FF301 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: 皇庭智家控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月6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) | 01575 | 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 | | | 10,000,000,000 | USD | | 0.001 USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.001 USD | | 10,000,000 ...

CONTENTS 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 5 | Financial Highlights | 財務摘要 | | 6 | Unaudited Condensed Consolidated Statement of | 未經審核簡明綜合損益及 | | | Profit or Loss and Other Comprehensive Income | 其他全面收益表 | | 8 | Unaudited Condensed Consolidated Statement of | 未經審核簡明綜合財務 | | | Financial Position | 狀況表 | | 10 | Unaudited Condensed Consolidated Statement of | 未經審核簡明綜合權益 | | | Changes in Equity | 變動表 | | 13 | Unaudited Condensed Consolidated Statement of | 未經審核簡明綜合現金 | | | Cash Flow ...

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: 重新提交 致：香港交易及結算所有限公司 公司名稱: 皇庭智家控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9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) | 01575 | 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 | | | 10,000,000,000 | USD | | 0.001 USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.001 USD | | 10,000,000 | 本月底 ...

FF301 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: 皇庭智家控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月4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) | 01575 | 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 | | | 10,000,000,000 | USD | | 0.001 USD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.001 USD | | 10,000,000 ...

Core Viewpoint - The company reported a significant decline in revenue and gross profit for the six months ending June 30, 2025, indicating ongoing financial challenges [1] Financial Performance - Revenue for the period was RMB 41.915 million, a decrease of 44.2% year-on-year [1] - Gross profit amounted to RMB 11.196 million, reflecting a year-on-year decline of 44.7% [1] - The loss attributable to the company's owners was RMB 28.886 million, compared to a loss of RMB 92.311 million in the same period last year, showing an improvement [1] - Basic loss per share was RMB 0.97 [1]

Core Viewpoint - The company reported a significant reduction in losses for the first half of 2025, despite a substantial decline in revenue due to macroeconomic factors affecting consumer spending [1] Financial Performance - Revenue decreased by approximately 44.2% to around 41.9 million [1] - The loss attributable to owners narrowed to 28.886 million, a year-on-year reduction of 68.71% [1] - Basic loss per share was approximately 0.97 cents [1] Factors Influencing Performance - The decline in revenue was attributed to inflation and interest rate hikes, which led to a decrease in disposable income and demand for furniture [1] - The reduction in net loss was primarily due to a one-time provision of approximately 60.6 million for receivables from related companies recorded in the same period last year, which did not recur in the current period [1]

Core Viewpoint - The company, Huangting Zhijia (01575), reported a significant decline in revenue for the first half of 2025, attributed to macroeconomic factors affecting consumer disposable income and demand for furniture [1] Financial Performance - Revenue decreased by approximately 44.2% to around 41.9 million [1] - The loss attributable to shareholders was 28.886 million, representing a year-on-year reduction of 68.71% [1] - Basic loss per share was approximately 0.97 cents [1] Factors Influencing Performance - The decline in revenue is primarily due to inflation and interest rate hikes, which have negatively impacted consumer spending power and furniture demand [1] - The reduction in net loss was mainly due to a one-time provision of approximately 60.6 million for receivables from related companies recorded in the same period last year, which did not recur in the current period [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Regal Home Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, reporting a 44.2% year-on-year revenue decrease but a 67.1% reduction in loss for the period, primarily due to a one-off provision in the prior year, with no interim dividend recommended | Indicator | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 41.9 | 75.1 | -44.2% | | Gross Profit | 11.2 | 20.3 | -44.8% | | Loss for the Period | (30.4) | (92.3) | -67.1% | | Basic Loss Per Share | (0.97 cents) | (3.45 cents) | -71.9% | | Interim Dividend | Nil | Nil | - | [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the company's unaudited condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, detailing revenue, cost of sales, gross profit, various expenses, finance costs, and loss for the period, with comparative figures Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 41,915 | 75,092 | | Cost of Sales | (30,719) | (54,831) | | Gross Profit | 11,196 | 20,261 | | Other Income and Gains | 436 | 106 | | Provision for Expected Credit Losses on Financial Assets, Net | (217) | (61,111) | | Selling and Distribution