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。 （於開曼群島註冊成立的有限公司） （股份代號：2011） 進 騰 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董 事 會（「董 事 會」）謹 此 宣 佈，陳 錦 福 先 生（「陳先生」）已 辭 任(i)本 公 司 之 公 司 秘 書（「公司秘書」）， (ii)香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 第3.05條項下之本公司授 權 代 表（「授權代表」），及(iii)香港法例第622章《公 司 條 例》第16部項下之代表本公 司 於 香 港 接 受 法 律 程 序 文 件 或 通 知 之 本 公 司 法 律 程 序 代 理 人（「法律程序代理 人」），自2025年12月1日 起 生 效。陳 先 生 已 向 董 ...

公司名稱: 進騰集團有限公司 呈交日期: 2025年11月4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) | 02011 | 說明 | 不適用 | | | | | | | | | | 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 (-) | | | | | | | HKD | | | | 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 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 | | | 致：香港交易及結算所有限公司 公司名稱: 進騰集團有限公司 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) | 02011 | 說明 | 不適用 | | | | | | | | | | 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 (-) | | | | | | | HKD | | | | 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 FF301 呈交日期: 20 ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：2011） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholders, Gilston Group Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.irasia.com/listco/hk/gilstongroup/index.htm and the website of The Stock Exchange of Hong Kong Limi ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：2011） NOTIFICATION LETTER 通知信函 29 September 2025 Dear Registered Shareholders, Gilston Group Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.irasia.com/listco/hk/gilstongroup/index.htm and the website of The Stock Exchange ...

Financial Performance - The company reported revenue of approximately HKD 194.6 million for the six months ended June 30, 2025, representing a 21.3% increase compared to HKD 160.4 million in the same period of 2024[6]. - The net profit attributable to equity shareholders for the same period was approximately HKD 26.4 million, a significant increase of 143.1% from HKD 10.8 million in 2024[6][18]. - The gross profit margin decreased to 51.0% in 2025 from 55.4% in 2024, reflecting a 7.9% decline[6]. - Revenue for the six months ended June 30, 2025, was HKD 194,615,000, an increase of 21.3% compared to HKD 160,386,000 for the same period in 2024[59]. - Gross profit for the same period was HKD 99,349,000, up from HKD 88,910,000, reflecting a gross margin improvement[59]. - Net profit for the period was HKD 30,882,000, significantly higher than HKD 10,533,000 in the previous year, representing a year-over-year increase of 193.5%[61]. - Total comprehensive income for the period was HKD 36,609,000, compared to HKD 8,584,000 in the prior year, showcasing substantial improvement[61]. Assets and Liabilities - The company’s total assets increased by 8.2% to HKD 597.1 million as of June 30, 2025, compared to HKD 551.8 million at the end of 2024[6]. - As of June 30, 2025, cash and cash equivalents amount to approximately HKD 120,590,000, a decrease of about HKD 20,900,000 compared to December 31, 2024[24]. - The company's current asset net value increased by approximately HKD 31.15 million from HKD 59.2 million on December 31, 2024, to HKD 90.35 million on June 30, 2025[30]. - The company's debt-to-equity ratio improved to 53.1% as of June 30, 2025, down from 60.1% in 2024[28]. - Total liabilities decreased from HKD 187,714 thousand as of December 31, 2024, to HKD 201,655 thousand as of June 30, 2025, indicating a rise in financial obligations[63]. - The company's net asset value increased to HKD 230,488 thousand as of June 30, 2025, from HKD 192,593 thousand as of December 31, 2024, marking a growth of 19.6%[63]. Expenses - Distribution costs rose by 21.7% to approximately HKD 13.4 million due to increased sales activities and advertising expenses[17]. - Administrative expenses increased by 16.3% to approximately HKD 56.2 million, primarily due to the consolidation of the property management business[17]. - Employee costs for the six months ended June 30, 2025, were approximately HKD 61.8 million, compared to HKD 64.7 million for the same period in 2024, reflecting an increase due to workforce integration and share-based compensation[35]. - The cost of goods sold amounted to HKD 75,043,000 for the six months ended June 30, 2025, compared to HKD 70,309,000 for the same period in 2024, indicating an increase of approximately 7%[82]. Business Operations - The property management business contributed HKD 65.6 million, accounting for 33.7% of total revenue, up from HKD 45.3 million or 28.2% in 2024[15]. - The company has successfully acquired 90% of Shenzhen Jiajinlong Industrial Development Co., expanding its leasing and subleasing operations[8]. - The company began providing property management services in September 2023 and commenced leasing operations in December 2024, indicating strategic expansion into new business areas[68]. Cash Flow - The net cash inflow from operating activities for the six months ended June 30, 2025, is approximately HKD 1,030,000, a decrease from HKD 10,820,000 for the same period in 2024[24]. - The net cash outflow from investing activities for the six months ended June 30, 2025, is approximately HKD 17,610,000, compared