格隆汇8月22日丨REF HOLDINGS(01631.HK)发布公告，截至2025年6月30日止六个月，集团录得收益 约53,346,000港元，较先前期间减少15.6%。集团的纯利约为4,477,000港元，较先前期间减少15.6%。纯 利率在严格成本控制措施下维持稳定，为8.4%（先前期间：8.4%）。 ...

公告称，减少主要由于联交所进一步扩大无纸化上市机制，导致香港上市发行人对印刷纸本文件的需求 减少。 REF HOLDINGS(01631)公布2025年中期业绩，收益5334.6万港元，同比减少15.62%;净利447.7万港元， 同比减少15.56%;每股基本盈利1.75港仙。 ...

智通财经APP讯，REF HOLDINGS(01631)公布2025年中期业绩，收益5334.6万港元，同比减少15.62%; 净利447.7万港元，同比减少15.56%;每股基本盈利1.75港仙。 公告称，减少主要由于联交所进一步扩大无纸化上市机制，导致香港上市发行人对印刷纸本文件的需求 减少。 ...

（股份代號：1631） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 REF Holdings Limited （於開曼群島註冊成立的有限公司） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中 期 業 績 REF Holdings Limited（「本 公 司」）董 事 會（分 別 為「董 事」及「董 事 會」）宣 布，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績 連 同 相 關 比 較 數 字 如 下： 簡 明 綜 合 損 益 及 其 他 全 面 收 益 表 截 至 二 零 二 五 年 ...

（股份代號：1631） 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 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 REF Holdings Limited （於開曼群島註冊成立的有限公司） REF Holdings Limited 主席 劉文德 香港，二零二五年八月十二日 於 本 公 告 日 期 ， 董 事 會 包 括 執 行 董 事 范 嘉 茵 女 士 ； 非 執 行 董 事 劉 文 德 先 生（ 主 席 ）；及獨立非執行董事李翰文先生、梁志雄先生及黃灌球先生。 董事會會議日期 REF Holdings Limited（「本公司」）董事會（「董事會」）謹此宣佈，本公司謹訂於二零 二五年八月二十二日（ 星期五 ）舉行董事會會議，旨在（ 其中包括 ）批准本公司及其 附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績公告及考慮建 議派發中期股息（ 如有 ）。 承董事會命 ...

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 | 2025年7月31日 截至月份: | | --- | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: REF Holdings Limited 呈交日期: 2025年8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) | 01631 | 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 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 ...