Expenses | (8,399) | (20,977) | | Administrative Expenses | (22,050) | (22,328) | | Other Expenses and Losses | (346) | (233) | | Finance Costs | (10,973) | (8,029) | | Loss Before Tax | (30,353) | (92,311) | | Income Tax | – | – | | Loss for the Period | (30,353) | (92,311) | | Exchange Differences on Translation of Financial Statements | 324 | 716 | | Total Comprehensive Loss for the Period | (30,029) | (91,595) | Loss and Total Comprehensive Loss Attributable to Owners of the Company (RMB thousand) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (28,886) | (92,311) | | Loss Attributable to Non-controlling Interests | (1,467) | – | | **Total** | **(30,353)** | **(92,311)** | | Total Comprehensive Loss Attributable to Owners of the Company | (28,571) | (91,595) | | Total Comprehensive Loss Attributable to Non-controlling Interests | (1,458) | – | | **Total** | **(30,029)** | **(91,595)** | Loss Per Share (RMB cents) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Basic Loss Per Share | (0.97) | (3.45) | | Diluted Loss Per Share | (0.97) | (3.45) | [Unaudited Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the company's unaudited condensed consolidated statement of financial position as of June 30, 2025, including key financial data such as non-current assets, current assets, current liabilities, non-current liabilities, and deficiency in equity, with comparative figures as of December 31, 2024 Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 1,872 | 1,601 | | Right-of-use Assets | 19,776 | 22,789 | | **Total Non-current Assets** | **21,648** | **24,390** | | **Current Assets** | | | | Inventories | 14,961 | 19,031 | | Trade Receivables | 9,916 | 16,734 | | Prepayments, Deposits and Other Receivables | 9,385 | 12,970 | | Amounts Due from Related Companies | 119,542 | 120,040 | | Pledged Bank Deposits | 21 | 21 | | Restricted Bank Balances | 119 | 165 | | Cash and Cash Equivalents | 4,778 | 3,999 | | **Total Current Assets** | **158,722** | **172,960** | | **Current Liabilities** | | | | Trade Payables | 30,797 | 28,872 | | Contract Liabilities | 2,487 | 3,356 | | Other Payables and Accrued Expenses | 53,915 | 40,179 | | Amounts Due to Related Companies | 45,093 | 45,281 | | Shareholder Loans | 108,497 | 118,675 | | Interest-bearing Bank and Other Borrowings | 68,252 | 78,242 | | Warranty Provisions | 60 | 459 | | Lease Liabilities | 8,384 | 11,406 | | Convertible Loans | 29,608 | 29,833 | | Income Tax Payable | 2,888 | 2,932 | | **Total Current Liabilities** | **349,981** | **359,235** | | **Net Current Liabilities** | **(191,259)** | **(186,275)** | | **Total Assets Less Current Liabilities** | **(169,611)** | **(161,885)** | | **Non-current Liabilities** | | | | Lease Liabilities | 15,209 | 19,143 | | Interest-bearing Bank and Other Borrowings | 53,696 | 53,696 | | **Total Non-current Liabilities** | **68,905** | **72,839** | | **Net Liabilities** | **(238,516)** | **(234,724)** | | **Deficiency in Equity** | | | | Share Capital | 23,156 | 19,212 | | Reserves | (259,290) | (253,006) | | Deficiency in Equity Attributable to Owners of the Company | (236,134) | (233,794) | | Non-controlling Interests | (2,382) | (930) | | **Total Deficiency in Equity** | **(238,516)** | **(234,724)** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering the basis of preparation, changes in accounting policies, segment and geographical information, major customers, revenue breakdown, loss before tax details, income tax, loss per share, dividends, trade receivables/payables, and share capital, offering deeper context and details for financial statement understanding [1. Basis of Preparation and Going Concern](index=6&type=section&id=1.%20Basis%20of%20Preparation%20and%20Going%20Concern) This interim financial report is prepared in accordance with HKAS 34 and the Listing Rules, consistent with the accounting policies used in the 2024 annual financial statements, despite significant going concern uncertainties addressed by management's plans for financial support, external financing, and cost control - The Group incurred a **loss attributable to owners of the Company of approximately RMB 28,886,000** for the six months ended June 30, 2025, and as of June 30, 2025, had **net current liabilities of approximately RMB 191,259,000** and **net liabilities of approximately RMB 238,516,000**, raising significant doubt about its ability to continue as a going concern[11](index=11&type=chunk)[66](index=66&type=chunk) - The controlling shareholder, Mr. Tse Kam Pang, has provided an unsecured loan facility of up to **HK$200,000,000**, with approximately **HK$61,424,000** unutilized as of June 30, 2025, and has committed not to demand repayment of his loan of approximately **RMB 108,497,000** within the next twelve months[11](index=11&type=chunk)[66](index=66&type=chunk) - Management plans to secure external funding, enhance cost control, and accelerate the collection of trade and other receivables to improve working capital, liquidity, and cash flow[16](index=16&type=chunk)[68](index=68&type=chunk) - Despite the Board's belief that