公司名稱: 集一控股有限公司 呈交日期: 2025年11月3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) | 01495 | 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 500,000,000 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 截至月份: 2025年 ...

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所引 致的任何損失承擔任何責任。 董事會謹此宣布，本公司於 2025 年 10 月 24 日收到香港特別行政區高等法院的命令，駁回於 2025 年 7 月 28 日提交的清盤呈請。 繼續暫停買賣 股份於 2024 年 4 月 2 日上午九時正起於聯交所暫停買賣，並將繼續暫停，直至另行通知為止。 本公司股東及潛在投資者於買賣本公司股份或其他證券時應審慎行事，如對其自身狀況有任何疑問， 應諮詢其獨立專業顧問。 Jiyi Holdings Limited 集一控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號： 1495 ） 內幕消息 － 清盤呈請的更新 本公告乃由集一控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交易所有限 公司（「聯交所」）證券上市規則（「上市規則」）第 13.09(2)(a)條及第 13.25(1)(b)條及香港法例第 571 章 證券及期貨條例第 XIVA 部項下內幕消息條文作出。 有關清盤 ...

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所引致的任何損失承擔任何責任。 Jiyi Holdings Limited 有關復牌進展之自願更新 及 繼續暫停買賣 本公告乃由集一控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港 聯 合 交 易 所 有 限 公 司（「 聯 交 所 」）證 券 上 市 規 則（「 上 市 規 則 」）第 13.09 條 及 第 13.25 (1) (b)條以 及香港 法例第571章 證券及 期貨條例 第XIVA 部項下 內幕消 息條文 作出。 有關復牌進展之更新 茲提述(i)本公司日期為2024年4月2日的公告，內容有關本公司股份（「股份」）於聯 交所暫停買賣；(ii)本公司日期為2024年8月29日、2024年9月9日、2025年4月1日 及2025年6月26日的公告，內容有關復牌指引及持續暫停買賣（「復牌指引」）；(iii) 本 公 司 日 期 為 2024 年 9 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年9月30日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 集一控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 01495 | 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 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或倚賴該 等內容而引致之任何損失承擔任何責任。 Jiyi Holdings Limited 集一控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：1495) 有關復牌進展之季度更新 及 繼續暫停買賣 本公告乃由集一控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交 易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.09 條及香港法例第 571 章證券 及期貨條例第 XIVA 部項下內幕消息條文作出。 有關復牌進展之季度更新 茲提述(i)本公司於 2024 年 4 月 2 日發佈的公告，內容有關本公司在聯交所的股份交易暫停； (ii)本公司於 2024 年 8 月 29 日、2024 年 9 月 9 日、2025 年 4 月 1 日及 2025 年 6 月 26 日發 佈的公告，內容有關復牌指引及持續交易暫停（「復牌指引」）；及(iii) 本公司於 2024 年 9 月 30 日、2025 年 1 月 8 日、2 ...

集一控股有限公司（「本本公司 ）董事會謹此宣佈，本公司已於 2025 年 9 月 29 日委任聯合證 券登記有限公司為本公司於香港的股份過戶登記分處，其委任將於本公司股份於香港聯合交易 所有限公司（「本聯交所 ）恢復買賣時生效。 本公司將於適當時候及根據聯交所證券上市規則之規定刊發進一步公告。 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 該等內容所引致的任何損失承擔任何責任。 集一控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1495） 香港股份過戶登記分處之委任 本公司股東及潛在投資者於買賣本公司股份或其他證券時應審慎行事，如對其持倉狀況有任何 疑問，應諮詢其獨立專業顧問。 承董事會命 集一控股有限公司 余潤坤 主席兼執行董事 香港，2025 年 9 月 29 日 於本公告日期，本公司執行董事為余潤坤先生，而本公司獨立非執行董事為張楚雯女士、魏志 航先生及遲世敏先生。 持續停牌 本公司股份於二零二四年四月二日（星期二）上午九時正起於聯交所暫停買賣，並將繼續暫停， 直至另行 ...

