格隆汇10月22日丨久融控股(02358.HK)发布公告，2025年10月21日，卖方(即久融新能源科技有限公 司，公司的间接全资附属公司)与买方(即杭州西湖新能源科技有限公司，由西湖电子集团有限公司直接 全资拥有)就出售事项订立该协议。根据该协议，买方有条件同意收购充电场站(即位于杭州市的11座新 能源公共交通充电场站及其相关资产(包括充电设备))，代价约人民币1.853亿元(含中国增值税)。出售事 项完成后，公司将不再持有充电场站资产的任何权利及义务。 出售事项完成后，由于集团将于出售事项完成后继续向充电场站提供营运及管理服务，故于2025年10月 21日，卖方与买方订立联合运营协议，据此运营管理人将根据联合运营协议的条款及条件，就充电场站 提供为期3年的营运及管理服务，以换取电费服务费。 ...

充电场站由位于中国杭州的11座新能源公共交通充电场站组成。于2025年6月30日，充电场站的账面值 约为人民币1.85亿元。 久融控股(02358)发布公告，于2025年10月21日(交易时段结束后)，卖方久融新能源科技有限公司(本公 司的间接全资附属公司)与买方杭州西湖新能源科技有限公司就出售事项订立该协议。根据该协议，卖 方有条件同意出售，而买方有条件同意收购充电场站，代价约人民币1.85亿元，经参考独立第三方估值 师于2025年6月30日(估值基准日期)编制的初步估值约人民币1.86亿元，其估值报告将载于通函内。出售 事项完成后，本公司将不再持有充电场站资产的任何权利及义务。 出售事项完成后，由于本集团将于出售事项完成后继续向充电场站提供营运及管理服务，故于2025年10 月21日(交易时段结束后)，卖方与买方订立联合运营协议，据此运营管理人将根据联合运营协议的条款 及条件，就充电场站提供为期3年的营运及管理服务，以换取电费服务费(定义见本文)。 本公司认为，根据该协议及联合运营协议拟进行的交易将使本集团得以保留营运权并产生稳定收入，并 提升盈利能力，同时将部分固定营运成本转嫁予买方，例如财务成本(以每 ...

充电场站由位于中国杭州的11座新能源公共交通充电场站组成。于2025年6月30日，充电场站的账面值 约为人民币1.85亿元。 智通财经APP讯，久融控股(02358)发布公告，于2025年10月21日(交易时段结束后)，卖方久融新能源科 技有限公司(本公司的间接全资附属公司)与买方杭州西湖新能源科技有限公司就出售事项订立该协议。 根据该协议，卖方有条件同意出售，而买方有条件同意收购充电场站，代价约人民币1.85亿元，经参考 独立第三方估值师于2025年6月30日(估值基准日期)编制的初步估值约人民币1.86亿元，其估值报告将载 于通函内。出售事项完成后，本公司将不再持有充电场站资产的任何权利及义务。 出售事项完成后，由于本集团将于出售事项完成后继续向充电场站提供营运及管理服务，故于2025年10 月21日(交易时段结束后)，卖方与买方订立联合运营协议，据此运营管理人将根据联合运营协议的条款 及条件，就充电场站提供为期3年的营运及管理服务，以换取电费服务费(定义见本文)。 本公司认为，根据该协议及联合运营协议拟进行的交易将使本集团得以保留营运权并产生稳定收入，并 提升盈利能力，同时将部分固定营运成本转嫁予买方， ...

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 產生或因依賴該等內容而引致的任何損失承擔任何責任。 久融控股有限公司 Jiu Rong Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：2358） (1) 與銷售充電場站相關之非常重大出售事項；及 (2) 聯合運營協議 本公司財務顧問 出售事項 董事會欣然宣佈，於二零二五年十月二十一日（交易時段結束後），賣方（本公司之間 接全資附屬公司）與買方就出售事項訂立該協議。根據該協議，賣方有條件同意出 售，而買方有條件同意收購充電場站，代價約人民幣185.3百萬元（相當於約201.4百萬 港元，含中國增值稅），經參考獨立第三方估值師於二零二五年六月三十日（估值基準 日期）編製之初步估值約人民幣185.5百萬元，其估值報告將載於通函內。出售事項完 成後，本公司將不再持有充電場站資產的任何權利及義務。 –1– 聯合運營協議 出售事項完成後，由於本集團將於出售事項完成後繼續向充電場站提供營運及管理服 務，故於二零二五年十月二十一日（交易時 ...

[I. Financial Performance Announcement](index=1&type=section&id=I.%20Financial%20Performance%20Announcement) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Jiurong Holdings Limited reported **HKD 875 million** revenue, **HKD 60.814 million** gross profit, and a **HKD 306 million** loss for the 18 months ended June 30, 2025, with basic loss per share at **HKD 5.60 cents** | Indicator | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 875,247 | 471,779 | | Cost of sales | (814,433) | (410,040) | | Gross profit | 60,814 | 61,739 | | Other income | 67,351 | 39,496 | | Selling and distribution costs | (55,256) | (48,865) | | Administrative expenses | (70,843) | (43,351) | | Other operating expenses | (1,265) | (4,919) | | Other gains and losses, net | (172,299) | (247,875) | | Finance costs | (83,800) | (55,090) | | Share of loss of associates | (65,436) | (87,096) | | Loss before tax | (320,734) | (385,961) | | Income tax credit | 14,471 | 2,668 | | Loss for the period/year | (306,263) | (383,293) | | Basic loss per share (HK cents) | (5.60) | (7.00) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company reported **HKD 1.079 billion** in total assets, **HKD 1.024 billion** in net current liabilities, and a shift in shareholders' equity from surplus to deficit | Indicator | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Non-current assets | 1,079,229 | 1,381,775 | | Current assets | 797,025 | 853,883 | | Current liabilities | 1,821,339 | 1,677,926 | | Net current liabilities | (1,024,314) | (824,043) | | Total assets less current liabilities | 54,915 | 557,732 | | Non-current liabilities | 291,339 | 474,796 | | (Net liabilities) / Net assets | (236,424) | 82,936 | | Cash and cash equivalents | 2,971 | 4,247 | | Trade receivables | 318,071 | 394,453 | | Trade payables and bills payable | 652,220 | 1,221,696 | [II. Notes to the Consolidated Financial Statements](index=4&type=section&id=II.%20Notes%20to%20the%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=4&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared in Hong Kong dollars under the historical cost convention, adhering to Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance - The consolidated financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards, and Interpretations, as well as the disclosure requirements of the Hong Kong Companies Ordinance[8](index=8&type=chunk) - The statements are prepared under the historical cost convention, with adjustments for investment properties, investments at fair value through profit or loss, and equity investments at fair value through other comprehensive income[8](index=8&type=chunk) - The consolidated financial statements are presented in Hong Kong dollars, which is the functional currency of the Company, while major subsidiaries' functional currencies include Renminbi and Hong Kong dollars[8](index=8&type=chunk) [Going Concern Basis](index=4&type=section&id=Going%20Concern%20Basis) The company faces significant going concern uncertainties due to substantial losses, high net current and total liabilities, and overdue debts, despite the Board's strategic plans to mitigate these challenges - As of June 30, 2025, the Group incurred a loss of approximately **HKD 306 million**, with net current liabilities of approximately **HKD 1.024 billion**, net liabilities of approximately **HKD 236 million**, and cash and cash equivalents of only approximately **HKD 2.971 million**[9](index=9&type=chunk) - The Group is in default on interest-bearing loan repayments of approximately **HKD 415 million** to an indirect shareholder, indicating significant going concern uncertainties[9](index=9&type=chunk) - The Board has initiated several plans to address these issues, including: - Coordinating the sale of plant and machinery-related assets with a Chinese new energy technology company[10](index=10&type=chunk) - Contacting creditors regarding overdue loans to seek extensions or alternative refinancing[10](index=10&type=chunk) - Negotiating with creditors and banks for loan renewals and new bank financing[10](index=10&type=chunk) - Evaluating potential proceeds from a share placement[10](index=10&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=Adoption%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The company adopted all effective new and revised Hong Kong Financial Reporting Standards, with no significant impact on accounting policies or reported amounts, and is assessing future standards - The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024[11](index=11&type=chunk) - The adoption of these new and revised standards did not result in significant changes to the Group's accounting policies, financial statement presentation, or reported amounts[11](index=11&type=chunk) - The Group has not yet applied new standards that have been issued but are not yet effective, and is currently assessing their potential impact[11](index=11&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group operates six reportable segments, generating **HKD 875 million** in revenue for the 18 months ended June 30, 2025, predominantly from digital video and new energy vehicle businesses in China [Reportable Segments](index=6&type=section&id=Reportable%20Segments) The Group operates six distinct reportable segments: digital video, new energy vehicles, cloud ecosystem big data, property development, property investment, and general trading - The Group has six reportable segments: - Digital video business: Engaged in the production and sale of smart TVs, digital TVs, high-definition LCD TVs, and set-top boxes, along with providing related integrated application solutions[12](index=12&type=chunk) - New energy vehicle business: Involved in the construction, application, and management of new energy vehicles and related products, charging facilities, and intelligent management systems, as well as component processing services[12](index=12&type=chunk) - Cloud ecosystem big data business: Engaged in the application and management of cloud ecosystem big data industry[12](index=12&type=chunk) - Property development: Involved in property development for industrial parks and sales of building materials[12](index=12&type=chunk) - Property investment: Engaged in property investment to earn rental income from industrial parks[12](index=12&type=chunk) - General trading: Engaged in general trading of goods and commodities[12](index=12&type=chunk) [Revenue and Profit/Loss Analysis](index=7&type=section&id=Revenue%20and%20Profit%2FLoss%20Analysis) For the 18 months ended June 30, 2025, the Group's revenue grew to **HKD 875 million**, primarily from digital video and new energy vehicles, yet most segments reported losses, leading to a **HKD 321 million** consolidated loss before tax | Revenue Source | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Sales of digital video products | 465,032 | 229,223 | | Revenue from new energy vehicle charging services | 198,791 | 176,921 | | Processing income related to new energy vehicle components | 183,758 | 34,356 | | Revenue from big data services | 4,472 | 2,799 | | Sales of building materials | – | 1,294 | | General trading | – | 3,858 | | Revenue from contracts with customers | 852,053 | 448,451 | | Rental income | 23,194 | 23,328 | | Total revenue | 875,247 | 471,779 | | Segment | Reportable Segment Loss for 18 Months Ended June 30, 2025 (HKD thousands) | | :--- | :--- | | Digital