| 狀態: 新提交 | | --- | | 截至月份: 2025年10月31日 | 致：香港交易及結算所有限公司 公司名稱: 登輝控股有限公司 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 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01692 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 359,000,000 | | | | | 359,000,000 | | 增加 / 減少 (-) | | | | 0 | | | | | | 本月底結存 | | | 359,000,000 | | | 0 | | 359,000,000 | 第 2 頁 共 ...

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 | 狀態: 新提交 | | --- | | 截至月份: 2025年9月30日 | 致：香港交易及結算所有限公司 公司名稱: 登輝控股有限公司 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) | 01692 | 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 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40 ...

NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholder(1) , 26 September 2025 Town Ray Holdings Limited (the "Company") – Notification of publication of Interim Report 2025 (current "Corporate Communications") 1. "Non-Registered Shareholder" means such person or company whose shares are held in The Central Clearing and Settlement System (CCASS) and who has notified the Company from time to time through Hong Kong Securities Clearing Company Limited that such person or company wishes to receive Corporate Co ...

– Notification of publication of Interim Report 2025 (current "Corporate Communications") We hereby notify you that the current Corporate Communications in both English and Chinese are available on the Company's website at www.townray.com (by clicking under the section "Investor Relations" in the Company's website) and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk in an accessible format. You may access the current Corporate Communications through the Compa ...

目錄 2-3 公司資料 4-16 管理層討論及分析 17-29 企業管治及其他資料 30 中期簡明綜合損益表 31 中期簡明綜合全面收益表 32-33 中期簡明綜合財務狀況表 34 中期簡明綜合權益變動表 35 中期簡明綜合現金流量表 36-48 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 陳偉明先生 （行政總裁） 趙維光先生 鄧美華女士 俞國偉博士 非執行董事 陳鑑光博士 （主席） 鄭玉嬋女士（亦稱為鄭玉而女士） 獨立非執行董事 審核委員會 陳德宜女士 （主席） 蔡志良先生 陳承志先生 梁麗兒女士 薪酬委員會 陳承志先生 （主席） 蔡志良先生 陳德宜女士 梁麗兒女士 提名委員會 蔡志良先生 （主席） 陳承志先生 陳德宜女士 梁麗兒女士 公司秘書 趙維光先生 授權代表 陳偉明先生 趙維光先生 總部及香港主要營業地點 香港 新界 葵涌 青山公路葵涌段403號 匯城集團大廈 25樓A室 開曼群島註冊辦事處 Windward 3 Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands 蔡志良先生 陳承志先生 陳德宜女士 梁麗 ...

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 致：香港交易及結算所有限公司 公司名稱: 登輝控股有限公司 呈交日期: 2025年8月29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) | 01692 | 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 | | | 4,000,000,000 | HKD | | 0.01 HKD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.01 HKD | | 40,000,000 | 本月底法定/註冊股本總額： HKD 40,000,000 FF301 第 1 頁 共 10 頁 ...

Core Viewpoint - The company reported a revenue of HKD 327 million for the six months ending June 30, 2025, representing an increase of 8.4% year-on-year [1] - The profit attributable to shareholders decreased by 38% to HKD 30.1 million [1] - The basic earnings per share were HKD 0.0838, and an interim dividend of HKD 0.07 per share is proposed [1] Financial Performance - Revenue for the period was HKD 327 million, up 8.4% compared to the previous year [1] - Profit attributable to shareholders was HKD 30.1 million, down 38% year-on-year [1] - Basic earnings per share stood at HKD 0.0838 [1] Dividend Information - The company proposed an interim dividend of HKD 0.07 per share [1]

Core Viewpoint - The company reported a revenue of HKD 327 million for the six months ending June 30, 2025, representing an increase of 8.4% year-on-year [1] - The profit attributable to shareholders decreased by 38% to HKD 30.1 million [1] - The basic earnings per share were HKD 0.0838, and the company proposed an interim dividend of HKD 0.07 per share [1] Financial Performance - Revenue for the period was HKD 327 million, up 8.4% compared to the previous year [1] - Profit attributable to shareholders was HKD 30.1 million, down 38% year-on-year [1] - Basic earnings per share stood at HKD 0.0838 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.07 per share [1]

Summary of Key Points Core Viewpoint - 登辉控股 (01692.HK) reported a revenue increase of approximately 25.4 million HKD or about 8.4% to approximately 327.3 million HKD for the six months ending June 30, 2025. However, the gross profit margin decreased from approximately 33.3% in the same period last year to about 24.7%, a decline of approximately 8.6 percentage points. The profit attributable to equity holders decreased by approximately 18.4 million HKD or about 38.0% to approximately 30.1 million HKD. The board declared an interim dividend of 7.0 HKD cents per ordinary share, totaling approximately 25.1 million HKD [1] Financial Performance - Revenue increased by approximately 25.4 million HKD or about 8.4% to approximately 327.3 million HKD [1] - Gross