致：香港交易及結算所有限公司 公司名稱: 永豐集團控股有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 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) | 01549 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定 ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號：1549) NOTIFICATION LETTER 通 知 信 函 Dear Non-registered Shareholder(s) (Note 1) , 12 September 2025 The following document(s) of Ever Harvest Group Holdings Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at http://www.xhsl.com.hk and The Stock Exchange of Hong Kong Limited at http://www.hkexnews.hk (collectively the "Websites"):- • Interim Rep ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號：1549) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), 12 September 2025 The following document(s) of Ever Harvest Group Holdings Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at http://www.xhsl.com.hk and The Stock Exchange of Hong Kong Limited at http://www.hkexnews.hk (collectively the "Websites"):- • Interim Report 2025 Should y ...

BOARD OF DIRECTORS Executive Directors EVER HARVEST GROUP HOLDINGS LIMITED 永豐集團控股有限公司 INTERIM REPORT 2025 中期報告 | CONTENTS | 目錄 | | | --- | --- | --- | | Corporate Information | 公司資料 | 2 | | Financial Highlights | 財務摘要 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 6 | | Other Information | 其他資料 | 10 | | Condensed Consolidated Income Statement | 簡明綜合收益表 | 16 | | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收益表 | 17 | | Condensed Consolidated Statement of Financial Position | 簡明綜合 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 永豐集團控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01549 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Group 1 - The company reported a revenue of HKD 215 million for the six months ending June 30, 2025, representing a year-on-year increase of 20% [1] - Gross profit amounted to HKD 35.114 million, reflecting a year-on-year growth of 7.4% [1] - The profit attributable to the company's owners was HKD 7.677 million, a significant turnaround from a loss of HKD 9.225 million in the same period last year [1] - Basic earnings per share were HKD 0.005 [1]

Core Viewpoint - Yongfeng Group Holdings (01549) reported a significant turnaround in its financial performance for the six months ending June 30, 2025, achieving a revenue of HKD 215 million, a year-on-year increase of 20%, and a profit of HKD 7.677 million compared to a loss of HKD 9.225 million in the same period last year [1] Financial Performance - The company recorded a revenue of HKD 215 million, representing a 20% increase compared to the previous year [1] - The profit for the period was HKD 7.677 million, a notable recovery from a loss of HKD 9.225 million in the same period last year [1] - Earnings per share were reported at HKD 0.005 [1] Reasons for Turnaround - The primary reasons for the shift from loss to profit include an increase in service shipment volume and revenue compared to the same period in 2024 [1] - There were no additional tax-related expenses or penalties during the reporting period, contributing to the improved financial results [1]

Core Viewpoint - Yongfeng Group Holdings (01549) reported a significant turnaround in its financial performance for the six months ending June 30, 2025, achieving a revenue of HKD 215 million, a 20% increase year-on-year, and a profit of HKD 7.677 million compared to a loss of HKD 9.225 million in the same period last year [1] Financial Performance - The company recorded a revenue of HKD 215 million, representing a 20% year-on-year increase [1] - The profit for the period was HKD 7.677 million, a notable recovery from a loss of HKD 9.225 million in the previous year [1] - Earnings per share were reported at HKD 0.005 [1] Reasons for Turnaround - The primary reasons for the shift from loss to profit include an increase in service shipment volume and revenue compared to the same period in 2024 [1] - There were no additional tax-related expenses or fines during the reporting period, contributing to the improved financial results [1]