video business | (77,998) | | New energy vehicle business | (38,924) | | Cloud ecosystem big data business | (39,708) | | Property development | (65,436) | | Property investment | (84,224) | | Total | (306,290) | | Segment | Reportable Segment Assets as of June 30, 2025 (HKD thousands) | | :--- | :--- | | Digital video business | 588,181 | | New energy vehicle business | 432,402 | | Cloud ecosystem big data business | 3,141 | | Property development | 85,893 | | Property investment | 619,263 | | Total | 1,728,880 | | Segment | Reportable Segment Liabilities as of June 30, 2025 (HKD thousands) | | :--- | :--- | | Digital video business | (872,790) | | New energy vehicle business | (667,745) | | Cloud ecosystem big data business | (232,315) | | Property development | (33,996) | | Property investment | (302,415) | | Total | (2,109,261) | | Indicator | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Total reportable segment revenue | 875,247 | 471,779 | | Total reportable segment loss | (306,290) | (390,185) | | Net unallocated corporate (expenses) / income | (14,444) | 4,224 | | Consolidated loss before tax | (320,734) | (385,961) | [Geographical Information and Major Customers](index=11&type=section&id=Geographical%20Information%20and%20Major%20Customers) The Group's revenue and most non-current assets are derived from China, with Customer A (new energy vehicles) and Customer B (digital video) being key revenue contributors | Region | Revenue for 18 Months Ended June 30, 2025 (HKD thousands) | Revenue for Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | China | 875,247 | 470,986 | | Hong Kong | – | 793 | | Total | 875,247 | 471,779 | | Region | Non-current Assets as of June 30, 2025 (HKD thousands) | Non-current Assets as of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | China | 926,669 | 1,150,287 | | Hong Kong | 47 | 69 | | Total | 926,716 | 1,150,356 | | Customer | Segment | Revenue for 18 Months Ended June 30, 2025 (HKD thousands) | Revenue for Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | :--- | | Customer A | New energy vehicle business | 147,750 | 129,717 | | Customer B | Digital video business | 104,083 | 74,193 | | Customer C | Digital video business | 103,763 | Not applicable | [Revenue Recognition Policies](index=14&type=section&id=Revenue%20Recognition%20Policies) The Group recognizes revenue upon transfer of product control or service provision, with specific policies for digital video, new energy vehicles, cloud big data, property development, and construction material sales - Sales of digital video products are recognized when control of the products is transferred (i.e., products are delivered to customers), there are no unfulfilled obligations, and the customer obtains legal title[21](index=21&type=chunk) - Revenue from new energy vehicle charging services and processing services is recognized when services are provided and there are no unfulfilled obligations, with credit terms for charging services typically being payment on demand[22](index=22&type=chunk) - Revenue from cloud ecosystem big data services is recognized when services are provided and there are no unfulfilled obligations[23](index=23&type=chunk) - Revenue from property development contracts is recognized when control of the property is transferred (i.e., the customer obtains physical possession or legal title, and the Group is entitled to receive payment)[24](index=24&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) Other income significantly increased to **HKD 67.351 million** for the 18 months ended June 30, 2025, driven by higher interest income from associates and government grants | Income Source | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Bank interest income | 541 | 1,370 | | Write-off of trade payables | – | 3,827 | | Interest income from third parties | – | 5,497 | | Interest income from associates | 35,964 | 8,040 | | Government grants | 24,638 | 11,073 | | Reversal of impairment loss on inventories | – | 13 | | Gain on disposal of property, plant and equipment | – | 616 | | Penalty income for breach of contract | 1,525 | – | | Exchange differences | – | 8,753 | | Others | 4,683 | 307 | | Total | 67,351 | 39,496 | [Other Gains and Losses, Net and Finance Costs](index=16&type=section&id=Other%20Gains%20and%20Losses%2C%20Net%20and%20Finance%20Costs) Net other gains and losses amounted to a **HKD 172 million** loss for the 18 months ended June 30, 2025, largely due to fair value losses on investment properties, with finance costs rising to **HKD 83.8 million** | Item | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Expected credit losses recognized on trade receivables | (98,193) | (10,031) | | Expected credit losses recognized on other receivables | (15,193) | (51,168) | | Impairment loss on property, plant and equipment | – | (91,655) | | Loss on disposal of property, plant and equipment | – | (14,022) | | Fair value (loss) / gain on investments at fair value through profit or loss | (7,106) | 9,600 | | Fair value changes of investment properties | (120,803) | (25,723) | | Net exchange loss | – | (5,048) | | (Loss) / gain on disposal of investments at fair value through profit or loss | (96) | 9,264 | | Total | (172,299) | (247,875) | | Finance Cost Item | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank and other loans | 69,367 | 47,543 | | Interest on bills payable | 12,343 | 6,476 | | Interest on lease liabilities | 2,090 | 1,071 | | Total | 83,800 | 55,090 | [Loss for the Period/Year](index=17&type=section&id=Loss%20for%20the%20Period%2FYear) The Group's loss for the 18 months ended June 30, 2025, was **HKD 306 million**, driven by factors including cost of inventories sold, staff costs, depreciation, and fair value losses on investment properties | Item | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 814,433 | 410,040 | | Total staff costs | 111,838 | 90,563 | | Auditor's remuneration | 1,800 | 1,120 | | Depreciation of property, plant and equipment | 83,161 | 66,258 | | Depreciation of right-of-use assets | 6,210 | 3,174 | | Short-term lease related expenses | 7,034 | 13,050 | | Net exchange loss / (gain) | 5,048 | (8,753) | | Fair value loss on investment properties | 120,803 | 25,723 | | Impairment loss on property, plant and equipment | – | 91,655 | [Income Tax Credit](index=17&type=section&id=Income%20Tax%20Credit) The Group reported an income tax credit of **HKD 14.471 million** for the 18 months ended June 30, 2025, primarily from deferred tax, with significant unused tax losses available | Item | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Current tax – China | (436) | 854 | | Deferred tax | (14,035) | (3,522) | | Total income tax credit | (14,471) | (2,668) | - Jiurong New Energy and Hangzhou Yunqi Cloud Data Co, Ltd have obtained high-tech enterprise certificates, entitling them to a preferential tax rate of **15%**[30](index=30&type=chunk) - As of June 30, 2025, the Group had unused tax losses of approximately **HKD 462 million** (December 31, 2023: **HKD 371 million**) available to offset future profits[31](index=31&type=chunk) [Loss Per Share](index=19&type=section&id=Loss%20Per%20Share) Basic loss per share improved to **HKD 5.60 cents** for the 18 months ended June 30, 2025, with unexercised share options having no dilutive impact | Indicator | 18 Months Ended June 30, 2025 | Year Ended December 31, 2023 | | :--- | :--- | :--- | | Loss for the period/year attributable to owners of the Company | HKD 306,263,000 | HKD 383,293,000 | | Weighted average number of ordinary shares in issue | 5,472,000,000 shares | 5,472,000,000 shares | | Basic loss per share | (5.60) HK cents | (7.00) HK cents | - For the 18 months ended June 30, 2025, and the year ended December 31, 2023, the effect of the Company's outstanding share options had no dilutive impact on loss per share[34](index=34&type=chunk) [Dividends](index=19&type=section&id=Dividends) The Board does not recommend any dividend payments for the 18 months ended June 30, 2025, or for the year ended December 31, 2023 - The Directors do not recommend the payment of any dividends for the 18 months ended June 30, 2025, and for each of the years ended December 31, 2023[35](index=35&type=chunk) [Trade Receivables](index=19&type=section&id=Trade%20Receivables) Net trade receivables decreased to **HKD 318 million** as of June 30, 2025, with a higher proportion of overdue receivables and increased expected credit loss provisions | Indicator | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables | 425,945 | 493,112 | | Loss allowance | (107,874) | (98,659) | | Net | 318,071 | 394,453 | | Ageing | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 1,833 | 79,267 | | 91 to 180 days | 19,872 | 1,462 | | 181 days to one year | 301 | 6,651 | | Over one year | 296,065 | 307,073 | | Total | 318,071 | 394,453 | - As of June 30, 2025, trade receivables of approximately **HKD 14.14 million** were pledged to a bank as security[37](index=37&type=chunk) - For the 18 months ended June 30, 2025, a provision for expected credit losses on trade receivables of approximately **HKD 10.031 million** was recognized, determined using the probability of default method[40](index=40&type=chunk) [Trade Payables and Bills Payable](index=21&type=section&id=Trade%20Payables%20and%20Bills%20Payable) Total trade payables and bills payable decreased to **HKD 652 million** as of June 30, 2025, with a notable increase in the proportion of trade payables overdue for over two years | Indicator | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 474,684 | 944,651 | | Bills payable | 177,536 | 277,045 | | Total | 652,220 | 1,221,696 | | Ageing | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Within 180 days | 32,319 | 127,331 | | 181 days to one year | 9,040 | 35,967 | | One to two years | 104,352 | 719,949 | | Over two years | 328,973 | 61,404 | | Total | 474,684 | 944,651 | - As of June 30, 2025, and December 31, 2023, certain bills payable were secured by the Group's investment properties, properties held for sale, and pledged bank deposits[41](index=41&type=chunk) [III. Management Discussion and Analysis](index=22&type=section&id=III.