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 | 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) | 01732 | 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 | | 0.01 | 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 v 1.1.1 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 ...

誠如二零二四年報「管理階層討論與分析」一節「配售」一段所披露，本公司已於二 零二四年六月十四日完成配售80,000,000股配售股份（「配售股份」）。按配售條款訂 定當日在聯交所所報的收市價0.141港元計算，配售股份的市價為11,280,000港元。 配售股份所得款項淨額已於截至二零二四年十二月三十一日止年度按計畫悉數使 用，即90%用於支持本集團建材供應鏈業務發展及10%用於本集團一般營運資金。 象 興 國 際 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1732） 有關二零二四年報之補充公告 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 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。 茲提述本公司截至二零二四年十二月三十一日止年度之年報（「二零二四年報」）。除 另有䫦明外，本公告所用詞彙與二零二四年年報中所界定者具有相同涵義。 本公司謹此就二零二四年報中有關二零二四年六月配售本公司股份補充以下額外資 料。 XIANGXING INTER ...

XIANGXING INTERNATIONAL HOLDING LIMITED 象 興 國 際 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：1732) NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s) (Note 1), 4 September 2025 象興國際控股有限公司（「本公司」） – 刊發二零二五年中期報告（「本次公司通訊」） – Notification of publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company' ...

XIANGXING INTERNATIONAL HOLDING LIMITED 象 興 國 際 控 股 有 限 公 司 4 September 2025 XiangXing International Holding Limited (the "Company") – Notice of publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.xxlt.com.cn and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The C ...

[Financial Summary](index=3&type=section&id=Financial%20Summary) [Overview](index=3&type=section&id=Financial%20Summary-Overview) The Group's unaudited results for the six months ended June 30, 2025, show a decline in revenue and profit, primarily due to lower revenue from building materials trading Key Financial Indicators | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 103,672 | 120,374 | (13.9%) | | Gross Profit | 25,106 | 25,422 | (1.2%) | | Profit for the period | 6,938 | 7,436 | (6.7%) | - The decrease in revenue and profit was mainly due to reduced revenue from the building materials trading business[6](index=6&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Overview](index=4&type=section&id=Management%20Discussion%20and%20Analysis-Overview) The Group primarily engages in port, logistics, and supply chain operations in Xiamen, Quanzhou, and Chengdu, with stable port and logistics services but a significant decline in supply chain revenue during the period - The Group is principally engaged in providing port services, logistics services, and supply chain operation businesses in Xiamen, Quanzhou, and Chengdu in mainland China[7](index=7&type=chunk) - For the six months ended June 30, 2025, the port and logistics services businesses were generally stable, while revenue from the supply chain business **decreased significantly** year-on-year[7](index=7&type=chunk) - Business segments include: Port Services (in-port logistics, in-port container transport), Logistics Services (import/export agency, land transport), and Supply Chain Operations (building materials trading, auto parts trading)[10](index=10&type=chunk) [Financial Review](index=4&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review) The Group's revenue decreased by 13.9% to RMB 103,672,000, mainly due to a sharp decline in building materials trading, while staff costs and administrative expenses slightly increased, leading to a 6.7% drop in profit Group Revenue Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 103,672 | 120,374 | (13.9%) | - Staff costs increased to **RMB 47,436,000**, while the number of employees slightly decreased to **861**[17](index=17&type=chunk)[31](index=31&type=chunk) - Administrative expenses increased to **RMB 16,124,000**[18](index=18&type=chunk) - Profit for the period was **RMB 6,938,000**, a year-on-year decrease of **6.7%**[23](index=23&type=chunk) [Revenue](index=4&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review-Revenue) The Group's total revenue fell by 13.9%, primarily driven by a 36.0% decrease in building materials trading revenue within the supply chain operations segment Port Services Revenue Comparison | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | In-port logistics services | 27,008 | 26,843 | 0.6 | | In-port container transportation services | 35,862 | 35,967 | (0.3) | | Total | 62,870 | 62,810 | 0.1 | Logistics Services Revenue Comparison | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Land transportation services | 8,539 | 8,641 | (1.2) | | Import and export agency services | 2,636 | 3,079 | (14.4) | | Total | 11,175 | 11,720 | (4.7) | Supply Chain Operations Revenue Comparison | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Heavy-duty vehicle parts and tire trading | 755 | 766 | (1.4) | | Building materials trading | 28,872 | 45,078 | (36.0) | | Total | 29,627 | 45,844 | (35.4) | - The decline in logistics services revenue was mainly due to the scrapping of some heavy-duty container trucks and the impact of trade wars on the imported leather business[13](index=13&type=chunk) - Supply chain operations revenue dropped significantly as high-value building material transactions from the prior year period did not recur, despite an increase in trade volume at lower average unit prices[16](index=16&type=chunk) [Staff Costs](index=7&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review-Staff%20Costs) For the six months ended June 30, 2025, the Group's staff costs were approximately RMB 47,436,000, a slight increase from the prior year period, while the total number of employees slightly decreased Staff Costs Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Staff Costs | 47,436 | 45,839 | - As of June 30, 2025, the Group had **861 employees**, a decrease from 879 on June 30, 2024[17](index=17&type=chunk) [Administrative Expenses](index=7&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review-Administrative%20Expenses) Administrative expenses for the period were approximately RMB 16,124,000, an increase from the prior year period, mainly comprising costs of consumables, depreciation, and auditor's remuneration Administrative Expenses Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Administrative Expenses | 16,124 | 15,219 | [Taxation](index=7&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review-Taxation) The Group is not subject to income tax in the Cayman Islands, BVI, or Hong Kong, while Chinese subsidiaries are subject to a 25% corporate income tax rate, with some small low-profit enterprises enjoying a preferential rate of 2.5% - The Group is not required to pay income tax or capital gains tax in the Cayman Islands and the British Virgin Islands, and no withholding tax is payable on dividend distributions[19](index=19&type=chunk) - No provision for Hong Kong profits tax was made during the period as there were no assessable profits[20](index=20&type=chunk) - Chinese subsidiaries are subject to a **25% tax rate**, with some small low-profit enterprises enjoying a preferential rate of **2.5%**[22](index=22&type=chunk) Income Tax Expense Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Income tax expense | 2,974 | 2,863 | [Profit for the period](index=8&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review-Profit%20for%20the%20period) For the six months ended June 30, 2025, the Group's profit was approximately