Core Viewpoint - Crystal International (02232) reported a strong performance in its 2025 interim results, with revenue and profit growth indicating effective operational strategies and market opportunities [1] Financial Performance - Revenue reached $1.229 billion, representing a year-on-year increase of 12.4% [1] - Profit attributable to shareholders was $98.265 million, up 17% from the previous year [1] - Basic earnings per share were 3.44 cents, with an interim dividend proposed at 16.3 Hong Kong cents [1] Margin Analysis - The gross margin for leisurewear and intimate apparel improved due to enhanced production efficiency [1] - Conversely, the gross margin for sweaters declined, primarily due to increased sales of lower-margin regular styles [1] Strategic Developments - The company announced a new partnership with a leading European brand client for the second half of the year [1] - According to China Merchants Securities, the company is increasing its penetration among major brand clients and mitigating adverse tariff impacts through optimized production efficiency [1] - Huaxi Securities noted that approximately 30% of sales are to the U.S., with 60% of production capacity in Vietnam, allowing the company to cover U.S. exports effectively [1] Market Opportunities - The company aims to focus on growth opportunities in the Asian and European markets by expanding its European client base and establishing new bases [1] - There is potential for rapid improvement in market penetration in Europe, coinciding with favorable downstream customer sentiment [1]

Core Viewpoint - Crystal International (02232) reported a strong performance in its 2025 interim results, with revenue and profit growth indicating positive operational efficiency and market opportunities [1] Financial Performance - Revenue reached USD 1.229 billion, representing a year-on-year increase of 12.4% [1] - Profit attributable to shareholders was USD 98.265 million, up 17% year-on-year [1] - Basic earnings per share were 3.44 US cents, with a proposed interim dividend of 16.3 Hong Kong cents per share [1] Margin Analysis - The gross margin for leisurewear and intimate apparel improved due to enhanced production efficiency [1] - Conversely, the gross margin for sweaters declined due to increased sales of lower-margin regular styles [1] Strategic Developments - The company announced a new partnership with a leading European brand client for the second half of the year [1] - According to China Merchants Securities, the company is increasing its penetration among major brand clients and mitigating adverse tariff impacts through optimized production efficiency [1] - Huaxi Securities noted that approximately 30% of sales are to the U.S., with around 60% of production capacity in Vietnam, allowing the company to cover U.S. exports effectively [1] Market Opportunities - The company aims to focus on growth opportunities in the Asian and European markets by expanding its European client base and establishing new bases [1] - There is potential for rapid improvement in market penetration in Europe, coinciding with favorable conditions in downstream customer sentiment [1]

Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) CEO Charles Li stated that HKEX will research a 24-hour trading mechanism, taking into account international experiences and local market conditions [1] - HKEX plans to enhance its competitiveness through strategic investments in data platform optimization and trading settlement system upgrades [1] - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [1] Group 2: Market Overview - The S&P 500 index fell for four consecutive days, with the index closing down 0.24% at 6395.78 points [2] - Major technology stocks mostly declined, with Intel dropping approximately 7% [2] - The Nasdaq China Golden Dragon Index rose by 0.33%, with notable gains from Tiger Brokers and JinkoSolar [2] Group 3: Financial Regulatory Updates - The National Financial Regulatory Administration is seeking public opinion on the draft of the "Commercial Bank M&A Loan Management Measures," which includes provisions for equity acquisition loans [3] Group 4: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated a moderate GDP growth in the first half of the year, with a focus on inflation risks over labor market concerns [4] - There was a notable dissent among Fed officials regarding interest rate decisions, marking a significant moment since 1993 [4] Group 5: Corporate Earnings Reports - Alibaba Group announced plans to spin off its subsidiary, Zhaima, for an independent listing on the Hong Kong Stock Exchange [5] - Baidu Group reported a total revenue of RMB 327.13 billion for Q2 2025, a year-on-year decrease of 4%, while net profit increased by 33% to RMB 73.22 billion [8] - Huazhu Group's total revenue for Q2 2025 was RMB 64.26 