[Company Information](index=3&type=section&id=Company%20Information) [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) This section outlines the composition of the Board of Directors and its various committees, including executive and independent non-executive members - Executive Directors include Mr. Lau Shek Yau (Chairman), Mr. Ngan Tim Wing (Chief Executive Officer), Ms. Chan Nga Man, Ms. Augusta Morandin, and Mr. Fabio Di Nello[3](index=3&type=chunk) - The company has an Audit Committee, Remuneration Committee, Nomination Committee, Corporate Governance Committee, and Risk and Compliance Committee, all composed of Board members[3](index=3&type=chunk) [Registered and Business Locations](index=3&type=section&id=Registered%20and%20Business%20Locations) The company is registered in the Cayman Islands, with its headquarters and principal place of business in Hong Kong, and lists details of legal advisors, share registrar, principal bankers, and auditors - The registered office is located at Cricket Square, Cayman Islands[3](index=3&type=chunk) - The headquarters and principal place of business in Hong Kong are located at Unit B, 13th Floor, Park Sun Building, 97–107 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong[4](index=4&type=chunk) - The auditor is KPMG, and the stock code is 2130[5](index=5&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=5&type=section&id=Business%20Review) The Group primarily provides integrated logistics services, focusing on high-end fashion products and fine wines, achieving a 19.4% revenue increase to HK$1,461.5 million in H1 2025, despite a 17.2% decrease in profit attributable to equity holders - The Group primarily engages in providing integrated logistics services, specializing in high-end fashion products (including luxury and affordable luxury goods) and fine wine products[7](index=7&type=chunk) - The Group operates 28 local branch offices in 16 countries and regions globally, collaborating with over 100 business partners across more than 100 countries[7](index=7&type=chunk) [2025 H1 Financial Performance Overview](index=8&type=section&id=2025%20H1%20Financial%20Performance%20Overview) | Indicator | 2025 H1 (HK$ million) | 2024 H1 (HK$ million) | YoY Growth/Decline | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Profit attributable to equity holders | 15.4 | 18.6 | -17.2% | [Geographical Analysis](index=5&type=section&id=Geographical%20Analysis) The Group achieved revenue growth across Greater China, Europe, and Southeast Asian markets, driven by e-commerce, luxury demand, RCEP, and "China+1" strategies [Regional Revenue Performance (2025 H1)](index=9&type=section&id=Regional%20Revenue%20Performance%20(2025%20H1)) | Region | 2025 H1 Revenue (HK$ million) | 2024 H1 Revenue (HK$ million) | YoY Growth | | :--- | :--- | :--- | :--- | | Greater China | 618.5 | 510.9 | +21.1% | | Europe (Italy) | 349.7 | 303.9 | +15.1% | | Southeast Asia (Vietnam) | 52.3 | 31.87 | +64.1% | | Southeast Asia (Indonesia) | 8.6 | 6.78 | +26.8% | - Revenue growth in Greater China benefited from increased business volume and e-commerce contributions, particularly through Cargo Services Express Limited ("Cargo Services Express") related e-commerce orders[9](index=9&type=chunk) - European market growth was driven by strong luxury demand and rapid e-commerce expansion, especially in air freight forwarding and last-mile delivery[10](index=10&type=chunk) - Southeast Asian markets (Vietnam and Indonesia) benefited from the implementation of the Regional Comprehensive Economic Partnership (RCEP) and the "China+1" strategy adopted by Chinese companies[11](index=11&type=chunk) [Cargo Services Express and Cruise Logistics](index=6&type=section&id=Cargo%20Services%20Express%20and%20Cruise%20Logistics) Cargo Services Express experienced strong growth in the reporting period, with revenue increasing by 178.6% year-on-year, while cruise logistics revenue also grew but faced margin pressure due to project delays from US tariff policies [Cargo Services Express and Cruise Logistics Revenue (2025 H1)](index=14&type=section&id=Cargo%20Services%20Express%20and%20Cruise%20Logistics%20Revenue%20(2025%20H1)) | Business Segment | 2025 H1 Revenue (HK$ million) | 2024 H1 Revenue (HK$ million) | YoY Growth | | :--- | :--- | :--- | :--- | | Cargo Services Express | 246.1 | 88.3 | +178.6% | | Cruise Logistics | 254.9 | 226.4 | +12.6% | - Cargo Services Express has successfully expanded its service scope with major Chinese e-commerce platforms, including freight forwarding, customs clearance, and last-mile delivery services to more cities in Europe and Africa[13](index=13&type=chunk) - Despite revenue growth, the cruise logistics business's profit margins were impacted by the US "reciprocal tariff" policy, which led some cruise operators to postpone major upgrade and renovation projects[15](index=15&type=chunk) [Financial Performance and Segment Analysis](index=6&type=section&id=Financial%20Performance%20and%20Segment%20Analysis) The Group's H1 2025 revenue increased by 19.4%, with gross profit up 6.0%; air freight forwarding remained the largest segment with significant revenue growth, while ocean freight forwarding saw substantial revenue and gross profit increases, and distribution and logistics services declined [2025 H1 Key Financial Indicators](index=17&type=section&id=2025%20H1%20Key%20Financial%20Indicators) | Indicator | 2025 H1 (HK$ million) | 2024 H1 (HK$ million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Gross Profit | 241.8 | 228.3 | +6.0% | | EBITDA | 93.6 | 104.9 | -10.8% | - Air freight forwarding services, the Group's largest segment, accounted for approximately **42.9% of total revenue**, with revenue increasing by **24.6% year-on-year to HK$627.4 million**, primarily driven by Cargo Services Express's e-commerce focused logistics solutions business[19](index=19&type=chunk) - Ocean freight forwarding services revenue increased by **37.5% year-on-year to HK$424.7 million**, and gross profit increased by **74.0% to HK$90.3 million**, mainly due to rising ocean freight rates, a rebound in China's import shipments, growth in Southeast Asian exports, and new collaborations with Japanese automotive brands[20](index=20&type=chunk) - Revenue from distribution and logistics services decreased by **16.4% year-on-year to HK$154.5 million**, with gross profit falling by **45.8% to HK$7.7 million**, primarily due to weakened demand for luxury goods in the local Chinese market[25](index=25&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=8&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) The Group maintains a robust liquidity position with stable working capital and cash equivalents, significantly increased operating cash inflow, and an improved debt-to-equity ratio to a net cash position, while facing foreign exchange risks without specific hedging policies [Liquidity and Financial Resources Overview](index=26&type=section&id=Liquidity%20and%20Financial%20Resources%20Overview) | Indicator | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Working Capital | 161.9 | 143.9 | Increase | | Current Ratio | 1.15 | 1.15 | Stable | | Cash and Cash Equivalents | 263.7 | 255.0 | Stable | | Operating Cash Inflow | 49.5 | 15.0 (2024 H1) | Significant Increase | | Outstanding Bank Loans and Overdrafts | 363.3 | 384.1 | Decrease | | Debt-to-Equity Ratio | -24.3% | 35.2% | Improvement (Net Cash Position) | - The Group's working capital increased from approximately **HK$143.9 million** as of December 31, 2024, to **HK$161.9 million** as of June 30, 2025, with the current ratio remaining stable at **1.15**[26](index=26&type=chunk) - The Group is exposed to foreign exchange risks from EUR, GBP, RMB, TWD, and USD, with RMB fluctuations having a greater impact, but does not maintain any specific hedging policies or foreign currency forward contracts for these risks[28](index=28&type=chunk) [Other Financial Information](index=9&type=section&id=Other%20Financial%20Information) During the reporting period, the Group had no significant investments, capital expenditure commitments, major acquisitions or disposals of subsidiaries and associates, or material events after the reporting period, with contingent liabilities primarily comprising financial guarantees for subsidiary bank facilities - The Group held no significant investments and had no significant capital commitments contracted but not provided for during the reporting period[29](index=29&type=chunk)[30](index=30&type=chunk) - Contingent liabilities primarily consist of financial guarantees provided by the company to banks for certain bank facilities entered into by its subsidiaries, with a maximum liability of **HK$331.2 million**[31](index=31&type=chunk) - No significant acquisitions or disposals of subsidiaries and associates, nor other material events, occurred during or after the reporting period[33](index=33&type=chunk)[34](index=34&type=chunk) [Use of Proceeds](index=10&type=section&id=Use%20of%20Proceeds) The Group raised approximately HK$35.6 million in net proceeds from a share subscription in May 2021; as of June 30, 2025, HK$7.7 million has been used for business expansion in Hainan, Southeast Asia, and the UK, with the remaining HK$19.7 million expected to be utilized by June 2, 2026 - On May 18, 2021, the company entered into a subscription agreement with Mr. Chan Wing Luk, raising net proceeds of approximately **HK$35.6 million**[35](index=35&type=chunk) [Net Proceeds from Share Subscription (as of June 30, 2025)](index=36&type=section&id=Net%20Proceeds%20from%20Share%20Subscription%20(as%20of%20June%2030%2C%202025)) | Use | Net Proceeds (HK$ million) | Unutilized as of Jan 1, 2025 (HK$ million) | Utilized during Reporting Period (HK$ million) | Unutilized as of June 30, 2025 (HK$ million) | Expected Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion of business and local presence in Hainan, Southeast Asia, and the UK | 35.6 | 27.4 | 7.7 | 19.7 | On or before June 2, 2026 | [Outlook](index=10&type=section&id=Outlook) The Group remains optimistic about the global logistics industry's recovery and plans to drive organic growth and enhance market competitiveness by expanding into new vertical sectors like aerospace, strengthening e-commerce platform collaborations (especially Cargo Services Express), and deepening synergies with controlling shareholder DP World - The Group has successfully expanded into perishable goods and automotive sectors, and recently entered the aerospace industry, providing freight forwarding and local transportation services for critical aircraft components to major aviation and engineering companies in China, Singapore, and Taiwan[37](index=37&type=chunk) - Cargo Services Express will continue to strengthen collaborations with e-commerce platforms, having partnered with several other globally renowned platforms to provide freight forwarding, customs clearance, and last-mile delivery services from China to South Africa, Algeria, and the UK[38](index=38&type=chunk) - The Group will enhance synergies with its controlling shareholder, DP World, leveraging its extensive global network to offer more comprehensive services and gain new client referrals, expecting to further deepen synergies and consolidate its market position[39](index=39&type=chunk) [Human Resources and Dividends](index=11&type=section&id=Human%20Resources%20and%20Dividends) As of June 30, 2025, the Group's employee count increased to 883, with a corresponding rise in employee costs, and the Board has declared an interim dividend of HK$0.01 per ordinary share, totaling HK$3,004,890 [Human Resources and Employee Costs](index=40&type=section&id=Human%20Resources%20and%20Employee%20Costs) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 883 employees | 823 employees | | Employee Costs (HK$ million) | 172.021 | 166.624 | - The Board has declared an interim dividend of **HK$0.01 per ordinary share** for the reporting period, totaling **HK$3,004,890**, expected to be paid on October 30, 2025[42](index=42&type=chunk) - To determine the entitlement to the interim dividend, the company will suspend share transfer registration from October 3, 2025, to October 8, 2025[43](index=43&type=chunk) [Corporate Governance and Other Information](index=12&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Major Shareholders' Interests](index=12&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) This section discloses the interests of directors and chief executives in the company's and associated corporations' shares, as well as major shareholders' interests in the company's shares as of June 30, 2025, with DP World Limited being the largest shareholder holding approximately 57.9% [Directors' and Chief Executives' Interests in Company Shares (June 30, 2025)](index=44&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20in%20Company%20Shares%20(June%2030%2C%202025)) | Name | Capacity/Nature of Interest | Number and Class of Securities | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Ngan Tim Wing | Beneficial Owner | 21,241,203 shares (L) | 7.1% | | Ms. Chan Nga Man | Beneficial Owner | 1,256,099 shares (L) | 0.4% | | Ms. Augusta Morandin | Beneficial Owner | 10,000,000 shares (L) | 3.3% | | Mr. Fabio Di Nello | Beneficial Owner | 10,000,000 shares (L) | 3.3% | [Major Shareholders' Interests in Company Shares (June 30, 2025)](index=48&type=section&id=Major%20Shareholders'%20Interests%20in%20Company%20Shares%20(June%2030%2C%202025)) | Shareholder Name/Entity | Capacity/Nature of Interest | Number and Class of Securities | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | DP World Limited | Interest in Controlled Corporation | 173,845,222 shares (L) | 57.9% | | Chan Wing Luk | Beneficial Owner | 24,857,000 shares (L) | 8.3% | | Ms. Ngan Au Kei Yee | Spouse's Interest | 21,241,203 shares (L) | 7.1% | [Share Option and Share Award Schemes](index=15&type=section&id=Share%20Option%20and%20Share%20Award%20Schemes) The company operates a share option scheme and a share award scheme to incentivize and attract talent, with the share option scheme adopted in September 2020 for up to 25,000,000 shares and the share award scheme adopted in May 2021 for up to 10% of issued shares, neither of which has granted, exercised, or cancelled any options or awards as of the reporting date - The Share Option Scheme was adopted on September 17, 2020, to provide incentives or rewards to selected participants who have contributed to the success of the Group's business, with a validity period of ten years[51](index=51&type=chunk) - The maximum number of share options available for grant under the Share Option Scheme is **25,000,000 shares**, representing approximately **8.3%** of the total issued shares as of the reporting date[51](index=51&type=chunk) - The Share Award Scheme was adopted on May 6, 2021, to recognize and motivate eligible persons for their contributions, with a validity period of ten years[54](index=54&type=chunk) - The total number of shares that may be awarded under the Share Award Scheme shall not exceed **10%** of the total issued shares from time to time[55](index=55&type=chunk) - Since their adoption, neither the Share Option Scheme nor the Share Award Scheme has granted, exercised, or cancelled any share options or awards[53](index=53&type=chunk)[56](index=56&type=chunk) [Corporate Governance Practices and Audit Committee](index=16&type=section&id=Corporate%20Governance%20Practices%20and%20Audit%20Committee) The company has complied with the Corporate Governance Code under Appendix C1 Part 2 of the Listing Rules and established a code of conduct for directors' securities transactions, while the Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited consolidated financial results, accounting principles, and internal control systems - The company has adopted and confirmed compliance with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the reporting period[57](index=57&type=chunk) - The company has established its own code of conduct for directors' dealings in the company's securities, and each director confirmed compliance with both this code and the Model Code throughout the reporting period[59](index=59&type=chunk) - The Audit Committee, comprising three independent non-executive directors (Mr. Lam Hing Lun, Mr. Chun Che Man, and Mr. Chan Chun Hung), has discussed with management and external auditors and reviewed the Group's unaudited consolidated financial results and related systems for the reporting period[60](index=60&type=chunk) [Review Report on Interim Financial Information](index=18&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) KPMG reviewed Cargo Services Logistics International Holdings Limited's interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, concluding that nothing came to their attention to suggest the interim financial information is not prepared in all material respects in accordance with HKAS 34 - KPMG has conducted a review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity," issued by the Hong Kong Institute of Certified Public Accountants[63](index=63&type=chunk) - Based on the review, nothing has come to the reviewer's attention that causes them to believe the interim financial information for the six months ended June 30, 2025, is not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[64](index=64&type=chunk) [Consolidated Statement of Profit or Loss](index=19&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This consolidated statement of profit or loss presents the Group's financial performance for the six months ended June 30, 2025, reporting revenue of HK$1,461,540 thousand, gross profit of HK$241,848 thousand, profit for the period of HK$19,093 thousand, with profit attributable to equity holders of HK$15,429 thousand, and basic and diluted earnings per share of HK$0.053 [Consolidated Statement of Profit or Loss Key Data (Six Months Ended June 30, 2025)](index=67&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20Key%20Data%20(Six%20Months%20Ended%20June%2030%2C%202025)) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,461,540 | 1,223,581 | | Gross Profit | 241,848 | 228,250 | | Operating Profit | 47,908 | 50,033 | | Profit for the Period | 19,093 | 20,248 | | Profit Attributable to Equity Holders of the Company | 15,429 | 18,610 | | Earnings Per Share (HK cents) | 5.3 | 6.4 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=20&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This consolidated statement of profit or loss and other comprehensive income shows the Group's profit for the period and other comprehensive income for the six months ended June 30, 2025, with total comprehensive income for the period at HK$46,645 thousand, of which HK$41,152 thousand is attributable to equity holders of the company and HK$5,493 thousand to non-controlling interests [Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (Six Months Ended June 30, 