RMB 6,938,000, a decrease from RMB 7,436,000 in the same period last year Profit for the Period Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Profit for the period | 6,938 | 7,436 | [Liquidity and Financial Resources](index=8&type=section&id=Management%20Discussion%20and%20Analysis-Liquidity%20and%20Financial%20Resources) The Group's operations are primarily funded by cash generated from its own business operations, with net current assets and cash equivalents increasing as of June 30, 2025, alongside new bank borrowings of RMB 7,012,000 - The Group's operations are primarily funded by cash generated from its own business operations[24](index=24&type=chunk) Liquidity and Financial Resources Comparison | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net current assets | 178,437 | 174,313 | | Cash and cash equivalents | 38,514 | 31,250 | | Bank borrowings | 7,012 | — | [Credit Risk](index=8&type=section&id=Management%20Discussion%20and%20Analysis-Credit%20Risk) The Group measures loss allowances for trade receivables based on an expected credit loss model, differentiating by customer groups and their overdue status, with balances over 360 days typically fully provided for - The Group measures the loss allowance for trade receivables individually or collectively at an amount equal to lifetime expected credit losses calculated using a provision matrix[26](index=26&type=chunk) - The general credit period is **30 to 180 days**, with most trade receivables collected within 360 days, and balances overdue for more than 360 days are generally fully provided for[26](index=26&type=chunk) [Currency Risk](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Currency%20Risk) As the majority of the Group's revenue is denominated in RMB, no significant currency risk is expected to materially affect its operating results - As the majority of the Group's revenue is denominated in RMB, the functional currency of the Group's operating subsidiaries is RMB[27](index=27&type=chunk) - The Group does not anticipate any significant currency risk that could have a material impact on its operating results[27](index=27&type=chunk) [Capital Commitments](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Capital%20Commitments) As of June 30, 2025, the Group did not have any capital commitments - As at 30 June 2025, the Group had no capital commitments (31 December 2024: Nil)[28](index=28&type=chunk) [Capital Structure](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Capital%20Structure) The Company's capital structure remained unchanged during the six months ended June 30, 2025, consisting mainly of equity attributable to equity shareholders, and is reviewed regularly by the Board - The capital structure of the Company remained unchanged during the six months ended 30 June 2025[29](index=29&type=chunk) - The Group's capital structure consists of equity attributable to the Company's equity shareholders, including issued share capital and reserves[29](index=29&type=chunk) [Material Acquisitions and Disposals](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Material%20Acquisitions%20and%20Disposals) The Group did not conduct any material acquisitions or disposals of subsidiaries during the six months ended June 30, 2025 - During the six months ended 30 June 2025, the Group did not have any material acquisitions or disposals of subsidiaries[30](index=30&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 861 staff, with a remuneration policy determined based on factors such as qualifications, responsibilities, contributions, and experience - As at 30 June 2025, the Group employed **861** (30 June 2024: 879) employees[31](index=31&type=chunk) - The Group determines employee remuneration based on factors such as qualifications, responsibilities, contributions, and experience[31](index=31&type=chunk) [Use of Proceeds](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Use%20of%20Proceeds) The net proceeds of approximately HK$40.2 million from the listing were fully utilized during the period for the purchase of electric tractors, following reallocations due to delays in the empty container yard development - The net proceeds from the listing of approximately **HK$40.2 million** were originally intended for investment in container handling equipment and the development of an empty container yard[32](index=32&type=chunk) - Due to delays in the empty container yard development, the unutilized funds were reallocated twice in 2021 and 2022, ultimately being fully used for the purchase of electric tractors[33](index=33&type=chunk) Use of Net Proceeds | Use | Unutilized as of Jan 1, 2025 (HKD in millions) | Utilized during the six months ended June 30, 2025 (HKD in millions) | Unutilized as of June 30, 2025 (HKD in millions) | | :--- | :--- | :--- | :--- | | Purchase of electric tractors | 8.6 | 8.6 | — | [Pledge of Group's Assets and Contingent Liabilities](index=10&type=section&id=Management%20Discussion%20and%20Analysis-Pledge%20of%20Group's%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's bank borrowings of approximately RMB 7,012,000 were secured by a corporate guarantee from a wholly-owned subsidiary and personal guarantees from an executive director and his spouse - Bank borrowings of approximately **RMB 7,012,000** were secured by a corporate guarantee from the Company's wholly-owned subsidiary, Xiamen Xiangxing International Logistics Services Co, Ltd, and personal guarantees from an executive director and his spouse[36](index=36&type=chunk) - As at 30 June 2025, the Group did not have any contingent liabilities[37](index=37&type=chunk) [Recent Developments and Business Outlook](index=11&type=section&id=Management%20Discussion%20and%20Analysis-Recent%20Developments%20and%20Business%20Outlook) The Group will expand its supply chain operations and stabilize port services to achieve full-year growth, despite challenges from macroeconomic pressures and unstable external environments - In the first half of the year, China's GDP was **RMB 66,053.6 billion**, a year-on-year increase of **5.3%**[38](index=38&type=chunk) - Final consumption expenditure contributed **52%** to economic growth, serving as the main driver for GDP growth[39](index=39&type=chunk) - Macroeconomic downward pressure, unstable external market structures, and insufficient domestic demand persist, requiring consolidation of the economic recovery's foundation[40](index=40&type=chunk) - The Group's future focus will be on: 1) Expanding supply chain operations, particularly in the sand and gravel building materials market in the Sichuan-Chongqing economic circle; 2) Stabilizing port services by upgrading equipment like new energy vehicles to enhance competitiveness[40](index=40&type=chunk)[41](index=41&type=chunk) - The Group aims to achieve dual growth in revenue and efficiency for the full year of 2025[42](index=42&type=chunk) [Macroeconomic Review](index=11&type=section&id=Management%20Discussion%20and%20Analysis-Recent%20Developments%20and%20Business%20Outlook-Macroeconomic%20Review) In the first half of 2025, China's GDP grew by 5.3% year-on-year, with the service and industrial sectors growing by 5.5% and 6.4% respectively, and consumption being the main driver of economic growth - In the first half of the year, China's GDP grew by **5.3%** year-on-year, with the primary, secondary, and tertiary industries growing by 3.7%, 5.3%, and 5.5% respectively[38](index=38&type=chunk) - The value-added of industrial enterprises above designated size increased by **6.4%** year-on-year, with strong growth in equipment manufacturing and high-tech manufacturing[38](index=38&type=chunk) - The value-added of the service industry grew by **5.5%** year-on-year, with information transmission, software, and IT services growing by 11.1%[38](index=38&type=chunk) - National per capita disposable income grew by **5.3%** nominally and 5.4% in real terms year-on-year, with rural residents' income growing faster than that of urban residents[38](index=38&type=chunk) - Final consumption expenditure contributed **52%** to economic growth, making it the main driver of GDP growth[39](index=39&type=chunk) [Real Estate Market](index=12&type=section&id=Management%20Discussion%20and%20Analysis-Recent%20Developments%20and%20Business%20Outlook-Real%20Estate%20Market) The year-on-year decline in commercial property sales narrowed in the first half of the year, indicating an improvement in market transaction volume and the effectiveness of related policy measures - The year-on-year decline in commercial property sales narrowed, and market transaction volume improved[40](index=40&type=chunk) - Various regions and departments implemented city-specific policies to stabilize the real estate market, with noticeable positive effects[40](index=40&type=chunk) [Future Business Strategy](index=12&type=section&id=Management%20Discussion%20and%20Analysis-Recent%20Developments%20and%20Business%20Outlook-Future%20Business%20Strategy) The Group will focus on expanding its supply chain operations and stabilizing its port services to achieve full-year growth in both revenue and efficiency - The Group's port and logistics services, which are highly dependent on foreign trade, will continue to face comprehensive pressure[40](index=40&type=chunk) - **Strategy 1**: Closely monitor market dynamics and expand supply chain operations, especially leveraging opportunities in the sand and gravel building materials market from the construction of the Sichuan-Chongqing economic circle[40](index=40&type=chunk) - **Strategy 2**: Continue to tap into internal potential to stabilize port services by upgrading port service vehicles and introducing new energy vehicles to achieve energy savings, emission reductions, and increased operational efficiency[41](index=41&type=chunk) - The Group aims to achieve dual growth in revenue and efficiency for the full year of 2025[42](index=42&type=chunk) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=14&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Key Financial Data](index=14&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income-Key%20Financial%20Data) For the six months ended June 30, 2025, the Group's revenue was RMB 103,672 thousand, gross profit was RMB 25,106 thousand, and profit for the period was RMB 6,938 thousand, all showing a year-on-year decline Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue from contracts with customers | 103,672 | 120,374 | | Cost of sales and services provided | (78,566) | (94,952) | | Gross profit | 25,106 | 25,422 | | Other income | 1,364 | 803 | | Administrative expenses | (16,124) | (15,219) | | Operating profit | 9,962 | 10,333 | | Profit before tax | 9,912 | 10,299 | | Income tax | (2,974) | (2,863) | | Profit for the period | 6,938 | 7,436 | | Total comprehensive income for the period | 6,307 | 7,623 | | Basic and diluted earnings per share (RMB cents) | 0.55 | 0.63 | [Consolidated Statement of Financial Position](index=15&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) [Key Financial Data](index=15&type=section&id=Consolidated%20Statement%20of%20Financial%20Position-Key%20Financial%20Data) As of June 30, 2025, the Group's total assets less current liabilities stood at RMB 217,222 thousand, with net assets of RMB 210,911 thousand Summary of Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Property, plant and equipment | 38,740 | 30,364 | | Trade and other receivables | 157,598 | 160,033 | | Cash and cash equivalents | 38,514 | 31,250 | | Current assets | 200,709 | 195,370 | | Current liabilities | 22,272 | 21,057 | | Net current assets | 178,437 | 174,313 | | Total assets less current liabilities | 217,222 | 204,728 | | Bank borrowings (non-current) | 6,311 | — | | Net assets | 210,911 | 204,604 | | Total equity attributable to equity holders of the Company | 209,666 | 203,299 | [Consolidated Statement of Changes in Equity](index=16&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) [Key Changes](index=16&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity-Key%20Changes) For the six months ended June 30, 2025, total equity attributable to the Company's equity holders increased to RMB 209,666 thousand, mainly due to a profit of RMB 6,998 thousand, partially offset by other comprehensive losses Summary of Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (RMB in thousands) | January 1, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Share capital | 11,171 | 10,428 | | Total reserves | 198,495 | 188,716 | | Total equity attributable to equity holders of the Company | 209,666 | 199,144 (as at Jan 1, 2024) | | Profit for the period (attributable to equity holders of the Company) | 6,998 | 7,576 | | Other comprehensive loss (attributable to equity holders of the Company) | (631) | 187 | | Transfer to statutory reserve | 46 | — | - Total equity attributable to the Company's equity holders increased from **RMB 199,144 thousand** on January 1, 2024, to **RMB 209,666 thousand** on June 30, 2025[45](index=45&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Key Cash Flows](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows-Key%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities increased significantly to RMB 12,781 thousand, while net cash from financing activities was mainly from new bank borrowings and advances from a director Summary of Condensed Consolidated Statement of Cash Flows | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 12,781 | 613 | | Net cash used in investing activities | (12,853) | (12,568) | | Net cash generated from financing activities | 7,967 | 8,110 | | Net increase/(decrease) in cash and cash equivalents | 7,895 | (3,845) | | Cash and cash equivalents at 30 June | 38,514 | 46,136 | - Net cash generated from operating activities increased significantly from **RMB 613 thousand** in 2024 to **RMB 12,781 thousand** in 2025[46](index=46&type=chunk) - Net cash from financing activities was mainly from new bank borrowings of **RMB 7,012 thousand** and advances from a director of **RMB 1,462 thousand**[46](index=46&type=chunk) [Notes to the Unaudited Interim Financial Statements](index=18&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements) [General Information](index=18&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-General%20Information) The Company was incorporated in the Cayman Islands in 2015 and transferred its listing to the Main Board of the Hong Kong Stock Exchange in 2019, with its consolidated financial statements presented in RMB - The Company was incorporated as an exempted company with limited liability in the Cayman Islands