billion, with a net profit of RMB 15.44 billion, reflecting a 44.7% year-on-year increase [9] - China Oriental Group expects a net profit increase of no less than 70% for the first half of 2025, projecting at least RMB 2.20 billion [10] - Lijun Pharmaceutical reported a net profit of RMB 12.81 billion for the first half of 2025, a 9.4% increase year-on-year [11] - BOSS Zhipin reported a net profit of RMB 7.16 billion for Q2 2025, a 69.87% increase year-on-year [12] - New World Development reported a significant increase in net profit to HKD 887 million, a 1076% rise year-on-year [13] - Yimuyou Group expects a net profit of no less than RMB 2.6 billion for the first half of 2025, representing a growth of over 90% [14] - Yongsheng Medical reported a net profit of HKD 51.63 million, a 55.1% increase year-on-year [15] - Lepu Biopharma achieved a revenue increase of 249.59% for the first half of 2025, marking its first profit [16] - Huya Technology expects a net profit of USD 30 million to 38 million for the first half of 2025, a significant increase from the previous year [17] - Kingsoft reported a net profit of RMB 816 million for the first half of 2025, a 20.41% increase year-on-year [18] - Zhong An Online reported a net profit of RMB 668 million, a 1103.54% increase year-on-year [19] - Yaoshi Bang reported a net profit of RMB 78.12 million, a 258% increase year-on-year [20] - Crystal International reported a net profit of USD 98.27 million, a 17% increase year-on-year [21] - Ocean Group expects a turnaround with a projected net profit of RMB 9.5 billion to 11 billion for the first half of 2025 [22] - Kingsoft Cloud reported an adjusted EBITDA of approximately RMB 725 million, a 672.62% increase year-on-year [23] Group 6: Pharmaceutical Developments - Heyou Pharmaceutical's IND application for a combination therapy for NSCLC has been approved by the CDE [24] - Shengbela reported a net profit of RMB 327 million, marking a turnaround from a previous loss, with significant growth in various business segments [25]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company exceeded market expectations in H1 2025 with revenue, net profit, and operating cash flow of $1.229 billion, $98 million, and $155 million respectively, representing year-on-year growth of 12.4%, 16.8%, and 255.4% [2] - The company plans to expand its customer base in Europe in the second half of 2025, which is expected to drive future growth [3] - The company declared a dividend of 16.3 HK cents per share for H1 2025, up from 13.8 HK cents in H1 2024, with a payout ratio of 60% and an annualized dividend yield of 5.4% [2] Financial Performance - In H1 2025, the company achieved a gross margin of 19.7%, a slight increase of 0.2 percentage points year-on-year, primarily driven by improved production efficiency in leisure and underwear segments [4] - The net profit margin for H1 2025 was 8.0%, up 0.3 percentage points year-on-year, with stable administrative and R&D expenses [4] - The company’s inventory increased by 18.51% year-on-year to $352 million, leading to an increase in inventory turnover days by 4 days to 59 days [5] Growth Strategy - The company aims to leverage growth opportunities in Europe and Asia, with a focus on expanding its customer base and establishing new production facilities [3][6] - The company’s revenue forecast for 2025 is set at $2.813 billion, with net profit expected to be $235 million, corresponding to an EPS of $0.08 [7] - The company is expected to benefit from the recovery of denim and underwear customer segments, as well as the growing demand in the women's sports market [6][7] Valuation Metrics - The projected PE ratios for 2025, 2026, and 2027 are 9, 8, and 7 respectively, indicating a favorable valuation outlook [7] - The company’s revenue is expected to grow at a CAGR of approximately 13.91% from 2025 to 2026 [9]

Core Viewpoint - Crystal International (02232) reported a revenue of USD 1.229 billion for the six months ending June 30, 2025, representing a year-on-year growth of 12.4% [1] - The company achieved a profit attributable to shareholders of USD 98.265 million, an increase of 17% compared to the previous year [1] - Basic earnings per share were 3.44 cents, with an interim dividend proposed at 16.3 Hong Kong cents per share [1] Financial Performance - Revenue for the first half of 2025 reached USD 1.229 billion, marking a 12.4% increase year-on-year [1] - Profit attributable to shareholders was USD 98.265 million, reflecting a 17% growth [1] - Basic earnings per share stood at 3.44 cents, with a proposed interim dividend of 16.3 Hong Kong cents [1] Margin Analysis - The gross margin for leisurewear and intimate apparel improved due to effective enhancements in production efficiency [1] - The gross margin for knitwear declined primarily due to an increase in sales of