致：香港交易及結算所有限公司 公司名稱: 捷隆控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 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 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01425 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,250,000,000 | | 0 | | 1,250,000,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,250,000,000 | | 0 | | 1,250,000,000 | | 1. ...

(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號: 01425) 各位登記股東： 捷隆控股有限公司 （「本公司」） - 可供查閱通知 中期報告（「本次公司通訊」）的刊發通知 本公司的本次公司通訊備有中、英文版本，並已上載於本公司網站 www.justinallengroup.com 及香港交易所披露易（「披露易」）網站 www.hkexnews.hk， 歡迎瀏覽。 若 閣下已選擇收取本公司的公司通訊（「公司通訊」） （附註 1） 之印刷本，則隨函附奉 閣下所選擇之本次公司通訊印刷本。 閣下若因任何理由以致在收 取或接收載於本公司網站上的本次公司通訊出現困難，本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊的印刷本； 閣下可以 書面方式通知本公司的香港股份過戶登記處（「股份過戶處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓，或 電郵至 justinallen.ecom@computershare.com.hk。 閣 ...

(incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號: 01425) 各位非登記股東： 捷隆控股有限公司（「本公司」）- 可供查閱通知 中期報告（「本次公司通訊」）的刊發通知 本公司的本次公司通訊備有中、英文版本，並已上載於本公司網站 www.justinallengroup.com 及香港交易所披露易（「披露易」）網站 www.hkexnews.hk，歡迎瀏覽。 若 閣下已選擇收取本公司的公司通訊（「公司通訊」） （附註） 之印刷本，則隨函附奉 閣下所選擇之本次公司通訊印刷本。 閣下若因任 何理由以致在收取或接收載於本公司網站上的本次公司通訊出現困難，本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本 次公司通訊的印刷本； 閣下可以書面方式通知本公司的香港股份過戶登記處（「股份過戶處」）香港中央證券登記有限公司，地址為 香港灣仔皇后大道東 183 號合和中心 17M 樓，或電郵至 justinallen.ecom@computershare.com.hk。 閣下有權要 ...

中 期 報 告 目 錄 | 管理層討論及分析 | 2 | | --- | --- | | 其他資料 | 11 | | 財務資料目錄 | 17 | | 公司資料 | 34 | 管理層討論及分析 業務回顧 本集團是主要從事OEM服裝製造業務，專門生產睡衣及家居便服產品。我們經營垂直整 合業務，包括(1)原材料採購及坯布生產、(2)原料及布料開發、(3)服裝設計、(4)就產品 設計及布料使用向客戶提供意見、(5)使用我們的生產設施進行主要服裝生產流程、以及 (6)在各主要生產階段及對製成的服裝產品進行質量控制。因此，本集團能夠為客戶提供 一站式解決方案，由布料設計研發至最終生產及付運。本集團在中華人民共和國（「中國」） 河南省、柬埔寨金邊市及洪都拉斯均設有生產設施，而目前在越南亦有通過長期合作的 代工廠進行生產。除在西班牙的設計中心外，集團於二零二四年已在美國設立代表辦事 處以加強設計及售前╱後的工作，及加強與客戶的溝通。 隨著全球貿易逐漸復甦，各國央行預期即將迎來最近緊縮周期結束，全球經濟環境於二 零二五年得以重回正軌，惟世界仍然面臨分散供應鏈的趨勢增長、地緣政治緊張局勢加 劇及關稅相關干擾等各種挑戰。在全球未明 ...

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: 捷隆控股有限公司 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) | 01425 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,0 ...

