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: | 華禧控股有限公司 | | | 呈交日期: | 2025年9月30日 | | | I. 法定/註冊股本變動 | | | | 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) | 01689 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | HKD | 0.005 | | | 20,000,000 | | 增加 / 減少 (-) | | | | | HKD | | | | | | 本月底結存 | | | 4, ...

HUAXI HOLDINGS COMPANY LIMITED 華禧控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號：1689) 19 September 2025 Dear Shareholder(s), Huaxi Holdings Company Limited (the "Company") – Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The Current Corporate Communication of the Company, in both English and Chinese versions, are available on the Company's website (www.huaxihds.com.hk) and The Stock Exchange of Hong Kong Limite ...

Core Viewpoint - The major shareholders of Top Group have sold a significant amount of shares for approximately 880 million yuan, marking the first reduction in their holdings since the company's IPO over ten years ago [2][6][7]. Shareholder Actions - Four shareholders, including Wu Jianshu and Wu Haonian, reduced their holdings by 13.43 million shares from August 29 to September 10, representing 0.7728% of the company [4][5]. - The total cash raised from this reduction is estimated at around 880 million yuan, with individual contributions from the shareholders varying [6][5]. - This reduction comes after a period of consistent shareholding and even additional purchases by the shareholders in previous years [8][10]. Stock Performance - The stock price of Top Group has seen a significant increase, with a cumulative rise of approximately 70% over the past two months, and a nearly 30% increase during the reduction period [5][9]. - The stock reached a peak price of 73.37 yuan on September 10, which is the second-highest since its listing [2][4]. Financial Performance - Top Group's revenue and net profit have experienced substantial growth over the past few years, with revenue increasing from 6.51 billion yuan in 2020 to 26.6 billion yuan in 2024, and net profit rising from 628 million yuan to 3 billion yuan during the same period [11][12]. - However, in the first half of this year, the company reported a decline in net profit by 13.84%, with revenue growth slowing to 5.83% [12][11]. Business Segments - The company has been expanding into the rapidly growing electric vehicle market and has established partnerships with several major automotive manufacturers [12]. - Despite the growth in revenue, the contribution from the robotics segment remains minimal, accounting for less than 0.1% of total revenue, with recent figures showing only 766,000 yuan in revenue from this segment [13][12].

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: | 華禧控股有限公司 | | | | | | 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) | 01689 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.005 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | H ...

Group 1 - The core viewpoint of the article highlights that Huaxi Holdings (01689.HK) reported a revenue increase of 4.9% to HKD 65.7 million for the six months ending June 30, 2025 [1] - The gross profit surged by 120.3% to HKD 19.89 million, indicating significant improvement in profitability [1] - The net loss attributable to shareholders decreased by 89.0% to HKD 2.3 million, with basic loss per share also reduced by 89.0% to HKD 0.33 [1] Group 2 - Huaxi Holdings (01689.HK) anticipates a net loss of approximately HKD 2.0 million to HKD 3.0 million for the first half of the year, compared to a loss of HKD 21.0 million in the same period last year [2]

Group 1 - The company, Huaxi Holdings (01689), reported revenue of HKD 65.7 million for the six months ending June 30, 2025, representing a year-on-year increase of 4.9% [1] - The loss attributable to shareholders narrowed to HKD 2.3 million, a decrease of 89% compared to the previous year [1] - The basic loss per share was HKD 0.33 [1]

