预期扭亏为盈主要归因于：(i)毛利率改善，反映了成功实施的经营成本控制措施行之有效，经营效率有 所提升;(ii)由于贸易应收款项结余减少，截至2025年6月30日止六个月拨回减值亏损。 伟立控股(02372)发布公告，集团预期于截至2025年6月30日止六个月取得净溢利介于约人民币80万元至 约150万元，而截至2024年6月30日止六个月则取得净亏损约人民币230万元。 ...

格隆汇8月18日丨伟立控股(02372.HK)发布公告，集团预期于截至2025年6月30日止六个月录得净溢利介 乎约人民币80万元至约人民币150万元，而截至2024年6月30日止六个月则录得净亏损约人民币230万 元。 公告称，预期扭亏为盈主要归因于：(i)毛利率改善，反映了成功实施的经营成本控制措施行的有效，经 营效率有所提升；(ii)由于贸易应收款项结余减少，截至2025年6月30日止六个月拨回减值亏损。 ...

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。 WEIli Holdings Limited 正面盈利預警 本公告由偉立控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法 例 第 571 章 證 券 及 期 貨 條 例 第 XIVA 部 內 幕 消 息 條 文（ 定 義 見 上 市 規 則 ）作 出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及潛在投 資者，根據對本集團截至2025年6月30日止六個月未經審核綜合管理賬目的 初步審閱及本公司可獲得的資料，本集團預期於截至2025年6月30日止六個 月錄得淨溢利介乎約人民幣0.8百萬元至約人民幣1.5百萬元，而截至2024年 6月30日止六個月則 ...

承董事會命 偉立控股有限公司 董事長兼執行董事 陳偉莊 香港，2025年8月8日 於 本 公告 日 期 ， 董 事會 包 括 執 行董 事 陳 偉 莊 先生 及 余 天 兵 先生 ； 非 執 行董 事胡浩然先生；及獨立非執行董事劉一敏先生、陳仰德先生及馮苑女士。 WEIli Holdings Limited 偉 立 控 股 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：2372） 董事會會議日期 偉立控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事 會 會 議 將 於 2025 年 8 月 22 日（ 星 期 五 ）舉 行 ， 藉 以（ 其 中 包 括 ）考 慮 及 批 准 本 公司及其附屬公司截至2025年6月30日止六個月之未經審核中期業績及其發 佈，並考慮建議派發中期股息（ 如有 ）。 香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 告 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 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 偉立控股有限公司 | | | | | | 呈交日期: | 2025年8月6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) | 02372 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | 0.01 | HKD | 100,000,000 | | 增加 / 減少 ( ...

Financial Performance - The total revenue for the fiscal year 2024 was approximately RMB 112.0 million, a decrease of about RMB 79.0 million or 41.4% compared to RMB 190.9 million in fiscal year 2023[14] - The gross profit fell from approximately RMB 17.6 million in fiscal year 2023 to about RMB 3.3 million in fiscal year 2024, a decrease of approximately RMB 14.3 million or 81.5%[14] - The gross profit margin decreased from approximately 9.2% in fiscal year 2023 to about 2.9% in fiscal year 2024[14] - The net loss attributable to shareholders for fiscal year 2024 was approximately RMB 9.5 million, compared to a loss of about RMB 2.6 million in fiscal year 2023[14] - The total loss and comprehensive loss increased from approximately RMB 2.6 million in FY2023 to about RMB 9.5 million in FY2024, an increase of approximately RMB 6.9 million or 270.7%[30] Cost Management - Sales costs decreased from approximately RMB 173.3 million in fiscal year 2023 to about RMB 108.7 million in fiscal year 2024, a reduction of approximately RMB 64.6 million or 37.3%[21] - Sales expenses decreased from approximately RMB 8.2 million in FY2023 to about RMB 5.2 million in FY2024, primarily due to reduced shipping costs resulting from lower sales volume[23] - Administrative expenses decreased from approximately RMB 17.7 million in FY2023 to about RMB 13.4 million in FY2024, mainly due to a reduction in travel and entertainment expenses by approximately RMB 1.2 million and a decrease in R&D expenses by approximately RMB 2.3 million[24] - Employee costs for FY2024 are approximately RMB 10.5 million, down from RMB 12.4 million in FY2023, reflecting a reduction in workforce from 113 to 83 employees[45] Market Outlook - The decrease in orders from major customers was attributed to a gap between expired contracts and newly acquired contracts[20] - The company anticipates stable demand for tobacco products despite government anti-smoking policies, with an expected increase in demand for mid-to-high-end cigarettes due to rising purchasing power[15] Strategic Plans - The company plans to continue optimizing and managing resources to seize long-term growth opportunities in the market[15] - The company will leverage its expertise to formulate effective strategies aimed at increasing market share[15] Asset Management - The company recorded long-term asset impairment provisions during fiscal year 2024, impacting financial performance significantly[17] - Capital expenditures for FY2024 amounted to approximately RMB 3.7 million, a significant decrease from approximately RMB 22.4 million in FY2023, primarily due to purchases of property, plant, and equipment[36] - The group had no capital commitments as of December 31, 2024, compared to approximately RMB 1.9 million as of December 31, 2023[37] Corporate Governance - The company adheres to high standards of corporate governance and has complied with all applicable provisions of the corporate governance code as of December 31, 2024[63] - The company has adopted the standard code for securities trading by directors, confirming compliance for the year ending December 31, 2024[64] - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[66] - The company held two board meetings during the fiscal year ending December 31, 2024, with all directors attending both meetings[70] - The company has received annual confirmations of independence from all independent non-executive directors, ensuring compliance with listing