公司及香港聯合交易所有限公司對本公告內容概不承擔任何責任，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就本公告全部或任何部分內容而產生或因倚賴該等內容所引致或 所涉及的任何損失承擔任何責任。 集一控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1495） 內幕消息 獨立調查及內部監控檢討之主要發現 及 持續停牌 本公告乃由集一控股有限公司（「 本公司」或「 集一控股」，連同其附屬公司統稱 本集團」） 根據香港聯合交易所有限公司（ 聯交所」）證券上市規則（ 上市規則」）第 13.09(2)(a)條 以及《香港法例》第 571 章《證券及期貨條例》第 XIVA 部所界定之內幕消息條文刊發。 茲提述本公司若干公告如下：(i) 日期為二零二四年四月二日有關本公司股份（ 股份」）於 聯交所停止買賣之公告；(ii) 日期為二零二四年八月二十九日、二零二四年九月九日、二零二 五年四月一日及二零二五年六月二十六日有關，其中包括，初步最初復牌指引及額外復牌指引 （ 復牌指引」）；及(iii) 日期為二零二四年九月三十日、二零二五年一月八日、二零二五年 三月三十一日、二零二五年六月三十日及二零二五年七月八日有 ...

Group 1 - The company reported a revenue of approximately 193 million, representing a year-on-year decrease of 6.61% [1] - The loss attributable to the company's owners narrowed to 8.748 million, a reduction of 90.55% year-on-year [1] - The loss per share was 3.32 cents [1] Group 2 - The reduction in loss was primarily due to a decrease in impairment loss provisions by approximately 79.4 million under the expected credit loss model [1] - Administrative expenses decreased by 5.8 million, which offset an increase in litigation and legal expense provisions by approximately 5 million [1] - Gross profit increased by approximately 3.7 million [1]

公告称，亏损减少主要是由于在预期信用损失模型下，减值损失的准备减少约7940万元，行政费用减少 580万元，抵消了诉讼和法律费用准备增加约500万元以及毛利增加约370万元的影响。 集一控股(01495)公布截至2025年6月30日止6个月中期业绩，收入约1.93亿元，同比减少6.61%;公司拥有 人应占亏损874.8万元，同比收窄90.55%;每股亏损3.32分。 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This section provides an overview of Jiyi Holdings Limited's unaudited condensed consolidated interim results for the six months ended June 30, 2025 [Announcement Overview](index=1&type=section&id=Announcement%20Overview) Jiyi Holdings Limited announces its unaudited condensed consolidated interim results for the six months ended June 30, 2025, with comparative data for the same period in 2024 - Jiyi Holdings Limited announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the Group's financial performance, highlighting revenue, gross profit, and loss for the period, with comparative figures [Profit or Loss Summary](index=2&type=section&id=Profit%20or%20Loss%20Summary) For the six months ended June 30, 2025, revenue decreased to RMB 193,162 thousand from RMB 206,839 thousand, while loss for the period significantly narrowed to RMB 8,750 thousand from RMB 92,528 thousand, mainly due to reduced impairment losses under the expected credit loss model Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) (Restated) | | :--- | :--- | :--- | | Revenue | 193,162 | 206,839 | | Cost of sales | (185,846) | (203,212) | | Gross profit | 7,316 | 3,627 | | Other income | 1 | 272 | | Other losses, net | (40) | (3) | | Distribution and selling expenses | (466) | (740) | | Administrative expenses | (3,380) | (9,203) | | Provision for litigation and legal fees | (6,757) | (1,800) | | Impairment losses under expected credit loss model, net | – | (79,366) | | Finance costs | (5,424) | (5,315) | | Loss before tax | (8,750) | (92,528) | | Income tax expense | – | – | | Loss for the period | (8,750) | (92,528) | | Total comprehensive loss for the period | (9,094) | (89,719) | | Loss for the period attributable to owners of the Company | (8,748) | (92,525) | | Basic loss per share (RMB cents) | (3.32) | (35.08) | | Diluted loss per share (RMB cents) | (3.32) | (35.08) | - Loss for the period significantly narrowed by **90.5%**, from **RMB 92.5 million** in H1 2024 to **RMB 8.8 million** in H1 2025, primarily due to a reduction of approximately **RMB 79.4 million** in impairment losses under the expected credit loss model[4](index=4&type=chunk)[68](index=68&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section outlines the Group's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 [Financial Position Summary](index=4&type=section&id=Financial%20Position%20Summary) As of June 30, 2025, total assets were RMB 648,166 thousand, slightly up from RMB 638,355 thousand, while net current liabilities increased to RMB 15,838 thousand from RMB 8,258 thousand, indicating increased liquidity pressure Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 June 30 (RMB thousands) (Unaudited) | 2024 December 31 (RMB thousands) (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 75,340 | 76,650 | | Total current assets | 572,826 | 561,705 | | **Total Assets** | **648,166** | **638,355** | | **Liabilities** | | | | Total current liabilities | 588,664 | 569,963 | | Net Current Liabilities | (15,838) | (8,258) | | Total non-current liabilities | 20,974 | 20,974 | | **Net Assets** | **38,528** | **47,418** | | **Equity** | | | | Equity attributable to owners of the Company | 37,360 | 46,248 | | Non-controlling interests | 1,168 | 1,170 | | **Total Equity** | **38,528** | **47,418** | - As of June 30, 2025, the Group's net current liabilities increased to approximately **RMB 15.8 million** from **RMB 8.3 million** as of December 31, 2024, with the current ratio decreasing from **0.99 times** to **0.97 times**[10](index=10&type=chunk)[70](index=70&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the accounting policies, basis of preparation, and specific financial items within the interim statements [1. General Information](index=6&type=section&id=1.