Core Viewpoint - Jielong Holdings (01425) reported a revenue of HKD 362 million for the six months ending June 30, 2025, representing a year-on-year decrease of 5.9% [1] - The profit attributable to the company's owners was HKD 30.44 million, down 29.05% year-on-year, with earnings per share at HKD 0.0244 [1] Financial Performance - The company's revenue experienced a slight decline of approximately 5.9% [1] - Gross margin decreased by 1.7% and net profit margin fell by 2.7% during the reporting period [1] Operational Developments - The new factory in Cambodia began trial operations in the first half of 2025, while the Honduras facility continues to improve operational efficiency [1] - Both factories are still on the path to achieving optimal production capacity, which has increased production costs and reduced the company's gross margin [1] Future Strategies - In the second half of 2025, the company plans to emphasize efforts to improve operational efficiency, including reviewing existing production processes and optimizing production order allocation across different production bases [1] - The company will also implement more proactive cost control strategies [1] - Additional employees have been hired to operate the new factory and to support the construction of new production bases in Vietnam and Kenya, which has increased administrative expenses and reduced profit attributable to the company's owners [1]

Core Viewpoint - Jielong Holdings (01425) reported a revenue of HKD 362 million for the six months ending June 30, 2025, representing a year-on-year decrease of 5.9% [1] - The profit attributable to shareholders was HKD 30.443 million, down 29.05% year-on-year, with earnings per share at HKD 0.0244 [1] Financial Performance - The company experienced a slight decline in revenue of approximately 5.9% during the reporting period [1] - Gross margin decreased by 1.7% and net profit margin fell by 2.7% [1] Operational Developments - The new factory in Cambodia began trial operations in the first half of 2025, while the Honduras facility continues to improve operational efficiency [1] - Both factories are still on the path to achieving optimal production capacity, which has increased production costs and reduced gross margin [1] Future Strategies - In the second half of 2025, the company plans to emphasize efforts to improve operational efficiency, including reviewing existing production processes and optimizing production order distribution across different bases [1] - Additional employees have been hired to operate the new factory and to support the construction of new production bases in Vietnam and Kenya, which has increased administrative expenses and reduced profit attributable to shareholders [1]

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue for the six months ended June 30, 2025, was HK$362,235 thousand, a 5.9% decrease year-on-year, with profit for the period at HK$30,405 thousand, down 29.1%, and basic and diluted earnings per share at HK cents 2.44 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 362,235 | 385,093 | | Cost of sales | (266,876) | (277,380) | | Gross profit | 95,359 | 107,713 | | Other income | 8,563 | 7,537 | | Net other gains and losses | (334) | 2,716 | | Selling and distribution expenses | (21,117) | (19,744) | | Administrative expenses | (40,405) | (37,017) | | Finance costs | (6,968) | (7,297) | | Profit before tax | 35,098 | 53,908 | | Income tax expense | (4,693) | (11,002) | | Profit for the period | 30,405 | 42,906 | | Profit for the period attributable to owners of the Company | 30,443 | 42,906 | | Basic and diluted earnings per share (HK cents) | 2.44 | 3.43 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were HK$823,869 thousand, a decrease from HK$857,402 thousand as of December 31, 2024, with net assets at HK$796,705 thousand and net current assets at HK$599,118 thousand Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 138,619 | 128,849 | | Right-of-use assets | 75,386 | 75,385 | | Lease deposits | 5,674 | 5,608 | | Deferred tax assets | 5,072 | 3,465 | | **Current assets** | | | | Inventories | 243,931 | 133,457 | | Trade and other receivables | 59,447 | 105,205 | | Financial assets at fair value through other comprehensive income | 20,038 | 74,873 | | Financial assets at fair value through profit or loss | 115,878 | 111,110 | | Bank balances and cash | 451,829 | 418,507 | | **Current liabilities** | | | | Trade and other payables | 241,209 | 182,633 | | Lease liabilities | 2,541 | 1,795 | | Bank borrowings | 33,213 | - | | Tax payable | 15,042 | 14,629 | | **Non-current liabilities** | | | | Deferred tax liabilities | 14 | 12 | | Lease liabilities | 27,150 | 27,713 | | **Net assets** | 796,705 | 829,677 | | **Equity attributable to owners of the Company** | 793,233 | 829,677 | | **Non-controlling interests** | 3,472 | - | [Notes to the Condensed Consolidated Interim Financial Statements](index=4&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes to the condensed consolidated interim financial statements, covering preparation basis, accounting policy changes, revenue segmentation, income tax, profit for the period, dividends, earnings per share, receivables, payables, and contingent liabilities [1. Basis of Preparation](index=4&type=section&id=1.