profit margin decreased from approximately 33.3% to about 24.7%, a decline of approximately 8.6 percentage points [1] - Profit attributable to equity holders decreased by approximately 18.4 million HKD or about 38.0% to approximately 30.1 million HKD [1] Dividend Declaration - The board declared an interim dividend of 7.0 HKD cents per ordinary share [1] - Total amount of the declared dividend is approximately 25.1 million HKD [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Key Financial Metrics | Metric | For the six months ended June 30, 2025 (HKD in thousands / %) | For the six months ended June 30, 2024 (HKD in thousands / %) | Change (HKD in thousands / percentage points) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 327,300 | 301,900 | +25,400 | +8.4% | | Gross Profit | 80,800 | 100,700 | -19,900 | -19.8% | | Gross Profit Margin | 24.7% | 33.3% | -8.6 percentage points | - | | Profit attributable to equity holders of the Company | 30,100 | 48,500 | -18,400 | -38.0% | | Net Profit Margin | 9.2% | 16.1% | -6.9 percentage points | - | | Basic earnings per share | 8.38 HK cents | 13.52 HK cents | -5.14 HK cents | -38.0% | | Interim dividend (per ordinary share) | 7.0 HK cents | - | - | - | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's revenue grew 8.4% year-over-year, but gross profit and profit for the period declined by 19.8% and 38.0% respectively due to higher costs Statement of Profit or Loss | Metric | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Revenue | 327,295 | 301,933 | | Cost of sales | (246,514) | (201,268) | | Gross Profit | 80,781 | 100,665 | | Other income and gains, net | 6,612 | 9,183 | | Selling and distribution expenses | (7,058) | (7,231) | | General and administrative expenses | (44,243) | (44,770) | | Other expenses, net | 896 | 176 | | Finance costs | (1,696) | (998) | | Profit before tax | 35,292 | 57,025 | | Income tax expense | (5,223) | (8,492) | | Profit for the period | 30,069 | 48,533 | | Basic earnings per share | 8.38 HK cents | 13.52 HK cents | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period decreased by 30.3% year-over-year, primarily driven by lower profit, partially offset by a gain on currency translation Statement of Comprehensive Income | Metric | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Profit for the period | 30,069 | 48,533 | | Exchange differences on translation of foreign operations | 2,811 | (1,365) | | Total comprehensive income for the period | 32,880 | 47,168 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net current assets and net assets decreased due to a significant rise in current liabilities despite higher current assets Statement of Financial Position | Metric | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Total non-current assets | 209,242 | 218,267 | | Total current assets | 348,324 | 336,189 | | Total current liabilities | 200,018 | 165,612 | | Net current assets | 148,306 | 170,577 | | Total assets less current liabilities | 357,548 | 388,844 | | Total non-current liabilities | 27,425 | 33,802 | | Net assets | 330,123 | 355,042 | | Total equity | 330,123 | 355,042 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Company Information](index=6&type=section&id=Company%20Information) The Company, incorporated in the Cayman Islands, primarily manufactures and sells electric home appliances, with Modern Expression Limited as its ultimate holding company - The Company is principally engaged in the **manufacturing and sale of electric home appliances**[12](index=12&type=chunk) - The Company's ultimate holding company is **Modern Expression Limited**[12](index=12&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial information is prepared under HKAS 34 and aligns with annual accounting policies, with no material impact from newly adopted amendments - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard (HKAS) 34 "Interim Financial Reporting" issued by the HKICPA[13](index=13&type=chunk) - The new adoption of amendments to HKAS 21 "Lack of Exchangeability" has **no impact** on the interim condensed consolidated financial information[15](index=15&type=chunk) [Operating Segment and Geographical Information](index=7&type=section&id=Operating%20Segment%20and%20Geographical%20Information) The Group's revenue from Europe declined while Asia grew significantly, and its non-current assets are primarily located in Hong Kong and Mainland China [Revenue from External Customers](index=7&type=section&id=Revenue%20from%20External%20Customers) The Group's total revenue from external customers increased by 8.4%, driven by a substantial 149.7% growth in the Asian market that offset a decline in Europe Revenue by Region | Region | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Europe | 259,930 | 270,240 | -3.8% | | Asia | 59,922 | 24,002 | +149.7% | | USA | 2,053 | 3,347 | -38.6% | | Others | 5,390 | 4,344 | +24.1% | | Total Revenue | 327,295 | 301,933 | +8.4% | [Non-current Assets](index=7&type=section&id=Non-current%20Assets) The Group's total non-current assets decreased slightly, with a higher concentration in Mainland China compared to Hong Kong Non-current Assets by Region | Region | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Hong Kong | 97,457 | 100,243 | | Mainland China | 108,867 | 114,687 | | Total Non-current Assets | 206,324 | 214,930 | [Major Customers Information](index=8&type=section&id=Major%20Customers%20Information) Revenue contribution from major customers shifted, with significant growth from Customer C offsetting declines from Customers A and B Revenue from Major Customers | Customer | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Customer C | 81,409 | 64,691 | +25.8% | | Customer A | 72,096 | 84,257 | -14.4% | | Customer B | 36,425 | 42,986 | -15.3% | [Analysis of Revenue, Other Income and Gains, Net](index=8&type=section&id=Analysis%20of%20Revenue%2C%20Other%20Income%20and%20Gains%2C%20Net) The Group's revenue from customer contracts grew 8.4%, while other income and gains fell 28.0% due to lower bank interest and foreign exchange gains Revenue and Other Income Analysis | Metric | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (from contracts with customers) | 327,295 | 301,933 | +8.4% | | Total other income and gains, net | 6,612 | 9,183 | -28.0% | | - Bank interest income | 1,451 | 3,381 | -57.0% | | - Consultation income | 1,664 | 1,891 | -12.0% | | - Net foreign exchange differences | 2,686 | 3,475 | -22.7% | [Items Deducted/Credited in Arriving at Profit Before Tax](index=9&type=section&id=Items%20Deducted%2FCredited%20in%20Arriving%20at%20Profit%20Before%20Tax) Profit before tax was impacted by higher cost of inventories sold, increased depreciation of right-of-use assets, and a larger reversal of trade receivables impairment Profit Before Tax Items | Item | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 246,514 | 201,268 | | Depreciation of property, plant and equipment | 7,165 | 7,651 | | Depreciation of right-of-use assets | 9,417 | 7,345 | | Net reversal of impairment of trade receivables | (982) | (182) | | Reversal of write-down of inventories to net realisable value | (851) | (2,664) | [Income Tax](index=9&type=section&id=Income%20Tax) The Group's income tax expense decreased by 38.5% year-over-year, in line with lower pre-tax profit, while the effective tax rate remained stable Income Tax Expense Breakdown | Item | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Current Hong Kong profits tax | 1,585 | 5,849 | | Current Mainland China profits tax | 2,277 | 3,826 | | Deferred tax | 1,361 | (996) | | Total tax charge for the period | 5,223 | 8,492 | - Hong Kong profits tax is calculated at **16.5%**, with the first HK$2 million of assessable profits for qualifying entities taxed at **8.25%**[22](index=22&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Group recognized the 2024 final dividend and proposed a 2025 interim dividend of 7.0 HK cents per share, a decrease from the prior year Dividend Payments | Dividend Type | For the six months ended June 30, 2025 (HKD in thousands) | For the six months ended June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | 2024 Final Dividend (16.1 HK cents per share) | 57,799 | 54,209 | | 2025 Proposed Interim Dividend (7.0 HK cents per share) | 25,130 | 39,490 | [Earnings Per Share](index=10&type=section&id=Earnings%20Per%20Share) The Group's basic earnings per share decreased by 38.0% year-over-year due to lower profit for the period, with no potential dilutive ordinary shares outstanding Earnings Per Share Calculation | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | HK$30,069,000 | HK$48,533,000 | | Weighted average number of ordinary shares in issue | 359,000,000 shares | 359,000,000 shares | | Basic earnings per share | 8.38 HK cents | 13.52 HK cents | - The Group had **no potential dilutive ordinary shares** in issue during the period[27](index=27&type=chunk) [Trade and Bills Receivables](index=10&type=section&id=Trade%20and%20Bills%20Receivables) The Group's net trade and bills receivables increased, with credit terms typically ranging from one to four months and a significant drop in receivables aged over 90 days Trade and Bills Receivables Breakdown | Metric | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Trade receivables | 139,636 | 135,704 | | Bills receivable | 2,620 | – | | Impairment | (2,653) | (3,635) | | Net