Company Information and Report Declaration [Report Cover and Disclaimer](index=1&type=section&id=Report%20Cover%20and%20Disclaimer) This report is the interim results announcement of Yongfeng Group Holdings Limited for the six months ended June 30, 2025, with disclaimers from HKEX and SEHK - Yongfeng Group Holdings Limited (Stock Code: 1549) released its interim results announcement for the six months ended June 30, 2025[2](index=2&type=chunk) - The Stock Exchange of Hong Kong Limited and Hong Kong Exchanges and Clearing Limited are not responsible for the content of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement[1](index=1&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue grew significantly by 20.0% to HK$214,523 thousand, achieving a profit for the period of HK$7,677 thousand, reversing the loss from the prior year | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 214,523 | 178,749 | 35,774 | +20.0% | | Cost of services | (179,409) | (146,058) | (33,351) | +22.8% | | Gross profit | 35,114 | 32,691 | 2,423 | +7.4% | | Other income, net | 8,191 | 6,750 | 1,441 | +21.3% | | Administrative and other operating expenses | (33,627) | (39,477) | 5,850 | -14.8% | | Finance costs | (868) | (1,269) | 401 | -31.6% | | Profit (Loss) before tax | 8,810 | (1,305) | 10,115 | N/A | | Income tax expense | (1,133) | (7,920) | 6,787 | -85.7% | | Profit (Loss) for the period | 7,677 | (9,225) | 16,902 | N/A | | Basic earnings (loss) per share | 0.50 HK cents | (0.60) HK cents | N/A | N/A | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income for the period was HK$7,418 thousand, a significant improvement compared to the total comprehensive expense of HK$9,723 thousand in the prior year | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Profit (Loss) for the period | 7,677 | (9,225) | 16,902 | | Exchange differences arising from translation | (259) | (498) | 239 | | Total comprehensive income (expense) for the period | 7,418 | (9,723) | 17,141 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly decreased, but net current assets significantly increased by 22.9% to HK$61,201 thousand, and total equity grew steadily by 3.6% to HK$212,430 thousand, indicating a robust financial position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 153,200 | 157,069 | (3,869) | -2.5% | | Current assets | 201,723 | 199,194 | 2,529 | +1.3% | | Current liabilities | 140,522 | 149,381 | (8,859) | -5.9% | | Net current assets | 61,201 | 49,813 | 11,388 | +22.9% | | Net assets | 212,430 | 205,012 | 7,418 | +3.6% | | Total equity | 212,430 | 205,012 | 7,418 | +3.6% | Notes to the Condensed Consolidated Financial Statements [General Information and Basis of Preparation](index=4&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) Yongfeng Group Holdings Limited, incorporated in the Cayman Islands, primarily engages in investment holding, with subsidiaries providing marine freight and freight forwarding services in Hong Kong and China - The Company is incorporated in the Cayman Islands, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 6, 2016[7](index=7&type=chunk) - The principal activities of the Group are the provision of marine freight and freight forwarding services in Hong Kong and the PRC[8](index=8&type=chunk) - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules of the Stock Exchange, presented in Hong Kong dollars[8](index=8&type=chunk)[9](index=9&type=chunk) [Adoption of Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=Adoption%20of%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The accounting policies applied in preparing these unaudited condensed consolidated financial statements are consistent with the 2024 financial statements, adopting only relevant revised HKFRSs effective for the current period - Accounting policies are consistent with the 2024 financial statements, adopting only relevant revised Hong Kong Financial Reporting Standards effective for the current period[10](index=10&type=chunk) - The Group has not early adopted any revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective for the financial period beginning on January 1, 2025[10](index=10&type=chunk) [Segment Information](index=5&type=section&id=Segment%20Information) The Group's operating segments are assessed by executive directors based on internal reporting, primarily comprising marine freight forwarding services and feeder vessel, carrier-owned container, and barge services by route - Executive directors are identified as the chief operating decision-makers, reviewing internal reports to assess performance and allocate resources[11](index=11&type=chunk) - Segment results refer to the gross profit earned or loss incurred by each segment, excluding other income, administrative and other operating expenses, finance costs, and income tax expense[11](index=11&type=chunk) [Business Segment Results](index=6&type=section&id=Business%20Segment%20Results) For the six months ended June 30, 2025, marine freight forwarding services and all routes (Fujian, Guangxi, Guangdong, Hainan) recorded revenue and segment results, with marine freight forwarding and Hainan routes showing strong performance | Segment | 2025 Revenue (HK$ thousand) | 2025 Segment Results (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Marine freight forwarding services | 44,480 | 8,933 | 31,082 | 4,714 | | Fujian