the going concern assumption is appropriate, significant uncertainties related to the Group's ability to continue as a going concern remain due to the uncertain outcome of these plans and measures[13](index=13&type=chunk)[69](index=69&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The revised HKFRS accounting standards effective January 1, 2025, adopted during this interim period, have no significant impact on the Group's financial position, performance, or disclosures - The accounting policies adopted for the preparation of the unaudited interim results are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of revised HKFRS accounting standards effective January 1, 2025[14](index=14&type=chunk) - The application of HKAS 21 (Amendment) “Lack of Exchangeability” has no significant impact on the Group’s financial position and performance and/or disclosures in these unaudited condensed consolidated financial statements for the current and prior periods[15](index=15&type=chunk) [3. Segment Information](index=8&type=section&id=3.%20Segment%20Information) The Group's operating segments are retail and manufacturing, with the manufacturing segment contributing most external revenue but both segments recording losses, reflecting its dominant position in segment assets and liabilities Segment Revenue and Loss (RMB thousand) | Indicator | Retail Segment (2025) | Retail Segment (2024) | Manufacturing Segment (2025) | Manufacturing Segment (2024) | Total (2025) | Total (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Sales Revenue | 4,166 | 22,205 | 37,749 | 52,887 | 41,915 | 75,092 | | Segment Loss | (7,767) | (5,805) | (16,112) | (81,828) | (23,879) | (87,633) | Segment Assets and Liabilities (RMB thousand) | Indicator | Retail Segment (June 30, 2025) | Retail Segment (December 31, 2024) | Manufacturing Segment (June 30, 2025) | Manufacturing Segment (December 31, 2024) | Consolidated (June 30, 2025) | Consolidated (December 31, 2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 13,573 | 22,365 | 129,566 | 137,777 | 143,139 | 160,142 | | Segment Liabilities | 35,980 | 38,433 | 316,031 | 326,376 | 352,011 | 364,809 | - All assets and liabilities are allocated to operating segments, except for certain right-of-use assets, prepayments, deposits and other receivables, amounts due from related companies, cash and cash equivalents, other payables and accrued expenses, amounts due to related companies, shareholder loans, lease liabilities, and convertible loans[23](index=23&type=chunk) [Geographical Information](index=10&type=section&id=Geographical%20Information) The Group's revenue primarily originates from Europe, the United States, China (including Hong Kong), and other regions, with significant declines in China and the US, while non-current assets are mainly located in China, the US, and Cambodia Revenue from External Customers (RMB thousand) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | People's Republic of China (including Hong Kong) | 7,867 | 25,022 | | Europe | 13,349 | 15,305 | | United States of America | 6,361 | 25,353 | | Other | 14,338 | 9,412 | | **Total** | **41,915** | **75,092** | Non-current Assets (RMB thousand) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China (including Hong Kong) | 5,517 | 2,289 | | United States | 11,830 | 17,900 | | Cambodia | 4,301 | 4,201 | | **Total** | **21,648** | **24,390** | [Information on Major Customers](index=10&type=section&id=Information%20on%20Major%20Customers) During the reporting period, two major customers (Customer 1 and Customer 3) accounted for over 10% of the Group's revenue, all belonging to the manufacturing segment, contrasting with Customer 2 in the prior period Major Customer Revenue (RMB thousand) | Customer | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Customer 1 | 10,232 | Not Applicable* | | Customer 2 | Not Applicable* | 15,764 | | Customer 3 | 13,215 | Not Applicable* | * Revenue below 10% of the Group's total revenue. - All major customers belong to the manufacturing segment[28](index=28&type=chunk) [4. Revenue, Other Income and Gains](index=11&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) The Group's revenue, primarily from manufacturing and selling sofas, sofa covers, and other furniture products, decreased year-on-year, while other income and gains, including interest, government grants, and exchange gains, increased Analysis of Revenue, Other Income and Gains, Net (RMB thousand) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Revenue** | | | | Manufacturing and sales of sofas, sofa covers and other furniture products | 41,915 | 75,092 | | **Other Income and Gains** | | | | Interest income | 6 | 4 | | Government grants | 29 | 13 | | Exchange gains | 208 | – | | Others | 193 | 89 | | **Subtotal** | **436** | **106** | [5. Loss Before Tax](index=11&type=section&id=5.