carrying amount | 139,603 | 132,069 | - The credit period is generally **one month**, extendable to **four months** for major customers[29](index=29&type=chunk) Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Within 30 days | 64,887 | 18,903 | | 31 to 90 days | 51,907 | 54,691 | | Over 90 days | 22,809 | 58,475 | | Total | 139,603 | 132,069 | [Trade Payables](index=11&type=section&id=Trade%20Payables) The Group's total trade payables increased significantly, with a higher proportion of payables aged over 90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Within 30 days | 32,516 | 13,231 | | 31 to 90 days | 66,704 | 43,056 | | Over 90 days | 9,258 | 2,167 | | Total | 108,478 | 58,454 | - Trade payables are **non-interest-bearing** and are normally settled within **30 to 90 days**[31](index=31&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=12&type=section&id=Business%20Review) The Group demonstrated resilience amid macroeconomic challenges, mitigating supply chain risks and achieving significant revenue growth in Asia with new product launches - Global trade tensions, geopolitical conflicts, and supply chain disruptions persisted, with the **European market shrinking** due to declining purchasing power and currency fluctuations[32](index=32&type=chunk) - Strategic investments in **automation and standardization** improved manufacturing precision, supplier flexibility, inventory efficiency, and process resilience[32](index=32&type=chunk) - The product portfolio was expanded with price-competitive offerings, leading to a substantial increase in revenue from the Asian market from approximately **HK$24.0 million to HK$59.9 million**[33](index=33&type=chunk) [Outlook](index=12&type=section&id=Outlook) The Group will focus on sustainable growth by developing new product categories, leveraging advanced brewing systems, and expanding into China and the Middle East - Resources will shift from incremental product extensions to developing new product categories with long-term potential, initially focusing on **kitchen appliances for the Southeast Asian market**[34](index=34&type=chunk) - The upcoming revolutionary **fourth-generation fully automatic coffee machine** is expected to set new industry benchmarks and drive future growth[34](index=34&type=chunk) - The Group will accelerate product development cycles, enhance production automation, and actively explore the **Chinese and Middle Eastern markets** to diversify revenue streams[35](index=35&type=chunk)[36](index=36&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) The Group's revenue increased, but gross and net profit declined significantly due to rising costs and product line optimization, while operating expenses were controlled [Revenue](index=13&type=section&id=Revenue_FR) The Group's total revenue increased by 8.4% year-over-year, primarily driven by higher sales of cooking appliances - Total revenue increased by approximately **8.4%** from approximately HK$301.9 million to approximately HK$327.3 million[37](index=37&type=chunk) - The increase was mainly attributable to the **increase in sales of cooking appliances** during the period[37](index=37&type=chunk) [Gross Profit and Gross Margin](index=14&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 19.8% and gross margin fell by 8.6 percentage points to 24.7%, mainly due to higher costs and the launch of lower-margin products - Gross profit decreased by approximately **19.8%** from approximately HK$100.7 million to approximately HK$80.8 million[38](index=38&type=chunk) - Gross profit margin decreased by approximately **8.6 percentage points** from approximately 33.3% to approximately 24.7%[38](index=38&type=chunk) - The decrease was mainly due to an **increase in direct labor costs and overheads**, as well as the launch of products with lower gross profit margins[38](index=38&type=chunk) [Other Income and Gains, Net](index=14&type=section&id=Other%20Income%20and%20Gains%2C%20Net_FR) Other income and gains, net, decreased by 28.0%, primarily due to the combined effect of lower bank interest income and reduced foreign exchange gains - Other income and gains, net, decreased by approximately HK$2.6 million from approximately HK$9.2 million to approximately **HK$6.6 million**[39](index=39&type=chunk) - The decrease was mainly due to a **decrease in bank interest income** of approximately HK$1.9 million and a **decrease in foreign exchange gains** of approximately HK$0.8 million[39](index=39&type=chunk) [Selling and Distribution Expenses](index=14&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses slightly decreased, as lower advertising and staff costs were partially offset by higher transportation and