continue to monitor and implement hedging measures as appropriate - The Group primarily operates in China and is exposed to foreign exchange risk arising from various currencies, mainly related to RMB and USD[21](index=21&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any hedging arrangements; however, management will continue to closely monitor its foreign currency exposure and needs, and will make hedging arrangements when necessary[21](index=21&type=chunk) [Capital Structure](index=5&type=section&id=Capital%20Structure) Details of changes in the company's share capital for the six months ended June 30, 2025, are presented in Note 12 to the condensed consolidated interim financial statements - Details of changes in the company's share capital for the six months ended June 30, 2025, are set out in Note 12 to the condensed consolidated interim financial statements[22](index=22&type=chunk) [Contingent Liabilities](index=5&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024[23](index=23&type=chunk) [Dividend Payment](index=5&type=section&id=Dividend%20Payment) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[24](index=24&type=chunk) [Significant Acquisitions or Disposals](index=5&type=section&id=Significant%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries and associates by the Group - For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries and associates[25](index=25&type=chunk) [Significant Investments](index=5&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held equity interests in Caixin Media Group Limited and Juntai Holdings Limited, along with other listed securities, totaling RMB 15.853 million in fair value, representing 22.7% of total assets, with an investment strategy focused on building a diversified and flexible portfolio for sustainable long-term returns Significant Investment Overview | Investee Company Name | Fair Value Gain/(Loss) (RMB thousand) | Fair Value as of June 30, 2025 (RMB thousand) | Percentage of Group's Total Audited Assets as of June 30, 2025 (%) | | :--- | :--- | :--- | :--- | | Caixin Media Group Limited | 2,278 | 4,437 | 6.4% | | Juntai Holdings Limited | 4,076 | 7,337 | 10.5% | | Other Listed Securities | (5,204) | 4,079 | 5.8% | | **Total** | **1,150** | **15,853** | **22.7%** | - The Group's investment strategy aims to build a diversified and flexible investment portfolio to maximize sustainable long-term returns and strive for high growth[26](index=26&type=chunk)[27](index=27&type=chunk) - Caixin Media Group Limited is primarily engaged in providing advertising agency services and distributing books and magazines in China, as well as securities brokerage, money lending, and e-commerce platform services and sales of high-tech products in Hong Kong; the Group holds a 1.58% equity interest and received no dividends[27](index=27&type=chunk) - Juntai Holdings Limited is primarily engaged in medical product sales, plastic injection molding product sales, loan services, and securities investment; the Group holds a 3.09% equity interest and received no dividends[27](index=27&type=chunk) [Employees and Remuneration Policy](index=6&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group maintained 56 employees, with total staff costs increasing to RMB 4.7 million, and the company uses annual performance reviews to attract and retain talent - As of June 30, 2025, the Group employed a total of 56 employees (December 31, 2024: 56 employees)[29](index=29&type=chunk) Total Staff Costs | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total Staff Costs | 4.7 | 3.5 | +1.2 | - Employee performance is assessed annually, and the results are used to determine annual salaries and promotion reviews to attract and retain valuable employees[29](index=29&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=6&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%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 - 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[30](index=30&type=chunk) [Directors' and Chief Executive's Interests in Shares, Underlying Shares and Debentures](index=6&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, no directors or chief executives of the company had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation - As of June 30, 2025, no directors or chief executives of the company had any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that were required to be recorded in the register kept by the company under Section 352 of the Securities and Futures Ordinance, or otherwise notified to the company and the Stock Exchange under the Model Code[31](index=31&type=chunk)[33](index=33&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=7&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, apart from the company's directors and chief executives, no other persons held any disclosable interests or short positions in the shares or underlying shares - To the best knowledge of the company's directors and chief executives, as of June 30, 2025, no other persons (other than the company's directors and chief executives) held or were deemed to hold any interests or short positions in the shares or underlying shares that were required to be disclosed to the company and the Stock Exchange under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance[34](index=34&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=7&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries was involved in any arrangements enabling directors or their associates to acquire benefits by purchasing shares or debt securities of the company or an associated corporation - Save as disclosed in the section "Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company" above, neither the company nor any of its subsidiaries was involved in any arrangements at any time during the six months ended June 30, 2025, that would enable the company's directors or chief executives or their respective associates to acquire benefits by purchasing shares or debt securities of the company or any associated corporation[35](index=35&type=chunk) [Directors' Interests in Competing Businesses](index=7&type=section&id=Directors'%20Interests%20in%20Competing%20Businesses) For the six months ended June 30, 2025, the directors were unaware of any business or interest of any director or their associates that competed or might compete with the Group's business, or any other conflicts of interest - For the six months ended June 30, 2025, the directors were unaware of any business or interest of any director of the company and their respective associates (as defined in the Listing Rules) that competed or might compete with the Group's business, or any other conflicts of interest that such persons had or might have with the Group[36](index=36&type=chunk) [Corporate Governance Code](index=8&type=section&id=Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Group adopted and complied with the code provisions set out in the Corporate Governance Code and Corporate Governance Report in Appendix 14 to the Listing Rules - For the six months ended June 30, 2025, the Group adopted