Core Viewpoint - Tianchang Group (02182) reported a revenue of HKD 254 million for the six months ending June 30, 2025, representing an increase of 11.65% year-on-year, but also recorded a net loss of HKD 11.587 million, which is a 45.86% increase in losses compared to the previous year [1] Financial Performance - Revenue for the first half of 2025 was HKD 254 million, up 11.65% year-on-year [1] - The net loss for the same period was HKD 11.587 million, an increase of 45.86% year-on-year [1] - Basic loss per share was HKD 0.0187 [1] Market Environment - The business environment remains challenging due to multiple factors, including ongoing global economic uncertainty, persistent inflationary pressures, cautious consumer spending behavior, and tariffs imposed by the United States [1] - Consumer demand and order volumes continue to be affected by these challenges [1] Sales Performance - Despite the adverse conditions, the overall sales for the six months ending June 30, 2025, showed moderate growth [1] - The increase in tax expenses during the period contributed to the rise in after-tax losses [1]

Group 1 - The company reported a revenue of HKD 254 million for the six months ending June 30, 2025, representing an increase of 11.65% year-on-year [1] - The net loss for the same period was HKD 11.587 million, which is an increase of 45.86% year-on-year [1] - The basic loss per share was HKD 0.0187 [1] Group 2 - The business environment continues to face multiple challenges, including ongoing global economic uncertainty, persistent inflationary pressures, cautious consumer spending behavior, and the impact of tariffs imposed by the United States [1] - Despite these challenges, the overall sales for the six months ending June 30, 2025, experienced moderate growth [1] - The increase in after-tax losses during the period was attributed to tax expenses incurred [1]

Core Viewpoint - Tianchang Group (02182.HK) reported a revenue of HKD 254 million for the six months ending June 30, 2025, representing an 11.7% year-on-year increase [1] Financial Performance - The gross profit for the period was HKD 48.16 million, which is an 18.4% increase compared to the previous year [1] - The loss attributable to the company's owners was HKD 11.587 million, compared to a loss of HKD 7.944 million in the same period last year [1] - The basic loss per share was HKD 0.0187 [1]

[Company Information and Financial Summary](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Summary) [Company Overview](index=1&type=section&id=1.1%20Company%20Overview) Tianchang Group Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025 - Company Name: Tianchang Group Holdings Limited (Stock Code: 2182)[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=1.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased, but loss for the period widened due to higher tax expenses Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 254,213 | 227,680 | 26,533 | 11.65% | | Cost of sales | (206,053) | (186,998) | (19,055) | 10.20% | | Gross profit | 48,160 | 40,682 | 7,478 | 18.38% | | Other income | 2,731 | 4,159 | (1,428) | (34.34%) | | Other net gains | 946 | 69 | 877 | 1271.01% | | Reversal of impairment loss on trade receivables (impairment loss) | (3,421) | 151 | (3,572) | -2365.56% | | Selling and distribution costs | (3,106) | (2,416) | (690) | 28.56% | | Administrative and other operating expenses | (53,542) | (51,753) | (1,789) | 3.46% | | Finance costs | (762) | (1,467) | 705 | (48.06%) | | Loss before tax | (8,994) | (10,575) | 1,581 | (14.95%) | | Income tax (expense) credit | (2,593) | 2,631 | (5,224) | -198.56% | | Loss for the period attributable to owners of the Company | (11,587) | (7,944) | (3,643) | 45.86% | | Basic loss per share (HK cents) | (1.87) | (1.28) | (0.59) | 46.09% | | Diluted loss per share (HK cents) | (1.87) | (1.28) | (0.59) | 46.09% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=1.3%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss for the period significantly narrowed as exchange differences turned from negative to positive Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Loss for the period | (11,587) | (7,944) | (3,643) | | Exchange differences arising on translation of foreign operations | 8,323 | (3,979) | 12,302 | | Total comprehensive loss for the period attributable to owners of the Company | (3,264) | (11,923) | 8,659 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=1.4%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and total liabilities both decreased, net assets slightly reduced, and net current assets improved Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | | Property, plant and equipment | 545,495 | 561,735 | (16,240) | (2.89%) | | Financial assets at fair value through profit or loss | 26,330 | 25,981 | 349 | 1.34% | | Deferred tax assets | 2,695 | 2,707 | (12) | (0.44%) | | **Current assets** | | | | | | Inventories | 68,065 | 71,421 | (3,356) | (4.70%) | | Trade and other receivables | 121,196 | 132,435 | (11,239) | (8.49%) | | Cash and cash equivalents | 118,446 | 129,454 | (11,008) | (8.50%) | | **Current liabilities** | | | | | | Trade and other payables | 92,856 | 118,571 | (25,715) | (21.69%) | | Interest-bearing borrowings | 20,714 | 31,221 | (10,507) | (33.66%) | | Net current assets | 188,647 | 177,158 | 11,489 | 6.48% | | **Non-current liabilities** | | | | | | Amounts payable for construction in progress | 2,336 | 2,248 | 88 | 3.91% | | Deferred income | 6,335 | 6,966 | (631) | (9.06%) | | Deferred tax liabilities | 8,181 | 7,829 | 352 | 4.50% | | **Net assets** | 741,679 | 744,943 | (3,264) | (0.44%) | | **Total equity** | 741,679 | 744,943 | (3,264) | (0.44%) | [Notes to the Financial Statements](index=4&type=section&id=II.