route | 42,723 | 6,868 | 30,718 | 6,548 | | Guangxi route | 61,254 | 5,891 | 51,759 | 8,096 | | Guangdong route | 22,350 | 5,099 | 21,764 | 6,707 | | Hainan route | 43,716 | 8,323 | 43,426 | 6,626 | | **Total** | **214,523** | **35,114** | **178,749** | **32,691** | [Geographical Information](index=7&type=section&id=Geographical%20Information) As of June 30, 2025, the Group's designated non-current assets were primarily located in Hong Kong and China, totaling HK$153,200 thousand, a slight decrease from the end of 2024 | Region | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 120,588 | 123,339 | | China | 32,612 | 33,730 | | **Total** | **153,200** | **157,069** | [Major Customers Information](index=7&type=section&id=Major%20Customers%20Information) For the six months ended June 30, 2025, one customer contributed over 10% of total revenue, amounting to approximately HK$22,511,000, whereas there were no such customers in the prior year - In the first half of 2025, one customer contributed total revenue over **10%**, amounting to approximately **HK$22,511,000**[17](index=17&type=chunk) - In the corresponding period of 2024, no customer contributed total revenue over **10%**[17](index=17&type=chunk) [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue was HK$214,523 thousand, primarily from feeder vessel services and marine freight forwarding services, with all service types showing growth | Service Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Feeder vessel services | 145,652 | 130,852 | 14,800 | +11.3% | | Carrier-owned container services | 24,319 | 16,470 | 7,849 | +47.7% | | Marine freight forwarding services | 44,480 | 31,082 | 13,398 | +43.1% | | Barge services | 72 | 345 | (273) | -79.1% | | **Total Revenue** | **214,523** | **178,749** | **35,774** | **+20.0%** | [Other Income, Net](index=8&type=section&id=Other%20Income%2C%20Net) For the six months ended June 30, 2025, other income, net, increased to HK$8,191 thousand, mainly driven by higher government grants and gains from financial assets at fair value through profit or loss | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 690 | 794 | (104) | -13.1% | | Dividend income | 32 | 48 | (16) | -33.3% | | Net exchange (loss) gain | (528) | 347 | (875) | N/A | | Gain on disposal of property, plant and equipment | – | 515 | (515) | -100.0% | | Government grants | 6,217 | 4,451 | 1,766 | +39.7% | | Net gain (loss) on financial assets at fair value through profit or loss | 1,800 | (297) | 2,097 | N/A | | Rental income | 160 | 840 | (680) | -81.0% | | Miscellaneous (expenses) income | (180) | 52 | (232) | N/A | | **Total** | **8,191** | **6,750** | **1,441** | **+21.3%** | [Profit (Loss) Before Tax](index=9&type=section&id=Profit%20%28Loss%29%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was HK$8,810 thousand, a turnaround from a loss of HK$1,305 thousand in the prior year, mainly due to lower finance costs, reduced administrative expenses, and increased gains from financial assets at fair value through profit or loss | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 868 | 1,269 | (401) | -31.6% | | Staff costs | 22,104 | 20,802 | 1,302 | +6.3% | | Depreciation of property, plant and equipment | 4,794 | 4,726 | 68 | +1.4% | | Depreciation of investment properties | 1,294 | 1,295 | (1) | -0.1% | | Net exchange loss (gain) | 528 | (347) | 875 | N/A | | Short-term lease payments (feeder vessels and barges) | 23,676 | 19,366 | 4,310 | +22.2% | | Short-term lease payments (premises leases) | 567 | 29 | 538 | N/A | | Fines | – | 4,887 | (4,887) | -100.0% | [Taxation](index=10&type=section&id=Taxation) For the six months ended June 30, 2025, income tax expense significantly decreased by 85.7% to HK$1,133 thousand, primarily due to a large under-provision in the prior year and no corporate income tax provision for PRC entities without assessable profits | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax - Current period | 1,133 | 668 | 465 | +69.6% | | Hong Kong Profits Tax - Under-provision in prior years | – | 7,252 | (7,252) | -100.0% | | **Total Income Tax Expense** | **1,133** | **7,920** | **(6,787)** | **-85.7%** | - Hong Kong incorporated subsidiaries are subject to a two-tiered profits tax rate system, with a tax rate of **8.25%** on the first **HK$2,000,000** of assessable profits and **16.5%** on the remaining assessable profits[24](index=24&type=chunk) - No provision for PRC Enterprise Income Tax was made for PRC entities as they had no assessable profits[25](index=25&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, and 2024 - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025, and 2024[26](index=26&type=chunk) [Earnings (Loss) Per Share](index=11&type=section&id=Earnings%20%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were 0.50 HK cents, a turnaround from a loss of 0.60 HK cents per share in the prior year, with diluted earnings per share being the same due to no potential ordinary shares | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) for the period attributable to owners of the Company (HK$ thousand) | 7,677 | (9,225) | | Weighted average number of ordinary shares (thousand shares) | 1,550,000 | 1,550,000 | | Basic earnings (loss) per share (HK cents) | 0.50 | (0.60) | | Diluted earnings (loss) per share (HK cents) | 0.50 | (0.60) | - Diluted earnings (loss) per share are the same as basic earnings (loss) per share as there are no potential dilutive ordinary shares outstanding[27](index=27&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased by 6.3% to HK$73,114 thousand, with net trade receivables from third parties amounting to HK$67,470 thousand after deducting loss allowance | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (from third parties) | 70,204 | 73,989 | (3,785) | -5.1% | | Less: Loss allowance | (2,734) | (2,734) | 0 | 0.0% | | **Net Trade Receivables** | **67,470** | **71,255** | **(3,785)** | **-5.3%** | | Other receivables (deposits, prepayments and others) | 5,644 | 6,805 | (1,161) | -17.1% | | **Total** | **73,114** | **78,060** | **(4,946)** | **-6.3%** | | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 36,031 | 35,310 | | 31 to 60 days | 17,679 | 23,713 | | 61 to 90 days | 10,005 | 8,079 | | Over 90 days | 3,755 | 4,153 | | **Total** | **67,470** | **71,255** | - The loss allowance mainly relates to a major customer undergoing bankruptcy and liquidation proceedings, amounting to approximately **HK$2,734,000**[29](index=29&type=chunk) - The Group generally grants credit terms of up to **90 days** to its customers[29](index=29&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased by 7.0% to HK$92,202 thousand, with trade payables primarily from third parties, unsecured, interest-free, and with credit terms of 30 to 90 days | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables (due to third parties) | 62,965 | 65,999 | (3,034) | -4.6% | | Other payables (accrued expenses and other payables) | 14,469 | 18,525 | (4,056) | -21.9% | | Deposits received | 14,768 | 14,621 | 147 | +1.0% | | **Total** | **92,202** | **99,145** | **(6,943)** | **-7.0%** | | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 43,735 | 40,435 | | 31 to 60 days | 9,473 | 11,796 | | 61 to 90 days | 4,445 | 6,269 | | Over 90 days | 5,312 | 7,499 | | **Total** | **62,965** | **65,999** | - Trade payables are unsecured, interest-free, and granted credit terms of **30 to 90 days**[31](index=31&type=chunk) [Interest-Bearing Borrowings](index=13&type=section&id=Interest-Bearing%20Borrowings) As of June 30, 2025, the Group's total interest-bearing borrowings were HK$46,871 thousand, all current portions of secured bank borrowings, with effective annual interest rates ranging from 1.8% to 6.0% | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Secured bank borrowings (current portion) | 46,871 | 48,358 | (1,487) | -3.1% | - Bank borrowings of approximately **HK$5,128,000** are secured by trade receivables related to invoice discounting bank loan arrangements, bearing interest at HIBOR plus **1.7%** per annum[32](index=32&type=chunk) - Mortgage loans of approximately **HK$17,478,000** are secured by leasehold land and buildings, bearing interest at HIBOR plus **1.25%** and Hong Kong Dollar Prime Rate minus **2.7%** (whichever is lower)[32](index=32&type=chunk) - Mortgage loans of approximately **HK$24,265,000** are secured by investment properties, bearing interest at HIBOR plus **1.5%** and Hong Kong Dollar Prime Rate minus **0.75%** (whichever is lower)[33](index=33&type=chunk) - All borrowings are subject to repayment on demand at the sole discretion of the lenders, thus classified as current liabilities[33](index=33&type=chunk) - The effective annual interest rate ranged from **1.8% to 6.0%** (December 31, 2024: **6.6% to 7.4%**)[34](index=34&type=chunk) - The Group has bank facilities totaling approximately **HK$134,500,000**, with unutilised amounts of approximately **HK$87,629,000**[34](index=34&type=chunk) Management Discussion and Analysis [Financial Review](index=15&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's revenue increased by 20.0% year-on-year to HK$214,523 thousand, gross profit grew by 7.4% to HK$35,114 thousand, but gross profit margin decreased from 18.3% to 16.4% | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 214,523 | 178,749 | +20.0% | | Gross profit | 35,114 | 32,691 | +7.4% | | Gross profit margin | 16.4% | 18.3% | -1.9 percentage points | | Profit (Loss) for the period | 7,677 | (9,225) | N/A | [Business Review](index=15&type=section&id=Business%20Review) Despite a 3.2% decrease in Hong Kong port container throughput, the Group's feeder vessel, carrier-owned container, and barge services saw a 42.0% increase in shipment volume, while marine freight forwarding services significantly grew in both shipment volume and gross profit - Hong Kong port container throughput decreased by **3.2%** compared to the prior year[36](index=36&type=chunk) | Service Type | 2025 Shipment Volume (TEUs) | 2024 Shipment Volume (TEUs) | Change Rate | 2025 Gross Profit (HK$ thousand) | 2024 Gross Profit (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Feeder vessel, carrier-owned container and barge services | 248,267 | 174,891 | +42.0% | 26,181 | 27,977 | -6.4% | | Marine freight forwarding services | 7,796 | 4,253 | +83.3% | 8,933 | 4,714 | +89.5% | - The decrease in gross profit for feeder vessel, carrier-owned container, and barge services was mainly due to a decrease in the average unit price of services[36](index=36&type=chunk) - The increase in gross profit for marine freight forwarding services was mainly due to increased revenue from higher shipment volume[37](index=37&type=chunk) [Analysis of Cost of Services and Other Income](index=16&type=section&id=Analysis%20of%20Cost%20of%20Services%20and%20Other%20Income) Cost of services increased by 22.8% to HK$179,409 thousand, primarily due to higher service shipment volume, while other income, net, rose by 21.3% to HK$8,191 thousand, driven by increased government grants and gains from financial assets - Cost of services increased by **22.8%** to **HK$179,409 thousand**, mainly due to increased service shipment volume[40](index=40&type=chunk) - Other income, net, increased by **21.3%** to **HK$8,191 thousand**, primarily driven by increased government grants and gains from the disposal of financial assets[40](index=40&type=chunk) [Administrative and Other Operating Expenses](index=16&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses decreased by 14.8% year-on-year to HK$33,627 thousand, mainly due to the absence of additional tax-related expenses and fines during the reporting period - Administrative and other operating expenses decreased by **14.8%** to **HK$33,627 thousand**, primarily due to the absence of additional tax-related expenses and fines during the reporting period[41](index=41&type=chunk) [Profit for the Period](index=17&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, profit attributable to owners of the Company was HK$7,677 thousand, reversing a loss of HK$9,225 thousand in the prior year, mainly due to increased service shipment volume and revenue, and no additional tax-related expenses or fines - Profit attributable to owners of the Company was **HK$7,677 thousand**, reversing a loss of **HK$9,225 thousand** in the prior year[42](index=42&type=chunk) - The turnaround was mainly due to increased service shipment volume and revenue, and the absence of additional tax-related expenses and fines during the reporting period[42](index=42&type=chunk) [Prospects](index=17&type=section&id=Prospects) The Group anticipates continued market shipment volume impact from new tariffs and geopolitical issues, with intense industry competition leading to lower average service prices and pressure on gross profit margins - New tariffs and geopolitical issues are expected to continue impacting market shipment volume, with intense industry competition leading to lower average service prices and sustained pressure on gross profit margins[43](index=43&type=chunk) - The management team will address challenges through cost savings, prudent financial management, and seeking new revenue streams[43](index=43&type=chunk) - The Group will continue to compete with high-quality services, effectively manage its fleet and containers, and implement measures to improve cost-effectiveness[43](index=43&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=17&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group primarily funds working capital through internal cash flow and bank financing, with bank balances and cash at HK$125,482 thousand and a total borrowings-to-equity ratio of 23.7% as of June 30, 2025, indicating a more robust capital structure - The Group primarily funds its working capital with internally generated cash flows and bank financing facilities[44](index=44&type=chunk) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Bank balances and cash | 125,482 | 114,090 | +10.0% | | Mortgage loans (repayable over 5 years) | 41,743 | 43,092 | -3.1% | | Other