and complied with the code provisions ("Code Provisions") set out in the Corporate Governance Code and Corporate Governance Report in Appendix 14 to the Listing Rules[37](index=37&type=chunk) [Standard of Dealings by Directors in Securities](index=8&type=section&id=Standard%20of%20Dealings%20by%20Directors%20in%20Securities) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules, and all directors confirmed compliance during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers ("Model Code") as set out in Appendix 10 to the Listing Rules as its code of conduct for directors' securities transactions[38](index=38&type=chunk) - Following specific inquiries with all directors, all directors confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[38](index=38&type=chunk) [Audit Committee](index=8&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the company's accounting principles and practices, discussed audit, internal control, and financial reporting matters, and reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The company's Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the company and discussed matters relating to audit, internal control, and financial reporting[39](index=39&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[39](index=39&type=chunk) [Board of Directors](index=8&type=section&id=Board%20of%20Directors) As of June 30, 2025, the Board of Directors comprised two executive directors and three independent non-executive directors - As of June 30, 2025, the Board of Directors comprised the following two executive directors and three independent non-executive directors: Executive Directors Mr. Liang Yanhuan, Mr. Yang Xi; Independent Non-executive Directors Mr. Yu Junmin, Ms. Duan Baili, Mr. Zhong Weili[41](index=41&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue slightly decreased to RMB 21.366 million, but gross profit significantly grew by 49.2% to RMB 8.789 million due to a substantial decrease in cost of sales, and other income and losses turned profitable, leading to a narrowed loss for the period of RMB 5.591 million, with basic and diluted loss per share significantly improving to RMB 3.5 cents from 9.6 cents in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,366 | 22,090 | -3.28% | | Cost of Sales | (12,577) | (16,144) | -22.10% | | Gross Profit | 8,789 | 5,946 | +47.81% | | Other Income and Losses | 1,150 | (5,733) | Turned profitable | | Selling and Distribution Expenses | (2,785) | (2,762) | +0.83% | | Administrative Expenses | (11,442) | (6,680) | +71.29% | | Finance Costs | (1,303) | (1,500) | -13.13% | | Loss Before Tax | (5,591) | (10,729) | -47.90% | | Loss for the Period | (5,591) | (10,729) | -47.90% | | Total Comprehensive Loss for the Period | (7,727) | (10,593) | -27.06% | | Basic and Diluted Loss Per Share (RMB cents) | (3.5) | (9.6) | -63.54% | [Condensed Consolidated Statement of Financial Position](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased to RMB 41.161 million from RMB 33.896 million at the end of 2024, with non-current assets decreasing and current assets slightly increasing, notably a significant rise in cash and bank balances, while current liabilities substantially decreased due to a reduction in bonds payable, leading to improved net current assets and overall financial health Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 9,198 | 13,877 | -33.72% | | Current Assets | 60,572 | 59,874 | +1.17% | | **Liabilities** | | | | | Current Liabilities | 3,898 | 10,569 | -63.10% | | Non-current Liabilities | 24,711 | 29,286 | -15.69% | | **Equity** | | | | | Net Assets | 41,161 | 33,896 | +21.43% | | Share Capital | 1,911 | 45,286 | -95.78% | | Reserves | 39,250 | (11,390) | Turned profitable | - Within current assets, inventories increased, trade receivables, deposits, prepayments, and other receivables decreased, financial assets at fair value through profit or loss increased, and cash and bank balances significantly increased[45](index=45&type=chunk) - Within current liabilities, lease liabilities slightly increased, accrued expenses and other payables significantly decreased, and bonds payable decreased from RMB 5.146 million to zero[45](index=45&type=chunk) - Within non-current liabilities, both lease liabilities and bonds payable decreased[45](index=45&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 33.896 million as of January 1, 2025, to RMB 41.161 million, primarily due to the net effect of loss for the period, a decrease in foreign currency translation reserve, share capital reduction, and shares issued from rights issue Total Equity Changes | Metric | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Equity | 41,161 | 33,896 | +7,265 | - Key changes include loss for the period (-5,591 thousand), other comprehensive income for the period (foreign currency translation reserve, -2,136 thousand), share capital reduction (-44,381 thousand), and shares issued from rights issue (+14,992 thousand)[48](index=48&type=chunk) - Accumulated losses decreased from (499,472) thousand to (460,682) thousand, mainly impacted by the share capital reduction[48](index=48&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased to RMB 2.824 million, net cash from investing activities was zero, and net cash from financing activities was RMB 4.233 million, resulting in an increase in cash and cash equivalents to RMB 2.382 million at period-end Condensed Consolidated Statement of Cash Flows Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (2,824) | (235) | -2,589 | | Net Cash Used in Investing Activities | – | – | – | | Net Cash From/(Used in) Financing Activities | 4,233 | (410) | +4,643 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 1,409 | (645) | +2,054 | | Cash and Cash Equivalents at End of Period | 2,382 | 1,381 | +1,001 | [Notes to the Condensed Consolidated Interim Financial Statements](index=13&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1. Basis of Preparation](index=13&type=section&id=1.%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with HKAS 34 and Appendix 16 of the Listing Rules, with the company operating as an investment company primarily engaged in branded watch and jewelry, OEM watch manufacturing, sales, and exhibition assistance, using HKD as its functional currency and RMB as its presentation currency - The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[55](index=55&type=chunk) - The company is an investment company; the Group is principally engaged in the manufacturing and sale of self-owned brand watches and jewelry (including but not limited to diamond watches, tourbillon watches, and luxury jewelry watches), OEM watches, and third-party watches, as well as assisting clients in organizing exhibitions[55](index=55&type=chunk) - The functional currency of the company is HKD; for the purpose of presenting these consolidated financial statements, the Group adopts RMB as its presentation currency[55](index=55&type=chunk) [2. Application of New and Revised HKFRS](index=13&type=section&id=2.