2025)](index=68&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20Key%20Data%20(Six%20Months%20Ended%20June%2030%2C%202025)) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 19,093 | 20,248 | | Other Comprehensive Income for the Period (net of tax) | 27,552 | (14,151) | | Total Comprehensive Income for the Period | 46,645 | 6,097 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 41,152 | 6,253 | | Total Comprehensive Income Attributable to Non-controlling Interests | 5,493 | (156) | - Other comprehensive income primarily includes exchange differences on translating financial statements of subsidiaries and associates outside Hong Kong, amounting to **HK$27,796 thousand** in 2025 and **(HK$14,233) thousand** in 2024[68](index=68&type=chunk) [Consolidated Statement of Financial Position](index=21&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This consolidated statement of financial position presents the Group's assets, liabilities, and equity as of June 30, 2025, with total assets of HK$1,751,461 thousand, total liabilities of HK$1,168,603 thousand, and net assets of HK$582,858 thousand, of which total equity attributable to equity holders of the company is HK$553,969 thousand [Consolidated Statement of Financial Position Key Data (as of June 30, 2025)](index=70&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20Key%20Data%20(as%20of%20June%2030%2C%202025)) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 490,033 | 474,324 | | Current Assets | 1,261,428 | 1,126,464 | | Current Liabilities | 1,099,554 | 982,521 | | Non-current Liabilities | 69,049 | 69,809 | | Net Assets | 582,858 | 548,458 | | Total Equity Attributable to Equity Holders of the Company | 553,969 | 512,767 | | Non-controlling Interests | 28,889 | 35,691 | [Consolidated Statement of Changes in Equity](index=23&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This consolidated statement of changes in equity illustrates the Group's equity movements for the six months ended June 30, 2025, showing an increase in total equity attributable to equity holders of the company from HK$512,767 thousand on January 1, 2025, to HK$553,969 thousand on June 30, 2025, primarily due to profit for the period and other comprehensive income contributions [Consolidated Statement of Changes in Equity Key Data (Six Months Ended June 30, 2025)](index=73&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20Key%20Data%20(Six%20Months%20Ended%20June%2030%2C%202025)) | Indicator | Balance as of Jan 1, 2025 (HK$ thousand) | Profit for the Period (HK$ thousand) | Other Comprehensive Income (HK$ thousand) | Total Comprehensive Income (HK$ thousand) | Balance as of June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Equity Attributable to Equity Holders of the Company | 512,767 | 15,429 | 25,723 | 41,152 | 553,969 | | Non-controlling Interests | 35,691 | 3,664 | 1,829 | 5,493 | 28,889 | | Total Equity | 548,458 | 19,093 | 27,552 | 46,645 | 582,858 | - Dividends of **HK$12,295 thousand** were paid to non-controlling interests during the period[73](index=73&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This condensed consolidated statement of cash flows summarizes the Group's cash movements for the six months ended June 30, 2025, reporting net cash generated from operating activities of HK$49,482 thousand, net cash generated from investing activities of HK$5,466 thousand, and net cash used in financing activities of HK$59,346 thousand, resulting in a net decrease in cash and cash equivalents of HK$4,398 thousand [Condensed Consolidated Statement of Cash Flows Key Data (Six Months Ended June 30, 2025)](index=74&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20Key%20Data%20(Six%20Months%20Ended%20June%2030%2C%202025)) | Activity Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 49,482 | (15,026) | | Net Cash Generated From/(Used In) Investing Activities | 5,466 | (15,009) | | Net Cash Used In Financing Activities | (59,346) | (19,464) | | Net Decrease in Cash and Cash Equivalents | (4,398) | (49,499) | | Cash and Cash Equivalents as of June 30 | 263,640 | 208,417 | [Notes to the Unaudited Interim Financial Information](index=25&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) [Basis of Preparation and Changes in Accounting Policies](index=25&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This interim financial report is prepared in accordance with HKAS 34 and reviewed by KPMG, with the Group applying HKAS 21 (Amendments) "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," which had no material impact on this report - The interim financial report is prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[75](index=75&type=chunk) - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[76](index=76&type=chunk) - The Group has applied Hong Kong Accounting Standard 21 (Amendments) "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability" issued by the Hong Kong Institute of Certified Public Accountants to the interim financial report for this accounting period, but these amendments had no material impact on this interim report as the Group did not enter into any foreign currency transactions where one foreign currency is not exchangeable into another currency[77](index=77&type=chunk) [Revenue and Segment Information](index=26&type=section&id=Revenue%20and%20Segment%20Information) The Group primarily offers air freight forwarding, ocean freight forwarding, distribution and logistics, and cruise logistics services, with total revenue of HK$1,461,540 thousand in H1 2025, predominantly from air freight forwarding services, and detailed disclosures for each segment's revenue and gross profit, as well as revenue by geographical location [Revenue from Contracts with Customers by Major Service Item (HK$ thousand)](index=80&type=section&id=Revenue%20from%20Contracts%20with%20Customers%20by%20Major%20Service%20Item%20(HK%24%20thousand)) | Service Item | 2025 | 2024 | | :--- | :--- | :--- | | Provision of Air Freight Forwarding Services | 627,359 | 503,592 | | Provision of Ocean Freight Forwarding Services | 424,718 | 308,940 | | Provision of Distribution and Logistics Services | 154,515 | 184,659 | | Provision of Cruise Logistics Services | 254,948 | 226,390 | | **Total** | **1,461,540** | **1,223,581** | [Revenue from Customers by Geographical Location (HK$ thousand)](index=92&type=section&id=Revenue%20from%20Customers%20by%20Geographical%20Location%20(HK%24%20thousand)) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 284,883 | 258,302 | | Mainland China | 333,627 | 252,615 | | Italy | 349,739 | 303,858 | | United States | 240,114 | 224,835 | | Other Countries | 189,090 | 124,582 | | **Total** | **1,461,540** | **1,223,581** | - Revenue from providing air freight forwarding services, ocean freight forwarding services, and cruise logistics services is recognized over time, while revenue from providing distribution and logistics services is recognized at a point in time when the related services are provided[80](index=80&type=chunk) [Profit Before Tax and Income Tax](index=31&type=section&id=Profit%20Before%20Tax%20and%20Income%20Tax) This section details the expenses affecting profit before tax, including finance costs, depreciation, and amortization of intangible assets, with total income tax of HK$18,821 thousand primarily comprising Hong Kong profits tax, overseas taxes, and withholding tax on distributable profits of subsidiaries [Finance Costs (HK$ thousand)](index=94&type=section&id=Finance%20Costs%20(HK%24%20thousand)) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank loans and overdrafts | 9,859 | 10,384 | | Interest arising from loans from DP World Group | 93 | — | | Interest on lease liabilities | 1,818 | 2,599 | | **Total** | **11,770** | **12,983** | [Income Tax (HK$ thousand)](index=95&type=section&id=Income%20Tax%20(HK%24%20thousand)) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current tax — Hong Kong profits tax | 2,085 | 1,855 | | Current tax — Outside Hong Kong | 18,151 | 16,499 | | Withholding tax on distributable profits of subsidiaries | 2,258 | 1,981 | | Deferred tax | (3,673) | (1,502) | | **Total** | **18,821** | **18,833** | - Hong Kong profits tax provision is calculated at a rate of **16.5%** on the estimated assessable profits for the six months ended June 30, 2025, while withholding tax rates imposed by Taiwan and French tax authorities on dividend income received from subsidiaries incorporated in relevant countries and regions were **21%** and **10%** respectively for the six months ended June 30, 2025[95](index=95&type=chunk)[96](index=96&type=chunk) [Earnings Per Share and Asset Changes](index=32&type=section&id=Earnings%20Per%20Share%20and%20Asset%20Changes) This section provides the calculation of basic earnings per share and details changes in property, plant and equipment, right-of-use assets, and goodwill, noting that diluted earnings per share are the same as basic earnings per share, and goodwill is primarily allocated to Taiwan's air freight forwarding business and Allport Cruise Group's cruise logistics business [Basic Earnings Per Share Calculation Basis (thousand shares)](index=97&type=section&id=Basic%20Earnings%20Per%20Share%20Calculation%20Basis%20(thousand%20shares)) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Ordinary shares in issue as of Jan 1 | 300,489 | 276,100 | | Weighted average number of ordinary shares as of June 30 | 292,692 | 292,692 | - For the six months ended June 30, 2025, basic earnings per share were **HK$0.053**, which was the same as diluted earnings per