%20General%20Information) Jiyi Holdings Limited is an investment holding company incorporated in the Cayman Islands, with subsidiaries primarily engaged in the sale and distribution of building and home decoration materials and furniture, and provision of interior design and construction engineering services in China - The Company is an investment holding company with primary operations in China, including the sale and distribution of building and home decoration materials, furniture, and provision of interior design and construction engineering services[12](index=12&type=chunk) - The ultimate controlling party is Ms. Hou Wei, who wholly owns Xinling Limited[11](index=11&type=chunk) [2. Significant Accounting Policies and Basis of Preparation](index=6&type=section&id=2.%20Significant%20Accounting%20Policies%20and%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules; while directors expect sufficient resources for going concern, significant uncertainties remain regarding debt extensions, accelerated asset sales, and cost control [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 Interim Financial Reporting and Appendix D2 of the Listing Rules - Financial statements are prepared in accordance with **HKAS 34** and **Appendix D2 of the Listing Rules**[13](index=13&type=chunk) [2.2 Going Concern Basis](index=7&type=section&id=2.2%20Going%20Concern%20Basis) As of June 30, 2025, the Group incurred a net loss of RMB 8.8 million, net current liabilities of RMB 15.8 million, and approximately RMB 154.3 million in defaulted bank borrowings, creating significant going concern uncertainties; the company has plans to mitigate liquidity pressure - As of June 30, 2025, the Group incurred a net loss of approximately **RMB 8.8 million** and net current liabilities of approximately **RMB 15.8 million**[15](index=15&type=chunk) - Approximately **RMB 154.3 million** in bank and other borrowings are in default or cross-default, constituting a material uncertainty to going concern[15](index=15&type=chunk) - The Company is negotiating repayment terms with creditors and may explore equity financing to repay part of the borrowings[16](index=16&type=chunk) - The Group plans to develop higher-margin interior design and construction engineering services, having secured **35 contracts** totaling approximately **RMB 1.0867 billion**[17](index=17&type=chunk) - The Group will accelerate the recovery of prepayments and other receivables, and seek to dispose of property, plant, and equipment and investment properties to generate additional cash flow[17](index=17&type=chunk) - The Group has implemented measures to control operating and administrative costs and will further reduce non-essential expenses[17](index=17&type=chunk) [2.3 Application of New and Revised HKFRSs](index=9&type=section&id=2.3%20Application%20of%20New%20and%20Revised%20HKFRSs) Revisions to HKFRSs, such as HKAS 27 'Lack of Exchangeability', adopted for the first time in this interim period, have no material impact on the Group's financial position or performance - The application of revised HKFRSs in this interim period has no material impact on the Group's financial position and performance[21](index=21&type=chunk) [3. Prior Period Adjustments](index=10&type=section&id=3.%20Prior%20Period%20Adjustments) The company made adjustments for unauthorized guarantee arrangements and unrecorded finance leases; while two unauthorized guarantee loans were found, they had no material impact on past financial statements, but unrecorded finance leases increased H1 2024 administrative and finance costs, restating loss for the period and total comprehensive loss by RMB 288 thousand [3.(a) Adjustments related to unauthorized guarantee loans](index=10&type=section&id=3.a%20Adjustments%20related%20to%20unauthorized%20guarantee%20loans) Independent consultants identified two unauthorized guarantee loans where group subsidiaries guaranteed private borrowings for Ms. Hou Wei and her spouse without formal board authorization; however, collateral assets were deemed sufficient to cover the guarantees, resulting in no material impact on past consolidated financial statements - Two unauthorized guarantee arrangements were identified, involving Group subsidiaries providing guarantees for private borrowings of Ms. Hou Wei and her spouse[22](index=22&type=chunk)[23](index=23&type=chunk) - Despite lacking formal board authorization, independent assessment concluded that the value of pledged assets was sufficient to cover the guaranteed amounts, resulting in no material impact on prior financial statements[25](index=25&type=chunk)[27](index=27&type=chunk) [3.