to HKD 17,930,000 for the same period in 2024[24]. - The company’s cash and cash equivalents decreased to HKD 120,585,000 as of June 30, 2025, down from HKD 141,480,000 at the end of 2024, representing a decline of about 15%[89]. Shareholder Information - Major shareholders include Noble Wisdom Ever Limited and China Huarong Overseas Investment Holdings Limited, each holding 56.76% of the shares[48]. - The total number of issued shares as of June 30, 2025, is 574,497,800[45]. - The company has approved a stock option plan allowing for the issuance of up to 55,776,480 shares, which represents 10% of the issued shares as of the special meeting date[40]. - The stock options granted to executives have an exercise price of HKD 1.09 per share, with a fair value of HKD 0.44 per share[44]. Corporate Governance - The board confirmed compliance with corporate governance codes, with minor exceptions regarding attendance at the annual general meeting[54]. - The company is committed to adhering to corporate governance codes as outlined in the listing rules[105]. - The company operates under the regulations of the Hong Kong Stock Exchange and is listed on the main board[106]. Legal Matters - The company is currently involved in two product infringement lawsuits, with claims totaling RMB 1,000,000 in economic damages and additional reasonable expenses of RMB 200,000 for one case[104]. - The company believes that any potential legal liabilities from the lawsuits will not have a significant impact on its financial condition or performance[104]. - The company has no other significant litigation or arbitration pending, according to management's knowledge[104].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 2025年8月31日 | | --- | | 截至月份: 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 進騰集團有限公司 呈交日期: 2025年9月4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) | 02011 | 說明 | 不適用 | | | | | | | | | | 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 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,00 ...

Core Insights - The company reported a revenue of approximately HKD 195 million for the first half of 2025, representing a year-on-year growth of 21.3% [1] - Gross profit reached HKD 99.34 million, an increase of 11.7% compared to the previous year [1] - The profit attributable to equity shareholders was HKD 26.37 million, showing a significant year-on-year increase of 143.15% [1] - Basic earnings per share were reported at HKD 0.046 [1] Revenue Growth - The increase in revenue was primarily attributed to the expansion of new property management services, which generated substantial income for the group [1] Profit Increase - The rise in profit was mainly due to the direct operation of the Jia Jin Long Auto City through the acquisition of 90% of Shenzhen Jia Jin Long Industrial Development Co., Ltd., resulting in higher income and net profit compared to managing the auto city through a management agreement [1]

Group 1 - The company reported a revenue of HKD 195 million for the six months ending June 30, 2025, representing a year-on-year increase of 21.3% [1] - Gross profit amounted to HKD 99.35 million, reflecting a year-on-year growth of 11.7% [1] - The profit attributable to equity shareholders was HKD 26.37 million, which is a significant year-on-year increase of 143.1% [1] - Basic earnings per share were reported at HKD 0.046 [1]

[Company Information and Financial Highlights](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Highlights) [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) Gilstongroup Limited is a company incorporated in the Cayman Islands, with its shares listed on the Hong Kong Stock Exchange - Company Name: Gilstongroup Limited (Stock Code: 2011)[2](index=2&type=chunk) - Place of Incorporation: Cayman Islands[2](index=2&type=chunk) - Place of Listing: Hong Kong Stock Exchange[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=1.2%20Financial%20Highlights) For the six months ended June 30, 2025, revenue increased by 21.3% to HK$194,615 thousand, profit for the period surged by 193.2% to HK$30,882 thousand, and basic earnings per share rose to 4.6 HK cents Financial Highlights for the Six Months Ended June 30 | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 194,615 | 160,386 | 21.3% | | Gross Profit | 99,349 | 88,910 | 11.7% | | Gross Profit Margin | 51.0% | 55.4% | (7.9%) | | Profit for the period | 30,882 | 10,533 | 193.2% | | Profit for the period attributable to owners of the Company | 26,372 | 10,846 | 143.1% | | Basic earnings per share (HK cents) | 4.6 | 1.9 | 142.1% | | Diluted earnings per share (HK cents) | 4.5 | 1.8 | 150.0% | Statement of Financial Position Highlights as at June 30, 2025 | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 597,064 | 551,788 | 8.2% | | Cash and cash equivalents | 120,585 | 141,480 | (14.8%) | | Total equity attributable to owners of the Company | 213,826 | 180,866 | 18.2% | [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of HK$194,615 thousand and cost of sales of HK$95,266 thousand, resulting in a gross profit of HK$99,349 thousand, with profit for the period significantly increasing to HK$30,882 thousand due to income