share, as there were no dilutive potential ordinary shares[67](index=67&type=chunk)[98](index=98&type=chunk) - The Group acquired property, plant and equipment at a cost of **HK$2,899 thousand** and recognized additions to right-of-use assets of **HK$41,273 thousand** during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk) [Goodwill Allocation (HK$ thousand)](index=101&type=section&id=Goodwill%20Allocation%20(HK%24%20thousand)) | Cash Generating Unit | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Air freight forwarding business — Taiwan | 21,188 | 24,104 | | Cruise logistics business — Allport Cruise Group | 201,036 | 203,197 | | **Total** | **222,224** | **227,301** | [Receivables, Payables, and Cash Flow](index=33&type=section&id=Receivables%2C%20Payables%2C%20and%20Cash%20Flow) This section details the composition and changes in loans receivable, trade and other receivables and contract assets, pledged bank deposits, cash and cash equivalents, and trade and other payables and contract liabilities, noting that loans receivable include a loan to an employee, and a loan to a director was settled in March 2025 - Loans receivable include an unsecured loan of **US$1,750,000** (approximately **HK$13,636 thousand**) provided to an employee, bearing interest at **5% per annum**, repayable in five annual installments over five years by August 31, 2029[102](index=102&type=chunk) - A loan of **HK$2,800 thousand** provided to a director was settled in March 2025[103](index=103&type=chunk) [Trade Receivables Ageing Analysis (HK$ thousand)](index=104&type=section&id=Trade%20Receivables%20Ageing%20Analysis%20(HK%24%20thousand)) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 469,275 | 432,883 | | 1 to 2 months | 85,999 | 63,671 | | 2 to 3 months | 46,863 | 25,111 | | Over 3 months | 15,041 | 13,249 | | **Trade receivables, net of loss allowance** | **617,178** | **534,914** | [Trade Payables Ageing Analysis (HK$ thousand)](index=108&type=section&id=Trade%20Payables%20Ageing%20Analysis%20(HK%24%20thousand)) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 270,354 | 228,272 | | 1 to 3 months | 57,004 | 68,235 | | Over 3 months | 14,779 | 11,832 | | **Trade payables** | **342,137** | **308,339** | - Pledged bank deposits of approximately **HK$2,415 thousand** are used to secure certain bank facilities to guarantee payments to the Group's airline suppliers and performance bonds for customers[106](index=106&type=chunk) [Bank Loans and Overdrafts](index=36&type=section&id=Bank%20Loans%20and%20Overdrafts) The Group's total bank loans and overdrafts amount to HK$363,302 thousand, primarily comprising unsecured bank loans and supplier financing arrangements, with annual interest rates ranging from 1.25% to 6.85%, and the Group has complied with all bank financing covenants without default [Bank Loans and Overdrafts Repayment Analysis (HK$ thousand)](index=109&type=section&id=Bank%20Loans%20and%20Overdrafts%20Repayment%20Analysis%20(HK%24%20thousand)) | Repayment Term | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year or on demand | 361,338 | 381,531 | | After 1 year but within 2 years | 824 | 1,504 | | After 2 years but within 5 years | 1,140 | 1,040 | | **Total** | **363,302** | **384,075** | [Bank Loans and Overdrafts Type Analysis (HK$ thousand)](index=109&type=section&id=Bank%20Loans%20and%20Overdrafts%20Type%20Analysis%20(HK%24%20thousand)) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unsecured bank overdrafts | 32 | 87 | | Unsecured bank loans — supplier financing arrangements | 223,956 | 205,122 | | Unsecured bank loans | 139,214 | 178,866 | | **Total** | **363,202** | **384,075** | - Bank loans bear annual interest rates ranging from **1.25% to 6.85%** (December 31, 2024: **1.10% to 7.52%** per annum), and the Group has entered into certain post-shipment buyer loan arrangements with banks, presenting amounts payable to banks as "Bank loans and overdrafts"[109](index=109&type=chunk)[111](index=111&type=chunk) - The Group regularly monitors its compliance with bank financing covenants, and as of June 30, 2025, and December 31, 2024, there were no breaches of covenants related to drawing down financing[110](index=110&type=chunk) [Capital, Reserves, and Dividends](index=37&type=section&id=Capital%2C%20Reserves%2C%20and%20Dividends) The company has 300,489,000 ordinary shares in issue, with subsidiaries declaring and paying dividends of HK$12,295 thousand to non-controlling interests during the reporting period, and the Board has declared an interim dividend of HK$0.01 per ordinary share, while the trustee under the share award scheme has purchased 7,791,000 shares but has not granted any shares to individuals - As of June 30, 2025, the company had **300,489,000 ordinary shares** in issue (December 31, 2024: **300,489,000 ordinary shares**)[113](index=113&type=chunk) - During the six months ended June 30, 2025, the Group's subsidiaries declared and paid dividends of **HK$12,295 thousand** to non-controlling interests[114](index=114&type=chunk) - On August 25, 2025, the company declared an interim dividend of **HK$0.01 per ordinary share** for the period ended June 30, 2025[114](index=114&type=chunk) - Under the Share Award Scheme, the trustee has purchased **7,791,000 shares** of the company on the Stock Exchange of Hong Kong, totaling approximately **HK$25,628 thousand**, but as of June 30, 2025, and December 31, 2024, no shares had been granted to any individuals under the Share Award Scheme[116](index=116&type=chunk) [Fair Value Measurement of Financial Instruments](index=38&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) This section discloses the Group's fair value measurements of financial instruments, classified into three fair value hierarchy levels according to HKFRS 13, primarily including unlisted and listed equity securities, with unlisted equity securities' fair values estimated using significant unobservable inputs (Level 3) [Financial Assets Measured at Fair Value (HK$ thousand)](index=118&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value%20(HK%24%20thousand)) | Item | Fair Value as of June 30, 2025 | Level 1 | Level 2 | Level 3 | | :--- | :--- | :--- | :--- | :--- | | Unlisted equity securities | 395 | — | — | 395 | | Listed equity securities | 648 | 648 | — | — | | **Total** | **1,043** | **648** | **—** | **395** | - The fair value of unlisted equity securities is estimated as the present value of future cash flows, with significant unobservable inputs including a **15% discount rate**, selling prices, sales volumes, and expected free cash flows of the investee companies[120](index=120&type=chunk) - The carrying amounts of the Group's financial instruments measured at amortized cost did not differ significantly from their respective fair values as of June 30, 2025, and December 31, 2024[122](index=122&type=chunk) [Significant Related Party Transactions and Contingent Liabilities](index=40&type=section&id=Significant%20Related%20Party%20Transactions%20and%20Contingent%20Liabilities) This section lists the Group's significant transactions with various related parties, including DP World Group, EV Cargo Group, and associates, primarily involving freight forwarding service income and expenses, while contingent liabilities mainly consist of financial guarantees provided by the company for subsidiary bank facilities [Significant Related Party Transactions (Six Months Ended June 30, 2025)](index=123&type=section&id=Significant%20Related%20Party%20Transactions%20(Six%20Months%20Ended%20June%2030%2C%202025)) | Related Party | Transaction Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | :--- | | DP World Group | Income from freight forwarding services received | 40,935 | — | | DP World Group | Freight forwarding service fees paid | 164,298 | — | | DP World Group | Loans | 20,223 | — | | EV Cargo Group | Income from freight forwarding services received | 516 | 415 | | EV Cargo Group | Freight forwarding service fees paid | 3,009 | 2,342 | | Associates | Income from freight forwarding services received | 2,099 | 2,655 | | Associates | Freight forwarding service fees paid | 1,831 | 7,990 | - The DP World Group comprises DP World Limited and its subsidiaries and associates (excluding the Group), and as of June 30, 2025, amounts payable to the DP World Group included a loan of **HK$20,223 thousand** provided to the Group[123](index=123&type=chunk)[126](index=126&type=chunk) - Contingent liabilities represent financial guarantees provided by the company to banks for certain bank facilities entered into by the Group's subsidiaries, with the Group's maximum liability under bank facilities amounting to **HK$331,194 thousand** as of June 30, 2025[124](index=124&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: 嘉泓物流國際控股有限公司 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) | 02130 | 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 | | | 300,489,000 | | 0 | | 300,489,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 300,489,000 | | 0 | | 300,489,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會由執行董事劉石佑先生、顏添榮先生、陳雅雯女士、Augusta Morandin女士及Fabio Di Nello先生；非執行 董事Zissis Jason Varsamidis先生；及獨立非執行董事林慶麟先生、陳鎮洪先生、秦治民先生及Roussel Christophe Albert Jean先 生組成。 免責聲明 | 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，概不對因 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 嘉泓物流國際控股有限公司 | | 股份代號 | 02130 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | (修訂)截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025 ...

