[Interim Results Announcement](index=2&type=section&id=Interim%20Results%20Announcement) This report details the Group's unaudited interim results for H1 2025, covering financial performance, business operations, and strategic outlook [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) The Group's H1 2025 unaudited interim financial statements show significant profit growth and stable assets, despite a net cash outflow from operations [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement details the Group's revenue, gross profit, and net profit for the period, highlighting significant profit growth | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 17,453 | 30,033 | | Gross Profit | 14,161 | 15,393 | | Profit Before Tax | 15,907 | 8,025 | | Profit for the Period | 15,144 | 8,230 | | Profit Attributable to Owners of the Company | 15,157 | 8,465 | | Basic and Diluted Earnings Per Share | 0.37 HK cents | 0.21 HK cents | - Profit for the period increased by **84.01%** year-on-year, from **HK$8,230 thousand** to **HK$15,144 thousand**, primarily due to a significant increase in profit before tax[4](index=4&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement presents the Group's total comprehensive income, reflecting profit for the period and other comprehensive income items | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 15,144 | 8,230 | | Other Comprehensive Income/(Loss) | 27,351 | (27,349) | | Total Comprehensive Income/(Loss) for the Period | 42,495 | (19,119) | | Total Comprehensive Income/(Loss) Attributable to Owners of the Company | 42,534 | (18,905) | - Total comprehensive income for the period turned from a **loss of HK$19,119 thousand** in the same period of 2024 to a **profit of HK$42,495 thousand** in 2025, mainly due to the positive impact of exchange differences on translation of overseas operations[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity, indicating a continuously improving financial position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 999,045 | 980,356 | | Current Assets | 750,044 | 688,295 | | Current Liabilities | 183,750 | 158,342 | | Net Current Assets | 566,294 | 529,953 | | Total Assets Less Current Liabilities | 1,565,339 | 1,510,309 | | Non-current Liabilities | 346,403 | 308,945 | | Net Assets | 1,218,936 | 1,201,364 | | Total Equity | 1,218,936 | 1,201,364 | - As of June 30, 2025, total assets increased to **HK$1,749,089 thousand** and net assets increased to **HK$1,218,936 thousand**, demonstrating a continuous improvement in financial position[6](index=6&type=chunk)[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement outlines the Group's cash movements from operating, investing, and financing activities, showing a shift to net cash outflow from operations | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (13,361) | 109,286 | | Net Cash Used in Investing Activities | (22,067) | (201,295) | | Net Cash Generated from/(Used in) Financing Activities | 15,092 | (6,368) | | Net Decrease in Cash and Cash Equivalents | (20,336) | (98,377) | | Cash and Cash Equivalents at End of Period | 9,947 | 6,643 | - Net cash flow from operating activities turned from a **net inflow of HK$109,286 thousand** in the same period of 2024 to a **net outflow of HK$13,361 thousand** in 2025[8](index=8&type=chunk) - Net cash flow from financing activities turned from a **net outflow of HK$6,368 thousand** in the same period of 2024 to a **net inflow of HK$15,092 thousand**, primarily from new bank loans[8](index=8&type=chunk) [Notes to Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides supplementary information on the preparation basis, accounting policies, segment information, asset and liability composition, and earnings per share calculation [General Information](index=7&type=section&id=General%20Information) This section provides fundamental information about the company's registration, listing, and primary business activities - The company is incorporated in Bermuda, and its shares are listed on the Main Board of the Stock Exchange[9](index=9&type=chunk) - The Group's principal businesses include health and medical, trading of building materials and new energy products, property sales agency, property investment and leasing, residential property development, and new energy product procurement services[9](index=9&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) This section details the accounting standards and methods used in preparing the interim condensed consolidated financial statements - The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants[10](index=10&type=chunk) - The accounting policies and methods of computation adopted are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [Adoption of New and Revised HKFRSs](index=7&type=section&id=Adoption%20of%20New%20and%20Revised%20HKFRSs) This section addresses the impact of new and revised Hong Kong Financial Reporting Standards on the Group's financial reporting - The adoption of new and revised HKFRSs has not caused any significant changes to the Group's accounting policies, financial statement presentation, or reported amounts[11](index=11&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) This section provides a breakdown of the Group's revenue and financial performance across its various reportable business segments [Reportable Segments](index=7&type=section&id=Reportable%20Segments) This section identifies the distinct business segments through which the Group operates and reports its financial results - The Group has four reportable segments: health and medical related business, trading business, property related business, and equity investment business[12](index=12&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) This section presents the revenue and profit or loss generated by each of the Group's reportable business segments Segment Revenue and Results (HK$ thousand) | Segment | 2025 Revenue | 2025 Segment Profit/(Loss) | 2024 Revenue | 2024 Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Health and Medical Related Business | 6,601 | 65 | 11,480 | 1,100 | | Trading Business | 810 | (1,016) | 10,327 | 6,594 | | Property Related Business | 10,042 | 6,056 | 8,226 | (16,022) | | Equity Investment Business | – | (841) | – | 16,634 | | **Total** | **17,453** | **4,264** | **30,033** | **8,306** | - Property related business turned from a **loss** in the same period of 2024 to a **profit** in 2025, while trading business and equity investment business turned from **profit to loss**[13](index=13&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) This section details the assets and liabilities allocated to each of the Group's reportable business segments Segment Assets (HK$ thousand) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Health and Medical Related Business | 16,108 | 13,134 | | Trading Business | 51,610 | 90,501 | | Property Related Business | 1,013,748 | 929,544 | | Equity Investment Business | 117,604 | 116,418 | | **Total Reportable Segment Assets** | **1,199,070** | **1,149,597** | Segment Liabilities (HK$ thousand) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Health and Medical Related Business | 46,366 | 41,337 | | Trading Business | 113,301 | 107,532 | | Property Related Business | 248,572 | 217,585 | | Equity Investment Business | 847 | 122 | | **Total Reportable Segment Liabilities** | **409,086** | **366,576** | - Both assets and liabilities of the property related business showed **significant growth**, reflecting the expansion of this segment[14](index=14&type=chunk) [Revenue Breakdown](index=10&type=section&id=Revenue%20Breakdown) This section provides a detailed analysis of the Group's total revenue by source, highlighting key changes and trends Total Revenue (HK$ thousand) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Sales of health and medical related products | 2,121 | 5,668 | | Health and medical management service income | 1,985 | 1,933 | | Medical aesthetic service income | 2,317 | 3,273 | | Sales of building materials | – | 8,718 | | Sales of new energy products | 589 | 222 | | Sales agency service income for health and medical related products | 221 | 1,387 | | Sales of CBD downstream products | 178 | 606 | | Revenue from contracts with customers | 7,411 | 21,807 | | Rental income | 10,042 | 8,226 | | **Total Revenue** | **17,453** | **30,033** | - Total revenue decreased by **41.7%** year-on-year, primarily due to a decrease of approximately **HK$8.7 million** in building materials sales and approximately **HK$3.5 million** in health and medical related product sales[15](index=15&type=chunk)[39](index=39&type=chunk) - Rental income grew against the trend, increasing from **HK$8,226 thousand** to **HK$10,042 thousand**[15](index=15&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) This section details the Group's borrowing costs incurred during the period, primarily from bank loans and lease liabilities | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on bank loans | 4,769 | 6,141 | | Interest on lease liabilities | 35 | 10 | | **Total** | **4,804** | **6,151** | - Finance costs decreased by **22.6%** year-on-year, mainly due to a decrease in the average interest rate of bank loans[19](index=19&type=chunk)[45](index=45&type=chunk) [Income Tax Expense/(Credit)](index=12&type=section&id=Income%20Tax%20Expense%2F%28Credit%29) This section presents the Group's income tax expenses or credits for the period, including current and deferred tax components | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current income tax expense | 554 | 3,750 | | Deferred income tax expense/(credit) | 209 | (3,955) | | **Total** | **763** | **(205)** | - Income tax turned from a **credit of HK$205 thousand** in the same period of 2024 to an **expense of HK$763 thousand** in 2025[20](index=20&type=chunk) - China's corporate income tax rate is **25%**, with **5%** for small low-profit enterprises and **15%** for high-tech enterprises; Australia's corporate income tax rate is **30%**; Hong Kong's profits tax rate is **16.5%**, with **8.25%** for the first HK$2 million[20](index=20&type=chunk)[21](index=21&type=chunk) [Profit for the Period](index=13&type=section&id=Profit%20for%20the%20Period) This section outlines the various non-recurring and fair value adjustments that influenced the Group's net profit for the period | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Impairment loss on receivables, net/(reversal of impairment loss) | 1,166 | (4,222) | | Impairment loss on investment in an associate | 461 | – | | Loss on partial disposal of investment in a joint venture | 127 | – | | Fair value (gain) on investments at fair value through profit or loss | (868) | (17,835) | | Net exchange (gain) | (5,794) | (4,366) | | Provision for equity-settled share option expense | 62 | 109 | - Profit for the period was affected by several non-recurring items, including impairment loss on receivables, impairment loss on investments, fair value gains, and exchange gains[22](index=22&type=chunk) [Dividends](index=13&type=section&id=Dividends) This section reports the interim dividend declared by the Board and the final dividend paid for the previous financial year - The Board has declared an interim dividend of **0.15 HK cents per share** for the six months ended June 30, 2025 (2024: nil)[23](index=23&type=chunk) - The 2024 final dividend of **0.4 HK cents per share** was paid on August 20, 2025, totaling approximately **HK$16,375,000**[23](index=23&type=chunk) [Earnings Per Share](index=13&type=section&id=Earnings%20Per%20Share) This section details the calculation of basic and diluted earnings per share, reflecting the profit attributable to ordinary shareholders | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit attributable to owners of the Company for basic and diluted earnings per share | 15,157 | 8,465 | | Weighted average number of ordinary shares | 4,064,710,835 | 4,092,562,636 | - Basic and diluted earnings per share were **0.37 HK cents**, an increase from **0.21 HK cents** in the same period of 2024[4](index=4&type=chunk) - Share options had no dilutive effect as the average market price of the company's shares was below the assumed exercise price[27](index=27&type=chunk) [Investment Properties](index=14&type=section&id=Investment%20Properties) This section provides a reconciliation of the carrying amount of the Group's investment properties, including additions and fair value adjustments | Item | June 30, 2025 (HK$ thousand) | January 1, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Carrying amount at beginning of period | 610,292 | 598,509 | | Additions | 7,024 | 8,131 | | Fair value gain | – | 23,813 | | Exchange differences | 18,330 | (20,161) | | **Carrying amount at end of period** | **635,646** | **610,292** | - The carrying amount of investment properties increased to **HK$635,646 thousand**, mainly due to additions and positive exchange differences[29](index=29&type=chunk) [Trade Receivables](index=14&type=section&id=Trade%20Receivables) This section presents an aging analysis of the Group's trade receivables, indicating their collectability and potential credit risk | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 3,042 | 4,480 | | 31 to 90 days | 46 | 14,886 | | Over 90 days | 16,193 | 7,875 | | **Total** | **19,281** | **27,241** | - Total trade receivables decreased to **HK$19,281 thousand**, with the proportion of those over ninety days increasing[31](index=31&type=chunk) [Prepayments, Deposits and Other Receivables](index=15&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) This section details the composition of the Group's prepayments, deposits, and other receivables, including loans and advances | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loans and interest receivable, net | 523,360 | 467,126 | | Prepayments to suppliers | 39,431 | 32,412 | | Deposits for pre-sale properties under development | 23,736 | 15,982 | | Performance bonds receivable | 27,395 | 58,531 | | **Total** | **628,560** | **594,183** | - Loans and interest receivable, net, increased to **HK$523,360 thousand**, including approximately **HK$219,160 thousand** lent to Guangyu Zhaoneng, with the remainder to third parties[32](index=32&type=chunk)[33](index=33&type=chunk) [Restricted Bank Deposits](index=16&type=section&id=Restricted%20Bank%20Deposits) This section describes the nature and amount of bank deposits that are restricted from immediate use, typically as collateral - Restricted bank deposits amounted to **HK$7,035 thousand**, denominated in AUD, serving as collateral for bank loans[34](index=34&type=chunk) [Trade Payables](index=16&type=section&id=Trade%20Payables) This section provides an aging analysis of the Group's trade payables, reflecting its short-term obligations to suppliers | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 90 days | 31 | – | | Over 90 days | 10 | 10 | | **Total** | **41** | **10** | - Total trade payables increased to **HK$41 thousand**, primarily from amounts due within zero to ninety days[35](index=35&type=chunk) [Share Capital](index=16&type=section&id=Share%20Capital) This section outlines the Group's authorized and issued share capital, detailing the number of shares and their par value | Item | Number of Shares | Amount (HK$ thousand) | | :--- | :--- | :--- | | Authorized share capital (par value HK$0.01 per share) | 10,000,000,000 | 100,000 | | Issued and fully paid share capital (par value HK$0.01 per share) | 4,093,756,636 | 40,938 | - Issued and fully paid share capital remained unchanged at **4,093,756,636 shares**, amounting to **HK$40,938 thousand**[35](index=35&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments) This section reports the Group's contractual obligations for future capital expenditures, primarily related to investments and property development | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Capital injection into an associate | 10,465 | 10,163 | | Construction cost commitments for properties under development for sale | 63,210 | 86,030 | | **Total** | **73,675** | **96,193** | - Total capital commitments decreased to **HK$73,675 thousand**, mainly due to a reduction in construction cost commitments for properties under development for sale[36](index=36&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) Management reviews the Group's financial performance and business operations for the six months ended June 30, 2025, noting improved profitability despite revenue decline [Financial Review](index=17&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's key financial performance indicators, including revenue, profit, and expenses [Revenue](index=17&type=section&id=Revenue_FinancialReview) This section analyzes the Group's total revenue for the period, highlighting the primary drivers of changes | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 17,453 | 30,033 | - Revenue decreased