%20Notes%20to%20the%20Financial%20Statements) [General Information and Basis of Presentation](index=4&type=section&id=2.1%20General%20Information%20and%20Basis%20of%20Presentation) The company is incorporated in the Cayman Islands, primarily engaged in manufacturing and selling e-cigarette products and medical consumables, and providing integrated injection molding solutions in Hong Kong and China. The interim financial statements are prepared in accordance with HKAS 34, with accounting policies consistent with 2024, and no new/revised HKFRSs have been adopted - Company's place of incorporation: Cayman Islands, with shares listed on the Main Board of the Hong Kong Stock Exchange[7](index=7&type=chunk) - Principal activities: Investment holding, with subsidiaries primarily engaged in manufacturing and selling e-cigarette products and medical consumables, and providing integrated injection molding solutions in Hong Kong and China[7](index=7&type=chunk) - Basis of preparation of financial statements: Prepared in accordance with HKAS 34 and the Listing Rules of the Stock Exchange, with accounting policies consistent with 2024, and no new/revised HKFRSs adopted[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) [Segment Information](index=5&type=section&id=2.2%20Segment%20Information) The Group allocates resources and assesses performance based on three business segments: e-cigarette products, integrated injection molding solutions, and medical consumables - Reportable segments: E-cigarette products, integrated injection molding solutions, medical consumables[10](index=10&type=chunk)[11](index=11&type=chunk) - Definition of segment revenue: Revenue derived from manufacturing and selling e-cigarette products, molds and plastic products, and medical consumables[10](index=10&type=chunk) - Definition of segment results: Gross profit of each segment less selling and distribution costs, reversal of impairment loss on trade receivables (impairment loss), write-off of property, plant and equipment, and loss on disposal of property, plant and equipment[10](index=10&type=chunk) [Segment Revenue and Results](index=5&type=section&id=2.2.1%20Segment%20Revenue%20and%20Results) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Revenue Change (%) | 2025 Gross Profit (thousand HKD) | 2024 Gross Profit (thousand HKD) | Gross Profit Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-cigarette products | 22,389 | 47,142 | (52.51%) | 2,556 | 5,737 | (55.45%) | | Integrated injection molding solutions | 230,711 | 179,307 | 28.67% | 46,132 | 34,880 | 32.25% | | Medical consumables | 1,113 | 1,231 | (9.59%) | (528) | 65 | -912.31% | | **Total** | **254,213** | **227,680** | **11.65%** | **48,160** | **40,682** | **18.38%** | Segment Assets and Liabilities (As of June 30, 2025) | Segment | June 30, 2025 Assets (thousand HKD) | December 31, 2024 Assets (thousand HKD) | Asset Change (%) | June 30, 2025 Liabilities (thousand HKD) | December 31, 2024 Liabilities (thousand HKD) | Liability Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-cigarette products | 20,607 | 29,822 | (30.90%) | 5,372 | 8,898 | (39.63%) | | Integrated injection molding solutions | 353,777 | 371,927 | (4.90%) | 64,160 | 76,972 | (16.64%) | | Medical consumables | 3,697 | 6,047 | (38.86%) | – | – | – | | Unallocated | 504,735 | 516,517 | (2.28%) | 71,605 | 93,500 | (23.41%) | | **Total** | **882,816** | **924,313** | **(4.49%)** | **141,137** | **179,370** | **(21.32%)** | [Geographical Information](index=7&type=section&id=2.2.2%20Geographical%20Information) Geographical Location of Specified Non-current Assets (As of June 30, 2025) | Region | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 2,817 | 4,149 | (1,332) | (32.11%) | | China | 542,678 | 557,586 | (14,908) | (2.67%) | | **Total** | **545,495** | **561,735** | **(16,240)** | **(2.89%)** | Revenue from External Customers (For the six months ended June 30) | Region | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | United States of America | 43,801 | 44,111 | (310) | (0.70%) | | China | 132,823 | 131,227 | 1,596 | 1.22% | | United Kingdom | 11,967 | 9,330 | 2,637 | 28.26% | | Hong Kong | 7,809 | 312 | 7,497 | 2402.88% | | Netherlands | 15,856 | 33,542 | (17,686) | (52.73%) | | India | 36,697 | 7,507 | 29,190 | 388.84% | | Brazil | 968 | – | 968 | N/A | | Malaysia | 3,348 | – | 3,348 | N/A | | Others | 944 | 1,651 | (707) | (42.82%) | | **Total** | **254,213** | **227,680** | **26,533** | **11.65%** | [Major Customer Information](index=8&type=section&id=2.2.3%20Major%20Customer%20Information) Revenue from Major Customers for the six months ended June 30, 2025 | Customer | Revenue (thousand HKD) | Percentage of Total Revenue | Principal Segment | | :--- | :--- | :--- | :--- | | Customer B and its affiliates | 51,999 | 20.45% | Integrated injection molding solutions | | Customer C and its affiliates | 43,023 | 16.92% | Integrated injection molding solutions | | **Total** | **95,022** | **37.38%** | | Revenue from Major Customers for the six months ended June 30, 2024 | Customer | Revenue (thousand HKD) | Percentage of Total Revenue | Principal Segment | | :--- | :--- | :--- | :--- | | Customer A and its affiliates | 45,405 | 19.94% | E-cigarette products | | Customer B and its affiliates | 57,421 | 25.22% | Integrated injection molding solutions | | **Total** | **102,826** | **45.16%** | | [Revenue Composition](index=9&type=section&id=2.3%20Revenue%20Composition) For the six months ended June 30, 2025, revenue from sales of molds and plastic products significantly increased, becoming the primary revenue source, while revenue from e-cigarette product sales substantially decreased Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales of e-cigarette products | 22,389 | 47,142 | (24,753) | (52.51%) | | Sales of molds and plastic products | 230,711 | 179,307 | 51,404 | 28.67% | | Sales of medical