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 (-) | | | | | ...

Group 1 - The company, Jiu Rong Holdings (02358.HK), announced that its board of directors plans to hold a meeting on September 30, 2025, to review and approve the company's and its subsidiaries' financial results for the eighteen months ending June 30, 2025 [1] - The meeting will also consider the potential declaration of a final dividend, if applicable [1]

久融控股有限公司 Jiu Rong Holdings Limited 於本公告日期，執行董事為陳雲翔先生、劉冰婕女士及嚴振東先生，而獨立非執行董事 為陳征先生、黃志堅先生及華能東先生。 （於開曼群島註冊成立之有限公司） （股份代號：2358） 更改董事會會議日期 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，並明確表示概不就因本公告全部或任何部份內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 董事會 茲提述久融控股有限公司（「本公司」）於二零二五年九月九日刊發之公告，內容有關本公 司董事會（「董事會」）擬於二零二五年九月十九日（星期五）在香港灣仔港灣道1號會展廣 場辦公大樓49樓8室召開會議，旨在（其中包括）審議及批准本公司及其附屬公司截至二零 二五年六月三十日止十八個月之末期業績及其刊發，以及酌情考慮派付末期股息（如適 用）。董事會謹此宣佈，董事會會議日期將更改為二零二五年九月三十日（星期二）舉行。 董事會會議之其他資料維持不變。 承董事會命 久融控股有限公司 執行董事 陳雲翔 香港，二零二五年九月十八日 本公告之中英文本如有歧義， ...

Core Viewpoint - Jiurong Holdings (02358) announced the conditional sale of 100% equity in Jiangsu Jiurong Integrated Energy and 13 electric vehicle charging stations in Nanjing for a cash consideration of RMB 6.87 million, providing an opportunity to realign its electric vehicle charging station portfolio [1] Group 1: Transaction Details - The buyer, Nanjing State Grid Electric Power Technology, will assume the repayment of approximately RMB 1.06 million in principal and RMB 0.018 million in accrued interest owed by the target company to the seller [1] - The total cash consideration for the transaction is RMB 6.87 million [1] Group 2: Strategic Rationale - The board believes that the sale represents a prudent and responsible measure to safeguard the overall interests of the group, as the existing sites and conditions of the target company do not meet operational needs and require additional capital investment [1] - Given the current market conditions and the company's situation, further financial support for the target company's development would impose an unnecessary financial burden on the group [1]

Group 1 - The core point of the article is that Jiurong Holdings (02358.HK) has announced the conditional sale of 100% equity in Jiangsu Jiurong Comprehensive Energy Service Co., Ltd. to Nanjing State Grid Electric Power Technology for a cash consideration of RMB 6.87 million [1] - The target company is required to repay approximately RMB 1.06 million in principal and RMB 0.018 million in accrued interest owed to the seller, which will be undertaken by the buyer on behalf of the target company [1] - The board believes that the sale provides an opportunity to readjust the electric vehicle charging station portfolio, as the current site and conditions are insufficient to meet operational needs and require additional capital investment [1] Group 2 - The buyer is an independent third party established under the laws of the People's Republic of China, primarily engaged in power automation, smart grid measurement and control products, new energy industry, and power demand-side management [1] - The company plans to hold a board meeting on September 19 to approve the annual performance [2]

Core Viewpoint - Jiu Rong Holdings (02358) has announced a conditional agreement to sell 100% equity of Jiangsu Jiu Rong Comprehensive Energy and 13 electric vehicle charging stations in Nanjing to Nanjing State Grid Electric Power Technology for a cash consideration of RMB 6.87 million, providing an opportunity to readjust its electric vehicle charging station portfolio [1] Group 1 - The buyer, Nanjing State Grid Electric Power Technology, will assume the repayment of approximately RMB 1.06 million in principal and RMB 0.018 million in accrued interest owed by the target company to the seller [1] - The board believes that the sale is a prudent and responsible measure to safeguard the overall interests of the group, as the existing sites and conditions of the target do not meet operational needs and require additional capital investment [1] - The current market conditions and the company's situation make further funding to support the target's development an unnecessary financial burden [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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因依賴該等內容而引致之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） 須予披露交易 有關出售目標公司之事宜 出售事項 董事會欣然宣佈，於二零二五年九月十日（交易時段後），買方與賣方訂立協議，據 此，賣方有條件同意轉讓，而買方有條件同意收購目標標的，現金代價為人民幣 6,870,000元。 此外，目標公司須償還所欠賣方之貸款本金約為人民幣1,060,000元及應計利息約為人 民幣18,000元，該等償還將由買方代表目標公司承擔。 上市規則之涵義 由於就出售事項所得款項計算之最高適用百分比率（定義見上市規則）超過5%但少於 25%，出售事項構成本公司根據上市規則第14.06(2)條項下之須予披露交易，故須遵 守上市規則第十四章項下之申報及公告規定。 –1– 前言 董事會欣然宣佈，於二零二五年九月十日（交易時段後），買方與賣方訂立協議，據此， 賣方有條件 ...

格隆汇9月9日丨久融控股(02358.HK)公告，公司将于2025年9月19日(星期五)于香港湾仔港湾道1号会展 广场办公大楼49楼8室举行董事会会议，藉以(其中包括)批准公司及其附属公司截至截至2025年6月30日 止十八个月全年业绩公布，以及考虑派发末期股息(如有)。 ...