%20Loss%20Before%20Tax) This section details the key expenses and gains contributing to the loss before tax, including cost of inventories sold, depreciation, salaries, retirement plan contributions, share-based payment expenses, inventory provisions, expected credit loss provisions, warranty provisions, convertible loan interest, lease liability interest, and exchange losses Items Deducted From/(Credited To) Loss Before Tax (RMB thousand) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 30,719 | 54,510 | | Depreciation of property, plant and equipment | 504 | 2,361 | | Depreciation of right-of-use assets | 2,929 | 10,966 | | Salaries, wages and benefits in kind | 13,847 | 22,510 | | Contributions to retirement benefit schemes | 2,032 | 2,076 | | Equity-settled share-based payment expenses | 555 | 337 | | Provision for obsolete and slow-moving inventories | 3,263 | 321 | | Provision for expected credit losses on financial assets measured at amortised cost, net | 217 | 61,111 | | Reversal of provision for product warranties, net | (399) | (613) | | Interest on convertible loans | 1,645 | 1,267 | | Interest on lease liabilities | 1,044 | 1,494 | | Exchange losses | – | 277 | [6. Income Tax](index=12&type=section&id=6.%20Income%20Tax) The Group is exempt from income tax in the Cayman Islands and BVI, with Hong Kong applying a two-tiered profits tax and Chinese subsidiaries a 25% corporate income tax, but no tax provision was made due to the absence of taxable profits - The Group is **not subject to any income tax** in the Cayman Islands and the British Virgin Islands[33](index=33&type=chunk) - Hong Kong operates a two-tiered profits tax rate regime, where the first **HK$2,000,000 of assessable profits** for qualifying entities is taxed at **8.25%**, and the remainder at **16.5%**[33](index=33&type=chunk) - During the period, the PRC subsidiaries are subject to PRC Enterprise Income Tax at a rate of **25%**[33](index=33&type=chunk) - No tax provision was made for the six months ended June 30, 2025, and 2024, as no taxable profits were generated[35](index=35&type=chunk) [7. Loss Per Share Attributable to Owners of the Company](index=12&type=section&id=7.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic and diluted loss per share attributable to owners of the Company are calculated based on the loss for the period and the weighted average number of ordinary shares, both at RMB 0.97 cents, showing an improvement from the prior period Loss Per Share Calculation Data (RMB thousand/thousand shares) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company for the purpose of calculating basic and diluted loss per share | (28,886) | (92,311) | | Weighted average number of ordinary shares for the purpose of calculating basic and diluted loss per share (after deducting treasury shares) | 2,990,210 | 2,674,188 | - The diluted loss per share for the periods ended June 30, 2025, and 2024, is **the same as the basic loss per share**[37](index=37&type=chunk) [8. Dividends](index=13&type=section&id=8.%20Dividends) No interim dividend was paid, declared, or recommended for the six months ended June 30, 2025, consistent with the prior corresponding period - No interim dividend was paid, declared, or recommended for the six months ended June 30, 2025 (2024: Nil)[38](index=38&type=chunk) [9. Trade Receivables](index=13&type=section&id=9.%20Trade%20Receivables) The Group's trade receivables, primarily from third parties, decreased to RMB 9,916 thousand net at period-end, with credit terms generally one to two months, extendable for major customers, and no collateral held Trade Receivables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables (from third parties) | 47,082 | 53,890 | | Less: Provision for expected credit losses | (37,166) | (37,156) | | **Net** | **9,916** | **16,734** | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 5,505 | 9,857 | | 4 to 6 months | 3,327 | 5,023 | | 7 to 12 months | 1,084 | 1,854 | | **Total** | **9,916** | **16,734** | - The Group's trade accounts with customers are primarily on credit, with credit periods generally ranging from **one to two months**, extendable to a maximum of **three to six months** for major customers, and trade receivables are non-interest bearing[39](index=39&type=chunk) [10. Trade Payables](index=13&type=section&id=10.%20Trade%20Payables) The Group's trade payables, primarily to third parties, slightly increased to RMB 30,797 thousand at period-end, typically settled within 30 to 180 days, and are non-interest bearing Trade Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables to third parties | 30,797 | 28,872 | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 3,234 | 8,686 | | 2 to 3 months | 6,370 | 3,006 | | 4 to 6 months | 4,935 | 737 | | Over 6 months | 16,258 | 16,443 | | **Total** | **30,797** | **28,872** | - Trade payables are non-interest bearing and are normally settled within **30 to 180 days**[41](index=41&type=chunk) [11. Share Capital](index=14&type=section&id=11.