by **41.7%** year-on-year to approximately **HK$17.5 million**, primarily due to a decrease of approximately **HK$8.7 million** in building materials sales and approximately **HK$3.5 million** in health and medical related product sales[39](index=39&type=chunk) [Gross Profit and Gross Margin](index=17&type=section&id=Gross%20Profit%20and%20Gross%20Margin) This section examines the Group's gross profit and gross margin, explaining the factors contributing to their changes | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Gross Profit | 14,161 | 15,393 | | Gross Margin (%) | 81.1 | 51.3 | - Gross profit decreased by approximately **7.8%** to **HK$14.2 million**, mainly due to a **HK$3.2 million** decrease in gross profit from health and medical related business, partially offset by a **HK$1.8 million** increase in gross profit from property related business[40](index=40&type=chunk)[42](index=42&type=chunk) - Gross margin significantly increased to **81.1%**, primarily due to a decrease in the proportion of trading business (with lower gross margin) to total revenue[40](index=40&type=chunk)[42](index=42&type=chunk) [Other Income and Gains, Net](index=18&type=section&id=Other%20Income%20and%20Gains%2C%20Net) This section details the various components of the Group's other income and gains, net, and their impact on overall profitability | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Other Income and Gains, Net | 22,647 | 32,599 | - Other income and gains, net, decreased by approximately **30.7%** to **HK$22.6 million**, mainly due to a significant decrease in fair value gains on investments at fair value through profit or loss (from **HK$17.8 million** to **HK$0.9 million**)[43](index=43&type=chunk) - The decrease was partially offset by an increase in exchange gains (from **HK$4.4 million** to **HK$5.8 million**) and interest income (from **HK$8.9 million** to **HK$14.8 million**)[43](index=43&type=chunk) [Total Operating Expenses](index=18&type=section&id=Total%20Operating%20Expenses) This section reviews the Group's total operating expenses, identifying the main categories and reasons for their fluctuations | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Operating Expenses | 13,254 | 15,889 | - Total operating expenses decreased by approximately **16.4%** to **HK$13.3 million**, mainly due to a decrease of approximately **HK$0.8 million** in pre-sale commissions and rental expenses for Australian residential property development projects, and a decrease of approximately **HK$0.9 million** in marketing and promotion expenses[44](index=44&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs_FinancialReview) This section analyzes the Group's finance costs, primarily focusing on interest expenses from bank loans | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Finance Costs | 4,804 | 6,151 | - Finance costs decreased by approximately **22.6%** to **HK$4.8 million**, mainly due to a decrease of approximately **HK$1.4 million** in interest expenses resulting from lower average interest rates on bank loans[45](index=45&type=chunk) [Profit After Tax](index=19&type=section&id=Profit%20After%20Tax) This section discusses the Group's profit after tax, highlighting the key factors that contributed to its significant increase | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit After Tax | 15,144 | 8,230 | - Profit after tax increased by approximately **84.1%** year-on-year to **HK$15.1 million**, primarily benefiting from increased property related business income and profit, higher interest income, and positive exchange gains[46](index=46&type=chunk)[48](index=48&type=chunk) - The increase was partially offset by a decrease in fair value gains on investments at fair value through profit or loss (from **HK$17.8 million** to **HK$0.9 million**) and an impairment loss on receivables (from a **reversal of HK$4.5 million** to a **loss of HK$1.3 million**)[46](index=46&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) This section provides an overview of the performance of each of the Group's core business segments during the period [Health and Medical Related Business](index=19&type=section&id=Health%20and%20Medical%20Related%20Business) This section reviews the performance of the Group's health and medical related business, noting a decline in revenue and profit | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 6,601 | 11,500 | | Segment Profit | 100 | 1,100 | - Health and medical related business revenue decreased by approximately **42.6%** to **HK$6.6 million**, and segment profit decreased by approximately **90.9%** to **HK$0.1 million**[47](index=47&type=chunk) - The decrease in revenue and profit was mainly due to a **HK$3.2 million** decline in gross profit from reduced sales orders for health and medical related products, partially offset by effective control of operating expenses (a **HK$1.8 million** reduction)[47](index=47&type=chunk) [Trading Business](index=20&type=section&id=Trading%20Business) This section analyzes the performance of the Group's trading business, which experienced a significant decline in revenue and shifted to a loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 800 | 10,300 | | Segment Profit/(Loss) | (1,000) | 6,600 | - Trading business revenue decreased by approximately **92.2%** to **HK$0.8 million**, and turned from a **profit of approximately HK$6.6 million** in the same period of 2024 to a **loss of approximately HK$1.0 million**[49](index=49&type=chunk) - This was primarily attributable to reduced international trade sales and a change in impairment provision for trade and other receivables (from a **reversal of impairment loss of approximately HK$4.5 million** to an **impairment loss of approximately HK$1.3 million**)[49](index=49&type=chunk) [Property Related Business](index=20&type=section&id=Property%20Related%20Business) This section reviews the performance of the Group's property related business, which saw revenue growth and a turnaround to profit | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 10,000 | 8,200 | | Segment Profit/(Loss) | 6,100 | (16,000) | - Property related business revenue increased by approximately **22.0%** to **HK$10.0 million**, and turned from a **loss of approximately HK$16.0 million** in the same period of 2024 to a **profit of approximately HK$6.1 million**[50](index=50&type=chunk) - The improved performance was mainly due to no significant change in the fair value of investment properties (compared to a significant decrease in the same period of 2024) and an increase in rental income of approximately **HK$1.8 million**[50](index=50&type=chunk) - Civil works for the Australian residential property development project (Yarrabend, Melbourne) have been completed, with pre-sales commencing in November 2022[50](index=50&type=chunk) [Equity Investment Business](index=20&type=section&id=Equity%20Investment%20Business) This section discusses the performance of the Group's equity investment business, which shifted from a profit to a loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Segment Profit/(Loss) | (800) | 16,600 | - Equity investment business turned from a **profit of approximately HK$16.6 million** in the same period of 2024 to a **loss of approximately HK$0.8 million**[51](index=51&type=chunk) - This was primarily due to a decrease in revenue and profit from equity investment entities, leading to a decline in fair value gains on investments at fair value through profit or loss (from **HK$17.8 million** to **HK$0.9 million**), and a loss of approximately **HK$0.1 million** from the partial disposal of an investment in a joint venture[51](index=51&type=chunk) [Financial Position Review](index=21&type=section&id=Financial%20Position%20Review) This section provides an analysis of the Group's balance sheet, detailing changes in non-current assets, current assets, liabilities, and net assets [Non-current Assets](index=22&type=section&id=Non-current%20Assets) This section reviews the changes in the Group's non-current assets, identifying the main drivers of their increase | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 999,045 | 980,356 | - Non-current assets increased by approximately **HK$18.6 million** to **HK$999.0 million**, mainly due to an increase of approximately **HK$25.3 million** in investment properties and approximately **HK$2.3 million** in investments at fair value through profit or loss[53](index=53&type=chunk) - The