tax credit Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 194,615 | 160,386 | | Cost of sales | (95,266) | (71,476) | | Gross Profit | 99,349 | 88,910 | | Profit before tax | 28,694 | 24,082 | | Income tax credit/(expense) | 2,188 | (13,549) | | Profit for the period | 30,882 | 10,533 | | Profit for the period attributable to owners of the Company | 26,372 | 10,846 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income for the period significantly increased to HK$36,609 thousand, driven by higher profit for the period and exchange differences from translating PRC subsidiaries' financial statements Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the period | 30,882 | 10,533 | | Exchange differences arising from translation of financial statements of PRC subsidiaries | 5,727 | (1,949) | | Total comprehensive income for the period | 36,609 | 8,584 | | Total comprehensive income for the period attributable to owners of the Company | 31,674 | 9,146 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, total assets increased to HK$597,064 thousand, with growth in both non-current and current assets, while total current and non-current liabilities slightly decreased, leading to a significant increase in net assets and total equity attributable to owners of the Company Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 65,834 | 50,903 | | Right-of-use assets | 59,018 | 64,231 | | Prepayments and lease deposits | 172,267 | 164,749 | | **Current assets** | | | | Inventories | 38,411 | 36,393 | | Trade and other receivables | 130,947 | 67,048 | | Cash and cash equivalents | 120,585 | 141,480 | | **Current liabilities** | | | | Trade and other payables | 128,933 | 114,904 | | Bank borrowings | 27,968 | 19,082 | | **Non-current liabilities** | | | | Bank borrowings | 94,325 | 95,409 | | Lease liabilities | 67,140 | 72,694 | | **Equity** | | | | Total equity attributable to owners of the Company | 213,826 | 180,866 | | Total equity | 230,488 | 192,593 | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [General Information and Basis of Preparation](index=6&type=section&id=3.1%20General%20Information%20and%20Basis%20of%20Preparation) These interim financial statements are prepared in accordance with the HKEX Listing Rules and HKAS 34, involving judgments, estimates, and assumptions where actual results may differ - The Company is an exempted company incorporated in the Cayman Islands, with its shares listed on the Hong Kong Stock Exchange[9](index=9&type=chunk) - The financial statements are prepared in accordance with the HKEX Listing Rules and HKAS 34[10](index=10&type=chunk) [Significant Accounting Policies and Changes](index=6&type=section&id=3.2%20Significant%20Accounting%20Policies%20and%20Changes) The condensed consolidated interim financial statements adopt the same accounting policies as the 2024 annual financial statements, with the only change being the adoption of amendments to HKAS 21 "Lack of Exchangeability," which had no significant impact on the Group's financial statements - Accounting policies are consistent with the 2024 annual financial statements, except for changes required to be adopted for the 2025 annual financial statements[11](index=11&type=chunk) - Amendments to HKAS 21 "Lack of Exchangeability" became effective on January 1, 2025, with no significant impact on the Group[12](index=12&type=chunk) [Segment Reporting](index=7&type=section&id=3.3%20Segment%20Reporting) The Group manages its business by business line and geographical area, having added a property management services segment since September 2023, now primarily operating two segments: zipper manufacturing and sales, and property management services - The Group manages its business by business line and geographical area[13](index=13&type=chunk) - A new operating and reportable segment for property management services in Mainland China was added since September 2023[13](index=13&type=chunk) - Management assesses segment performance based on revenue less directly attributable selling and service costs, distribution expenses, and administrative expenses[14](index=14&type=chunk) [Business Segments](index=7&type=section&id=3.3.1%20Business%20Segments) For the six months ended June 30, 2025, zipper business revenue was HK$129,011 thousand and property management services revenue was HK$65,604 thousand, with the latter contributing significantly to profit despite higher depreciation and non-current asset additions Business Segment Revenue and Profit | Segment | 2025 Revenue (HK$ thousand) | 2025 Profit (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Profit (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing and sales of zippers | 129,011 | 11,137 | 115,115 | 4,189 | | Provision of property management services | 65,604 | 29,733 | 45,271 | 43,551 | | **Total** | **194,615** | **40,870** | **160,386** | **47,740** | [Reconciliation of Segment Results](index=9&type=section&id=3.3.2%20Reconciliation%20of%20Segment%20Results) For the six months ended June 30, 2025, reportable segment profit was HK$40,870 thousand, which, after adjustments for other income and losses, interest expenses, share-based payments, and