%20Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital comprised 3,300,000,000 ordinary shares of USD 0.001 each, equivalent to RMB 23,156 thousand, an increase from the end of 2024 Share Capital (USD thousand/RMB thousand) | Item | June 30, 2025 (USD thousand) | June 30, 2025 (RMB thousand) | December 31, 2024 (USD thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorised share capital (10,000,000,000 ordinary shares of USD 0.001 each) | 10,000 | - | 10,000 | - | | Issued and fully paid share capital (3,300,000,000 ordinary shares of USD 0.001 each) | 3,300 | 23,156 | 2,750 | 19,212 | [12. Comparative Figures](index=14&type=section&id=12.%20Comparative%20Figures) Certain comparative figures have been reclassified to conform to the current year's presentation - Certain comparative figures have been reclassified to conform to the current year's presentation[43](index=43&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's detailed discussion and analysis of the company's performance, financial position, and future outlook, highlighting revenue decline due to complex global consumer sentiment and macroeconomic challenges, but a significant narrowing of net loss through strategic adjustments and cost control, alongside progress in going concern efforts, human resources, share schemes, future prospects, and corporate governance [Business Review](index=15&type=section&id=Business%20Review) During the reporting period, complex global consumer sentiment, tariff uncertainties, inflation, and economic ambiguity led to a 44.2% year-on-year decline in orders and total revenue, prompting the Group to adopt flexible production strategies, expand beyond China, shift to online sales, and optimize supply chain and cost management - The consumer sentiment in major markets (Europe, China, and the United States) remained volatile, impacted by tariff uncertainties and inflationary pressures, leading to an **overall decrease in demand**[44](index=44&type=chunk) - The Group's total revenue decreased by **44.2% to approximately RMB 41.9 million**, while net loss decreased by **67.1% to approximately RMB 30.4 million**[45](index=45&type=chunk) - To address challenges, the Group expanded its production footprint beyond China (new Southeast Asian factories), shifted from traditional offline retail to online sales platforms, optimized its supply chain, logistics, and cost structure, and strengthened cost control and operational efficiency[46](index=46&type=chunk) [Business Development in Europe, the United States, and Other Potential Markets](index=16&type=section&id=Business%20Development%20in%20Europe%2C%20the%20United%20States%20and%20Other%20Potential%20Markets) Europe remains the largest market, contributing 31.8% of total revenue despite cautious ordering, while the US market share declined to 15.2% due to tariff concerns, prompting the Group to diversify production and expand into other regions like Mexico, Canada, Australia, and Dubai, which saw a 52.3% year-on-year revenue increase to 34.2% of total - Europe remains the **largest market**, contributing **31.8% of total revenue**, though customers remain cautious in placing orders[47](index=47&type=chunk) - The US market contributed **15.2% of total revenue** (33.8% in the same period of 2024), affected by reciprocal tariff policies, leading to some order backlogs[48](index=48&type=chunk) - Other regions (Mexico, Canada, Australia, and Dubai) contributed **34.2% of total revenue**, representing a **52.3% year-on-year increase**[49](index=49&type=chunk) - The Group established a team in the first half of 2025 dedicated to developing online business and participating in renowned export online platforms[49](index=49&type=chunk) [Retail Business Development in China and Hong Kong](index=16&type=section&id=Retail%20Business%20Development%20in%20China%20and%20Hong%20Kong) The Group strategically reallocated resources by terminating all retail operations in China and Hong Kong in June 2025 to fully focus on an export-oriented business model, aiming to enhance operational efficiency and capitalize on international market opportunities - The Group terminated all its retail businesses in China and Hong Kong in June 2025, shifting its focus entirely to an **export-oriented business model**[50](index=50&type=chunk) - This strategic move aims to **enhance operational efficiency** and seize international market opportunities[50](index=50&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) During the reporting period, the Group's revenue decreased by 44.2% to RMB 41.9 million due to macroeconomic factors, with a slight gross margin decline to 26.7%, but net loss significantly reduced by 67.1% to RMB 30.4 million, primarily due to the absence of a prior-year one-off provision for related company receivables, while selling and distribution expenses decreased and finance costs increased Key Financial Indicators Change (RMB million) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 41.9 | 75.1 | -44.2% | | Gross Profit | 11.2 | 20.3 | -44.8% | | Gross Profit Margin | 26.7% | 27.0% | -0.3pp | | Net Loss | (30.4) | (92.3) | -67.1% | | Cost of Sales | 30.7 | 54.8 | -44.0% | | Other Income and Gains | 0.4 | 0.1 | +300% | | Selling and Distribution Expenses | 8.4 | 21.0 | -60.0% | | Administrative Expenses | 22.1 | 22.3 | -0.9% | | Finance Costs | 11.0 | 8.0 | +37.5% | - The reduction in net loss is primarily