簡明綜合財務報表 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 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | 附註 | （未經審核） | （未經審核） | | 收益 | 4 | 53,346 | 63,221 | | 服務成本 | | (24,889) | (28,868) | | 毛利 | | 28,457 | 34,353 | | 其他收益及虧損淨額 | 6 | 563 | 921 | | 貿易應收款項預期信貸虧損撥備計提淨額 | | (1,521) | (3,060) | | 銷售及分銷開支 | | (6,022) | (6,108) | | 行政開支 | | (15,424) | (19,371) | | 財務成本 | 7 | (829) ...

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。 ...

Group 1 - The core viewpoint of the article is that REF HOLDINGS (01631) reported a decline in both revenue and net profit for the first half of 2025, attributed to reduced demand for printed documents due to the Hong Kong Stock Exchange's expansion of its paperless listing mechanism [1] Group 2 - REF HOLDINGS' revenue for the first half of 2025 was HKD 53.346 million, representing a year-on-year decrease of 15.62% [1] - The company's net profit for the same period was HKD 4.477 million, reflecting a year-on-year decline of 15.56% [1] - The basic earnings per share were reported at HKD 0.0175 [1]

（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 ...

Core Points - REF HOLDINGS (01631.HK) has announced a board meeting scheduled for August 22, 2025, to approve the unaudited interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1] Summary by Category - **Company Announcement** - The company will hold a board meeting on August 22, 2025, to discuss key financial results and dividend proposals [1]

（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]