%20Application%20of%20New%20and%20Revised%20HKFRS) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, and the first-time application of HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability" is not expected to have a significant impact on operating results or financial position - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[56](index=56&type=chunk) - During the current interim period, the Group has first applied the amendment to Hong Kong Accounting Standard 21, "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," issued by the Hong Kong Institute of Certified Public Accountants[57](index=57&type=chunk) - Currently, the Group believes that the adoption of the above new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the Group's operating results and financial position[57](index=57&type=chunk) [3. Operating Segments](index=14&type=section&id=3.%20Operating%20Segments) The Group operates two business segments: watch manufacturing, trading, and retail, and assisting clients in organizing exhibitions; however, due to a single management team overseeing the entire business, there are no separately reportable segments, with branded watch turnover decreasing while exhibition income increased, and revenue primarily originating from China (excluding Hong Kong) - The Group currently operates two business segments: watch manufacturing, trading, and retail business, and assisting clients in organizing exhibitions; the Group has no separately reportable segments[59](index=59&type=chunk) Major Product Turnover | Product | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Branded Watches | 16,655 | 19,080 | -12.71% | | Exhibition Income | 4,711 | 3,010 | +56.51% | | **Total** | **21,366** | **22,090** | **-3.28%** | Geographical Information | Region | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Hong Kong, China | 4,711 | 3,010 | | China (excluding Hong Kong) | 16,655 | 19,080 | | **Total** | **21,366** | **22,090** | - No major customer information is presented as no individual customer contributed more than 10% of the Group's total revenue for the six months ended June 30, 2025, and 2024[63](index=63&type=chunk) [4. Other Income and Losses](index=15&type=section&id=4.%20Other%20Income%20and%20Losses) For the six months ended June 30, 2025, other income and losses turned from a loss of RMB 5.733 million in the prior year to an income of RMB 1.150 million, primarily due to the reversal of unrealized fair value losses on financial assets at fair value through profit or loss Other Income and Losses | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Unrealized fair value loss on financial assets at fair value through profit or loss | 1,150 | (5,733) | +6,883 | [5. Finance Costs](index=15&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased to RMB 1.303 million from RMB 1.500 million in the prior year, mainly comprising interest generated from bonds payable and lease liabilities Finance Costs | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest generated from bonds payable and lease liabilities | 1,303 | 1,500 | -13.13% | [6. Taxation](index=15&type=section&id=6.%20Taxation) For the six months ended June 30, 2025, and 2024, Hong Kong profits tax and deferred tax were nil due to no assessable profits in Hong Kong, while Chinese subsidiaries are subject to a corporate income tax rate of 25% - For the six months ended June 30, 2025, and 2024, no Hong Kong profits tax was provided as there were no estimated assessable profits arising in or derived from Hong Kong[67](index=67&type=chunk)[68](index=68&type=chunk) - In accordance with the PRC Enterprise Income Tax Law and its implementation regulations, the tax rate for PRC subsidiaries is 25% effective from January 1, 2008[69](index=69&type=chunk) [7. Loss for the Period](index=16&type=section&id=7.%20Loss%20for%20the%20Period) For the six months ended June 30, 2025, the loss for the period was RMB 5.591 million, primarily after deducting employee expenses, advertising expenses, cost of inventories, and depreciation, with both employee and advertising expenses increasing Loss for the Period and Key Deductions | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (5,591) | (10,729) | -47.90% | | Total Employee Expenses (including directors' emoluments) | 4,716 | 3,530 | +33.59% | | Advertising Expenses | 2,785 | 962 | +189.50% | | Cost of Inventories Recognized as Expense | 12,577 | 16,144 | -22.10% | | Depreciation | 4,291 | 3,870 | +10.88% | [8. Loss Per Share Attributable to Owners of the Company](index=16&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the company significantly improved to RMB 3.5 cents from 9.6 cents in the prior year, mainly due to a reduction in loss for the period and an increase in the weighted average number of ordinary shares outstanding (affected by capital reorganization and rights issue) Basic and Diluted Loss Per Share | Metric | Six Months Ended June 30, 2025 (RMB cents) | Six Months Ended June 30, 2024 (RMB cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (3.5) | (9.6) | -63.54% | - The loss used for calculating basic and diluted loss per share is the loss for the period attributable to owners of the company (5,591 thousand)[73](index=73&type=chunk) Weighted Average Number of Ordinary Shares | Metric | Six Months Ended June 30, 2025 (thousand shares) | Six Months Ended June 30, 2024 (thousand shares) | Change (%) | | :--- | :--- | :--- | :--- | | Weighted Average Number of Ordinary Shares | 158,580 | 111,305 | +42.48% | - The increase in the weighted average number of ordinary shares is derived from the shares in issue as of January 1, 2025, and has accounted for the share consolidation under the capital reorganization effective March 14, 2025, and the impact of the rights issue completed on April 30, 2025[73](index=73&type=chunk) - As the exercise of share options had an anti-dilutive effect, the diluted loss per share for the six months ended June 30, 2025, and 2024, was the same as the basic loss per share, assuming no potential dilutive ordinary shares existed[78](index=78&type=chunk) [9. Interim Dividend](index=17&type=section&id=9.%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[75](index=75&type=chunk) [10. Property, Plant and Equipment](index=17&type=section&id=10.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment - For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment (2024: nil)[76](index=76&type=chunk) [11. Trade Receivables](index=17&type=section&id=11.%20Trade%20Receivables) As of June 30, 2025, net trade receivables decreased to RMB 11.682 million from RMB 13.986 million at the end of 2024, with a significant reduction in receivables over 180 days, indicating improved collection efficiency Net Trade Receivables | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 61,298 | 65,317 | -6.00% | | Less: Provision for Expected Credit Losses | (49,616) | (51,331) | -3.34% | | **Net Amount** | **11,682** | **13,986** | **-16.50%** | - The Group generally grants its trade customers a credit period of 0 to 180 days[77](index=77&type=chunk) Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 3,091 | 1,083 | +2,008 | | 31 to 60 days | 3,026 | 735 | +2,291 | | 61 to 90 days | – | 553 | -553 | | 91 to 180 days | 1,838 | 498 | +1,340 | | Over 180 days | 3,727 | 11,117 | -7,390 | | **Total** | **11,682** | **13,986** | **-2,304** | [12. Share Capital](index=18&type=section&id=12.