due to a **one-off provision of approximately RMB 60.6 million** made by the Group for amounts due from related companies for the six months ended June 30, 2024, which did not recur in the current period[52](index=52&type=chunk)[53](index=53&type=chunk) - The significant decrease in selling and distribution expenses is mainly attributable to the **scaling down of the Hong Kong retail segment**, including reduced depreciation of right-of-use assets related to retail stores, and lower sales representative salaries and delivery costs due to store closures[58](index=58&type=chunk) - The increase in finance costs is primarily due to **higher interest on bank and other borrowings and shareholder loans** for the six months ended June 30, 2025[60](index=60&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group had high interest-bearing bank and other borrowings and shareholder loans, resulting in a net liability position and an inapplicable gearing ratio, with no significant contingent liabilities and ongoing monitoring of foreign exchange risk for potential hedging Borrowing Status (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings | 121.9 | 131.9 | | Shareholder loans | 108.5 | 118.7 | - The annual interest rates for borrowings range from **5.0% to 8.0%**[61](index=61&type=chunk) - The Group has fallen into a **net liability position**, rendering the gearing ratio inapplicable[63](index=63&type=chunk) - The Group has **no significant contingent liabilities**[64](index=64&type=chunk) - The Group faces foreign exchange risk from fluctuations in the USD against the RMB and will continue to monitor this closely, implementing hedging arrangements when appropriate[65](index=65&type=chunk) [Going Concern](index=20&type=section&id=Going%20Concern) The Group faces significant going concern uncertainties due to its loss for the period and net liability position, but management has implemented plans including financial support from the controlling shareholder, external financing, and enhanced cost control and receivables collection, which the Board deems appropriate for the going concern basis, despite remaining uncertainties regarding their ultimate success - The Group incurred a **loss attributable to owners of the Company of approximately RMB 28,886,000** for the six months ended June 30, 2025, and as of June 30, 2025, had **net current liabilities of approximately RMB 191,259,000** and **net liabilities of approximately RMB 238,516,000**, raising significant doubt about its ability to continue as a going concern[66](index=66&type=chunk) - The controlling shareholder, Mr. Tse Kam Pang, has provided an unsecured loan facility of up to **HK$200,000,000**, with approximately **HK$61,424,000** unutilized as of June 30, 2025, and has committed not to demand repayment of his loan of approximately **RMB 108,497,000** within the next twelve months[66](index=66&type=chunk) - Management plans to secure external funding, enhance cost control, and accelerate the collection of trade and other receivables to improve working capital, liquidity, and cash flow[68](index=68&type=chunk) - Despite the Board's belief that the going concern assumption is appropriate, significant uncertainties related to the Group's ability to continue as a going concern remain due to the uncertain outcome of these plans and measures[69](index=69&type=chunk)[71](index=71&type=chunk) [Human Resources Management](index=21&type=section&id=Human%20Resources%20Management) The Group values its employees as indispensable assets, offering continuous development through regular training and corporate culture education, providing competitive compensation and benefits, and regularly reviewing human resources and remuneration policies, employing 270 staff with total salary and related costs of approximately RMB 15.9 million for the period - The Group provides continuous training and career development opportunities to its employees through regular comprehensive training and corporate culture education[70](index=70&type=chunk) - As of June 30, 2025, the Group employed **270 staff** (December 31, 2024: 220 staff)[70](index=70&type=chunk) - Total salaries and related costs (excluding directors' emoluments) for the six months ended June 30, 2025, amounted to approximately **RMB 15.9 million** (same period in 2024: approximately RMB 24.6 million)[70](index=70&type=chunk) [Share Schemes](index=22&type=section&id=Share%20Schemes) The Company operates a share option scheme and a restricted share award scheme to incentivize employees, with no options granted or exercised during the period, and the trustee of the restricted share award scheme holding 75,812,000 shares as treasury shares, representing 2.30% of issued shares [Share Option Scheme](index=22&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on December 10, 2016, to incentivize eligible individuals, with no options granted or outstanding under the scheme from its adoption date through June 30, 2025 - The Company adopted a share option scheme on **December 10, 2016**, to grant options to eligible persons as an incentive