%20Management%20Discussion%20and%20Analysis) [Overall Financial Performance](index=22&type=section&id=Overall%20Financial%20Performance) For the 18 months ended June 30, 2025, turnover surged **86%** to **HKD 875 million**, while gross profit slightly declined, and loss for the period decreased **20%** to **HKD 306 million** | Indicator | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Turnover | 875,247 | 471,779 | +86% | | Gross profit | 60,814 | 61,739 | -1% | | Loss | (306,263) | (383,293) | -20% | | Basic loss per share (HK cents) | (5.60) | (7.00) | -20% | | Cash and cash equivalents | 2,971 | 4,247 | -30% | [Turnover and Gross Profit Margin](index=22&type=section&id=Turnover%20and%20Gross%20Profit%20Margin) Turnover increased to **HKD 875 million**, driven by digital video and new energy vehicle businesses, but the gross profit margin declined from **13.09% to 6.95%**, signaling profitability pressure - The Group recorded a turnover of approximately **HKD 875 million**, primarily from digital video business, new energy vehicle business, cloud ecosystem big data business, property investment, property development, and general trading[44](index=44&type=chunk) - The gross profit margin decreased from approximately **13.09%** to **6.95%**[49](index=49&type=chunk) [Operating Businesses](index=23&type=section&id=Operating%20Businesses) The Group operates six core businesses, including digital video and new energy vehicles, with a significant development in property development where an associate terminated a project - Digital video business: Engaged in the research, development, production, and sale of smart TVs, digital TVs, high-definition LCD TVs, and set-top boxes, and provides related integrated application solutions through Shuyuan Jiurong and Jiurong Smart[46](index=46&type=chunk) - New energy vehicle business: Engaged in the construction, application, and management of new energy vehicles and related products, charging facilities, and intelligent management systems, as well as component processing services through Jiurong New Energy[46](index=46&type=chunk) - Cloud ecosystem big data business: Engaged in cloud ecosystem big data application and management through Hangzhou Yunqi Cloud Data Co, Ltd[46](index=46&type=chunk) - Property development: Engaged in big data industrial park property development in Hangzhou through Hangzhou Green Cloud Property Co, Ltd, with associate Jingdu Guanrong having terminated its property development project and applied for the return of land use rights[47](index=47&type=chunk) - Property investment: Engaged in property investment through Green Cloud to earn rental income from Hangzhou Big Data Industrial Park[48](index=48&type=chunk) - General trading: Engaged in general trading of goods and commodities[48](index=48&type=chunk) [Expenses](index=24&type=section&id=Expenses) The Group maintained stringent cost control measures and strengthened its cost control framework to ensure financial stability and enhance shareholder value - The Group continued to implement strict cost control measures across all aspects of its operations, with management adhering to prudent spending principles[50](index=50&type=chunk) - The Group further strengthened its cost control framework, regularly reviewing and updating internal procedures to ensure continuous achievement of cost-effectiveness objectives[50](index=50&type=chunk) [Financial Position and Liquidity](index=24&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2025, the Group faced severe financial and liquidity challenges, marked by significant operating cash outflows, reduced cash, and a shift to deficit in shareholders' equity | Indicator | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Cash used in operations | 316,849 | 1,156 | | Cash and cash equivalents | 2,971 | 4,247 | | Shareholders' equity | (236,424) (Deficit) | 82,936 (Surplus) | | Current assets | 797,025 | 853,883 | | Net debt | 2,056,955 | 2,107,091 | | Trade and bills receivables | 318,071 | 394,453 | - The Group recognized expected credit losses on trade receivables of approximately **HKD 10.031 million** (2023: **HKD 98.193 million**)[52](index=52&type=chunk) - Expected credit losses on other receivables amounted to approximately **HKD 15.193 million** (2023: **HKD 51.168 million**)[52](index=52&type=chunk) - Investment properties recorded a significant fair value loss of approximately **HKD 121 million** (2023: **HKD 25.723 million**), primarily due to the downturn in the Chinese real estate market[53](index=53&type=chunk) - As of June 30, 2025, the Group had pledged bank deposits, properties held for sale, investment properties, and trade receivables as collateral for bank loans and bills payable[53](index=53&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=25&type=section&id=Significant%20Investments%2C%20Acquisitions%2C%20and%20Disposals) The Group disposed of all its non-Hong Kong listed equity investments and Songdu Services Group Limited shares, expecting disposal gains, with no other significant investment activities during the period - The Group has disposed of all its equity investments listed outside Hong Kong, classified as fair value through other comprehensive income, expecting to record a disposal gain of approximately **HKD 22.834 million**[54](index=54&type=chunk) - Between November 2024 and March 2025, the Company disposed of a total of **7.57 million** shares in Songdu Services Group Limited, classified as investments at fair value through profit or loss[54](index=54&type=chunk) - Other than the disclosures above, the Group held no other significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[54](index=54&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) The company's capital structure remained unchanged during the review period - There were no changes to the Company's capital structure during the review period[55](index=55&type=chunk) [Risk Management](index=25&type=section&id=Risk%20Management) The Group manages risks including intense competition in digital video, power supply and charging safety in new energy vehicles, and low foreign exchange exposure through strategic product development and operational controls - Intense competition risk: The digital video business faces fierce competition, putting downward pressure on product prices, with market position dependent on managing competition, introducing new products and services, pricing strategies, and customer preferences[56](index=56&type=chunk) - Unstable power supply risk: The new energy vehicle business relies on a stable power supply, mitigated by scheduling charging times between midnight and 4 AM to reduce electricity costs and ensure stable supply[57](index=57&type=chunk) - Charging safety risk: The new energy vehicle business utilizes employee manuals to guide staff on charging pile operations, with charging piles automatically stopping in case of abnormal charging to maintain high safety standards[58](index=58&type=chunk) - Foreign exchange and currency risk: The Group faces very low foreign currency risk as most business transactions, assets, and liabilities are denominated in functional currencies, and will be closely monitored with hedging considered if necessary[59](index=59&type=chunk) [Contingent Liabilities and Capital Commitments](index=26&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) The Group reported no contingent liabilities during the review period, while capital commitments significantly decreased to **HKD 17.385 million** | Indicator | As of June 30, 2025 (HKD thousands) | As of December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Contingent liabilities | None | None | | Capital commitments | 17,385 | 150,449 | [Employees and Remuneration Policies](index=26&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, employee numbers decreased to **248**, yet total remuneration increased to **HKD 112 million**, with policies based on performance and experience, including training and retirement schemes | Indicator | As of June 30, 2025 (Number of Employees) | As of December 31, 2023 (Number of Employees) | | :--- | :--- | :--- | | Number of employees | 248 | 395 | | Indicator | 18 Months Ended June 30, 2025 (HKD thousands) | Year Ended December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Total employee remuneration | 111,838 | 90,563 | - The Group determines employee remuneration