%20Basis%20of%20Preparation) This section outlines the basis for preparing the condensed consolidated interim financial results, adhering to HKEX Listing Rules and consistent accounting policies with the prior year, except for new standards - The condensed consolidated interim financial results are prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - The accounting policies and methods of computation used are consistent with those adopted in the Group's 2024 annual financial statements, except for the adoption of new and revised standards effective from January 1, 2025[8](index=8&type=chunk) - Financial information for the fiscal year ended December 31, 2024, is derived from the statutory financial statements, for which the auditor issued an unmodified opinion report on March 31, 2025[8](index=8&type=chunk) [2. Changes in Accounting Policies](index=4&type=section&id=2.%20Changes%20in%20Accounting%20Policies) This section details the adoption of new and revised accounting standards, specifically HKAS 21 (Amendment) 'Lack of Exchangeability', and their non-significant impact on the Group's financial position and performance - HKAS 21 (Amendment) "Lack of Exchangeability" was first applied during this interim period[9](index=9&type=chunk) - The application of the amendments to Hong Kong Financial Reporting Standards has not had a significant impact on the Group's financial position and performance for the current and prior periods[9](index=9&type=chunk) [3. Revenue and Segment Information](index=4&type=section&id=3.%20Revenue%20and%20Segment%20Information) This section provides details on the Group's revenue sources, primarily from sleepwear, loungewear, grey fabric manufacturing, and processing services, with a single reportable segment and geographical breakdown - Revenue primarily derived from sleepwear products, loungewear products, grey fabric manufacturing and sales, and processing services[10](index=10&type=chunk) - The Group has only one reportable segment, based on consolidated results presented to the chief operating decision maker[10](index=10&type=chunk) Revenue Recognition Timing (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sale of products (sleepwear products, loungewear products and grey fabric) | 362,235 | 385,093 | | At a point in time | 362,235 | 385,093 | Geographical Information - Revenue from External Customers (For the six months ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | United States | 223,409 | 250,169 | | Ireland | 55,086 | 57,632 | | United Kingdom | 48,799 | 45,817 | | Spain | 17,493 | 16,912 | | Canada | 16,054 | 7,006 | | Latin America | 1,214 | 650 | | China | 157 | 6,907 | | Honduras | 23 | - | | **Total** | **362,235** | **385,093** | Revenue from Major Customers (For the six months ended June 30) | Customer | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Customer A | 218,818 | 246,654 | | Customer B | 125,969 | 123,876 | [4. Income Tax Expense](index=6&type=section&id=4.%20Income%20Tax%20Expense) This section details the Group's income tax expense, including current and deferred tax, and outlines the applicable tax rates for its operations in Hong Kong, China, Cambodia, Vietnam, and Honduras Income Tax Expense (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax | 6,302 | 12,322 | | Deferred tax | (1,609) | (1,320) | | **Total** | **4,693** | **11,002** | - Hong Kong profits tax operates under a two-tiered system, with a tax rate of **8.25%** on the first HK$2,000,000 of assessable profits and **16.5%** on profits above this threshold[16](index=16&type=chunk) - Chinese subsidiaries are subject to a corporate income tax rate of **25%**, with a **5%** withholding tax on profits distributed to the Hong Kong holding company[17](index=17&type=chunk) - Cambodian and Vietnamese subsidiaries are subject to an income tax rate of **20%**, while the Honduran subsidiary is subject to an income tax rate of **25%**[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [5. Profit for the Period](index=7&type=section&id=5.