or reward for their contributions[72](index=72&type=chunk) - No share options were granted by the Company under the share option scheme from its adoption date up to and including June 30, 2025, and there were **no outstanding share options** under the scheme as of January 1, 2025, and June 30, 2025[73](index=73&type=chunk) [Restricted Share Award Scheme](index=22&type=section&id=Restricted%20Share%20Award%20Scheme) The Company adopted a restricted share award scheme on August 29, 2019, for employee retention and incentive, with the trustee not acquiring any shares in the first half of 2025 and holding 75,812,000 shares as treasury shares, representing 2.30% of issued shares, as of June 30, 2025 - The Company adopted a restricted share award scheme on **August 29, 2019**, as an incentive to retain and motivate employees[74](index=74&type=chunk) - The trustee of the share award scheme **did not acquire any shares** during the first half of 2025[74](index=74&type=chunk) - As of June 30, 2025, **75,812,000 shares** acquired and held by the trustee under the share award scheme were treated as treasury shares, representing **2.30% of the issued shares**[74](index=74&type=chunk) [Outlook and Prospects](index=22&type=section&id=Outlook%20and%20Prospects) For the second half of 2025, the Group anticipates continued uncertainty in the furniture market and plans to implement a multi-channel sales strategy, integrating online and offline platforms, enhancing online visibility, and actively participating in B2B e-commerce platforms, with new management focused on optimizing cost control, maintaining robust cash flow, and strengthening R&D for sustainable growth - The furniture market is expected to face **continued uncertainty and significant challenges** in the second half of 2025[75](index=75&type=chunk) - The Group will leverage a **strong multi-channel sales strategy**, integrating online and offline platforms, enhancing online visibility, and has registered as an online exhibitor on B2B e-commerce platforms[75](index=75&type=chunk) - The core of the company's strategy is driven by a dynamic new management team committed to **optimizing cost control, maintaining robust cash flow, and strengthening R&D capabilities** to achieve sustainable growth[76](index=76&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section discloses that during the reporting period, the Company and its subsidiaries neither purchased, redeemed, nor sold any listed securities, nor made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures, held any significant investments, or had any board-authorized plans for major investments or capital asset increases - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[77](index=77&type=chunk) - For the six months ended June 30, 2025, the Group made **no significant acquisitions or disposals** of any subsidiaries, associates, or joint ventures[78](index=78&type=chunk) - As of June 30, 2025, the Group held **no significant investments** other than those disclosed in this announcement[79](index=79&type=chunk) - As of the date of this announcement, the Board has **not authorized any plans for significant investments** or additions to capital assets[80](index=80&type=chunk) [Standard Code for Securities Transactions](index=23&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Standard Code for Securities Transactions as set out in Appendix C3 of the Listing Rules, and all current directors have confirmed full compliance during the reporting period - The Company has adopted the **Standard Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[81](index=81&type=chunk) - All current directors have confirmed their **full compliance** with the required standards for directors' securities transactions as set out in the Standard Code during the reporting period[81](index=81&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The Company is committed to maintaining high corporate governance standards to protect shareholder interests, with the Board reviewing practices and confirming compliance with all code provisions and recommended best practices of the Corporate Governance Code, except for management not providing monthly updates to the Board - The Company is committed to maintaining **high standards of corporate governance** to safeguard the interests of its shareholders and enhance corporate value and accountability[82](index=82&type=chunk) - The Board has reviewed the Company's corporate governance practices and is satisfied that, save for management not providing monthly updates to the Board, the Company has complied with **all code provisions and recommended best practices** of the Corporate Governance Code during the reporting period and up to the date of this announcement[82](index=82&type=chunk)[83](index=83&type=chunk) [Audit Committee and Review of Unaudited Interim Results](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Unaudited%20Interim%20Results) The Company's Audit Committee, comprising four independent non-executive directors, has reviewed the Group's unaudited interim results and report for