lower-margin regular items [1] Segment Performance - All divisions of the group achieved balanced growth, benefiting from increased penetration among major brand clients [1] - The largest brand client and several key sportswear brand clients exhibited strong sales growth, serving as significant growth engines for the group [1] Strategic Initiatives - The group effectively mitigated the adverse impact of high U.S. tariffs through strategic capacity expansion and optimization of production efficiency [1] - The workforce was expanded by approximately 10,000 employees last year, fully releasing operational efficiency during the reporting period [1] - Forward-looking capacity investments, along with accelerated automation measures and optimized data-driven processes, provided ample operational flexibility to offset tariff impacts [1]

Core Viewpoint - Crystal International (02232) reported a revenue of USD 1.229 billion for the six months ending June 30, 2025, representing a year-on-year growth of 12.4% [1] - The profit attributable to the company's owners was USD 98.265 million, an increase of 17% year-on-year, with basic earnings per share at 3.44 cents and an interim dividend proposed at 16.3 Hong Kong cents [1] Group Performance - The gross margin for leisurewear and intimate apparel increased due to effective improvements in production efficiency [1] - The gross margin for knitwear decreased primarily due to a rise in sales of lower-margin regular styles [1] - All divisions of the group achieved balanced growth in the first half of 2025, benefiting from successful penetration in major brand clients [1] Strategic Initiatives - The group effectively capitalized on opportunities presented by major brand clients expanding into diversified product categories [1] - The largest brand client and several key sportswear brand clients exhibited strong sales growth, serving as significant growth engines for the group [1] - Through strategic capacity expansion and optimization of production efficiency, the group managed to achieve revenue growth and margin improvement, effectively mitigating the adverse impact of high U.S. tariffs [1] Workforce and Operational Efficiency - The group expanded its workforce by approximately 10,000 employees last year and fully released operational efficiency during the reporting period [1] - This forward-looking capacity investment, combined with accelerated automation measures and optimized data-driven processes, created ample operational flexibility to offset tariff impacts [1]

智通财经APP讯，晶苑国际(02232)发布公告，将于2025年9月18日派发截至2025年6月30日止6个月的中 期股息每股0.163港元。 ...

格隆汇8月20日丨晶苑国际(02232.HK)发布公告，截至2025年6月30日止六个月，实现收益12.29亿美 元，同比增加12.4%；毛利为2.43亿美元，同比增加13.7%；公司拥有人应占溢利9826.5万美元，同比增 加17%；基本每股盈利3.44美仙，拟宣派中期股息每股普通股16.3港仙(约2.1美仙)。 ...

EF001 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，本公司董事會包括執行董事羅樂風先生、羅蔡玉清女士、羅正亮先生、黃星華先生及羅正豪先生；非執行董事王志 輝先生及LEE Kean Phi Mark先生；及獨立非執行董事張家騏先生、麥永森先生、黃紹基先生及麥鄧碧儀女士。 第 2 頁 共 2 頁 v 1.1.1 EF001 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 | 晶苑國際集團有限公司（於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） | | 股份代號 | 02232 | | 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 截至二零二五年六月三十日止六個月之中期股息 | | | 公告日期 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group reported a 12.4% increase in revenue to $1,229 million and a 16.7% rise in net profit to $98 million for the first half of 2025 2025 H1 Financial Summary | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue (Million USD) | 1,229 | 1,094 | | Net Profit (Million USD) | 98 | 84 | | Interim Dividend (HK Cents per Share) | 16.3 | 13.8 | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the group's financial performance and position, including detailed statements of profit or loss and financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, group revenue increased by 12.4% to $1.229 billion, with net profit rising 16.8% to $98.32 million Key Profit or Loss Data | Metric (Thousand USD) | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,229,475 | 1,093,672 | +12.4% | | Gross Profit | 242,602 | 213,452 | +13.7% | | Profit Before Tax | 119,707 | 102,912 | +16.3% | | Profit for the Period | 98,323 | 84,214 | +16.8% | | Profit Attributable to Owners of the Company | 98,265 | 84,012 | +16.9% | | Basic Earnings Per Share (US Cents) | 3.44 | 2.94 | +17.0% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets grew to $2.338 billion, driven by increases in inventory and cash, maintaining a robust capital structure Key Balance Sheet Data | Metric (Thousand USD) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 906,731 | 894,116 | | Current Assets | 1,430,841 | 1,360,337 | | **Total Assets** | **2,337,572** | **2,254,453** | | **Equity and Liabilities** | | | | Total Equity | 1,540,295 | 1,535,446 | | Non-current Liabilities | 52,834 | 54,075 | | Current Liabilities | 