consumables | 1,113 | 1,231 | (118) | (9.59%) | | **Total** | **254,213** | **227,680** | **26,533** | **11.65%** | [Other Income](index=9&type=section&id=2.4%20Other%20Income) For the six months ended June 30, 2025, total other income decreased, primarily due to a reduction in miscellaneous income Other Income (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 1,039 | 1,352 | (313) | (23.15%) | | Government grants | 891 | 737 | 154 | 20.89% | | Miscellaneous income | 784 | 1,748 | (964) | (55.15%) | | **Total** | **2,731** | **4,159** | **(1,428)** | **(34.34%)** | [Other Net Gains](index=9&type=section&id=2.5%20Other%20Net%20Gains) For the six months ended June 30, 2025, other net gains significantly increased, primarily benefiting from the positive turn in exchange gains Other Net Gains (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Net exchange gains (losses) | 732 | (348) | 1,080 | | Fair value changes of financial assets at fair value through profit or loss | 215 | 508 | (293) | | Write-off of property, plant and equipment | (1) | (16) | 15 | | **Total** | **946** | **69** | **877** | [Components of Loss Before Tax](index=10&type=section&id=2.6%20Components%20of%20Loss%20Before%20Tax) For the six months ended June 30, 2025, finance costs significantly decreased, while staff costs, cost of inventories, depreciation, and research and development expenses all increased Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 762 | 1,467 | (705) | (48.06%) | | Total staff costs | 69,778 | 65,751 | 4,027 | 6.12% | | Cost of inventories | 206,053 | 186,998 | 19,055 | 10.20% | | Depreciation | 24,881 | 25,193 | (312) | (1.24%) | | Write-down of inventories | 2,269 | 546 | 1,723 | 315.57% | | Research and development expenses | 7,411 | 9,462 | (2,051) | (21.68%) | [Taxation](index=10&type=section&id=2.7%20Taxation) For the six months ended June 30, 2025, the company shifted from an income tax credit in the prior period to an income tax expense, primarily due to under-provision for PRC corporate income tax in prior years and changes in deferred tax Income Tax Expense/Credit (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Current tax | 2,494 | (1,869) | 4,363 | | Deferred tax | 99 | (762) | 861 | | **Total income tax expense (credit)** | **2,593** | **(2,631)** | **5,224** | - Huizhou Tianchang Industrial Co., Ltd., as a "High and New Technology Enterprise", enjoys a preferential tax rate of **15%**[23](index=23&type=chunk) [Dividends](index=11&type=section&id=2.8%20Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior period - No interim dividend was declared for the six months ended June 30, 2025[24](index=24&type=chunk) [Loss Per Share](index=11&type=section&id=2.9%20Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were **1.87 HK cents**, widening from the prior period Loss Per Share (For the six months ended June 30) | Metric | 2025 (HK cents) | 2024 (HK cents) | Change (HK cents) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Basic loss per share | (1.87) | (1.28) | (0.59) | 46.09% | | Diluted loss per share | (1.87) | (1.28) | (0.59) | 46.09% | - Diluted loss per share is consistent with basic loss per share due to the anti-dilutive effect of potential ordinary shares[25](index=25&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=12&type=section&id=2.10%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss (primarily key management insurance contracts) slightly increased, with a portion pledged as collateral for loans Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Unlisted investments - key management insurance contracts | 26,330 | 25,981 | 349 | 1.34% | - Approximately **HKD 4,098,000** of key management insurance contracts were pledged as collateral for unused loan facilities (December 31, 2024: HKD 13,937,000)[27](index=27&type=chunk) [Trade and Other Receivables](index=12&type=section&id=2.11%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased, but impairment provisions significantly increased, and the aging profile of trade receivables deteriorated Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (net of impairment provision) | 113,991 | 126,432 | (12,441) | (9.84%) | | Impairment provision | (10,293) | (6,790) | (3,503) | 51.60% | | Other receivables | 7,205 | 6,003 | 1,202 | 20.02% | | **Total** | **121,196** | **132,435** | **(11,239)** | **(8.49%)** | - Trade receivables have a credit period of up to **90 days**[29](index=29&type=chunk) Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Within 30 days | 65,719 | 84,288 | (18,569) | (22.03%) | | 31 to 60 days | 26,241 | 28,977 | (2,736) | (9.44%) | | 61 to 90 days | 16,400 | 11,370 | 5,030 | 44.24% | | Over 90 days | 5,631 | 1,797 | 3,834 | 213.36% | [Trade and Other Payables](index=13&type=section&id=2.12%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased, primarily due to reductions in trade payables and salaries and bonuses payable Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 61,908 | 73,066 | (11,158) | (15.27%) | | Contract liabilities | 7,624 | 12,804 | (5,180) | (40.46%) | | Salaries and bonuses payable | 8,321 | 16,238 | (7,917) | (48.76%) | | Accruals and other payables | 15,003 | 16,463 | (1,460) | (8.87%) | | **Total** | **92,856** | **118,571** | **(25,715)** | **(21.69%)** | - Trade payables have a credit period of no more than **90 days**[31](index=31&type=chunk) [Amounts Payable for Construction in Progress](index=14&type=section&id=2.13%20Amounts%20Payable%20for%20Construction%20in%20Progress) Amounts payable for construction in progress refer to amounts owed to contractors for the construction of manufacturing plants in China, which are unsecured, interest-free, and repayable within one to five years - Amounts payable for construction in progress are unsecured, interest-free, with a repayment period