[Disclaimer](index=1&type=section&id=Disclaimer) HKEX and SEHK disclaim responsibility for the announcement's content, accuracy, completeness, and any resulting losses [Disclaimer Statement](index=1&type=section&id=Disclaimer%20Statement) HKEX and SEHK disclaim responsibility for the announcement's content, accuracy, completeness, and any resulting losses - HKEX and SEHK are **not responsible** for the content of this announcement, do **not guarantee its accuracy or completeness**, and are **not liable for losses** incurred from reliance on its content[1](index=1&type=chunk) [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This section provides an overview of Huaxi Holdings Company Limited's interim results for the six months ended June 30, 2025 [Company Information](index=1&type=section&id=Company%20Information) Huaxi Holdings Company Limited (Stock Code: 1689) released its interim results for the six months ended June 30, 2025 - Huaxi Holdings Company Limited (Stock Code: 1689) announced its **interim results** for the six months ended **June 30, 2025**[2](index=2&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) Revenue increased by 4.9% to 65.7 million HKD, gross profit surged by 120.3%, and loss per share significantly reduced to 0.33 HK cents Key Financial Indicators for H1 FY2025 | Indicator | 2025 H1 (thousand HKD) | YoY Change (%) | | :--- | :--- | :--- | | Revenue | 65,700 | +4.9% | | Gross Profit | 19,890 | +120.3% | | Operating Loss | (1,570) | -92.6% | | Loss Attributable to Owners | (2,300) | -89.0% | | Basic Loss Per Share (HK cents) | (0.33) | -89.0% | - The Board **does not recommend** the payment of an **interim dividend** for the six months ended June 30, 2025[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income and financial position [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue increased to 65.7 million HKD, gross profit rose to 19.89 million HKD, and loss per share was 0.33 HK cents Summary of Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 65,702 | 62,615 | 3,087 | +4.9% | | Cost of Sales | (45,816) | (53,590) | 7,774 | -14.5% | | Gross Profit | 19,886 | 9,025 | 10,861 | +120.3% | | Operating Loss | (1,566) | (21,241) | 19,675 | -92.6% | | Loss for the Period | (2,323) | (21,046) | 18,723 | -89.0% | | Loss Attributable to Owners of the Company | (2,295) | (20,987) | 18,692 | -89.1% | | Basic Loss Per Share (HK cents) | (0.33) | (2.99) | 2.66 | -89.0% | - In other comprehensive income, currency translation differences shifted from a loss of **2,643 thousand HKD** in 2024 to a gain of **4,112 thousand HKD** in 2025[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased to 330.92 million HKD, cash and cash equivalents fell to 15.14 million HKD, and total liabilities reduced to 131.53 million HKD Summary of Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Non-current Assets | 79,345 | 82,719 | (3,374) | -4.1% | | Current Assets | 251,576 | 268,159 | (16,583) | -6.2% | | Total Assets | 330,921 | 350,878 | (19,957) | -5.7% | | **Equity** | | | | | | Total Equity | 199,395 | 197,606 | 1,789 | +0.9% | | **Liabilities** | | | | | | Non-current Liabilities | 5,054 | 5,520 | (466) | -8.4% | | Current Liabilities | 126,472 | 147,752 | (21,280) | -14.4% | | Total Liabilities | 131,526 | 153,272 | (21,746) | -14.2% | | Cash and Cash Equivalents | 15,139 | 25,826 | (10,687) | -41.4% | | Borrowings | - | 10,260 | (10,260) | -100.0% | - Net trade receivables slightly increased from **143.60 million HKD** at the end of 2024 to **144.50 million HKD** as of June 30, 2025[7](index=7&type=chunk) - Trade payables and bills decreased from **109.27 million HKD** at the end of 2024 to **101.77 million HKD** as of June 30, 2025[8](index=8&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on the condensed consolidated financial statements, covering general information, basis of preparation, segment information, revenue, expenses, tax, loss per share, dividends, and trade receivables/payables [General Information](index=6&type=section&id=General%20Information) The company is incorporated in the Cayman Islands, with its main businesses in China being cigarette packaging and environmental restoration - The Company is incorporated in the **Cayman Islands**, with its ultimate parent company, **SXD Limited**, registered in the **British Virgin Islands**[9](index=9&type=chunk) - The Group's principal businesses are the manufacturing and sale of **cigarette packaging materials** and **environmental and ecological restoration** in China[9](index=9&type=chunk) - The Company's shares have been listed on the **Main Board of The Stock Exchange of Hong Kong** since **December 6, 2013**[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) Interim financial information is prepared under HKAS 34 and Listing Rules, with no significant impact from