%20Profit%20for%20the%20Period) This section details the components of profit for the period, specifically highlighting depreciation expenses for property, plant, and equipment, right-of-use assets, and short-term lease expenses Items Included in Profit for the Period (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 7,383 | 6,656 | | Depreciation of right-of-use assets | 2,397 | 2,275 | | Expenses relating to short-term leases | 980 | 900 | [6. Interim Dividend](index=7&type=section&id=6.%20Interim%20Dividend) This section states that no interim dividend was paid or declared for the six months ended June 30, 2025, while noting the final dividend declared for the year ended December 31, 2024 - No interim dividend was paid or declared by the Company for the six months ended June 30, 2025 (2024: nil)[22](index=22&type=chunk) - The Board declared a final dividend of **HK$0.056** per share (2024: HK$0.0485 per share), totaling approximately **HK$70,000,000** (2024: HK$60,600,000), for the year ended December 31, 2024[22](index=22&type=chunk) [7. Earnings Per Share](index=8&type=section&id=7.%20Earnings%20Per%20Share) This section details the calculation of basic earnings per share, based on profit attributable to owners and the weighted average number of ordinary shares, noting the absence of potential ordinary shares Earnings Per Share Calculation (For the six months ended June 30) | Item | 2025 (HK$ thousand/thousand shares) | 2024 (HK$ thousand/thousand shares) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic earnings per share | 30,443 | 42,906 | | Weighted average number of ordinary shares for basic earnings per share | 1,250,000 | 1,250,000 | - There were no potential ordinary shares issued for the six months ended June 30, 2025 and 2024, thus basic and diluted earnings per share are identical[23](index=23&type=chunk) [8. Trade and Other Receivables](index=8&type=section&id=8.%20Trade%20and%20Other%20Receivables) This section provides a breakdown of trade and other receivables, including an aging analysis of trade receivables, and outlines the Group's credit policy Trade and Other Receivables (As of June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables, net | 37,263 | 42,572 | | Prepayments | 8,273 | 16,317 | | Prepayments to import and export companies | 460 | 34,694 | | Deposits | 101 | 327 | | Other taxes recoverable | 9,793 | 9,992 | | Other receivables, net | 3,557 | 1,303 | | **Total** | **59,447** | **105,205** | Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 19,878 | 24,346 | | 31 to 60 days | 12,963 | 15,321 | | 61 to 90 days | 4,418 | 2,531 | | Over 90 days | 4 | 374 | | **Total** | **37,263** | **42,572** | - The Group provides a credit period of **0 to 120 days** for its trade receivables[24](index=24&type=chunk) [9. Trade and Other Payables](index=9&type=section&id=9.%20Trade%20and%20Other%20Payables) This section details the Group's trade and other payables, including an aging analysis of trade payables, and specifies the credit period for goods purchased Trade and Other Payables (As of June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 88,159 | 80,485 | | Prepayments and payables for purchases from import and export companies | 20,166 | 30,471 | | Accrued expenses | 48,281 | 63,694 | | Dividends payable | 70,000 | - | | Other taxes payable | 7,623 | 4,219 | | Payables for acquisition of property, plant and equipment | 1,193 | 1,207 | | Other payables | 5,787 | 2,557 | | **Total** | **241,209** | **182,633** | Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 72,892 | 73,435 | | 31 to 60 days | 8,033 | 6,648 | | 61 to 90 days | 4,406 | 137 | | Over 90 days | 2,828 | 265 | | **Total** | **88,159** | **80,485** | - The credit period for goods purchased is **0 to 90 days** from the invoice date[25](index=25&type=chunk) [10. Contingent Liabilities](index=9&type=section&id=10.%20Contingent%20Liabilities) This section confirms that the Group had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no significant contingent liabilities (2024: nil)[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business review, financial performance, future outlook, financial resources, liquidity, and corporate governance, highlighting strategies for diversification and market expansion amidst global economic challenges [Business Review](index=10&type=section&id=Business%20Review) This section outlines the Group's core OEM apparel manufacturing business, its vertically integrated operations, and strategic initiatives for production base diversification and market expansion - The Group is primarily engaged in OEM apparel manufacturing, specializing in sleepwear and loungewear products, operating a vertically integrated business[27](index=27&type=chunk) - Production facilities