increase was partially offset by a decrease of approximately **HK$3.6 million** in investments in joint ventures and approximately **HK$3.6 million** in deferred tax assets[53](index=53&type=chunk) [Current Assets](index=22&type=section&id=Current%20Assets) This section analyzes the changes in the Group's current assets, highlighting increases in properties under development and receivables | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Current Assets | 750,044 | 688,295 | - Current assets increased by approximately **HK$61.8 million** to **HK$750.1 million**, mainly due to an increase of approximately **HK$54.3 million** in properties under development for sale and approximately **HK$35.4 million** in prepayments, deposits, and other receivables[53](index=53&type=chunk) - The increase was partially offset by a decrease of approximately **HK$20.0 million** in bank and cash balances and approximately **HK$8.0 million** in trade receivables[53](index=53&type=chunk) [Liabilities](index=22&type=section&id=Liabilities) This section details the changes in the Group's total liabilities, primarily driven by increases in bank borrowings and dividends payable | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Liabilities | 530,153 | 467,287 | - Total liabilities increased by approximately **HK$62.8 million** to **HK$530.1 million**, mainly due to an increase of approximately **HK$43.1 million** in bank borrowings, approximately **HK$16.4 million** in dividends payable, and approximately **HK$6.1 million** in contract liabilities[54](index=54&type=chunk) - The increase was partially offset by a decrease of approximately **HK$3.7 million** in amounts due to related parties and approximately **HK$4.8 million** in accrued expenses and other payables[54](index=54&type=chunk) [Net Assets](index=22&type=section&id=Net%20Assets) This section reviews the changes in the Group's total net assets, influenced by foreign exchange gains and profit for the period | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Net Assets | 1,219,000 | 1,201,400 | - Total net assets increased by approximately **HK$17.6 million** to **HK$1,219.0 million**, mainly due to exchange gains of approximately **HK$35.2 million** from the translation of overseas operations and profit for the period of approximately **HK$15.2 million**[55](index=55&type=chunk) - The increase was partially offset by dividends declared of approximately **HK$16.4 million**, fair value loss on equity investments at fair value through other comprehensive income of approximately **HK$7.8 million**, and share repurchases of approximately **HK$8.9 million**[55](index=55&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) This section assesses the Group's liquidity position and financial resources, including cash flows, bank loans, and capital structure [Cash Flow](index=22&type=section&id=Cash%20Flow) This section provides an overview of the Group's cash flows from operating, investing, and financing activities | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (13,361) | 109,286 | | Net Cash Used in Investing Activities | (22,067) | (201,295) | | Net Cash Generated from/(Used in) Financing Activities | 15,092 | (6,368) | | Net Decrease in Cash and Cash Equivalents | (20,336) | (98,377) | | Cash and Cash Equivalents at End of Period | 9,947 | 6,643 | - Net cash outflow from operating activities was **HK$13.4 million**, net cash outflow from investing activities was **HK$22.0 million**, and net cash inflow from financing activities was **HK$15.1 million**[58](index=58&type=chunk)[59](index=59&type=chunk) - Cash and cash equivalents at the end of the period amounted to **HK$9.9 million**, primarily denominated in HKD (**52.8%**) and RMB (**39.2%**)[58](index=58&type=chunk) [Bank Loans](index=23&type=section&id=Bank%20Loans) This section details the composition and maturity profile of the Group's bank loans, which are primarily used for working capital Bank Loan Composition (HK$ thousand) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Floating-rate RMB bank loans | 68,444 | 74,834 | | Floating-rate AUD bank loans | 131,937 | 90,123 | | Fixed-rate RMB bank loans | 144,542 | 136,864 | | **Total** | **344,923** | **301,821** | Bank Loan Maturity Profile (HK$ thousand) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 93,949 | 83,176 | | One to two years | 164,095 | 120,969 | | Two to five years | 59,537 | 66,983 | | Over five years | 27,342 | 30,693 | | **Total** | **344,923** | **301,821** | - Total bank loans increased to **HK$344.9 million**, primarily used for working capital, with no unutilized bank facilities[59](index=59&type=chunk) - The Board believes the Group has **sufficient liquidity and financial resources** to meet future needs[61](index=61&type=chunk) [Capital Structure](index=24&type=section&id=Capital%20Structure) This section describes the Group's capital structure, comprising equity attributable to owners of the company - The Group's capital structure comprises equity attributable to owners of the company (i.e., issued share capital and reserves)[62](index=62&type=chunk) [Financial Policy](index=24&type=section&id=Financial%20Policy) This section outlines the Group's prudent financial management approach, focusing on liquidity and credit risk assessment - The Group adopts a prudent financial management approach, maintaining a **sound liquidity position** and continuously assessing customer credit to mitigate credit risk[63](index=63&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) This section presents the Group's gearing ratio, indicating its leverage and financial risk profile | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 24.3% | 21.6% | - The gearing ratio increased from **21.6%** as of December 31, 2024, to **24.3%** as of June 30, 2025[64](index=64&type=chunk) - Net debt was approximately **HK$391.4 million**, and equity attributable to owners of the company was approximately **HK$1,219.2 million**[64](index=64&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) This section reports the Group's capital expenditures, primarily for the acquisition of property, plant, and equipment | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 580 | 44 | - Capital expenditure for the acquisition of property, plant, and equipment significantly increased to approximately **HK$0.58 million**[66](index=66&type=chunk) [Capital Commitments](index=25&type=section&id=Capital%20Commitments_Liquidity) This section details the Group's outstanding capital commitments, mainly for investments in associates and property development | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Contracted but not provided for | 73,675 | 96,193 | - Total capital commitments amounted to approximately **HK$73.7 million**, primarily comprising capital injection into an associate and construction cost commitments for properties under development for sale[67](index=67&type=chunk) [Pledged Assets of the Group](index=25&type=section&id=Pledged%20Assets%20of%20the%20Group) This section lists the Group's assets that have been pledged as collateral for borrowings | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Investment properties | 474,654 | 452,969 | | Properties under development for sale | 195,324 | 181,850 | | Restricted bank deposits | 7,035 | 6,550 | | **Total** | **677,013** | **641,369** | - The total net book value of pledged assets increased to **HK$677.0 million**, mainly comprising investment properties and properties under development for sale[68](index=68&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) This section confirms the absence of any significant contingent liabilities for the Group as of the reporting date - As of June 30, 2025, the Group had no significant contingent liabilities[69](index=69&type=chunk) [Overview of the Group's Investment Strategy](index=25&type=section&id=Overview%20of%20the%20Group%27s%20Investment%20Strategy) This section outlines the Group's strategic focus on the health and wellness industry and its diversified investment approach - The Group firmly believes in the immense potential of the big health industry, with a corporate vision of "using technology and professional services to enhance the health and beauty of more people"[70](index=70&type=chunk) - The primary investment objective is to seize market opportunities in the big health industry and allocate funds for diversified investments to maximize