of **one to five years**[32](index=32&type=chunk) - The carrying amount is determined by discounting at an effective annual interest rate of **4.75%**[32](index=32&type=chunk) [Interest-Bearing Borrowings](index=14&type=section&id=2.14%20Interest-Bearing%20Borrowings) As of June 30, 2025, total interest-bearing borrowings decreased, the weighted average effective annual interest rate slightly increased, and they are secured by various assets Interest-Bearing Borrowings (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest-bearing borrowings | 20,714 | 31,221 | (10,507) | (33.66%) | | Weighted average effective annual interest rate | 4.27% | 3.76% | 0.51% | 13.56% | - Borrowings are secured by buildings, equipment, right-of-use assets for prepaid land lease payments, key management insurance contracts, and corporate guarantees[34](index=34&type=chunk) [Business and Financial Review](index=15&type=section&id=III.%20Business%20and%20Financial%20Review) [Business Review](index=15&type=section&id=3.1%20Business%20Review) The Group operates through three segments: integrated injection molding solutions, e-cigarette products, and medical consumables, distributing products to domestic and international markets. Despite a challenging business environment, total sales grew moderately, but loss for the period widened due to increased tax expenses. The company continues to invest in R&D to strengthen its technological leadership - Operating segments: Integrated injection molding solutions, e-cigarette products, medical consumables[35](index=35&type=chunk) - Market distribution: Domestic and overseas markets (Europe, Asia, United States)[35](index=35&type=chunk) - Business environment challenges: Global economic uncertainty, inflationary pressures, cautious consumer spending, and impact of US tariffs[35](index=35&type=chunk) - Strategic focus: Investing in R&D, establishing a Shenzhen R&D center to enhance new product development for integrated injection molding solutions and core e-cigarette technologies[35](index=35&type=chunk) [Integrated Injection Molding Solutions](index=15&type=section&id=3.1.1%20Integrated%20Injection%20Molding%20Solutions) - Services: Injection mold design and manufacturing, injection molded component design and manufacturing[37](index=37&type=chunk) - Technical capability: Mold manufacturing achieves the highest precision level MT1 (GB/T14486-2008) under national guidelines[37](index=37&type=chunk)[38](index=38&type=chunk) - Product applications: Office furniture, office electronics, home appliances, communication products, automobiles, and solar systems[38](index=38&type=chunk) [E-cigarette Product Manufacturing](index=16&type=section&id=3.1.2%20E-cigarette%20Product%20Manufacturing) - Business model: OEM manufacturing of e-cigarette products[39](index=39&type=chunk) - Product types: Disposable e-cigarettes, refillable e-cigarettes, battery rods, atomizers, vaporizers, and heated tobacco devices[39](index=39&type=chunk) - Qualifications: Obtained a Tobacco Monopoly Production Enterprise License issued by the State Tobacco Monopoly Administration of the People's Republic of China[39](index=39&type=chunk) - R&D focus: Shenzhen R&D center focuses on enhancing atomization technology, innovative heating wire design, and other key technological breakthroughs[39](index=39&type=chunk) [Medical Consumables Manufacturing](index=16&type=section&id=3.1.3%20Medical%20Consumables%20Manufacturing) - Product scope: Disposable masks, medical device products[40](index=40&type=chunk) - Quality certifications: Complies with "YY/T 0033-2000 Sterile Medical Device Production Management Specification" and EN ISO13485:2016 Medical Devices Quality Management System Standard[40](index=40&type=chunk) - Product standards: Medical masks meet US ASTM F2100 Level 3 and European EN14683 Type IIR standards[41](index=41&type=chunk) - Advanced protective masks: KN95 passed China GB2626-2019 standard and NIOSH N95 pre-certification test; FFP2 passed EN 149:2001+A1:2009 standard and obtained CE mark[41](index=41&type=chunk) - FDA approval: N95 and FFP2 medical particulate filtering foldable masks obtained US FDA 510(k) premarket notification clearance in August 2022[41](index=41&type=chunk) [Financial Review](index=17&type=section&id=3.2%20Financial%20Review) For the six months ended June 30, 2025, the Group's total revenue grew moderately, and gross profit margin improved, but loss for the period widened due to increased selling and distribution costs, administrative expenses, and a shift from income tax credit to expense - Total revenue increased by **11.6%** to **HKD 254.2 million**[42](index=42&type=chunk) - Gross profit margin improved to **19.0%** (2024: 17.9%)[43](index=43&type=chunk) - Loss for the period widened by **46.8%** to **HKD 11.6 million**[50](index=50&type=chunk) [Revenue Analysis](index=17&type=section&id=3.2.1%20Revenue%20Analysis) - Integrated injection molding solutions revenue: **HKD 230.7 million**, a year-on-year increase of **28.7%**, primarily driven by increased customer order volume[42](index=42&type=chunk) - E-cigarette product revenue: **HKD 22.4 million**, a year-on-year decrease of **52.5%**, affected by global economic uncertainty and cautious consumer spending[42](index=42&type=chunk) - Medical consumables revenue: **HKD 1.1 million**, a year-on-year decrease of **8.3%**[42](index=42&type=chunk) [Gross Profit Analysis](index=17&type=section&id=3.2.2%20Gross%20Profit%20Analysis) - Total gross profit: **HKD 48.2 million**, with a gross profit margin of **19.0%**[43](index=43&type=chunk) - Integrated injection molding solutions gross profit margin: **20.0%** (2024: 19.5%), an increase primarily due to a shift in product mix towards higher-margin products[43](index=43&type=chunk) - E-cigarette product gross profit margin: **11.6%** (2024: 12.1%), a decrease due to higher fixed overhead costs resulting from lower sales volume[43](index=43&type=chunk) - Medical consumables recorded a gross loss of **HKD 0.5 million**, with a gross loss margin of **45.5%**, due to provisions made for slow-moving inventories[44](index=44&type=chunk) [Other Income Analysis](index=18&type=section&id=3.2.3%20Other%20Income%20Analysis) - Other income: **HKD 2.7 million**, a year-on-year decrease of **35.7%**, primarily due to reduced miscellaneous income[45](index=45&type=chunk) [Selling and Distribution Costs](index=18&type=section&id=3.2.4%20Selling%20and%20Distribution%20Costs) - Selling and distribution costs: **HKD 3.1 million**, a year-on-year increase of **29.2%**, primarily due to increased sales volume to customers requiring delivery services[46](index=46&type=chunk) [Administrative and Other Operating Expenses](index=18&type=section&id=3.2.5%20Administrative%20and%20Other%20Operating%20Expenses) - Administrative and other operating expenses: **HKD 53.5 million**, a year-on-year increase of **3.3%**, primarily due to increased marketing expenses[47](index=47&type=chunk) [Finance Costs](index=18&type=section&id=3.2.6%20Finance%20Costs) - Finance costs: **HKD 0.8 million**, a year-on-year decrease of **46.7%**, primarily due to repayment of secured bank borrowings during the period[48](index=48&type=chunk) [Income Tax Expense/Credit](index=18&type=section&id=3.2.7%20Income%20Tax%20Expense%20Credit) - Income tax expense: **HKD 2.6 million** (2024: HKD 2.6 million credit), a year-on-year increase of **200.0%**, primarily due to an over-provision for tax in the prior period[49](index=49&type=chunk) [Loss Attributable to Owners of the Company](index=18&type=section&id=3.2.8%20Loss%20Attributable%20to%20Owners%20of%20the%20Company) - Loss attributable to owners of the Company: **HKD 11.6 million**, a year-on-year increase of **46.8%**, primarily due to the combined impact of the aforementioned financial factors[50](index=50&type=chunk) [Future Outlook and Corporate Governance](index=18&type=section&id=IV.%20Future%20Outlook%20and%20Corporate%20Governance) [Future Plans and Prospects](index=18&type=section&id=4.1%20Future%20Plans%20and%20Prospects) Facing global economic recession risks, the Group will continue to expand its customer base, target high-quality e-cigarette and injection molded product markets, strengthen core technologies through its R&D center, gradually expand its product portfolio, and enhance cost-effectiveness to navigate uncertainties - Market strategy: Targeting high-quality e-cigarette and injection molded product markets, expanding the customer base[51](index=51&type=chunk) - R&D investment: Utilizing the R&D center to strengthen core technologies and competitive advantages, supporting product portfolio expansion[51](index=51&type=chunk) - Operational optimization: Continuously improving cost-effectiveness[51](index=51&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=4.2%20Liquidity%20and%20Financial%20Resources) The Group primarily relies on internal cash flow and bank financing to fund its operations. As of June 30, 2025, cash and cash equivalents decreased, interest-bearing borrowings declined, and the gearing ratio improved - Funding sources: Internal cash flow and bank financing[52](index=52&type=chunk) Liquidity and Financial Resources (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 118,446 | 129,454 | (11,008) | (8.50%) | | Interest-bearing borrowings | 20,714 | 31,221 | (10,507) | (33.66%) | | Weighted average effective annual interest rate | 4.27% | 3.76% | 0.51% | 13.56% | | Gearing ratio | 4.1% | 5.6% | (1.5%) | (26.79%) | [Foreign Exchange Risk](index=19&type=section&id=4.3%20Foreign%20Exchange%20Risk) The Group's monetary assets and liabilities are primarily denominated in HKD, USD, and RMB, managed by regularly reviewing net foreign exchange exposure and entering into foreign currency forward contracts when necessary, with no outstanding foreign currency forward contracts as of June 30, 2025 - Principal denominated currencies: HKD, USD, RMB[53](index=53&type=chunk) - Risk management: Regularly reviewing net foreign exchange exposure and entering into foreign currency forward contracts when necessary[53](index=53&type=chunk) - As of June 30, 2025, there were no outstanding foreign currency forward contracts[53](index=53&type=chunk) [Significant Acquisitions and Disposals](index=19&type=section&id=4.4%20Significant%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries and associates - No significant acquisitions or disposals during the reporting period[54](index=54&type=chunk) [Contingent Liabilities](index=19&type=section&id=4.5%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - No significant contingent liabilities at the end of the reporting period[55](index=55&type=chunk) [Pledge of Group Assets](index=19&type=section&id=4.6%20Pledge%20of%20Group%20Assets) As of June 30, 2025, certain buildings, right-of-use assets for prepaid land lease payments, and key management insurance contracts were pledged as security for bank financing - Pledged assets: Buildings, right-of-use assets for prepaid land lease payments (approximately **HKD 168.4 million**), and key management insurance contracts (approximately **HKD 4.1 million**)[56](index=56&type=chunk) - Purpose: As security for bank financing[56](index=56&type=chunk) [Events After the Reporting Period](index=19&type=section&id=4.7%20Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, that could materially affect the Group's assets and liabilities or future operations - No significant events occurred after the reporting period[57](index=57&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=4.8%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **806 employees**, with