Financial Performance - The company's revenue decreased by 14.3% year-on-year to HKD 106.4 million, while the profit attributable to shareholders fell by 51.6% to HKD 5.7 million[8]. - The company recorded revenue of approximately HKD 106,360,000, a decrease of 14.3% year-on-year (previous year: HKD 124,041,000) due to reduced demand for printed documents and a continued decline in IPO activities[14]. - Printing services revenue decreased by 17.6% to approximately HKD 53,510,000 (previous year: HKD 64,911,000), while translation services revenue decreased by 8.9% to approximately HKD 43,583,000 (previous year: HKD 47,854,000)[14]. - The company's gross profit decreased by 11.3% to approximately HKD 56,068,000 (previous year: HKD 63,246,000), with a gross profit margin increasing to 52.7% (previous year: 51.0%) due to strict cost control measures[15]. - The company's net profit for the year was approximately HKD 5,669,000, a decrease of 51.6% year-on-year (previous year: HKD 11,714,000), with a net profit margin decreasing by 4.1 percentage points to 5.3% (previous year: 9.4%)[20]. - Total revenue for the year ended December 31, 2024, was HKD 106,360,000, a decrease of 14.4% compared to HKD 124,041,000 in 2023[186]. - Gross profit for 2024 was HKD 56,068,000, down from HKD 63,246,000 in 2023, reflecting a decline of 11.4%[186]. - The net profit attributable to the company's owners for 2024 was HKD 5,669,000, a significant decrease of 51.6% from HKD 11,714,000 in 2023[186]. Market Conditions - The Hong Kong capital market saw a significant recovery in the latter part of the year, with the Hang Seng Index rising by 18% and total fundraising from IPOs increasing by 89% year-on-year to HKD 87.5 billion[8][12]. - The number of new listings in Hong Kong was 71, slightly down from 73 in the previous year, indicating that several large companies dominated the IPO market[8]. - The company anticipates ongoing challenges in the financial printing business due to the transition to paperless listings, with further reforms expected in January 2025[9][12]. - The company expects an improvement in overall liquidity in the Hong Kong capital market due to the Chinese government's economic stimulus policies[37]. - The company predicts an increase in the number of IPOs and capital market transactions in 2025[37]. Operational Efficiency - The company has implemented strict controls on sales, distribution, and administrative expenses to improve operational efficiency and safeguard profitability[12]. - The company maintained cash and bank balances of approximately HKD 55,298,000 as of December 31, 2024, compared to HKD 54,231,000 in the previous year, indicating stable liquidity[22]. - The total lease liabilities increased to approximately HKD 36,419,000 (previous year: HKD 8,545,000), resulting in a capital-to-debt ratio of 0.46 (previous year: 0.12) due to new lease agreements for office properties[22]. - Capital expenditures for the year were approximately HKD 272,000, an increase from HKD 135,000 in the previous year, with no significant capital commitments as of December 31, 2024[23]. Corporate Governance - The company emphasizes the importance of effective risk management and internal control systems for long-term sustainable development[29]. - The risk management framework includes a three-tier approach to identify, assess, mitigate, and respond to risks, with business units as the first line of defense[30]. - The company has established an audit committee, remuneration committee, and nomination committee, ensuring effective corporate governance and risk management[50]. - The board has been closely monitoring the implementation of corporate governance practices, risk management, and internal control systems to align corporate values with company culture[51]. - The company has adopted the principles and code provisions of the corporate governance code as per the listing rules, ensuring prudent regulation of business activities and decision-making processes[49]. - The board is committed to maintaining good corporate governance to provide a framework for decision-making and to create long-term sustainable growth for shareholders[50]. - The board consists of five directors, including three independent non-executive directors, promoting critical review and monitoring of management processes[71]. - The board has implemented mechanisms to ensure independent viewpoints are considered in decision-making processes[59]. Employee and Social Responsibility - The company has a strong focus on ethical and responsible conduct, promoting a culture of integrity among all directors[50]. - The company has engaged in various employee activities to promote a balanced work-life environment, including Christmas parties and casual dress days[163]. - The group aims to provide a safe and healthy working environment for employees, reflecting its commitment to corporate social responsibility[163]. - The company has established a zero-tolerance policy towards corruption, applicable to all employees and business levels[103]. - The company has implemented a code of conduct and compliance manual applicable to employees and directors[93]. Shareholder Information - The company plans to hold its annual general meeting on April 17, 2024, to discuss key business matters with shareholders[66]. - The company has a mechanism in place for shareholders to request a special general meeting if they hold at least 10% of the paid-up capital[106]. - The company has not declared any interim dividends for the year ending March 6, 2025[130]. - The company declared a final dividend of HKD 0.15 per share for the year 2023, totaling HKD 38,400,000 paid on May 12, 2023[131]. - The company has not made any charitable donations during the year, consistent with the previous year[138]. Financial Position - The company's total equity increased to HKD 79,733,000 in 2024, up from HKD 72,754,000 in 2023, reflecting a growth of 9.1%[187]. - The company’s cash and cash equivalents increased to HKD 55,298,000 in 2024 from HKD 36,220,000 in 2023, a growth of 52.7%[187]. - The group reported a net trade receivables balance of approximately HKD 21,862,000, with an expected credit loss provision of about HKD 2,920,000 for the year[173]. - The expected credit loss provision increased from HKD 2,759,000 in the previous year, indicating a rise in credit risk assessment[173]. - The independent auditor has reviewed the consolidated financial statements and found them to be fairly presented in accordance with Hong Kong Financial Reporting Standards[167].