are located in Henan Province, China, Phnom Penh, Cambodia, and Honduras, with production also carried out through subcontractors in Vietnam, and a representative office in the US to enhance design and pre/post-sales activities[27](index=27&type=chunk) - Facing global economic uncertainties, the Group maintains a diversified production base strategy, with a new factory in Cambodia commencing trial operations in the first half of 2025, and new bases under construction in Vietnam and Kenya[28](index=28&type=chunk) - Revenue from **Customer B** grew steadily by approximately **1.7%** to **HK$126,000,000**; combined revenue from Europe and Canada increased by approximately **7.9%** to **HK$137,400,000**, increasing their contribution to total revenue from **33.1%** to **37.9%**[28](index=28&type=chunk) [Financial Review](index=10&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's financial performance, covering revenue, gross profit, other income, expenses, and profit attributable to owners, along with key factors influencing these metrics - For the six months ended June 30, 2025, the Group's revenue slightly decreased by approximately **5.9%**, gross profit margin decreased by **1.7%**, and net profit margin decreased by **2.7%**[29](index=29&type=chunk) - The trial operation of the new Cambodian factory and ongoing improvements in operational efficiency at the Honduran factory led to increased production costs and a lower gross profit margin[29](index=29&type=chunk) - Additional staff employment for operating new factories and constructing new production bases increased administrative expenses, reducing profit attributable to owners of the Company[29](index=29&type=chunk) [Revenue](index=10&type=section&id=Revenue%20(MD%26A)) This section reports the Group's revenue for the six months ended June 30, 2025, noting a slight decrease compared to the prior year - For the six months ended June 30, 2025, the Group's revenue was approximately **HK$362,200,000**, a decrease of approximately **5.9%** compared to the same period in 2024[30](index=30&type=chunk) [Gross Profit](index=11&type=section&id=Gross%20Profit) This section details the Group's gross profit and average gross profit margin for the first half of 2025, explaining the factors contributing to the decline - Gross profit for the first half of 2025 was approximately **HK$95,400,000**, with an average gross profit margin of approximately **26.3%**, a decrease from **HK$107,700,000** and **28.0%** in the same period of 2024[31](index=31&type=chunk) - The decline in gross profit margin was primarily due to relatively higher production costs from the trial operation of the new Cambodian factory and ongoing improvements in operational efficiency at the Honduran factory[31](index=31&type=chunk) [Other Income](index=11&type=section&id=Other%20Income) This section highlights the increase in other income for the six months ended June 30, 2025, primarily driven by higher interest income from bank deposits - For the six months ended June 30, 2025, other income was approximately **HK$8,600,000**, an increase from approximately **HK$7,500,000** in the same period of 2024[32](index=32&type=chunk) - The increase was mainly due to an increase in interest income of approximately **HK$1,300,000** resulting from higher bank deposit amounts[32](index=32&type=chunk) [Other Gains and Losses](index=11&type=section&id=Other%20Gains%20and%20Losses) This section reports a net other loss for the six months ended June 30, 2025, primarily due to losses on market-traded bonds and funds, and reduced foreign exchange gains - For the six months ended June 30, 2025, a net other loss of approximately **HK$300,000** was recorded, compared to a gain of approximately **HK$2,700,000** in the same period of 2024[33](index=33&type=chunk) - This was primarily due to realized and unrealized losses of **HK$400,000** on market-traded bonds and fund investments (compared to a gain of HK$1,300,000 in 2024) and a decrease in foreign exchange gains of approximately **HK$1,300,000**[33](index=33&type=chunk) [Selling and Distribution Expenses](index=11&type=section&id=Selling%20and%20Distribution%20Expenses) This section details the increase in selling and distribution expenses, primarily attributed to higher transportation costs for raw materials and increased air freight demand due to tariff disruptions - Selling and distribution expenses were approximately **HK$21,100,000**, an increase of **7%** compared to the same period in 2024[34](index=34&type=chunk) - The increase was mainly due to higher transportation costs, including increased volume of raw materials shipped from Asia to the Honduran production base, rising average