a remuneration policy based on employee performance, qualifications, and operating results, and regular reviews of directors' and senior management's remuneration - Number of employees: **806**[58](index=58&type=chunk) - Remuneration policy: Based on employee performance, qualifications, and operating results, including basic salary, performance bonuses, and share options[58](index=58&type=chunk) - Remuneration for directors and senior management: Regularly reviewed, referencing market levels of comparable companies, responsibilities, and Group performance[58](index=58&type=chunk) [Share Option Scheme](index=20&type=section&id=4.9%20Share%20Option%20Scheme) The company adopted a share option scheme in 2019 to reward selected participants who contribute to the Group, with **32,020,000 share options** outstanding as of June 30, 2025 - Scheme purpose: To reward selected participants who contribute to the Group[59](index=59&type=chunk) - Eligible participants: Employees, executive directors, non-executive directors, shareholders, advisors, and consultants[59](index=59&type=chunk) Share Options Granted for the six months ended June 30, 2025 | Grantee Category | Grant Date | Exercise Price (HKD) | Share Options Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Directors, chief executives, and substantial shareholders | 2020年5月13日 | 0.355 | 14,020,000 | | Employees | 2020年5月13日 | 0.355 | 16,000,000 | | Service providers | 2020年5月13日 | 0.355 | 2,000,000 | | **Total** | | | **32,020,000** | [Significant Investments Held and Future Plans](index=21&type=section&id=4.10%20Significant%20Investments%20Held%20and%20Future%20Plans) For the six months ended June 30, 2025, the Group held no significant investments in equity of other companies and had no plans for significant investments or additions to capital assets - No significant investments during the reporting period[60](index=60&type=chunk) - No plans for significant investments or additions to capital assets[61](index=61&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=21&type=section&id=4.11%20Purchase,%20Redemption%20or%20Sale%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of its listed securities - No purchase, redemption, or sale of listed securities during the reporting period[62](index=62&type=chunk) [Corporate Governance Measures](index=21&type=section&id=4.12%20Corporate%20Governance%20Measures) The company is committed to high standards of corporate governance and has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules. Although the Chairman and Chief Executive Officer roles are held by the same person, the Board believes this arrangement is in the best interests of the company and shareholders, maintaining a balance of power - Adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[63](index=63&type=chunk) - The roles of Chairman and Chief Executive Officer are held by Mr. Chan Chan Lam, and the Board believes this arrangement is in the overall best interests of the company and shareholders, with power balanced through collective Board decisions[63](index=63&type=chunk) - Except for the above disclosure, the company has complied with the Corporate Governance Code during the reporting period[63](index=63&type=chunk) [Audit Committee](index=21&type=section&id=4.13%20Audit%20Committee) The Audit Committee, established in 2018 with three members and Mr. Ng Chi Wai as Chairman, is responsible for reviewing financial reporting, internal controls, overseeing external auditors, and providing recommendations. The Committee has reviewed the current period's financial statements - Date of establishment: **February 8, 2018**[64](index=64&type=chunk) - Members: **Three**, with Mr. Ng Chi Wai as Chairman[64](index=64&type=chunk) - Principal duties: Reviewing and monitoring financial reporting procedures and internal control systems, nominating and overseeing external auditors, and providing advice and recommendations to the Board[64](index=64&type=chunk) - Reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[64](index=64&type=chunk) [Standard Code for Securities Transactions by Directors](index=22&type=section&id=4.14%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors and senior management dealing in company securities. All directors confirmed compliance, and the company is unaware of any breaches by senior management - Adopted the Standard Code set out in Appendix C3 of the Listing Rules[65](index=65&type=chunk) - All directors confirmed compliance with the Standard Code[65](index=65&type=chunk) - The company is unaware of any breaches of the Standard Code by senior management[65](index=65&type=chunk) [Interim Dividend](index=22&type=section&id=4.15%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - No interim dividend is recommended for the six months ended June 30, 2025[66](index=66&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=22&type=section&id=4.16%20Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The Group's interim results announcement for the six months ended June 30, 2025, has been published on the Stock Exchange's website and the company's website, and the interim report will be dispatched to shareholders and published on the website in due course - Interim results announcement has been published on the Stock Exchange's website and the company's website[67](index=67&type=chunk) - Interim report will be dispatched to shareholders and published on the website in due course[67](index=67&type=chunk)

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之有限公司） （股份代號：2182） 董事會會議召開日期 天長集團控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於2025年8月27日（星期 三）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截至 2025年6月30日止 六個月的中期業績及考慮派付中期股息（如有）。 承董事會命 天長集團控股有限公司 主席 陳燦林 香港，2025年8月11日 於本公告日期，本公司的執行董事為陳燦林先生、潘寶嫻女士及陳燕欣女士；本公司的獨立非執行董事為吳志偉 先生、洪俊良先生及陳秉階先生。 ...