Financial Performance - Total revenue for the year ending December 31, 2024, is projected to be HKD 106,360,000, a decrease of 14.3% from HKD 124,041,000 in the previous year[3] - Gross profit for the same period is expected to be HKD 56,068,000, down 11.4% from HKD 63,246,000[3] - The net profit attributable to shareholders is forecasted to be HKD 5,669,000, a decline of 51.6% compared to HKD 11,714,000 last year[3] - The profit before tax for the year 2024 was HKD 5,669,000, compared to HKD 11,714,000 in 2023, representing a decrease of approximately 51.5%[18] - The basic earnings per share for 2024 was HKD 2.21, a decline of approximately 51.7% from HKD 4.58 in 2023[20] - The net profit for the year was approximately HKD 5.67 million, a decline of 51.6% from HKD 11.71 million in the previous year, resulting in a net profit margin of 5.3%[35] Revenue Breakdown - The financial printing services segment generated revenue of HKD 53,510 thousand in 2024, down from HKD 64,911 thousand in 2023, indicating a decline of about 17.6%[14] - The translation services segment saw revenue decrease from HKD 47,854 thousand in 2023 to HKD 43,583 thousand in 2024, a drop of approximately 8.4%[14] - The media publishing segment's revenue fell from HKD 11,276 thousand in 2023 to HKD 9,267 thousand in 2024, reflecting a decrease of around 17.8%[14] - The group reported revenue of HKD 106,360 thousand for the year 2024, compared to HKD 124,041 thousand in 2023, representing a decrease of approximately 14.3%[14] Expenses and Costs - The total employee benefits expenses amounted to HKD 47,990,000 in 2024, down from HKD 49,584,000 in 2023, a reduction of about 3.2%[18] - The service cost decreased by 17.3% to approximately HKD 50.29 million, down from HKD 60.80 million in the previous year[29] - Other income and losses of HKD 1,326,000, which is a decrease from HKD 1,817,000 in the previous year[3] - The total tax expense for 2024 was HKD 1,110,000, a decrease from HKD 2,202,000 in 2023, reflecting a reduction of approximately 49.6%[18] - The group reported a decrease in depreciation expenses for machinery and equipment from HKD 3,977,000 in 2023 to HKD 2,622,000 in 2024, a decline of about 34.1%[18] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 102,043,000, while total liabilities were HKD 30,578,000, resulting in a net asset value of HKD 79,733,000[6] - The company reported cash and bank balances of HKD 55,298,000, an increase from HKD 36,220,000 in the previous year[6] - The company's non-current assets, including machinery and equipment, totaled HKD 45,472,000, compared to HKD 17,195,000 in the previous year[6] - Current assets included trade receivables of HKD 21,862,000, slightly down from HKD 22,754,000 year-over-year[6] - The company’s total liabilities decreased from HKD 30,578,000 to HKD 23,455,000, indicating improved financial stability[6] - The company’s lease liabilities were reported at HKD 20,744,000, a significant increase from HKD 893,000 in the previous year[6] Strategic Focus and Future Outlook - The company has indicated a focus on new product development and market expansion strategies to drive future growth[2] - The company plans to enhance its service offerings to improve customer retention and attract new users[2] - Future guidance suggests a continued emphasis on cost management to mitigate the impact of declining revenues[2] - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational capabilities[2] - The company is focused on expanding its financial printing services and investment holding business, aiming for growth in the upcoming fiscal year[7] - The company anticipates an improvement in overall liquidity in the Hong Kong capital market due to stimulating economic policies in China, with expectations for an increase in IPOs and capital market transactions in 2025[39] Compliance and Reporting - The group has adopted the revised Hong Kong Financial Reporting Standards for the first time this year, which did not have a significant impact on the financial position or performance[9] - The group anticipates that the newly issued Hong Kong Financial Reporting Standards will not have a major impact on the consolidated financial statements in the foreseeable future[11] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[11] - The group’s financial reporting adheres to the applicable disclosure requirements under the Listing Rules and the Hong Kong Companies Ordinance[12] - The group’s financial performance is expected to be influenced by the implementation of new accounting standards in the coming years[13] - The group continues to monitor the impact of market conditions on its revenue streams and is exploring strategies for future growth[14] Shareholder Information - The company declared no final dividend for the year 2024, compared to a dividend of HKD 0.15 per share in 2023, totaling HKD 38,400,000[19] - The company declared a final dividend of HKD 0.15 per share for the year, totaling HKD 38,400,000, which was paid to shareholders on May 12, 2023[46] - As of December 31, 2024, the company had granted 25,600,000 stock options under its stock option plan, with no options exercised in the previous year[38] Miscellaneous - The group operates a single business segment providing financial printing services, with all revenue generated from Hong Kong[15] - No individual customer contributed more than 10% of the total revenue for the group[16] - The financial statements for the year include consolidated financial position, consolidated profit and loss, and other comprehensive income statements[51] - The work conducted by the accounting firm does not constitute an assurance under the Hong Kong accounting standards[51] - The announcement does not provide any guarantees regarding the performance for the year[51]