rules[73] Diversity and Inclusion - The gender ratio of employees, including senior management, is approximately 57:26 as of December 31, 2024, indicating a commitment to gender diversity[84] - The board has adopted a diversity policy, ensuring at least one female member and plans to increase this number over the next five years[83] - The company is committed to equal opportunity, diversity, and anti-discrimination principles in its workplace[139] Environmental Sustainability - The company emphasizes environmental sustainability in its operations, integrating this principle into various aspects of its business[143] - The board has committed to integrating environmental sustainability into the company's daily operations and business strategy[200] Shareholder Communication - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[119] - The company encourages shareholders to provide updated contact information for timely communication[125] - The company’s website serves as a channel for effective communication with shareholders, providing regular updates and information[125] Audit and Compliance - The audit committee is responsible for reviewing the integrity of financial statements and the effectiveness of risk management and internal control systems[91] - The company has engaged a compliance advisor to ensure adherence to listing rules[110] Future Developments - Future business developments are discussed in the management discussion and analysis section of the annual report[141] - The company’s main business remains unchanged, focusing on investment holding and the manufacturing and sales of cigarette packaging paper in China[136]

Financial Performance - For the fiscal year ending December 31, 2024, revenue decreased by approximately 41.4% to about RMB 112.0 million, compared to RMB 190.9 million in 2023[2] - Gross profit for the same period fell by approximately 81.5% to about RMB 3.3 million, down from RMB 17.6 million in 2023[2] - The company recorded a loss attributable to shareholders of approximately RMB 9.5 million for the fiscal year, compared to a loss of RMB 2.6 million in 2023[2] - Basic loss per share for the fiscal year was approximately RMB 1.2 cents, compared to RMB 0.3 cents in 2023[2] - The total revenue for the year ended December 31, 2024, was RMB 111,977 thousand, a decrease from RMB 190,944 thousand in 2023, representing a decline of approximately 41%[27] - The group’s total revenue decreased from approximately RMB 190.9 million in FY2023 to about RMB 112.0 million in FY2024, a reduction of approximately RMB 79.0 million or 41.4%[56] - The group recorded a net loss and total comprehensive loss increased from approximately RMB 2.6 million in FY2023 to about RMB 9.5 million in FY2024, an increase of approximately 6.9 million or 270.7%[66] Assets and Liabilities - Total assets decreased to RMB 261.7 million in 2024 from RMB 365.1 million in 2023[10] - Total liabilities decreased to RMB 51.0 million in 2024 from RMB 144.9 million in 2023[10] - Cash and cash equivalents decreased to RMB 53.2 million in 2024 from RMB 95.1 million in 2023[10] - Trade receivables decreased to RMB 104.2 million in 2024 from RMB 131.8 million in 2023[10] - The company reported a net trade receivables amount of RMB 104,249,000 in 2024, down from RMB 131,766,000 in 2023, representing a decrease of about 21%[51] - The net inventory value decreased to RMB 40,631,000 in 2024 from RMB 57,726,000 in 2023, a reduction of approximately 30%[48] - Trade payables decreased to RMB 32,067,000 in 2024 from RMB 69,599,000 in 2023, indicating a reduction of about 54%[52] Expenses - The cost of raw materials and goods sold was RMB 99,462 thousand in 2024, down from RMB 166,123 thousand in 2023, indicating a reduction of about 40%[32] - Employee costs decreased to RMB 10,453 thousand in 2024 from RMB 12,391 thousand in 2023, reflecting a decline of approximately 15%[32] - Research and development expenses amounted to RMB 4,930 thousand in 2024, down from RMB 7,267 thousand in 2023, a decrease of about 32%[37] - The total operating expenses for the year were RMB 127,314 thousand in 2024, down from RMB 199,244 thousand in 2023, representing a decrease of approximately 36%[32] - The group’s selling expenses decreased from approximately RMB 8.2 million in FY2023 to about RMB 5.2 million in FY2024, primarily due to reduced shipping costs from lower sales volume[59] - The group’s administrative expenses decreased from approximately RMB 17.7 million in FY2023 to about RMB 13.4 million in FY2024, mainly due to a reduction in travel and entertainment expenses[60] Dividends - The board has resolved not to recommend the payment of a final dividend for the fiscal year ending December 31, 2024[2] - The company did not declare or pay any dividends for the fiscal year ending December 31, 2024, consistent with 2023[44] - The board has decided not to recommend a final dividend for the fiscal years 2023 and 2024[80] Accounting Standards - The company expects that the adoption of HKFRS 18 will not impact its net