based on job responsibilities, performance, and professional experience, and provides on-the-job training[61](index=61&type=chunk) - The Group has established a Mandatory Provident Fund Scheme for Hong Kong employees and participates in defined contribution retirement schemes arranged by local governments in China[61](index=61&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, the Group divested equity in Hangzhou Eastern Software Park and Jiangsu Jiurong Integrated Energy Services, including EV charging stations, and adjusted inter-company repayment responsibilities - On August 28, 2025, the Group sold approximately **5.22%** equity in Hangzhou Eastern Software Park Co, Ltd for **RMB 36.4878 million**[63](index=63&type=chunk) - On September 10, 2025, the Group entered into an asset transaction agreement with Nanjing State Grid Dianrui Power Technology Co, Ltd to transfer **100%** equity in Jiangsu Jiurong Integrated Energy Services Co, Ltd and **13** electric vehicle charging stations for **RMB 6.87 million** plus a transaction service fee, with the buyer assuming principal and interest on related loans[64](index=64&type=chunk) - On September 15, 2025, Shuyuan Jiurong, Yunqi Cloud Data, and their creditors entered into a claim substitution agreement, transferring Shuyuan Jiurong's repayment obligations to Xihu Electronics to Yunqi Cloud Data, adjusting Yunqi Cloud Data's repayment obligations to Hangzhou Shuyuan to Shuyuan Jiurong, and settling certain debts through a debt agreement[64](index=64&type=chunk) [Business Review and Outlook](index=28&type=section&id=Business%20Review%20and%20Outlook) The Group faced pressure in 2025, resulting in losses despite significant turnover growth in digital video and new energy vehicles, and plans future investments in these sectors with prudent financial management - In 2025, the Group continued to face pressure, incurring a loss of approximately **HKD 307 million** for the period, influenced by the downturn in China's real estate market, US-China trade friction, and a global economic slowdown, among other uncertainties[66](index=66&type=chunk) | Business | Turnover for 18 Months Ended June 30, 2025 (HKD thousands) | Turnover for Year Ended December 31, 2023 (HKD thousands) | Growth Rate | | :--- | :--- | :--- | :--- | | Digital video business | 465,032 | 229,223 | +103% | | New energy vehicle business | 382,549 | 211,277 | +81% | | Cloud ecosystem big data business | 4,472 | 2,799 | +60% | | Property investment business | 23,194 | 23,328 | -1% | - The Group will continue to invest in the new energy vehicle business and further establish EV charging stations in Hangzhou and other provinces in China, aiming to become one of China's largest new energy vehicle charging facility operators[68](index=68&type=chunk) - Management anticipates that the Chinese government will intensify macro-policy efforts, introduce more consumption stimulus measures, and continue to promote new quality productive forces and technological innovation, bringing potential opportunities for the Group's core businesses[69](index=69&type=chunk) - Moving forward, the Group will continue to closely evaluate business performance, invest in new energy vehicle and cloud ecosystem big data businesses, actively explore new business or investment opportunities, consider fundraising options, and focus on product quality and cost control[69](index=69&type=chunk) [IV. Corporate Governance and Auditor's Report](index=30&type=section&id=IV.%20Corporate%20Governance%20and%20Auditor's%20Report) [Purchase, Redemption or Sale of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries engaged in any purchase, redemption, or sale of the company's listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[70](index=70&type=chunk) [Standard Code for Securities Transactions](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted a securities trading code no less stringent than Listing Rules Appendix C3, with all directors confirming compliance during the review period - The Company has adopted a code of conduct for securities transactions by directors that is no less stringent than the required standard set out in Appendix C3 of the Listing Rules[71](index=71&type=chunk) - All Directors have confirmed that they have complied with the required standards set out in the Standard Code and the Code of Conduct during the period ended June 30, 2025[72](index=72&type=chunk) [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The company adheres to the Corporate Governance Code, with deviations noted for vacant Chairman and CEO positions and the absence of an independent internal audit department - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, save for certain deviations[73](index=73&type=chunk) - Deviations: - Deviation 1: The positions of Chairman and Chief Executive Officer have remained vacant, and the Board is actively seeking suitable candidates to fill these vacancies[73](index=73&type=chunk) - Deviation 2: An independent internal audit department has not been established, but a group of employees has been assigned to perform internal audit functions, with executive directors and the Chief Financial Officer directly responsible for risk management and internal control systems[73](index=73&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, oversees financial reporting and internal controls, having reviewed the Group's annual results and accounting principles - The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules, comprising three independent non-executive directors[74](index=74&type=chunk) - The Audit Committee has reviewed the Group's annual results for the period, including the accounting principles and practices adopted by the Company[75](index=75&type=chunk) [Extract of Independent Auditor's Report](index=31&type=section&id=Extract%20of%20Independent%20Auditor's%20Report) The auditor issued a disclaimer of opinion on the consolidated financial statements, citing significant going concern uncertainties and scope limitations on receivable recoverability [Disclaimer of Opinion](index=31&type=section&id=Disclaimer%20of%20Opinion) The auditor issued a disclaimer of opinion on the consolidated financial statements due to insufficient appropriate audit evidence - The auditor issued a disclaimer of opinion due to the inability to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the consolidated financial statements[78](index=78&type=chunk) [Basis for Disclaimer of Opinion](index=32&type=section&id=Basis%20for%20Disclaimer%20of%20Opinion) The auditor's disclaimer is based on scope limitations concerning the going concern assessment, highlighting significant uncertainties like substantial losses, high liabilities, and unaddressed overdue debts - The Group recorded a loss of approximately **HKD 306 million** for the period ended June 30, 2025, with significant operating cash outflows, net current liabilities of approximately **HKD 1.024 billion**, and net liabilities of approximately **HKD 236 million**[79](index=79&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents were approximately **HKD 2.971 million**, and it was in default on interest-bearing loan repayments of approximately **HKD 415 million** to an indirect shareholder[80](index=80&type=chunk) - The effectiveness of the Group's going concern assumption depends on the successful implementation of various measures, including asset sales, extension or refinancing of overdue debts, obtaining new financing, and share placements, all of which involve significant uncertainties[81](index=81&type=chunk) [Other Matters](index=33&type=section&id=Other%20Matters) The auditor identified scope limitations regarding the recoverability of **HKD 176 million** in Cuban trade receivables and **HKD 8.304 million** in advances from a former director - Inability to be satisfied with the recoverability of approximately **HKD 176 million** (December 31, 2023: **HKD 173 million**) in trade receivables from Cuban trade operations, as the National Bank of Cuba was unable to settle the outstanding amounts when due and lacked a definite repayment schedule[83](index=83&type=chunk) - Inability to obtain sufficient appropriate audit evidence to confirm the nature and recoverability of advances of **HKD 8.304 million** due from a former director, which depends on the outcome of ongoing High Court legal proceedings[85](index=85&type=chunk) [Board's Position, Views, and Assessment on Disclaimer of Opinion](index=34&type=section&id=Board's%20Position%2C%20Views%2C%20and%20Assessment%20on%20Disclaimer%20of%20Opinion) The Board acknowledges the auditor's disclaimer and significant going concern uncertainties, but believes the going concern assumption is reasonable due to active mitigation plans, despite implementation risks - The Board understands that the auditor's disclaimer reflects the inability to obtain sufficient appropriate audit evidence to assess the reasonableness and effectiveness of the Group's going concern basis[86](index=86&type=chunk) - The Board reiterates that the Group faces significant financial risks and uncertainties, posing serious challenges to its ability to continue as a going concern[86](index=86&type=chunk) - The Board has actively implemented various measures, including: - Continuously