Core Viewpoint - 嘉泓物流 reported a revenue increase of approximately 19.4% year-on-year for the six months ending June 30, 2025, reaching about 1,461.5 million HKD compared to 1,223.6 million HKD in the first half of 2024 [1] Revenue Performance - The freight forwarding services, including air and sea freight forwarding, along with cruise logistics, saw a significant revenue increase of approximately 25.8%, rising from about 1,038.9 million HKD in the first half of 2024 to approximately 1,307.0 million HKD during the reporting period [1] Profitability Metrics - Despite a challenging macroeconomic environment, the company maintained a net profit of 19.1 million HKD for the reporting period, slightly down from 20.2 million HKD in the first half of 2024 [1] - The EBITDA for the reporting period was 93.6 million HKD, compared to 104.4 million HKD in the first half of 2024, indicating a decrease in operational profitability [1]

Core Viewpoint - 嘉泓物流 announced a mid-term dividend of HKD 0.01 per share for the six months ending June 30, 2025, to be distributed on October 30, 2025 [1] Company Summary - 嘉泓物流 will distribute a mid-term dividend of HKD 0.01 per share [1]

Core Viewpoint - 嘉泓物流 announced a mid-term dividend of HKD 0.01 per share for the six months ending June 30, 2025, to be distributed on October 30, 2025 [1] Company Summary - 嘉泓物流 will distribute the mid-term dividend on October 30, 2025 [1] - The dividend pertains to the financial period ending June 30, 2025 [1]

Group 1 - The company reported a revenue of HKD 1.462 billion for the six months ending June 30, 2025, representing a year-on-year increase of 19.45% [1] - Shareholders' profit attributable to the company was HKD 15.429 million, a decrease of 17.09% compared to the previous year [1] - Earnings per share stood at HKD 0.053, with an interim dividend of HKD 0.01 per share [1]

EF001 免責聲明 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會由執行董事劉石佑先生、顏添榮先生、陳雅雯女士、Augusta Morandin女士及Fabio Di Nello先生；非執行 董事Zissis Jason Varsamidis先生；及獨立非執行董事林慶麟先生、陳鎮洪先生、秦治民先生及Roussel Christophe Albert Jean先 生組成。 第 2 頁 共 2 頁 v 1.1.1 | 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，概不對因 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 嘉泓物流國際控股有限公司 | | 股份代號 | 02130 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 ...

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Overview of Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%E6%A6%82%E8%A7%88) The Group achieved **19.4% revenue growth** to **HKD 1,461.5 million** in H1 2025, driven by freight forwarding and cruise logistics, maintaining **HKD 19.1 million net profit** and declaring **HKD 0.01 interim dividend** Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD Million) | H1 2024 (HKD Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Freight Forwarding & Cruise Logistics Revenue | 1,307.0 | 1,038.9 | +25.8% | | Net Profit | 19.1 | 20.2 | -5.4% | | EBITDA | 93.6 | 104.4 | -10.4% | | Interim Dividend (Per Share) | HKD 0.01 | - | - | [Financial Statements](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's H1 2025 revenue grew **19.4%**, but operating profit and profit for the period slightly decreased, with basic EPS falling from **HKD 0.064 to HKD 0.053** Consolidated Statement of Profit or Loss Summary (Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461,540 | 1,223,581 | +19.4% | | Cost of Services | (1,219,692) | (995,331) | +22.5% | | Gross Profit | 241,848 | 228,250 | +6.0% | | Net Other Income | 1,430 | 6,164 | -76.8% | | Operating Profit | 47,908 | 50,033 | -4.2% | | Profit for the Period | 19,093 | 20,248 | -5.7% | | Profit Attributable to Equity Holders of the Company | 15,429 | 18,610 | -17.2% | | Basic and Diluted EPS (HK Cents) | 5.3 | 6.4 | -17.1% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's H1 2025 total comprehensive income significantly increased, driven by positive exchange differences from overseas subsidiaries and associates, reversing a prior period negative trend Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Profit for the Period | 19,093 | 20,248 | | Exchange Differences on Translation | 27,796 | (14,233) | | Total Comprehensive Income for the Period | 46,645 | 6,097 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 41,152 | 6,253 | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets and net current assets increased due to higher receivables and contract assets, reflecting improved financial health Consolidated Statement of Financial Position Summary (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Non-current Assets | 490,033 | 474,324 | | Current Assets | 1,261,428 | 1,126,464 | | Current Liabilities | 1,099,554 | 982,521 | | Net Current Assets | 161,874 | 143,943 | | Total Assets Less Current Liabilities | 651,907 | 618,267 | | Net Assets | 582,858 | 548,458 | | Total Equity | 582,858 | 548,458 | [Notes to the Consolidated Financial Statements](index=6&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Principal Accounting Policies](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This interim financial report is prepared under **HKAS 34**, using consistent accounting policies with 2024 annual statements, and **HKAS 21 (Revised)** had no material impact - The interim financial report is prepared in accordance with **HKAS 34** and reviewed by **KPMG**[10](index=10&type=chunk)[11](index=11&type=chunk) - **HKAS 21 (Revised)**, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," has been applied but has no material impact on this interim report[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's H1 2025 total revenue reached **HKD 1,461.5 million**, primarily from air and ocean freight, with Mainland China, Italy, and Hong Kong as key geographical contributors Revenue from Contracts with Customers by Major Service Items (HKD Thousand) | Service Item | 2025 | 2024 | | :--- | :--- | :--- | | Air Freight Forwarding Services | 627,359 | 503,592 | | Ocean Freight Forwarding Services | 424,718 | 308,940 | | Distribution and Logistics Services | 154,515 | 184,659 | | Cruise Logistics Services | 254,948 | 226,390 | | **Total** | **1,461,540** | **1,223,581** | Revenue from Customers by Geographical Location (HKD Thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 284,883 | 258,302 | | Mainland China | 333,627 | 252,615 | | Italy | 349,739 | 303,858 | | Taiwan | 64,087 | 59,389 | | United States | 240,114 | 224,835 | | Other Countries | 189,090 | 124,582 | | **Total** | **1,461,540** | **1,223,581** | - Revenue from air freight forwarding, ocean freight forwarding, and cruise logistics services is recognized over time, while revenue from distribution and logistics services is recognized at a point in time when the services are provided[15](index=15&type=chunk)[16](index=16&type=chunk) [Profit Before Tax](index=10&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) The Group's H1 2025 profit before tax was **HKD 37.9 million**, a slight decrease, with lower finance costs but stable depreciation and amortization expenses Components of Profit Before Tax (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance Costs | 11,770 | 12,983 | | Interest on Bank Loans and Overdrafts | 9,859 | 10,384 | | Interest on Lease Liabilities | 1,818 | 2,599 | | Depreciation — Property, Plant and Equipment | 14,011 | 14,505 | | Depreciation — Right-of-use Assets | 30,965 | 38,081 | | Amortisation of Intangible Assets | 206 | 209 | | Reversal of Provision for Expected Credit Losses on Trade Receivables | (181) | — | - As of June 30, 2025, amounts payable to the DP World Group include an unsecured loan of **HKD 20,223,000**, bearing interest at **6.54% per annum** and repayable on demand[26](index=26&type=chunk) [Income Tax in Consolidated Statement of Profit or Loss](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8%E4%B8%AD%E7%9A%84%E6%89%80%E5%BE%97%E7%A8%85) The Group's H1 2025 total income tax was **HKD 18.8 million**, consistent with the prior year, with Hong Kong profits tax at **16.5%** and overseas taxes including withholding taxes in Taiwan and France Components of Income Tax (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax — Hong Kong Profits Tax | 2,085 | 1,855 | | Current Tax — Outside Hong Kong | 18,151 | 16,499 | | Withholding Tax on Distributable Profits of Subsidiaries | 2,258 | 1,981 | | Deferred Tax | (3,673) | (1,502) | | **Total** | **18,821** | **18,833** | - Hong Kong profits tax rate is **16.5%**, while withholding tax rates in Taiwan and France