(b) Adjustments related to unrecorded finance leases](index=11&type=section&id=3.b%20Adjustments%20related%20to%20unrecorded%20finance%20leases) Independent consultants identified unrecorded finance lease liabilities between Guangxi Jiyi and Guangji Lian, primarily for new energy vehicles; these unrecorded leases increased H1 2024 administrative expenses by RMB 248 thousand and finance costs by RMB 40 thousand, restating loss for the period and total comprehensive loss by RMB 288 thousand - Unrecorded finance lease liabilities were identified between Guangxi Jiyi and Guangji Lian, primarily involving new energy vehicles, totaling approximately **RMB 4,683 thousand** (2023: **RMB 4,871 thousand**)[28](index=28&type=chunk)[29](index=29&type=chunk) Impact of Unrecorded Finance Leases on H1 2024 Consolidated Statement of Profit or Loss | Indicator | Previously reported (RMB thousands) | Prior period adjustment (RMB thousands) | Restated (RMB thousands) | | :--- | :--- | :--- | :--- | | Administrative expenses | (8,955) | (248) | (9,203) | | Finance costs | (5,275) | (40) | (5,315) | | Loss before tax | (92,240) | (288) | (92,528) | | Loss for the year | (92,240) | (288) | (92,528) | | Total comprehensive loss for the year | (89,431) | (288) | (89,719) | | Basic loss per share attributable to owners of the Company for the year (RMB cents) | (34.97) | (0.11) | (35.08) | [4. Segment Information](index=13&type=section&id=4.%20Segment%20Information) The Group primarily operates two revenue streams: sales and distribution of goods, and provision of interior design and engineering services; in H1 2025, interior design and engineering services revenue grew significantly, accounting for 13.6% of total revenue, while sales and distribution of goods revenue decreased [Segment Revenue and Results](index=13&type=section&id=Segment%20Revenue%20and%20Results) In H1 2025, sales and distribution of goods revenue was RMB 166,836 thousand, and interior design and engineering services revenue was RMB 26,326 thousand; the higher gross margin of interior design and engineering services significantly contributed to the Group's overall gross profit growth Segment Revenue and Gross Profit (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Gross Profit (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Gross Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Sales and distribution of goods | 166,836 | 3,367 | 205,826 | 3,495 | | Interior design and engineering services | 26,326 | 3,949 | 1,013 | 132 | | **Total** | **193,162** | **7,316** | **206,839** | **3,627** | - In H1 2025, revenue from interior design and construction engineering services accounted for **13.6%** of total revenue (H1 2024: **0.5%**), while sales and distribution of goods accounted for **86.4%** (H1 2024: **99.5%**)[56](index=56&type=chunk) [Geographical Information](index=15&type=section&id=Geographical%20Information) The Group's operations are primarily located in China, with all external customer revenue and most non-current assets concentrated within China Geographical Revenue and Non-current Assets (As of June 30) | Region | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | 2025 June 30 Non-current Assets (RMB thousands) | 2024 December 31 Non-current Assets (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | China | 193,162 | 206,839 | 74,687 | 75,750 | | Hong Kong | – | – | 653 | 900 | | **Total** | **193,162** | **206,839** | **75,340** | **76,650** | [Information about Major Customers](index=15&type=section&id=Information%20about%20Major%20Customers) In H1 2025, Customer B contributed RMB 20,000 thousand in revenue, while Customer A contributed RMB 38,495 thousand in H1 2024, both from the sales and distribution of goods segment Major Customer Revenue (For the six months ended June 30) | Customer | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Customer A | – | 38,495 | | Customer B | 20,000 | – | [5. Revenue](index=16&type=section&id=5.%20Revenue) The Group's revenue primarily derives from bulk commodity trading, building material sales, and construction engineering services; in H1 2025, construction engineering services revenue grew significantly, while bulk commodity trading revenue decreased Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30, 2025) | Goods and Services Category | Sales and distribution of goods (RMB thousands) | Interior design and engineering services (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Bulk commodity trading | 134,304 | – | 134,304 | | Building materials | 32,532 | – | 32,532 | | Construction engineering services | – | 26,326 | 26,326 | | **Total** | **166,836** | **26,326** | **193,162** | | Timing of revenue recognition: | | | | | At a point in time | 166,836 | – | 166,836 | | Over time | – | 26,326 | 26,326 | Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30, 2024) | Goods and Services Category | Sales and distribution of goods (RMB thousands) | Interior design and engineering services (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Bulk commodity trading | 204,168 | – | 204,168 | | Building materials | 1,658 | – | 1,658 | | Interior design | – | 1,013 | 1,013 | | **Total** | **205,826** | **1,013** | **206,839** | | Timing of revenue recognition: | | | | | At a point in time | 205,826 | – | 205,826 | | Over time | – | 1,013 | 1,013 | [6. Profit for the Period](index=20&type=section&id=6.