export credit insurance expenses - Selling and distribution expenses slightly decreased by approximately HK$0.1 million from approximately HK$7.2 million to approximately **HK$7.1 million**[40](index=40&type=chunk) - The decrease was mainly due to a **decrease in advertising and promotion expenses** of approximately HK$0.2 million and a **decrease in staff costs** of approximately HK$0.3 million, offset by an increase in transportation expenses and export credit insurance premiums of approximately HK$0.3 million[40](index=40&type=chunk) [General and Administrative Expenses](index=15&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses slightly decreased through effective cost control, despite increases in depreciation and employee benefit expenses - General and administrative expenses slightly decreased by approximately HK$0.6 million from approximately HK$44.8 million to approximately **HK$44.2 million**[41](index=41&type=chunk) - Major decreases included legal and professional fees, staff welfare expenses, office expenses, travel expenses, audit fees, entertainment expenses, and depreciation of property, plant and equipment[41](index=41&type=chunk) [Other Expenses, Net](index=15&type=section&id=Other%20Expenses%2C%20Net) Other expenses, net, shifted from a net expense to net income, primarily due to an increased reversal of impairment on trade receivables - Other expenses, net, recorded a **net income of approximately HK$0.9 million**, compared to a net expense of approximately HK$0.2 million in the prior period[42](index=42&type=chunk) - The improvement was mainly due to an **increase in the net reversal of impairment of trade receivables** of approximately HK$0.8 million during the period[42](index=42&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs) Finance costs increased by 70.0% year-over-year, mainly driven by higher interest expenses on lease liabilities and bank loans - Finance costs increased by approximately HK$0.7 million from approximately HK$1.0 million to approximately **HK$1.7 million**[43](index=43&type=chunk) - The increase was due to an **increase in interest expenses on lease liabilities** of approximately HK$0.5 million and an **increase in interest expenses on bank loans** of approximately HK$0.2 million[43](index=43&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense_FR) Income tax expense decreased by 38.8%, consistent with the decline in pre-tax profit, while the effective tax rate remained stable - Income tax expense decreased by approximately HK$3.3 million from approximately HK$8.5 million to approximately **HK$5.2 million**[44](index=44&type=chunk) - The effective tax rates were approximately **14.9% (2024) and 14.8% (2025)**, representing a decrease of approximately 0.1 percentage points[44](index=44&type=chunk) [Profit for the Period](index=16&type=section&id=Profit%20for%20the%20Period) Profit for the period decreased significantly by 38.0%, with the net profit margin falling 6.9 percentage points to 9.2%, primarily due to lower gross profit - Profit for the period decreased by approximately HK$18.4 million or approximately **38.0%** from approximately HK$48.5 million to approximately **HK$30.1 million**[45](index=45&type=chunk) - The net profit margin decreased by approximately **6.9 percentage points** from approximately 16.1% to approximately 9.2%[45](index=45&type=chunk) - The decrease was mainly attributable to the **decrease in gross profit** during the period[45](index=45&type=chunk) [Significant Acquisitions and Disposals](index=16&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - There were **no significant acquisitions or disposals** of subsidiaries, associates, or joint ventures during the period[46](index=46&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments) The Group's capital commitments for property, plant, and equipment decreased to approximately HK$5.8 million, to be funded by internal resources and share offer proceeds - As of June 30, 2025, total capital commitments amounted to approximately **HK$5.8 million** (December 31, 2024: approximately HK$6.5 million)[47](index=47&type=chunk) - Approximately **HK$0.7 million** will be settled by the net proceeds from the share offer, with the balance settled by the Group's internal resources[47](index=47&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group did **not have any significant contingent liabilities**[48](index=48&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to foreign exchange risk from USD and RMB transactions but did not engage in currency hedging as the risk was considered minimal - The Group conducts certain transactions denominated in **USD and RMB**, thus exposing it to exchange