Financial Performance - The profit attributable to the owners of REF Holdings Limited for the six months ended June 30, 2024, was HKD 5,302,000, a decrease of 47.4% compared to HKD 10,087,000 for the same period in 2023[1]. - The company reported a pre-tax profit of HKD 6,070,000, a decline of 48.9% from HKD 11,861,000 in the prior year[1]. - Revenue for the six months ended June 30, 2024, was HKD 63,221,000, a decrease of 16.3% compared to HKD 75,551,000 for the same period in 2023[20]. - The group's gross profit for the period was approximately HKD 34.4 million, a decrease of 14.3% from HKD 40.1 million in the previous period, with a slight improvement in gross margin to 54.3%[73]. - Net profit attributable to the company's owners was approximately HKD 5.3 million, down 47.4% from HKD 10.1 million in the previous period, resulting in a net profit margin decrease of 5.0 percentage points to 8.4%[77]. Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 48,000, significantly lower than HKD 11,953,000 in the same period last year[9]. - Cash and cash equivalents at the end of the period were HKD 18,203,000, down from HKD 40,972,000, reflecting a decrease of 55.6%[20]. - The overall cash flow decreased by HKD 17,989,000 compared to an increase of HKD 23,613,000 in the previous year, highlighting a shift in cash management[20]. - The company reported a net cash outflow from investing activities of HKD 11,277,000, contrasting with a net inflow of HKD 60,027,000 in the prior year[20]. - Financing activities resulted in a net cash outflow of HKD 6,760,000, compared to HKD 48,367,000 in the previous year, indicating a significant reduction in financing costs[20]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 88,934,000, compared to HKD 87,030,000 as of December 31, 2023, indicating a slight increase[4]. - The company’s total equity attributable to owners increased to HKD 78,028,000 as of June 30, 2024, from HKD 72,754,000 at the end of 2023[5]. - Trade receivables increased to HKD 37,052,000 as of June 30, 2024, compared to HKD 22,754,000 in the previous year, reflecting a rise in outstanding payments[4]. - Lease liabilities increased significantly to HKD 42,653,000 from HKD 4,074,000, indicating a substantial rise in leasing commitments[43]. - The group's total assets to liabilities ratio increased to 0.58 as of June 30, 2024, from 0.12 as of December 31, 2023, primarily due to increased lease liabilities[81]. Expenses - The gross profit margin for the period was approximately 54.5%, down from 53.0% in the previous year, with service costs amounting to HKD 28,868,000[1]. - The company’s administrative expenses remained stable at HKD 19,371,000, slightly down from HKD 19,377,000 in the previous year[1]. - Total employee benefit expenses decreased to HKD 25,123,000 from HKD 27,122,000, representing a decline of 7.4%[32]. - The group's service costs decreased by approximately 18.6% to about HKD 28.9 million, compared to HKD 35.5 million in the previous period[73]. Dividends and Shareholder Information - The company declared dividends of HKD 38,400,000 during the period, impacting retained earnings significantly[7]. - The group did not recommend any interim dividend for the period, following a final dividend of HKD 0.15 per share paid in May 2023[85]. - Major shareholders hold 192,000,000 shares, representing 75% of the issued share capital[101]. Business Operations - The company operates a single business segment, providing financial printing services, with all revenue generated from Hong Kong[25]. - The core financial printing business faces challenges due to geopolitical tensions and slowing economic growth[95]. - The company has not disclosed any major new products or technologies in the current report, focusing instead on existing financial printing services[20]. - There were no individual customers contributing more than 10% of total revenue during the reporting period, indicating a diversified customer base[26]. Governance and Compliance - The company has adopted corporate governance principles to ensure prudent regulation of business activities and decision-making processes[104]. - The audit committee reviewed the group's unaudited condensed consolidated performance and confirmed that the financial data and reports were prepared in accordance with applicable accounting standards and regulations[108].

