(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：1451） MS GROUP HOLDINGS LIMITED 萬 成 集 團 股 份 有 限 公 司 NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 18 September 2025 MS Group Holdings Limited (the "Company") – Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.mainsuccess ...

[Company Information](index=4&type=section&id=Company%20Information) The company's governance structure includes a board with executive and independent non-executive directors and key committees, with PwC as auditor and listed on the HKEX main board [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises four executive and three independent non-executive directors, supported by Audit, Remuneration, and Nomination Committees to ensure robust corporate governance - The Board of Directors consists of **4 executive directors** and **3 independent non-executive directors**[5](index=5&type=chunk) - Audit, Remuneration, and Nomination Committees are established to strengthen corporate governance[5](index=5&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) The company has appointed PricewaterhouseCoopers as its auditor and is listed on the Main Board of the Hong Kong Stock Exchange with stock code 1451 - PricewaterhouseCoopers is the auditor[5](index=5&type=chunk) - The company is listed on the Main Board of the Hong Kong Stock Exchange, with stock code **1451**[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The group's revenue slightly increased for the six months ended June 30, 2025, but gross profit, operating profit, and profit attributable to equity holders all declined, with no interim dividends declared [Key Financial Data and Ratios](index=5&type=section&id=Key%20Financial%20Data%20and%20Ratios) For the six months ended June 30, 2025, the group's revenue saw a slight increase, but gross profit, operating profit, and profit attributable to equity holders all decreased, with no interim dividends distributed Key Financial Data and Ratios (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | | Gross Profit | 45,383 | 49,467 | | Gross Profit Margin | 25.0% | 27.6% | | Operating Profit | 19,837 | 24,233 | | Profit Attributable to Equity Holders | 15,554 | 18,967 | | Basic Earnings Per Share | 7.75 HK cents | 9.48 HK cents | | Interim Dividend Per Share | — | 3 HK cents | | Special Interim Dividend Per Share | — | 7 HK cents | - No interim dividend or special interim dividend was distributed in H1 2025, compared to **3 HK cents** and **7 HK cents** respectively in the same period of 2024[8](index=8&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) Management discusses the group's stable revenue but declining profitability due to tariffs and market competition, alongside financial performance, liquidity, and future strategies [Business Review](index=6&type=section&id=Business%20Review) The group's total revenue remained stable in H1 2025, but profitability declined due to tariffs, with both OEM and UOUO Monkey businesses facing significant industry challenges - Total revenue in H1 2025 remained stable compared to H1 2024, but profitability declined, primarily due to **tariff impacts**[10](index=10&type=chunk) - The OEM business, with its core market in the US, experienced a decline in revenue in Q2 due to reduced customer orders caused by **US government tariffs**[13](index=13&type=chunk) - The UOUO Monkey business, focused on the Chinese market, saw a significant year-on-year decrease in sales in H1 2025, particularly from physical retail stores, due to **intense competition** including price wars[13](index=13&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) The group's revenue slightly increased in H1 2025, but gross profit and net profit decreased due to tariff impacts and higher administrative expenses, while selling expenses declined due to cost control Key Financial Data (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | | Gross Profit | 45,383 | 49,467 | | Profit Before Income Tax | 20,420 | 24,815 | | Net Profit Attributable to Equity Holders | 15,554 | 18,967 | - OEM business revenue was approximately **HK$180.9 million**, a **2.4% year-on-year increase**, mainly from increased orders for plastic bottles and stainless steel sports water bottles from existing customers[14](index=14&type=chunk) - UOUO Monkey business revenue was approximately **HK$329,000**, a significant **85.9% year-on-year decrease**, affected by intense local market competition and declining physical store sales[15](index=15&type=chunk) - Gross profit was approximately **HK$45.4 million**, with a gross profit margin of **25.0%**, a decrease from the prior year period, primarily due to **tariff impacts on product selling prices**[16](index=16&type=chunk)[19](index=19&type=chunk) - Selling expenses were approximately **HK$2.2 million**, a **39.2% year-on-year decrease**, mainly due to reductions in employee benefits, transportation, and marketing promotion expenses[20](index=20&type=chunk) - Administrative expenses were approximately **HK$24.2 million**, an increase of approximately **HK$1.6 million** year-on-year, primarily due to additional employee severance compensation costs of approximately **HK$2.8 million**[21](index=21&type=chunk) - Net profit was approximately **HK$15.6 million**, a decrease of approximately **HK$3.4 million** year-on-year, mainly due to the decline in gross profit and gross profit margin[25](index=25&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=8&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) The group maintains strong liquidity with increased cash and cash equivalents, a zero gearing ratio, and no significant capital commitments or asset pledges - Cash and cash equivalents were approximately **HK$138.2 million** (December 31, 2024: approximately HK$114.5 million)[26](index=26&type=chunk) - Net cash generated from operating activities was approximately **HK$61.7 million**[26](index=26&type=chunk) - The gearing ratio is **zero**, indicating a sound financial position[26](index=26&type=chunk) - There are **no capital commitments** or **asset pledges**[28](index=28&type=chunk)[32](index=32&type=chunk) - Capital expenditure was approximately **HK$485,000**, primarily for the acquisition of new machinery and equipment[28](index=28&type=chunk) [Exchange Rate Risk](index=9&type=section&id=Exchange%20Rate%20Risk) The group faces exchange rate risk from fluctuations in RMB value but did not use derivative instruments for hedging in H1 2025 - Transactions are primarily denominated in USD, RMB, and HKD, exposing the group to **RMB exchange rate fluctuation risk**[30](index=30&type=chunk) - An exchange gain of approximately **HK$0.5 million** was recorded in H1 2025, with no derivative instruments used to hedge foreign exchange risk[31](index=31&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=Employees%20and%20Remuneration%20Policy) The group's employee count decreased due to reduced sales orders, but employee benefit expenses increased, with the company emphasizing employee development and a share option scheme - Employee headcount decreased from **737 to 563**, primarily due to reduced production demand[37](index=37&type=chunk) - Employee benefit expenses were approximately **HK$40.2 million**, an increase year-on-year[37](index=37&type=chunk) - A share option scheme has been adopted to offer employees opportunities to subscribe for equity interests in the company[38](index=38&type=chunk) [Future Outlook](index=11&type=section&id=Future%20Outlook) The group anticipates continued significant challenges for its OEM and UOUO Monkey businesses, including complex macroeconomic conditions, US tariff policies, intense market competition, and declining birth rates in China - Both OEM and UOUO Monkey businesses are expected to continue facing significant challenges due to the complex macroeconomic environment, global inflation, regional conflicts, and geopolitical tensions[39](index=39&type=chunk) - **US tariffs** on Chinese imports adversely affect the OEM business, leading to reduced customer order intentions[39](index=39&type=chunk)[40](index=40&type=chunk) - The OEM business will implement strategies including deepening cooperation with existing clients, engaging potential global clients to diversify reliance on the US market, exploring enhanced manufacturing capabilities, and evaluating the feasibility of expanding production facilities to other Asian regions[40](index=40&type=chunk) - The UOUO Monkey business faces intense competition in the Chinese market, a shift in customer shopping habits from offline to online, and a structural reduction in demand due to **declining birth rates in China**[41](index=41&type=chunk) - Management will adopt a prudent approach, closely monitoring environmental changes and carefully implementing feasible strategies to address increased market volatility[42](index=42&type=chunk) [Independent Auditor's Review Report on Interim Financial Information](index=13&type=section&id=Independent%20Auditor's%20Review%20Report%20on%20Interim%20Financial%20Information) PricewaterhouseCoopers reviewed the interim financial information for the six months ended June 30, 2025, finding no material non-compliance with HKAS 34 [Review Conclusion](index=13&type=section&id=Review%20Conclusion) PricewaterhouseCoopers has reviewed the group's interim financial information for the six months ended June 30, 2025, and found no matters indicating that the information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - PricewaterhouseCoopers has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements **2410**[46](index=46&type=chunk) - The review concluded that no matters were identified that would lead the auditor to believe the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard **34 "Interim Financial Reporting"**[47](index=47&type=chunk) [Condensed Consolidated Interim Statement of Profit or Loss](index=14&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) The group's revenue slightly increased in H1 2025, but higher cost of sales led to reduced gross profit and net profit for the period [Profit or Loss Statement Overview](index=14&type=section&id=Profit%20or%20Loss%20Statement%20Overview) The group's revenue slightly increased in H1 2025, but the cost of sales rose, leading to a decrease in gross profit, while selling expenses decreased and administrative expenses increased, resulting in a lower profit for the period Condensed Consolidated Interim Statement of Profit or Loss (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | | Cost of Sales | (135,861) | (129,519) | | Gross Profit | 45,383 | 49,467 | | Selling Expenses | (2,193) | (3,603) | | Administrative Expenses | (24,213) | (22,569) | | Operating Profit | 19,837 | 24,233 | | Net Finance Income | 583 | 1,825 | | Share of Results of an Associate | — | (1,243) | | Profit Before Tax | 20,420 | 24,815 | | Tax | (4,866) | (5,848) | | Profit for the Period | 15,554 | 18,967 | | Basic Earnings Per Share | 7.75 HK cents | 9.48 HK cents | [Condensed Consolidated Interim Statement of Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) Despite a decrease in profit for the period, a positive currency translation difference resulted in an increase in total comprehensive income for H1 2025 [Comprehensive Income Overview](index=15&type=section&id=Comprehensive%20Income%20Overview) The group's profit for the period decreased in H1 2025, but a favorable currency translation difference turned from a loss to a gain, leading to an increase in total comprehensive income for the period Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Profit for the Period | 15,554 | 18,967 | | Currency Translation Differences | 3,747 | (2,642) | | Other Comprehensive Income/(Loss) for the Period, Net of Tax | 3,747 | (2,642) | | Total Comprehensive Income for the Period | 19,301 | 16,325 | - In H1 2025, currency translation differences recorded a gain of **HK$3,747 thousand**, compared to a loss of **HK$2,642 thousand** in the same period of 2024[51](index=51&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets and total equity both decreased, primarily due to a reduction in trade and other receivables within current assets, and lower retained earnings [Statement of Financial Position Overview](index=16&type=section&id=Statement%20of%20Financial%20Position%20Overview) As of June 30, 2025, the group's total assets and total equity decreased, mainly driven by a reduction in trade and other receivables and a decrease in retained earnings Condensed Consolidated Interim Statement of Financial Position (Unaudited) | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 42,047 | 45,619 | | Current Assets | 214,932 | 242,952 | | **Total Assets** | **256,979** | **288,571** | | **Equity** | | | | Total Equity | 205,986 | 224,503 | | **Liabilities** | | | | Non-current Liabilities | 7,475 | 9,360 | | Current Liabilities | 43,518 | 54,708 | | **Total Liabilities** | **50,993** | **64,068** | | Net Current Assets | 171,414 | 188,244 | - Trade and other receivables significantly decreased from **HK$90,543 thousand** as of December 31, 2024, to **HK$49,613 thousand** as of June 30, 2025[53](index=53&type=chunk) - Cash and cash equivalents increased from **HK$114,515 thousand** as of December 31, 2024, to **HK$138,240 thousand** as of June 30, 2025[53](index=53&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=18&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) The group's total equity decreased in H1 2025, mainly due to dividends paid, despite positive contributions from profit and currency translation differences [Equity Changes Overview](index=18&type=section&id=Equity%20Changes%20Overview) The group's total equity decreased in H1 2025, primarily impacted by dividends paid, even with positive contributions from profit for the period and currency translation gains Condensed Consolidated Interim Statement of Changes in Equity (Unaudited) | Indicator | H1 2025 (Thousand HKD) | H1 2024 (Thousand HKD) | | :--- | :--- | :--- | | Balance at Beginning of Period (Jan 1) | 224,503 | 209,567 | | Profit for the Period | 15,554 | 18,967 | | Other Comprehensive Income/(Loss) | 3,747 | (2,642) | | Dividends Paid | (40,440) | (12,000) | | Share-based Payments | 1,126 | 624 | | Shares Issued Upon Exercise of Share Options | 1,496 | — | | Balance at End of Period (Jun 30) | 205,986 | 214,516 | - Dividends paid in H1 2025 amounted to **HK$40,440 thousand**, significantly higher than **HK$12,000 thousand** in the same period of 2024[56](index=56&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) The group's operating cash flow significantly increased in H1 2025, and investing cash flow turned positive, but financing cash outflow rose substantially due to dividend payments, resulting in a net increase in cash and cash equivalents [Cash Flow Overview](index=19&type=section&id=Cash%20Flow%20Overview) The group experienced a substantial increase in net cash from operating activities and a positive shift in investing activities in H1 2025, but net cash used in financing activities rose significantly due to higher dividend payments Condensed Consolidated Interim Statement of Cash Flows (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 61,667 | 13,186 | | Net Cash From/(Used In) Investing Activities | 524 | (2,005) | | Net Cash Used In Financing Activities | (41,468) | (14,543) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 20,723 | (3,362) | | Cash and Cash Equivalents at End of Period | 138,240 | 122,906 | - Net cash generated from operating activities significantly increased from **HK$13,186 thousand** in H1 2024 to **HK$61,667 thousand** in H1 2025[57](index=57&type=chunk) - Net cash used in financing activities increased, primarily due to dividends paid rising from **HK$12,000 thousand** to **HK$40,440 thousand**[57](index=57&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=20&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the company's operational and financial context, including accounting policies, risk management, segment performance, and specific financial statement items [Company Information and Basis of Presentation](index=20&type=section&id=Company%20Information%20and%20Basis%20of%20Presentation) The company is an investment holding company incorporated in the Cayman Islands, primarily engaged in the manufacturing and sale of infant plastic bottles and sports water bottles, with financial information presented in thousands of HKD - The company is incorporated in the Cayman Islands and primarily engaged in the manufacturing and sale of infant plastic bottles and cups, as well as plastic and stainless steel sports water bottles[59](index=59&type=chunk) - This condensed consolidated interim financial information is presented in **thousands of HKD**[61](index=61&type=chunk) [Basis of Preparation and Presentation](index=20&type=section&id=Basis%20of%20Preparation%20and%20Presentation) The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The interim financial information is 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 requirements of the Listing Rules[62](index=62&type=chunk) - It should be read in conjunction with the group's consolidated financial statements for the year ended **December 31, 2024**[62](index=62&type=chunk) [Accounting Policies](index=20&type=section&id=Accounting%20Policies) Except for income tax calculation, the accounting policies for this period are consistent with the prior year's consolidated financial statements, with no retrospective adjustments due to new standard adoption - The accounting policies and methods of computation used in the preparation of this interim financial information are consistent with those adopted in the group's consolidated financial statements for the year ended **December 31, 2024**, except for the calculation of income tax for the interim period[63](index=63&type=chunk) - The group has not changed its accounting policies or made retrospective adjustments due to the adoption of certain new or revised standards[63](index=63&type=chunk) [Critical Accounting Estimates and Judgments](index=21&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgments) The significant management judgments and estimates used in preparing this interim financial information are consistent with those applied in the prior year's consolidated financial statements - The significant judgments made by management in applying the group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended **December 31, 2024**[64](index=64&type=chunk) [Financial Risk Management](index=21&type=section&id=Financial%20Risk%20Management) The group is exposed to foreign currency, credit, and liquidity risks, but its risk management policies have remained unchanged since the prior year - The group's operations expose it to **foreign currency risk, credit risk, and liquidity risk**[65](index=65&type=chunk) - Risk management policies have remained unchanged since the year ended **December 31, 2024**[66](index=66&type=chunk) [Segment Information](index=21&type=section&id=Segment%20Information) The group operates in two main segments: OEM business and own-brand products business, with