%20Profit%20for%20the%20Period) Profit for the period is derived after deducting or including items such as staff costs, auditor's remuneration, cost of inventories, depreciation, and rental income; total staff costs in H1 2025 were RMB 1,855 thousand, down from RMB 2,174 thousand in the prior period Key Deductions/Inclusions in Profit for the Period (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total staff costs | 1,855 | 2,174 | | Auditor's remuneration | – | 485 | | Cost of inventories recognized as an expense | 185,846 | 203,212 | | Depreciation of property, plant and equipment | 908 | 908 | | Depreciation of right-of-use assets | 75 | 75 | | Gross rental income from investment properties | 192 | 192 | | Less: Direct operating expenses arising from investment properties that generated rental income during the period | (9) | (9) | [7. Income Tax Expense](index=21&type=section&id=7.%20Income%20Tax%20Expense) The Group's entities in the Cayman Islands and BVI are exempt from income tax; no provision for Hong Kong tax is made as income is not generated or derived from Hong Kong, and Chinese subsidiaries are subject to a 25% tax rate - Entities in the Cayman Islands and British Virgin Islands are exempt from income tax[46](index=46&type=chunk) - Chinese subsidiaries are subject to a tax rate of **25%**[47](index=47&type=chunk) [8. Loss Per Share](index=21&type=section&id=8.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share both narrowed significantly to RMB 3.32 cents from RMB 35.08 cents in the prior period; convertible loan notes and share options had an anti-dilutive effect and were not included in diluted EPS calculation Loss Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) (Restated) | | :--- | :--- | :--- | | Basic loss per share | (3.32) | (35.08) | | Diluted loss per share | (3.32) | (35.08) | - Convertible loan notes and share options had an anti-dilutive effect on basic loss per share and were not included in the calculation of diluted earnings per share[49](index=49&type=chunk) [9. Dividends](index=22&type=section&id=9.%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[50](index=50&type=chunk) [10. Trade and Other Receivables and Prepayments](index=23&type=section&id=10.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables and prepayments were RMB 352,164 thousand, slightly down from RMB 354,857 thousand; trade receivables (net of allowance) were RMB 339,067 thousand, with a higher proportion aged over one to two years and over two years Trade and Other Receivables and Prepayments (As of June 30) | Item | 2025 June 30 (RMB thousands) | 2024 December 31 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables (net of allowance for credit losses) | 339,067 | 346,018 | | Other receivables (net of allowance for credit losses) | 5,827 | 1,569 | | Prepayments (net of allowance for expected credit losses) | 7,270 | 7,270 | | **Total** | **352,164** | **354,857** | | Analyzed as: | | | | Non-current | 7,270 | 7,270 | | Current | 344,894 | 347,587 | Ageing Analysis of Trade Receivables (Net of Allowance) (As of June 30) | Ageing | 2025 June 30 (RMB thousands) | 2024 December 31 (RMB thousands) | | :--- | :--- | :--- | | Within six months | 104,937 | 111,888 | | Over one to two years | – | 1,441 | | Over two years | 234,130 | 232,689 | | **Total** | **339,067** | **346,018** | [11. Trade and Other Payables](index=25&type=section&id=11.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to RMB 249,942 thousand from RMB 242,155 thousand; trade payables were RMB 147,107 thousand, with approximately 27.8% aged over one year Trade and Other Payables (As of June 30) | Item | 2025 June 30 (RMB thousands) | 2024 December 31 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 147,107 | 139,178 | | Other payables | 102,835 | 102,977 | | **Total** | **249,942** | **242,155** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 June 30 (RMB thousands) | 2024 December 31 (RMB thousands) | | :--- | :--- | :--- | | Within six months | 106,238 | 98,309 | | Over one year | 40,869 | 40,869 | | **Total** | **147,107** | **139,178** | [Management Discussion and Analysis](index=26&type=section&id=Management%20Discussion%20and%20Analysis) This section offers management's perspective on the Group's business and financial performance, liquidity, and future outlook [Business Review](index=26&type=section&id=Business%20Review) In H1 2025, the Group focused on interior design and construction engineering services, reducing resources for lower-margin goods sales and distribution, resulting in decreased total revenue but increased gross margin - In H1 2025, the Group focused on providing interior design and construction engineering services, reducing resource allocation to lower-margin goods sales and distribution[56](index=56&type=chunk) - Revenue from interior design and construction engineering