744,443 | 664,932 | | **Total Equity and Liabilities** | **2,337,572** | **2,254,453** | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on revenue, segment information, dividends, and earnings per share, supporting the condensed financial statements [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) Group revenue increased across all five product categories and major geographical markets, with leisurewear and sportswear being the largest segments Revenue by Product Segment (Thousand USD) | Product Segment | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Leisurewear | 339,672 | 304,981 | +11.4% | | Sportswear and Outdoorwear | 312,906 | 278,285 | +12.4% | | Denim | 262,202 | 237,697 | +10.3% | | Intimate Wear | 209,784 | 191,517 | +9.5% | | Sweaters | 104,911 | 81,192 | +29.2% | | **Total** | **1,229,475** | **1,093,672** | **+12.4%** | Revenue by Geographical Location (Thousand USD) | Region | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Asia Pacific | 478,286 | 417,729 | +14.5% | | North America | 462,934 | 414,566 | +11.7% | | Europe | 252,705 | 230,447 | +9.7% | | Other Countries/Regions | 35,550 | 30,930 | +15.0% | | **Total** | **1,229,475** | **1,093,672** | **+12.4%** | [6. Dividends](index=12&type=section&id=6.%20Dividends) The Board declared an interim dividend of 16.3 HK cents per ordinary share for the six months ended June 30, 2025, an increase from the prior year - The Board declared an interim dividend of **16.3 HK cents per ordinary share**, totaling approximately **$59.24 million**, an increase from **13.8 HK cents per share** (totaling approximately **$50.43 million**) in the prior year[31](index=31&type=chunk) [7. Earnings Per Share](index=12&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share attributable to owners of the company increased to 3.44 US cents for the six months ended June 30, 2025 Basic Earnings Per Share Calculation | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (Thousand USD) | 98,265 | 84,012 | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 2,852,822 | 2,852,822 | | **Basic Earnings Per Share (US Cents)** | **3.44** | **2.94** | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews market conditions, business performance, financial results, sustainability efforts, and future outlook, highlighting strategic responses to challenges [Market Overview](index=16&type=section&id=Market%20Overview) The apparel industry showed strong momentum in H1 2025, particularly in Asia and Europe, despite new US tariffs posing challenges to key export countries - The US announced significant reciprocal tariffs on global trade partners on April 2, 2025, imposing high differential rates on major apparel exporting countries like China and Vietnam, creating headwinds for the group's business[43](index=43&type=chunk) - The group identifies three key factors to mitigate tariff impacts: its FOB revenue structure (tariffs borne by customers), strong pricing power of brand customers, and the core competitiveness of industry suppliers[44](index=44&type=chunk) [Business Review](index=17&type=section&id=Business%20Review) In H1 2025, the group achieved balanced growth across all segments, with revenue up 12.4% to $1.229 billion and net profit up 16.8% to $98 million 2025 H1 Performance Highlights | Metric | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Million USD) | 1,229 | 1,094 | +12.4% | | Gross Profit (Million USD) | 243 | 213 | +13.7% | | Gross Margin | 19.7% | 19.5% | +0.2pp | | Net Profit (Million USD) | 98 | 84 | +16.8% | | Net Margin | 8.0% | 7.7% | +0.3pp | - The Board resolved to declare an interim dividend of **16.3 HK cents per share**, representing a payout ratio of **60%**[46](index=46&type=chunk) - Capital expenditure for the period was **$60 million**, an increase from **$52 million** in the prior year[46](index=46&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) The group maintained a robust financial position with revenue growth across all categories and regions, improved margins, and a strong net cash position of $517 million [Revenue Analysis](index=18&type=section&id=Revenue%20Analysis) Total revenue increased by 12.4%, driven by deeper collaboration with key brand customers, with sweaters showing the fastest growth and Asia Pacific being the largest market Revenue and Proportion by Product Category | Product Category | 2025 H1 Revenue (Thousand USD) | Proportion | 2024 H1 Revenue (Thousand USD) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Leisurewear | 339,672 | 27.6% | 304,981 | 27.9% | | Sportswear and Outdoorwear | 312,906 | 25.5% | 278,285 | 25.4% | | Denim | 262,202 | 21.3% | 237,697 | 21.7% | | Intimate Wear | 209,784 | 17.1% | 191,517 | 17.5% | | Sweaters | 104,911 | 8.5% | 81,192 | 7.5% | | **Total** | **1,229,475** | **100.0%** | **1,093,672** | **100.0%** | [Gross Profit