advancing plans for the disposal of plant and machinery-related assets and investment properties[87](index=87&type=chunk) - Communicating with creditors to seek extensions or alternative refinancing solutions for overdue borrowings[87](index=87&type=chunk) - Negotiating with banks for loan renewals or new financing[87](index=87&type=chunk) - Continuously promoting share placements[87](index=87&type=chunk) - The Board believes that the successful implementation of these plans and measures will alleviate the Group's liquidity pressure and improve its financial position, thus providing a reasonable basis for preparing the consolidated financial statements on a going concern basis[89](index=89&type=chunk) - The Board acknowledges that the implementation of these plans and measures still involves significant uncertainties, which may affect the Group's ability to continue as a going concern[89](index=89&type=chunk) [Audit Committee's Opinion](index=36&type=section&id=Audit%20Committee's%20Opinion) The Audit Committee reviewed the auditor's disclaimer and management's going concern measures, agreeing with the Board's stance while acknowledging the auditor's concerns regarding implementation uncertainties - The Audit Committee has thoroughly reviewed the disclaimer of opinion and management's measures, views, and assessment regarding the appropriateness of preparing the consolidated financial statements on a going concern basis[90](index=90&type=chunk) - The Committee agrees with the position held by the Company's management and Board that, with the successful implementation of the relevant plans and measures, the Group will have sufficient working capital to support its business operations[91](index=91&type=chunk) - The Audit Committee understands the auditor's concerns regarding the uncertainties of the Company's management successfully implementing the relevant plans and measures, and has no disagreement with the auditor's position on the going concern issue[91](index=91&type=chunk) [Extract of Note 2 to the Consolidated Financial Statements](index=37&type=section&id=Extract%20of%20Note%202%20to%20the%20Consolidated%20Financial%20Statements) Note 2 confirms the Board's belief in sufficient working capital for going concern, based on asset sales and financing plans, but acknowledges necessary adjustments if going concern is not maintained - The Group has initiated plans to coordinate the disposal of plant and machinery-related assets, with expected proceeds to be received according to a timetable[92](index=92&type=chunk) - The Group has notified and contacted creditors regarding overdue loans, seeking extensions or alternative refinancing[92](index=92&type=chunk) - The Group will negotiate with creditors and banks for loan renewals and new bank financing[92](index=92&type=chunk) - The Directors are satisfied that the Group will have sufficient working capital to meet its current needs, and therefore, the preparation of the consolidated financial statements on a going concern basis is appropriate[92](index=92&type=chunk) [Publication of Results Announcement](index=37&type=section&id=Publication%20of%20Results%20Announcement) The Group's annual results for the 18 months ended June 30, 2025, are available on the HKEX and company websites - The Group's annual results for the 18 months ended June 30, 2025, are available on the website of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company's website (http://www.irasia.com/listco/hk/2358)[93](index=93&type=chunk) [Board of Directors](index=37&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors consists of three executive directors and three independent non-executive directors - As of the date of this announcement, the executive directors are Mr Chen Yunxiang, Ms Liu Bingjie, and Mr Yan Zhendong[94](index=94&type=chunk) - The independent non-executive directors are Mr Chen Zheng, Mr Huang Zhijian, and Mr Hua Nengdong[94](index=94&type=chunk)

Core Viewpoint - Jiu Rong Holdings (02358) reported a revenue of HKD 875 million for the 18-month period ending June 30, 2025, with a shareholder loss of HKD 306 million, translating to a basic loss per share of HKD 0.056 [1] Financial Performance - The company achieved a revenue of HKD 875 million [1] - The shareholder loss amounted to HKD 306 million [1] - Basic loss per share was reported at HKD 0.056 [1] Future Outlook - The company plans to consolidate its core business while actively exploring emerging opportunities in the green energy and digital ecosystem sectors [1] - Strategic focus will remain on innovation-driven growth, prudent capital allocation, and maintaining financial discipline [1] - The aim is to achieve sustainable development and provide long-term returns to shareholders [1]

Core Viewpoint - Jiurong Holdings (02358) reported a revenue of HKD 875 million for the 18-month period ending June 30, 2025, with a shareholder loss of HKD 306 million, translating to a basic loss per share of HKD 0.056 [1] Group 1: Financial Performance - The company achieved a revenue of HKD 875 million [1] - Shareholder loss amounted to HKD 306 million [1] - Basic loss per share was reported at HKD 0.056 [1] Group 2: Future Outlook - The company plans to consolidate its core business while actively exploring emerging opportunities in green energy and digital ecosystems [1] - Strategic focus remains on innovation-driven growth, prudent capital allocation, and maintaining financial discipline [1] - The aim is to achieve sustainable development and provide long-term returns to shareholders [1]

Core Insights - The company reported a revenue of approximately HKD 875 million for the 18 months ending June 30, 2025, representing an increase of about 86% compared to HKD 472 million for the year ending December 31, 2023 [1] - The gross profit was approximately HKD 60.81 million, a slight decrease of about 1% from HKD 61.74 million for the year ending December 31, 2023 [1] - The company recorded a loss of approximately HKD 306 million, which is a 20% reduction from a loss of HKD 383 million for the year ending December 31, 2023 [1] - Basic loss per share improved from approximately HKD 0.07 to HKD 0.056 during the same periods [1] - As of June 30, 2025, the company had cash and cash equivalents of approximately HKD 2.97 million, down from HKD 4.24 million in 2023 [1] Revenue Sources - The revenue of approximately HKD 875 million was primarily derived from digital video business, new energy vehicle business, cloud ecosystem big data business, property investment, property development, and general trade [1]

Financial Performance Overview [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue grew 86%, gross profit slightly declined, and loss narrowed, improving basic loss per share | Metric | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 875,247 | 471,779 | | Cost of sales | (814,433) | (410,040) | | Gross profit | 60,814 | 61,739 | | Loss before tax | (320,734) | (385,961) | | Loss for the period/year | (306,263) | (383,293) | | Basic loss per share (HK cents) | (5.60) | (7.00) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased, and shareholders' equity shifted from surplus to deficit | Metric | As of June 30, 2025 (HKD thousand) | As of December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Non-current assets | 1,079,229 | 1,381,775 | | Current assets | 797,025 | 853,883 | | Current liabilities | 1,821,339 | 1,677,926 | | Net current liabilities | (1,024,314) | (824,043) | | Non-current liabilities | 291,339 | 474,796 | | Total (deficit) / equity | (236,424) | 82,936 | Notes to the Financial Statements [1. Basis of Preparation](index=4&type=section&id=1.%20Basis%20of%20Preparation) Consolidated financial statements are prepared under HKFRS and Hong Kong Companies Ordinance, using historical cost and presented in HKD - The consolidated financial statements adhere to Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, prepared under the historical cost convention and presented in **Hong Kong Dollars**[8](index=8&type=chunk) [2. Going Concern Basis](index=4&type=section&id=2.%20Going%20Concern%20Basis) The Group faces significant going concern uncertainties due to substantial losses, net current liabilities, and overdue debts; the Board proposed mitigation measures - For the period ended June 30, 2025, the Group incurred a loss of approximately **HKD 306,263 thousand**, net current liabilities of approximately **HKD 1,024,314 thousand**, net liabilities of approximately **HKD 236,424 thousand**, cash and cash equivalents of approximately **HKD 2,971 thousand**, and overdue interest-bearing loan repayments of approximately **HKD 414,871 thousand**[9](index=9&type=chunk) - The Board plans to ensure sufficient working capital through measures such as asset disposals, extension of overdue loans/alternative refinancing, securing new bank financing, and share placements, deeming the preparation of consolidated financial statements on a **going concern basis** appropriate[10](index=10&type=chunk) [3. Adoption of New and Revised HKFRSs](index=5&type=section&id=3.