newly adopted HKFRS amendments - The interim financial information is prepared in accordance with the **Listing Rules** of the Stock Exchange and **Hong Kong Accounting Standard 34** 'Interim Financial Reporting'[11](index=11&type=chunk) - The Group first applied HKAS 21 (Amendment) 'Lack of Exchangeability' on **January 1, 2025**, with **no significant impact** on financial position or performance[12](index=12&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group operates cigarette packaging and environmental governance segments, with environmental governance turning profitable and significantly improving segment results - The Group primarily operates **cigarette packaging** and **environmental governance** businesses, both identified as reportable segments[13](index=13&type=chunk) Summary of Segment Results (Six Months Ended June 30) | Indicator | Cigarette Packaging Business (thousand HKD) | Environmental Governance Business (thousand HKD) | Total Group (thousand HKD) | | :--- | :--- | :--- | :--- | | **2025** | | | | | Revenue | 60,298 | 5,404 | 65,702 | | Segment Result | 2,380 | 217 | 2,597 | | **2024** | | | | | Revenue | 58,445 | 4,069 | 62,615 | | Segment Result | 4,077 | (14,572) | (10,394) | - The environmental governance business achieved a turnaround in segment results in H1 2025, shifting from a loss of **14.57 million HKD** in the same period of 2024 to a profit of **0.22 million HKD**[15](index=15&type=chunk)[16](index=16&type=chunk) Summary of Segment Assets and Liabilities (As of June 30) | Indicator | Cigarette Packaging Business (thousand HKD) | Environmental Governance Business (thousand HKD) | Total Group (thousand HKD) | | :--- | :--- | :--- | :--- | | **June 30, 2025** | | | | | Segment Assets | 363,000 | 135,178 | 293,199 | | Segment Liabilities | 62,567 | 267,164 | 124,696 | | Capital Expenditure | 55 | - | 55 | | **December 31, 2024** | | | | | Segment Assets | 367,351 | 141,926 | 313,118 | | Segment Liabilities | 74,648 | 267,422 | 145,834 | | Capital Expenditure | 4,220 | 1,595 | 5,815 | [Revenue](index=10&type=section&id=Revenue) Total revenue increased by 4.9% to 65.70 million HKD, primarily from cigarette packaging and environmental restoration, with two major clients contributing 91.4% of total revenue Revenue Breakdown (Six Months Ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sale of cigarette packaging products | 60,298 | 58,445 | 1,853 | +3.2% | | Agency services | - | 101 | (101) | -100.0% | | Construction services | 2,376 | 2,625 | (249) | -9.5% | | Maintenance and other services | 3,028 | 1,444 | 1,584 | +109.7% | | **Total Revenue** | **65,702** | **62,615** | **3,087** | **+4.9%** | Revenue Contribution by Major Clients (Six Months Ended June 30) | Client | 2025 (%) | 2024 (%) | | :--- | :--- | :--- | | Client A | 48.2% | 45.2% | | Client B | 43.2% | 44.6% | - The majority of the Group's revenue is derived from **customers in China**[18](index=18&type=chunk) Contract Assets and Liabilities with Customers (As of June 30) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Total Contract Assets | 17,286 | 19,184 | | Contract Liabilities – Construction Services | 258 | 2,427 | [Expenses by Nature](index=11&type=section&id=Expenses%20by%20Nature) Total cost of sales, distribution, and administrative expenses decreased by 13.9% to 62.01 million HKD, with reductions in staff, raw material, and subcontracting costs Key Expense Breakdown (Six Months Ended June 30) | Expense Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of inventories sold | 34,350 | 35,078 | (728) | -2.1% | | Staff costs | 15,367 | 15,680 | (313) | -2.0% | | Raw materials used and subcontracting costs for construction contracts | 2,847 | 8,666 | (5,819) | -67.2% | | Total depreciation and amortisation | 4,102 | 4,965 | (863) | -17.4% | | Total cost of sales, distribution costs and administrative expenses | 62,011 | 72,064 | (10,053) | -13.9% | Other Gains/(Losses) – Net (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Foreign exchange (loss)/gain | (1,091) | 478 | | Dividend income from financial assets at fair value through profit or loss | 88 | 143 | | Loss on disposal of property, plant and equipment | (3) | (1,423) | | Net fair value gains/(losses) on financial assets at fair value through profit or loss | 1,340 | (10,973) | | **Total** | **334** | **(11,775)** | [Income Tax