（ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：02307） 附註： C 有關委員會的主席 戴錦春先生 （主席） 戴錦文先生 （行政總裁） 張素雲女士 黃少玉女士 獨立非執行董事 何智恒先生 丁基龍先生 吳德龍先生 各董事會成員在董事會轄下委員會中所擔任的職位如下： | | 委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 戴錦春先生 | | N/A | M | N/A | | 戴錦文先生 | | N/A | M | M | | 張素雲女士 | | N/A | N/A | M | | 黃少玉女士 | | N/A | N/A | N/A | | 何智恒先生 | | M | M | C | | 丁基龍先生 | | M | C | M | | 吳德龍先生 | | C | M | M | 董事名單與其角色和職能 生效自二零二六年一月一日起，錦興國際控股有限公司董事會（「董事會」）成員載列如下： 執行董事 M 有關委員會的成員 香港，2025年12月31日 ...

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佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 董事辭任 錦興國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，李向民先生 （「李先生」）因退休而辭任非執行董事，自二零二六年一月一日起生效。 主席 戴錦春 李先生已確認，彼與董事會並無意見分歧。此外，概無任何有關彼辭任之事宜須敦請本 公司股東或香港聯合交易所有限公司垂注。 香港，二零二五年十二月三十一日 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：02307） 董事會謹此向李先生於任職期間對本公司作出之貢獻致以衷心感謝。 承董事會命 錦興國際控股有限公司 於本公佈日期，董事會包括執行董事戴錦春先生、戴錦文先生、張素雲女士及黃少玉女 士；非執行董事李向民先生；及獨立非執行董事何智恒先生、丁基龍先生及吳德龍先生。 ...

Key Points - As of December 19, 38 stocks reached their 52-week highs, with Li Gao Health Life (02370), Ginkgo Education (01851), and Kangqiao Yuelife (02205) leading the high rate at 36.36%, 18.72%, and 8.70% respectively [1] - The top three stocks that achieved new highs are as follows: - Li Gao Health Life (02370) closed at 0.670, with a peak of 0.750, marking a 36.36% increase - Ginkgo Education (01851) closed at 2.430, with a peak of 2.600, marking an 18.72% increase - Kangqiao Yuelife (02205) closed at 1.200, with a peak of 1.250, marking an 8.70% increase [1] - Other notable stocks that reached new highs include Liangqing Holdings (1,000) at 7.14%, Jinxing International Holdings (02307) at 7.04%, and Wuxi Life (08148) at 6.21% [1] 52-Week Low Summary - The 52-week low rankings show that Haowen Holdings (08019) had the largest decline at -16.13%, closing at 0.130 [2] - Other significant declines include NIU Holdings (08619) at -11.86%, closing at 0.156, and Hashkey HLDGS (03887) at -9.59%, with a low of 5.090 [2] - Additional stocks with notable declines include Songdu Service (09608) at -9.09%, closing at 0.068, and Ruike Bio-B (02179) at -5.41%, closing at 5.070 [2]

致：香港交易及結算所有限公司 公司名稱: 錦興國際控股有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02307 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九 ...

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 本月底法定/註冊股本總額： HKD 200,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年10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: 錦興國際控股有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02307 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,0 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 錦興國際控股有限公司 本月底法定/註冊股本總額： HKD 200,000,000 第 1 頁 共 10 頁 v 1.1.1 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02307 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000, ...

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: 錦興國際控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02307 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | FF301 II. ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's board members (including executive, non-executive, and independent non-executive directors), their roles in the audit, remuneration, and nomination committees, and key corporate governance information such as the company secretary and auditor - The Board of Directors includes Chairman Mr. Dai Kam Chun, CEO Mr. Dai Kam Man, COO Ms. Cheung So Wan as executive directors, along with non-executive directors and three independent non-executive directors[4](index=4&type=chunk) - The Audit Committee is chaired by Mr. Ng Tak Lung, the Remuneration Committee by Mr. Ding Kee Lung, and the Nomination Committee by Mr. Ho Chi Hang[4](index=4&type=chunk) - The company's auditor is Ernst & Young, and its stock code is **02307**[4](index=4&type=chunk)[5](index=5&type=chunk) Management Discussion and Analysis [Market Review](index=4&type=section&id=Market%20Review) In H1 2025, the global textile and apparel industry faced significant uncertainties due to economic challenges, trade disruptions, and US tariff policies, leading to cautious consumer behavior and intensified competition - In H1 2025, the global textile and apparel industry faced significant uncertainties due to global economic challenges, trade disruptions, and US tariff policies[7](index=7&type=chunk) - US real GDP grew by approximately **1.25%** on average, a slowdown from the past two years, with Trump administration tariffs exacerbating trade tensions[7](index=7&type=chunk) - China's consumer confidence index, while showing signs of stabilization, remained near historical lows, reflecting cautious consumer behavior due to market uncertainties[8](index=8&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) Despite intense market competition, the Group's textile and apparel business performed stably in H1 2025, with revenue up 1.8%, gross profit up 5.9%, and profit attributable to equity holders up 68.0%, strengthening its 'China + Vietnam + Cambodia' production network and acquiring KHV dye factory - The Group's textile and apparel business maintained stable performance in H1 2025, with minimal direct impact from US tariffs[9](index=9&type=chunk) Key Financial Performance H1 2025 | Metric | H1 2025 (HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Overall Revenue | 1,843,000,000 | +1.8% | | Gross Profit | 209,500,000 | +5.9% | | Profit Attributable to Ordinary Equity Holders | 6,400,000 | +68.0% | | Basic Earnings Per Share | 0.7 HK cents | - | - The Group successfully acquired Korea Textile & Dyeing Support Services Joint Stock Company (now Kam Hing (Vietnam) Textile Printing and Dyeing Company Limited, or KHV) for a total cash consideration of approximately **HKD 83.913 million**, significantly enhancing its textile production capacity in