Core Viewpoint - Tianchang Group (02182) expects to achieve a revenue of approximately HKD 250-260 million in the first half of 2025, representing a year-on-year increase of about 10% to 14% [1] Financial Performance Summary - The company anticipates a pre-tax loss of approximately HKD 8-10 million, a year-on-year decrease of about 25% to 6% [1] - The expected net loss is projected to be around HKD 10-15 million, indicating a year-on-year increase of approximately 27% to 90% [1] Taxation Impact - The board believes that the increase in expected net loss is primarily due to an increase in tax expenses, which arises from the tax liabilities incurred for the six months ending June 30, 2025, compared to a tax credit received for the six months ending June 30, 2024 [1]

Group 1 - The company expects to achieve revenue of approximately HKD 250-260 million in the first half of 2025, representing a year-on-year increase of about 10% to 14% [1] - The company anticipates a pre-tax loss of approximately HKD 8-10 million, which is a year-on-year decrease of about 25% to 6% [1] - The company projects a net loss of approximately HKD 10-15 million, indicating a year-on-year increase of about 27% to 90% [1] Group 2 - The board believes that the expected increase in net loss is primarily due to an increase in tax expenses [1] - The increase in tax expenses is attributed to the tax liabilities incurred for the six months ending June 30, 2025, compared to a tax credit received for the six months ending June 30, 2024 [1]

Group 1 - The company expects to record revenue between 250 million HKD and 260 million HKD for the six months ending June 30, 2025, representing a year-on-year increase of approximately 10% to 14% [1] - The company anticipates a pre-tax loss between 8 million HKD and 10 million HKD, a reduction of about 25% to 6% compared to the pre-tax loss of 10.6 million HKD in the same period last year [1] - The company projects a net loss between 10 million HKD and 15 million HKD, an increase of approximately 27% to 90% compared to the net loss of 7.9 million HKD in the previous year [1] Group 2 - The board attributes the expected increase in net loss primarily to higher tax expenses, which arise from tax liabilities incurred during the six months ending June 30, 2025, as opposed to tax credits recorded in the same period last year [1] - The board believes that the company's credit risk, liquidity risk, and financial stability will not experience any significant changes for the remainder of the fiscal year [1] - The board will continue to closely monitor market conditions and will adjust the company's strategic direction as necessary [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之有限公司） （股份代號：2182） 盈利警告 本公告乃由天長集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例 第571章證券及期貨條例第XIVA部的內幕消息條文（定義見上市規則）所作出。 本公司董事會（「董事會」）謹此知會本公司股東及潛在投資者，根據董事會對本集 團截至2025年6月30日止六個月之未經審核綜合管理賬目及董事會現時可得資 料作出之初步評估，本集團於截至 2025年6月30日止六個月將錄得介乎250百萬 港元至260百萬港元之收益，較截至2024年6月30日止六個月之收益227.7百萬 港元增加約10%至14%。本集團預計截至2025年6月30日止六個月將錄得介乎8 百萬港元至10百萬港元之除稅前虧損，較截至2024年6月30日止六個月之除稅 前虧損10.6百萬港元減少約25 ...