services accounted for **13.6%** of total revenue (H1 2024: **0.5%**), while sales and distribution of goods accounted for **86.4%** (H1 2024: **99.5%**)[56](index=56&type=chunk) [Provision of Interior Design and Construction Engineering Services](index=26&type=section&id=Provision%20of%20Interior%20Design%20and%20Construction%20Engineering%20Services) In H1 2025, interior design and construction engineering services generated approximately RMB 26.3 million in revenue, with a gross profit of RMB 3.9 million and a gross margin of 15.0% Performance of Interior Design and Construction Engineering Services (For the six months ended June 30) | Indicator | 2025 H1 (RMB millions) | | :--- | :--- | | Revenue | 26.3 | | Gross profit | 3.9 | | Gross margin | 15.0% | [Sales and Distribution of Goods](index=26&type=section&id=Sales%20and%20Distribution%20of%20Goods) In H1 2025, sales and distribution of goods revenue decreased by approximately RMB 39.0 million or 18.9%, primarily due to lower bulk commodity trading revenue, despite an increase in building materials sales - Sales and distribution of goods revenue decreased by **18.9%** from **RMB 205.8 million** in H1 2024 to **RMB 166.8 million** in H1 2025[58](index=58&type=chunk) - The decrease was primarily attributable to reduced bulk commodity trading revenue[58](index=58&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) The Group's total revenue decreased by 6.6%, but gross profit increased by 101.7%, driven by higher-margin interior design and construction engineering services; significantly reduced administrative expenses and a slight increase in finance costs led to a 90.5% narrowing of loss for the period [Revenue by Business Operation](index=27&type=section&id=Revenue%20by%20Business%20Operation) Total revenue decreased by 6.6% from RMB 206.8 million in H1 2024 to RMB 193.2 million in H1 2025; interior design and construction engineering services revenue grew significantly, while sales and distribution of goods revenue declined overall - Total revenue decreased by **6.6%** from **RMB 206.8 million** in H1 2024 to **RMB 193.2 million** in H1 2025[59](index=59&type=chunk) - Revenue from interior design and construction engineering services increased by approximately **RMB 25.3 million** to **RMB 26.3 million** (**2,530%** growth)[60](index=60&type=chunk) - Sales and distribution of goods revenue decreased overall by approximately **RMB 39.0 million** or **18.9%** to **RMB 166.8 million**[61](index=61&type=chunk) - Building materials sales revenue increased by approximately **RMB 30.9 million** or **1,862.1%** to **RMB 32.5 million**, primarily due to increased cement sales[62](index=62&type=chunk) - Bulk commodity trading revenue decreased by approximately **RMB 69.9 million** or **34.2%** to **RMB 134.3 million**, mainly due to reduced sales of electrolytic copper and aluminum ingots[63](index=63&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 101.7% from RMB 3.6 million in H1 2024 to RMB 7.3 million in H1 2025, primarily due to higher-margin interior design and construction engineering services; gross margin for goods sales and distribution also improved - Gross profit increased by **101.7%** from **RMB 3.6 million** in H1 2024 to **RMB 7.3 million** in H1 2025[64](index=64&type=chunk) - The gross margin for interior design and construction engineering services was approximately **15.0%**[64](index=64&type=chunk) - The gross margin for sales and distribution of goods business increased from approximately **1.7%** in H1 2024 to **2.0%** in H1 2025[64](index=64&type=chunk) [Selling and Distribution Expenses](index=28&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 37.0% from RMB 0.7 million in H1 2024 to RMB 0.5 million in H1 2025 - Selling and distribution expenses decreased by approximately **RMB 0.3 million** or **37.0%** to **RMB 0.5 million**[65](index=65&type=chunk) [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 63.3% from RMB 9.2 million in H1 2024 to RMB 3.4 million in H1 2025 - Administrative expenses decreased by approximately **RMB 5.8 million** or **63.3%** to **RMB 3.4 million**[66](index=66&type=chunk) [Finance Costs](index=28&type=section&id=Finance%20Costs) Finance costs increased by 2.1% from RMB 5.3 million in H1 2024 to RMB 5.4 million in H1 2025 - Finance costs increased by approximately **RMB 0.1 million** or **2.1%** to **RMB 5.4 million**[67](index=67&type=chunk) [Overall Loss Reduction](index=29&type=section&id=Overall%20Loss%20Reduction) H1 2025 loss was approximately RMB 8.8 million, a 90.5% reduction from RMB 92.5 million in the prior period, mainly due to a RMB 79.4 million decrease in impairment losses under the expected credit loss model and a RMB 5.8 million reduction in administrative expenses - Overall loss decreased by approximately **RMB 83.8 million** or **90.5%** to **RMB 8.8 million**[68](index=68&type=chunk) - Primarily attributable to a reduction of approximately **RMB 79.4 million** in impairment losses under the expected credit loss model and a **RMB 