（Stock Code 股份代號：1891） NOTIFICATION LETTER 通知信函 25 September 2025 Heng Hup Holdings Limited (Incorporated in the Cayman Islands with limited liability) 興合控股有限公司 （於開曼群島註冊成立之有限公司） Dear Non-registered Shareholder(s) (Note 1) , Heng Hup Holdings Limited (the "Company") – Notification of publication of 2025 interim report (the "Current Corporate Communication") 2. Corporate Communications include any document(s) issued or to be issued by the Company for the information or action of holders of any of its securiti ...

Financial Performance - For the first half of 2025, Heng Hup Holdings Limited reported revenue of RM 725.0 million, a decrease of 16.2% compared to RM 865.2 million in the same period of 2024[8]. - The net profit after tax for the first half of 2025 was RM 7.2 million, a decline of approximately 29.1% from RM 10.1 million in the same period of 2024[11]. - In the first half of 2025, the group reported sales volume of 434,385 tons and revenue of 628,143 thousand MYR, compared to 471,580 tons and revenue of 787,399 thousand MYR in the first half of 2024, indicating a decrease in both sales volume and revenue[18]. - Gross profit slightly decreased from 61.8 million MYR in the first half of 2024 to 61.7 million MYR in the first half of 2025, a reduction of approximately 0.1%, while the gross profit margin improved from 7.1% to 8.5%[19]. - Operating profit decreased to 14,536 thousand MYR from 18,897 thousand MYR, reflecting a decline of 23.5% year-over-year[60]. - Net profit for the period was 7,167 thousand MYR, down 29.0% from 10,114 thousand MYR in the previous year[60]. - Basic and diluted earnings per share were 0.85 sen, compared to 1.15 sen for the same period in 2024, representing a decrease of 26.1%[60]. - The company reported a total comprehensive income of 8,471 thousand MYR for the six months ended June 30, 2025, compared to 11,456 thousand MYR for the same period in 2024[66]. - For the six months ended June 30, 2025, the company reported a profit attributable to owners of the company of 8,471 thousand MYR, a decrease of 26.0% compared to 11,456 thousand MYR for the same period in 2024[91]. Sales and Market Conditions - The sales volume of black scrap metal decreased by approximately 7.9%, from 471,580 tons in the first half of 2024 to 434,385 tons in the first half of 2025[9]. - The average selling price of black scrap metal fell by about 13.4%, from RM 1,670.00 per ton in the first half of 2024 to RM 1,446.00 per ton in the first half of 2025[10]. - Future market conditions are expected to remain challenging due to domestic and global factors affecting the scrap metal industry[11]. - Selected public infrastructure projects under the National Energy Transition Roadmap (NETR) and New Industrial Master Plan (NIMP 2030) are anticipated to support a moderate recovery in scrap metal consumption in the second half of 2025[11]. - The company is focusing on diversifying its product portfolio and regional markets to mitigate risks associated with price and sales fluctuations[12]. Expenses and Cost Management - Distribution and selling expenses increased by approximately 20.9% to 31.5 million MYR in the first half of 2025, up from 26.0 million MYR in the first half of 2024, primarily due to rising fuel prices and increased reliance on third-party logistics services[20]. - Administrative expenses decreased by approximately 5.6% to 15.8 million MYR in the first half of 2025, down from 16.7 million MYR in the first half of 2024, due to ongoing cost optimization measures[21]. - Employee costs and related expenses totaled 17.6 million MYR, an increase of 5.4% from 16.7 million MYR in the previous year[51]. Assets and Liabilities - Total assets as of June 30, 2025, were RM 379.997 million, slightly down from RM 380.346 million as of December 31, 2024[8]. - The total liabilities decreased from RM 145.693 million as of December 31, 2024, to RM 138.177 million as of June 30, 2025[8]. - The company's equity attributable to owners increased to 246,908 thousand MYR from 238,437 thousand MYR, marking a growth of about 3.2%[62]. - The total amount of trade payables and other payables decreased to MYR 50,301 as of June 30, 2025, down 16.5% from MYR 60,391 as of December 31, 