on 22 September 2015[47](index=47&type=chunk) - The Company successfully transferred its listing from GEM to the Main Board of The Stock Exchange of Hong Kong Limited on 6 September 2019[48](index=48&type=chunk) - The functional currencies of the Company and its principal subsidiaries are HKD and RMB respectively, and the consolidated financial statements are presented in RMB[48](index=48&type=chunk) [Basis of Preparation](index=18&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Basis%20of%20Preparation) This interim financial report has been prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and Hong Kong Accounting Standard 34 issued by the HKICPA, and has been reviewed by the Audit Committee - This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and in compliance with Hong Kong Accounting Standard 34, "Interim Financial Reporting," issued by the Hong Kong Institute of Certified Public Accountants[49](index=49&type=chunk) - The interim financial report is unaudited but has been reviewed by the Company's Audit Committee[50](index=50&type=chunk) [Changes in Accounting Policies](index=19&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Changes%20in%20Accounting%20Policies) The Group has applied the amendments to HKAS 21 regarding lack of exchangeability, which had no material impact on its financial position and performance for the current and prior periods - The Group has applied the amendments to HKAS 21, "Lack of Exchangeability," in the interim financial report for the current accounting period[51](index=51&type=chunk) - The amendments had no material impact on the Group's financial position and performance for the current and prior periods[51](index=51&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[52](index=52&type=chunk) [Segment Reporting](index=19&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Segment%20Reporting) The Group is organized into five reportable operating segments, with a significant revenue decline in the building materials and auto parts trading segment in H1 2025, while port services remained stable - The Group's operating segments are determined based on the information reported to the chief operating decision-maker, focusing on the types of services performed and goods delivered[53](index=53&type=chunk) - The reportable operating segments include: import and export agency services, land container and stone block transportation services, in-port logistics services, in-port container transportation services, and trading of building materials and auto parts[54](index=54&type=chunk) [Segment Revenue and Results](index=20&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Segment%20Reporting-Segment%20Revenue%20and%20Results) In H1 2025, revenue from the building materials and auto parts trading segment decreased by 35.4% year-on-year to RMB 29,627 thousand, which was the main reason for the decline in total revenue Segment Revenue and Results for H1 2025 | Segment | Revenue from external customers (RMB in thousands) | Segment results (RMB in thousands) | | :--- | :--- | :--- | | Import and export agency services | 2,636 | 939 | | Land container and stone block transportation services | 8,539 | 788 | | In-port logistics services | 27,008 | 10,468 | | In-port container transportation services | 35,862 | 10,153 | | Trading of building materials and auto parts | 29,627 | 2,758 | | **Total** | **103,672** | **25,106** | Segment Revenue and Results for H1 2024 | Segment | Revenue from external customers (RMB in thousands) | Segment results (RMB in thousands) | | :--- | :--- | :--- | | Import and export agency services | 3,079 | 1,175 | | Land container and stone block transportation services | 8,641 | 671 | | In-port logistics services | 26,843 | 10,888 | | In-port container transportation services | 35,967 | 9,230 | | Trading of building materials and auto parts | 45,844 | 3,458 | | **Total** | **120,374** | **25,422** | [Other Segment Information](index=22&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Segment%20Reporting-Other%20Segment%20Information) In H1 2025, the Group added non-current assets of RMB 13,095 thousand, primarily in in-port container transportation services, with depreciation expenses totaling RMB 4,544 thousand Other Segment Information for H1 2025 | Indicator | In-port container transportation services (RMB in thousands) | Total (RMB in thousands) | | :--- | :--- | :--- | | Additions to non-current assets | 13,095 | 13,095 | | Amortisation | — | 6 | | Interest income from bank deposits | 22 | 242 | | Interest expense | 29 | 50 | | Depreciation | 2,533 | 4,544 | | Loss on disposal of property, plant and equipment | 167 | 167 | | Net impairment loss recognised/(reversed) on trade receivables | (47) | 336 | | Reversal of impairment loss on prepayments | — | 364 | Other Segment Information for H1 2024 | Indicator | In-port container transportation services (RMB in thousands) | Total (RMB in thousands) | | :--- | :--- | :--- | | Additions to non-current assets | 13,253 | 13,781 | | Amortisation | — | 17 | | Interest income from bank deposits | 5 | 426 | | Interest expense | 1 | 34 | | Depreciation | 1,812 | 3,881 | | Loss on disposal of property, plant and equipment | 2 | 2 | | Net impairment loss recognised/(reversed) on trade receivables | (48) | 425 | [Major Customers](index=23&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Segment%20Reporting-Major%20Customers) The Group has three major customers (A, B, and C) whose revenue accounts for 10% or more of the total, with stable revenue from Customers A and B but a sharp decline from Customer C Major Customer Revenue Comparison | Customer | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Customer A | 46,020 | 43,396 | | Customer B | 16,903 | 16,867 | | Customer C | 15,666 | 44,917 | - Revenue from Customers A and B was mainly derived from land container and stone block transportation services, in-port logistics services, and in-port container transportation services[61](index=61&type=chunk) - Revenue from Customer C was mainly derived from the trading of building materials, which decreased significantly in 2025[62](index=62&type=chunk) [Geographical Information](index=24&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Segment%20Reporting-Geographical%20Information) The Group's operations are primarily conducted in China, with profit before tax from these activities amounting to RMB 10,568 thousand in H1 2025, slightly lower than the prior year period - The Group's operating activities are mainly conducted in China, and therefore, no analysis of revenue from external customers and non-current assets by geographical location is presented[63](index=63&type=chunk) Financial Performance of China Operations | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Revenue from contracts with customers | 103,524 | 120,374 | | Gross profit | 24,958 | 25,422 | | Operating profit | 10,611 | 11,681 | | Profit before tax from China operations | 10,568 | 11,652 | [Revenue and Other Income](index=25&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Revenue%20and%20Other%20Income) The Group's principal activities are providing import/export agency, transportation, and trading services, with total revenue of RMB 103,672 thousand and other income of RMB 1,364 thousand in H1 2025 - The Group's principal activities are providing import and export agency services, land container and stone block transportation services, in-port logistics services, in-port container transportation services, and trading of building materials and auto parts[64](index=64&type=chunk) Revenue from Contracts with Customers and Other Income | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Total revenue from contracts with customers | 103,672 | 120,374 | | Bank interest income | 242 | 426 | | Government grants | 43 | 340 | | Net foreign exchange gain | 853 | 24 | | Sundry income | 226 | 13 | | Total other income | 1,364 | 803 | - During the period, the Group received government grants from the PRC government to encourage enterprises to improve their production capacity, efficiency, and hygiene standards[65](index=65&type=chunk) [Profit Before Tax](index=26&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Profit%20Before%20Tax) Profit before tax for the period was RMB 9,912 thousand, with increased finance costs due to new bank borrowings, and higher employee benefit expenses, depreciation, and loss on disposal of assets - Profit before tax was **RMB 9,912 thousand**, a decrease from RMB 10,299 thousand in the prior year period[43](index=43&type=chunk) [Finance Costs](index=26&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Profit%20Before%20Tax-Finance%20Costs) Finance costs for the period were RMB 50 thousand, mainly comprising interest on bank loans and lease liabilities, reflecting an increase due to new bank borrowings Finance Costs Comparison | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Interest on bank loans and overdrafts | 29 | — | | Interest on lease liabilities | 21 | 34 | | **Total** | **50** | **34** | [Employee Benefit Expenses](index=26&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Profit%20Before%20Tax-Employee%20Benefit%20Expenses) Total employee benefit expenses for the period were RMB 47,436 thousand, a slight increase from the prior year period, mainly consisting of salaries, wages, and retirement benefit scheme contributions Employee Benefit Expenses Comparison | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 40,686 | 39,672 | | Retirement benefit scheme contributions | 6,706 | 6,084 | | Staff welfare | 44 | 83 | | **Total** | **47,436** | **45,839** | [Other Items](index=27&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Profit%20Before%20Tax-Other%20Items) During the period, amortisation of intangible assets was RMB 6 thousand, cost of inventories was RMB 27,845 thousand, depreciation was RMB 4,544 thousand, and loss on disposal of property, plant and equipment was RMB 167 thousand Other Items Comparison | Category | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Amortisation of intangible assets | 6 | 17 | | Cost of inventories | 27,845 | 44,877 | | Depreciation | 4,544 | 3,881 | | Loss on disposal of property, plant and equipment | 167 | 2 | | Net foreign exchange gain | (853) | (24) | [Income Tax in the Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=27&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Income tax expense for the period was RMB 2,974 thousand, primarily PRC Enterprise Income Tax, with no tax provisions in Hong Kong, the Cayman Islands, or the BVI Income Tax Expense Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Current tax — PRC Enterprise Income Tax | 2,974 | 2,863 | - The tax rate for PRC subsidiaries was **25%** for both periods, except for three subsidiaries recognised as small low-profit enterprises in China, which enjoyed a preferential rate of **5%**[70](index=70&type=chunk) - No provision for Hong Kong Profits Tax has been made as the Group had no assessable profits arising in or derived from Hong Kong during the reporting period[71](index=71&type=chunk) - The Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands under their respective rules and regulations[71](index=71&type=chunk) [Dividend](index=28&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Dividend) No dividend was paid or declared by the Company for the six months ended June 30, 2025, and no dividend has been proposed since the end of the reporting period - No dividend was paid or declared by the Company for the six months ended 30 June 2025 and 2024, and no dividend has been proposed since the end of the reporting period[72](index=72&type=chunk) [Earnings Per Share](index=28&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share attributable to the Company's equity holders was 0.55 RMB cents, down from 0.63 RMB cents in the prior year period Basic Earnings Per Share Calculation | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Profit for the period attributable to equity holders of the Company for basic EPS calculation | 6,998 | 7,576 | | Weighted average number of ordinary shares | 1,280,000,000 | 1,207,472,527 | | Basic earnings per share (RMB cents) | 0.55 | 0.63 | - There were no dilutive potential ordinary shares in issue during both periods, and diluted earnings per share were the same as basic earnings per share[74](index=74&type=chunk) [Basic Earnings Per Share](index=28&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Earnings%20Per%20Share-Basic%20Earnings%20Per%20Share) Profit attributable to the Company's equity holders for the period was RMB 6,998 thousand, resulting in a basic earnings per share of 0.55 RMB cents based on a weighted average of 1,280,000,000 ordinary shares Basic Earnings Per Share Data | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Profit for the period attributable to equity holders | 6,998 | 7,576 | | Weighted average number of ordinary shares | 1,280,000,000 | 1,207,472,527 | [Diluted Earnings Per Share](index=28&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Earnings%20Per%20Share-Diluted%20Earnings%20Per%20Share) As there were no dilutive potential ordinary shares in issue during either period, the Group's diluted earnings per share were the same as its basic earnings per share - There were no dilutive potential ordinary shares in issue during both periods, and diluted earnings per share were the same as basic earnings per share[74](index=74&type=chunk) [Property, Plant and Equipment](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Property,%20Plant%20and%20Equipment) In H1 2025, the Group acquired property, plant and equipment at a cost of approximately RMB 13,095 thousand and disposed of assets with a net book value of approximately RMB 167 thousand Changes in Property, Plant and Equipment | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Cost of acquisition of property, plant and equipment | 13,095 | 12,967 | | Net book value of disposals | 167 | 7 | | Loss on disposal | 167 | 2 | - During the six months ended 30 June 2025, the Group recognised an addition of right-of-use assets of approximately RMB nil[76](index=76&type=chunk) [Acquisition and Disposal of Owned Assets](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Property,%20Plant%20and%20Equipment-Acquisition%20and%20Disposal%20of%20Owned%20Assets) During the period, the Group acquired property, plant and equipment of approximately RMB 13,095 thousand and disposed of assets with a net book value of approximately RMB 167 thousand, resulting in a loss on disposal of RMB 167 thousand Acquisition and Disposal