Vietnam[10](index=10&type=chunk)[11](index=11&type=chunk) - Investments in expanding garment production capacity in Cambodia have yielded results, improving order fulfillment efficiency and product innovation capabilities[11](index=11&type=chunk) [Prospects](index=6&type=section&id=Prospects) Despite a fragile global economic outlook, the Group will optimize operations and financial performance, leveraging its 'China + Vietnam + Cambodia' production network and increasing local sourcing to manage geopolitical risks and gain market share - The IMF projects global economic growth of **3.0%** in 2025 and **3.1%** in 2026, both below historical averages, indicating continued pressure on supply chains and the business environment[12](index=12&type=chunk) - The Group will continue to optimize its operations and financial performance, leveraging its 'China + Vietnam + Cambodia' production network to more effectively manage geopolitical and market risks[13](index=13&type=chunk) - The Group plans to enhance supply chain management by increasing local sourcing, aiming to maintain cost advantages and competitiveness while committing to sustainable development[13](index=13&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) This section reviews the Group's H1 2025 financial performance, including revenue, gross profit, expenses, net profit, liquidity, capital expenditure, and significant acquisitions, noting increased revenue and net profit, successful acquisition of a Vietnam dye factory, and higher bank borrowings [Revenue](index=7&type=section&id=Revenue) The Group's total sales revenue for H1 2025 was approximately HKD 1,843 million, a 1.8% year-on-year increase, primarily driven by stable demand for fabric and garment products Revenue Overview | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,842,985 | 1,810,902 | +1.8% | [Gross Profit and Gross Margin](index=7&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit for H1 2025 was approximately HKD 209.5 million, a 5.9% year-on-year increase, with gross margin rising to 11.4% due to a higher proportion of profitable orders Gross Profit and Gross Margin Overview | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 209,520 | 197,873 | +5.9% | | Gross Margin | 11.4% | 10.9% | +0.5pp | [Other Income and Gains, Net](index=8&type=section&id=Other%20Income%20and%20Gains%2C%20Net) The Group's other income and gains, net, for H1 2025 was approximately HKD 35.9 million, primarily from sewage treatment services, freight services, government grants, and bank interest, with a significant increase in government grants Other Income and Gains, Net | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Other income and gains, net | 35,900 | 33,300 | | Sewage treatment service income | 14,800 | 12,100 | | Government grants | 4,200 | 100 | | Bank interest income | 2,000 | 4,300 | [Selling and Distribution Expenses](index=8&type=section&id=Selling%20and%20Distribution%20Expenses) The Group's selling and distribution expenses increased to approximately HKD 65 million in H1 2025, mainly due to a significant rise in freight charges Selling and Distribution Expenses | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 65,039 | 52,551 | +23.8% | [Administrative Expenses](index=8&type=section&id=Administrative%20Expenses) The Group's administrative expenses decreased to approximately HKD 135.1 million in H1 2025, reflecting effective cost control measures and organizational optimization amid global economic uncertainties Administrative Expenses | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 135,100 | 138,600 | -2.5% | [Other Operating Expenses, Net](index=9&type=section&id=Other%20Operating%20Expenses%2C%20Net) The Group's other operating expenses, net, for H1 2025 was approximately HKD 13.6 million, primarily due to increased sewage treatment operating expenses and losses from disposal of property, plant, and equipment Other Operating Expenses, Net | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Other operating expenses, net | 13,600 | 8,700 | | Sewage treatment operating expenses | 14,700 | 11,000 | | Loss on disposal of property, plant and equipment | 1,900 | 300 | | Exchange gains | (3,000) | (2,600) | [Finance Costs](index=9&type=section&id=Finance%20Costs) The Group's finance costs for H1 2025 were approximately HKD 22.4 million, a 31.0% year-on-year decrease, mainly due to lower prevailing bank interest rates in Hong Kong Finance Costs | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 22,400 | 31,800 | -31.0% | | Interest on bank loans | 15,800 | 21,400 | -26.1% | | Interest on trade loans and discounted bills | 4,400 | 8,900 | -50.6% | [Net Profit](index=9&type=section&id=Net%20Profit) Net profit attributable to ordinary equity holders of the Company was approximately HKD 6.4 million, a 68.0% year-on-year increase, primarily due to improved gross margin and reduced administrative and finance costs Net Profit Attributable to Ordinary Equity Holders | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary equity holders | 6,400 | 3,800 | +68.0% | [Contingent Liabilities](index=9&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[22](index=22&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's net current assets were approximately HKD 762.8 million, with a current ratio of 1.5 times; total bank borrowings increased to HKD 989.8 million, resulting in a net debt-to-equity ratio of 39.0% Liquidity and Financial Resources Overview | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net current assets | 762,800 | 683,600 | +11.6% | | Cash and cash equivalents | 637,200 | 672,800 | -5.3% | | Current ratio | 1.5 times | 1.5 times | 0% | | Total bank borrowings | 989,800 | 886,900 | +11.6% | | Net debt-to-equity ratio | 39.0% | 37.3% | +1.7pp | [Financing](index=10&type=section&id=Financing) As of June 30, 