rate fluctuation risks[49](index=49&type=chunk) - As the exchange rate fluctuation risk was not significant, the Group did **not engage in foreign currency hedging** during the period[49](index=49&type=chunk) [Future Plans for Major Investments and Capital Assets](index=17&type=section&id=Future%20Plans%20for%20Major%20Investments%20and%20Capital%20Assets) The Group plans to acquire a property in Hong Kong for approximately HK$7.1 million to expand its workshop, warehouse, and office space, funded by internal resources - On July 16, 2025, the Group entered into a provisional agreement to acquire a property at **Unit B, 20/F, Wyler Centre, 403 Castle Peak Road, Kwai Chung, New Territories, Hong Kong** for approximately HK$7.1 million[50](index=50&type=chunk) - The Group plans to **expand its existing workshop, warehouse, and ancillary office** into the property[50](index=50&type=chunk) - The acquisition will be financed by internal resources and is expected to be completed on or before **September 16, 2025**[50](index=50&type=chunk) [Gearing Ratio](index=18&type=section&id=Gearing%20Ratio) The Group's gearing ratio decreased to approximately 7.7%, primarily due to a reduction in interest-bearing bank borrowings during the period - As of June 30, 2025, the Group's gearing ratio was approximately **7.7%** (December 31, 2024: approximately 11.3%)[51](index=51&type=chunk) - The decrease was mainly due to the **reduction in the Group's interest-bearing bank borrowings** during the period[51](index=51&type=chunk) [Liquidity and Financial Resources and Capital Structure](index=18&type=section&id=Liquidity%20and%20Financial%20Resources%20and%20Capital%20Structure) The Group maintained a conservative financing policy, with increased cash reserves but a slightly lower current ratio and reduced total interest-bearing bank borrowings - The Group primarily funds its liquidity and capital requirements through **shareholder contributions, bank borrowings, and net cash from operating activities**[52](index=52&type=chunk) Liquidity Metrics | Metric | June 30, 2025 (HKD in thousands / ratio) | December 31, 2024 (HKD in thousands / ratio) | | :--- | :--- | :--- | | Cash and cash equivalents | 79,111 | 75,894 | | Current ratio | 1.7 times | 2.0 times | | Total interest-bearing bank borrowings | 25,576 | 39,975 | - All bank borrowings are at **floating interest rates**, referencing HIBOR and CNH HIBOR[54](index=54&type=chunk) [Principal Risks and Uncertainties](index=20&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces multiple risks, including disease outbreaks, geopolitical conflicts, changing consumer preferences, and reliance on a few major customers - Business and operations may be severely affected by **outbreaks of infectious diseases** or other public health events[56](index=56&type=chunk) - Ongoing military conflicts in Russia-Ukraine and the Middle East may impact **global supply chains, logistics, consumer sentiment, and demand**[56](index=56&type=chunk) - The Group **relies on a few major customers**, and any deterioration in these relationships could have a material adverse effect on performance[56](index=56&type=chunk) - Failure to meet customer demands and preferences for product design, R&D, and manufacturing could **adversely affect operating results**[56](index=56&type=chunk) [Material Investments Held](index=21&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the Company held no material investments other than its investments in various subsidiaries - Other than the Company's investments in its various subsidiaries, the Company did **not hold any material investments** as of June 30, 2025[57](index=57&type=chunk) [Employees and Remuneration Policies](index=21&type=section&id=Employees%20and%20Remuneration%20Policies) The Group's full-time employee count slightly decreased, with remuneration based on merit and market conditions, while total staff costs increased - As of June 30, 2025, the Group had a total of **1,065 full-time employees** (December 31, 2024: 1,075)[58](index=58&type=chunk) - The remuneration policy is determined by reference to factors such as **qualifications, experience, performance, merits, responsibilities, and market conditions**[58](index=58&type=chunk) - Total staff costs (excluding directors' remuneration) were approximately **HK$61.0 million** (2024 period: approximately HK$54.4 million)[58](index=58&type=chunk) [Use of Proceeds from Share Offer](index=21&type=section&id=Use%20of%20Proceeds%20from%20Share%20Offer) The Company has utilized approximately HK$89.7 million of the net proceeds from its share offer, with the remaining HK$1.0 million expected to be used by June 2026 - The net proceeds