shipping fees, and increased demand for air freight due to tariff disruptions[34](index=34&type=chunk) [Administrative Expenses](index=11&type=section&id=Administrative%20Expenses) This section explains the increase in administrative expenses, driven by the Group's expansion of operations, including new factory trials and production base constructions, leading to additional staff employment - Administrative expenses were approximately **HK$40,400,000**, an increase of approximately **HK$3,400,000** compared to the same period in 2024[35](index=35&type=chunk) - The increase was primarily due to the Group's continuous expansion of operations, including the trial operation of the new Cambodian factory, ongoing operations at the Honduran factory, and the construction of new production bases in Vietnam and Kenya, leading to additional staff employment[35](index=35&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) This section reports a decrease in finance costs, mainly due to reduced trade finance interest expenses, partially offset by increased lease liability interest from new factory leases - Finance costs were approximately **HK$6,900,000**, a decrease from **HK$7,300,000** in the same period of 2024[36](index=36&type=chunk) - Trade finance interest expenses decreased by approximately **HK$1,400,000**, mainly due to reduced financing amounts resulting from lower revenue and interest rate cuts by the US Federal Reserve[36](index=36&type=chunk) - Lease liability interest increased, primarily due to new leases for the Cambodian and Kenyan factories[36](index=36&type=chunk) [Profit Attributable to Owners of the Company](index=12&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) This section reports a significant decrease in profit attributable to owners of the Company, primarily due to reduced revenue, lower gross profit margins, and increased operating expenses - Profit attributable to owners of the Company decreased by approximately **29.1%** from approximately **HK$42,900,000** in the same period of 2024 to approximately **HK$30,400,000** in the same period of 2025[37](index=37&type=chunk) - The decrease in net profit was mainly due to the aforementioned decline in revenue, lower gross profit margin, and increased expenses[37](index=37&type=chunk) [Receivables and Payables](index=12&type=section&id=Receivables%20and%20Payables) This section details the changes in trade and other receivables and payables, attributing the decrease in receivables to reduced reliance on import/export companies and the increase in payables to higher trade payables and declared dividends - As of June 30, 2025, trade and other receivables were approximately **HK$59,400,000**, lower than approximately **HK$105,200,000** as of December 31, 2024[38](index=38&type=chunk) - The decrease in receivables was mainly due to reduced reliance on import and export companies and timely receipt of raw materials[38](index=38&type=chunk) - Trade and other payables were approximately **HK$241,200,000**, an increase of approximately **HK$58,600,000** compared to 2024, primarily due to increased trade payables and the recognition of dividends payable of approximately **HK$70,000,000**[38](index=38&type=chunk) [Prospects](index=12&type=section&id=Prospects) This section outlines the Group's future strategies, including stabilizing existing businesses, expanding production bases in Vietnam and Kenya, diversifying customer base, and developing its own brand, while monitoring new tariff regulations - The Group aims to achieve stable growth in its existing businesses while planning future expansion to seize business opportunities once global and domestic demand regains resilience[39](index=39&type=chunk) - Management will closely monitor new tariff laws and regulations, integrate production facility resources in Henan Province, and evaluate new business opportunities[39](index=39&type=chunk) - The Honduran production facility will continue to help shorten delivery times to American customers and diversify political risks, while the new Cambodian factory will continue to improve operational efficiency, expected to reach optimal capacity within 2025[39](index=39&type=chunk) - The Vietnamese apparel production base is expected to have a monthly capacity of approximately **2,000,000** pieces, targeting initial trial production in 2026; the new Kenyan base aims for initial trial production in the first half of 2026 to increase capacity, diversify bases, reduce costs, and shorten delivery times to European customers[40](index=40&type=chunk) - The Group will continue to diversify its customer base and the geographical distribution of customer demand, with an anticipated increase