2025, the Group's long-term loans, primarily bank term loans, significantly increased to approximately HKD 298.8 million compared to the end of 2024 Financing Overview | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Long-term loans | 298,800 | 189,800 | +57.4% | [Interim Dividend](index=10&type=section&id=Interim%20Dividend) The Board of Directors resolved not to recommend the payment of any interim dividend for the period - The Board of Directors resolved not to recommend the payment of any interim dividend for the period (six months ended June 30, 2024: nil)[25](index=25&type=chunk) [Foreign Exchange and Interest Rate Risks](index=11&type=section&id=Foreign%20Exchange%20and%20Interest%20Rate%20Risks) Approximately 84.2% of the Group's sales are denominated in USD, exposing it primarily to RMB-related foreign exchange risk, while borrowings are mainly at floating rates, with management monitoring and hedging as needed - Approximately **84.2%** of the Group's sales are denominated in USD, primarily exposing it to RMB-related foreign exchange risk[26](index=26&type=chunk) - The Group's borrowings are primarily subject to floating interest rates, and management monitors interest rate movements, utilizing necessary hedging instruments prudently and professionally[26](index=26&type=chunk) [Pledge of the Group's Assets](index=11&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As of June 30, 2025, the Group had no pledged land and buildings; approximately HKD 35.4 million in deposits were pledged for HKD 87.4 million in bills payable, and restricted bank deposits decreased to zero - As of June 30, 2025, the Group had no pledged land and buildings[27](index=27&type=chunk) Pledged Assets Overview | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Deposits pledged for bills payable | 35,400 | 36,000 | | Bills payable | 87,400 | 110,500 | | Restricted bank deposits | 0 | 1,300 | [Capital Expenditure](index=11&type=section&id=Capital%20Expenditure) The Group's capital expenditure for H1 2025 was approximately HKD 52.8 million, with 97.8% for plant and machinery; total capital commitments were approximately HKD 213.2 million, mainly for property, plant, equipment, and new production facilities Capital Expenditure Overview | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Capital expenditure | 52,800 | 46,300 | +14.0% | | Percentage for purchase of plant and machinery | 97.8% | 74.4% | +23.4pp | Capital Commitments | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Property, plant and equipment and right-of-use assets | 37,000 | 13,000 | | Construction of new production facilities | 176,200 | 176,200 | | **Total** | **213,200** | **189,200** | [Material Investments](index=12&type=section&id=Material%20Investments) As of June 30, 2025, the Group held no material investments representing 5% or more of its total assets - As of June 30, 2025, the Group held no material investments representing **5%** or more of its total assets[29](index=29&type=chunk) [Material Acquisitions and Disposals](index=12&type=section&id=Material%20Acquisitions%20and%20Disposals) In April 2025, the Group completed the acquisition of KHV's entire equity for approximately HKD 83.913 million to enhance Vietnam textile production capacity, with no other material acquisitions or disposals during the period - The Group completed the acquisition of the entire equity of Korea Textile & Dyeing Support Services Joint Stock Company (KHV) in April 2025, for a total cash consideration of approximately **HKD 83.913 million**[30](index=30&type=chunk) - This acquisition aims to significantly enhance the Group's textile production capacity in Vietnam[30](index=30&type=chunk) - Other than the aforementioned acquisition, the Group did not undertake any other material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[30](index=30&type=chunk) [Events After Reporting Period](index=12&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the reporting period that would materially affect the Group's operations and financial performance - No significant events occurred after the reporting period that would materially affect the Group's operations and financial performance[31](index=31&type=chunk) [Treasury Policy](index=12&type=section&id=Treasury%20Policy) The Group adopts a prudent treasury policy, emphasizing risk control and transaction management to mitigate the impact of interest rate and exchange rate fluctuations and minimize financial risks - The Group adopts a prudent treasury policy in cash and financial management, placing high importance on risk control and transactions related to its principal businesses[32](index=32&type=chunk) - The treasury policy aims to mitigate the impact of interest rate and exchange rate fluctuations on the Group's overall financial position and minimize its financial risks[32](index=32&type=chunk) [Equity Fundraising Activities](index=13&type=section&id=Equity%20Fundraising%20Activities) The Company did not engage in any equity fundraising activities or dispose of treasury shares during the period - The Company did not engage in any equity fundraising activities or dispose of treasury shares during the period[33](index=33&type=chunk) [Staff Policy](index=13&type=section&id=Staff%20Policy) As of June 30, 2025, the Group had 7,270 employees globally, with remuneration based on market terms and qualifications, reviewed annually based on performance, and comprehensive retirement and medical benefits provided Employee Headcount Overview | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China | 3,575 | 3,638 | | Cambodia | 3,348 | 3,356 | | Hong Kong, Macau, Singapore and others | 297 | 187 | | **Total** | **7,270** | **7,181** | - Remuneration packages are generally determined by reference to market terms and individual qualifications, with discretionary bonuses