from the share offer were approximately **HK$90.7 million**[59](index=59&type=chunk) - From the listing date to June 30, 2025, the Company utilized approximately **HK$89.7 million** of the net proceeds, with an unutilized balance of approximately HK$1.0 million[60](index=60&type=chunk) - The remaining proceeds allocated for upgrading the IT system are expected to be fully utilized by **June 30, 2026**, due to further delays[60](index=60&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company confirms its compliance with all applicable principles and code provisions of the Corporate Governance Code during the period - The Company has **complied with all applicable principles and code provisions** of the Corporate Governance Code[61](index=61&type=chunk) [Standard of Dealings in Securities by Directors](index=23&type=section&id=Standard%20of%20Dealings%20in%20Securities%20by%20Directors) All directors have confirmed their full compliance with the required standards set out in the Model Code for Securities Transactions by Directors - Each Director has confirmed their **full compliance with the required standards** set out in the Model Code during the period and up to the date of this announcement[62](index=62&type=chunk) [Dividend Declaration](index=23&type=section&id=Dividend%20Declaration) The Board has declared an interim dividend of 7.0 HK cents per ordinary share for the six months ended June 30, 2025, totaling approximately HK$25.1 million - The Board has resolved to declare an interim dividend of **7.0 HK cents per ordinary share** for the six months ended June 30, 2025[63](index=63&type=chunk) - The total amount is approximately **HK$25.1 million** (2024 period: approximately HK$39.5 million)[63](index=63&type=chunk) [Closure of Register of Members](index=23&type=section&id=Closure%20of%20Register%20of%20Members) The register of members will be closed from September 12 to September 15, 2025, to determine entitlement to the interim dividend - The register of members will be closed from **Friday, September 12, 2025, to Monday, September 15, 2025**, both days inclusive[64](index=64&type=chunk) - To qualify for the interim dividend, all completed transfer forms must be lodged with the Company's Hong Kong branch share registrar no later than **4:30 p.m. on Thursday, September 11, 2025**[64](index=64&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities** during the period[65](index=65&type=chunk) [Events After the Reporting Period](index=24&type=section&id=Events%20After%20the%20Reporting%20Period) The Group entered into a formal sale and purchase agreement for the acquisition of Unit 20B on July 30, 2025, with completion expected by September 16, 2025 - The Group entered into a **formal sale and purchase agreement** with an independent third party for the acquisition of Unit 20B on July 30, 2025[66](index=66&type=chunk) - The acquisition of Unit 20B is expected to be completed on or before **September 16, 2025**[66](index=66&type=chunk) [Review by Audit Committee](index=24&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee has reviewed the Group's unaudited interim financial information and found it compliant with applicable standards and rules - The Audit Committee comprises **four independent non-executive Directors** and complies with Rule 3.21 of the Listing Rules[67](index=67&type=chunk) - The Audit Committee has concluded that the unaudited interim financial information complies with applicable accounting standards and Listing Rules, and that **adequate disclosures have been made**[67](index=67&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is available on the websites of the Stock Exchange and the Company, with the interim report to follow in September 2025 - This interim results announcement is published on the **websites of the Stock Exchange and the Company**[68](index=68&type=chunk) - The interim report for the period will be published on the same websites in **September 2025** in accordance with the Listing Rules[68](index=68&type=chunk) [Acknowledgement](index=25&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the management team, staff, shareholders, and business partners for their support and contributions [Board of Directors](index=25&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises executive, non-executive, and independent non-executive members - The Board of Directors includes **Executive Directors** Mr Chan Wai Ming, Mr Chiu Wai Kwong, Ms Tang Mei Wah, and Dr Yu Kwok Wai; **Non-executive Directors** Dr Chan Kam Kwong and Ms Cheng Yuk Han; and **Independent Non-executive Directors** Mr Choy Chi Leung, Mr Chan Shing Chi, Ms Chan Tak Yi, and Ms Leung Lai Yi[70](index=70&type=chunk)