of Owned Assets | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Cost of acquisition | 13,095 | 12,967 | | Net book value of disposals | 167 | 7 | | Loss on disposal | 167 | 2 | [Right-of-use Assets](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Property,%20Plant%20and%20Equipment-Right-of-use%20Assets) For the six months ended June 30, 2025, the Group did not add any new right-of-use assets - During the six months ended 30 June 2025, the Group recognised an addition of right-of-use assets of approximately RMB nil[76](index=76&type=chunk) [Trade and Other Receivables](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were RMB 157,598 thousand, with a high proportion of trade receivables overdue for more than 360 days Trade and Other Receivables | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade receivables | 148,628 | 152,124 | | Less: Allowance for credit losses | (26,495) | (26,159) | | Net trade receivables | 122,133 | 125,965 | | Prepayments | 30,269 | 29,805 | | Deposits | 3,400 | 2,563 | | Other receivables | 1,281 | 644 | | Other tax recoverable | 515 | 1,056 | | **Total** | **157,598** | **160,033** | [Ageing Analysis](index=30&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Trade%20and%20Other%20Receivables-Ageing%20Analysis) As of June 30, 2025, trade receivables overdue for more than 360 days amounted to RMB 70,556 thousand, indicating a risk in the collection of long-term receivables Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | 0 to 30 days | 20,319 | 20,372 | | 31 to 60 days | 6,089 | 7,031 | | 61 to 90 days | 2,553 | 10,782 | | 91 to 180 days | 10,376 | 23,810 | | 181 to 360 days | 12,240 | 6,797 | | Over 360 days | 70,556 | 57,173 | | **Total** | **122,133** | **125,965** | [Impairment Allowance Provision](index=30&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Trade%20and%20Other%20Receivables-Impairment%20Allowance%20Provision) The Group assesses impairment provisions based on an expected credit loss model, with a total loss allowance of RMB 26,495 thousand against a gross trade receivable balance of RMB 148,628 thousand as of June 30, 2025 - The Group measures the loss allowance for trade receivables individually or collectively at an amount equal to lifetime expected credit losses calculated using a provision matrix[79](index=79&type=chunk) - Customer groups are divided into three categories: import and export agency services, land container and stone block transportation services; in-port logistics services, in-port container transportation services; and trading of building materials and auto parts[79](index=79&type=chunk) Impairment Provision for Trade Receivables as of June 30, 2025 | Customer Group | Gross carrying amount (RMB in thousands) | Loss allowance (RMB in thousands) | Net carrying amount (RMB in thousands) | | :--- | :--- | :--- | :--- | | Group 1 customers | 5,995 | 587 | 5,408 | | Group 2 customers | 6,536 | 37 | 6,499 | | Group 3 customers | 51,223 | 16,058 | 35,165 | | Individually impaired | 84,874 | 9,813 | 75,061 | | **Total** | **148,628** | **26,495** | **122,133** | Impairment Provision for Trade Receivables as of December 31, 2024 | Customer Group | Gross carrying amount (RMB in thousands) | Loss allowance (RMB in thousands) | Net carrying amount (RMB in thousands) | | :--- | :--- | :--- | :--- | | Group 1 customers | 6,403 | 298 | 6,105 | | Group 2 customers | 14,747 | 84 | 14,663 | | Group 3 customers | 35,768 | 14,750 | 21,018 | | Individually impaired | 95,206 | 11,027 | 84,179 | | **Total** | **152,124** | **26,159** | **125,965** | [Trade and Other Payables](index=33&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were RMB 17,533 thousand, slightly lower than the previous year-end, with trade payables at RMB 5,190 thousand and salaries payable at RMB 6,752 thousand Trade and Other Payables | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Trade payables | 5,190 | 5,217 | | Accruals and other payables | 5,038 | 4,657 | | Salaries payable | 6,752 | 7,088 | | Financial liabilities measured at amortised cost | 16,980 | 16,962 | | Other tax payables | 553 | 1,007 | | Contract liabilities — advance from performance | — | 50 | | **Total** | **17,533** | **18,019** | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | 0 to 60 days | 3,619 | 3,061 | | 61 to 90 days | 429 | 440 | | 91 to 180 days | 241 | 389 | | Over 180 days | 901 | 1,327 | | **Total** | **5,190** | **5,217** | [Bank Borrowings](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Bank%20Borrowings) As of June 30, 2025, the Group had new bank borrowings of RMB 7,012 thousand, secured by corporate and personal guarantees and bearing interest at an annual rate of 2.85% Repayment Schedule of Bank Borrowings | Term | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Within one year | 701 | — | | Over one year but within two years | 701 | — | | Over two years but within five years | 5,610 | — | | **Total** | **7,012** | **—** | | Less: Amount due within one year shown under current liabilities | (701) | — | | Amount shown under non-current liabilities | 6,311 | — | - The bank borrowings of approximately **RMB 7,012,000** were secured by a corporate guarantee from the Company's wholly-owned subsidiary, Xiamen Xiangxing International Logistics Services Co, Ltd, and personal guarantees from an executive director and his spouse[85](index=85&type=chunk) - The bank borrowings bear interest at an annual rate of **2.85%**[85](index=85&type=chunk) [Share Capital](index=35&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Share%20Capital) As of June 30, 2025, the Company's issued and fully paid ordinary shares stood at 1,280,000,000, unchanged from June 30, 2024, reflecting the placement of 80,000,000 new shares in June 2024 Share Capital Structure | Indicator | Number of shares | Amount (HKD) | Amount (RMB) | | :--- | :--- | :--- | :--- | | Authorised ordinary shares (par value HK$0.01) | 4,000,000,000 | 40,000,000 | — | | Issued and fully paid ordinary shares (par value HK$0.01) | 1,280,000,000 | 12,800,000 | 11,170,928 | - On 14 June 2024, a total of **80,000,000** placing shares were successfully placed at a placing price of HK$0.12 per placing share[86](index=86&type=chunk) [Related Party Transactions](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Related%20Party%20Transactions) As of June 30, 2025, the Group had an amount due to a director of RMB 1,462 thousand, which is unsecured, interest-free, and repayable on demand, with total key management personnel compensation at RMB 876 thousand Details of Balances with Related Parties | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Amount due to a director | 1,462 | — | - The amount is unsecured, interest-free, and repayable on demand[87](index=87&type=chunk) Key Management Personnel Remuneration | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Short-term employee benefits and bonuses | 806 | 799 | | Post-employment benefits | 70 | 70 | | **Total** | **876** | **869** | [Details of Balances with Related Parties](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Related%20Party%20Transactions-Details%20of%20Balances%20with%20Related%20Parties) As of June 30, 2025, the Group had an amount due to a director of RMB 1,462 thousand, which is unsecured, interest-free, and repayable on