based on employee performance and Group results[34](index=34&type=chunk) - The Group has established defined contribution retirement benefit schemes and purchased medical insurance for all Hong Kong employees, and participates in various defined contribution and insurance schemes to comply with local regulations[34](index=34&type=chunk) Other Information [Changes in Directors' Information Disclosed Under Listing Rule 13.51B(1)](index=14&type=section&id=Changes%20in%20Directors%27%20Information%20Disclosed%20Under%20Listing%20Rule%2013.51B%281%29) This section discloses the resignation of Mr. Ho Chi Hang, an independent non-executive director, as Vice Chairman of the China Committee of the Hong Kong General Chamber of Commerce, and Mr. Ng Tak Lung's cessation as an independent non-executive director of Henan Jinma Energy Company Limited - Independent Non-executive Director Mr. Ho Chi Hang resigned as Vice Chairman of the China Committee of the Hong Kong General Chamber of Commerce, effective July 11, 2025[35](index=35&type=chunk) - Independent Non-executive Director Mr. Ng Tak Lung ceased to be an independent non-executive director of Henan Jinma Energy Company Limited (Stock Code: **6885**) effective June 16, 2025[35](index=35&type=chunk) [Directors' Interests and Short Positions in Shares and Underlying Shares](index=14&type=section&id=Directors%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, several directors held long positions in the Company's ordinary shares and underlying shares, primarily through controlled corporations and spouse interests, with Mr. Dai Kam Chun and his spouse Ms. Cheung So Wan collectively holding approximately 38.69% of shares Directors' Long Positions in Ordinary Shares and Underlying Shares of the Company (as of June 30, 2025) | Name of Director | Beneficial Owner (No. of Shares) | Spouse's Interest (No. of Shares) | Interest in Controlled Corporation (No. of Shares) | Total Interest (No. of Shares) | Approximate Percentage of the Company's Issued Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Dai Kam Chun | 3,000,000 | 1,000,000 | 332,600,000 | 336,600,000 | 38.69 | | Mr. Dai Kam Man | 2,000,000 | 1,000,000 | 96,000,000 | 99,000,000 | 11.38 | | Ms. Cheung So Wan | 1,000,000 | 335,600,000 | – | 336,600,000 | 38.69 | | Ms. Wong Siu Yuk | 1,000,000 | 98,000,000 | – | 99,000,000 | 11.38 | | Mr. Li Xiangmin | 200,000 | – | – | 200,000 | 0.02 | - Mr. Dai Kam Chun's interests include shares held by Exceed Standard Limited, which he beneficially owns, and shares held by his spouse, Ms. Cheung So Wan[38](index=38&type=chunk) - Mr. Dai Kam Man's interests include shares held by Power Strategy Limited, which he beneficially owns, and shares held by his spouse, Ms. Wong Siu Yuk[38](index=38&type=chunk) [Share Option Scheme](index=16&type=section&id=Share%20Option%20Scheme) The Company's 2014 share option scheme expired on June 8, 2024, with no options granted since its adoption and no outstanding options as of June 30, 2025 - The Company's share option scheme adopted on June 9, 2014, expired on June 8, 2024[40](index=40&type=chunk) - Since the adoption date of the scheme, no share options have been granted by the Company under the scheme, and there were no outstanding share options as of June 30, 2025[40](index=40&type=chunk) [Persons with Disclosable Interests or Short Positions Under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance](index=17&type=section&id=Persons%20with%20Disclosable%20Interests%20or%20Short%20Positions%20Under%20Divisions%202%20and%203%20of%20Part%20XV%20of%20the%20Securities%20and%20Futures%20Ordinance) As of June 30, 2025, beyond the directors, Exceed Standard and Power Strategy held disclosable long positions in the Company's shares, accounting for 38.23% and 11.04% of the issued share capital, respectively Major Shareholders' Long Positions in Ordinary Shares and Underlying Shares of the Company (as of June 30, 2025) | Name | Capacity and Nature of Interest | Number of Ordinary Shares Held | Percentage (%) | | :--- | :--- | :--- | :--- | | Exceed Standard | Beneficial Owner | 332,600,000 | 38.23 | | Power Strategy | Beneficial Owner | 96,000,000 | 11.04 | - Exceed Standard is associated with Chairman Mr. Dai Kam Chun, and Power Strategy is associated with Executive Director Mr. Dai Kam Man[43](index=43&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=17&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the period, and no treasury shares were held as of June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the period[44](index=44&type=chunk) - As of June 30, 2025, the Company held no treasury shares[44](index=44&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The Company is committed to maintaining good corporate governance practices, applying relevant principles and complying with the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules throughout the period - The Company is committed to maintaining good corporate governance practices, believing they are crucial for effective management, a sound corporate culture, successful business development, and enhancing shareholder value[45](index=45&type=chunk) - The Company has consistently applied the relevant principles and complied with the applicable code provisions set out in the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules throughout the period[45](index=45&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews and oversees the Group's financial reporting, risk management, and internal controls, and has reviewed the unaudited interim financial statements for the period - The Audit Committee, composed of all three independent non-executive directors, is primarily responsible for reviewing and overseeing the Group's financial reporting, risk management, and internal controls[46](index=46&type=chunk) - The Audit