%20Adoption%20of%20New%20and%20Revised%20HKFRSs) The Group adopted all new and revised HKFRSs effective January 1, 2024, with no significant changes to accounting policies or financial statements - The adoption of new and revised HKFRSs did not result in significant changes to the Group's accounting policies, financial statement presentation, or amounts[11](index=11&type=chunk) [4. Revenue and Segment Information](index=6&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group operates in six reportable segments, generating total revenue of HKD 875,247 thousand, primarily from China - The Group has six reportable segments: digital video business, new energy vehicle business, cloud ecosystem big data business, property development, property investment, and general trading[12](index=12&type=chunk) Revenue by Reportable Segment | Revenue Source | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Sales of digital video products | 465,032 | 229,223 | | Revenue from new energy vehicle charging services | 198,791 | 176,921 | | Processing income for new energy vehicle components | 183,758 | 34,356 | | Revenue from big data services | 4,472 | 2,799 | | Sales of construction materials | – | 1,294 | | General trading | – | 3,858 | | Revenue from contracts with customers | 852,053 | 448,451 | | Rental income | 23,194 | 23,328 | | Total revenue | 875,247 | 471,779 | Revenue from External Customers (by Geographical Area) | Region | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | China | 875,247 | 470,986 | | Hong Kong | – | 793 | | Total | 875,247 | 471,779 | Major Customer Revenue | Customer | Segment | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | :--- | | Customer A | New energy vehicle business | 147,750 | 129,717 | | Customer B | Digital video business | 104,083 | 74,193 | | Customer C | Digital video business | 103,763 | N/A | [5. Other Income](index=15&type=section&id=5.%20Other%20Income) Other income increased from HKD 39,496 thousand to HKD 67,351 thousand, driven by higher interest from associates and government grants Details of Other Income | Item | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Bank interest income | 541 | 1,370 | | Interest income from associates | 35,964 | 8,040 | | Government grants | 24,638 | 11,073 | | Penalty income for breach of contract | 1,525 | – | | Others | 4,683 | 307 | | **Total** | **67,351** | **39,496** | [6. Other Gains and Losses, Net](index=16&type=section&id=6.%20Other%20Gains%20and%20Losses%2C%20Net) Net other gains and losses narrowed from a loss of HKD 247,875 thousand to HKD 172,299 thousand, mainly due to expected credit losses and fair value changes Details of Other Gains and Losses, Net | Item | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Expected credit losses recognized on trade receivables | (98,193) | (10,031) | | Expected credit losses recognized on other receivables | (15,193) | (51,168) | | Fair value changes of investment properties | (120,803) | (25,723) | | Fair value (losses) / gains on investments at fair value through profit or loss | (7,106) | 9,600 | | **Total** | **(172,299)** | **(247,875)** | [7. Finance Costs](index=16&type=section&id=7.%20Finance%20Costs) Finance costs increased from HKD 55,090 thousand to HKD 83,800 thousand, primarily due to increased interest on bank and other loans Details of Finance Costs | Item | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 69,367 | 47,543 | | Interest on bills payable | 12,343 | 6,476 | | Interest on lease liabilities | 2,090 | 1,071 | | **Total** | **83,800** | **55,090** | [8. Loss for the Period/Year](index=17&type=section&id=8.%20Loss%20for%20the%20Period%2FYear) Loss for the period was primarily affected by cost of inventories sold, staff costs, depreciation, and fair value losses on investment properties Key Components of Loss for the Period/Year | Item | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 814,433 | 410,040 | | Staff costs | 111,838 | 90,563 | | Depreciation of property, plant and equipment | 83,161 | 66,258 | | Fair value losses on investment properties | 120,803 | 25,723 | | Impairment loss on property, plant and equipment | – | 91,655 | [9. Income Tax Credit](index=17&type=section&id=9.%20Income%20Tax%20Credit) The Group recorded an income tax credit of HKD 14,471 thousand, primarily due to deferred tax credits; some China operations enjoy a 15% preferential tax rate - Jiu Rong New Energy and Yunqi Cloud Data obtained high-tech enterprise certificates, entitling them to a **preferential tax rate of 15%**[30](index=30&type=chunk) Details of Income Tax Credit | Item | For the 18 months ended June 30, 2025 (HKD thousand) | For the year ended December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Current - China | (436) | 854 | | Deferred tax | (14,035) | (3,522) | | **Income tax credit** | **(14,471)** | **(2,668)** | - As of June 30, 2025, the Group has unutilized tax losses of approximately **HKD 462,462 thousand** available to offset future profits, of which approximately **HKD 461,741 thousand** are unrecognized tax assets[31](index=31&type=chunk) [10. Loss Per Share](index=19&type=section&id=10.%20Loss%20Per%20Share) Basic loss per share for the 18 months ended June 30, 2025, was 5.60 HK cents, an improvement from 7.00 HK cents in 2023 Loss Per Share | Metric | For the 18 months ended June 30, 2025 (HK cents) | For the year ended December 31, 2023 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (5.60) | (7.00) | | Diluted loss per share | (5.60) | (7.00) | [11. Dividends](index=19&type=section&id=11.%20Dividends) The Board does not recommend any dividends for the 18 months ended June 30, 2025, or for the year ended December 31, 2023 - The Board does not recommend the payment of any dividends for the 18 months ended June 30, 2025, or for the year ended December 31, 2023[35](index=35&type=chunk) [12. Trade Receivables](index=19&type=section&id=12.%20Trade%20Receivables) As of June 30, 2025, total trade receivables decreased to HKD 318,071 thousand, with receivables over one year forming the largest portion Trade Receivables and Loss Allowance | Item | As of June 30, 2025 (HKD thousand) | As of December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables | 425,945 | 493,112 | | Loss allowance | (107,874) | (98,659) | | **Total** | **318,071** | **394,453** | Ageing Analysis of Trade Receivables (Net of Impairment) | Ageing | As of June 30, 2025 (HKD thousand) | As of December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Within 90 days | 1,833 | 79,267 | | 91 to 180 days | 19,872 | 1,462 | | 181 days to one year | 301 | 6,651 | | Over one year | 296,065 | 307,073 | | **Total** | **318,071** | **394,453** | - For the 18 months ended June 30, 2025, the expected credit loss allowance for trade receivables was approximately **HKD 10,031 thousand**, a decrease from **HKD 98,659 thousand** in 2023[40](index=40&type=chunk) [13. Trade and Bills Payables](index=21&type=section&id=13.%20Trade%20and%20Bills%20Payables) Total trade and bills payables decreased significantly to HKD 652,220 thousand, with trade payables over two years showing a notable increase Trade and Bills Payables | Item | As of June 30, 2025 (HKD thousand) | As of December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Trade payables | 474,684 | 944,651 | | Bills payable | 177,536 | 277,045 | | **Total** | **652,220** | **1,221,696** | Ageing Analysis of Trade Payables | Ageing | As of June 30, 2025 (HKD thousand) | As of December 31, 2023 (HKD thousand) | | :--- | :--- | :--- | | Within 180 days | 32,319 | 127,331 | | 181 days to one year | 9,040 | 35,967 | | One to two years | 104,352 | 719,949 | | Over two years | 328,973 | 61,404 | | **Total** | **474,684** | **944,651** | Management Discussion and Analysis [Financial Review](index=22&type=section&id=Financial%20Review) The Group's turnover grew 86%, gross profit margin declined, and losses persisted; financial position faced liquidity pressure, and shareholders' equity turned into a deficit - For the 18 months ended June 30, 2025, turnover was approximately **HKD 875,247 thousand**, an increase of approximately **86%** compared to 2023[43](index=43&type=chunk) - Gross profit margin decreased from approximately **13.09%** to **6.95%**[49](index=49&type=chunk) - As of June 30, 2025, shareholders' equity was a deficit of approximately **HKD 236,424 thousand** (2023: a surplus of approximately **HKD 82,936 thousand**)[51](index=51&type=chunk) - Investment properties recorded significant fair value losses of approximately **HKD 120,803 thousand** (2023: approximately **HKD 25,723 thousand**)[52](index=52&type=chunk) - The Group disposed of all its equity investments listed outside Hong Kong, classified as fair value through other comprehensive income, expecting a disposal gain of approximately **HKD 22,834 thousand**[54](index=54&type=chunk) [Overall Financial Performance](index=22&type=section&id=Overall%20Financial%20Performance) - For the 18 months ended June 30, 2025, turnover was approximately **HKD 875,247 thousand**, an increase of approximately **86%** compared to 2023[43](index=43&type=chunk) - Gross profit was approximately **HKD 60,814 thousand**, a decrease of approximately **1%** compared to 2023[43](index=43&type=chunk) - Loss was approximately **HKD 306,263 thousand**, a decrease of approximately **20%** compared to 2023[43](index=43&type=chunk) - Basic loss per share was approximately **5.60 HK cents**, an improvement from **7.00 HK