OEM being the primary revenue source, though gross profit for both segments declined in H1 2025 - The group is primarily engaged in the **OEM business** (manufacturing and selling infant plastic bottles and cups, and plastic and stainless steel sports water bottles for OEM clients) and the **own-brand products business** (designing, manufacturing, and selling own-brand baby products)[68](index=68&type=chunk)[70](index=70&type=chunk) Segment Revenue and Gross Profit (Unaudited) | Indicator | OEM Business (Thousand HKD) | Own-Brand Products (Thousand HKD) | Total (Thousand HKD) | | :--- | :--- | :--- | :--- | | **H1 2025** | | | | | Revenue | 180,915 | 329 | 181,244 | | Gross Profit | 45,281 | 102 | 45,383 | | **H1 2024** | | | | | Revenue | 176,649 | 2,337 | 178,986 | | Gross Profit | 48,587 | 880 | 49,467 | [Net Finance Income](index=23&type=section&id=Net%20Finance%20Income) The group's net finance income significantly decreased in H1 2025, primarily due to a reduction in bank interest income Net Finance Income (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Interest on Bills Payable | (333) | (407) | | Interest Expense on Lease Liabilities | (107) | (45) | | Bank Interest Income | 1,023 | 2,277 | | **Total** | **583** | **1,825** | - Bank interest income decreased from **HK$2,277 thousand** in H1 2024 to **HK$1,023 thousand** in H1 2025[73](index=73&type=chunk) [Profit Before Tax](index=24&type=section&id=Profit%20Before%20Tax) Profit before tax was affected by several factors, including increased inventory costs and employee benefit expenses, and a shift from a positive to a negative adjustment for expected credit losses on trade and other receivables Profit Before Tax Impact Factors (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Cost of Inventories | 98,300 | 92,372 | | Employee Benefit Expenses | 40,253 | 37,173 | | Depreciation of Property, Plant and Equipment | 3,069 | 2,609 | | Adjustment for Expected Credit Losses on Trade and Other Receivables | (129) | 2,339 | - The adjustment for expected credit losses on trade and other receivables shifted from a **HK$2,339 thousand** gain in H1 2024 to a **HK$129 thousand** reversal in H1 2025[74](index=74&type=chunk) [Taxation](index=24&type=section&id=Taxation) The group's tax expense decreased in H1 2025, mainly due to a reduction in the provision for China corporate income tax Tax Expense (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Current Period—Hong Kong | 1,836 | 1,352 | | Current Period—China | 3,232 | 3,964 | | Deferred | (305) | 450 | | **Total Tax Expense** | **4,866** | **5,848** | - Hong Kong profits tax is provided at a rate of **16.5%**, and China corporate income tax is calculated at the prevailing Chinese tax rates[75](index=75&type=chunk) [Dividends](index=25&type=section&id=Dividends) The company did not pay or declare any interim dividends for H1 2025 but distributed a total of HK$40 million in final and special final dividends for 2024 - The company did not pay or declare any dividends for the six months ended June 30, 2025 (2024: interim and special interim dividends of **10 HK cents**)[77](index=77&type=chunk) - A total of **HK$40 million** in 2024 final dividend and special final dividend was distributed on June 26, 2025[77](index=77&type=chunk) [Earnings Per Share — Basic and Diluted](index=25&type=section&id=Earnings%20Per%20Share%20%E2%80%94%20Basic%20and%20Diluted) The group's basic earnings per share decreased in H1 2025, and diluted earnings per share were equal to basic earnings per share due to the anti-dilutive effect of potential dilutive ordinary shares Basic Earnings Per Share (Unaudited) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 7.75 | 9.48 | - Diluted earnings per share are equal to basic earnings per share because the potential dilutive ordinary shares arising from the exercise of outstanding share options have an **anti-dilutive effect**[80](index=80&type=chunk) [Property, Plant and Equipment](index=26&type=section&id=Property%2C%20Plant%20and%20Equipment) The net book value of the group's property, plant and equipment slightly decreased, with additions in H1 2025 primarily for new machinery and equipment - The net book value of property, plant and equipment was **HK$38,130 thousand** as of June 30, 2025 (December 31, 2024: HK$39,718 thousand)[81](index=81&type=chunk) - Additions of approximately **HK$485 thousand** in H1 2025 were primarily for the acquisition of new machinery and equipment[81](index=81&type=chunk) [Trade and Other Receivables](index=26&type=section&id=Trade%20and%20Other%20Receivables) The group's trade and other receivables significantly decreased in H1 2025, with an average credit period of 30 to 90 days Trade and Other Receivables (Unaudited) | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade Receivables (Net of Loss Allowance) | 46,138 | 75,417 | | Other Receivables | 3,475 | 15,126 | | **Total** | **49,613** | **90,543** | - The average credit period granted for trade receivables ranges from **30 to 90 days**[83](index=83&type=chunk) Ageing Analysis of Trade Receivables (Unaudited) | Ageing | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 – 30 days | 20,235 | 54,507 | | 31 – 60 days | 24,473 | 19,212 | | 61 – 90 days | 1,296 | 457 | | Over 90 days | 134 | 1,241 | | **Total** | **46,138** | **75,417** | [Trade and Other Payables](index=27&type=section&id=Trade%20and%20Other%20Payables) The group's trade and other payables decreased in H1 2025, with an average credit period of 30 to 90 days Trade and Other Payables (Unaudited) | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade Payables | 4,121 | 9,468 | | Accrued Expenses and Other Payables | 21,158 | 22,682 | | Contract Liabilities | 2,083 | 2,322 | | **Total** | **27,362** | **34,472** | - The credit period for trade payables generally ranges from **30 to 90 days**[88](index=88&type=chunk) Ageing Analysis of Trade Payables (Unaudited) | Ageing | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 – 30 days | 2,184 | 5,559 | | 31 – 60 days | — | 2,437 | | 61 – 90 days | — | — | | Over 90 days | 1,937 | 1,472 | | **Total** | **4,121** | **9,468** | [Share Capital](index=28&type=section&id=Share%20Capital) The company's share capital increased in H1 2025 due to the issuance of 2,200,000 ordinary shares upon the exercise of share options Issued and Fully Paid Ordinary Shares (Unaudited) | Indicator | Number of Shares | Amount (Thousand HKD) | | :--- | :--- | :--- | | As at December 31, 2024 | 200,000,000 | 20,000 | | Ordinary Shares Issued Upon Exercise of Share Options | 2,200,000 | 220 | | As at June 30, 2025 | 202,200,000 | 20,220 | - In H1 2025, **2,200,000** shares of the company were exercised under the share option scheme for a total cash consideration of **HK$1,496,000**[89](index=89&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group had no significant contingent liabilities - As of June 30, 2025, and December 31, 2024, the group had **no significant contingent liabilities**[90](index=90&type=chunk) [Related Party Transactions](index=29&type=section&id=Related%20Party%20Transactions) The group engaged in several transactions with related parties controlled by directors or controlling shareholders, primarily involving utility expenses, depreciation of right-of-use assets, interest expenses on lease liabilities, and management fees - Related parties include Huafu Lai Green Energy (Shaoguan) Co, Ltd, Kwong Fai Trading Limited, and Penghui Enterprise (Wengyuan) Co, Ltd, all controlled by executive directors or controlling shareholders[91](index=91&type=chunk) Summary of Related Party Transactions (Unaudited) | Related Party | Type of Transaction | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | | Huafu Lai | Utility Expenses | 760 | 599 | | Kwong Fai | Depreciation of Right-of-Use Assets | 263 | 281 | | | Interest Expense on Lease Liabilities | 20 | 3 | | Penghui | Management Fee Expenses | 1,034 | 1,044 | | | Depreciation of Right-of-Use Assets | 1,837 | 1,756 | | | Interest Expense on Lease Liabilities | 87 | 42 | - The group leases certain properties from Kwong Fai and Penghui, with a total carrying amount of right-of-use assets of **HK$3,917 thousand** and total lease liabilities of **HK$4,003 thousand** as of June 30, 2025[93](index=93&type=chunk) [Investment in an Associate](index=30&type=section&id=Investment%20in%20an%20Associate) The group holds a 40% interest in BRH2 Plastics, LLC, and recorded no share of loss from the associate in H1 2025, compared to a loss in H1 2024 - The group acquired a **40% interest** in BRH2 Plastics, LLC in 2021, with the associate primarily engaged in the manufacturing and sale of plastic products[95](index=95&type=chunk) - No share of loss from an associate was recorded in H1 2025 (H1 2024: approximately **HK$1.2 million loss**)[96](index=96&type=chunk) [Share-based Payments](index=30&type=section&id=Share-based%20Payments) The group recognized **HK$1,126 thousand** in share-based payment expenses in H1 2025 and has granted multiple share options under its share option scheme - In H1 2025, share-based payment expenses amounted to **HK$1,126 thousand** (H1 2024: HK$624 thousand)[100](index=100&type=chunk) - The company adopted a share option scheme and granted **6,000,000** and **10,000,000** share options on June 7, 2021, and May 27, 2024, respectively[100](index=100&type=chunk) [Approval of Interim Financial Information](index=31&type=section&id=Approval%20of%20Interim%20Financial%20Information) The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on August 22, 2025 - The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on **August 22, 2025**[101](index=101&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) This section provides details on directors' and major shareholders' interests, the share option scheme, changes in director information, committee structures, and corporate governance compliance [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company or Any Associated Corporation](index=32&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20or%20Any%20Associated%20Corporation) As of June 30, 2025, several directors and the chief executive held long positions in the company's shares or underlying shares, including interests through controlled corporations and beneficial ownership Directors' and Chief Executive's Long Positions in Shares | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding in the Company | | :--- | :--- | :--- | :--- | | Mr. Chung | Interest of Controlled Corporation | 72,172,000 | 35.7% | | | Beneficial Owner | 400,000 | 0.2% | | Mr. Chau | Interest of Controlled Corporation | 75,000,000 | 37.1% | | | Beneficial Owner | 400,000 | 0.2% | | Mr. Chung Sing Chun | Beneficial Owner | 2,360,000 | 1.2% | | Mr. Chau Wai | Beneficial Owner | 2,360,000 | 1.2% | | Ms. Lo Siu Fun | Beneficial Owner | 2,316,000 | 1.2% | | Mr. Yu | Beneficial Owner | 400,000 | 0.2% | | Mr. Szeto | Beneficial Owner | 400,000 | 0.2% | | Mr. Ma | Beneficial Owner | 400,000 | 0.2% | - Mr. Chung's and Mr. Chau's interests include shares held through their wholly-owned entities, **L.V.E.P. Holdings** and **Ching Wai Holdings**[102](index=102&type=chunk)[104](index=104&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=33&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, no director, their spouse, or children were granted or exercised any rights to acquire shares or debentures of the company, except as otherwise disclosed in this interim report - For the six months ended June 30, 2025, no director or their respective spouse or children under 18 years of age were granted any rights to benefit from acquiring shares or debentures of the company, nor did they exercise any such rights[106](index=106&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=33&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, L.V.E.P. Holdings and Ching Wai Holdings were substantial shareholders of the company, with their interests also extending to directors' spouses Substantial Shareholders' Long Positions in Shares | Name of Shareholder | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding in the Company | | :--- | :--- | :--- | :--- | | L.V.E.P. Holdings | Beneficial Owner | 72,172,000 | 35.7% | | Ching Wai Holdings | Beneficial Owner | 75,000,000 | 37.1% | | Ms. Cheung | Interest of Spouse | 75,400,000 | 37.3% | | Ms. Lee | Interest of Spouse | 72,572,000 | 35.9% | - Ms. Cheung (spouse of Mr. Chau) and Ms. Lee (spouse of Mr. Chung) are deemed to have interests in shares and share options held by their spouses under the Securities and Futures Ordinance[107](index=107&type=chunk)[108](index=108&type=chunk) [Share Option Scheme](index=34&type=section&id=Share%20Option%20Scheme) The company's share option scheme aims to incentivize eligible participants, with some options exercised in H1 2025 leading to an increase in share capital, and option values calculated using a binomial model - The share option scheme was adopted on **May 15, 2018**, to recognize the contributions of eligible participants to the group[109](index=109&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the grant date, the average closing price for the 5 trading days immediately preceding the grant date, and the nominal value on the offer date[109](index=109&type=chunk) - For the six months ended June 30, 2025, a total of **2,200,000** share options were exercised by several directors and other employees[112](index=112&type=chunk)[89](index=89&type=chunk) - The value of share options is calculated using a **binomial model**, considering variables such as risk-free interest rate, expected life, expected volatility, and expected annual dividends[115](index=115&type=chunk)[116](index=116&type=chunk) [Changes in Directors' Information](index=37&type=section&id=Changes%20in%20Directors'%20Information) The monthly salaries of Mr. Chau Wai, Mr. Chung Sing Chun, and Ms. Lo Siu Fun increased effective January 1, 2025, reflecting their increased duties and responsibilities and alignment with market salary levels - The monthly salaries of Mr. Chau Wai, Mr. Chung Sing Chun, and Ms. Lo Siu Fun have been increased to **HK$142,000**, **HK$80,000**, and **HK$164,500** respectively, effective **January 1, 2025**[119](index=119&type=chunk) - The salary increases were made after considering their increased duties and responsibilities within the group and are consistent with market salary levels[119](index=119&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, composed entirely of independent non-executive directors, is responsible for reviewing and overseeing financial reporting, internal controls, and risk management systems - The Audit Committee comprises all independent non-executive directors: Mr. Yu (Chairman), Mr. Szeto, and Mr. Ma[121](index=121&type=chunk) - Its primary responsibilities include reviewing and overseeing the group's financial reporting system, internal controls, and risk management systems[121](index=121&type=chunk) [Remuneration Committee](index=37&type=section&id=Remuneration%20Committee) The Remuneration Committee, consisting of all independent non-executive directors, is responsible for reviewing and approving management's remuneration proposals and making recommendations on directors' and senior management's remuneration packages - The Remuneration Committee comprises all independent non-executive directors: Mr. Szeto (Chairman), Mr. Yu, and Mr. Ma[122](index=122&type=chunk) - Its primary responsibilities are to review and approve management's remuneration proposals and to make recommendations to the Board on the remuneration packages for directors and senior management of the group[122](index=122&type=chunk) [Nomination Committee](index=38&type=section&id=Nomination%20Committee) The Nomination Committee is responsible for recommending the appointment of directors and senior management, with changes in its chairman and members effective August 22, 2025 - The Nomination Committee's primary responsibility is to make recommendations to the Board on the appointment of directors and senior management of the group[124](index=124&type=chunk) - Effective **August 22, 2025**, Mr. Yu was appointed as the Chairman of the Nomination Committee, and Ms. Lo Siu Fun was appointed as a member[124](index=124&type=chunk) [Standard Securities Dealing Code for Directors](index=38&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The company has adopted a standard code, and all directors confirmed compliance with it during H1 2025 - The company has adopted a standard code, and all directors confirmed their compliance with the required standards set out in the standard code for the six months ended **June 30, 2025**[125](index=125&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities in H1 2025, and no treasury shares were held - For 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[126](index=126&type=chunk) - As of June 30, 2025, the company held **no treasury shares**[127](index=127&type=chunk) [Interim Dividends and Special Interim Dividends](index=38&type=section&id=Interim%20Dividends%20and%20Special%20Interim%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for H1 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: interim and special interim dividends of **10 HK cents**)[128](index=128&type=chunk) [Corporate Governance Code](index=38&type=section&id=Corporate%20Governance%20Code) The company is committed to maintaining high standards of corporate governance and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules in H1 2025 - For the six months ended June 30, 2025, the company adopted and complied with the code provisions of the Corporate Governance Code set out in **Appendix C1 of the Listing Rules**[129](index=129&type=chunk) [Review of Financial Information](index=39&type=section&id=Review%20of%20Financial%20Information) The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for H1 2025 with management and the independent auditor - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with the company's management and auditor[131](index=131&type=chunk) - The independent auditor, PricewaterhouseCoopers, has reviewed this interim financial information[131](index=131&type=chunk) [Definitions](index=40&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report to ensure consistent understanding [Glossary of Terms](index=40&type=section&id=Glossary%20of%20Terms) This section defines key terms used in the report, such as "Board," "BRH2 Plastics, LLC," "OEM Business," and "Share Option Scheme" - This section defines key terms used in the report, such as "Board," "BRH2 Plastics, LLC," "OEM Business," "Share Option Scheme," and others[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)

FF301 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) | 01451 | 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 | | | 3,800,000,000 | HKD | | 0.1 HKD | | 380,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,800,000,000 | HKD | | 0.1 HKD | | 380,000,000 | 本月底法定/註冊股本總額： HKD 380,000,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 萬成集團股份有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月3日 股份發行人及根據《上市規 ...