profit, but it may affect the calculation and reporting of operating profit due to the reclassification of income and expenses into new categories[23] - The presentation of cash flows will change, with interest received classified under investing activities and interest paid under financing activities, effective from January 1, 2027[24] - The company has identified potential impacts from the adoption of new accounting standards, including changes in the presentation of goodwill and intangible assets on the balance sheet[23] - Management is currently assessing the detailed impact of the new standards on the consolidated financial statements, with no significant changes expected in the disclosures of material information[23] - The company anticipates that the amendments and new interpretations of accounting standards will not have a significant impact on current or future reporting periods[21] - The new standards are expected to enhance comparability and provide more relevant information and transparency to users of the financial statements[22] - The company will need to make significant new disclosures regarding performance metrics defined by management and the nature of expenses presented in the income statement[23] - The amendments to HKAS 1 and HKFRS 18 will introduce new requirements that may broadly affect the presentation and disclosure of financial performance statements[22] - The company plans to adopt the new standards starting from January 1, 2027, with prior year comparative information restated according to HKFRS 18 requirements[24] - The company has not early adopted any of the new standards that are not yet effective, as they are not expected to have a significant impact on the financial statements[21] Employee Information - The group had 83 employees as of December 31, 2024, down from 113 employees in the previous year[81] - The total employee cost for the fiscal year 2024 was approximately RMB 10.5 million, down from RMB 12.4 million in fiscal year 2023[81] Governance and Compliance - The company’s annual performance for the fiscal year 2024 has been reviewed by the Audit Committee and is in compliance with applicable accounting standards and listing rules[88] - The company has established an Audit Committee to oversee financial reporting and internal controls[87] - The Board of Directors is responsible for the overall governance and supervision of the company[86] - The Audit Committee consists of three independent non-executive directors, ensuring compliance with listing rules[87] - The company expresses gratitude to the management team and all employees for their hard work and dedication during the year[93] Future Plans and Events - The company plans to utilize approximately HKD 90.3 million in net proceeds for various purposes, including enhancing production capacity and expanding the product portfolio[79] - The annual general meeting is scheduled for May 23, 2025, with a suspension of share transfer registration from May 20 to May 23, 2025[89] - There were no significant events requiring disclosure after December 31, 2024[83] - The company has no significant investments or acquisitions planned for the fiscal year 2024[76] Impairments - The company experienced a significant impairment charge on long-term assets during the fiscal year 2024, negatively impacting financial performance[54] - The group recorded a financial asset impairment provision of approximately RMB 2.0 million in FY2023 and about RMB 1.1 million in FY2024, mainly due to an increase in the total value of trade receivables and an expected loss rate increase[61] - The company reported a total asset impairment of RMB 3,208,000 related to equipment in 2024[45]

[Company Information](index=2&type=section&id=Company%20Information) This section provides fundamental details about Weili Holdings Limited, an investment holding company primarily engaged in manufacturing and selling cigarette packaging paper in China [Company Basic Information](index=2&type=section&id=Company%20Basic%20Information) Weili Holdings Limited is an investment holding company incorporated in the Cayman Islands, listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 2372), primarily engaged in the manufacturing and sale of cigarette packaging paper in China - The Company is an investment holding company, with its subsidiaries primarily engaged in the manufacturing and sale of cigarette packaging paper in the People's Republic of China[46](index=46&type=chunk) - The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since June 30, 2022, under stock code **2372**[46](index=46&type=chunk)[23](index=23&type=chunk) [Interim Condensed Consolidated Financial Statements](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's interim financial performance, financial position, and cash flows for the period, along with detailed notes on key accounting items [Interim Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the company reported revenue of RMB 57.061 million, a 10.2% decrease year-on-year, while net loss narrowed from RMB 