%20Share%20Capital) As of June 30, 2025, issued and fully paid share capital significantly decreased to RMB 1.911 million from RMB 45.286 million as of January 1, 2025, primarily due to a capital reorganization completed on March 14, 2025, including share consolidation, capital reduction, and share subdivision, as well as a rights issue completed on April 30, 2025 Issued and Fully Paid Share Capital | Metric | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 1,911 | 45,286 | -43,375 | - On March 14, 2025, the company completed a capital reorganization involving share consolidation (every five (5) issued and unissued existing shares of HKD 0.10 each were consolidated into one (1) consolidated share of HKD 0.50 each), capital reduction (the par value of each issued consolidated share was reduced from HKD 0.50 to HKD 0.01, with the credit arising used to offset the company's accumulated losses as of the effective date of the capital reduction), and share subdivision (each authorized but unissued consolidated share of HKD 0.50 each was subdivided into fifty (50) authorized but unissued adjusted shares of HKD 0.01 each)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - On April 30, 2025, the company allotted and issued 107,827,200 ordinary shares of HKD 0.15 each by way of a rights issue, increasing the company's issued share capital to 215,654,400 shares[82](index=82&type=chunk) [13. Share Option Scheme](index=19&type=section&id=13.%20Share%20Option%20Scheme) The company has a share option scheme effective from December 19, 2014, for 10 years, with no share options granted during the six months ended June 30, 2025, and 6,065 thousand outstanding share options at period-end - The company has a share option scheme adopted on December 19, 2014; the share option scheme will be valid for 10 years from the adoption date[83](index=83&type=chunk) - For the six months ended June 30, 2025, no share options were granted under the share option scheme (2024: nil)[83](index=83&type=chunk) Details of Movements in Number of Share Options Under Share Option Scheme | Grant Date | Exercise Price | Exercise Period | Vesting Period | Outstanding as of January 1, 2025 (thousand options) | Granted During Period (thousand options) | Exercised During Period (thousand options) | Adjusted During Period (thousand options) | Outstanding as of June 30, 2025 (thousand options) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 11, 2019 | HKD 1.99 | April 11, 2019 to April 10, 2029 | None | 29,376 | – | – | (23,311) | 6,065 | [14. Events After the Reporting Period](index=19&type=section&id=14.%20Events%20After%20the%20Reporting%20Period) No significant events affecting the Group have occurred since the end of the reporting period - No significant events affecting the Group have occurred since the end of the reporting period[84](index=84&type=chunk)

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: 勵時集團有限公司 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) | 01327 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 13,000,000,000 | HKD | | 0.01 | HKD | | 130,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 13,000,000,000 | HKD | | 0.01 | HKD | | 130,000,000 | 本月 ...

Group 1 - The core viewpoint of the article highlights that Lishi Group (01327) reported a revenue of 21.366 million RMB for the first half of 2025, representing a year-on-year decline of 3.3% [1] - The company experienced a net loss of 5.591 million RMB, which is a significant improvement, narrowing by 47.9% compared to the previous year [1] - The basic loss per share was reported at 0.035 RMB [1] Group 2 - The decrease in revenue is primarily attributed to intense competition within the industry, leading to a reduction in sales orders [1] - The impact of increased exhibition revenue and a rise in the average selling price of the company's branded watches partially offset the revenue decline [1]

Core Viewpoint - The company reported a revenue of RMB 21.366 million for the six months ending June 30, 2025, representing a year-on-year decrease of 3.3% [1] - The gross profit increased to RMB 8.789 million, showing a significant year-on-year increase of 47.8% [1] - The loss attributable to the company's owners was RMB 5.591 million, an improvement from a loss of RMB 10.729 million in the previous period [1] - The basic loss per share was RMB 0.035 [1] Financial Performance - Revenue for the period was RMB 21.366 million, down 3.3% year-on-year [1] - Gross profit reached RMB 8.789 million, up 47.8% year-on-year [1] - Loss attributable to owners improved to RMB 5.591 million from RMB 10.729 million [1] - Basic loss per share was reported at RMB 0.035 [1]

Core Viewpoint - The company reported a decrease in revenue and a narrowed net loss for the first half of 2025, indicating challenges in the competitive landscape of the industry [1] Financial Performance - Revenue for the period was 21.366 million RMB, representing a year-on-year decline of 3.3% [1] - The net loss was 5.591 million RMB, which is a reduction of 47.9% compared to the previous year [1] - Basic loss per share was 3.5 cents [1] Industry Context - The decrease in revenue is attributed to intense competition within the industry, leading to a reduction in sales orders [1] - The impact of increased exhibition revenue and a rise in the average selling price of the company's branded watches partially offset the revenue decline [1]

[Management Discussion and Analysis](index=3&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Review](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's revenue slightly decreased, but gross profit significantly increased due to higher average selling prices of branded watches, while other income and losses turned profitable, and the loss for the period narrowed substantially [Revenue](index=3&type=section&id=%E6%94%B6%E7%9B%8A) - Revenue slightly decreased by **3.2%**, primarily due to intense industry competition leading to fewer sales orders, partially offset by increased exhibition income and higher average selling prices of branded watches[6](index=6&type=chunk) Revenue Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 21.4 | 22.1 | (0.7) | (3.2%) | [Cost of Sales](index=3&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) - Cost of sales decreased by **21.7%**, consistent with the reduction in revenue from branded watch sales during the period[7](index=7&type=chunk) Cost of Sales Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of sales | 12.6 | 16.1 | (3.5) | (21.7%) | [Gross Profit and Gross Margin](index=3&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) - Gross profit significantly increased by **49.2%**, primarily due to higher average selling prices of branded watches[8](index=8&type=chunk) - Overall gross margin improved from 26.9% to **41.1%**[8](index=8&type=chunk) Gross Profit and Gross Margin