2024[101]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2025, was (6,218) thousand MYR, compared to a net cash inflow of 25,996 thousand MYR in the same period of 2024[68]. - Cash and cash equivalents decreased to 34,628 thousand MYR from 45,063 thousand MYR, a decline of approximately 23.2%[68]. - The company has a total bank financing of approximately MYR 337.5 million as of June 30, 2025, unchanged from December 31, 2024[105]. - The company’s borrowings increased to 80,427 thousand MYR from 76,925 thousand MYR, reflecting a rise of approximately 4.9%[64]. Trade Receivables and Credit Risk - The expected credit loss rate for trade receivables as of June 30, 2025, is 2.4%, up from 1.7% as of December 31, 2024[36]. - The provision for trade receivables in the first half of 2025 is MYR 3.87 million, compared to MYR 2.92 million as of December 31, 2024[36]. - As of June 30, 2025, 84% of the total trade receivables are concentrated from black scrap metal customers, an increase from 66% as of December 31, 2024[37]. - The company assesses credit risk by only transacting with reputable banks, which have a near-zero expected credit loss on cash[36]. Shareholder Information - The total issued shares as of June 30, 2025, is 1,000,000,000 ordinary shares[39]. - Major shareholders, including the Sia brothers, collectively hold 681,680,000 shares, representing 68.17% of the company[39]. - 5S Holdings, a related entity, holds 441,680,000 shares, accounting for 44.17% of the company[43]. Other Information - The company has not written off any trade receivables in the first half of 2025 or the first half of 2024[37]. - The company did not declare any interim dividends for the six months ended June 30, 2025, consistent with the previous year[55]. - There were no significant events affecting the group that required disclosure after June 30, 2025, up to the report date[56]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the six-month period[53].

FF301 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) | 01891 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 第 1 頁 共 10 頁 v 1.1.1 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: 興合控股有限公司（於開曼群 ...

Core Viewpoint - Xinghe Holdings (01891.HK) reported a decline in its mid-year performance for the first half of 2025, indicating challenges in revenue and profit generation [1] Financial Performance - Revenue for the first half of 2025 was 725.0 million MYR, a decrease of 16.2% year-on-year [1] - Gross profit amounted to 61.7 million MYR, reflecting a slight decrease of 0.2% year-on-year [1] - Profit attributable to shareholders was 8.5 million MYR, down 26.0% year-on-year, with no dividend declared [1]

Core Viewpoint - Xinghe Holdings (01891) reported a decline in revenue and profit for the first half of 2025, primarily due to a decrease in sales volume and average selling price of black scrap metal [1] Financial Performance - Revenue for the first half of 2025 was 725 million MYR, representing a year-on-year decrease of 16.2% [1] - Gross profit amounted to 61.7 million MYR, showing a slight decrease of 0.2% year-on-year [1] - Profit attributable to shareholders was 8.5 million MYR, reflecting a significant year-on-year decline of 26.0% [1] Industry Trends - The decrease in revenue is attributed to current industry trends, specifically the decline in sales volume and average selling price of black scrap metal [1] - The pressure on gross profit margin is linked to the reduction in revenue and the drop in average selling price of black scrap metal [1]

Core Viewpoint - Xinghe Holdings (01891) reported a decline in revenue and profit for the first half of 2025, primarily due to a decrease in sales volume and average selling prices of black scrap metal [1] Financial Performance - Revenue for the first half of 2025 was 725 million MYR, representing a year-on-year decrease of 16.2% [1] - Gross profit amounted to 61.7 million MYR, showing a slight decrease of 0.2% year-on-year [1] - Profit attributable to the company's owners was 8.5 million MYR, down 26.0% compared to the previous year [1] Industry Trends - The decline in revenue is attributed to current industry trends, specifically a drop in sales volume and average selling prices of black scrap metal [1] - The pressure on gross profit margin is linked to the decrease in revenue and the continued decline in average selling prices of black scrap metal [1]