Committee has discussed the accounting policies adopted by the Group with management and reviewed the Group's unaudited interim financial statements for the period prior to recommending them for Board approval[46](index=46&type=chunk) [Standard Code for Securities Transactions by Directors ("Model Code")](index=18&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20%28%22Model%20Code%22%29) The Company adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors confirmed compliance during the period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[47](index=47&type=chunk) - Following specific enquiries with all directors, each director confirmed compliance with the standards set out in the Model Code during the period[47](index=47&type=chunk) [Approval of Unaudited Interim Financial Statements](index=18&type=section&id=Approval%20of%20Unaudited%20Interim%20Financial%20Statements) The unaudited interim financial statements were approved and authorized for issue by the Board of Directors on August 19, 2025 - The unaudited interim financial statements were approved and authorized for issue by the Board of Directors on August 19, 2025[48](index=48&type=chunk) Condensed Consolidated Statement of Profit or Loss [Summary of Condensed Consolidated Statement of Profit or Loss](index=19&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group reported revenue of HKD 1,842,985 thousand and gross profit of HKD 209,520 thousand for H1 2025, with profit before tax of HKD 9,026 thousand and profit for the period of HKD 6,310 thousand, resulting in basic and diluted earnings per share of 0.7 HK cents Summary of Condensed Consolidated Statement of Profit or Loss | Metric | Six months ended June 30, 2025 (HKD thousands) | Six months ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 1,842,985 | 1,810,902 | | Cost of sales | (1,633,465) | (1,613,029) | | Gross profit | 209,520 | 197,873 | | Other income and gains, net | 35,823 | 33,274 | | Selling and distribution expenses | (65,039) | (52,551) | | Administrative expenses | (135,128) | (138,618) | | Finance costs | (22,374) | (31,766) | | Profit before tax | 9,026 | 4,204 | | Income tax expense | (2,716) | (234) | | Profit for the period | 6,310 | 3,970 | | Profit attributable to ordinary equity holders of the Company | 6,411 | 3,815 | | Basic earnings per share | 0.7 HK cents | 0.4 HK cents | | Diluted earnings per share | 0.7 HK cents | 0.4 HK cents | Condensed Consolidated Statement of Comprehensive Income [Summary of Condensed Consolidated Statement of Comprehensive Income](index=20&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's profit for H1 2025 was HKD 6,310 thousand, with no other comprehensive income, resulting in a total comprehensive income for the period of HKD 6,310 thousand, of which HKD 6,411 thousand was attributable to ordinary equity holders of the Company Summary of Condensed Consolidated Statement of Comprehensive Income | Metric | Six months ended June 30, 2025 (HKD thousands) | Six months ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the period | 6,310 | 3,970 | | Other comprehensive income | – | – | | Total comprehensive income for the period | 6,310 | 3,970 | | Attributable to ordinary equity holders of the Company | 6,411 | 3,815 | | Non-controlling interests | (101) | 155 | Condensed Consolidated Statement of Financial Position [Summary of Condensed Consolidated Statement of Financial Position](index=21&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were HKD 1,302,049 thousand and total current assets were HKD 2,180,635 thousand, with net assets increasing slightly to HKD 1,722,127 thousand compared to the end of 2024 Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 856,042 | 875,715 | | Right-of-use assets | 190,521 | 162,277 | | Goodwill | 32,621 | 405 | | Total non-current assets | 1,302,049 | 1,266,432 | | **Current assets** | | | | Inventories | 840,921 | 826,683 | | Trade and bills receivables | 526,094 | 518,455 | | Cash and cash equivalents | 637,150 | 672,814 | | Total current assets | 2,180,635 | 2,169,299 | | **Current liabilities** | | | | Trade and bills payables | 562,680 | 607,894 | | Interest-bearing bank borrowings | 691,018 | 697,123 | | Total current liabilities | 1,417,846 | 1,485,664 | | **Non-current liabilities** | | | | Interest-bearing bank borrowings | 298,754 | 189,812 | | Total non-current liabilities | 342,711 | 228,161 | | **Net assets** | **1,722,127** | **1,721,906** | Condensed Consolidated Statement of Changes in Equity [Summary of Condensed Consolidated Statement of Changes in Equity](index=23&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to ordinary equity holders of the Company was HKD 1,721,010 thousand, a slight increase from January 1, 2025, primarily due to profit for the period, net of dividends declared for the previous year Summary of Condensed Consolidated Statement of Changes in Equity | Metric | June 30, 2025 (HKD thousands) | January 1, 2024 (HKD thousands) | | :--- | :--- | :--- | | Issued share capital | 86,992 | 86,992 | | Reserves | 1,634,018 | 1,633,696 | | Total equity attributable to ordinary equity holders of the Company | 1,721,010 | 1,720,688 | | Non-controlling interests | 1,117 | 1,218 | | **Total equity** | **1,722,127** | **1,721,906** | | Profit for the period | 6,411 | 3,815 | | Dividends declared for the previous year | (6,089) | – | Condensed Consolidated Statement of Cash Flows [Summary of Condensed Consolidated Statement of Cash Flows](index=24&type=section&id=Summary%20of%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group's H1 2025 net cash flow from operating activities was HKD 5,135 thousand, net cash used in investing activities was HKD 132,796 thousand (mainly due to subsidiary acquisition), and net cash from financing activities was HKD 91,997 thousand, with cash and cash