unallocated head office expenses, resulted in a consolidated profit before tax of HK$28,694 thousand Reconciliation of Segment Results | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Reportable segment revenue | 194,615 | 160,386 | | Consolidated revenue | 194,615 | 160,386 | | Reportable segment profit from external customers | 40,870 | 47,740 | | Other income and (losses)/gains, net | 3,232 | (4,186) | | Interest on lease liabilities | (2,214) | (1,952) | | Interest expense on loans | (2,128) | (4) | | Share-based payments | (1,285) | (5,525) | | Unallocated head office and corporate expenses | (9,781) | (11,991) | | **Consolidated profit before tax** | **28,694** | **24,082** | [Revenue](index=9&type=section&id=3.4%20Revenue) The Group's principal activities are manufacturing and selling zippers, slider heads, and related products, and providing property management services, with total revenue of HK$194,615 thousand for the six months ended June 30, 2025 - The Group's principal activities are manufacturing and selling zippers, slider heads, and other related products[17](index=17&type=chunk) Major Revenue Categories | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales of goods (zippers in rolls and slider heads, others) | 129,011 | 115,115 | | Service income (property management fee income) | 65,604 | 45,271 | | **Total Revenue** | **194,615** | **160,386** | [Profit Before Tax](index=10&type=section&id=3.5%20Profit%20Before%20Tax) Profit before tax is influenced by staff costs, other income and losses, and depreciation and amortization; staff costs slightly decreased, other income net turned from loss to gain, and depreciation and amortization significantly increased due to investment property additions [Staff Costs](index=10&type=section&id=3.5.1%20Staff%20Costs) For the six months ended June 30, 2025, total staff costs were HK$61,767 thousand, a slight decrease from the prior period, primarily due to reduced salaries and benefits, offset by increased contributions to defined contribution retirement plans Staff Costs Composition | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 51,370 | 54,199 | | Contributions to defined contribution retirement plans | 9,112 | 4,976 | | Share-based payments | 1,285 | 5,525 | | **Total** | **61,767** | **64,700** | [Other Income and (Losses)/Gains, Net](index=10&type=section&id=3.5.2%20Other%20Income%20and%20%28Losses%29%2FGains,%20Net) For the six months ended June 30, 2025, other income and gains, net, amounted to HK$3,232 thousand, a significant improvement from a loss of HK$4,186 thousand in the prior period, mainly due to increased net foreign exchange gains and a substantial reduction in losses from disposal of property, plant and equipment Other Income and (Losses)/Gains, Net | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 355 | 141 | | Loss on disposal of property, plant and equipment | (27) | (5,783) | | Government grants | 183 | 158 | | Net foreign exchange gains | 1,480 | 991 | | Others | 1,241 | 307 | | **Total** | **3,232** | **(4,186)** | [Other Items](index=10&type=section&id=3.5.3%20Other%20Items) For the six months ended June 30, 2025, total depreciation and amortization significantly increased to HK$31,010 thousand, primarily due to higher depreciation of investment properties, while impairment loss provision for inventories substantially decreased and cost of services provided significantly rose Key Data for Other Items | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation and amortization | 31,010 | 12,080 | | - Property, plant and equipment | 6,225 | 6,012 | | - Intangible assets | 136 | 173 | | - Right-of-use assets | 7,198 | 5,895 | | - Investment properties | 17,451 | – | | Provision for impairment loss on inventories | 195 | 1,980 | | Cost of services provided | 20,223 | 1,168 | | Cost of inventories | 75,043 | 70,309 | [Income Tax](index=11&type=section&id=3.6%20Income%20Tax) For the six months ended June 30, 2025, the company recorded an income tax credit of HK$2,188 thousand, compared to an expense of HK$13,549 thousand in the prior period, with its PRC subsidiary, Kaiyi Guangdong, enjoying a preferential income tax rate of 15% as a high-tech enterprise until 2025 Income Tax | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax - PRC Enterprise Income Tax | (2,188) | 13,699 | | Deferred tax | – | (150) | | **Total** | **(2,188)** | **13,549** | - Kaiyi Guangdong, as a high-tech enterprise, enjoys a preferential income tax rate of **15% until 2025**, with the normal tax rate being 25%[22](index=22&type=chunk) - Dividends paid by PRC resident enterprises to non-PRC resident enterprise investors are subject to a **10% withholding income tax**, which can be reduced to 5% for eligible Hong Kong tax residents[22](index=22&type=chunk) [Earnings Per Share](index=12&type=section&id=3.7%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were 4.6 HK cents and diluted earnings per share were 4.5 HK cents, both significantly increasing from the prior period due to higher profit attributable to owners of the Company Basis for Earnings Per Share Calculation | Item | 2025 (HK$ thousand/share) | 2024 (HK$ thousand/share) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company for basic and diluted EPS calculation | 26,372 | 10,846 | | Weighted average number of ordinary shares for basic EPS calculation | 574,497,800 | 572,842,888 | | Effect of potential dilutive ordinary shares on share options | 6,633,384 | 15,513,355 | | Weighted average number of ordinary shares for diluted EPS calculation | 581,131,184 | 588,356,243 | [Trade and Other Receivables](index=13&type=section&id=3.8%20Trade%20and%20Other%20Receivables) As at June 30, 2025, total trade and other receivables significantly increased to HK$303,214 thousand from December 31, 2024, with trade receivables and bills receivable rising to HK$99,110 thousand and prepayments also increasing substantially Ageing Analysis of Trade and Other Receivables | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 46,168 | 24,060 | | Over 1 month but within 2 months | 31,074 | 20,174 | | Over 2 months but within 3 months | 12,161 | 8,902 | | Over 3 months | 9,707 | 9,970 | | **Total Trade Receivables and Bills Receivable** | **99,110** | **63,106** | Prepayments and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Prepayments (property, plant and equipment, investment properties, others) | 198,166 | 163,973 | | Lease deposits | 3,989 | 3,882 | | Others | 1,949 | 836 | | **Total** | **303,214** | **231,797** | [Trade and Other Payables](index=14&type=section&id=3.9%20Trade%20and%20Other%20Payables) As at June 30, 2025, total trade and other payables increased to HK$128,933 thousand from December 31, 2024, with growth in trade payables, salaries and staff welfare payable, accrued expenses, and payables for property, plant and equipment purchases Ageing Analysis of Trade and Other Payables | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 6,166 | 4,409 | | Over 1 month but within 3 months | 9,788 | 6,414 | | Over 3 months but within 6 months | 1,969 | 697 | | Over 6 months | 828 | 1,349 | | **Total Trade Payables** | **18,751** | **12,869** | Other Payables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and staff welfare payable | 32,438 | 33,392 | | Accrued expenses | 19,958 | 20,613 | | Payables for purchase of property, plant and equipment | 19,010 | 3,010 | | Other tax payables | 3,450 | 8,434 | | Contract liabilities | 1,123 | 986 | | Other payables | 31,396 | 2,180 | | Deposits received | – | 31,916 | | Prepayments under HKFRS 16 | 2,807 | 1,504 | | **Total** | **128,933** | **114,904** | [Dividends](index=14&type=section&id=3.10%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[28](index=28&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=15&type=section&id=4.1%20Business%20Review%20and%20Outlook) The Group successfully turned losses into profits during the reporting period through operational strategy adjustments and diversified development, achieving significant growth in profit attributable to owners of the Company, and will continue to explore innovation, adapt flexibly, and address challenges in the zipper business [Overall Business Performance](index=15&type=section&id=4.1.1%20Overall%20Business%20Performance) For the six months ended June 30, 2025, profit attributable to owners of the Company was approximately HK$26,370 thousand, a substantial increase from HK$10,850 thousand in the prior period, mainly due to higher revenue and profit sharing from direct operation of Jiajinlong Auto City - Profit attributable to owners of the Company increased from approximately **HK$10,850 thousand** in the prior period of 2024 to approximately **HK$26,370 thousand** in 2025[30](index=30&type=chunk) - The increase in profit is primarily due to direct operation of Jiajinlong Auto City, resulting in higher revenue and profit sharing[30](index=30&type=chunk) [Zipper Business](index=15&type=section&id=4.1.2%20Zipper%20Business) The zipper business primarily serves Chinese apparel brands and OEMs for some internationally renowned apparel brands, with the Group maintaining close cooperation to provide zippers and other apparel accessories - Zipper business customers are mainly Chinese apparel brands and OEMs for some internationally renowned apparel brands[29](index=29&type=chunk) - The Group maintains close cooperation with apparel brands, providing zippers and apparel accessories[29](index=29&type=chunk) [Jiajinlong Auto City Business](index=15&type=section&id=4.1.3%20Jiajinlong%20Auto%20City%20Business) Since January 2025, the Group has directly operated Jiajinlong Auto City by subscribing to 90% of Shenzhen Jiajinlong Industrial Development Co., Ltd.'s equity, with the land use rights renewed for up to five years and actively pursuing a 20-year renewal - Since January 2025, the Group has directly operated Jiajinlong Auto City business by subscribing to **90% equity** of Shenzhen Jiajinlong Industrial Development Co., Ltd[29](index=29&type=chunk) - The land use rights for Jiajinlong Auto City have been renewed for a maximum of **five years**, and the Group is actively seeking a **20-year renewal**[32](index=32&type=chunk) [Future Outlook and Strategies](index=15&type=section&id=4.1.4%20Future%20Outlook%20and%20Strategies) Facing a complex and challenging economic