are **21%** and **10%**, respectively[28](index=28&type=chunk)[29](index=29&type=chunk) [Earnings Per Share](index=11&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) The Group's H1 2025 basic EPS was **HKD 0.053**, down from **HKD 0.064** last year, with diluted EPS remaining identical due to no dilutive shares Earnings Per Share Calculation (HK Cents) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (HKD Thousand) | 15,429 | 18,610 | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 292,692 | 292,692 | | Basic and Diluted EPS (HK Cents) | 5.3 | 6.4 | [Dividends](index=12&type=section&id=%E8%82%A1%E6%81%AF) The Group's subsidiaries declared and paid **HKD 12.3 million** in dividends to non-controlling interests in H1 2025, a significant increase year-on-year Dividends Paid to Non-controlling Interests (HKD Thousand) | Period | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Dividends Paid | 12,295 | 5,489 | [Goodwill](index=12&type=section&id=%E5%95%86%E8%AD%BD) As of June 30, 2025, the Group's total goodwill was **HKD 227.3 million**, mainly allocated to Taiwan air freight and Allport Cruise logistics, affected by exchange adjustments Goodwill Allocation (HKD Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | As at January 1 | 222,224 | 224,762 | | Exchange Adjustments | 5,077 | (2,538) | | End of Period/Year | 227,301 | 222,224 | | Air Freight Forwarding Business — Taiwan | 24,104 | 21,188 | | Cruise Logistics Business — Allport Cruise Group | 203,197 | 201,036 | [Loans Receivable](index=12&type=section&id=%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE) As of June 30, 2025, loans receivable include an unsecured **USD 1,750,000** employee loan at **5% annual interest**, repayable by August 31, 2029 - As of June 30, 2025, the balance of loans receivable was **HKD 13,636,000**, primarily an **USD 1,750,000** loan provided to an employee[34](index=34&type=chunk) - This employee loan is unsecured, bears interest at **5% per annum**, and is repayable in five equal annual installments of one-fifth of the loan balance plus accrued interest by August 31, 2029[34](index=34&type=chunk) - A loan of **HKD 2,800,000** provided to a director as of December 31, 2024, was settled in March 2025[35](index=35&type=chunk) [Trade and Other Receivables and Contract Assets](index=13&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%90%88%E7%B4%84%E8%B3%87%E7%94%A2) As of June 30, 2025, total trade and other receivables and contract assets increased to **HKD 921.1 million**, with trade receivables mostly due within one month Ageing Analysis of Trade Receivables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 469,275 | 432,883 | | 1 to 2 months | 85,999 | 63,671 | | 2 to 3 months | 46,863 | 25,111 | | Over 3 months | 15,041 | 13,249 | | **Total Trade Receivables** | **617,178** | **534,914** | | Other Receivables, Prepayments and Deposits | 111,689 | 107,179 | | **Total Contract Assets** | **192,226** | **153,233** | | **Total** | **921,093** | **795,326** | - Contract assets primarily represent unbilled amounts from freight forwarding contracts where revenue recognition exceeds amounts billed[37](index=37&type=chunk) [Trade and Other Payables and Contract Liabilities](index=14&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%90%88%E7%B4%84%E8%B2%A0%E5%80%B5) As of June 30, 2025, total trade and other payables and contract liabilities increased to **HKD 432.8 million**, with trade payables mostly due within one month Ageing Analysis of Trade Payables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 270,354 | 228,272 | | 1 to 3 months | 57,004 | 68,235 | | Over 3 months | 14,779 | 11,832 | | **Total Trade Payables** | **342,137** | **308,339** | | Other Payables and Accruals | 69,564 | 77,487 | | **Total Contract Liabilities** | **21,147** | **20,756** | | **Total** | **432,848** | **406,582** | - Contract liabilities represent amounts billed to customers for certain freight forwarding contracts before service performance at the end of the reporting period[38](index=38&type=chunk) [Share Capital](index=14&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company had **300,489,000 ordinary shares** in issue, with a par value of **USD 0.001 per share**, unchanged from December 31, 2024 - The Company has **300,489,000 ordinary shares** in issue, with a par value of **USD 0.001 per share**[40](index=40&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group, specializing in high-end logistics, saw H1 2025 revenue grow **19.4%**, but profit attributable to equity holders decreased **17.2%** due to cruise logistics changes and project delays - The Group operates **28 branch offices** in **16 countries and regions** globally, collaborating with over **100 business partners** to cover more than **100 countries** worldwide[41](index=41&type=chunk) - The global air cargo industry demonstrated robust growth despite complex geopolitical challenges, primarily driven by e-commerce demand[41](index=41&type=chunk) Key Financial Data from Business Review (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Profit Attributable to Equity Holders of the Company | 15.4 | 18.6 | -17.2% | [Geographical Analysis — Greater China](index=15&type=section&id=%E5%9C%B0%E5%8D%80%E5%88%86%E6%9E%90%20%E2%80%94%20%E5%A4%A7%E4%B8%AD%E8%8F%AF%E5%8D%80) Greater China revenue grew **21.1%** to **HKD 618.5 million**, driven by increased business volume and surging e-commerce demand, particularly via Cargo Services Express Greater China Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | China and Hong Kong | 618.5 | 510.9 | +21.1% | [Geographical Analysis — Europe](index=16&type=section&id=%E5%9C%B0%E5%8D%80%E5%88%86%E6%9E%90%20%E2%80%94%20%E6%AD%90%E6%B4%B2) European market revenue grew **15.1%** to **HKD 349.7 million**, driven by increased volume, strong luxury demand, and rapid e-commerce expansion, especially in air freight and last-mile delivery Europe Region Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Italy | 349.7 | 303.9 | +15.1% | [Geographical Analysis — Southeast Asia](index=16&type=section&id=%E5%9C%B0%E5%8D%80%E5%88%86%E6%9E%90%20%E2%80%94%20%E6%9D%B1%E5%8D%97%E4%BA%9E) The Group saw continuous growth in Southeast Asia, with Vietnam and Indonesia revenues up **64.1%** and **26.8%** respectively, benefiting from RCEP and "China+1" strategies Southeast Asia Region Revenue (HKD Million) | Region | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Vietnam | 52.3 | - | +64.1% | | Indonesia | 8.6 | - | +26.8% | [Cargo Services Express: New Partnerships, Expanded Reach, and Volume Growth](index=16&type=section&id=Cargo%20Services%20Express%3A%20New%20Partnerships%2C%20Expanded%20Reach%2C%20and%20Volume%20Growth) Cargo Services Express revenue reached **HKD 246.1 million**, a **178.6% YoY increase**, driven by expanded partnerships with Chinese e-commerce platforms into more European and African cities Cargo Services Express Revenue (HKD Million) | Indicator | H1 2025 | YoY Change (%) | | :--- | :--- | :--- | | Cargo Services Express Revenue | 246.1 | +178.6% | - Cargo Services Express has successfully expanded its service scope with major Chinese e-commerce platforms, providing freight forwarding, customs clearance, and last-mile delivery services to more cities in European and African countries[46](index=46&type=chunk) [Steady Global Tourism Recovery Benefits Cruise Logistics Business](index=17&type=section&id=Steady%20Global%20Tourism%20Recovery%20Benefits%20Cruise%20Logistics%20Business) Cruise logistics revenue grew **12.6%** to **HKD 254.9 million** due to tourism recovery, but US "reciprocal tariffs" delayed upgrades, impacting profit margins Cruise Logistics Segment Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cruise Logistics Revenue | 254.9 | 226.4 | +12.6% | - US "reciprocal tariffs" led some cruise operators to postpone major upgrade and renovation projects, impacting the profit margins of the cruise logistics business[48](index=48&type=chunk) [Financial Performance](index=17&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) The Group's H1 2025 revenue grew **19.4%** to **HKD 1,461.5 million**, gross profit increased **6.0%** to **HKD 241.8 million**, but **EBITDA decreased to HKD 93.6 million** Financial Performance Overview (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,461.5 | 1,223.6 | +19.4% | | Gross Profit | 241.8 | 228.3 | +6.0% | | EBITDA | 93.6 | 104.9 | -10.8% | [Segment