Unaudited Interim Results Announcement [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported unaudited interim results for H1 2025, with revenue down 16.2% to MYR 725.0 million and profit attributable to owners down 26.0% to MYR 8.5 million | Metric | H1 2025 (MYR million) | H1 2024 (MYR million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 725.0 | 865.2 | -16.2% | | Gross Profit | 61.7 | 61.8 | -0.2% | | Profit Attributable to Owners of the Company | 8.5 | 11.5 | -26.0% | | Equity Attributable to Owners of the Company (Period End) | 246.9 | 238.4 (Dec 31, 2024) | -3.6% | - The Board did not declare any dividend for the six months ended June 30, 2025 (2024 corresponding period: nil)[4](index=4&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, revenue was MYR 724,957 thousand, a 16.2% decrease, with profit attributable to owners at MYR 8,471 thousand and basic EPS at 0.85 sen | Metric | H1 2025 (MYR thousand) | H1 2024 (MYR thousand) | | :--- | :--- | :--- | | Revenue | 724,957 | 865,207 | | Cost of Sales | (663,224) | (803,407) | | Gross Profit | 61,733 | 61,800 | | Operating Profit | 14,536 | 18,897 | | Profit for the Period | 7,167 | 10,114 | | Profit for the Period Attributable to Owners of the Company | 8,471 | 11,456 | | Basic Earnings Per Share (Sen) | 0.85 | 1.15 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were MYR 379,997 thousand, total equity MYR 241,820 thousand, and total liabilities MYR 138,177 thousand | Metric | June 30, 2025 (MYR thousand) | Dec 31, 2024 (MYR thousand) | | :--- | :--- | :--- | | Total Assets | 379,997 | 380,346 | | Non-current Assets | 90,849 | 90,302 | | Current Assets | 289,148 | 290,044 | | Total Equity | 241,820 | 234,653 | | Equity Attributable to Owners of the Company | 246,908 | 238,437 | | Total Liabilities | 138,177 | 145,693 | | Non-current Liabilities | 21,111 | 20,393 | | Current Liabilities | 117,066 | 125,300 | Notes to the Condensed Consolidated Financial Statements [General Information](index=5&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, primarily trades ferrous scrap metal and other waste products in Malaysia, controlled by the Sia Brothers - The Company is an investment holding company primarily engaged in the trading of ferrous scrap metal, used batteries, waste paper, iron ore, and other waste products in Malaysia[8](index=8&type=chunk) - The ultimate controlling parties of the Group are Dato' Sia Kok Chin, Dato' Sia Keng Leong, Mr. Sia Kok Chong, Mr. Sia Kok Seng and Mr. Sia Kok Heong (collectively, the "Sia Brothers")[8](index=8&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) These interim financial statements are prepared in accordance with IAS 34, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements - These condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and the disclosure requirements of the Hong Kong Companies Ordinance (Chapter 622)[10](index=10&type=chunk) [Significant Accounting Policies and Disclosures](index=5&type=section&id=Significant%20Accounting%20Policies%20and%20Disclosures) The Group adopted IAS 21 (Amendment) "Lack of Exchangeability" with no significant impact, and future new standards are not expected to have a material effect - IAS 21 (Amendment) "Lack of Exchangeability" has been adopted and has no significant impact on the Group's financial position and performance and/or disclosures for the current and prior periods[11](index=11&type=chunk) New and Amended Standards Not Yet Adopted | Standard | Title | Effective Date | | :--- | :--- | :--- | | IFRS 9 and 7 (Amendments) | Classification and Measurement of Financial Instruments | Jan 1, 2026 | | IFRS 9 and 7 (Amendments) | Contracts that Rely on Natural Energy Production | Jan 1, 2026 | | IFRS 18 | Presentation and Disclosure in Financial Statements | Jan 1, 2027 | | IFRS 10 and IAS 28 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group operates a single segment, trading recycled materials, with most revenue and all non-current assets located in Malaysia - The Group is principally engaged in