Overview | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross profit (RMB million) | 8.8 | 5.9 | 49.2% increase | | Gross margin | 41.1% | 26.9% | 14.2 percentage points increase | [Other Income and Losses](index=3&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) - Other income and losses turned from a loss of **RMB 5.7 million** in the prior period to an income of **RMB 1.2 million**, mainly due to unrealized fair value changes of financial assets at fair value through profit or loss[9](index=9&type=chunk) Other Income and Losses Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Other income and losses | 1.2 (income) | (5.7) (loss) | Turnaround to profit | [Selling and Distribution Expenses](index=3&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) - Selling and distribution expenses remained stable at approximately **RMB 2.8 million**[10](index=10&type=chunk) Selling and Distribution Expenses Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 2.8 | 2.8 | Stable | [Administrative Expenses](index=3&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) - Administrative expenses increased by **RMB 4.7 million** to **RMB 11.4 million**, primarily due to higher depreciation and staff costs[11](index=11&type=chunk) Administrative Expenses Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative expenses | 11.4 | 6.7 | 4.7 increase | [Finance Costs](index=3&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) - Finance costs slightly decreased to **RMB 1.3 million**[12](index=12&type=chunk) Finance Costs Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Finance costs | 1.3 | 1.5 | (0.2) decrease | [Loss Before Tax](index=4&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) - Loss before tax decreased from **RMB 10.7 million** in the prior period to **RMB 5.6 million**[14](index=14&type=chunk) Loss Before Tax Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss before tax | (5.6) | (10.7) | 5.1 decrease | [Loss for the Period](index=4&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) - Loss for the period decreased from **RMB 10.7 million** in the prior period to **RMB 5.6 million**, influenced by increased gross profit, higher administrative expenses, and the turnaround in other income and losses[15](index=15&type=chunk) Loss for the Period Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss for the period | (5.6) | (10.7) | 5.1 decrease | [Prospects and Future Outlook](index=4&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Group plans to enhance watch and jewelry design capabilities by strengthening its design team and recruiting talent to navigate the challenging economic environment of 2025, focusing on luxury high-end watches and jewelry and considering collaborations with renowned designers - The Group aims to enhance watch and jewelry design and development capabilities and strengthen core competitiveness by improving the design and artistic literacy of its design team and recruiting more talent[16](index=16&type=chunk) - Anticipating a challenging year in 2025, the Group will closely monitor market responses and re-strategize its business and product portfolio to adapt to market demands[16](index=16&type=chunk) - The Group remains optimistic about the luxury high-end watch, luxury jewelry, and accessories consumer markets in the long term, especially driven by the rising middle class and increased disposable income of Chinese women[16](index=16&type=chunk) - Consideration is given to collaborating with renowned designers for fashionable, reasonably priced watches and jewelry suitable for professional wear[16](index=16&type=chunk) [Financial Position](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) The Group's cash and bank balances significantly increased, liquidity ratio substantially improved, and gearing ratio significantly decreased, indicating improved liquidity and reduced financial leverage - Total cash and bank balances increased to approximately **RMB 2.4 million** (December 31, 2024: approximately RMB 1.0 million)[18](index=18&type=chunk) - Current ratio increased from **5.7 times** as of December 31, 2024, to **15.5 times** as of June 30, 2025[18](index=18&type=chunk) - Gearing ratio decreased from approximately **86.2%** as of December 31, 2024, to approximately **52.0%** as of June 30, 2025[18](index=18&type=chunk) Financial Position Key Indicators | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances (RMB million) | 2.4 | 1.0 | 1.4 increase | | Current ratio | 15.5 times | 5.7 times | 9.8 times increase | | Gearing ratio | 52.0% | 86.2% | 34.2 percentage points decrease | [Debts and Asset Pledges](index=4&type=section&id=%E5%82%B5%E9%A0%85%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had not pledged any assets to secure loans - As of June 30, 2025, the Group had not pledged any assets to obtain any loans[19](index=19&type=chunk) [Capital Commitments](index=5&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: RMB zero)[21](index=21&type=chunk) [Foreign Exchange Risk](index=5&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group primarily operates in China, facing foreign exchange risks related to RMB and USD, with no hedging arrangements in place during the period, but management will monitor and hedge as necessary - The Group primarily operates in China and is exposed to foreign exchange risks related to RMB and USD[22](index=22&type=chunk) - For the six months ended June 30, 2025, the Group had not entered into any hedging arrangements[22](index=22&type=chunk) - Management will continue to closely monitor foreign currency risks and make hedging arrangements when necessary[22](index=22&type=chunk) [Capital Structure](index=5&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) Details of changes in the Company's share capital are provided in Note 12 to the condensed consolidated interim financial statements - Details of changes in the Company's share capital are set out in Note 12 to the condensed consolidated interim financial statements[23](index=23&type=chunk) [Contingent Liabilities](index=5&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024[24](index=24&type=chunk) [Dividend Payment](index=5&type=section&id=%E6%B4%BE%E4%BB%98%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[25](index=25&type=chunk) [Significant Acquisitions or Disposals](index=5&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries and associates - For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries and associates[26](index=26&type=chunk) [Significant Investments](index=5&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group holds significant investments in listed securities, including Caixin Media Group Co., Ltd. and Juntai Holdings Limited, totaling **RMB 15.853 million**, representing **22.7%** of total assets, with a strategy to maximize sustainable long-term returns - As of June 30, 2025, significant investments totaled **RMB 15.853 million**, representing **22.7%** of the Group's total assets[27](index=27&type=chunk) - The investment strategy aims to build a diversified and flexible investment portfolio