equivalents at period-end of HKD 637,150 thousand Summary of Condensed Consolidated Statement of Cash Flows | Metric | Six months ended June 30, 2025 (HKD thousands) | Six months ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash flows from/(used in) operating activities | 5,135 | (107,490) | | Purchase of property, plant and equipment | (52,779) | (46,319) | | Acquisition of a subsidiary | (80,850) | – | | Net cash flows used in investing activities | (132,796) | (46,766) | | Proceeds from bank loans | 1,063,414 | 948,131 | | Repayment of bank loans | (961,984) | (1,287,851) | | Net cash flows from/(used in) financing activities | 91,997 | (342,877) | | Net decrease in cash and cash equivalents | (35,664) | (497,133) | | Cash and cash equivalents at end of period | 637,150 | 418,955 | Notes to the Condensed Consolidated Financial Statements [1.1 Basis of Presentation](index=25&type=section&id=1.1%20Basis%20of%20Presentation) This section states that the interim condensed consolidated financial statements for the six months ended June 30, 2025, are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, and have been reviewed by the Audit Committee - The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of Appendix D2 of the Listing Rules[55](index=55&type=chunk) - These condensed consolidated financial statements are unaudited but have been reviewed by the Company's Audit Committee[55](index=55&type=chunk) [1.2 Changes in Accounting Policies and Disclosures](index=25&type=section&id=1.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted for the interim condensed consolidated financial information are consistent with the prior year, with the initial adoption of the revised HKFRS accounting standard 'Lack of Exchangeability' having no material impact on the Group's financial performance or position - The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024[56](index=56&type=chunk) - The initial adoption of the revised HKFRS accounting standard 'Lack of Exchangeability' during the period had no material impact on the Group's financial performance and position[57](index=57&type=chunk) [2. Operating Segment Information](index=26&type=section&id=2.%20Operating%20Segment%20Information) The Group operates three reportable segments: fabric, garment, and 'others,' with management allocating resources and assessing performance based on segment results; the fabric segment contributes most revenue and profit, while the garment segment recorded a loss, with regional revenue mainly from Korea and non-current assets primarily in Mainland China and Vietnam - The Group's business units are segmented by products and services into three reportable operating segments: fabric, garment, and 'others' (including sewage treatment services and air/ocean freight services)[58](index=58&type=chunk)[59](index=59&type=chunk) Operating Segment Revenue and Profit (Six months ended June 30, 2025) | Segment | Revenue (HKD thousands) | Profit/(Loss) (HKD thousands) | | :--- | :--- | :--- | | Fabric | 1,432,714 | 29,828 | | Garment | 410,271 | (283) | | Others | – | (574) | | **Total** | **1,842,985** | **28,971** | Revenue from External Customers (by Customer Location) | Region | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Korea | 815,989 | 795,036 | | Mainland China | 262,248 | 281,639 | | Singapore | 164,003 | 137,956 | | Hong Kong | 132,745 | 141,684 | | Taiwan | 90,856 | 80,562 | | United States | 76,654 | 67,125 | | Vietnam | 49,114 | 62,666 | | Others | 251,376 | 244,234 | | **Total** | **1,842,985** | **1,810,902** | Non-current Assets (by Asset Location) | Region | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Mainland China | 775,139 | 907,950 | | Cambodia | 140,819 | 146,083 | | Hong Kong | 118,570 | 74,171 | | Vietnam | 104,776 | 4,859 | | Singapore | 1,824 | 2,191 | | Others | – | 317 | | **Total** | **1,141,128** | **1,135,571** | - Customer A contributed over **10%** of the Group's total revenue, primarily from sales of knitted fabric and dyed yarn[63](index=63&type=chunk) [3. Revenue, Other Income and Gains](index=30&type=section&id=3.%20Revenue%2C%20Other%20Income%20and%20Gains) The Group's revenue primarily stems from the production and sale of knitted fabric, dyed yarn, and garment products, along with related processing services, while other income and gains, net, totaled HKD 35,823 thousand, with a notable increase in government grants - Revenue refers to the net invoiced value of goods sold (less returns and provisions for trade discounts) and services rendered by the Group[64](index=64&type=chunk) Revenue Analysis (by Type of Goods or Services) | Type of goods or services | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Production and sales of knitted fabric and dyed yarn | 1,432,714 | 1,477,142 | | Production and sales of garment products and provision of related processing services | 410,271 | 333,760 | | **Total revenue** | **1,842,985** | **1,810,902** | Other Income and Gains Analysis | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank interest income | 2,034 | 4,348 | | Government grants | 4,212 | 48 | | Sewage treatment service income | 14,831 | 12,061 | | Freight service income | 3,622 | 3,778 | | Others | 11,222 | 13,033 | | **Total other income** | **35,921** | **33,268** | | Fair value losses/(gains) | (98) | 6 | | **Other income and gains, net** | **35,823** | **33,274** | [4. Profit Before Tax](index=34&type=section&id=4.