3.864 million to RMB 2.263 million due to reduced administrative expenses, resulting in a basic loss per share of RMB 0.3 cents Interim Condensed Consolidated Statement of Profit or Loss | Indicator | H1 2024 (Unaudited) | H1 2023 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 57,061 Thousand RMB | 63,631 Thousand RMB | -10.2% | | Gross Profit | 5,027 Thousand RMB | 5,202 Thousand RMB | -3.4% | | Operating Loss | (3,273) Thousand RMB | (4,765) Thousand RMB | Loss narrowed | | Loss for the Period | (2,263) Thousand RMB | (3,864) Thousand RMB | Loss narrowed | | Basic and Diluted Loss Per Share | (0.3) Cents RMB | (0.5) Cents RMB | Loss narrowed | [Interim Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets were RMB 309.6 million, a 15.2% decrease from year-end 2023, while total liabilities significantly decreased by 36.7% to RMB 91.7 million, with total equity remaining stable at RMB 217.9 million and net current assets at RMB 173.6 million Interim Condensed Consolidated Statement of Financial Position | Balance Sheet Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **309,645 Thousand RMB** | **365,136 Thousand RMB** | **-15.2%** | | Non-current Assets | 45,916 Thousand RMB | 46,045 Thousand RMB | -0.3% | | Current Assets | 263,729 Thousand RMB | 319,091 Thousand RMB | -17.4% | | **Total Liabilities** | **91,698 Thousand RMB** | **144,926 Thousand RMB** | **-36.7%** | | Current Liabilities | 90,136 Thousand RMB | 143,342 Thousand RMB | -37.1% | | **Total Equity** | **217,947 Thousand RMB** | **220,210 Thousand RMB** | **-1.0%** | [Interim Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, net cash used in operating activities expanded to RMB 16.485 million, net cash used in investing activities was RMB 0.844 million, and net cash used in financing activities was RMB 10.65 million primarily due to bank loan repayments, leading to a decrease in period-end cash and cash equivalents to RMB 67.168 million Interim Condensed Consolidated Statement of Cash Flows | Cash Flow Item | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (16,485) Thousand RMB | (7,148) Thousand RMB | | Net Cash Used in Investing Activities | (844) Thousand RMB | (419) Thousand RMB | | Net Cash Used in Financing Activities | (10,650) Thousand RMB | - | | Net Decrease in Cash and Cash Equivalents | (27,979) Thousand RMB | (7,567) Thousand RMB | | Cash and Cash Equivalents at End of Period | 67,168 Thousand RMB | 102,897 Thousand RMB | [Notes to the Interim Condensed Consolidated Financial Information](index=11&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) The financial notes detail accounting policies, financial risk management, segment information, and specific components and changes of financial statement items, highlighting the company's single business segment with all revenue from China, high customer concentration, extended trade receivables aging, and disclosures on asset pledges and related party transactions [Revenue and Segment Information](index=16&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group's business is considered a single operating segment, manufacturing and selling cigarette packaging paper in China, with all revenue derived from external customers in China and high customer concentration, as the top two customers contributed 60% of revenue - Management considers the business as a single segment for resource allocation and performance assessment, with all operations and revenue generated in China[62](index=62&type=chunk)[63](index=63&type=chunk) Customer Revenue Contribution | Customer | H1 2024 Revenue Contribution | H1 2023 Revenue Contribution | | :--- | :--- | :--- | | Customer 1 | 41% | 17% | | Customer 2 | 19% | 23% | | Customer 3 | * | 15% | | Customer 4 | * | 12% | *This customer contributed less than 10% of total revenue in the respective period. [Trade Receivables](index=23&type=section&id=14.%20Trade%20Receivables) As of June 30, 2024, net trade receivables decreased to RMB 105 million from RMB 132 million at year-end, yet the proportion of receivables over 180 days significantly increased from 24.5% to 36.5% based on aging analysis Trade Receivables Aging Analysis | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 30 days | 29,459 Thousand RMB | 58,064 Thousand RMB | | 31 to 90 days | 19,367 Thousand RMB | 24,871 Thousand RMB | | 91 to 180 days | 21,176 Thousand RMB | 21,037 Thousand RMB | | 181 days to 1 year | 35,996 Thousand RMB | 7,496 Thousand RMB | | Over 1 year | 4,192 Thousand RMB | 26,226 Thousand RMB | | **Total** | **110,190 Thousand RMB** | **137,694 Thousand RMB** | [Bank Borrowings](index=28&type=section&id=21.%20Bank%20Borrowings) As of June 30, 2024, the Group's secured bank borrowings decreased to RMB 19.8 million from RMB 30 million at year-end, denominated in RMB, repayable within one year, with a weighted average effective annual interest rate of 3.56% - As of June 30, 2024, total bank borrowings amounted to **RMB 19.8 million**, all of which were secured, representing a decrease from **RMB 30 million** at December 31, 2023[116](index=116&type=chunk) - The weighted average effective annual interest rate for bank borrowings was **3.56%**, lower than **3.65%** at December 31, 2023[116](index=116&type=chunk) [Dividends](index=29&type=section&id=23.