the trading of ferrous scrap metal, used batteries, waste paper, iron ore, other waste products and provision of logistics services, and has been operating a single operating segment, namely, trading of recycled materials[14](index=14&type=chunk)[15](index=15&type=chunk) - For the six months ended June 30, 2025 and 2024, the Group primarily conducted transactions in Malaysia and most of its revenue was generated from Malaysia[17](index=17&type=chunk) - As at June 30, 2025, all non-current assets were located in Malaysia[19](index=19&type=chunk) [Other Income and Net Losses](index=7&type=section&id=Other%20Income%20and%20Net%20Losses) In H1 2025, other income increased to MYR 1,064 thousand, while net other losses were MYR 942 thousand, mainly due to impairment provisions for trade receivables | Metric | H1 2025 (MYR thousand) | H1 2024 (MYR thousand) | | :--- | :--- | :--- | | Other Income | 1,064 | 577 | | Net Other Losses | (942) | (696) | - In the first half of 2025, net other losses mainly arose from a provision for impairment losses on trade receivables of MYR 942 thousand, while in the first half of 2024, it was mainly due to the write-off of advances to suppliers[20](index=20&type=chunk) [Expenses by Nature](index=7&type=section&id=Expenses%20by%20Nature) In H1 2025, cost of trading goods sold was MYR 650,596 thousand, employee benefits expense rose to MYR 17,583 thousand, and transportation costs increased to MYR 23,711 thousand | Expense Category | H1 2025 (MYR thousand) | H1 2024 (MYR thousand) | | :--- | :--- | :--- | | Cost of trading goods sold | 650,596 | 790,684 | | Employee benefits expense | 17,583 | 16,684 | | Depreciation expense | 5,342 | 4,788 | | Amortisation expense | 26 | 15 | | Transportation costs | 23,711 | 20,253 | | Total cost of sales, distribution and selling expenses and administrative expenses | 710,543 | 864,191 | [Net Finance Costs](index=8&type=section&id=Net%20Finance%20Costs) Net finance costs decreased to MYR 1,924 thousand in H1 2025 from MYR 2,830 thousand in H1 2024, primarily due to lower interest expense on loans | Item | H1 2025 (MYR thousand) | H1 2024 (MYR thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | 345 | 217 | | Interest expense on loans | (1,744) | (2,784) | | Interest expense on loans from non-controlling shareholders | (214) | – | | Net finance costs | (1,924) | (2,830) | [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) Income tax expense decreased to MYR 5,445 thousand in H1 2025 from MYR 5,953 thousand in H1 2024, with the Malaysian corporate tax rate remaining at 24% | Item | H1 2025 (MYR thousand) | H1 2024 (MYR thousand) | | :--- | :--- | :--- | | Malaysian corporate income tax | 5,556 | 5,781 | | Deferred income tax | (111) | 202 | | Income tax expense | 5,445 | 5,953 | - Malaysian corporate income tax is provided at a rate of **24%** on the estimated assessable profit[22](index=22&type=chunk) [Interim Dividend](index=8&type=section&id=Interim%20Dividend) The Board decided not to declare any dividend for the six months ended June 30, 2025, consistent with the prior year period - The Board did not declare any dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[24](index=24&type=chunk) [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) In H1 2025, profit attributable to owners was MYR 8,471 thousand, with basic and diluted EPS at 0.85 sen, down from 1.15 sen in H1 2024 | Metric | H1 2025 (MYR thousand) | H1 2024 (MYR thousand) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 8,471 | 11,456 | | Weighted average number of ordinary shares in issue | 1,000,000,000 | 1,000,000,000 | | Basic earnings per share (expressed in sen per share) | 0.85 | 1.15 | - As at June 30, 2025 and 2024, there were no potential dilutive ordinary shares in issue, thus basic and diluted earnings per share were the same[26](index=26&type=chunk) [Trade and Other Receivables](index=9&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade receivables were MYR 155,194 thousand, with increased provisions for impairment losses and a rise in receivables aged over 120 days | Item | June 30, 2025 (MYR thousand) | Dec 31, 2024 (MYR thousand) | | :--- | :--- | :--- | | Trade receivables | 159,058 | 167,883 | | Less: Provision for impairment losses | (3,864) | (2,922) | | Net trade receivables | 155,194 | 164,961 | | Advances to suppliers | 20,570 | 9,679 | | Total trade and other receivables | 202,562 | 201,456 | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (MYR thousand) | Dec 31, 2024 (MYR thousand) | | :--- | :--- | :--- | | 0 to 30 days | 88,755 | 107,435 | | 31 to 60 days | 14,121 | 22,089 | | 61 to 120 days | 43,023 | 31,975 | | Over 120 days | 13,159 | 6,384 | - The Group has paid deposits for several land acquisitions in Malaysia, which are pending completion as of the date of this announcement[30](index=30&type=chunk) [Trade and Other Payables](index=11&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased to MYR 50,301 thousand, mainly due to reductions in trade payables and accrued payroll liabilities | Item | June 30, 2025 (MYR thousand) | Dec 31, 2024 (MYR thousand) | | :--- | :--- | :--- | | Trade payables | 24,351 | 31,375 | | Accrued payroll liabilities | 6,932 | 8,132 | | Directors' loans | 8,124 | 8,037 | | Other payables and accrued expenses | 10,894 | 12,847 | | Total | 50,301 | 60,391 | Aging Analysis of Trade Payables | Aging | June 30, 2025 (MYR thousand) | Dec 31, 2024 (MYR thousand) | | :--- | :--- | :--- | | 0 to 30 days | 19,155 | 26,231 | | 31 to 60 days | 873 | 451 | | 61 to 120 days | 411 | 687 | | Over 120 days | 3,912 | 4,006 | Management Discussion and Analysis [Performance Overview and Outlook](index=12&type=section&id=Performance%20Overview%20and%20Outlook) H1 2025 revenue declined 16.2% to MYR 725.0 million, with net profit down 29.1% to MYR 7.2 million, driven by lower sales volume and prices of ferrous scrap metal - Revenue for the first half of 2025 was MYR **725.0 million**, a **16.2% decrease** from the same period in 2024, primarily due to a **7.9% decrease** in ferrous scrap metal sales volume and a **13.4% decline** in average selling price[34](index=34&type=chunk) - Net profit after tax for the period was MYR **7.2 million**, a **29.1% decrease** from the same period in 2024, mainly attributable to reduced revenue and squeezed gross profit margins[35](index=35&type=chunk) - Looking ahead, the market environment remains challenging, but the National Energy Transition Roadmap (NETR) and New Industrial Master Plan (NIMP 2030) are expected to provide moderate recovery support for scrap metal consumption[35](index=35&type=chunk) - The Group will continue to focus on improving operational efficiency, optimizing cost structure, strengthening procurement and trading strategies, and seeking opportunities for diversified product portfolios and geographical market expansion[36](index=36&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) This section reviews H1 2025 financial performance, covering revenue, gross profit, expenses, taxation, profit attributable to owners, key ratios, working capital, and liquidity [Revenue](index=13&type=section&id=Revenue) H1 2025 revenue decreased 16.2% to MYR 725.0 million, mainly due to a 7.9% drop in ferrous scrap metal sales volume and a 13.4% fall in average selling price Ferrous Scrap Metal Sales Revenue and Volume | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales Volume (Metric Tons) | 434,385 | 471,580 | | Revenue (MYR thousand) | 628,143 | 787,399 | - The average selling price of ferrous scrap metal decreased by approximately **13.4%** from MYR **1,670.00 per metric ton** in H1 2024 to MYR **1,446.00 per metric ton** in H1 2025[39](index=39&type=chunk) [Gross Profit](index=13&type=section&id=Gross%20Profit) H1 2025 gross profit slightly decreased by MYR 0.1 million to MYR 61.7 million, but the gross profit margin improved from 7.1% to 8.5% - Gross profit slightly decreased by MYR **0.1 million** from MYR **61.8 million** in H1 2024 to MYR **61.7 million** in H1 2025, a reduction of approximately **0.1%**[41](index=41&type=chunk) - Gross profit margin improved from **7.1%** in H1 2024 to **8.5%** in H1 2025, primarily due to enhanced operational efficiency and improved cost management[41](index=41&type=chunk) [Distribution and Selling Expenses](index=14&type=section&id=Distribution%20and%20Selling%20Expenses) H1 2025 distribution and selling expenses increased 20.9% to MYR 31.5 million, driven