Analysis](index=17&type=section&id=%E5%88%86%E9%83%A8%E5%88%86%E6%9E%90) The Group's main segments are air freight, ocean freight, cruise logistics, and distribution; air freight is largest, ocean freight saw significant growth, cruise logistics grew steadily, while distribution declined due to a weak Chinese luxury market - The Group is primarily engaged in providing freight forwarding services (including air and ocean freight forwarding services), cruise logistics, and distribution and logistics services[50](index=50&type=chunk) [Air Freight Forwarding Services](index=17&type=section&id=%E7%A9%BA%E9%81%8B%E4%BB%A3%E7%90%86%E6%9C%8D%E5%8B%99) Air freight forwarding, the Group's largest segment, grew **24.6%** to **HKD 627.4 million** in H1 2025, accounting for **42.9% of total revenue**, driven by Cargo Services Express's e-commerce logistics Air Freight Forwarding Services Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Air Freight Forwarding Revenue | 627.4 | 503.6 | +24.6% | | % of Total Revenue | 42.9% | 41.2% | +1.7 percentage points | | Cargo Services Express E-commerce Logistics Solutions Revenue Growth | 157.8 | - | - | - The Group is one of the few specialized companies providing freight forwarding services for wine exports from France and the UK to Hong Kong[51](index=51&type=chunk) [Ocean Freight Forwarding Services](index=18&type=section&id=%E6%B5%B7%E9%81%8B%E4%BB%A3%E7%90%86%E6%9C%8D%E5%8B%99) Ocean freight forwarding revenue grew **37.5%** to **HKD 424.7 million**, with gross profit up **74.0%** to **HKD 90.3 million**, driven by rising freight rates, increased demand, and new client partnerships Ocean Freight Forwarding Services Financial Data (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Ocean Freight Forwarding Revenue | 424.7 | 308.9 | +37.5% | | Gross Profit | 90.3 | 51.9 | +74.0% | - The increase in revenue and gross profit was primarily due to rising ocean freight rates, increased local demand from existing customers for tire products, luxury raw materials, and tableware, and a significant increase in export shipments from a growing number of factories in Vietnam and Indonesia[53](index=53&type=chunk) - The Group's Japan branch began collaborating with a leading international automotive brand, expanding its customer base[53](index=53&type=chunk) [Cruise Logistics](index=18&type=section&id=%E9%83%B5%E8%BC%AA%E7%89%A9%E6%B5%81) Cruise logistics revenue grew **12.6%** to **HKD 254.9 million**, providing freight forwarding for the cruise industry, including dry-dock transport and provisioning across multiple global cities Cruise Logistics Segment Revenue (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cruise Logistics Revenue | 254.9 | 226.4 | +12.6% | [Distribution and Logistics Services](index=19&type=section&id=%E9%85%8D%E9%80%81%E5%8F%8A%E7%89%A9%E6%B5%81%E6%9C%8D%E5%8B%99) Distribution and logistics revenue fell **16.4%** to **HKD 154.5 million**, with gross profit down **45.8%** to **HKD 7.7 million**, mainly due to weak Chinese luxury demand Distribution and Logistics Services Financial Data (HKD Million) | Indicator | H1 2025 | H1 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Distribution and Logistics Revenue | 154.5 | 184.7 | -16.4% | | Gross Profit | 7.7 | 14.2 | -45.8% | | % of Total Revenue | 10.6% | 15.1% | -4.5 percentage points | - The decrease in revenue and gross profit was primarily due to reduced domestic demand for luxury goods in China and a weaker-than-expected Chinese luxury market[56](index=56&type=chunk) - The Group manages and operates **33 distribution centers** with a total gross floor area of approximately **1,063,000 square feet**, offering specialized warehousing, logistics, and other value-added services like wine distribution[55](index=55&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=19&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group's working capital increased to **HKD 161.9 million** as of June 30, 2025, with a current ratio of **1.15**, significantly increased operating cash inflow, and an improved gearing ratio of **-24.3%**, maintaining a net cash position Liquidity and Capital Structure Indicators (HKD Million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Working Capital | 161.9 | 143.9 | | Current Ratio | 1.15 | 1.15 | | Cash and Cash Equivalents | 263.7 | 255.0 | | Operating Cash Inflow | 49.5 | 15.0 | | Outstanding Bank Loans and Overdrafts | 363.3 | 384.1 | | Gearing Ratio | -24.3% | 35.2% | - The Group maintains a net cash position and will continue to secure financing as needed[58](index=58&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group faces foreign exchange risk from multiple currencies, with **RMB fluctuations** having the most significant impact, and does not engage in specific hedging or speculative transactions - The Group's borrowings and cash and cash equivalents are primarily denominated in **RMB, USD, HKD, and EUR**[59](index=59&type=chunk) - As the HKD is pegged to the USD, the Group's operations are primarily affected by **RMB fluctuations**[59](index=59&type=chunk) - The Group does not maintain any specific hedging policies or foreign currency forward contracts for foreign exchange risk and does not engage in speculative trading of debt securities or financial derivatives[59](index=59&type=chunk) [Material Investments](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group held **no material investments** during the reporting period - The Group held **no material investments** during the reporting period[60](index=60&type=chunk) [Capital Commitments](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had **no significant capital commitments** contracted but not provided for - The Group had **no significant capital commitments** contracted but not provided for as of June 30, 2025[61](index=61&type=chunk) [Contingent Liabilities](index=21&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%80%B5) As of June 30, 2025, the Company provided financial guarantees for subsidiaries' bank facilities, with a maximum liability of **HKD 331.2 million**, and has no material legal proceedings - The Company provided financial guarantees for subsidiaries' bank facilities, with a maximum liability of **HKD 331.2 million** (December 31, 2024: HKD 345.8 million)[62](index=62&type=chunk) - The Group is not involved in any existing material legal proceedings, nor is it aware of any pending or potential material legal proceedings[62](index=62&type=chunk) [Pledged Group Assets](index=21&type=section&id=%E6%8A%B5%E6%8A%BC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2) As of June 30, 2025, approximately **HKD 2.4 million** of the Group's pledged bank deposits were used for certain bank guarantees - Approximately **HKD 2.4 million** (December 31, 2024: HKD 2.3 million) of the Group's pledged bank deposits were used for certain bank guarantees[63](index=63&type=chunk) [Events After Reporting Period](index=21&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No material events affecting the Group have occurred from the end of the reporting period up to the date of this announcement - No material events affecting the Group have occurred from the end of the reporting period up to the date of this announcement[64](index=64&type=chunk) [Material Acquisitions or Disposals of Subsidiaries and Associates](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8) There were **no material acquisitions or disposals** of the Company's subsidiaries or associates during the reporting period - There were **no material acquisitions or disposals** of the Company's subsidiaries or associates during the reporting period[65](index=65&type=chunk) [Use of Proceeds](index=21&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The Company raised **HKD 35.6 million** from a May 2021 share subscription; **HKD 7.7 million** was used for expansion, with **HKD 19.7 million** remaining for use by June 2, 2026 Use of Net Proceeds from Share Subscription (HKD Million) | Item | Net Proceeds | Unutilized Amount as at January 1, 2025 | Amount Utilized During the Reporting Period | Unutilized Amount as at June 30, 2025 | Expected Timeline for Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion of business and local presence in Hainan, Southeast Asia, and the UK | 35.6 | 27.4 | 7.7 | 19.7 | By June 2, 2026 | - There were no material changes in the use of proceeds, consistent with the Company's previously disclosed