%20Dividends) The Board did not recommend the declaration of any interim dividend for the six months ended June 30, 2024, consistent with the prior period - The company did not declare any interim dividend for the six months ended June 30, 2024[120](index=120&type=chunk) [Management Discussion and Analysis](index=30&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational performance, financial results, liquidity, and capital structure, along with future outlook and human resources information [Business Review and Future Outlook](index=30&type=section&id=Business%20Review%20and%20Future%20Outlook) The Group, a cigarette packaging paper manufacturer in China, experienced revenue decline and loss due to temporary order reductions from key customers, which the Board expects to recover in H2 2024, maintaining an optimistic outlook for the industry driven by inelastic demand for tobacco products and growth in mid-to-high-end cigarette markets - During the reporting period, temporary order reductions from certain major customers led to a decrease in the Group's revenue and a recorded loss; the Board anticipates orders to recover in the second half of 2024[122](index=122&type=chunk) - The Board expects a favorable near-term outlook for the cigarette packaging paper industry, driven by inelastic demand for tobacco products, increased demand for mid-to-high-end cigarettes, and enhanced purchasing power of Chinese citizens[122](index=122&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) The Group's H1 2024 revenue decreased by 10.2% year-on-year to RMB 57.1 million, primarily due to reduced key customer orders, while sales costs decreased by 11.0%, gross margin slightly rose from 8.2% to 8.8%, and significantly lower administrative expenses, coupled with income tax credits, narrowed net loss from RMB 3.9 million to RMB 2.3 million Financial Review Summary | Item | H1 2024 | H1 2023 | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | 57.1 Million RMB | 63.6 Million RMB | Temporary reduction in key customer orders | | Gross Profit | 5.0 Million RMB | 5.2 Million RMB | Decrease in sales orders | | Gross Margin | 8.8% | 8.2% | Sales costs decreased proportionally with revenue | | Administrative Expenses | 7.3 Million RMB | 8.8 Million RMB | Decrease in product development, staff, and consultant fees | | Loss for the Period | 2.3 Million RMB | 3.9 Million RMB | Reduced administrative expenses and relatively stable gross profit | [Liquidity, Financial Resources and Capital Structure](index=33&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2024, the Group held cash and cash equivalents of approximately RMB 67.2 million and bank borrowings of RMB 19.8 million, with the gearing ratio (total borrowings/total equity) decreasing from 13.6% at year-end 2023 to approximately 9.1%, indicating reduced financial leverage Liquidity and Capital Structure | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 67.2 Million RMB | 95.1 Million RMB | | Bank Borrowings | 19.8 Million RMB | 30.0 Million RMB | | Gearing Ratio | 9.1% | 13.6% | [Use of Proceeds](index=35&type=section&id=Use%20of%20Proceeds) Net IPO proceeds were approximately HKD 90.3 million, with HKD 36.9 million utilized and HKD 53.4 million remaining unutilized as of June 30, 2024; due to temporary customer order reductions, some capacity expansion plans are delayed, with remaining funds expected to be utilized by December 31, 2025 Use of IPO Proceeds | Item | Total Allocation (Million HKD) | Utilized (Million HKD) | Unutilized (Million HKD) | | :--- | :--- | :--- | :--- | | Enhance production capacity and expand product portfolio | 33.3 | 1.3 | 32.0 | | Strengthen R&D capabilities | 17.6 | 0.9 | 16.7 | | Acquire printing and cross-cutting machines | 22.9 | 20.6 | 2.3 | | Others | 16.5 | 14.1 | 2.4 | | **Total** | **90.3** | **36.9** | **53.4** | - Due to temporary reductions in customer orders and revisions to QR code packaging, the company was unable to expand production capacity as originally planned, with the remaining unutilized proceeds expected to be used by the end of 2025[133](index=133&type=chunk) [Employees and Remuneration Policy](index=36&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2024, the Group had 109 employees, a decrease from 117 in the prior period, with total staff costs of approximately RMB 5.6 million, slightly lower than RMB 5.8 million in the prior period, while providing on-the-job training and participating in retirement schemes as required - As of June 30, 2024, the Group's total number of employees was **109**, a decrease of **8** employees compared to the prior period[134](index=134&type=chunk) - Total staff costs for the reporting period were approximately **RMB 5.6 million**, representing a year-on-year decrease of approximately **3.4%**[134](index=134&type=chunk) [Corporate Governance and Other Information](index=37&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's adherence to corporate governance standards, details on directors' and major shareholders' interests, share option schemes, and the audit committee's review of financial information [Corporate Governance and Compliance](index=37&type=section&id=Corporate%20Governance%20and%20Compliance) During the reporting period, the company complied with applicable provisions of the Corporate Governance Code, all directors confirmed adherence to the Model Code for securities transactions, and neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities - The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the reporting period[135](index=135&type=chunk) - All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers[136](index=136&type=chunk) - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[137](index=137&type=chunk) [Directors', Chief Executive's and Major Shareholders' Interests](index=38&type=section&id=Directors%27%2C%20Chief%20Executive%27s%20and%20Major%20Shareholders%27%20Interests) As of June 30, 2024, Chairman Mr. Chan Wai Chong and CEO Mr. Yu Tianbing indirectly held 42.38% and 12.00% of the company's shares respectively, with major shareholders including City Ease Limited and Kai Tung Limited controlled by Mr. Chan, and the company maintained sufficient public float Directors', Chief Executive's and Major Shareholders' Interests | Name/Entity | Capacity/Nature of Interest | Number of Shares Held | Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Chan Wai Chong | Interest in controlled corporation | 339,040,000 (L) | 42.38% | | Mr. Yu Tianbing | Interest in controlled corporation | 96,000,000 (L) | 12.00% | | City Ease Limited | Beneficial owner | 339,040,000 (L) | 42.38% | | Kai Tung Limited | Beneficial owner | 146,960,000 (L) | 18.37% | | Wing Ning Limited | Beneficial owner | 96,000,000 (L) | 12.00% | [Share Option Scheme](index=40&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on June 2, 2022, and no share options have been granted under the scheme since its adoption, resulting in no outstanding share options as of the end of the reporting period - No share options have been granted under the share option scheme since its adoption[145](index=145&type=chunk) [Review by Audit Committee](index=40&type=section&id=Review%20by%20Audit%20Committee) The interim financial information, though unaudited by external auditors, has been reviewed by the Audit Committee, comprising three independent non-executive directors, who concurred with the accounting treatments adopted and deemed the financial information prepared and disclosed in compliance with relevant standards and requirements - The unaudited interim consolidated financial information for the six months ended June 30, 2024, has been reviewed by the Audit Committee[150](index=150&type=chunk) - The Audit Committee believes that the financial information has been prepared in compliance with applicable accounting standards and requirements and is adequately disclosed[150](index=150&type=chunk)

Financial Performance - For the six months ended June 30, 2024, revenue decreased by approximately 10.2% to about RMB 57.1 million, compared to RMB 63.6 million for the same period in 2023[1] - Gross profit for the same period decreased by approximately 3.8% to about RMB 5.0 million, down from RMB 5.2 million in the prior year[1] - The company recorded a loss attributable to shareholders of approximately RMB 2.3 million, compared to a loss of RMB 3.9 million for the same period in 2023[1] - Basic loss per share for the six months ended June 30, 2024, was approximately RMB 0.3 cents, compared to RMB 0.5 cents for the same period in 2023[1] - Total revenue decreased from approximately RMB 63.6 million for the six months ended June 30, 2023, to approximately RMB 57.1 million for the current reporting period, a decline of about RMB 6.5 million or 10.2%[28] - The total loss and comprehensive loss decreased from approximately RMB 3.9 million to about RMB 2.3 million, mainly due to cost control measures[38] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 309.6 million, down from RMB 365.1 million as of December 31, 2023[5] - Current assets decreased to RMB 263.7 million from RMB 319.1 million at the end of the previous year[5] - Cash and cash equivalents decreased to RMB 67.2 million from RMB 95.1 million as of December 31, 2023[5] - The total equity attributable to shareholders was RMB 217.9 million, slightly down from RMB 220.2 million at the end of 2023[6] - Non-current liabilities decreased to RMB 90.1 million from RMB 143.3 million at the end of the previous year[6] - Trade receivables (net) as of June 30, 2024, were RMB 105,247,000, down from RMB 131,766,000 as of December 31, 2023, indicating a decrease of approximately 20.2%[23] Expenses - Total expenses for the six months ended June 30, 2024, amounted to RMB 61,858 thousand, down from RMB 69,431 thousand in the previous year, reflecting a