to maximize sustainable long-term returns and strive for high growth[28](index=28&type=chunk) Significant Investment Details | Investee Company Name | Fair Value Gain/(Loss) (RMB thousand) | Fair Value as of June 30, 2025 (RMB thousand) | Percentage of Group's Total Assets (%) | Number of Shares Held | Percentage of Equity Held (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Caixin Media Group Co., Ltd. (205.HK) | 2,278 | 4,437 | 6.4% | 11,620,000 | 1.58% | | Juntai Holdings Limited (630.HK) | 4,076 | 7,337 | 10.5% | 29,890,000 | 3.09% | | Other listed securities | (5,204) | 4,079 | 5.8% | - | - | | **Total** | **1,150** | **15,853** | **22.7%** | - | - | [Employees and Remuneration Policy](index=6&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E9%85%AC%E9%87%91%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group maintained 56 employees, with total remuneration costs increasing to approximately **RMB 4.7 million**, and annual performance reviews determine salaries and promotions to attract and retain valuable employees - As of June 30, 2025, the Group employed **56 employees**, consistent with the end of last year[30](index=30&type=chunk) - Total remuneration costs increased to approximately **RMB 4.7 million** (prior period 2024: approximately RMB 3.5 million)[30](index=30&type=chunk) - Employee performance is assessed annually, with results used to determine annual salaries and promotions to attract and retain talent[30](index=30&type=chunk) Remuneration Costs Overview | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total remuneration costs | 4.7 | 3.5 | 1.2 increase | [Purchase, Sale or Redemption of the Company's Listed Securities](index=6&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) 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 - 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[31](index=31&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=6&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no directors or chief executives held any interests or short positions in the Company's or its associated corporations' shares, underlying shares, or debentures requiring disclosure under the SFO or the Model Code - As of June 30, 2025, no directors or chief executives of the Company held any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that are required to be notified to the Company and the Stock Exchange under the Securities and Futures Ordinance or the Model Code[34](index=34&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no other persons (excluding directors and chief executives) held or were deemed to hold any disclosable interests or short positions of **5%** or more in the shares or underlying shares - As of June 30, 2025, no other persons (excluding directors and chief executives of the Company) held or were deemed to hold any interests or short positions of **5%** or more in the shares or underlying shares that are required to be disclosed under the Securities and Futures Ordinance[35](index=35&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%BC%E8%B2%B7%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B9%8B%E6%AC%8A%E5%88%A9) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries was a party to any arrangement enabling directors or their associates to acquire benefits by purchasing shares or debt securities of the Company or any associated corporation - For the six months ended June 30, 2025, no rights were granted to any director or their respective spouses or children under 18 years of age to acquire benefits through the acquisition of shares or debentures of the Company or any other body corporate[36](index=36&type=chunk) [Directors' Interests in Competing Businesses](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E7%9A%84%E6%AC%8A%E7%9B%8A) For the six months ended June 30, 2025, the directors were unaware of any business or interest of any director or their respective associates that competed or might compete with the Group's business, or any other conflict of interest - For the six months ended June 30, 2025, the directors were unaware of any business or interest that competed with or had a conflict of interest with the Group's business[37](index=37&type=chunk) [Corporate Governance Code](index=8&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) For the six months ended June 30, 2025, the Group adopted and complied with the code provisions set out in Appendix 14 to the Listing Rules, the Corporate Governance Code, and Corporate Governance Report - The Group has adopted and complied with the code provisions set out in Appendix 14 to the Listing Rules, the Corporate Governance Code, and Corporate Governance Report[38](index=38&type=chunk) [Standard Securities Dealing Code for Directors](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules, and all directors confirmed compliance after inquiry - The Company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules[39](index=39&type=chunk) - All directors confirmed compliance with the required standards set out in the Standard Code for the six months ended June 30, 2025[39](index=39&type=chunk) [Audit Committee](index=8&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed the Company's accounting principles and practices, discussed audit, internal control, and financial reporting matters, and reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The Audit Committee has reviewed the Company's adopted accounting principles and practices and discussed audit, internal control, and financial reporting matters[40](index=40&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[40](index=40&type=chunk) [Compliance with the Standard Code](index=8&type=section&id=%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standards set out in Appendix 10 to the Listing Rules, and confirmed all directors have complied with it - The Company has adopted a code of conduct with terms no less exacting than the Standard Code set out in Appendix 10 to the Listing Rules[41](index=41&type=chunk) - All directors have complied with the Standard Code[41](index=41&type=chunk) [Board of Directors](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of June 30, 2025, the Board of Directors comprised two executive directors (Mr. Liang Yanhuan, Mr. Yang Xi) and three independent non-executive directors (Mr. Yu Junmin, Ms. Duan Baili, Mr. Zhong Weili) - The Board of Directors comprises two executive directors (Mr. Liang Yanhuan, Mr. Yang Xi) and three independent non-executive directors (Mr. Yu Junmin, Ms. Duan Baili, Mr. Zhong Weili)[42](index=42&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group recorded a loss for the period of **RMB 5.591 million**, a significant reduction from **RMB 10.729 million** in the prior period, with basic and diluted loss per share improving to **RMB 3.5 cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 21,366 | 22,090 | | Cost of sales | (12,577) | (16,144) | | Gross profit | 8,789 | 5,946 | | Other income and losses | 1,150 | (5,733) | | Selling and distribution expenses | (2,785) | (2,762) | | Administrative expenses | (11,442) | (6,680) | | Finance