the six months ended June 30, 2025, with management, deeming them compliant with applicable accounting standards, Listing Rules, and legal requirements, and adequately disclosed - The Audit Committee comprises **four independent non-executive directors**, with at least one member possessing recognized professional accounting qualifications and/or extensive experience in auditing and accounting[84](index=84&type=chunk) - The Audit Committee, together with the Company's management, has reviewed the Group's unaudited interim results and interim report for the six months ended June 30, 2025, and is satisfied that they comply with applicable accounting standards, the Listing Rules, and legal requirements, and that **adequate disclosures have been made**[84](index=84&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board has resolved **not to declare any interim dividend** for the six months ended June 30, 2025 (June 30, 2024: Nil)[85](index=85&type=chunk) [Events After Reporting Period](index=25&type=section&id=Events%20After%20Reporting%20Period) No significant events have occurred after the reporting period up to the date of this announcement - No significant events have occurred after the reporting period up to the date of this announcement[86](index=86&type=chunk) [Publication of Unaudited Interim Results Announcement and Interim Report](index=25&type=section&id=Publication%20of%20Unaudited%20Interim%20Results%20Announcement%20and%20Interim%20Report) This unaudited interim results announcement has been published on the HKEXnews website and the Company's website, with the unaudited interim report for the reporting period to be dispatched to shareholders and published on these websites by September 30, 2025 - This unaudited interim results announcement has been published on the HKEXnews website (www.hkexnews.hk) and the Company's website (www.theregalpartners.com)[87](index=87&type=chunk) - The Company's unaudited interim report for the reporting period will be dispatched to the Company's shareholders and published on the aforementioned websites on or before **September 30, 2025**[87](index=87&type=chunk) [Acknowledgement](index=25&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the management team and staff for their contributions and dedication, and thanks shareholders and business partners for their strong support of the Group - The Board extends its sincere gratitude to the management team and staff for their contributions and dedication, and thanks shareholders and business partners for their strong support of the Group[88](index=88&type=chunk) [Board of Directors](index=25&type=section&id=Board%20of%20Directors) As of the announcement date, the executive directors include Mr. Chuang Tsz Yee (Chairman), Mr. Tse Woon Cheung, Mr. Tse Hok Kan, and Mr. Chan Wing Kit, while the independent non-executive directors are Professor Sit Wing Hung, Professor Lee Chack Fan, Professor Kwan Pun Fong, and Ms. Chan Kin Wah - The executive directors are Mr. Chuang Tsz Yee (Chairman), Mr. Tse Woon Cheung, Mr. Tse Hok Kan, and Mr. Chan Wing Kit[89](index=89&type=chunk) - The independent non-executive directors are Professor Sit Wing Hung, Professor Lee Chack Fan, Professor Kwan Pun Fong, and Ms. Chan Kin Wah[89](index=89&type=chunk)

Group 1 - The company, Aifenda (301575.SZ), plans to issue 21.67 million shares in its initial public offering (IPO), with an initial strategic placement of 4.334 million shares [1] - The preliminary inquiry date is set for August 26, 2025, and the subscription date is September 1, 2025 [1] - Aifenda is a high-tech enterprise specializing in the research, design, production, and sales of HVAC home products, including bathroom towel racks and HVAC components such as temperature control valves and magnetic filters [1] Group 2 - The company's net profit attributable to the parent company is projected to be 93.11 million yuan, 164 million yuan, and 118 million yuan for the fiscal years 2022, 2023, and 2024, respectively [1] - The funds raised from the IPO, after deducting issuance costs, are planned to be invested in the technological upgrade project for an annual production capacity of 1.3 million towel racks, the construction of an automated production line for 1 million towel racks, and to supplement working capital [1] - The expected investment from the raised funds is 666 million yuan [1]

Core Viewpoint - The company, Huangting Zhijia (01575.HK), anticipates a significant reduction in net loss for the six months ending June 30, 2025, compared to the previous period ending June 30, 2024 [1] Financial Performance - The expected net loss attributable to the owners of the company for the six months ending June 30, 2025, is approximately RMB 33.6 million, a decrease from the net loss of approximately RMB 92.3 million for the six months ending June 30, 2024 [1] - The reduction in loss is primarily attributed to a one-time provision of approximately RMB 60.6 million made for receivables from related companies during the six months ending June 30, 2024, which will not recur in the subsequent period [1]