by higher fuel prices and increased reliance on third-party freight services - Distribution and selling expenses increased to MYR **31.5 million** (H1 2024: MYR 26.0 million), an increase of approximately **20.9%**[42](index=42&type=chunk) - The increase was primarily attributable to rising fuel prices and fluctuations in the regional logistics market, driving up logistics and transportation costs[42](index=42&type=chunk) [Administrative Expenses](index=14&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses decreased 5.6% to MYR 15.8 million, reflecting the Group's ongoing cost optimization measures and strict control over overheads - Administrative expenses were MYR **15.8 million** (H1 2024: MYR 16.7 million), a decrease of approximately **5.6%**[43](index=43&type=chunk) - The decrease was primarily due to the Group's continuous implementation of cost optimization measures, including stricter control over general overheads[43](index=43&type=chunk) [Taxation](index=14&type=section&id=Taxation) The effective tax rate for H1 2025 was 43.2%, higher than H1 2024's 37.1%, mainly due to non-recognition of deferred tax assets for unutilized tax losses - The effective tax rate for H1 2025 was **43.2%** (H1 2024: **37.1%**)[44](index=44&type=chunk) - The higher effective tax rate was primarily due to not recognizing deferred tax assets for unutilized tax losses, as it is currently considered improbable that these losses will be recovered[44](index=44&type=chunk) [Profit Attributable to Owners of the Company](index=14&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) H1 2025 profit attributable to owners was MYR 8.5 million, a decrease from MYR 11.5 million in H1 2024, consistent with the decline in profit before tax - Profit attributable to owners of the company for H1 2025 was MYR **8.5 million** (H1 2024: MYR 11.5 million), in line with the decrease in profit before tax[45](index=45&type=chunk) [Key Financial Ratios](index=14&type=section&id=Key%20Financial%20Ratios) As of June 30, 2025, the current ratio was 2.5x, debt-to-asset ratio 0.35x, inventory turnover 16 days, trade receivables turnover 41 days, and trade payables turnover 8 days | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 2.5 times | 2.3 times | | Debt-to-Asset Ratio | 0.35 | 0.35 | Turnover Periods | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Inventory Turnover Period | 16 days | 16 days | | Trade Receivables Turnover Period | 41 days | 38 days | | Trade Payables Turnover Period | 8 days | 10 days | [Working Capital](index=15&type=section&id=Working%20Capital) H1 2025 working capital improved to MYR 172.1 million, with trade receivables turnover slightly up to 41 days and trade payables turnover down to 8 days - Working capital was MYR **172.1 million** (December 31, 2024: MYR 164.7 million)[49](index=49&type=chunk) - The trade receivables turnover period slightly increased to **41 days** in H1 2025, while the trade payables turnover period decreased to **8 days**, due to improved payment terms negotiated with suppliers[48](index=48&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, total equity attributable to owners was MYR 246.9 million, with total borrowings of MYR 80.4 million, indicating sufficient liquidity for operations and expansion - As at June 30, 2025, the total equity attributable to owners of the Company was MYR **246.9 million**[49](index=49&type=chunk) - The Group's total borrowings as at June 30, 2025, amounted to MYR **80.4 million**, primarily utilized for the procurement of ferrous scrap metal and capital expenditures[50](index=50&type=chunk) - The Group has sufficient liquidity and financial resources to meet working capital requirements and fund budgeted expansion plans for the next twelve months[49](index=49&type=chunk) [Material Acquisitions and Disposals](index=15&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the first six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[51](index=51&type=chunk) [Pledged Assets](index=15&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged assets totaling MYR 59,537 thousand, including property, plant and equipment, and bank deposits, to secure bank borrowings | Category of Pledged Assets | June 30, 