Core Viewpoint - Wan Cheng Group Holdings Limited (01451) reported a mid-year performance for 2025, showing a slight increase in revenue but a decline in profit margins and net profit [1] Financial Performance - Revenue reached approximately HKD 181 million, representing a year-on-year growth of 1.26% [1] - Gross profit amounted to HKD 45.38 million, reflecting a year-on-year decrease of 8.26% [1] - Profit attributable to equity holders was HKD 15.55 million, down 17.99% compared to the previous year [1] - Basic earnings per share were HKD 0.0775 [1] Factors Affecting Performance - The decrease in net profit was primarily attributed to the decline in gross profit and gross profit margin [1] - The reduction in gross profit margin was mainly due to the impact of tariffs, which lowered the selling prices of the group's products [1]

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in profit margins, primarily due to tariff impacts affecting product pricing [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 181 million, representing a year-on-year increase of 1.26% [1] - Gross profit amounted to HKD 45.38 million, showing a year-on-year decrease of 8.26% [1] - Profit attributable to equity holders was HKD 15.55 million, reflecting a year-on-year decline of 17.99% [1] - Basic earnings per share were HKD 0.0775 [1] Factors Affecting Performance - The decrease in net profit was primarily attributed to the decline in gross profit and gross profit margin [1] - The reduction in gross profit margin was mainly due to the impact of tariffs, which lowered the selling prices of the company's products [1]

MS GROUP HOLDINGS LIMITED 萬 成 集 團 股 份 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：1451） 提名委員會之職權範圍 萬成集團股份有限公司（「本公司」）之董事會（「董事會」）已決議於二零一八年五月十五日成 立名為董事會提名委員會的董事委員會（「委員會」）。 1. 成員 1.1 根據香港聯合交易所有限公司之證券上市規則（「上市規則」），委員會由董事會委任 不少於三名成員組成，其大多數為獨立非執行董事（「獨立非執行董事」）。提名委員 會中至少有一名成員必須是不同性別。 2. 主席 3.1 委員會秘書（「秘書」）或其代表須出席委員會會議以製備會議記錄。 3.2 倘秘書缺席，出席委員會會議的成員須另推選一人擔任委員會秘書。 4. 法定人數及決議案 – 1 – 4.1 處理事務所需的法定人數為任何兩名成員及： a. 倘僅兩名成員出席，至少一名成員須為獨立非執行董事；及 b. 倘超過兩名成員出席，大多數成員須為獨立非執行董事。 2.1 委 員 會 主 席（「 主 席」）須 為 董 事 會 主 席 或 由 董 事 會 委 任 的 獨 立 非 執 行 董 事 。 主 席 ...

MS GROUP HOLDINGS LIMITED 萬 成 集 團 股 份 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：1451） 董事名單及其角色與職能 萬成集團股份有限公司之董事會（「董事會」）成員載列如下： 執行董事 周青先生 （ 主席） 鍾國強先生 （ 行政總裁） 周瑋先生 鍾丞晉先生 老少芬女士 獨立非執行董事 馬清源先生 司徒振中先生 俞漢度先生 董事會設立三個委員會。該等委員會之成員及各董事會成員所擔任的職位載列如下: 審核委員會： 俞漢度先生 （ 主席） 司徒振中先生 馬清源先生 薪酬委員會： 司徒振中先生 （ 主席） 俞漢度先生 馬清源先生 提名委員會： 俞漢度先生 （ 主席） 司徒振中先生 老少芬女士 香港，二零二五年八月二十二日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 MS GROUP HOLDINGS LIMITED 萬 成 集 團 股 份 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：1451） 提名委員會組成的變動 萬成集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，自二零二五年八月二 十二日起，董事會提名委員會（「提名委員會」）成員變動如下： (i) 董事會主席及執行董事周青先生（「周先生」）不再擔任提名委員會主席； (ii) 執行董事老少芬女士（「老女士」）已獲委任為提名委員會成員；及 (iii) 獨立非執行董事俞漢度先生（「俞先生」）已獲委任為提名委員會主席。 隨上 述變動後 ，提名 委員會 成員由一 位執行 董事（ 即老 女士 ）及兩位 獨立非 執行董 事（ 即司 徒振中先生及俞先生）組成。 上述變動乃因應香港聯合交易所有限公司《證券上市規則》（「上市規則」）及上市規則附錄C1 所載企業管治守則的修訂而作出，該等修訂 ...

[Key Financial Data and Ratios](index=1&type=section&id=Key%20Financial%20Data%20and%20Ratios) This section provides an overview of Main Success Group's unaudited key financial data and ratios for the six months ended June 30, 2025, showing slight revenue growth but declines in gross profit, operating profit, and profit attributable to equity holders, with no interim dividend declared for the period Key Financial Data and Ratios (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | +1.26% | | Gross Profit | 45,383 | 49,467 | -8.26% | | Gross Profit Margin | 25.0% | 27.6% | -2.6 ppts | | Operating Profit | 19,837 | 24,233 | -18.14% | | Profit Attributable to Equity Holders | 15,554 | 18,967 | -18.00% | | Basic Earnings Per Share (HK Cents) | 7.75 | 9.48 | -18.30% | | Interim Dividend Per Share (HK Cents) | — | 3 | -100% | | Interim Special Dividend Per Share (HK Cents) | — | 7 | -100% | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, including the statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, offering a detailed overview of the Group's financial performance and condition during the period [Condensed Consolidated Interim Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue slightly increased, but gross profit, operating profit, and profit for the period all declined, primarily due to increased cost of sales and higher administrative expenses Condensed Consolidated Interim Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | +1.26% | | Cost of Sales | (135,861) | (129,519) | +4.90% | | Gross Profit | 45,383 | 49,467 | -8.26% | | Operating Profit | 19,837 | 24,233 | -18.14% | | Profit for the Period | 15,554 | 18,967 | -18.00% | [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was HK$19,301 thousand, primarily benefiting from profit for the period and a shift from a loss to a gain in currency translation differences Condensed Consolidated Interim Statement of Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 15,554 | 18,967 | -18.00% | | Currency Translation Differences | 3,747 | (2,642) | From loss to profit | | Total Comprehensive Income for the Period | 19,301 | 16,325 | +18.23% | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and total equity both decreased, and net current assets also declined, mainly due to a significant reduction in trade and other receivables, despite an increase in cash and cash equivalents Condensed Consolidated Interim Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 256,979 | 288,571 | -11.09% | | Total Equity | 205,986 | 224,503 | -8.25% | | Total Liabilities | 50,993 | 64,068 | -20.41% | | Cash and Cash Equivalents | 138,240 | 114,515 | +20.71% | | Trade and Other Receivables | 49,613 | 90,543 | -45.10% | | Net Current Assets | 171,414 | 188,244 | -8.94% | [Condensed Consolidated Interim Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity decreased, primarily due to significant dividend payments, despite an increase in profit for the period and share-based payments Condensed Consolidated Interim Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Equity at Beginning of Period (January 1) | 224,503 | 209,567 | | Profit for the Period | 15,554 | 18,967 | | Currency Translation Differences | 3,747 | (2,642) | | Dividends Paid | (40,440) | (12,000) | | Share-based Payments | 1,126 | 624 | | Total Equity at End of Period (June 30) | 205,986 | 214,516 | [Condensed Consolidated Interim Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash from operating activities significantly increased, but net cash used in financing activities also rose substantially, resulting in a net increase in cash and cash equivalents Condensed Consolidated Interim Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 61,667 | 13,186 | | Net Cash From/(Used In) Investing Activities | 524 | (2,005) | | Net Cash Used In Financing Activities | (41,468) | (14,543) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 20,723 | (3,362) | | Cash and Cash Equivalents at June 30 | 138,240 | 122,906 | [Notes to the Condensed Consolidated Interim Financial Information](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes to the condensed consolidated interim financial statements, covering company information, accounting policies, risk management, segment information, specific components and changes in financial accounts, as well as significant disclosures on related party transactions and share-based payments, offering essential context and details for understanding the financial statements [1 Company Information and Basis of Presentation](index=8&type=section&id=1%20Company%20Information%20and%20Basis%20of%20Presentation) The Company, incorporated in the Cayman Islands, primarily manufactures and sells plastic bottles and cups for infants and toddlers, along with sports water bottles, with financial information presented in HK$ Thousand and controlled by Messrs. Chung Kwok Keung and Chow Ching - The Company was incorporated in the Cayman Islands on March 9, 2017, primarily engaged in the manufacture and sale of plastic bottles and cups for infants and toddlers, and plastic and stainless steel sports water bottles[12](index=12&type=chunk) - The Company's controlling shareholders are Mr. Chung Kwok Keung and Mr. Chow Ching[13](index=13&type=chunk) - The condensed consolidated interim financial information is presented in **HK$ Thousand**[14](index=14&type=chunk) [2 Basis of Preparation and Presentation](index=8&type=section&id=2%20Basis%20of%20Preparation%20and%20Presentation) The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and applicable disclosure requirements of the Listing Rules, and should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024 - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and applicable disclosure requirements of the Listing Rules[15](index=15&type=chunk) - It should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024[15](index=15&type=chunk) [3 Accounting Policies](index=8&type=section&id=3%20Accounting%20Policies) The accounting policies used in preparing this interim financial information are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024, and no new or revised standards adopted during this reporting period resulted in changes to accounting policies or retrospective adjustments - The accounting policies and methods of computation used in preparing this unaudited condensed consolidated interim financial