in procurement orders from European customers[41](index=41&type=chunk) - Initial activities for the first own brand (COZ) continued during the period, with plans to gradually develop and promote this new brand[41](index=41&type=chunk) [Financial Resources and Liquidity](index=13&type=section&id=Financial%20Resources%20and%20Liquidity) This section provides an overview of the Group's financial position, including current assets, liabilities, liquidity ratio, cash and bank balances, foreign exchange hedging, and investments in market-traded bonds and funds - As of June 30, 2025, current assets were approximately **HK$891,100,000**, current liabilities were approximately **HK$292,000,000**, and the current ratio was approximately **3.05** (December 31, 2024: 4.24)[42](index=42&type=chunk) - Cash and bank balances were approximately **HK$451,800,000**, comprising approximately **16.2%** HKD, **8.8%** RMB, **69.9%** USD, and **5.1%** other currencies[42](index=42&type=chunk) - The Group entered into foreign exchange option contracts to hedge exchange rate risk between RMB and HKD, totaling approximately **HK$32,000,000**[42](index=42&type=chunk) - As of June 30, 2025, the Group held **11** sets of market-traded bond instruments with a total principal of approximately **US$6,250,000** (approximately **HK$48,800,000**) and a market value of approximately **US$2,300,000** (approximately **HK$17,700,000**), recording an unrealized loss of approximately **HK$1,800,000**[44](index=44&type=chunk) - As of June 30, 2025, the Group held **10** sets of funds with a total principal of approximately **US$12,800,000** (approximately **HK$99,600,000**) and a market value of approximately **US$12,600,000** (approximately **HK$98,200,000**), recording realized gains and unrealized gains of approximately **HK$100,000** and **HK$1,300,000**, respectively[45](index=45&type=chunk) [Material Acquisitions and Disposals](index=14&type=section&id=Material%20Acquisitions%20and%20Disposals) This section confirms that the Group did not undertake any material acquisitions or disposals during the six months ended June 30, 2025 - The Group had no material acquisitions and disposals during the six months ended June 30, 2025[47](index=47&type=chunk) [Material Investments](index=14&type=section&id=Material%20Investments) This section states that, apart from those mentioned in financial resources, the Group had no other material investments during the six months ended June 30, 2025 - Save as disclosed in the "Financial Resources and Liquidity" section, the Group had no other material investments during the six months ended June 30, 2025[48](index=48&type=chunk) [Contingent Liabilities (MD&A)](index=14&type=section&id=Contingent%20Liabilities%20(MD%26A)) This section confirms that the directors were not aware of any significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Directors were not aware of any significant contingent liabilities[49](index=49&type=chunk) [Events After the Reporting Period](index=14&type=section&id=Events%20After%20the%20Reporting%20Period) This section notes the payment of a HK$70 million dividend after the reporting period and confirms no other significant post-reporting period events affecting the Group's future operations - The Company paid a dividend of approximately **HK$70,000,000** on July 9, 2025[50](index=50&type=chunk) - Save as disclosed above and in this announcement, no other significant events after June 30, 2025, occurred that might materially affect the Group's future operations, assets, and liabilities[50](index=50&type=chunk) [Purchase, Sale or Redemption of Shares](index=14&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) This section confirms that neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities of the Company 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[51](index=51&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=Employees%20and%20Remuneration%20Policy) This section provides details on the Group's employee count and remuneration policy, which is based on performance and experience, including benefits like medical insurance, retirement plans, and training - As of June 30, 2025, the Group employed **1,916** staff and workers (December 31, 2024: 2,028)[52](index=52&type=chunk) - Employee remuneration is determined based on performance and experience, reviewed regularly, and benefits include medical insurance, retirement schemes, training, and share option schemes[52](index=52&type=chunk) [Directors' Interests in Transactions, Arrangements or Contracts](index=15&type=section&id=Directors'%20Interests%20in%20Transactions%2C%20Arrangements%20or%20Contracts) This section confirms that, apart from