decrease of 10.1%[15] - The cost of raw materials and goods used was RMB 49,310 thousand, a decrease of 11.5% from RMB 55,879 thousand in the prior year[15] - Employee costs were RMB 5,557 thousand, slightly down from RMB 5,807 thousand, indicating a reduction of 4.3%[15] - Sales expenses increased from approximately RMB 2.2 million to about RMB 2.5 million, an increase of approximately RMB 0.3 million or 13.6%[31] - Administrative expenses decreased from approximately RMB 8.8 million to about RMB 7.3 million, primarily due to reductions in product development costs and employee expenses[32] Taxation and Financial Policies - The group has been granted a preferential income tax rate of 15% as a high-tech enterprise in China for the six months ended June 30, 2024[18] - The group has implemented a 200% super deduction for eligible R&D expenses when determining taxable profits, which may positively impact future financial results[18] - The group expects no significant impact from the adoption of new accounting standards effective from January 1, 2024[10] - The group has not adopted new standards that will take effect in 2025 and 2027, which are not expected to have a significant impact on financial results[10] Shareholder Information - The board has resolved not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[1] - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[22] - The company’s director, Mr. Chen, holds 339,040,000 shares, representing 42.38% of the total equity[55] - Director Mr. Yu holds 96,000,000 shares, accounting for 12.00% of the total equity[55] - Major shareholder Cheng Yi Limited owns 339,040,000 shares, which is 42.38% of the total equity[57] - Major shareholder Kai Dong Limited holds 146,960,000 shares, representing 18.37% of the total equity[57] - Major shareholder Yong Ning Limited owns 96,000,000 shares, which is 12.00% of the total equity[57] Employment and Workforce - The group had 109 employees as of June 30, 2024, down from 117 employees a year earlier[49] - Employee costs for the group totaled approximately RMB 5.6 million during the reporting period, compared to RMB 5.8 million in the same period of 2023[49] Corporate Governance - The company has established an audit committee to oversee financial reporting and compliance, consisting of three independent non-executive directors[63] - The audit committee has reviewed the unaudited interim financial results for the six months ending June 30, 2024, and agrees with the accounting treatment adopted by the company[64] - The company confirms compliance with the standard code for securities trading as of June 30, 2024[52] - There are no management or administrative contracts related to significant portions of the company's business during the reporting period[61] Future Outlook - The company anticipates a recovery in orders during the second half of 2024, as the reduction in orders is considered temporary[28] - The company expects stable demand for tobacco products in the foreseeable future, despite government smoking control policies[27] - The company is positioned to benefit from the shift towards mid-to-high-end tobacco products, which typically require advanced packaging materials[27] - The company has a strong R&D capability to provide customized products to its clients in the tobacco packaging industry[27] Capital and Investments - Capital expenditures during the reporting period included approximately RMB 0.6 million for machinery and about RMB 0.4 million for electronic and other equipment[42] - As of June 30, 2024, the group's capital commitments amounted to approximately RMB 2.1 million, an increase from RMB 1.9 million as of December 31, 2023[43] - The group reported no significant contingent liabilities as of June 30, 2024, and December 31, 2023[43] - The group had no major acquisitions or disposals during the reporting period, and there are no significant future investment plans as of June 30, 2024[43] - The group’s net cash available from the IPO, after deducting related expenses, was approximately HKD 90.3 million, with HKD 53.4 million remaining unutilized as of June 30, 2024[47] - The group has pledged assets including properties valued at approximately RMB 10.5 million and machinery valued at RMB 5.9 million as collateral for bank loans as of June 30, 2024[44] Stock Options - The company has adopted a stock option plan, allowing for the issuance of 80,000,000 shares, representing 10% of the issued shares as of January 1, 2024, and June 30, 2024[60] - No stock options have been granted under the stock option plan since its adoption, resulting in no exercised, canceled, or expired options as of June 30, 2024[60] - The company has not set any secondary limits for service providers under the stock option plan[60] Miscellaneous - The company has not reported any new strategies or market expansions in the provided documents[53] - The company expresses gratitude to its management team and employees for their hard work and dedication during the reporting period[66] - The interim report for the six months ending June 30, 2024, will be published in accordance with listing rules[65] - The company has not engaged in any purchases, sales, or redemptions of its listed securities[53] - The group has no significant events occurring after the reporting period[50]