environment, the Group will continue to explore innovation, adapt flexibly, leverage its strengths, and build a solid foundation for sustainable development, while maintaining a conservative stance on the zipper business and enhancing competitiveness through capacity integration, process improvement, and strengthened financial and talent management - The Group will continue to explore innovation, adapt flexibly, leverage its strengths, and is committed to building a solid and sustainable development foundation[31](index=31&type=chunk) - A conservative approach is adopted for the zipper business, with plans to enhance competitiveness through integrating existing production capacity, increasing automation, improving processes and product quality, strict cost control, and strengthening financial and talent management[33](index=33&type=chunk)[34](index=34&type=chunk) [Financial Review](index=17&type=section&id=4.2%20Financial%20Review) For the six months ended June 30, 2025, the Group's revenue increased by 21.3%, primarily due to the expansion of property management business, while distribution costs and administrative expenses both increased, but profit attributable to owners of the Company and profit margin significantly improved [Revenue Analysis](index=17&type=section&id=4.2.1%20Revenue%20Analysis) For the six months ended June 30, 2025, total revenue was approximately HK$194,600 thousand, a 21.3% increase year-on-year, with significant contributions from property management business and a 12.1% growth in zipper business revenue - Total revenue was approximately **HK$194,600 thousand**, an increase of approximately **21.3%** compared to the prior period of 2024, mainly due to the expansion of new property management business[35](index=35&type=chunk) Total Revenue by Business Segment | Business Segment | 2025 (HK$ thousand) | 2025 (%) | 2024 (HK$ thousand) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Zipper Business | 129,011 | 66.3 | 115,115 | 71.8 | | Property Management Business | 65,604 | 33.7 | 45,271 | 28.2 | | **Total Revenue** | **194,615** | **100.0** | **160,386** | **100.0** | - Zipper business revenue was approximately **HK$129,000 thousand**, an increase of approximately **12.1%** compared to the prior period of 2024[38](index=38&type=chunk) [Expenses and Costs](index=18&type=section&id=4.2.2%20Expenses%20and%20Costs) Distribution costs increased by 21.7% to approximately HK$13,400 thousand, mainly due to increased sales activities and advertising, while administrative expenses rose by 16.3% to approximately HK$56,200 thousand, primarily due to the consolidation of property management business - Distribution costs increased by approximately **21.7%** to approximately **HK$13,400 thousand**, mainly due to increased sales activities and advertising[39](index=39&type=chunk) - Administrative expenses increased by approximately **16.3%** to approximately **HK$56,200 thousand**, primarily due to the consolidation of property management business[39](index=39&type=chunk) [Profitability](index=18&type=section&id=4.2.3%20Profitability) For the six months ended June 30, 2025, profit attributable to owners of the Company was approximately HK$26,400 thousand, a significant increase from HK$10,800 thousand in the prior period, with the profit margin attributable to owners of the Company rising to approximately 13.6% (2024: 6.8%) - Profit attributable to owners of the Company increased from approximately **HK$10,800 thousand** in the prior period of 2024 to approximately **HK$26,400 thousand** in 2025[40](index=40&type=chunk) - The profit margin attributable to owners of the Company increased to approximately **13.6%** (2024: 6.8%)[40](index=40&type=chunk) [Connected Transactions](index=18&type=section&id=4.3%20Connected%20Transactions) The Group has several connected transactions involving land and building leases with related parties, including properties in Hong Kong, a Zhejiang production base, and a Guangdong factory, all assessed by independent property valuers with monthly rents deemed fair and reasonable at market rates - Renewed lease agreement for Hong Kong property with Shengdian Limited (owned by Mr. Xu Xipeng and Mr. Xu Xinan), with a monthly rent of **HK$52,600**[41](index=41&type=chunk) - Renewed lease agreement for Zhejiang production base with Foshan Nanhai Jinheming Investment Co., Ltd. (owned by Mr. Xu Xipeng and Mr. Xu Xinan), with a monthly rent of **RMB607,000**[42](index=42&type=chunk) - Renewed lease agreement for Guangdong factory with Mr. Xu Xipeng and Mr. Xu Xinan, with a monthly rent of **RMB428,980**[42](index=42&type=chunk) - Lease agreement for PRC property (Zhejiang production base) with Kaiyi Jingmen (owned by Mr. Xu Xipeng and Mr. Xu Xinan), with a monthly rent of **RMB969,735**, for a term until August 31, 2029[45](index=45&type=chunk) [High-Tech Enterprise Recognition and Tax Incentives](index=20&type=section&id=4.4%20High-Tech%20Enterprise%20Recognition%20and%20Tax%20Incentives) Kaiyi Guangdong, an 85%-owned subsidiary of the Company, continues to be recognized as a high-tech enterprise, enjoying a preferential income tax rate of 15% in China until 2025, compared to the