demand Amount due to a director | Indicator | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | | :--- | :--- | :--- | | Amount due to a director | 1,462 | — | - The amount is unsecured, interest-free, and repayable on demand[87](index=87&type=chunk) [Key Management Personnel Remuneration](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements-Related%20Party%20Transactions-Key%20Management%20Personnel%20Remuneration) Total remuneration for key management personnel during the period was RMB 876 thousand, including short-term employee benefits, bonuses, and post-employment benefits Key Management Personnel Remuneration Comparison | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Short-term employee benefits and bonuses | 806 | 799 | | Post-employment benefits | 70 | 70 | | **Total** | **876** | **869** | [Other Information](index=37&type=section&id=Other%20Information) [Interim Dividend](index=37&type=section&id=Other%20Information-Interim%20Dividend) The Board does not recommend the payment of 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 30 June 2025[89](index=89&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=37&type=section&id=Other%20Information-Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Shares) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's shares during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company's shares during the six months ended 30 June 2025[90](index=90&type=chunk) [Directors' Dealings in Securities](index=37&type=section&id=Other%20Information-Directors'%20Dealings%20in%20Securities) The Group has adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors have confirmed compliance - The Group has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding directors' dealings in the Company's securities[91](index=91&type=chunk) - The directors have confirmed that they have complied with the required standards of dealing and the relevant code of conduct regarding directors' securities transactions, and no violations have been found[91](index=91&type=chunk) [Directors' and Chief Executive's Interests in Shares](index=37&type=section&id=Other%20Information-Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares) As of June 30, 2025, Executive Director Mr Cheng Youguo held 562,500,000 shares, representing 43.95% of the issued shares, through a controlled corporation, Rongxing Venture Capital Limited Directors' Long Positions in Shares | Director | Capacity/Nature of interest | Number of shares held | Percentage of interest in the Company | | :--- | :--- | :--- | :--- | | Mr Cheng Youguo | Interest of a controlled corporation | 562,500,000 shares (L) | 43.95% | - Rongxing Venture Capital Limited, wholly-owned by Mr Cheng Youguo, holds **562,500,000 shares**[92](index=92&type=chunk) - As at 30 June 2025, the Company had **1,280,000,000 shares** in issue[92](index=92&type=chunk) [Substantial Shareholders' Interests in Shares](index=38&type=section&id=Other%20Information-Substantial%20Shareholders'%20Interests%20in%20Shares) As of June 30, 2025, Rongxing Venture Capital Limited held 562,500,000 shares as a beneficial owner, representing 43.95% of the Company's interest Substantial Shareholders' Long Positions in Shares | Substantial Shareholder | Capacity/Nature of interest | Number of shares held | Percentage of interest in the Company | | :--- | :--- | :--- | :--- | | Rongxing Venture Capital Limited | Beneficial owner | 562,500,000 shares | 43.95% | | Ms Huang Meili | Interest of spouse | 562,500,000 shares | 43.95% | - Rongxing Venture Capital Limited is wholly-owned by Mr Cheng Youguo[98](index=98&type=chunk) - Ms Huang Meili is the spouse of Mr Cheng Youguo and is deemed to be interested in the shares in which Mr Cheng is interested under the Securities and Futures Ordinance[98](index=98&type=chunk) [Arrangements to Purchase Shares or Debentures](index=38&type=section&id=Other%20Information-Arrangements%20to%20Purchase%20Shares%20or%20Debentures) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries entered into any arrangement that would enable the directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate - During the six months ended 30 June 2025, neither the Company nor any of its subsidiaries entered into any arrangement that would enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate[96](index=96&type=chunk) [Directors' Interests in Material Contracts](index=38&type=section&id=Other%20Information-Directors'%20Interests%20in%20Material%20Contracts) As of June 30, 2025, no director had a material beneficial interest, either directly or indirectly, in any contract of significance to the Group's business to which the Company or any of its subsidiaries was a party - As at 30 June 2025, no director had a material beneficial interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company or any of its subsidiaries was a party[97](index=97&type=chunk) [Competing Interests](index=39&type=section&id=Other%20Information-Competing%20Interests) During the six months ended June 30, 2025, the directors were not aware of any business or interest of the directors, controlling shareholders, management shareholders, and their respective associates that competes or may compete with the Group's business - During the six months ended 30 June 2025, the directors were not aware of any business or interest of the directors, controlling shareholders, management shareholders and their respective associates that competes or may compete with the business of the Group, nor were they aware of any other conflict of interest that such persons have or may have with the Group[99](index=99&type=chunk) [Compliance with the Corporate Governance Code Practices](index=39&type=section&id=Other%20Information-Compliance%20with%20the%20Corporate%20Governance%20Code%20Practices) The directors believe that for the six months ended June 30, 2025, the Company has adopted and complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules - The directors believe that for the six months ended 30 June 2025, the Company has adopted the principles and complied with all applicable code provisions set out in the Corporate Governance Code in Appendix C1 to the Listing Rules[100](index=100&type=chunk) [Audit Committee](index=39&type=section&id=Other%20Information-Audit%20Committee) The Company's Audit Committee, comprising three independent non-executive directors, is responsible for ensuring an effective internal control and risk management framework and has reviewed the Group's unaudited interim results - The Company established an Audit Committee in accordance with Rule 3.21 of the Listing Rules, comprising three independent non-executive directors (Mr Zheng Shaoshan, Ms Li Zhao, and Mr Lin Guoquan), with Mr Zheng Shaoshan as the chairman[101](index=101&type=chunk) - The Audit Committee is responsible for ensuring that the Company has an effective internal control and risk management framework and has reviewed the Group's unaudited interim results for the six months ended 30 June 2025[101](index=101&type=chunk)

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: 象興國際控股有限公司 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) | 01732 | 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 | | 0.01 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 40,000,0 ...