returns[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Acquisitions and Disposals](index=26&type=section&id=Significant%20Acquisitions%20and%20Disposals) This section confirms that there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[72](index=72&type=chunk) [Significant Lending Transactions](index=26&type=section&id=Significant%20Lending%20Transactions) This section details the Group's lending activities, including its business model, credit risk assessment policies, and key terms of loans receivable [Business Model and Credit Risk Assessment Policy](index=26&type=section&id=Business%20Model%20and%20Credit%20Risk%20Assessment%20Policy) This section describes the Group's approach to providing loans and its robust framework for managing associated credit risks - The Group provides short-term interest-bearing loans and long-term interest-bearing revolving financing to customers and related parties to enhance cash returns and investment income[73](index=73&type=chunk) - Strict credit risk management and internal control procedures have been established, including due diligence, customer credit risk assessment, evaluation and approval processes, post-loan monitoring, and loan recovery[73](index=73&type=chunk)[76](index=76&type=chunk) - For significant loans or those involving related parties, reporting, announcement, and shareholder approval requirements under Chapters 14 and 14A of the Listing Rules will be fulfilled[74](index=74&type=chunk)[75](index=75&type=chunk) [Key Terms of Loans Receivable](index=28&type=section&id=Key%20Terms%20of%20Loans%20Receivable) This section provides a summary of the principal terms and outstanding balances of the Group's loans receivable Outstanding Loans Receivable Details (June 30, 2025) | Customer | Maturity Date | Annual Interest Rate | Carrying Amount (HK$ thousand) | Percentage of Total Loans Receivable | | :--- | :--- | :--- | :--- | :--- | | Guangyu Zhaoneng | On or before December 31, 2026 | One-year Loan Prime Rate plus 3.05% | 219,160 | 43.3% | | Other Borrowers (11 parties) | July 2025 to March 2026 | 3% to 8% | 286,223 | 56.7% | | **Total** | | | **505,383** | **100%** | - The loan receivable from Guangyu Zhaoneng is personally guaranteed by Mr. Zhou Xuzhou[77](index=77&type=chunk) [Impairment and Write-off of Loans Receivable](index=29&type=section&id=Impairment%20and%20Write-off%20of%20Loans%20Receivable) This section reports on the impairment provisions and write-offs made for the Group's loans receivable during the period - For the six months ended June 30, 2025, a loss allowance of approximately **HK$1,104,000** was recognized (2024: nil)[78](index=78&type=chunk) - No write-offs were made for loans receivable during the period[78](index=78&type=chunk) [Material Investments Held](index=29&type=section&id=Material%20Investments%20Held) This section provides an overview of the Group's investment portfolio, confirming no single investment exceeds 5% of total assets | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Investment Portfolio | 105,900 | 108,100 | - The Group's investment portfolio is approximately **HK$105.9 million**, with no single investment's carrying amount exceeding **5%** of the Group's total assets[79](index=79&type=chunk) [Future Plans for Material Investments or Capital Assets](index=29&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) This section outlines the Group's future plans for significant investments and capital asset acquisitions, beyond existing commitments - Apart from the disclosed capital commitments, the Board has not approved any other plans for material investments or additions to capital assets[80](index=80&type=chunk) - Future acquisitions will be funded through internal resources and other financing activities, including bank borrowings[80](index=80&type=chunk) [Exchange Rate Fluctuations and Related Hedging Risks](index=29&type=section&id=Exchange%20Rate%20Fluctuations%20and%20Related%20Hedging%20Risks) This section discusses the Group's exposure to foreign exchange rate fluctuations and its approach to hedging such risks - The Group's revenue, expenses, and monetary assets and liabilities are primarily denominated in RMB, HKD, EUR, CHF, and AUD[81](index=81&type=chunk) - No foreign exchange forward contracts were entered into during the period, and there were no unrealized gains or losses[81](index=81&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) This section provides information on the Group's workforce size and its compensation and benefits policies | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 49 | 46 | - The Group's total number of employees increased to **49**[82](index=82&type=chunk) - Remuneration policy is consistent with market practices, determined by performance and experience, offering pension and medical plans, and includes a 2019 share option scheme[84](index=84&type=chunk) - The Group values recruiting and retaining experienced talent, providing training, and striving to create a harmonious working environment[84](index=84&type=chunk) [Recent Developments](index=30&type=section&id=Recent%20Developments) The Group's recent developments focus on strategic expansion in the health and wellness industry, supported by favorable government policies and market growth [Macroeconomic and Industry Overview](index=30&type=section&id=Macroeconomic%20and%20Industry%20Overview) This section provides an overview of the macroeconomic environment and the health industry trends influencing the Group's operations - The Chinese government highly values the development of the health industry, launching the "Healthy China 2030" strategy, with the market size expected to exceed **RMB16 trillion** by 2030[85](index=85&type=chunk) - China has entered a moderately aging society, with a population of **310 million** aged 60 and above, giving rise to a "silver economy" market exceeding **RMB9 trillion**; demand for preventive medicine among younger groups is surging[86](index=86&type=chunk) - Despite sluggish global economic growth, the Chinese government's macroeconomic regulation and consumption stimulus policies inject vitality into economic development, benefiting the health and medical industry[87](index=87&type=chunk) [Health and Medical Related Business Segment - Cell Therapy and Health Management Business](index=32&type=section&id=Health%20and%20Medical%20Related%20Business%20Segment%20-%20Cell%20Therapy%20and%20Health%20Management%20Business) This section details the Group's progress and strategic initiatives in the cell therapy and health management sectors, including R&D and clinical trials - The Chinese government continues to issue policies supporting cell therapy development, listing cell culture and cell therapy drugs in the encouraged industry catalog, and accelerating the industrialization of cutting-edge technologies[88](index=88&type=chunk) - The global stem cell market size is projected to grow from **US$15 billion** in 2023 to **US$48.83 billion** by 2034; the Chinese market is expected to grow from **RMB141.8 billion** in 2024 to **RMB203.5 billion** by 2028[89](index=89&type=chunk) - The Group strategically invested in Yinguan Bio and established Meiaikang, continuously expanding its presence in the cell therapy field[90](index=90&type=chunk) - Yinguan Bio has made progress in IND applications for stem cell new drugs, with **4 cell drug clinical trial applications accepted**, of which **2 received implied approval**, and obtained multiple patent authorizations[91](index=91&type=chunk)[93](index=93&type=chunk) - Meiaikang completed **132 clinical trials**, showing significant efficacy, and is applying for related patent clusters[95](index=95&type=chunk) - The Group's Shenzhen and Nanjing clinics provide high-end health management services, operating steadily[95](index=95&type=chunk) [Health and Medical Related Business Segment - Skin Health Management Business](index=35&type=section&id=Health%20and%20Medical%20Related%20Business%20Segment%20-%20Skin%20Health%20Management%20Business) This section highlights the Group's initiatives in the skin health management business, including new brand launches and strategic collaborations - The light medical aesthetics market is rapidly penetrating, and the Group launched the "Jixiaojian" brand, integrating medical aesthetics and efficacy skincare, offering a "**60% light medical aesthetics + 40% minimalist efficient skincare**" combination[97](index=97&type=chunk)[98](index=98&type=chunk) - "Jixiaojian" collaborates