information are consistent with those applied in the Group's consolidated financial statements for the year ended December 31, 2024[16](index=16&type=chunk) - The Group has not changed its accounting policies or made retrospective adjustments due to the adoption of certain new or revised standards[16](index=16&type=chunk) [4 Critical Accounting Estimates and Judgements](index=9&type=section&id=4%20Critical%20Accounting%20Estimates%20and%20Judgements) The significant judgments made by management and the sources of estimation uncertainty in preparing this condensed consolidated interim financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[17](index=17&type=chunk) [5 Financial Risk Management](index=9&type=section&id=5%20Financial%20Risk%20Management) The Group is exposed to foreign currency risk, credit risk, and liquidity risk, but its risk management policies have not changed since the year ended December 31, 2024, and the carrying amounts of financial assets and liabilities approximate their fair values - The Group's operations expose it to various financial risks: **foreign currency risk, credit risk, and liquidity risk**[18](index=18&type=chunk) - Risk management policies have **not changed** since the year ended December 31, 2024[19](index=19&type=chunk) - The carrying amounts of the Group's financial assets and liabilities approximate their fair values due to their short-term maturity[20](index=20&type=chunk) [6 Segment Information](index=9&type=section&id=6%20Segment%20Information) The Group is divided into two operating segments based on product categories: OEM business (manufacturing and selling infant plastic bottles/cups and sports water bottles, primarily for overseas markets) and own-brand product business (designing, manufacturing, and selling own-brand infant products), with OEM business being the main revenue source showing slight growth in H1 2025, while own-brand product revenue significantly declined - Management has identified two operating segments based on product categories: (i) manufacturing and selling plastic bottles and cups for infants and toddlers, and plastic and stainless steel sports water bottles for OEM business customers; and (ii) designing, manufacturing, and selling own-brand infant products[22](index=22&type=chunk) Segment Revenue Analysis (For the six months ended June 30) | Segment | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | OEM Business Products | 180,915 | 176,649 | +2.41% | | Own-Brand Products | 329 | 2,337 | -85.92% | | **Total Revenue** | **181,244** | **178,986** | **+1.26%** | Segment Gross Profit Analysis (For the six months ended June 30) | Segment | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | OEM Business Products | 45,281 | 48,587 | -6.80% | | Own-Brand Products | 102 | 880 | -88.41% | | **Total Gross Profit** | **45,383** | **49,467** | **-8.26%** | [7 Net Finance Income](index=11&type=section&id=7%20Net%20Finance%20Income) For the six months ended June 30, 2025, the Group's net finance income significantly decreased to HK$0.6 million, primarily due to lower bank interest income Net Finance Income (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest on Bills Payable | (333) | (407) | | Interest Expense on Lease Liabilities | (107) | (45) | | Bank Interest Income | 1,023 | 2,277 | | **Net Finance Income** | **583** | **1,825** | [8 Profit Before Tax](index=12&type=section&id=8%20Profit%20Before%20Tax) For the six months ended June 30, 2025, the Group's profit before tax was HK$20,420 thousand, a decrease from HK$24,815 thousand in the same period of 2024, mainly influenced by factors such as cost of inventories, employee benefit expenses, and depreciation Profit Before Tax Key Deductions/(Additions) (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of Inventories | 98,300 | 92,372 | | Employee Benefit Expenses | 40,253 | 37,173 | | Depreciation of Property, Plant and Equipment | 3,069 | 2,609 | | Depreciation of Right-of-Use Assets | 2,100 | 2,037 | | Adjustment for Expected Credit Loss on Trade and Other Receivables | (129) | 2,339 | | Government Grants | (83) | (84) | [9 Taxation](index=12&type=section&id=9%20Taxation) For the six months ended June 30, 2025, the Group's tax expense was HK$4,866 thousand, a decrease from HK$5,848 thousand in the same period of 2024, primarily due to reduced provision for PRC enterprise income tax Taxation Expense (For the six months ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current Period—Hong Kong | 1,836 | 1,352 | | Current Period—PRC | 3,232 | 3,964 | | Underprovision in Prior Years—PRC | 103 | 82 | | Deferred—Provision for the Period | (305) | 450 | | **Taxation Expense** | **4,866** | **5,848** | - Hong Kong profits tax is provided at a rate of **16.5%**, and PRC enterprise income tax is calculated at the prevailing PRC tax rates[27](index=27&type=chunk) [10 Dividends](index=13&type=section&id=10%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, whereas an interim and interim special dividend totaling 10 HK Cents was paid for the same period in 2024; however, the company declared and paid a final dividend and final special dividend totaling 20 HK Cents, amounting to HK$40 million, on March 21, 2025, which was distributed on June 26, 2025 - The Company has not paid or declared any dividends for the six months ended June 30, 2025 (2024: interim and interim special dividends of **10 HK Cents**)[29](index=29&type=chunk) - On March 21, 2025, the Board declared a final dividend of **3 HK Cents** per ordinary share and a final special dividend of **17 HK Cents** per ordinary share, totaling **20 HK Cents** per ordinary share, amounting to **HK$40 million**, which was paid on June 26, 2025[29](index=29&type=chunk) [11 Earnings Per Share — Basic and Diluted](index=13&type=section&id=11%20Earnings%20Per%20Share%20%E2%80%94%20Basic%20and%20Diluted) For the six months ended June 30, 2025, basic earnings per share was 7.75 HK Cents, a decrease from 9.48 HK Cents in the same period of 2024, and diluted earnings per share was equal to basic earnings per share as potential dilutive ordinary shares had an anti-dilutive effect Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HK$ Thousand) | 15,554 | 18,967 | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 200,741 | 200,000 | | Basic Earnings Per Share (HK Cents) | 7.75 | 9.48 | - Diluted earnings per share is equal to basic earnings per share as the potential dilutive ordinary shares arising from the exercise of outstanding share options had an anti-dilutive effect[30](index=30&type=chunk) [12 Property, Plant and Equipment](index=14&type=section&id=12%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's net book value of property, plant and equipment was HK$38,130 thousand, a slight decrease from HK$39,718 thousand as of December 31, 2024, primarily due to depreciation expenses Property, Plant and Equipment Net Book Value | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Book Value | 38,130 | 39,718 | - For the period ended June 30, 2025, depreciation expense was **HK$3,069 thousand**, with additions of **HK$485 thousand**[31](index=31&type=chunk) [13 Trade and Other Receivables](index=15&type=section&id=13%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables were HK$49,613 thousand, a significant decrease from HK$90,543 thousand as of December 31, 2024, mainly due to a reduction in trade receivables Trade and Other Receivables | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Receivables (net of loss allowance) | 46,138 | 75,417 | | Other Receivables | 3,475 | 15,126 | | **Total** | **49,613** | **90,543** | - The average credit period granted for trade receivables ranges from **30 to 90 days**[32](index=32&type=chunk) Ageing Analysis of Trade Receivables (by invoice date) | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 30 days | 20,235 | 54,507 | | 31 – 60 days | 24,473 | 19,212 | | 61 – 90 days | 1,296 | 457 | | Over 90 days | 134 | 1,241 | | **Total** | **46,138** | **75,417** | [14 Trade and Other Payables](index=15&type=section&id=14%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables were HK$27,362 thousand, a decrease from HK$34,472 thousand as of December 31, 2024, primarily due to a reduction in accrued expenses and other payables Trade and Other Payables | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Payables | 4,121 | 9,468 | | Accrued Expenses and Other Payables | 21,158 | 22,682 | | Contract Liabilities | 2,083 | 2,322 | | **Total** | **27,362** | **34,472** | - The credit period for trade payables in the Group's business generally ranges from **30 to 90 days**[36](index=36&type=chunk) [15 Share Capital](index=16&type=section&id=15%20Share%20Capital) As of June 30, 2025, the Group's issued and fully paid share capital was HK$20,220 thousand, an increase from HK$20,000 thousand as of December 31, 2024, mainly due to the issuance of 2,200,000 ordinary shares upon the exercise of share options Share Capital Movement | Indicator | Number of Shares | Amount (HK$ Thousand) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares at December 31, 2024 | 200,000,000 | 20,000 | | Ordinary Shares Issued Upon Exercise of Share Options | 2,200,000 | 220 | | **Issued and Fully Paid Ordinary Shares at June 30, 2025** | **202,200,000** | **20,220** | - During the period ended June 30, 2025, **2,200,000 shares** of the Company were exercised under