%20Profit%20Before%20Tax) This section details the major expenses and gains deducted from or credited to the Group's profit before tax, including cost of sales, R&D costs, depreciation, employee benefits, loss on disposal of property, impairment reversal for trade receivables, and exchange differences Items Deducted From/(Credited To) Profit Before Tax | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Cost of inventories sold and services rendered | 1,633,465 | 1,613,029 | | Research and development costs | 20,595 | 26,011 | | Depreciation of property, plant and equipment | 91,273 | 111,029 | | Depreciation of right-of-use assets | 7,118 | 2,278 | | Employee benefit expenses (including directors' emoluments) | 286,840 | 278,319 | | Loss on disposal of property, plant and equipment | 1,908 | 298 | | Reversal of impairment losses on trade receivables, net | (224) | (4,727) | | Exchange differences, net | (3,043) | (2,620) | [5. Income Tax](index=35&type=section&id=5.%20Income%20Tax) The Group's total income tax expense for H1 2025 was HKD 2,716 thousand, a significant increase from the prior year, with tax calculated based on prevailing rates in each operating jurisdiction, including Hong Kong's two-tiered profits tax, preferential rates for high-tech enterprises in Mainland China, Macau's exemption, and Vietnam's corporate income tax Income Tax Expense Analysis | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Current tax – Hong Kong | (165) | 288 | | Current tax – Other jurisdictions | 794 | (91) | | Deferred tax expense | 2,087 | 37 | | **Total tax expense for the period** | **2,716** | **234** | - Hong Kong profits tax rate is **16.5%**, with the first **HKD 2 million** of assessable profits for qualifying entities taxed at **8.25%**[71](index=71&type=chunk) - Mainland China corporate income tax rate is **25%**, with certain subsidiaries enjoying a preferential tax rate of **15%** under high-tech enterprise status[72](index=72&type=chunk) - Vietnamese subsidiaries are subject to corporate income tax at a rate of **20%** (H1 2024: nil)[72](index=72&type=chunk) [6. Dividends](index=36&type=section&id=6.%20Dividends) The Board of Directors resolved not to declare any interim dividend for the period - The Board of Directors resolved not to declare any interim dividend for the period (six months ended June 30, 2024: nil)[73](index=73&type=chunk) [7. Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=36&type=section&id=7.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) Basic and diluted earnings per share attributable to ordinary equity holders of the Company for H1 2025 were both 0.7 HK cents, an increase from 0.4 HK cents in the prior year, calculated based on profit for the period of HKD 6,411 thousand and 869,919,000 ordinary shares outstanding Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic earnings per share | 0.7 HK cents | 0.4 HK cents | | Diluted earnings per share | 0.7 HK cents | 0.4 HK cents | - Earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the Company of **HKD 6,411 thousand** and **869,919,000** ordinary shares outstanding during the period[74](index=74&type=chunk) - The Group had no potentially dilutive ordinary shares outstanding for the periods ended June 30, 2025, and June 30, 2024[74](index=74&type=chunk) [8. Property, Plant and Equipment](index=36&type=section&id=8.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant, and equipment was HKD 856,042 thousand, with additions and subsidiary acquisitions increasing assets, while depreciation and disposals caused reductions; the Group is applying for property ownership certificates for certain self-occupied properties in China Movement in Net Book Value of Property, Plant and Equipment | Item | HKD thousands | | :--- | :--- | | At January 1, 2025 (audited) | 875,715 | | Additions | 52,779 | | Acquisition of a subsidiary | 21,084 | | Depreciation | (91,273) | | Disposals | (2,263) | | **At June 30, 2025 (unaudited)** | **856,042** | - The Group is applying for property ownership certificates for certain self-occupied properties in Nansha and Enping, China, with net book values of approximately **HKD 700,000** and **HKD 18,000,000**, respectively[76](index=76&type=chunk) - The directors confirm that, as the Group has legally obtained land use rights certificates for the aforementioned self-built properties, they believe there are no legal or other impediments to obtaining the property ownership certificates[76](index=76&type=chunk) [9. Trade and Bills Receivables](index=37&type=section&id=9.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's total trade and bills receivables were HKD 526,094 thousand; the Group generally offers interest-free credit terms of up to three months and closely monitors outstanding receivables to minimize credit risk - The Group generally grants interest-free credit terms of up to three months to its customers, extendable to six months for long-term customers with sound financial standing[77](index=77&type=chunk) - The Group closely monitors outstanding receivables and has a credit control department to minimize credit risk[77](index=77&type=chunk) Ageing Analysis of Trade and Bills Receivables (net of loss allowance) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 1 month | 355,925 | 361,744 | | 1 to 2 months | 117,894 | 94,236 | | 2 to 3 months | 32,379 | 37,422 | | Over 3 months | 19,896 | 25,053 | | **Total** | **526,094** | **518,455** | [10. Trade and Bills Payables](index=38&type=section&id=10.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, the Group's total trade and bills payables were HKD 562,680 thousand, generally interest-free and due within one to five months Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 501,084 | 513,855 | | 3 to 6 months | 56,708 | 88,900 | | Over 6 months | 4,888 | 5,139 | | **Total** | **562,680** | **607,894** | - Trade and bills payables are interest-free and generally settled within credit terms of one to five months[79](index=79&type=chunk) [11. Business Combination](index=39&type=section&id=11.