Expense/Credit](index=12&type=section&id=Income%20Tax%20Expense%2FCredit) Income tax expense was 980 thousand HKD, with tax exemptions for certain entities, varying rates for Hong Kong subsidiaries, and preferential rates for high-tech enterprises in China - The Company's entities in the **Cayman Islands** and **British Virgin Islands** are **exempt from income tax**[23](index=23&type=chunk) - Hong Kong operating subsidiaries are subject to an income tax rate of **16.5%**, with eligible subsidiaries taxed at **8.25%** for the first **2 million HKD** of assessable profits[24](index=24&type=chunk) - Shantou Xinda, as a high-tech enterprise, enjoys a preferential corporate income tax rate of **15%**[25](index=25&type=chunk) - A **5%** withholding income tax rate applies to dividends declared by Chinese subsidiaries to eligible Hong Kong intermediate holding companies[26](index=26&type=chunk) Income Tax Expense/Credit (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current income tax | (416) | - | | Deferred income tax | (564) | 313 | | **Total** | **(980)** | **313** | [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) Basic loss per share attributable to owners significantly decreased to 0.33 HK cents, with diluted loss per share being identical Loss Per Share Calculation (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (thousand HKD) | (2,295) | (20,987) | | Weighted average number of ordinary shares in issue | 701,430,000 | 701,430,000 | | Basic loss per share (HK cents) | (0.33) | (2.99) | - Diluted loss per share was the same as basic loss per share due to **no potential dilutive shares outstanding** during the period[30](index=30&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board **does not recommend** the payment of an **interim dividend** for the six months ended June 30, 2025[31](index=31&type=chunk) [Trade Receivables](index=14&type=section&id=Trade%20Receivables) Net trade receivables slightly increased to 144.50 million HKD, with the largest portion being over 365 days, all denominated in RMB Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 90 days | 28,203 | 25,872 | | 91 to 180 days | 1,998 | 9,073 | | 181 to 365 days | 9,642 | 6,114 | | Over 365 days | 167,880 | 161,426 | | **Total** | **207,723** | **202,485** | | Less: Impairment allowance | (63,226) | (58,884) | | **Net** | **144,497** | **143,601** | - The Group's trade receivables are all denominated in **RMB**[32](index=32&type=chunk) [Trade Payables and Bills](index=14&type=section&id=Trade%20Payables%20and%20Bills) Total trade payables and bills decreased to 101.77 million HKD, with the majority due within 90 days, all denominated in RMB Ageing Analysis of Trade Payables and Bills (As of June 30) | Ageing | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | **Trade Payables** | | | | Within 90 days | 60,961 | 69,652 | | 91 to 180 days | 1,563 | 164 | | Over 180 days | 4,205 | 3,548 | | **Subtotal** | **66,729** | **73,364** | | Bills Payable – Bank Acceptance Bills | 35,045 | 35,901 | | **Total** | **101,774** | **109,265** | - The Group's trade payables and bills are all denominated in **RMB**[33](index=33&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a review of the Group's business operations, financial performance, capital structure, and future outlook [Business and Operations Review](index=15&type=section&id=Business%20and%20Operations%20Review) Revenue grew by 4.9% to 65.7 million HKD, loss attributable to owners decreased by 89.0%, driven by growth in both cigarette packaging and environmental governance businesses - The Group's revenue for the reporting period was approximately **65.7 million HKD**, representing a year-on-year increase of **4.9%**[34](index=34&type=chunk) - Loss attributable to owners of the Company was approximately **2.3 million HKD**, a year-on-year decrease of **89.0%**[34](index=34&type=chunk) Cigarette Packaging Business Revenue Breakdown (Six Months Ended June 30) | Product Category | 2025 (thousand HKD) | 2025 (%) | 2024 (thousand HKD) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Inner Liner Paper | 32,754 | 54.3 | 36,948 | 63.2 | | Tipping Paper | 17,088 | 28.4 | 14,996 | 25.7 | | Frame Paper | 7,072 | 11.7 | 3,924 | 6.7 | | Seal Paper | 3,381 | 5.6 | 2,577 | 4.4 | | Others | 3 | 0.0 | - | - | | **Total** | **60,298** | **100.0** | **58,445** | **100.0** | - Environmental governance