Financial Performance - The total comprehensive income attributable to owners for the six months ended June 30, 2024, was HKD 5,274,000, compared to HKD 10,087,000 for the same period in 2023, representing a decrease of approximately 47.5%[1] - Basic and diluted earnings per share for the period were HKD 2.07, down from HKD 3.94 in the previous year, indicating a decline of about 47.4%[1] - Revenue for the six months ended June 30, 2024, was HKD 63,221,000, a decrease of 16.3% from HKD 75,551,000 in the same period of 2023[1] - Gross profit for the period was HKD 34,353,000, down from HKD 40,082,000, reflecting a decline of approximately 14.2%[1] - The profit attributable to shareholders for the same period decreased by 47.4% to HKD 5.3 million[19] - Total employee benefit expenses amounted to HKD 25,123,000, a decrease of 7.4% from HKD 27,122,000 in the prior period[11] - The financial printing service segment generated revenue of HKD 40,646,000 for financial reports, down from HKD 50,943,000 in the previous year, representing a decline of 20.2%[8] - The total revenue from translation services was HKD 26,035,000, down 12.0% from HKD 29,592,000 in the previous year[8] - Core printing service revenue was approximately HKD 32,273,000, down 19.2% from the previous period (approximately HKD 39,920,000)[20] - Translation service revenue decreased by approximately 12.0% to HKD 26,035,000 from HKD 29,592,000 in the previous period[21] - Gross profit decreased by approximately 14.3% to about HKD 34,353,000, with a slight improvement in gross margin to 54.3% from 53.1% in the previous period[21] Assets and Liabilities - Trade receivables as of June 30, 2024, amounted to HKD 37,052,000, an increase of 62.8% from HKD 22,754,000 as of December 31, 2023[2] - Current assets totaled HKD 88,934,000, slightly up from HKD 87,030,000 at the end of 2023[2] - Non-current assets increased significantly to HKD 54,314,000 from HKD 17,195,000, primarily due to the rise in right-of-use assets[2] - Total liabilities as of June 30, 2024, were HKD 35,690,000, compared to HKD 30,578,000 at the end of 2023, indicating an increase of approximately 16.5%[3] - The company's asset-liability ratio increased to 0.58 as of June 30, 2024, from 0.12 on December 31, 2023, primarily due to increased lease liabilities[23] - Trade payables increased to HKD 4.288 million as of June 30, 2024, from HKD 2.406 million as of December 31, 2023[18] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring proper management of business activities and decision-making processes[30] - The audit committee has reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and disclosure requirements[34] - The company has confirmed that all directors have adhered to the standards for securities trading during the reporting period[31] - The company has not reported any significant changes in accounting policies that would materially affect the financial statements[7] - The company has applied revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial position or performance during the period[7] Business Operations and Strategy - The company continues to focus on providing financial printing services and investment holding, with no new product launches or significant market expansions reported during the period[4] - The group operates a single business segment providing financial printing services, with all revenue generated from Hong Kong[9] - The company anticipates continued challenges in its core financial printing business due to geopolitical tensions and economic slowdown, but expects potential improvements in investment sentiment later in the year[29] - The company plans to enhance its core competitiveness in branding, networking, and services while strengthening cost control measures[29] - The company continues to focus on sustainable operations and has implemented various environmental measures[19] Dividends and Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2024[13] - The company does not recommend declaring any interim dividend for the period, with a final dividend of HKD 0.15 per share paid in May 2023 totaling HKD 38,400,000[26] - The mid-term report for 2024 will be sent to shareholders and published on the relevant websites[35] Market Conditions - The Hong Kong capital market's fundraising activities were weak, with total IPO fundraising of HKD 13.1 billion, a decline of 27% compared to the previous period[19] - The number of new listed companies in the current period was 30, down from 39 in the previous period[19] Miscellaneous - There were no individual customers contributing more than 10% of total revenue for the six months ended June 30, 2024[10] - The company has not disclosed any major events or transactions that significantly impacted its financial condition since the last annual report[6] - There were no purchases, redemptions, or sales of the company's listed securities by the company or its subsidiaries during the reporting period[32] - The share option plan allows for the issuance of a total of 25,600,000 shares, representing 10% of the issued shares, but no options have been granted since the plan's adoption[33]