Financial Performance - The Group's total revenue for the year was approximately HK$539.6 million, a decrease of about 22.6% from HK$697.5 million in 2023[14] - The loss attributable to equity holders of the Company was approximately HK$13.7 million, compared to a profit of HK$23.5 million in 2023[18] - Basic loss per share attributable to equity holders was approximately 2.20 HK cents, down from earnings per share of 3.78 HK cents in 2023[18] - Revenue for the year ended December 31, 2024, was approximately HK$539.6 million, representing a decrease of approximately HK$157.9 million, or approximately 22.6%, from approximately HK$697.5 million for the year ended December 31, 2023[35] - E-cigarette products segment revenue for the year ended 31 December 2024 was approximately HK$91.0 million, a decrease of approximately HK$31.7 million or 25.8% from HK$122.7 million in 2023, primarily due to a decrease in sales orders[40] - Medical consumable products segment revenue for the year ended 31 December 2024 was approximately HK$3.0 million, an increase of approximately HK$0.6 million or 25.0% from HK$2.4 million in 2023, driven by increased sales of medical device products[41] - Gross profit for the year ended 31 December 2024 was approximately HK$110.1 million, with a gross profit margin of 20.4%, compared to HK$135.9 million and 19.5% in 2023[42] - Other income for the year ended 31 December 2024 was approximately HK$8.5 million, a decrease of approximately HK$7.6 million or 47.2% from HK$16.1 million in 2023, due to reduced rental and termination fee income[49] Operational Developments - The Group has established a research and development center in Shenzhen, focusing on new product development and advancing core technologies for e-cigarettes[13] - The business operates through three segments: integrated plastic solutions, e-cigarette products, and medical consumable products, distributing to both domestic and overseas markets[12] - The Group has obtained the Authorised Economic Operator (AEO) Certificate from China Customs, enhancing operational efficiency[12] - The Group established a research and development center in Shenzhen in 2023, focusing on advancing core e-cigarette technologies, including atomization technology and coil design[28] - The Group obtained the Tobacco Monopoly Production Enterprise License for OEM e-cigarette products, valid until 2025[27] - The cleanroom facility in Huizhou has obtained the pharmaceutical industry standards for sterile medical devices and has been certified under EN ISO13485:2016[33] - The Group's procedure face masks have attained ASTM F2100 Level 3 and EN14683 Type IIR standards, with additional higher-level masks like KN95 and FFP2 developed[34] Strategic Outlook - Future plans include broadening the customer base for high-quality e-cigarettes and plastic products, while enhancing cost efficiency to strengthen competitiveness[19] - The Group aims to expand its product offerings, including e-cigarette products, plastic products, and medical consumable products, to drive long-term growth[19] - The Group's optimistic outlook is supported by strategic measures to improve cost efficiency and strengthen competitiveness[22] Environmental, Social, and Governance (ESG) Initiatives - The Group aims to reduce energy consumption intensity by 3% by 2030, using 2021 as the baseline[111] - The Group plans to decrease water consumption by 3% by 2030, with 2021 as the baseline[111] - The Group targets a 10% reduction in hazardous and non-hazardous waste by 2030, using 2021 as the baseline[111] - The Group intends to cut carbon emissions by 10% by 2030, with 2021 set as the baseline[111] - The ESG Report adheres to principles of materiality, quantitative data, consistency, and balance to ensure accurate reporting[97] - The Board is responsible for overseeing the Group's ESG strategy and ensuring cooperation among departments to meet sustainability goals[104] - Stakeholder engagement is prioritized through open dialogue to understand expectations regarding ESG issues[113] - The Group's ESG targets provide a roadmap for continuous improvement and innovation towards sustainability[112] Emissions and Waste Management - The Group's nitrogen oxides (NOx) emissions decreased from 118.70 kg in FY2023 to 63.66 kg in FY2024, representing a reduction of approximately 46.5%[136] - Sulphur oxides (SOx) emissions reduced from 0.75 kg in FY2023 to 0.46 kg in FY2024, a decrease of about 38.7%[136] - Particulate matter (PM) emissions fell from 7.69 kg in FY2023 to 5.07 kg in FY2024, showing a reduction of approximately 34.2%[136] - The Group has established an environmental management system in accordance with ISO 14001:2015 to mitigate environmental impact[126] - The Group has implemented "Procedures for Managing Wastewater, Exhaust Gas and Noise" to enhance daily operational practices and reduce emissions[132] - Total GHG emissions decreased from 18,143.40 tCO2e in FY2023 to 17,619.65 tCO2e in FY2024, representing a reduction of approximately 2.9%[141] - Scope 1 direct emissions increased from 549.03 tCO2e in FY2023 to 678.39 tCO2e in FY2024, an increase of about 23.5%[141] - Scope 2 indirect emissions decreased from 17,204.37 tCO2e in FY2023 to 16,496.50 tCO2e in FY2024, a reduction of approximately 4.1%[141] - Scope 3 other indirect emissions rose from 390.00 tCO2e in FY2023 to 444.76 tCO2e in FY2024, an increase of about 14.0%[141] - GHG emissions intensity increased from 25.99 tCO2e/million HKD revenue in FY2023 to 32.63 tCO2e/million HKD revenue in FY2024, an increase of approximately 25.6%[141] - Hazardous waste reduced to 8.31 tonnes in FY2024 from 11.96 tonnes in FY2023, a decrease of approximately 30.5%[156] - Non-hazardous waste decreased to 238.59 tonnes in FY2024 from 287.77 tonnes in FY2023, a reduction of about 17.1%[156] - Total plastic recycling increased to 94 tonnes in FY2024 from 88 tonnes in FY2023, representing a growth of 6.8%[157] - Total paper recycling rose to 54 tonnes in FY2024 from 49 tonnes in FY2023, an increase of 10.2%[157] Compliance and Risk Management - The Group is committed to monitoring environmental regulations to avoid cost increments and reputational risks associated with non-compliance[193] - The Group has established mitigation plans to address physical risks from climate change, including flexible work arrangements during extreme weather events[190] - The Group adheres to all applicable national and local environmental laws and regulations, ensuring compliance in emissions and waste management[131] Employee Welfare and Development - The Group emphasizes employee development and welfare, offering competitive compensation and clear career paths to enhance retention[196] - During the reporting period, there were no material non-compliance issues related to employment practices that significantly impacted the Group[200]