cents** in 2023[43](index=43&type=chunk) [Turnover](index=22&type=section&id=Turnover) - The Group's turnover primarily derives from digital video business, new energy vehicle business, cloud ecosystem big data business, property investment, property development, and general trading[44](index=44&type=chunk) [Operating Segments](index=22&type=section&id=Operating%20Segments) - Digital video business: R&D, production, and sales of smart TVs, digital TVs, high-definition LCD TVs, and set-top boxes, along with telecommunications, TV, and internet integrated application solutions for the digital audio-visual industry[46](index=46&type=chunk) - New energy vehicle business: Construction, application, and management of new energy vehicles and related products, charging facilities, and smart management systems, as well as providing processing services for new energy vehicle components[46](index=46&type=chunk) - Cloud ecosystem big data business: Engaged in cloud ecosystem big data application and management[47](index=47&type=chunk) - Property development: Engaged in big data industrial park property development in Hangzhou, and previously invested in industrial park and property development projects in Harbin and Wenzhou, with the Wenzhou project having been terminated[47](index=47&type=chunk) - Property investment: Generates rental income through the Hangzhou Big Data Industrial Park, which comprises 7 mixed-use commercial and office buildings and parking spaces[47](index=47&type=chunk) - General trading: General trading of goods and commodities[48](index=48&type=chunk) [Gross Profit Margin](index=23&type=section&id=Gross%20Profit%20Margin) - Gross profit margin decreased from approximately **13.09%** to **6.95%**[49](index=49&type=chunk) [Expenses](index=24&type=section&id=Expenses) - The Group continues to implement strict cost control measures across all aspects of its operations, adhering to prudent financial management principles[50](index=50&type=chunk) [Financial Position and Liquidity](index=24&type=section&id=Financial%20Position%20and%20Liquidity) - As of June 30, 2025, the asset-liability ratio was **0.74**, consistent with 2023[51](index=51&type=chunk) - The Group recorded net current liabilities, with cash used in operations of approximately **HKD 316,849 thousand**[51](index=51&type=chunk) - Cash and cash equivalents were approximately **HKD 2,971 thousand**, a decrease from **HKD 4,247 thousand** in 2023[51](index=51&type=chunk) - Shareholders' equity shifted from a surplus of approximately **HKD 82,936 thousand** in 2023 to a deficit of approximately **HKD 236,424 thousand** as of June 30, 2025[51](index=51&type=chunk) - Trade and bills receivables decreased from **HKD 394,453 thousand** in 2023 to **HKD 318,071 thousand** as of June 30, 2025[51](index=51&type=chunk) - Investment properties recorded significant fair value losses of approximately **HKD 120,803 thousand** (2023: approximately **HKD 25,723 thousand**), primarily due to the downturn in the China real estate market[52](index=52&type=chunk) - The Group has pledged bank deposits, properties held for sale, investment properties, and trade receivables as collateral for bank loans[53](index=53&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals](index=25&type=section&id=Significant%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals) - The Group disposed of all its equity investments listed outside Hong Kong, classified as fair value through other comprehensive income, expecting a disposal gain of approximately **HKD 22,834 thousand**[54](index=54&type=chunk) - The Company sold a total of **7,570,000 shares** of Songdo Services Group Co Ltd in the open market, which were classified as investments at fair value through profit or loss[54](index=54&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) - There were no changes to the Company's capital structure during the review period[55](index=55&type=chunk) [Risk Management](index=25&type=section&id=Risk%20Management) The Group faces intense competition in digital video, power supply and charging safety risks in new energy vehicles, and low foreign exchange risk - The digital video business faces intense competition, putting downward pressure on product prices; market position depends on the ability to manage competition, introduce new products, and implement pricing strategies[56](index=56&type=chunk) - The new energy vehicle business relies on a stable power supply, with charging times primarily scheduled between midnight and early morning to reduce electricity costs[57](index=57&type=chunk) - The new energy vehicle business utilizes employee manuals for charging pile operations and features automatic stop functions for abnormal charging to ensure safety[58](index=58&type=chunk) - The Group faces very low foreign currency risk and currently has no foreign currency hedging policy, but it closely monitors and considers hedging when necessary[59](index=59&type=chunk) [Contingent Liabilities and Capital Commitments](index=26&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) The Group had no contingent liabilities, and capital commitments significantly decreased to HKD 17,385 thousand - The Group had no contingent liabilities during the review period[60](index=60&type=chunk) - Capital commitments were approximately **HKD 17,385 thousand**, a significant decrease from **HKD 150,449 thousand** in 2023[60](index=60&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) Employee count decreased to 248, but total remuneration increased; policy aims to attract talent, with MPF and China retirement plans - As of June 30, 2025, the Group had **248 employees** (2023: **395 employees**)[61](index=61&type=chunk) - Total employee remuneration for the period was approximately **HKD 111,838 thousand** (2023: approximately **HKD 90,563 thousand**)[61](index=61&type=chunk) - The Group operates a Mandatory Provident Fund Scheme (for Hong Kong employees) and a China retirement plan (for China employees)[61](index=61&type=chunk) - The directors' remuneration policy aims to provide competitive packages; executive directors' remuneration includes basic salary, discretionary bonuses, and other benefits, while independent non-executive directors receive fixed director's fees[62](index=62&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group undertook several asset disposals and debt restructuring activities - On August 28, 2025, the Group sold approximately **5.22%** equity interest in Hangzhou Eastern Software Park Co Ltd for **RMB 36,487,800**[63](index=63&type=chunk) - On September 10, 2025, the Group agreed to transfer **100%** equity interest in Jiangsu Jiurong Integrated Energy Services Co Ltd and **13 electric vehicle charging stations** for a consideration of **RMB 6,870,000**, with the buyer assuming repayment of loan principal of **RMB 1,060,000** and interest[63](index=63&type=chunk) - On September 15, 2025, Suyuan Jiurong, Yunqi Cloud Data, and their creditors entered into a claim substitution agreement to transfer repayment responsibilities[64](index=64&type=chunk) [Business Review and Outlook](index=28&type=section&id=Business%20Review%20and%20Outlook) Under multiple pressures, the Group remained under pressure in H1 2025; despite this, key business segments achieved revenue growth; the Group will continue to invest in new energy vehicles and cloud big data - The Group's strategy is to actively seize technology-driven industry development opportunities through a diversified business portfolio, while maintaining prudent risk management and cost control[65](index=65&type=chunk) - For the 18 months ended June 30, 2025, digital video business turnover increased to approximately **HKD 465,032 thousand**, an increase of approximately **103%** compared to last year[66](index=66&type=chunk) - New energy vehicle business recorded turnover of approximately **HKD 382,549 thousand**, an increase of approximately **81%** compared to last year[66](index=66&type=chunk) - Cloud ecosystem big data business recorded turnover of approximately **HKD 4,472 thousand**, an increase of approximately **60%** compared to last year[68](index=68&type=chunk) - The Group will continue to invest in the new energy vehicle business and further establish EV charging stations in Hangzhou and other provinces in China, aiming to become one of China's largest new energy vehicle charging facility operators[68](index=68&type=chunk) - Future strategies include: closely evaluating business performance, investing in new energy vehicle and cloud ecosystem big data businesses, exploring new business or investment opportunities, considering fundraising options, and focusing on product quality and cost control[69](index=69&type=chunk) Corporate Governance and Audit Report [Purchase, Redemption or Sale of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of its listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[70](index=70&type=chunk) [Standard Code for Securities Transactions](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted a code of conduct for securities transactions, and all directors confirmed compliance with the Model Code and code of conduct - The Company has adopted a code of conduct for securities transactions, and all directors have confirmed