with internationally renowned raw material companies like DSM and Ashland, launching multiple product lines simultaneously across online and offline channels[98](index=98&type=chunk) - Strategic cooperation has been established with medical aesthetic equipment leaders such as Lumenis and Peninsula, and R&D collaborations with Shenzhen Xuanjia and Juyuan Bio for supramolecular technology and recombinant collagen skincare products[99](index=99&type=chunk) [Internationalization Strategy](index=37&type=section&id=Internationalization%20Strategy) This section outlines the Group's efforts to expand its business globally, with a focus on European and Australian markets - For European operations, a subsidiary was established in Switzerland, launching the CBD high-end health consumer brand AlpReleaf, which has obtained EU and UK certifications, with sales covering **22 European countries**[100](index=100&type=chunk) - For Australian operations, the wholly-owned Yarrabend boutique townhouse project is steadily progressing in sales and construction[100](index=100&type=chunk) - The Group will continue to strengthen its international strategic layout, accelerate international business expansion, enhance brand depth, and boost channel development[101](index=101&type=chunk) [Outlook](index=37&type=section&id=Outlook) The Group is optimistic about China's economic recovery and its robust financial position, focusing on health and wellness, market expansion, and shareholder returns - China's economy is expected to continue its upward trend, providing a favorable environment for the Group's development[102](index=102&type=chunk) - The Group possesses **net current assets of approximately HK$566.3 million**, indicating a solid financial foundation[102](index=102&type=chunk) - The Group will continue to focus on the health and medical sector, optimize its skin health management business, expand sales channels, and explore opportunities for stable cash flow or high growth[102](index=102&type=chunk) - Overseas business scale is steadily expanding, distribution channels are widening, and brand building is improving[102](index=102&type=chunk) - The Board has declared an interim dividend of **0.15 HK cents per share**, and will continue to provide capital returns to shareholders through dividends and share repurchases[102](index=102&type=chunk) [Dividends](index=38&type=section&id=Dividends_Corporate) The Board has declared an interim dividend of 0.15 HK cents per share for the six months ended June 30, 2025, payable on October 31, 2025 - An interim dividend of **0.15 HK cents per share**, totaling approximately **HK$6,141,000**, will be paid on October 31, 2025[103](index=103&type=chunk) - The interim dividend is not recognized as a dividend payable for the six months ended June 30, 2025, but will be recognized as an appropriation for the year ending December 31, 2025[103](index=103&type=chunk) [Closure of Register of Members](index=38&type=section&id=Closure%20of%20Register%20of%20Members) The company will temporarily suspend share transfer registration from September 26 to October 2, 2025, to determine eligibility for the interim dividend - The register of members will be closed from **Friday, September 26, 2025, to Thursday, October 2, 2025**[104](index=104&type=chunk) - To qualify for the interim dividend, all duly completed transfer forms, together with the relevant share certificates, must be lodged with Tricor Investor Services Limited by **4:30 p.m. on Thursday, September 25, 2025**[104](index=104&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of Treasury Shares](index=38&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities%20or%20Sale%20of%20Treasury%20Shares) The company repurchased 29,706,000 shares for approximately HK$8,847,264 during the period, holding them as treasury shares with no immediate plans for use or sale - For the six months ended June 30, 2025, the company repurchased **29,706,000 shares** for a total consideration of approximately **HK$8,847,264**[105](index=105&type=chunk) - The repurchased shares have not yet been cancelled and are held by the company as treasury shares, with no current intention to use or sell them[105](index=105&type=chunk) - The Directors believe that the share repurchases will lead to an increase in net asset value per share and/or earnings per share[105](index=105&type=chunk) [Corporate Governance](index=38&type=section&id=Corporate%20Governance) The company has adopted and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules - The company has adopted and complied with the principles and all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[106](index=106&type=chunk) [Standard of Securities Transactions by Directors](index=38&type=section&id=Standard%20of%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions[107](index=107&type=chunk) - All Directors confirmed compliance with the standards set out in the Model Code for the six months ended June 30, 2025[107](index=107&type=chunk) [Events After Reporting Period](index=39&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after the reporting period and up to the date of this announcement - No significant events affecting the Group occurred after the reporting period and up to the date of this announcement[108](index=108&type=chunk) [Review of Unaudited Interim Financial Information](index=39&type=section&id=Review%20of%20Unaudited%20Interim%20Financial%20Information) The Audit Committee reviewed the unaudited interim financial information for the six months ended June 30, 2025, discussing accounting principles and internal controls - The Audit Committee has reviewed the unaudited interim financial information for the six months ended June 30, 2025, and discussed accounting principles, internal controls, and financial reporting matters[109](index=109&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=39&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement has been published on the HKEX and company websites, with the interim report to follow for shareholders - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.meilleure.com.cn)[110](index=110&type=chunk) - The interim report will be dispatched to the company's shareholders and published on the aforementioned websites in due course[110](index=110&type=chunk) [Definitions](index=39&type=section&id=Definitions) This section provides definitions for key terms used throughout the announcement, including company names, business segments, and regulatory bodies - Provides definitions for key terms such as "14th Five-Year Plan", "AlpReleaf", "Jixiaojian", "Guangyu Zhaoneng", and "Yinguan Bio"[111](index=111&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Acknowledgements](index=42&type=section&id=Acknowledgements) The Board of Directors expresses its sincere gratitude to all employees, shareholders, and business partners for their contributions - The Board of Directors extends its sincere gratitude to all employees, shareholders, and business partners of the Group[115](index=115&type=chunk)

Core Viewpoint - Meirui Health International (02327) expects a significant increase in shareholder profit for the six months ending June 30, 2025, projected between approximately HKD 14 million to HKD 16 million, compared to approximately HKD 8.2 million for the same period ending June 30, 2024 [1] Group 1: Profit Expectations - The anticipated increase in profit is primarily due to growth in property-related business revenue and profit, driven by increased rental income and stable fair value of investment properties for the six months ending June 30, 2025, in contrast to a significant decline in fair value for the same period in 2024 [1] - Interest income has risen as the company effectively utilized idle funds to provide short-term interest-bearing loans and long-term revolving financing to clients and related parties [1] Group 2: Challenges - The domestic operating environment remains challenging, leading to a decrease in trade sales and revenue from health and medical-related products [1]