5.8 million** decrease in administrative expenses[68](index=68&type=chunk) [Liquidity, Financial and Capital Resources](index=29&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) The Group meets liquidity needs through operating cash, bank borrowings, convertible loan notes, and amounts due to related parties; net current liabilities increased, the current ratio decreased, bank balances and cash declined, and bank borrowings are fully utilized and secured by assets and personal guarantees [Capital Structure](index=29&type=section&id=Capital%20Structure) In H1 2025, the Group met its liquidity needs through a combination of cash generated from operations, bank borrowings, convertible loan notes, and amounts due to related parties - Liquidity needs are met through operating cash, bank borrowings, convertible loan notes, and amounts due to related parties[69](index=69&type=chunk) [Liquidity and Financial Resources](index=29&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, net current liabilities increased to RMB 15.8 million, the current ratio decreased to 0.97 times, and bank balances and cash declined to approximately RMB 2.0 million - Net current liabilities increased from **RMB 8.3 million** as of December 31, 2024, to **RMB 15.8 million** as of June 30, 2025[70](index=70&type=chunk) - The current ratio decreased from approximately **0.99 times** as of December 31, 2024, to approximately **0.97 times** as of June 30, 2025[70](index=70&type=chunk) - Bank balances and cash were approximately **RMB 2.0 million** (December 31, 2024: **RMB 5.0 million**)[70](index=70&type=chunk) [Borrowings and Pledges of Assets](index=29&type=section&id=Borrowings%20and%20Pledges%20of%20Assets) As of June 30, 2025, the Group's short-term bank financing facilities were fully utilized, with total bank borrowings of approximately RMB 154.3 million, secured by property, plant and equipment, investment properties, and right-of-use assets, and co-guaranteed by Ms. Hou Wei and Mr. Deng Jianshen - Short-term bank financing facilities were fully utilized, with total bank borrowings of approximately **RMB 154.3 million**[71](index=71&type=chunk) - Bank borrowings are secured by property, plant and equipment, investment properties, and right-of-use assets, and co-guaranteed by Ms. Hou Wei and Mr. Deng Jianshen[72](index=72&type=chunk) [Material Investments, Acquisitions and Disposals](index=30&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) The Group had no material investment, acquisition, or disposal transactions in H1 2025 - There were no material investment, acquisition, or disposal transactions in H1 2025[73](index=73&type=chunk) [Capital Expenditure](index=30&type=section&id=Capital%20Expenditure) The Group incurred no material capital expenditure in H1 2025 - There was no material capital expenditure in H1 2025[74](index=74&type=chunk) [Capital Commitments](index=30&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no material outstanding capital commitments - As of June 30, 2025, there were no material outstanding capital commitments[75](index=75&type=chunk) [Contingent Liabilities](index=30&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, there were no material contingent liabilities[76](index=76&type=chunk) [Outlook](index=30&type=section&id=Outlook) The Group faces industry challenges and opportunities, remaining vigilant and adaptable to economic changes, focusing on providing reliable and sustainable materials to maintain its quality reputation; financial performance is expected to grow cautiously, with an emphasis on maintaining a solid financial foundation - The Group will remain vigilant, adapt to economic fluctuations, and focus on providing reliable and sustainable materials to maintain its quality reputation[77](index=77&type=chunk) - Financial performance is expected to grow cautiously, with an emphasis on maintaining a solid financial foundation[78](index=78&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=Foreign%20Exchange%20Risk) The Group primarily transacts in RMB, facing foreign exchange risk related to HKD; management will closely monitor its impact, but currently has no foreign currency hedging policy - The Group primarily transacts in RMB, facing foreign exchange risk related to HKD[79](index=79&type=chunk) - Management will closely monitor foreign exchange risk but currently has no foreign currency hedging policy[79](index=79&type=chunk) [Litigation Matters](index=31&type=section&id=Litigation%20Matters) As of June 30, 2025, the Group accrued RMB 51.5 million in estimated liabilities for pending litigation, primarily due to increased financial pressure from the domestic economic downturn; management believes these lawsuits will not materially impact current financial statements due to property collateral and receivable coverage - As of June 30, 2025, accumulated estimated liabilities for pending litigation totaled **RMB 51.5 million** (December 31, 2024: **RMB 44.7 million**)[80](index=80&type=chunk) - Litigation cases primarily