business revenue was approximately **5.4 million HKD**, a year-on-year increase of **32.7%**, primarily due to the completion and settlement of existing construction projects and river ecological management contributions[36](index=36&type=chunk) [Financial Performance Review](index=16&type=section&id=Financial%20Performance%20Review) Gross profit surged by 120.3% to 19.89 million HKD, gross margin increased to 30.3%, driven by environmental governance turnaround, while impairment losses increased and tax shifted to an expense - The Group's gross profit was approximately **19.89 million HKD**, representing a year-on-year increase of **120.3%**[37](index=37&type=chunk) - The Group's gross profit margin increased from **14.4%** in the same period of 2024 to **30.3%** in the same period of 2025, an increase of **15.9 percentage points**[37](index=37&type=chunk) - The gross profit margin of the environmental governance business turned profitable, from **-183.8%** in the same period of 2024 to **26.7%** in the same period of 2025[38](index=38&type=chunk) - Administrative expenses decreased by **13.6%** to **15.72 million HKD**[40](index=40&type=chunk) - Net impairment losses on financial and contract assets increased to **5.58 million HKD**, primarily due to long-term overdue balances related to the environmental governance business[41](index=41&type=chunk) - Other net gains were **0.33 million HKD**, compared to a loss of **11.78 million HKD** in the same period last year, mainly due to **stable securities markets** in Hong Kong and China, and net fair value gains on financial assets of **1.34 million HKD**[42](index=42&type=chunk) - Net finance income was **0.22 million HKD**, compared to net finance costs of **0.12 million HKD** in the same period last year[43](index=43&type=chunk) - Income tax expense was **0.98 million HKD**, compared to an income tax credit of **0.31 million HKD** in the same period last year[44](index=44&type=chunk) - Loss attributable to owners of the Company decreased by **89.0%** to **2.3 million HKD**[45](index=45&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=17&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group recorded net gains of 1.43 million HKD on listed securities, including 1.34 million HKD from fair value changes, holding 13.68 million HKD in financial assets at fair value through profit or loss - The Group recorded total net gains on listed securities of approximately **1.43 million HKD** during the reporting period, primarily due to **stable securities markets** in Hong Kong and China[47](index=47&type=chunk) - Fair value gains from changes were approximately **1.34 million HKD**, compared to a loss of **10.97 million HKD** in the same period last year[47](index=47&type=chunk) Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Security Category | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Equity securities listed in Hong Kong | 701 | 1,236 | | Equity securities listed in China (Luen Thai Environmental) | 6,082 | 5,447 | | Equity securities listed in China (Tianji Shares) | 3,857 | 3,315 | | Other China-listed equity securities | 3,042 | 3,163 | | **Total** | **13,682** | **13,161** | [Capital Structure, Liquidity and Financial Resources](index=18&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) Net assets were 199.40 million HKD, with a working capital surplus of 125.10 million HKD, all borrowings repaid, and exposure to exchange rate risk without hedging - As of June 30, 2025, the Group's net assets were **199.40 million HKD**, with a working capital surplus of **125.10 million HKD**[49](index=49&type=chunk) Cash and Cash Equivalents (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Restricted bank cash | 37,730 | 37,550 | | Cash and cash equivalents | 15,140 | 25,830 | | **Total** | **52,870** | **63,370** | Summary of Cash Flows (Six Months Ended June 30) | Cash Flow Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Net cash used in operating activities | (1,446) | (1,865) | | Net cash from investing activities | 1,062 | 7,510 | | Net cash used in financing activities | (11,111) | (6,651) | | Net decrease in cash and cash equivalents | (11,495) | (1,006) | | Cash and cash equivalents at end of period | 15,139 | 10,911 | - The Group has **fully repaid all borrowings** and had **no borrowings** as of June 30, 2025, thus **no gearing ratio** is