the share option scheme, for a total cash consideration of **HK$1,496,000**[36](index=36&type=chunk) [16 Contingent Liabilities](index=16&type=section&id=16%20Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group had **no significant contingent liabilities**[37](index=37&type=chunk) [17 Related Party Transactions](index=17&type=section&id=17%20Related%20Party%20Transactions) The Group engaged in various transactions with related parties such as Wah Fook Loi, Kwong Fai, and Peng Hui, including utilities expenses, depreciation of right-of-use assets, and interest expenses on lease liabilities, all conducted under mutually agreed terms - Key related parties include Wah Fook Loi (controlled by Mr. Chow Wai, an executive director), Kwong Fai (jointly controlled by Mr. Chung and his spouse), and Peng Hui (controlled by controlling shareholders)[38](index=38&type=chunk) Summary of Transactions with Related Parties (For the six months ended June 30) | Related Party | Type of Transaction | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Wah Fook Loi | Utilities Expenses | 760 | 599 | | Kwong Fai | Depreciation of Right-of-Use Assets | 263 | 281 | | | Interest Expense on Lease Liabilities | 20 | 3 | | Peng Hui | Management Fee Expenses | 1,034 | 1,044 | | | Depreciation of Right-of-Use Assets | 1,837 | 1,756 | | | Interest Expense on Lease Liabilities | 87 | 42 | - As of June 30, 2025, the Group leased certain properties from Kwong Fai and Peng Hui, with a total carrying amount of right-of-use assets of **HK$3,917 thousand** and total lease liabilities of **HK$4,003 thousand**[39](index=39&type=chunk) [18 Investment in an Associate](index=18&type=section&id=18%20Investment%20in%20an%20Associate) The Group holds a 40% interest in BRH2 Plastics, LLC, which is primarily engaged in plastic product manufacturing, and for the six months ended June 30, 2025, the Group recognized no share of loss, compared to a share of loss of approximately HK$1.2 million in the same period of 2024, mainly due to amortization of intangible assets and operating losses - The Group acquired a **40% interest** in BRH2 Plastics, LLC in 2021 for a total consideration of **HK$23,250,000**[42](index=42&type=chunk) - For the six months ended June 30, 2025, the share of net loss recognized in the condensed consolidated interim statement of profit or loss was **nil** (2024: **HK$1,243 thousand**)[44](index=44&type=chunk) - The Group ceases to recognize its share of further losses when its share of losses of an associate exceeds its investment in the associate[45](index=45&type=chunk) [19 Share-based Payments](index=18&type=section&id=19%20Share-based%20Payments) The Group has adopted a share option scheme and granted share options to directors, senior management, and employees in 2021 and 2024, recognizing an expense of HK$1,126 thousand for share-based payments for the six months ended June 30, 2025 - The Company has adopted a share option scheme, granting **6,000,000 share options** on June 7, 2021, and **10,000,000 share options** on May 27, 2024[46](index=46&type=chunk) - For the period ended June 30, 2025, **HK$1,126 thousand** (2024: **HK$624 thousand**) in share-based payments was recognized in the condensed consolidated interim statement of profit or loss[46](index=46&type=chunk) [20 Approval of Interim Financial Information](index=19&type=section&id=20%20Approval%20of%20Interim%20Financial%20Information) The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on August 22, 2025 - The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on **August 22, 2025**[48](index=48&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's operating results, financial position, risk management, and future outlook for the six months ended June 30, 2025, highlighting macroeconomic challenges, particularly US tariff policies and competition in the Chinese market, which led to decreased profitability, though the OEM business remains the primary revenue source, with management actively pursuing strategies including deepening customer cooperation, expanding global markets, and evaluating production facility expansion [Business Review](index=20&type=section&id=Business%20Review) For the first half of 2025, the Group's total revenue remained stable, but profitability declined, mainly due to US tariffs on Chinese imports, with OEM business revenue slightly increasing but showing a downward trend in Q2, while YouYou MaHou business sales significantly decreased year-on-year amid intense market competition [Revenue](index=21&type=section&id=Revenue) Revenue Overview (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 181,244 | 178,986 | +1.26% | | OEM Business Revenue | 180,915 | 176,649 | +2.41% | | YouYou MaHou Business Revenue | 329 | 2,337 | -85.92% | - OEM business sales performance slightly improved due to increased orders from existing customers, particularly for plastic and stainless steel sports water bottles[52](index=52&type=chunk) - YouYou MaHou business revenue significantly decreased, mainly affected by intense local market competition (especially price wars) and a continuous decline in physical retail store sales performance[53](index=53&type=chunk) [Gross Profit](index=22&type=section&id=Gross%20Profit) Gross Profit and Gross Profit Margin (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Gross Profit | 45,383 | 49,467 | -8.26% | | Total Gross Profit Margin | 25.0% | 27.6% | -2.6 ppts | | OEM Business Gross Profit Margin | 25.0% | 27.5% | -2.5 ppts | | YouYou MaHou Business Gross Profit Margin | 30.9% | 37.7% | -6.8 ppts | - The decline in gross profit and gross profit margin was primarily due to the impact of tariffs in the first half of 2025, which reduced the Group's product selling prices[54](index=54&type=chunk) [Selling Expenses](index=22&type=section&id=Selling%20Expenses) Selling Expenses (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 2,193 | 3,603 | -39.13% | - Selling expenses decreased mainly due to reduced employee benefit expenses, transportation expenses, and marketing and promotion expenses in the first half of 2025 for cost control[55](index=55&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative Expenses (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 24,213 | 22,569 | +7.29% | - Administrative expenses increased primarily due to additional employee termination compensation costs of approximately **HK$2.8 million** incurred in the first half of 2025, mainly resulting from a downward trend in sales orders and manufacturing demand[56](index=56&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) Net Other Income and Gains (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Other Income | 399 | 244 | | Net Other Gains | 461 | 694 | | **Total** | **860** | **938** | - Net other income and gains were similar to the prior year, primarily including exchange gains of approximately **HK$0.5 million** for the six months ended June 30, 2025[57](index=57&type=chunk) [Finance Income](index=23&type=section&id=Finance%20Income) Net Finance Income (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Finance Income | 583 | 1,825 | - Net finance income decreased primarily due to lower bank interest income, and the Group did not purchase any financial products in the first half of 2025[58](index=58&type=chunk) [Share of Results of an Associate](index=23&type=section&id=Share%20of%20Results%20of%20an%20Associate) Share of Results of an Associate (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Share of Results of an Associate | — | (1,243) | - No share of loss was recognized in the first half of 2025, while the loss in the same period of 2024 was mainly due to amortization of intangible assets of approximately **HK$1.0 million** and the share of loss from BRH2 Plastics, LLC of approximately **HK$0.2 million**[59](index=59&type=chunk) [Net Profit](index=23&type=section&id=Net%20Profit) Net Profit (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit | 15,554 | 18,967 | -18.00% | - Net profit decreased primarily due to a decline in gross profit and gross profit margin, the latter mainly caused by the impact of tariffs reducing the Group's product selling prices[60](index=60&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's cash and cash equivalents increased, net cash from operating activities was robust, and the gearing ratio was zero, indicating a sound liquidity position Liquidity and Financial Resources Overview | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 138,240 | 114,515 | | Bank Facilities | 30,000 | 30,000 | | Gearing Ratio | Zero | Zero | - For the six months ended June 30, 2025, the Group recorded net cash from operating activities of approximately **HK$63.9 million**, primarily driven by profit before tax of approximately **HK$20.4 million**[61](index=61&type=chunk) [Capital Commitments and Capital Expenditure](index=24&type=section&id=Capital%20Commitments%20and%20Capital%20Expenditure) As of June 30, 2025, the Group had no capital commitments, and capital expenditure significantly decreased in the first half of the year, primarily for the acquisition of new machinery and equipment - As of June 30, 2025, the Group had **no capital commitments**[62](index=62&type=chunk) Capital Expenditure (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Expenditure (Gross additions to property, plant and equipment) | 485 | 3,855 | -87.41% | - This