costs | (1,303) | (1,500) | | Loss before tax | (5,591) | (10,729) | | Tax | – | – | | Loss for the period | (5,591) | (10,729) | | Exchange differences on translation of overseas operations | (2,136) | 136 | | Total comprehensive loss for the period | (7,727) | (10,593) | | Loss per share attributable to owners of the Company (RMB cents) | (3.5) | (9.6) | [Condensed Consolidated Statement of Financial Position](index=10&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's net current assets and total equity both increased, indicating an improved financial position, with non-current assets and current liabilities decreasing, while current assets and non-current liabilities remained relatively stable Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 9,198 | 13,877 | | Current assets | 60,572 | 59,874 | | **Liabilities** | | | | Current liabilities | 3,898 | 10,569 | | Non-current liabilities | 24,711 | 29,286 | | **Equity** | | | | Share capital | 1,911 | 45,286 | | Reserves | 39,250 | (11,390) | | **Total equity** | **41,161** | **33,896** | | Net current assets | 56,674 | 49,305 | | Total assets less current liabilities | 65,872 | 63,182 | [Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity attributable to owners of the Company increased to **RMB 41.161 million**, with changes primarily influenced by share capital reduction and rights issue, offsetting the loss for the period and decrease in foreign currency translation reserve Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30, 2025) | Indicator | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Foreign Currency Translation Reserve (RMB thousand) | Share Option Reserve (RMB thousand) | Accumulated Losses (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | January 1, 2025 (Audited) | 45,286 | 473,246 | 8,917 | 5,919 | (499,472) | 33,896 | | Loss for the period | – | – | – | – | (5,591) | (5,591) | | Other comprehensive income for the period | – | – | (2,136) | – | – | (2,136) | | Share capital reduction | (44,381) | – | – | – | 44,381 | – | | Shares issued under rights issue | 1,006 | 13,986 | – | – | – | 14,992 | | **June 30, 2025 (Unaudited)** | **1,911** | **487,232** | **6,781** | **5,919** | **(460,682)** | **41,161** | [Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's net increase in cash and cash equivalents was **RMB 1.409 million**, primarily driven by net cash from financing activities, despite net cash outflow from operating activities Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (2,824) | (235) | | Net cash used in investing activities | – | – | | Net cash from/(used in) financing activities | 4,233 | (410) | | Net increase/(decrease) in cash and cash equivalents | 1,409 | (645) | | Effect of exchange rate changes | (57) | 28 | | Cash and cash equivalents at beginning of period | 1,030 | 1,998 | | **Cash and cash equivalents at end of period** | **2,382** | **1,381** | [Notes to the Condensed Consolidated Interim Financial Statements](index=13&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. Basis of Preparation](index=13&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with the Group primarily engaged in manufacturing, trading, and retailing of own-brand watches and jewelry, OEM watches, and assisting clients with exhibitions, using HKD as functional currency and RMB as presentation currency - Interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules[56](index=56&type=chunk) - The Group's principal activities include manufacturing, trading, and retailing of own-brand watches and jewelry, OEM watches, and assisting clients with exhibitions[56](index=56&type=chunk) - The Company's functional currency is HKD, and the presentation currency is RMB[56](index=56&type=chunk) [2. Application of New and Revised Hong Kong Financial Reporting Standards](index=13&type=section&id=2.%20%E6%87%89%E7%94%A8%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, and the Group has initially applied amendments to HKAS 21, which are not expected to have a significant impact on operating results and financial position - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[57](index=57&type=chunk) - The Group has initially applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," effective from January 1, 2025[58](index=58&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards is not expected to have a significant impact on the Group's operating results and financial position[58](index=58&type=chunk) [3. Operating Segments](index=14&type=section&id=3.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8) The Group operates two business segments: watch manufacturing, trading, and retail, and assisting clients with exhibitions, with no separate reportable segments due to a single management team overseeing the entire business - The Group operates two business segments: watch manufacturing, trading, and retail, and assisting clients with exhibitions[60](index=60&type=chunk) - Due to a single management team, the Group has no separate reportable segments[60](index=60&type=chunk) [Principal Product Turnover](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E7%94%A2%E5%93%81%E7%87%9F%E6%A5%AD%E9%A1%8D) Principal Product Turnover (Six Months Ended June 30) | Product Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Branded watches | 16,655 | 19,080 | | Exhibition income | 4,711 | 3,010 | | **Total** | **21,366** | **22,090** | [Geographical Information](index=14&type=section&id=%E5%9C%B0%E7%90%86%E8%B3%87%E6%96%99) - The Group's operations and non-current assets are primarily located in the People's Republic of China and Hong Kong[62](index=62&type=chunk) External Customer Revenue by Customer Location (Six Months Ended June 30) | Customer Location | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Hong Kong, China | 4,711 | 3,010 | | China (excluding Hong Kong) | 16,655 | 19,080 | | **Total** | **21,366** | **22,090** | [Major Customer Information](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E8%B3%87%E6%96%99) - For the six months ended June 30, 2025, and 2024, no individual customer contributed more than **10%** of the Group's total revenue[64](index=64&type=chunk) [4. Other Income and Losses](index=15&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) During the period, financial assets at fair value through profit or loss generated an unrealized fair value gain of **RMB 1.150 million**, a significant improvement from a loss of **RMB 5.733 million** in the prior period Other Income and Losses (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Unrealized fair value loss on financial assets at fair value through profit or loss | 1,150 | (5,733) | | **Total** | **1,150** | **(5,733)** | [5. Finance Costs](index=15&type=section&id=5.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs, primarily from interest on bonds payable and lease liabilities, decreased to **RMB 1.303 million** during the period Finance Costs (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bonds payable and lease liabilities | 1,303 | 1,500 | [6. Taxation](index=15&type=section&id=6.