arose from increased financial pressure due to the domestic economic downturn[80](index=80&type=chunk) - Management believes that, due to collateralized properties and receivable coverage, the litigation will not have a material impact on the current financial statements[81](index=81&type=chunk) [Employees and Remuneration Policies](index=32&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had 20 employees with total staff costs of approximately RMB 1.9 million; remuneration policy aims for fair and competitive treatment, considering workload, individual performance, company profitability, and market levels - As of June 30, 2025, the total number of employees was **20** (June 30, 2024: **20**)[82](index=82&type=chunk) - Total staff costs (including directors' emoluments) for H1 2025 were approximately **RMB 1.9 million** (H1 2024: **RMB 2.2 million**)[82](index=82&type=chunk) - Remuneration policy considers factors such as workload, responsibilities, individual performance, company performance and profitability, market levels, and overall economic conditions[82](index=82&type=chunk)[86](index=86&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) This section covers additional disclosures including corporate governance, compliance, post-reporting period events, and trading status [Sufficiency of Public Float](index=33&type=section&id=Sufficiency%20of%20Public%20Float) The Company maintained a sufficient public float as required by the Listing Rules of The Stock Exchange of Hong Kong Limited throughout H1 2025 - The Company maintained a sufficient public float as required by the Listing Rules throughout H1 2025[83](index=83&type=chunk) [Events After Reporting Period](index=33&type=section&id=Events%20After%20Reporting%20Period) On July 28, 2025, former CFO and Company Secretary Mr. Law Wai Chiu filed a winding-up petition with the Hong Kong High Court against the Company, seeking its winding-up for outstanding wages, unpaid annual leave, and interest totaling HKD 325,966.69 - On July 28, 2025, Mr. Law Wai Chiu filed a winding-up petition with the Hong Kong High Court, seeking the winding-up of the Company[84](index=84&type=chunk) - The petition involves outstanding wages, unpaid annual leave, and interest totaling **HKD 325,966.69**[84](index=84&type=chunk) [Corporate Governance Code](index=34&type=section&id=Corporate%20Governance%20Code) The Company is committed to high corporate governance standards, adopting the CG Code in Appendix C1 of the Listing Rules; it complied with the CG Code in H1 2025, except for a period from September 3, 2024, to June 6, 2025, when the number of independent non-executive directors did not meet Listing Rules requirements - The Company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[87](index=87&type=chunk) - From September 3, 2024, to June 6, 2025, the number of independent non-executive directors and audit committee members did not meet Listing Rules requirements[89](index=89&type=chunk) - As of June 6, 2025, with the appointment of new independent non-executive directors, the Company has complied with the relevant Listing Rules requirements[89](index=89&type=chunk) [Compliance with Model Code](index=35&type=section&id=Compliance%20with%20Model%20Code) Directors adopted the Model Code in Appendix C3 of the Listing Rules as their code of conduct for dealing in the Company's securities and confirmed full compliance in H1 2025 - All Directors confirmed full compliance with the required standards of dealing as set out in the Model Code throughout H1 2025[90](index=90&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities in H1 2025[91](index=91&type=chunk) [Review of Interim Results](index=35&type=section&id=Review%20of%20Interim%20Results) The Audit Committee reviewed the Group's accounting principles and practices, discussed internal controls and financial reporting matters, including the interim results for the six months ended June 30, 2025, and recommended their adoption by the Board - The Audit Committee reviewed the interim results and recommended their adoption by the Board[92](index=92&type=chunk) [Publication of Interim Results and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the Company's website and the HKEX website; the interim report containing all information will be published and dispatched to shareholders on or before October 30, 2025 - The interim results announcement has been published on the Company's website and the HKEX website[93](index=93&type=chunk) - The interim report, containing all information, will be published and dispatched to shareholders on or before October 30, 2025[93](index=93&type=chunk) [Continued Suspension of Trading](index=36&type=section&id=Continued%20Suspension%20of%20Trading) Trading in the Company's shares has been suspended on the Stock Exchange since April 2, 2024, and will remain suspended until further notice - Trading in the Company's shares has been suspended on the Stock Exchange since **April 2, 2024**, and will remain suspended[94](index=94&type=chunk)