Core Viewpoint - Mei Rui Health International (02327) expects to achieve a profit attributable to shareholders between approximately HKD 14 million and HKD 16 million for the six months ending June 30, 2025, compared to approximately HKD 8.2 million for the six months ending June 30, 2024 [1] Group 1: Profit Expectations - The anticipated increase in profit is primarily due to growth in property-related business revenue and profit, driven by increased rental income and stable fair value of investment properties for the six months ending June 30, 2025 [1] - In contrast, the fair value of investment properties experienced a significant decline for the six months ending June 30, 2024 [1] Group 2: Interest Income - The company benefited from effectively utilizing idle funds to provide short-term interest-bearing loans and long-term revolving financing to clients and related parties, resulting in increased interest income [1] Group 3: Adverse Factors - These positive factors were partially offset by a challenging domestic operating environment, leading to a decrease in trade sales and revenue from health and medical-related products [1]

Core Viewpoint - Meirui Health International (02327.HK) expects a significant increase in shareholder profit for the six months ending June 30, 2025, projecting between approximately HKD 14 million to HKD 16 million, compared to approximately HKD 8.2 million for the six months ending June 30, 2024 [1] Group 1: Profit Expectations - The anticipated increase in profit is primarily due to growth in property-related business revenue and profit, driven by increased rental income and stable fair value of investment properties [1] - The fair value of investment properties experienced a significant decline for the six months ending June 30, 2024, contrasting with the stability expected for the upcoming period [1] Group 2: Revenue Sources - The company has benefited from utilizing idle funds to provide short-term interest-bearing loans and long-term revolving financing to clients and related parties, resulting in increased interest income [1] - However, this positive impact is partially offset by a challenging domestic operating environment, leading to a decrease in trade sales and revenue from health and medical-related products [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，並明確表示概不就因本公告全部或任何部分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。 MEILLEURE HEALTH INTERNATIONAL INDUSTRY GROUP LIMITED 美 瑞 健 康 國 際 產 業 集 團 有 限 公 司 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及本公司潛在投 資者，基於初步評估本集團截至二零二五年六月三十日止六個月之未經審核綜合管理賬目及本 公司目前可得資料，本集團預期於截至二零二五年六月三十日止六個月錄得股東應佔溢利介乎 約14.0百萬港元至16.0百萬港元，而截至二零二四年六月三十日止六個月則錄得股東應佔溢利 為約8.2百萬港元。有關預期增加的主要原因如下： 而上述因素被以下不利因素部分抵銷： (iii) 國內經營環境依然困難，故貿易銷售額及健康醫療相關產品的收入有所減少。 本公告所載資料僅以董事會根據本集團截至二零二五年六月三十日止六個月未經審核綜合管理 賬目所作之初步評估及董事會於本公告日期可得之資料為基準， ...

格隆汇8月14日丨美瑞健康国际(02327.HK)宣布，本公司的董事会会议将于2025年8月28日（星期四）举 行，以批准（其中包括）本公司及其附属公司截至2025年6月30日止六个月期间的中期业绩及考虑派付 中期股息（如有）。 ...

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，概不對因本公告全部或任何部份內容而產生或 因倚賴 該等內容而引致之任何損失承擔任何責任。 MEILLEURE HEALTH INTERNATIONAL INDUSTRY GROUP LIMITED 美 瑞 健 康 國 際 產 業 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：2327） 董事會會議日期 美瑞健康國際產業集團有限公司(「本公司」)董事會(「董事會」)宣佈，本公司之董事會 會議將於二零二五年八月二十八日（星期四）舉行，以批准（其中包括）本公司及其附屬 公司截至二零二五年六月三十日止六個月期間的中期業績及考慮派付中期股息（如有）。 承董事會命 美瑞健康國際產業集團有限公司 執行董事及行政總裁 周文川 香港，二零二五年八月十四日 於本公告日期，董事會包括執行董事周旭洲先生、曾文濤博士及周文川女士，非執行董事毛振 華博士，及獨立非執行董事周志偉教授、陳實先生及吳鵬先生。 — 1 — ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7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: 美瑞健康國際產業集團有限公司 呈交日期: 2025年8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) | 02327 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...

Market Growth and Demand - The health industry in China is projected to reach a market size of over RMB 16 trillion by 2030, indicating significant growth potential[9]. - By the end of 2024, the population aged 60 and above in China is expected to exceed 290 million, creating substantial demand in the health sector[10]. - The "silver economy" market size has surpassed RMB 9 trillion, driven by the aging population and increasing health needs[10]. - The demand for preventive medicine and personalized health management is rapidly increasing among younger demographics, leading to growth in niche markets like nutritional health and genetic testing[10]. - The Chinese stem cell market is projected to reach approximately RMB 26.5 billion by 2024, indicating strong growth potential[14]. Company Strategy and Focus - The company is focusing on cell therapy and health management, leveraging its extensive experience in skin health management to optimize product offerings[12]. - The company aims to enhance its investment strategies and capitalize on emerging opportunities in the health sector amidst a challenging economic environment[12]. - The company is committed to long-term growth, emphasizing the importance of maintaining a solid operational foundation while exploring new business avenues[12]. - The company is actively seeking new opportunities and breakthroughs in the health industry, aligning with national health policies and market trends[12]. - The company is focused on exploring commercialization pathways for cell therapy products and enhancing synergies between health management and other business segments[18]. - The company aims to deepen its layout in cell therapy research and applications, responding to increasing market demand for related products[18]. Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 50.7 million, a decrease of about 60.8% from HKD 129.3 million in 2023[28]. - Gross profit for the year ended December 31, 2024, was approximately HKD 28.9 million, down about 63.0% from HKD 78.1 million in 2023, with a gross margin of 57.0% compared to 60.4% in the previous year[29]. - Other income and net gains for the year ended December 31, 2024, increased to approximately HKD 53.3 million, a rise of about 114.1% from HKD 24.9 million in 2023[31]. - Total operating expenses for the year ended December 31, 2024, were approximately HKD 31.6 million, a decrease of about 19.6% from HKD 39.3 million in 2023[32]. - Profit after tax for the year ended December 31, 2024, was approximately HKD 32.0 million, down about 16.9% from HKD 38.5 million in 2023[34]. Assets and Liabilities - Non-current assets as of December 31, 2024, were approximately HKD 980.4 million, an increase of about 26.0% from HKD 778.4 million in 2023[43]. - Current assets as of December 31, 2024, were approximately HKD 688.3 million, a decrease of about 25.1% from HKD 918.8 million in 2023[43]. - The group’s net asset value as of December 31, 2024, was approximately HKD 1,201.4 million, down from HKD 1,254.3 million in 2023[42]. - The group’s total liabilities as of December 31, 2024, were approximately HKD 467.3 million, an increase from HKD 442.9 million in 2023[42]. Investment and Financing - The group remains committed to investing in the health industry, aiming to capture market opportunities in this sector[59]. - The group has established strict credit risk management and internal control procedures for its lending transactions[62]. - The group has a structured procedure for handling overdue payments, including reminders and collection actions[64]. - The group plans to explore cross-selling opportunities with Yincuan Bio, aiming for synergistic effects[112]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions during the year ending December 31, 2024[176]. - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategic Committee to oversee various aspects of the group's operations[183]. - The independent non-executive directors have a one-year appointment term or until they retire according to company bylaws[189]. - The board has implemented a mechanism to ensure strong independence and efficiency in decision-making, which is reviewed annually[187]. Employee and Management - As of December 31, 2024, the group had approximately 46 employees, a decrease from 57 employees in 2023, with employee costs amounting to approximately HKD 13.7 million, down from HKD 14.1 million in 2023[76]. - The group has adopted a share option scheme in 2019 to attract and retain skilled employees[77]. - The Compensation Committee ensures that no director or their associates participate in determining their own remuneration[197]. Related Party Transactions - The company has entered into a financing agreement with Guangyu Zhaoneng, providing a revolving loan of up to RMB 200,000,000 at an interest rate of the one-year loan market quotation rate plus 3.05%[142]. - Guangyu Zhaoneng is controlled by a director of the company, making it a related party transaction[142]. - Independent non-executive directors have confirmed that the related transactions are conducted in the ordinary course of business and on normal commercial terms[151].