presented[53](index=53&type=chunk) - The Group primarily faces **exchange rate fluctuation risk** and currently has **no hedging policy** in place[54](index=54&type=chunk) [Capital Expenditure and Commitments](index=20&type=section&id=Capital%20Expenditure%20and%20Commitments) Total capital expenditure was 60 thousand HKD for property, plant, and equipment, with no capital commitments as of June 30, 2025 - During the reporting period, the Group's total capital expenditure was approximately **60 thousand HKD**, primarily for the acquisition of **property, plant, and equipment**[55](index=55&type=chunk) - As of June 30, 2025, the Group had **no capital commitments**[55](index=55&type=chunk) [Pledged Assets](index=20&type=section&id=Pledged%20Assets) The Group pledged cash deposits of 37.73 million HKD for bills payable and performance bonds, all denominated in RMB - The Group pledged cash deposits of approximately **37.73 million HKD**, with **35.05 million HKD** for bills payable and **1.61 million HKD** as performance bond deposits[56](index=56&type=chunk) - All pledged cash deposits are denominated in **RMB**[56](index=56&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) The Group had no contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had **no contingent liabilities** at the end of the reporting period[57](index=57&type=chunk) [Significant Acquisitions and Disposals](index=20&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - The Group had **no significant acquisitions or disposals** of subsidiaries, associates, or joint ventures during the reporting period[58](index=58&type=chunk) [Major Investment Activities](index=20&type=section&id=Major%20Investment%20Activities) The Group had no major investment activities during the reporting period - The Group had **no major investment activities** during the reporting period[59](index=59&type=chunk) [Future Outlook and Prospects](index=20&type=section&id=Future%20Outlook%20and%20Prospects) Despite slight improvements, the 2025 outlook remains challenging, prompting the Group to strengthen existing businesses and pursue concentric diversification for new revenue streams - While **cigarette packaging** and **environmental governance** businesses showed slight improvement, the outlook for **2025 remains challenging**[60](index=60&type=chunk) - The **cigarette packaging business** will continue to strengthen existing customer relationships and seek new clients to **expand market share**[60](index=60&type=chunk) - The **environmental governance business** faces challenges, with **limited opportunities** for new ecological restoration projects, requiring close monitoring and **timely strategy adjustments**[60](index=60&type=chunk) - The Group will pursue a **concentric diversification strategy**, actively seeking **new business opportunities** to **broaden revenue streams**[61](index=61&type=chunk) [Other Information](index=21&type=section&id=Other%20Information) This section covers human resources, corporate governance compliance, securities transactions, interim results review, and publication details [Human Resources](index=21&type=section&id=Human%20Resources) The Group employed 250 full-time staff with total remuneration of 15.37 million HKD, offering competitive compensation and benefits reviewed periodically - As of June 30, 2025, the Group employed **250 full-time employees** in China and Hong Kong (December 31, 2024: 258 employees)[62](index=62&type=chunk) - Total staff costs for the reporting period were **15.37 million HKD** (same period in 2024: 15.68 million HKD)[62](index=62&type=chunk) - The Group offers **competitive remuneration packages**, determined by employee performance, qualifications, and experience, along with benefits such as social insurance, provident funds, and discretionary bonuses[62](index=62&type=chunk) [Compliance with Corporate Governance Practices](index=21&type=section&id=Compliance%20with%20Corporate%20Governance%20Practices) The company adheres to the Corporate Governance Code, with explanations provided for deviations such as combined Chairman/CEO roles and fewer board meetings - The Company has adopted and applied the **Corporate Governance Code** set out in Appendix C1 Part 2 of the Listing Rules[63](index=63&type=chunk) - Mr. Zheng Yisheng serves concurrently as the **Chairman of the Board and Chief Executive Officer** of