normal rate of 25% - Kaiyi Guangdong continues to be recognized as a high-tech enterprise[44](index=44&type=chunk) - Kaiyi Guangdong is eligible for a preferential income tax rate of **15% until 2025**, with the normal tax rate being 25%[44](index=44&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=4.5%20Liquidity%20and%20Capital%20Resources) The Group is committed to ensuring sufficient funds for operational needs and improving capital utilization efficiency; as at June 30, 2025, net cash outflow from operating activities significantly decreased, the gearing ratio declined, and bank borrowings slightly increased [Cash Flow](index=21&type=section&id=4.5.1%20Cash%20Flow) For the six months ended June 30, 2025, net cash outflow from operating activities was approximately HK$1,400 thousand, a significant reduction from the prior period, while net cash outflow from investing activities slightly increased, and net cash outflow from financing activities significantly decreased, resulting in a reduction of cash and cash equivalents by approximately HK$20,900 thousand - Net cash outflow from operating activities was approximately **HK$1,400 thousand** (2024: outflow of HK$10,820 thousand), mainly due to an increase in trade payables[47](index=47&type=chunk) - Net cash outflow from investing activities was approximately **HK$20,600 thousand** (2024: HK$18,500 thousand), primarily attributable to payments for property, plant and equipment[47](index=47&type=chunk) - Net cash outflow from financing activities was approximately **HK$7,600 thousand** (2024: HK$20,870 thousand)[47](index=47&type=chunk) - Cash and cash equivalents decreased by approximately **HK$20,900 thousand** to **HK$120,600 thousand**[47](index=47&type=chunk) [Gearing Ratio and Bank Borrowings](index=21&type=section&id=4.5.2%20Gearing%20Ratio%20and%20Bank%20Borrowings) The Group's gearing ratio decreased from 60.1% in 2024 to 53.1% in 2025, with total bank borrowings slightly increasing to approximately HK$122,300 thousand, some of which are unsecured, bear fixed interest rates, and are guaranteed and pledged by subsidiary directors and their associates - The gearing ratio was **53.1%** (2024: 60.1%)[49](index=49&type=chunk) - Total bank borrowings were approximately **HK$122,300 thousand** (2024: approximately HK$114,490 thousand)[50](index=50&type=chunk) - Of these, **HK$19,194 thousand** were unsecured, bore a fixed interest rate of **3.5%**, and were guaranteed and pledged by subsidiary directors and their associates[50](index=50&type=chunk) [Net Current Assets](index=22&type=section&id=4.5.3%20Net%20Current%20Assets) As at June 30, 2025, net current assets increased to HK$90,300 thousand, an increase of approximately HK$31,100 thousand from December 31, 2024, with major components including inventories, trade and other receivables, and cash and cash equivalents - Net current assets increased by approximately **HK$31,100 thousand** from approximately HK$59,200 thousand as at December 31, 2024, to **HK$90,300 thousand** as at June 30, 2025[51](index=51&type=chunk) - Major components of current assets include inventories of approximately **HK$38,400 thousand**, trade and other receivables of approximately **HK$125,400 thousand**, and cash and cash equivalents of approximately **HK$120,600 thousand**[51](index=51&type=chunk) [Pledged Assets](index=22&type=section&id=4.5.4%20Pledged%20Assets) As at June 30, 2025, the Group had no pledged assets - The Group had no pledged assets as at June 30, 2025[52](index=52&type=chunk) [Contingent Liabilities](index=22&type=section&id=4.6%20Contingent%20Liabilities) Two of the Group's subsidiaries face two alleged product infringement lawsuits, with plaintiffs claiming a total of RMB2,000,000 for economic losses and reasonable expenses, and demanding cessation of production and destruction of inventory; management believes these lawsuits will not have a material impact on the financial position or performance - Two subsidiaries are facing two alleged product infringement lawsuits[53](index=53&type=chunk) - Plaintiffs are claiming a total of **RMB2,000,000** for economic losses and reasonable expenses, and demanding cessation of production and destruction of inventory[53](index=53&type=chunk) - Management believes that any liabilities arising from these cases will not have a material impact on the Group's financial position or performance[54](index=54&type=chunk) [Foreign Currency Risk](index=23&type=section&id=4.7%20Foreign%20Currency%20Risk) Individual companies within the Group have limited foreign currency risk, with most transactions denominated in their functional currencies, and no hedging against exchange rate fluctuation risk was undertaken for the six months ended June 30, 2025 - Individual companies within the Group have limited foreign currency risk, with most transactions denominated in their functional currencies[55](index=55&type=chunk) - The Group did not hedge against exchange rate fluctuation risk for the six months ended June 30, 2025[55](index=55&type=chunk) [Employees](index=23&type=section&id=4.8%20Employees) As at June 30, 2025, the Group had 696 full-time employees, a decrease from the