2025 (MYR thousand) | Dec 31, 2024 (MYR thousand) | | :--- | :--- | :--- | | Property, plant and equipment | 10,671 | 5,183 | | Right-of-use assets | 18,576 | 18,723 | | Investment properties | 5,233 | 5,262 | | Deposits for land acquisition | 17,636 | 17,636 | | Pledged bank deposits | 7,421 | 7,331 | | Total | 59,537 | 54,135 | [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities as at June 30, 2025 (as at December 31, 2024: nil)[54](index=54&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments for property, plant and equipment acquisitions were MYR 26.5 million, a decrease from MYR 28.6 million at year-end 2024 - As at June 30, 2025, the Group's capital commitments to banks for the acquisition of property, plant and equipment amounted to MYR **26.5 million** (as at December 31, 2024: MYR 28.6 million)[55](index=55&type=chunk) [Risk Management](index=16&type=section&id=Risk%20Management) The Group manages market, credit, and liquidity risks, with a 2.4% expected loss rate for trade receivables in H1 2025, despite concentration of credit risk from ferrous scrap metal customers - The Group faces market risks (foreign exchange risk and interest rate risk), credit risk, and liquidity risk in the ordinary course of its business[56](index=56&type=chunk) - The Group manages credit risk related to cash and bank balances and pledged bank deposits by transacting only with reputable commercial banks[57](index=57&type=chunk) - For the six months ended June 30, 2025, the expected loss rate for trade receivables was **2.4%** (December 31, 2024: 1.7%)[57](index=57&type=chunk) - The Group has significant concentration of credit risk from customers of ferrous scrap metal, such as steel mills and ferrous metal trading companies, but the Directors consider the inherent credit risk to be low[58](index=58&type=chunk) [Events After Reporting Period](index=17&type=section&id=Events%20After%20Reporting%20Period) The Board is unaware of any significant events affecting the Group after June 30, 2025, up to the announcement date, requiring disclosure - Other than as disclosed in this announcement, the Board is not aware of any significant events affecting the Group that occurred after June 30, 2025, and up to the date of this announcement, which require disclosure[59](index=59&type=chunk) Other Information [Employees and Remuneration](index=18&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group had 354 employees in Malaysia, with total staff costs increasing 5.4% to MYR 17.6 million due to salary adjustments - The Group had **354 employees** in Malaysia as at June 30, 2025 (June 30, 2024: 374 employees)[61](index=61&type=chunk) - For the six months ended June 30, 2025, total staff costs and related expenses amounted to MYR **17.6 million**, a **5.4% increase** from the same period in 2024, primarily due to salary adjustments[61](index=61&type=chunk) - The Group provides regular training to its employees to enhance their skills and knowledge[61](index=61&type=chunk) [Pre-emptive Rights](index=18&type=section&id=Pre-emptive%20Rights) Neither the Company's articles of association nor Cayman Islands law provides for pre-emptive rights, not requiring new share offers to existing shareholders proportionally - Neither the Company's articles of association nor Cayman Islands law provides for pre-emptive rights, not requiring the Company to offer new shares to existing shareholders in proportion to their shareholdings[62](index=62&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=18&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held any treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[63](index=63&type=chunk) - In the first half of 2025, neither the Company nor any of its subsidiaries held any treasury shares[63](index=63&type=chunk) [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board did not declare any dividend for the first half of 2025, consistent with the prior year period - The Board did not declare any dividend for the first half of 2025 (H1 2024: nil)[64](index=64&type=chunk) [Sufficiency of Public Float](index=18&type=section&id=Sufficiency%20of%20Public%20Float) As of H1 2025 and the announcement date, the public continuously held at least 25% of