本職權範圍以英文編製，若中英文版有歧義，概以英文版為準。 XIANGXING INTERNATIONAL HOLDING LIMITED 1732 薪酬委員會 職權範圍 經本公司董事（「董事」）會（「董事會」）於二零一七年二月十三日採納並於二零一九年八月 二十二日及二零二五年八月二十九日修訂。 成員 6. 提名委員會可委任本公司的公司秘書或任何其他具備適當資格及經驗之人士出任提 名委員會秘書。秘書負責保存完整的會議紀錄。 會議次數及程序 - 2 - 7. 除本文另有註明外，薪酬委員會會議將依照本公司之組織章程細則規管董事會議及 程序的條文進行。 8. 薪酬委員會每年至少舉行一次會議。薪酬委員會主席須應薪酬委員會任何成員要求 召開會議。 9. 會議議程及任何相關薪酬委員會文件應全部及時送交全體薪酬委員會成員，並至少 於建議召開薪酬委員會會議前三天（或其他協定期限）送出。 10. 薪酬委員會會議的法定人數須為任意兩名薪酬委員會成員，惟其中一名須為獨立非 執行董事。 11. 除非薪酬委員會成員全體同意，否則須就召開會議發出至少7天的通知。有關通告須 發送予薪酬委員會每位委員會成員以及獲邀參加會議的任何其他人士。不論 ...

XIANGXING INTERNATIONAL HOLDING LIMITED 本職權範圍以英文編製，若中英文版有歧義，概以英文版為準。 1732 提名委員會 職權範圍 經本公司董事（「董事」）會（「董事會」）於二零一七年二月十三日採納並於二零一八年十二 月二十七日、二零一九年八月二十二日及二零二五年八月二十九日修訂。 成員 秘書 5. 提名委員會可委任本公司的公司秘書或任何其他具備適當資格及經驗之人士出任提 名委員會秘書。秘書負責保存完整的會議紀錄。 - 1 - 1. 提名委員會成員由董事會不時委任董事出任及不得少於三名成員，且獨立非執行董 事（「獨立非執行董事」）須佔大多數。提名委員會中至少應有一名不同性別的成員。 2. 提名委員會的主席由董事會主席或一名獨立非執行董事出任。 3. 提名委員會成員的任期須由董事會釐定。 4. 於上文第1至3條的規限下，董事會可不時酌情更改提名委員會的成員組合。倘有關 成員不再為董事會成員，則其提名委員會成員的任命將自動撤銷。 會議次數及程序 - 2 - - 4 - 股東週年大會 授權 職責 - 3 - 15. 提名委員會主席須出席股東週年大會，並準備回答股東就提名委員會事 ...

XIANGXING INTERNATIONAL HOLDING LIMITED 1732 審核委員會 職權範圍 經本公司董事（「董事」）會（「董事會」）於二零一七年二月十三日採納並於二零一八年十二 月二十七日、二零一九年八月二十二日及二零二五年八月二十九日修訂。 成員 本職權範圍以英文編製，若中英文版有歧義，概以英文版為準。 - 1 - 1. 董事會須僅從非執行董事之中委任審核委員會成員，審核委員會須由不少於三名成 員組成，至少一名成員須為獨立非執行董事（「獨立非執行董事」）並具備香港聯合交 易所有限公司（「聯交所」）證券上市規則（「上市規則」）第3.10(2)條所規定的適當專業 資格或會計或相關財務管理專長。其中大多數應為獨立非執行董事。 2. 本公司現任核數公司的前任合夥人自以下日期（以日期較後者為準）起計兩年內，不 得擔任審核委員會的成員： (a) 彼終止成為該公司合夥人之日；或 (b) 彼不再享有該公司任何財務利益之日。 3. 審核委員會的主席由董事會委任，並須由獨立非執行董事出任。 4. 審核委員會成員的任期須由董事會釐定。 秘書 5. 審核委員會可委任本公司的公司秘書或任何其他具備適當資格及經驗之 ...

Core Viewpoint - Xiangxing International (01732) reported a decrease in revenue and profit for the first half of 2025, primarily due to a decline in revenue from building materials trading [1] Financial Performance - Revenue for the period was approximately 104 million, representing a year-on-year decrease of 13.9% [1] - Gross profit was 25.106 million, down 1.2% year-on-year [1] - Profit for the period was about 6.938 million, reflecting a year-on-year decrease of 6.7% [1] - Earnings per share were 0.55 cents [1]