capital expenditure was primarily for the acquisition of new machinery and equipment[62](index=62&type=chunk) [Financial Policy](index=24&type=section&id=Financial%20Policy) The Group had ample cash and bank facilities during the reporting period, and management will continue to follow a prudent policy to manage cash balances and maintain robust liquidity to seize future growth opportunities - The Group has **ample cash and bank facilities** to conduct trade in the normal course of business[63](index=63&type=chunk) - Management will continue to follow a prudent policy to manage the Group's cash balances and maintain robust liquidity, ensuring the Group can seize any future growth opportunities[63](index=63&type=chunk) [Exchange Rate Risk](index=24&type=section&id=Exchange%20Rate%20Risk) The Group is exposed to exchange rate risk, particularly from fluctuations in the Renminbi, but did not use derivative instruments to hedge foreign exchange risk for the six months ended June 30, 2025 - The Group's transactions are primarily denominated in US dollars, Renminbi, and Hong Kong dollars, exposing it to exchange rate risk, especially from fluctuations in the Renminbi[64](index=64&type=chunk) Exchange Gains (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Exchange Gains | 500 | 700 | - For the six months ended June 30, 2025, the Group did not use any derivative instruments to hedge its foreign exchange risk[64](index=64&type=chunk) [Pledge of Assets](index=24&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had not pledged any assets - As of June 30, 2025, the Group had **not pledged any assets**[65](index=65&type=chunk) [Material Acquisitions, Disposals and Investments](index=24&type=section&id=Material%20Acquisitions%2C%20Disposals%20and%20Investments) For the six months ended June 30, 2025, the Group did not undertake any material acquisitions, disposals, or investments, nor did it hold any material investments - For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures, or investments[66](index=66&type=chunk) - The Group did not hold any material investments as of June 30, 2025[66](index=66&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of the date of this interim results announcement, the Group has no future plans for material investments or capital assets - For the six months ended June 30, 2025, and up to the date of this interim results announcement, the Group has **no future plans for material investments or capital assets**[67](index=67&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities and was not aware of any pending or potential material legal proceedings - As of June 30, 2025, the Group had **no significant contingent liabilities**, nor was it aware of any pending or potential material legal proceedings involving the Group[68](index=68&type=chunk) [Events After the Reporting Period](index=25&type=section&id=Events%20After%20the%20Reporting%20Period) The Company is not aware of any significant events after June 30, 2025, up to the date of this interim results announcement - The Company is not aware of any significant events after June 30, 2025, up to the date of this interim results announcement[69](index=69&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee headcount decreased, mainly due to reduced demand for production workers resulting from fewer sales orders, with the Group prioritizing employee development and training, determining remuneration and bonuses based on performance, experience, and market conditions, and participating in social insurance and mandatory provident fund schemes Employee Headcount (As of June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 563 | 737 | - The decrease in employee headcount was primarily due to reduced demand for production workers (non-administrative staff) in the production process as the number of sales orders received in the second quarter of 2025 decreased[70](index=70&type=chunk) Employee Benefit Expenses (For the six months ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Employee Benefit Expenses | 40,253 | 37,173 | - The Group has adopted a share option scheme as recognition for employee contributions[71](index=71&type=chunk) [Future Outlook](index=26&type=section&id=Future%20Outlook) The Group anticipates significant challenges for both its OEM and YouYou MaHou businesses in the future, facing a complex macroeconomic environment where US tariff policies adversely affect the OEM business, while intense competition and declining birth rates in the Chinese market continue to pressure the YouYou MaHou business, prompting the Group to actively implement strategies including deepening customer cooperation, expanding global markets, and evaluating production facility expansion - Both the Group's OEM business and YouYou MaHou business are expected to continue facing **significant challenges** in the future, with an increasingly complex macroeconomic environment[72](index=72&type=chunk) - The OEM business faces severe operational pressure, primarily due to **US government tariffs** on products imported from China, leading to reduced customer order intentions[73](index=73&type=chunk) - OEM business strategies include: deepening cooperation with existing customers, engaging with potential global customers to diversify reliance on the US market, exploring ways to enhance product manufacturing capabilities, and evaluating the feasibility of expanding production facilities to other Asian regions[73](index=73&type=chunk) - The YouYou MaHou business faces immense pressure due to: **intense local market competition** (price wars), a shift in customer shopping habits from offline to online, and the historical **declining trend in China's birth rate**[74](index=74&type=chunk) - The performance of the associate, BRH2 Plastics, LLC, continues to be affected by the **industry downturn**[75](index=75&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance with the code during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[76](index=76&type=chunk) - Following specific enquiries with all Directors, they have all confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For 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[77](index=77&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[78](index=78&type=chunk) [Interim Dividends](index=27&type=section&id=Interim%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, whereas an interim and interim special dividend totaling 10 HK Cents was paid for the same period in 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: interim and interim special dividends of **10 HK Cents**)[79](index=79&type=chunk) [Corporate Governance Code](index=27&type=section&id=Corporate%20Governance%20Code) The Company is committed to maintaining a high level of corporate governance and has adopted and complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, with the Board continuously reviewing and monitoring corporate governance practices - The Company has adopted and complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[80](index=80&type=chunk) - The Board is committed to continuously reviewing and monitoring the Company's corporate governance practices to maintain a high standard of corporate governance[81](index=81&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers the review process of financial information, publication channels for the interim results announcement and interim report, and the date of Board approval and Board members' information [Review of Financial Information](index=28&type=section&id=Review%20of%20Financial%20Information) The Company's Audit Committee has discussed and reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with management and recommended it for Board approval, and independent auditor PricewaterhouseCoopers has also completed its review - The Company's Audit Committee has discussed and reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with management and recommended it for Board approval[82](index=82&type=chunk) - Independent auditor PricewaterhouseCoopers has reviewed this financial information in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[82](index=82&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the websites of The Stock Exchange of Hong Kong Limited and the Company, and the interim report containing all required information will be published in due course - This interim results announcement has been published on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company (www.mainsuccess.cn), respectively[83](index=83&type=chunk) - The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be published on the respective websites of the Stock Exchange and the Company in due course[83](index=83&type=chunk) [Board Approval](index=28&type=section&id=Board%20Approval) This interim results announcement was approved by the Board of Directors on August 22, 2025 - This interim results announcement was approved by the Board of Directors on **August 22, 2025**[84](index=84&type=chunk)

萬 成 集 團 股 份 有 限 公 司 周青 （ 於開曼群島註冊成立之有限公司） 香港，二零二五年八月十二日 （股份代號：1451） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 MS GROUP HOLDINGS LIMITED 董事會會議召開日期 萬成集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議將於二零二五 年八月二十二日（ 星期五 ）舉行，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中期業績及其發佈，並考慮派發中期股息（ 如有）。 承董事會命 萬成集團股份有限公司 主席 於本公告日期，執行董事為周青先生、鍾國強先生、鍾丞晉先生、周瑋先生及老少芬女士；及獨立非執行董 事為俞漢度先生、司徒振中先生及馬清源先生。 ...