the Company's issued share capital, meeting Listing Rules requirements - As of H1 2025 and the date of this announcement, the public has continuously held at least **25%** of the Company's total issued share capital, complying with the minimum public float percentage required by the Listing Rules[65](index=65&type=chunk) [Corporate Governance](index=19&type=section&id=Corporate%20Governance) The Company adopted the Corporate Governance Code, with a deviation from C.2.1 (separation of Chairman and CEO roles), believing the combined role benefits management and business development - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, with a deviation from code provision C.2.1 (separation of roles of chairman and chief executive)[66](index=66&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer under Dato' Sia Kok Chin is beneficial for the Group's management and business development, providing strong and consistent leadership[66](index=66&type=chunk) [Standard Code for Securities Transactions](index=19&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted the Standard Code for Securities Transactions, with all Directors confirming compliance and no non-compliance by senior management during the review period - The Company has adopted the "Standard Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 of the Listing Rules as the code of conduct for securities transactions by Directors and senior management of the Company[67](index=67&type=chunk) - All Directors confirmed their compliance with the Standard Code throughout the review period, and the Company was not aware of any non-compliance by the Group's senior management during the review period[67](index=67&type=chunk) [Audit and Risk Management Committee and Review of Financial Statements](index=19&type=section&id=Audit%20and%20Risk%20Management%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit and Risk Management Committee reviewed H1 2025 condensed consolidated financial information with management, including accounting principles, internal controls, and financial reporting - The Company's Audit and Risk Management Committee has reviewed the condensed consolidated financial information for H1 2025 with management, including the accounting principles and practices adopted by the Group, and discussed internal controls and financial reporting matters[68](index=68&type=chunk) [Publication of Announcement and Board Members](index=20&type=section&id=Publication%20of%20Announcement%20and%20Board%20Members) This announcement is published on the HKEX and Company websites, with the Board comprising five executive directors (including Chairman/CEO) and three independent non-executive directors - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.henghup.com)[69](index=69&type=chunk) - The Board of Directors comprises five executive directors (Dato' Sia Kok Chin as Chairman and Chief Executive Officer) and three independent non-executive directors[69](index=69&type=chunk)

Group 1 - The company, Xinghe Holdings (01891.HK), announced that it will hold a board meeting on August 30, 2025 [1] - The meeting will review and approve the group's interim results for the six months ending June 30, 2025, and discuss the proposal for an interim dividend distribution, if any [1]

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依 賴該等內容而引致的任何損失承擔任何責任。 香港，二零二五年八月十八日 於本公告日期，執行董事為Sia Kok Chin拿督、Sia Keng Leong拿督、Sia Kok Chong先生、Sia Kok Seng先生及Sia Kok Heong先生；及獨立非執行董事為Sai Shiow Yin女士、Puar Chin Jong先生及Chu Kheh Wee先生。 董事會會議日期 興合控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將 於二零二五年八月三十日（星期六）舉行董事會會議，藉以（其中包括）考慮並批准 本公司及其附屬公司截至二零二五年六月三十日止六個月中期業績及其發佈，並 考慮派發中期股息（如有）。 承董事會命 興合控股有限公司 主席兼行政總裁 Sia Kok Chin拿督 Heng Hup Holdings Limited 興合控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1891） ...

FF301 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7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: 興合控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8月6日 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) | 01891 | 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 | | | 1,000,000,000 | | 0 | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,000,000,000 | | 0 | | 1,000,000,000 | 第 2 頁 共 10 頁 v 1.1. ...