Financial Performance - The total revenue for the fiscal year 2023 was approximately RMB 1.909 billion, a decrease of approximately RMB 981 million or 33.9% compared to RMB 2.890 billion in fiscal year 2022[10]. - Gross profit fell from approximately RMB 604 million in fiscal year 2022 to about RMB 176 million in fiscal year 2023, a decrease of approximately RMB 428 million or 70.9%[10]. - The gross profit margin decreased from approximately 20.9% in fiscal year 2022 to about 9.2% in fiscal year 2023[10]. - The company recorded a net loss attributable to shareholders of approximately RMB 26 million in fiscal year 2023, compared to a profit of approximately RMB 250 million in fiscal year 2022[10]. - The group reported a total comprehensive loss of approximately RMB 2.6 million in FY2023, compared to a profit of approximately RMB 25.0 million in FY2022, mainly due to the decrease in revenue and gross profit[27]. Cost Management - Sales costs decreased from approximately RMB 2.285 billion in fiscal year 2022 to about RMB 1.733 billion in fiscal year 2023, a reduction of approximately RMB 552 million or 24.1%[18]. - Sales expenses decreased from approximately RMB 9.1 million in FY2022 to approximately RMB 8.2 million in FY2023, primarily due to reduced shipping costs from lower sales volume and increased marketing expenses related to new tenders[20]. - Administrative expenses decreased from approximately RMB 30.0 million in FY2022 to approximately RMB 17.7 million in FY2023, mainly due to a reduction in listing expenses of about RMB 7.1 million and a decrease in R&D expenses of about RMB 4.8 million[21]. Market Outlook - The decline in orders was primarily due to a temporary reduction in orders from several major customers, attributed to the National Tobacco Monopoly Administration's revision of cigarette packaging policies[17]. - The company anticipates stable demand for tobacco products in the foreseeable future, despite government smoking control policies[11]. - There is an expected increase in demand for mid-to-high-end cigarettes due to rising purchasing power among Chinese citizens[11]. - The company aims to develop effective strategies to increase market share in the evolving tobacco packaging industry[14]. Capital Expenditures and Financial Position - Capital expenditures for FY2023 amounted to approximately RMB 22.4 million, significantly up from approximately RMB 0.7 million in FY2022, primarily for the purchase of property, plant, and equipment[34]. - As of December 31, 2023, the group had cash and cash equivalents totaling approximately RMB 95.1 million, down from approximately RMB 110.3 million as of December 31, 2022[31]. - The group recorded a net provision for financial asset losses of approximately RMB 2.0 million in FY2023, compared to a reversal of approximately RMB 0.9 million in FY2022, primarily due to an increase in the total value of trade receivables and a rise in expected loss rates[22]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance as of December 31, 2023[69]. - The board of directors consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[72]. - The company provides ongoing professional development for directors to ensure they are informed and compliant with corporate governance codes[88]. - The board has established mechanisms to ensure strong independence, including appointing at least three independent non-executive directors[81]. Employee and Remuneration Policies - The company has 113 employees as of December 31, 2023, a decrease from 117 employees in the previous year[46]. - The remuneration range for senior management members (excluding directors) for the year ending December 31, 2023, includes three individuals earning up to RMB 1,000,000[106]. - The company is committed to providing competitive and fair remuneration to attract and retain high-quality employees[109]. Shareholder Communication and Dividend Policy - The company emphasizes effective communication with shareholders to enhance investor relations and transparency[127]. - The board of directors has proposed not to declare a final dividend for the year ending December 31, 2023[161]. - The company has adopted a dividend policy aimed at balancing shareholder interests with prudent capital management, with no predetermined dividend payout ratio[160]. Risk Management and Compliance - The company has implemented sufficient and effective risk management and internal control systems to ensure effective business operations[121]. - The audit committee is responsible for reviewing the integrity of the company's financial statements and the effectiveness of its internal controls[97]. - The company has no significant or systemic non-compliance issues with relevant laws and regulations as of December 31, 2023[152].