the Group, an arrangement the Board believes **does not lead to an imbalance of power**[64](index=64&type=chunk) - The Board held only **one regular meeting** during the reporting period, **falling short** of the minimum of four meetings per year required by Code Provision C.2.1, but **deemed quarterly meetings unnecessary**[65](index=65&type=chunk) - Management **did not submit monthly reports** to all Board members as required by Code Provision D.1.2, but provides **regular updates and information on significant changes**[66](index=66&type=chunk) [Purchase, Sale and Redemption of Company Securities](index=22&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20Company%20Securities) Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period - Neither the Company nor any of its subsidiaries **purchased, redeemed, or sold** any of the Company's listed securities during the reporting period[67](index=67&type=chunk) [Review of Interim Results](index=22&type=section&id=Review%20of%20Interim%20Results) The Company's audit committee has reviewed the Group's interim results for the reporting period - The Company's **audit committee** has reviewed the Group's **interim results** for the reporting period[68](index=68&type=chunk) [Publication of Interim Results and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement is published on the company and Stock Exchange websites, with the full interim report to be dispatched to shareholders - This interim results announcement has been published on the **Company's website** (www.huaxihds.com.hk) and the **Stock Exchange's website** (www.hkexnews.hk)[69](index=69&type=chunk) - The Company's interim report, containing all information required by the Listing Rules, will be **dispatched to shareholders** in due course and made available on the aforementioned websites[69](index=69&type=chunk)

Core Viewpoint - Huaxi Holdings (01689) expects a significant reduction in losses for the six months ending June 30, 2025, projecting a loss of approximately HKD 2 million to HKD 3 million, compared to a loss of about HKD 21 million for the same period in the previous year [1] Group 1 - The board attributes the reduction in losses to the recovery of the Hong Kong and Chinese securities markets, which led to a turnaround in financial assets measured at fair value from a loss of HKD 10.97 million in the previous period to a gain in the current period [2] - The environmental governance business has also turned from a gross loss of HKD 7.48 million in the previous period to a gross profit in the current period, as completed construction projects have entered the settlement phase, eliminating the need for additional maintenance costs [2]

Core Viewpoint - Huaxi Holdings (01689.HK) expects a significant reduction in losses for the period ending June 30, 2025, with projected losses between approximately HKD 2 million to HKD 3 million, compared to a loss of about HKD 21 million in the previous period [1] Group 1: Financial Performance - The company anticipates a turnaround in financial performance, primarily due to the recovery of the Hong Kong and Chinese securities markets, which has led to a shift from a fair value loss of HKD 10.97 million in the previous period to a fair value gain in the current period [1] - The environmental governance business has also improved, moving from a gross loss of HKD 7.48 million in the previous period to a gross profit in the current period, as completed projects have entered the settlement phase, eliminating additional maintenance costs [1]

Core Viewpoint - Huaxi Holdings (01689) expects a significant reduction in losses for the six months ending June 30, 2025, projecting a loss of approximately HKD 2 million to 3 million, compared to a loss of about HKD 21 million for the same period last year [1] Financial Performance - The company anticipates a turnaround in financial performance due to the recovery of the Hong Kong and China securities markets, resulting in a shift from a fair value loss of HKD 10.97 million in the previous period to a fair value gain in the current period [1] - The environmental governance business has also improved, moving from a gross loss of HKD 7.48 million in the previous period to a gross profit in the current period, attributed to completed construction projects entering the settlement phase, eliminating additional maintenance costs [1]