intentions[68](index=68&type=chunk) [Outlook](index=22&type=section&id=%E5%89%8D%E6%99%AF) [Prospects](index=22&type=section&id=%E5%B1%95%E6%9C%9B) Despite geopolitical tensions, the Group is optimistic about global logistics recovery, planning organic growth and market position enhancement through new verticals, e-commerce partnerships, and synergies with DP World - The Group plans to expand into the aerospace industry, having established a dedicated logistics team and providing services to the largest aviation and engineering companies in China, Singapore, and Taiwan[69](index=69&type=chunk)[70](index=70&type=chunk) - Cargo Services Express will strengthen e-commerce platform collaborations, having partnered with several globally renowned platforms to expand freight forwarding, customs clearance, and last-mile delivery services from China to South Africa, Algeria, and the UK[71](index=71&type=chunk) - The Group will enhance synergies with its controlling shareholder, **DP World**, leveraging its global network to provide more comprehensive services and gain new client referrals[72](index=72&type=chunk) [Human Resources](index=23&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) [Human Resources Overview](index=23&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E6%A6%82%E6%B3%81) As of June 30, 2025, the Group employed **883 staff** with **HKD 172.0 million** in employee costs, utilizing share option and award schemes to reward contributors and providing regular training Human Resources Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 883 | 823 | | Employee Costs (HKD Thousand) | 172,021 | 166,624 | - The Company has adopted a share option scheme and a share award scheme to reward eligible participants who contribute to the Group's business achievements[73](index=73&type=chunk)[74](index=74&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=24&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) [Listed Securities Transaction Status](index=24&type=section&id=%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%83%85%E6%B3%81) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the Company held **no treasury shares** as of June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[75](index=75&type=chunk) - As of June 30, 2025, the Company held **no treasury shares**[75](index=75&type=chunk) [Interim Dividend](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) [Declaration of Interim Dividend](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%AE%A3%E6%B4%BE) The Board declared an interim dividend of **HKD 0.01 per ordinary share**, totaling **HKD 3,004,890**, payable on October 30, 2025, to shareholders registered on October 8, 2025 - The Board has declared an interim dividend of **HKD 0.01 per ordinary share** for the reporting period, with a total dividend amount of **HKD 3,004,890**[76](index=76&type=chunk) - The proposed interim dividend is expected to be paid on **October 30, 2025**, to shareholders whose names appear on the Company's register of members on **October 8, 2025**[76](index=76&type=chunk) [Closure of Register of Members](index=24&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) [Share Transfer Registration Arrangements](index=24&type=section&id=%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E5%AE%89%E6%8E%92) To determine interim dividend eligibility, share transfer registration will be suspended from **October 3 to October 8, 2025**, requiring shareholders to register transfers by **4:30 p.m. on October 2, 2025** - Share transfer registration will be suspended from **Friday, October 3, 2025, to Wednesday, October 8, 2025**[77](index=77&type=chunk) - To qualify for the interim dividend, all share transfer documents must be lodged with the Company's Hong Kong share registrar by **4:30 p.m. (Hong Kong time) on Tuesday, October 2, 2025**[77](index=77&type=chunk) [Corporate Governance Practices](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) [Compliance with Corporate Governance Code](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E6%B3%81) The Company adopted and complied with the Corporate Governance Code in **Appendix C1 Part 2 of the Listing Rules** during the reporting period, with the Board reviewing its corporate governance - The Company has adopted the code provisions of the Corporate Governance Code set out in **Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**[78](index=78&type=chunk) - The Board has reviewed the Company's corporate governance and is satisfied that the Company has complied with the code provisions of the Corporate Governance Code during the reporting period[78](index=78&type=chunk) [Standard Code for Securities Transactions by Directors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) [Directors' Securities Dealing Code](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E8%A1%8C%E7%82%BA%E5%AE%88%E5%88%99) The Company established a directors' securities dealing code, with terms no less exacting than **Appendix C3 of the Listing Rules**, and all directors confirmed compliance during the reporting period - The Company has adopted its own code of conduct for directors' dealings in the Company's securities, with terms no less exacting than the **Standard Code for Securities Transactions by Directors of Listed Issuers** as set out in **Appendix C3 of the Listing Rules**[79](index=79&type=chunk) - Following specific enquiries with all Directors, they confirmed compliance with the Securities Dealing Code and the Standard Code throughout the reporting period[79](index=79&type=chunk) [Audit Committee](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) [Audit Committee Responsibilities](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E8%81%B7%E8%B2%AC) The Audit Committee, composed of three independent non-executive directors, reviewed the Group's unaudited consolidated financial results, including accounting principles, financial reporting, and risk management - The Audit Committee comprises three independent non-executive directors: **Mr. Lam Hing Lun, Alain** (Chairman), **Mr. Chan Chun Hung** and **Mr. Chun Chi Ming**[80](index=80&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated financial results for the reporting period and discussed accounting principles, financial reporting systems, and risk management and internal control systems[80](index=80&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=25&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) [Announcement and Report Publication Channels](index=25&type=section&id=%E5%85%AC%E5%91%8A%E5%8F%8A%E5%A0%B1%E5%91%8A%E5%88%8A%E7%99%BC%E6%B8%A0%E9%81%93) This interim results announcement is published on the **Stock Exchange** and the Company's website; the interim report will be provided to shareholders and published on both platforms in due course - This interim results announcement is published on the **Stock Exchange** and the Company's website[81](index=81&type=chunk) - The interim report will be provided to the Company's shareholders in due course in accordance with the Listing Rules and published on the **Stock Exchange** and the Company's website[81](index=81&type=chunk) [By Order of the Board](index=25&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E6%9C%83%E5%91%BD) [Board of Directors Composition](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1) This announcement is issued by **Mr. Lau Shek Yau**, Chairman and Executive Director; the Board comprises five executive, one non-executive, and four independent non-executive directors - This announcement is issued by **Mr. Lau Shek Yau**, Chairman and Executive Director[82](index=82&type=chunk) - The Board comprises Executive Directors **Mr. Lau Shek Yau**, **Mr. Ngan Tim Wing**, **Ms. Chan Nga Man**, **Ms. Augusta Morandin**, and **Mr. Fabio Di Nello**; Non-executive Director **Mr. Zissis Jason Varsamidis**; and Independent Non-executive Directors **Mr. Lam Hing Lun, Alain**, **Mr. Chan Chun Hung**, **Mr. Chun Chi Ming**, and **Mr. Roussel Christophe Albert Jean**[82](index=82&type=chunk)

Core Viewpoint - 嘉泓物流 (02130.HK) is scheduled to hold a board meeting on August 25, 2025, to approve the release of its unaudited consolidated interim results for the six months ending June 30, 2025, and to consider the distribution of an interim dividend, if any [1] Group 1 - The board meeting will take place on August 25, 2025 [1] - The agenda includes the approval of the unaudited consolidated interim results [1] - The company will consider the distribution of an interim dividend [1]