%20%E7%A8%85%E9%A0%85) No Hong Kong profits tax was provided for the period due to no estimated assessable profits, while Chinese subsidiaries are subject to corporate income tax at a rate of **25%** - For the six months ended June 30, 2025, and 2024, no Hong Kong profits tax was provided as there were no estimated assessable profits arising in or derived from Hong Kong[69](index=69&type=chunk) - Chinese subsidiaries are subject to a tax rate of **25%**[70](index=70&type=chunk) Taxation (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | – | – | | Deferred tax reversed in Hong Kong | – | – | | **Total** | **–** | **–** | [7. Loss for the Period](index=16&type=section&id=7.%20%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) Loss for the period is stated after deducting employee expenses, advertising expenses, cost of inventories recognized as expense, and depreciation, with employee expenses and depreciation showing increases Loss for the Period Deductions (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total employee expenses (including directors' emoluments) | 4,716 | 3,530 | | Advertising expenses | 2,785 | 962 | | Cost of inventories recognized as expense | 12,577 | 16,144 | | Depreciation | 4,291 | 3,870 | [8. Loss Per Share Attributable to Owners of the Company](index=16&type=section&id=8.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%94%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was **RMB 3.5 cents**, an improvement from **RMB 9.6 cents** in the prior period, with weighted average ordinary shares adjusted for capital reorganization and rights issue, and diluted loss per share being the same as basic due to anti-dilutive share options - Basic and diluted loss per share attributable to owners of the Company was **RMB 3.5 cents** (2024: RMB 9.6 cents)[74](index=74&type=chunk) - The weighted average number of ordinary shares has been adjusted for the share consolidation under the capital reorganization effective March 14, 2025, and the rights issue completed on April 30, 2025[74](index=74&type=chunk) - Diluted loss per share is the same as basic loss per share because the exercise of share options had an anti-dilutive effect[79](index=79&type=chunk) Loss Per Share Calculation Data (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (RMB thousand) | (5,591) | (10,729) | | Weighted average number of ordinary shares (thousand shares) | 158,580 | 111,305 | | Basic and diluted loss per share (RMB cents) | (3.5) | (9.6) | [9. Interim Dividend](index=17&type=section&id=9.%20%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[76](index=76&type=chunk) [10. Property, Plant and Equipment](index=17&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment - For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment[77](index=77&type=chunk) [11. Trade Receivables](index=17&type=section&id=11.%20%E8%B2%A8%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, net trade receivables decreased to **RMB 11.682 million**, with a significant reduction in receivables aged over 180 days, and the Group generally grants credit terms of 0 to 180 days to trade customers - Net trade receivables decreased to **RMB 11.682 million** (December 31, 2024: RMB 13.986 million)[78](index=78&type=chunk) - The Group generally grants credit terms of **0 to 180 days** to its trade customers[78](index=78&type=chunk) Trade Receivables Ageing Analysis (Presented by Invoice Date at End of Reporting Period) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 3,091 | 1,083 | | 31 to 60 days | 3,026 | 735 | | 61 to 90 days | – | 553 | | 91 to 180 days | 1,838 | 498 | | Over 180 days | 3,727 | 11,117 | | **Total** | **11,682** | **13,986** | [12. Share Capital](index=18&type=section&id=12.%20%E8%82%A1%E6%9C%AC) The Company completed a capital reorganization on March 14, 2025, involving share consolidation, capital reduction, and share subdivision, followed by a rights issue on April 30, 2025, issuing 107,827,200 new shares and raising approximately **HKD 16.2 million** (before expenses), increasing issued share capital - The Company completed a capital reorganization on March 14, 2025, involving share consolidation, capital reduction, and share subdivision[80](index=80&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk) - Share consolidation: every five (5) existing shares of **HKD 0.10** each were consolidated into one (1) consolidated share of **HKD 0.50** each[81](index=81&type=chunk) - Capital reduction: the par value of each issued consolidated share was reduced from **HKD 0.50** to **HKD 0.01**, with the credit arising used to offset accumulated losses[81](index=81&type=chunk) - Rights issue: completed on April 30, 2025, issuing 107,827,200 rights shares on the basis of one rights share for every one issued share, raising a maximum of approximately **HKD 16.2 million** (before expenses)[83](index=83&type=chunk) Issued and Fully Paid Share Capital Overview | Indicator | June 30, 2025 (thousand shares) | December 31, 2024 (thousand shares) | | :--- | :--- | :--- | | Number of issued and fully paid ordinary shares | 215,654 | 539,136 | | Par value of issued and fully paid ordinary shares (RMB thousand) | 1,911 | 45,286 | [13. Share Option Scheme](index=19&type=section&id=13.%20%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company's share option scheme was adopted on December 19, 2014, for a 10-year term, with no share options granted during the six months ended June 30, 2025, and the number of share options decreased due to adjustments - The share option scheme was adopted on December 19, 2014, with a term of **10 years**[84](index=84&type=chunk) - For the six months ended June 30, 2025, no share options were granted under the share option scheme[84](index=84&type=chunk) Details of Changes in Number of Share Options Under Share Option Scheme | Indicator | Outstanding as of January 1, 2025 (thousand options) | Granted during the period (thousand options) | Exercised during the period (thousand options) | Adjusted during the period (thousand options) | Outstanding as of June 30, 2025 (thousand options) | | :--- | :--- | :--- | :--- | :--- | :--- | | Employee share options | 29,376 | – | – | (23,311) | 6,065 | [14. Events After the Reporting Period](index=19&type=section&id=14.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events affecting the Group have occurred since the end of the reporting period - No significant events affecting the Group have occurred since the end of the reporting period[86](index=86&type=chunk)

Core Viewpoint - The company, Lisheng Group (01327.HK), has announced a board meeting scheduled for August 29, 2025, to consider and potentially approve its unaudited consolidated interim results for the six months ending June 30, 2025, as well as to discuss the distribution of an interim dividend, if deemed appropriate [1] Summary by Relevant Sections - Company Announcement - Lisheng Group will hold a board meeting on August 29, 2025 [1] - The meeting will focus on the approval of unaudited consolidated interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend, if applicable [1]