bank borrowings (repayable within 1 year) | 5,128 | 5,266 | -2.7% | | Effective annual interest rate | 1.8% to 6.0% | 6.6% to 7.4% | Decreased | | Gearing ratio | 23.7% | 25.1% | -1.4 percentage points | [Pledge of Group Assets](index=18&type=section&id=Pledge%20of%20Group%20Assets) As of June 30, 2025, approximately HK$59,685 thousand in leasehold land and buildings, HK$54,882 thousand in investment properties, HK$5,128 thousand in trade receivables, and HK$877 thousand in bank deposits were pledged as security for bank financing | Pledged Asset Type | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Leasehold land and buildings | 59,685 | 61,039 | | Investment properties | 54,882 | 56,176 | | Trade receivables (related to invoice discounting bank loan arrangements) | 5,128 | 5,266 | | Bank deposits | 877 | 807 | [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 175 employees, with total staff costs of HK$22,104 thousand, and remuneration policy is based on performance, qualifications, and operating results | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees | 175 | 176 | | Total staff costs (HK$ thousand) | 22,104 | 20,802 | - Remuneration policy is based on employee performance, qualifications, and the Group's operating results, including basic salaries and cash bonuses[47](index=47&type=chunk) - Directors' and senior management's remuneration is reviewed periodically, referencing comparable companies, length of service, and Group performance[48](index=48&type=chunk) Other Information [Corporate Governance Practices](index=18&type=section&id=Corporate%20Governance%20Practices) For the six months ended June 30, 2025, the Company has consistently complied with the code provisions set out in Appendix C1 to the Listing Rules on Corporate Governance Code - The Company has consistently complied with the code provisions set out in Appendix C1 to the Listing Rules on Corporate Governance Code during the reporting period[49](index=49&type=chunk) [Directors' Securities Transactions](index=19&type=section&id=Directors%27%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, and all directors confirmed compliance during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[50](index=50&type=chunk) - All directors have confirmed compliance with the required standards set out in the Model Code throughout the reporting period[50](index=50&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025[51](index=51&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=19&type=section&id=Repurchase%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 repurchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[52](index=52&type=chunk) - As of June 30, 2025, the Company held no treasury shares[52](index=52&type=chunk) [Material Events After the Reporting Period](index=19&type=section&id=Material%20Events%20After%20the%20Reporting%20Period) No material events affecting the Group have occurred from June 30, 2025, up to the date of this announcement - No material events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[53](index=53&type=chunk) [Review of Interim Results](index=19&type=section&id=Review%20of%20Interim%20Results) The Audit Committee, in conjunction with company management, reviewed the Group's accounting principles and practices, and discussed financial reporting matters, including the unaudited financial statements for the six months ended June 30, 2025 - The Audit Committee, comprising four independent non-executive directors, has reviewed the Group's accounting principles and practices and discussed financial reporting matters[54](index=54&type=chunk) [Publication of Interim Results and Interim Report](index=20&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This results announcement has been published on the websites of the Stock Exchange and the Company, and the 2025 interim report will be published on these websites in due course - This results announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (http://www.xhsl.com.hk)[55](index=55&type=chunk) - The 2025 interim report will be published on the aforementioned websites in due course[55](index=55&type=chunk) [Board Information](index=20&type=section&id=Board%20Information) As of the announcement date, the Company's Board of Directors includes three executive directors, one non-executive director, and four independent non-executive directors - The Board of Directors comprises three executive directors, one non-executive director, and four independent non-executive directors[57](index=57&type=chunk)

Group 1 - The company, Yongfeng Group Holdings (01549.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to announce an interim dividend if applicable [1]