Financial Performance - Total revenue for the year ending December 31, 2024, was HKD 50,676,000, a decrease of 60.8% compared to HKD 129,304,000 for the year ending December 31, 2023[3]. - Gross profit for the year was HKD 28,905,000, down 63.0% from HKD 78,090,000 in the previous year[3]. - Net profit for the year was HKD 32,045,000, a decline of 16.8% compared to HKD 38,490,000 in the prior year[3]. - Basic and diluted earnings per share were HKD 0.79, down from HKD 1.00 in the previous year[3]. - The total comprehensive income for the year ended December 31, 2024, was HKD 32,045,000, compared to HKD 38,490,000 in the previous year, representing a decrease of approximately 16%[4]. - The company reported a total comprehensive loss of HKD 37,747,000 for the year, compared to a loss of HKD 7,604,000 in the previous year, indicating a significant increase in losses[4]. - The company reported interest income of HKD 22,045,000, an increase from HKD 18,824,000 in the previous year, reflecting a growth of about 17.5%[13]. - Profit after tax for the year ended December 31, 2024, was approximately HKD 32.0 million, a decrease of about HKD 6.5 million or approximately 16.9% from HKD 38.5 million for the year ended December 31, 2023[66]. Revenue Breakdown - Revenue from the healthcare-related business for the year ended December 31, 2024, was approximately HKD 19.6 million, a decrease of about HKD 28.5 million or approximately 59.3% compared to HKD 48.1 million for the year ended December 31, 2023[68]. - Revenue from the trading business for the year ended December 31, 2024, was approximately HKD 13.8 million, a decrease of about HKD 48.8 million or approximately 78.0% from HKD 62.6 million for the year ended December 31, 2023[69]. - Revenue from property-related business for the year ended December 31, 2024, was approximately HKD 17.2 million, a decrease of about HKD 1.4 million or approximately 7.5% compared to HKD 18.6 million for the year ended December 31, 2023[70]. - Revenue from health-related products sales reached HKD 37,791,000 in 2024, up from HKD 7,516,000 in 2023, marking a growth of 402%[21]. - Income from new energy product procurement services surged to HKD 20,841,000 in 2024, compared to HKD 1,006,000 in 2023, reflecting a growth of 1985%[21]. Expenses and Liabilities - Administrative expenses were HKD 24,615,000, slightly up from HKD 24,474,000 year-over-year[3]. - The company recognized an impairment loss of HKD 20,224,000, compared to HKD 3,962,000 in the previous year, indicating a significant increase in asset impairment[3]. - The total liabilities for the company were HKD 158,342,000, down from HKD 223,994,000 in the previous year, indicating a reduction of approximately 29%[5]. - The total liabilities included bank loans of HKD 218,645,000, which increased from HKD 137,315,000, indicating a rise of approximately 59.3%[6]. - The group reported a significant decrease in gross profit, mainly due to reduced sales in healthcare-related products and trading business, which contributed to a drop of approximately HKD 49.2 million in gross profit[61]. Assets and Equity - The company's non-current assets amounted to HKD 980,356,000 as of December 31, 2024, an increase from HKD 778,429,000 in the previous year, reflecting a growth of about 26%[5]. - The company's total assets, net of current liabilities, stood at HKD 1,510,309,000, compared to HKD 1,473,215,000 in the previous year, showing an increase of approximately 3%[5]. - The company's total equity attributable to shareholders decreased to HKD 37,341,000 from HKD 5,261,000, indicating a substantial decline in shareholder equity[4]. - The net asset value of the company was HKD 1,201,364,000, down from HKD 1,254,321,000, indicating a reduction of approximately 4.2%[6]. Strategic Focus and Future Plans - The company plans to focus on new product development and market expansion strategies to improve future performance[2]. - The company plans to expand its market presence and enhance its product offerings in the health and new energy sectors[21]. - Future guidance indicates a continued focus on increasing revenue streams from health management services and new energy products[21]. - The company aims to optimize its skincare products and business models based on years of experience in skin health management[42]. - The company is committed to research and development to improve its product efficacy and expand its service offerings[121]. Market Trends and Opportunities - The health industry is projected to reach a market size of over RMB 16 trillion by 2030, indicating significant growth potential[40]. - By the end of 2024, the population aged 60 and above in China is expected to exceed 290 million, creating substantial downstream demand for health services[41]. - The "silver economy" market size has surpassed RMB 9 trillion, driven by the aging population[41]. - The company is exploring opportunities for market expansion in both domestic and international markets[126]. Corporate Governance and Compliance - The board believes that good corporate governance is essential for effective management and has adhered to the corporate governance code during the financial year[113]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2024, including the accounting principles adopted[115]. - The company has established strict credit risk management and internal control procedures for its lending activities[93]. Employee and Shareholder Relations - The company expressed gratitude to its employees for their contributions and to shareholders for their trust and support[123]. - The company is committed to providing training for new employees to familiarize them with the work environment and culture[107]. - The proposed final dividend is HKD 0.4 per share for the year ended December 31, 2024, consistent with the previous year[109].