Analysis](index=19&type=section&id=Gross%20Profit%20Analysis) Overall gross margin slightly increased to 19.7%, with leisurewear and intimate wear improving due to efficiency gains, while sweaters saw a decline Gross Profit and Gross Margin by Product Category | Product Category | 2025 H1 Gross Profit (Thousand USD) | Gross Margin | 2024 H1 Gross Profit (Thousand USD) | Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Leisurewear | 69,801 | 20.5% | 60,344 | 19.8% | | Sportswear and Outdoorwear | 64,869 | 20.7% | 58,158 | 20.9% | | Denim | 42,892 | 16.4% | 39,322 | 16.5% | | Intimate Wear | 43,637 | 20.8% | 37,311 | 19.5% | | Sweaters | 21,403 | 20.4% | 18,317 | 22.6% | | **Total** | **242,602** | **19.7%** | **213,452** | **19.5%** | [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintained a strong financial position with $155 million in operating cash flow, a cash balance of $512 million, and zero gearing ratio Key Financial Position Metrics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Operating Cash Flow (Six Months) | $155 million | $44 million (2024 H1) | | Cash Balance | $512 million | $427 million | | Bank Borrowings | $122 million | $147 million | | Net Cash Position | $517 million | Not Applicable | | Gearing Ratio | Zero | Zero | - Cash conversion cycle increased from **71 days** to **84 days**, with trade receivables turnover days rising from **52 days** to **62 days**, and inventory turnover days from **48 days** to **59 days**[56](index=56&type=chunk) [Sustainability](index=22&type=section&id=Sustainability) The group prioritizes sustainability with its "Crystal Sustainability Vision 2030" and a net-zero commitment by 2050, achieving CDP climate A-list status - The group established its "Crystal Sustainability Vision 2030 (CSV2030)" and committed to achieving net-zero emissions by **2050**, with an interim target of reducing total greenhouse gas emissions by **35%** by **2030**[65](index=65&type=chunk) - The group demonstrated excellent climate action, ranking on the CDP Climate A List (Leadership) for two consecutive years and making its debut on the CDP 2024 Supplier Engagement Rating A List[69](index=69&type=chunk) - The company actively empowers talent and gives back to the community, for example, providing empowerment programs for over **70,300 female employees** and planning to plant **2 million trees** globally by **2030**[70](index=70&type=chunk)[73](index=73&type=chunk) [Outlook and Prospects](index=24&type=section&id=Outlook%20and%20Prospects) The group plans to expand capacity and deepen vertical integration in Vietnam, prioritize European and Asian markets, and explore new production bases to mitigate tariff impacts - To counter the impact of US tariffs, the group will prioritize developing European and Asian markets and will establish a new partnership with a leading European brand customer in the second half of the year[75](index=75&type=chunk) - The group will continue to invest in its production network and vertical supply chain in Vietnam, while actively evaluating the feasibility of establishing new production bases in peripheral European regions to enhance responsiveness to the European market[74](index=74&type=chunk)[75](index=75&type=chunk) - Leveraging its robust operating cash flow, the group is committed to continuing to deliver substantial returns to shareholders through stable and attractive dividend distributions[75](index=75&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the interim dividend declaration and the company's adherence to high standards of corporate governance practices [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board declared an interim dividend of 16.3 HK cents (approximately 2.1 US cents) per ordinary share, payable on September 18, 2025 - The Board resolved to declare an interim dividend of **16.3 HK cents per ordinary share**[76](index=76&type=chunk) - To determine dividend entitlements, the share transfer register will be suspended from **September 5 to September 9, 2025**. The record date is **September 9, 2025**, with an expected payment date of **September 18, 2025**[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The company maintained high corporate governance standards, complying with listing rules, and the Audit Committee reviewed financial statements and internal controls - The company consistently complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[81](index=81&type=chunk) - The Audit Committee reviewed the group's financial reporting, internal control systems, and risk management, recommending the Board adopt the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[83](index=83&type=chunk)[84](index=84&type=chunk) - The Board is responsible for and satisfied with the effectiveness of the group's risk management and internal control systems[85](index=85&type=chunk)