service contracts, no significant contracts in which directors had a material interest were entered into or remained in effect during the review period - Save for the service contracts and letters of appointment with each Director, neither the Company nor any of its subsidiaries entered into any material contracts in which a Director had a direct or indirect material interest that was subsisting at the end of the review period or at any time during the year[54](index=54&type=chunk) [Standard Code for Securities Transactions](index=15&type=section&id=Standard%20Code%20for%20Securities%20Transactions) This section confirms the Company's adoption and directors' compliance with the Standard Code for Securities Transactions as set out in Appendix C3 of the Listing Rules - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules and confirms that the Directors have complied with all relevant requirements during the six months ended June 30, 2025[55](index=55&type=chunk) [Corporate Governance Code](index=15&type=section&id=Corporate%20Governance%20Code) This section confirms the Company's compliance with the Corporate Governance Code, noting a deviation where the Chairman and CEO roles are held by the same individual for consistent leadership - For the six months ended June 30, 2025, the Company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[56](index=56&type=chunk) - One deviation exists: the roles of Chairman and Chief Executive Officer are held by the same individual (Mr. Tam Kwok Pui), an arrangement the Board believes ensures consistent leadership and efficient strategic planning[56](index=56&type=chunk) [Interim Dividend (MD&A)](index=15&type=section&id=Interim%20Dividend%20(MD%26A)) This section states that the Board of Directors does not recommend paying 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 (2024: nil)[57](index=57&type=chunk) [Audit Committee](index=16&type=section&id=Audit%20Committee) This section identifies the members of the Audit Committee, chaired by Mr. Mak King Sau, and confirms its review of the Group's unaudited condensed consolidated interim financial statements - The Audit Committee is chaired by Mr. Mak King Sau, an independent non-executive Director, with members including Mr. Wu Chun Fai and Ms. Lau Chun Ni[58](index=58&type=chunk) - The Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025[58](index=58&type=chunk) [Remuneration Committee](index=16&type=section&id=Remuneration%20Committee) This section identifies the members of the Remuneration Committee, chaired by Ms. Lau Chun Ni, including an executive director and an independent non-executive director - The Remuneration Committee is chaired by Ms. Lau Chun Ni, an independent non-executive Director, with members including Mr. Tam Kwok Pui, an executive Director, and Mr. Mak King Sau, an independent non-executive Director[59](index=59&type=chunk) [Nomination Committee](index=16&type=section&id=Nomination%20Committee) This section identifies the members of the Nomination Committee, chaired by Mr. Tam Kwok Pui, including two independent non-executive directors - The Nomination Committee is chaired by Mr. Tam Kwok Pui, an executive Director, with members including Mr. Wu Chun Fai and Mr. Mak King Sau, both independent non-executive Directors[60](index=60&type=chunk) [Publication of Interim Results and Interim Report](index=16&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This section specifies that the interim results announcement will be published on the HKEX and Company websites, and the interim report will be dispatched to shareholders and published online in due course - The interim results announcement will be published on the HKEX website (www.hkexnews.hk) and the Company's website (www.justinallengroup.com)[61](index=61&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the Company's and HKEX websites in due course[61](index=61&type=chunk)

於開曼群島註冊成立的有限公司 (股份代號: 01425) 董事會召開日期 捷隆控股有限公司(「本公司」)之董事會(「董事會」)謹此宣佈，本公司將於二零二五 年八月二十九日(星期五)舉行董事會會議，藉以(其中包括)考慮及批准本公司及其附屬 公司截至二零二五年六月三十日止六個月之未經審核中期業績以及其他事項(如有)。 承董事會命 捷隆控股有限公司 主席 談國培 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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 JUSTIN ALLEN HOLDINGS LIMITED 捷 隆 控 股 有 限 公 司 ( ) 於本公告日期，董事會由三名本公司之執行董事談國培先生、楊淑歡女士及呂浩明先 生，及三名本公司之獨立非執行董事胡振輝先生、麥敬修先生及劉珍伲女士組成。 香港，二零二五年八月十五日 ...

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: 捷隆控股有限公司 呈交日期: 2025年8月1日 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01425 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,250,000,000 | | 0 | | 1,250,000,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,250,000,000 | | 0 | | 1,250,000,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股 ...