%20Business%20Combination) In April 2025, the Group acquired KHV for a total cash consideration of HKD 83,892 thousand, including share purchase and debt repayment, resulting in provisional goodwill of HKD 32,216 thousand and contributing HKD 3,276 thousand in revenue but a loss of HKD 1,789 thousand to the Group since acquisition - The Group completed the acquisition of the entire equity of Korea Textile & Dyeing Support Services Joint Stock Company (KHV) in April 2025[80](index=80&type=chunk) Cash Consideration for KHV Acquisition | Item | Amount (HKD thousands) | | :--- | :--- | | Share purchase price | 33,913 | | Repayment of debts due to vendor | 49,979 | | **Total cash consideration** | **83,892** | Fair Value of Identifiable Assets and Liabilities of Acquiree at Acquisition Date (Provisional) | Item | HKD thousands | | :--- | :--- | | Property, plant and equipment | 21,084 | | Right-of-use assets | 28,220 | | Inventories | 558 | | Trade receivables | 1,874 | | Cash and cash equivalents | 3,042 | | Trade payables | (662) | | Deferred tax liabilities | (2,160) | | **Total identifiable net assets at fair value** | **51,676** | | **Provisional goodwill arising on acquisition** | **32,216** | - Since the acquisition, the acquiree contributed **HKD 3,276 thousand** in revenue and resulted in a loss of **HKD 1,789 thousand** to the consolidated profit for the six months ended June 30, 2025[86](index=86&type=chunk) [12. Commitments](index=42&type=section&id=12.%20Commitments) As of June 30, 2025, the Group's total capital commitments were HKD 221,392 thousand, primarily for machinery purchases, construction in progress, and new production facilities, with outstanding irrevocable letter of credit commitments of HKD 139,396 thousand Capital Commitments (contracted but not provided for) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Purchase of machinery | 15,074 | 4,173 | | Construction in progress | 21,952 | 8,854 | | Construction of new production facilities | 176,207 | 176,207 | | Construction of properties under development | 8,159 | 8,159 | | **Total** | **221,392** | **197,393** | - As of the end of the reporting period, the Group had outstanding commitments for irrevocable letters of credit totaling **HKD 139,396 thousand**[87](index=87&type=chunk) [13. Related Party Transactions](index=43&type=section&id=13.%20Related%20Party%20Transactions) The Group has outstanding balances with related parties, including receivables from and payables to associates; directors have provided indemnity for certain unlicensed factory buildings, and key management personnel compensation totaled HKD 10,732 thousand - Mr. Dai Kam Chun and Mr. Dai Kam Man, directors of the Company, together with their respective spouses, have jointly and severally provided an indemnity to the Group for certain unlicensed six-storey factory buildings[88](index=88&type=chunk) Outstanding Balances with Related Parties | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Amounts due from associates | 28,641 | 31,847 | | Amounts due to associates | 283 | 11,949 | Key Management Personnel Compensation | Item | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 10,531 | 10,588 | | Post-employment benefits | 201 | 210 | | **Total** | **10,732** | **10,798** | [14. Transfer of Financial Assets](index=44&type=section&id=14.%20Transfer%20of%20Financial%20Assets) The Group endorsed certain bank bills receivable to suppliers; for un-derecognized endorsed bills, the Group retained most risks and rewards, while for fully derecognized bills, most risks and rewards were transferred, with directors deeming the risk of claims extremely low - The Group endorsed certain bank bills receivable in China to various suppliers to settle trade payables or make advance payments[89](index=89&type=chunk) - For endorsed bills not fully derecognized (carrying amount of approximately **HKD 1,741 thousand** as of June 30, 2025), the Group retained substantially all risks and rewards, thus continuing to recognize their full carrying amount[89](index=89&type=chunk) - For bank bills receivable fully derecognized (total value of approximately **HKD 30,019 thousand** as of June 30, 2025), the Group transferred substantially all risks and rewards, and the directors consider the risk of claims to be extremely low given the creditworthiness of the accepting banks[90](index=90&type=chunk) - For the periods ended June 30, 2025, and June 30, 2024, the Group did not recognize any gain or loss on the date of transfer of the derecognized bills[91](index=91&type=chunk)

Core Viewpoint - Jinxing International Holdings (02307) reported a stable performance in its mid-year results for 2025, with revenue of approximately HKD 1.843 billion, reflecting a year-on-year growth of 1.77% [1] Financial Performance - The profit attributable to ordinary shareholders was HKD 6.411 million, representing a significant year-on-year increase of 68.05% [1] - Earnings per share stood at HKD 0.007 [1] Revenue Drivers - The stable demand for the group's fabric and garment products contributed to maintaining a steady level of sales revenue [1] - The increase in profit was primarily due to improved gross margins and reductions in administrative and financing costs [1]

Group 1 - The core viewpoint of the article is that Jin Xing International Holdings (02307) reported stable revenue and significant profit growth for the first half of 2025, driven by consistent demand for its fabric and garment products [1] - The company's revenue reached approximately HKD 1.843 billion, reflecting a year-on-year increase of 1.77% [1] - The profit attributable to ordinary shareholders was HKD 6.411 million, marking a substantial year-on-year growth of 68.05% [1] - Earnings per share were reported at HKD 0.07 [1] Group 2 - The increase in profit is primarily attributed to improved gross margins and reductions in administrative and financing costs [1] - The stable sales revenue indicates a resilient demand for the company's products in the market [1]