prior period, with staff costs of approximately HK$61,800 thousand, slightly lower than the prior period, mainly due to increased workers from human resource integration and share-based payments - As at June 30, 2025, the Group had **696 full-time employees** (June 30, 2024: 753 employees)[56](index=56&type=chunk) - For the six months ended June 30, 2025, staff costs were approximately **HK$61,800 thousand** (prior period of 2024: approximately HK$64,700 thousand)[56](index=56&type=chunk) - The increase in staff costs was mainly due to an increase in the number of workers from human resource integration and share-based payments[56](index=56&type=chunk) [Interim Dividends](index=23&type=section&id=4.9%20Interim%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[57](index=57&type=chunk) [Events After Reporting Period](index=23&type=section&id=4.10%20Events%20After%20Reporting%20Period) The application for renewal of Jiajinlong Auto City's land use rights is ongoing, with a transitional period granted until July 15, 2028, potentially extending to July 15, 2030, and the Group is actively assisting the lessee in processing the 20-year renewal - The application for renewal of Jiajinlong Auto City's land use rights is still in progress[58](index=58&type=chunk) - A transitional period has been granted until **July 15, 2028**, and may be unconditionally extended to **July 15, 2030**[58](index=58&type=chunk) - The operating period of Jiajinlong Auto City has been extended to **July 15, 2030**, but may be affected by the renewal of land use rights[58](index=58&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=V.%20Corporate%20Governance%20and%20Other%20Information) [Share Option Scheme](index=24&type=section&id=5.1%20Share%20Option%20Scheme) The Company adopted a new share option scheme to incentivize eligible participants, with the total number of shares involved in granted options capped at 10% of the total issued shares, or 55,776,480 options, and no granted options were cancelled for the six months ended June 30, 2025 - The Company adopted a new share option scheme to incentivize eligible participants[60](index=60&type=chunk) - Under the scheme, the total number of shares involved in granted options is capped at **10% of the total issued shares**, or **55,776,480 options**[60](index=60&type=chunk) - No granted share options were subsequently cancelled for the six months ended June 30, 2025[61](index=61&type=chunk) [Compliance with Corporate Governance Code](index=24&type=section&id=5.2%20Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company complied with all provisions of the Corporate Governance Code, except for certain independent non-executive directors who were unable to attend the Annual General Meeting due to personal reasons - The Company complied with all provisions of the Corporate Governance Code, except that certain independent non-executive directors were unable to attend the Annual General Meeting on June 19, 2025, due to personal reasons[62](index=62&type=chunk) [Directors and Relevant Employees' Compliance with Model Code](index=24&type=section&id=5.3%20Directors%20and%20Relevant%20Employees%27%20Compliance%20with%20Model%20Code) The Company has adopted the Model Code as the code of conduct for directors' securities transactions, requiring all directors to confirm compliance, and has also adopted a code of conduct for relevant employees' securities transactions, requiring their adherence - The Company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors have confirmed compliance[63](index=63&type=chunk) - The Company has adopted a code of conduct for relevant employees' securities transactions, requiring their compliance[64](index=64&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=5.4%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) 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 - 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[65](index=65&type=chunk) [Audit Committee](index=25&type=section&id=5.5%20Audit%20Committee) The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed by the Board's Audit Committee - The Group's unaudited interim results for the six months ended June 30, 2025, have been reviewed by the Board's Audit Committee[66](index=66&type=chunk) [Publication of Interim Results and Interim Report](index=25&type=section&id=5.6%20Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be made available to shareholders and accessible online in due course - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (https://www.irasia.com/listco/hk/gilstongroup/)[67](index=67&type=chunk) - The interim report for the six months ended June 30, 2025, will be made available to shareholders and accessible online in due course[67](index=67&type=chunk) [Definitions](index=25&type=section&id=5.7%20Definitions) This section provides definitions for key terms used in the report, including Board, Corporate Governance Code, Company, Directors, Group, HK$, Listing Rules, OEM, PRC, RMB, Main Board, Model Code, SFO, Shares, Shareholders, and Stock Exchange - Provides definitions for key terms used in the report[68](index=68&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)