compliance with the required standards of the Model Code and the code of conduct throughout the period[71](index=71&type=chunk)[72](index=72&type=chunk) [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The Company complied with the Corporate Governance Code, with exceptions for vacant Chairman and CEO positions and no independent internal audit department - The Company has complied with the Code Provisions of the Corporate Governance Code, with exceptions for the vacant positions of Chairman and and CEO and the absence of an independent internal audit department[73](index=73&type=chunk) - The Board has assigned a group of staff to perform internal audit functions, with executive directors and the Chief Financial Officer directly responsible for risk management and internal control systems[73](index=73&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising three independent non-executive directors, reviews and oversees financial reporting and internal controls - The Audit Committee comprises three independent non-executive directors, responsible for reviewing and overseeing the Group's financial reporting procedures and internal control systems[74](index=74&type=chunk) - The Audit Committee has reviewed the Group's full-year results for the period, including the accounting principles and practices adopted by the Company[75](index=75&type=chunk) [Scope of Work of the Group's Auditor](index=31&type=section&id=Scope%20of%20Work%20of%20the%20Group%27s%20Auditor) The Group's auditor agreed to the consolidated financial statement figures but did not express an opinion or assurance conclusion - The auditor has agreed to the consolidated financial statement figures in the preliminary announcement but has not expressed an opinion or assurance conclusion thereon, as their work does not constitute an assurance engagement[76](index=76&type=chunk) [Extract of Independent Auditor's Report](index=31&type=section&id=Extract%20of%20Independent%20Auditor%27s%20Report) The independent auditor disclaimed an opinion on the Group's consolidated financial statements due to significant going concern uncertainties and insufficient audit evidence for management's mitigation measures - The auditor disclaimed an opinion on the Group's consolidated financial statements due to inability to obtain sufficient appropriate audit evidence[78](index=78&type=chunk) - The primary basis for the disclaimer of opinion is scope limitations related to the assessment of the appropriateness of the going concern basis, including the Group's significant losses, net current liabilities, net liabilities, insufficient cash and cash equivalents, and overdue debts[79](index=79&type=chunk) - The auditor was unable to obtain sufficient audit evidence to assess whether management's proposed mitigation measures (such as asset disposals, debt extensions/refinancing, new financing, and share placements) could be successfully implemented[80](index=80&type=chunk)[81](index=81&type=chunk) - The auditor had doubts about the recoverability of trade receivables from Cuban trade business (approximately **HKD 176,182 thousand**) due to the Cuban National Bank's inability to settle outstanding amounts on time and the absence of a clear repayment schedule[83](index=83&type=chunk) - The auditor was unable to confirm the nature and recoverability of an amount due from a former director (advances of **HKD 8,304 thousand**), which depends on the outcome of ongoing High Court legal proceedings[85](index=85&type=chunk) [Disclaimer of Opinion](index=31&type=section&id=Disclaimer%20of%20Opinion) - The auditor disclaimed an opinion on the Group's consolidated financial statements due to inability to obtain sufficient appropriate audit evidence[78](index=78&type=chunk) [Basis for Disclaimer of Opinion](index=32&type=section&id=Basis%20for%20Disclaimer%20of%20Opinion) - The Group recorded a loss of approximately **HKD 306,263 thousand**, net current liabilities of approximately **HKD 1,024,314 thousand**, net liabilities of approximately **HKD 236,424 thousand**, cash and cash equivalents of approximately **HKD 2,971 thousand**, and overdue interest-bearing loan repayments of approximately **HKD 414,871 thousand** during the period[79](index=79&type=chunk) - The validity of the going concern assumption depends on the successful implementation of measures such as asset disposals, extension/refinancing of overdue debts, new financing, and share placements, but the auditor could not obtain sufficient audit evidence to assess their feasibility[80](index=80&type=chunk)[81](index=81&type=chunk) [Other Matters](index=33&type=section&id=Other%20Matters) - The auditor could not be satisfied with the recoverability of trade receivables of approximately **HKD 176,182 thousand** from Cuban trade business, as the Cuban National Bank was unable to settle outstanding amounts on time[83](index=83&type=chunk) - The auditor was unable to confirm the nature and recoverability of an amount due from a former director of **HKD 8,304 thousand**, which depends on the outcome of ongoing legal proceedings[85](index=85&type=chunk) [Board's Position, Views and Assessment on the Disclaimer of Opinion](index=34&type=section&id=Board%27s%20Position%2C%20Views%20and%20Assessment%20on%20the%20Disclaimer%20of%20Opinion) The Board acknowledges the auditor's disclaimer and reiterates financial challenges; despite uncertainties, the Board has taken measures to alleviate liquidity pressure, believing in the going concern assumption - The Board acknowledges that the auditor's disclaimer of opinion reflects the inability to obtain sufficient audit evidence and reiterates the Group's significant financial risks and uncertainties[86](index=86&type=chunk) - The Board has actively taken multiple measures, including advancing asset disposals, communicating with creditors for extensions/refinancing, securing new bank financing, and promoting share placements, to alleviate liquidity pressure[87](index=87&type=chunk)[89](index=89&type=chunk) - Based on internal financial forecasts and active negotiations with various parties, the Board believes the Group has a reasonable basis to continue adopting the going concern assumption for preparing the consolidated financial statements[87](index=87&type=chunk) [Audit Committee's Opinion](index=36&type=section&id=Audit%20Committee%27s%20Opinion) The Audit Committee reviewed the auditor's disclaimer and management's responses, agreeing with management's going concern stance if plans succeed, and concurring on trade and other receivables - The Audit Committee has rigorously reviewed the auditor's disclaimer of opinion and management's responses, engaging in discussions with the auditor[90](index=90&type=chunk) - The Committee agrees with management's position on the appropriateness of preparing the consolidated financial statements on a going concern basis, provided that the relevant plans and measures are successfully implemented[91](index=91&type=chunk) - The Audit Committee understands the auditor's concerns regarding the uncertainties of management's ability to successfully implement the relevant plans and measures, and has no disagreement with the auditor on the going concern issue[91](index=91&type=chunk) - The Committee agrees with management's judgment on the recoverability of trade and other receivables[91](index=91&type=chunk) [Extract of Note 2 to the Consolidated Financial Statements](index=37&type=section&id=Extract%20of%20Note%202%20to%20the%20Consolidated%20Financial%20Statements) The Board reiterates that, based on plans for asset disposals, debt extensions/refinancing, new bank financing, and share placements, the Group will have sufficient working capital - The Board is satisfied that the Group will have sufficient working capital to meet current needs, thus deeming the preparation of consolidated financial statements on a **going concern basis** appropriate, provided that plans for asset disposals, debt extensions/refinancing, new bank financing, and share placements are successfully implemented[92](index=92&type=chunk) [Publication of Results Announcement](index=37&type=section&id=Publication%20of%20Results%20Announcement) The Group's full-year results for the 18 months ended June 30, 2025, are available on the HKEX website and the Company's website - The Group's full-year results for the 18 months ended June 30, 2025, are available on The Stock Exchange of Hong Kong Limited website www.hkex.com.hk and the Company's website http://www.irasia.com/listco/hk/2358[93](index=93&type=chunk) [Board of Directors](index=37&type=section&id=Board%20of%20Directors) As of this announcement date, the Board comprises three executive directors and three independent non-executive directors - The executive directors are Mr. Chen Yunxiang, Ms. Liu Bingjie, and Mr. Yan Zhendong[94](index=94&type=chunk) - The independent non-executive directors are Mr. Chen Zheng, Mr. Huang Zhijian, and Mr. Hua Nengdong[94](index=94&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年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: | 久融控股有限公司 | | | | | | 呈交日期: | 2025年9月30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) | 02358 | 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 | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | ...