Group 1 - TOM Group (02383) announced that effective September 1, 2025, non-executive director Lu Falan will no longer serve as a member of the company's nomination committee [1] - Non-executive director Li Wang Peiling has been appointed as a member of the company's nomination committee [1]

(股份代號：2383) 執行董事 楊國猛(4) （首席執行官） 非執行董事 張培薇 李王佩玲(5)(7) 獨立非執行董事 沙正治(3)(5) 方志偉(1)(2)(8) 陳子亮(5)(6)(7) 董事名單與其角色和職能 TOM集團有限公司的董事會由七名董事組成，而各董事之角色和職能載列如下： 主席 陸法蘭(6) 附註: 二零二五年九月一日 本董事名單與其角色和職能之中、英文版本內容倘有任何歧義，概以英文版本為準。 1 (1) 審核委員會主席 (2) 薪酬委員會主席 (3) 提名委員會主席 (4) 可持續發展委員會主席 (5) 審核委員會成員 (6) 薪酬委員會成員 (7) 提名委員會成員 (8) 可持續發展委員會成員 替任董事 黎啟明 (陸法蘭之替任董事) ...

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 (股份代號: 2383) (1) 非執行董事陸法蘭先生不再擔任本公司提名委員會成員；及 (2) 非執行董事李王佩玲女士獲委任為本公司提名委員會成員。 承董事會命 TOM 集團有限公司 執行董事 楊國猛 香港，二零二五年九月一日 本公告之中、英文版本倘有任何歧義，概以英文版本為準。 於本公告日期，本公司的董事為： 楊國猛先生 陸法蘭先生(主席) 沙正治先生 張培薇女士 方志偉博士 李王佩玲女士 陳子亮先生 執行董事： 非執行董事： 獨立非執行董事： 提名委員會成員的變更 TOM集團有限公司(「本公司」)之董事會(「董事會」)謹此宣佈，自二零二五年九月一日起： 替任董事： 黎啟明先生 (陸法蘭先生之替任董事) ...

呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02383 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 FF301 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 | 致：香港交易及結算所有限公司 | | | | | --- | --- | --- | ...

[Definitions](index=2&type=section&id=Section%201%20Definitions) [Key Terms and Business Segments](index=3&type=section&id=1.1%20Key%20Terms%20and%20Business%20Segments) This section defines key terms used in the interim report, including company entities, business segments (media, technology platform & investments), and major associates (Ule, WeLab, MioTech) - TOM Group's business segments include: * **Media Business:** Covers publishing and advertising business groups * **Technology Platform & Investments:** Includes e-commerce, mobile internet groups, and strategic investments in fintech and advanced big data analytics; Social Network Group is classified as a discontinued operation[8](index=8&type=chunk) - Major associates and investments: * **Ule:** Ule Holdings Limited and its subsidiaries, primarily operating e-commerce/supply chain businesses in mainland China * **WeLab:** A leading Asian fintech company operating digital banking and online financial services in Hong Kong, mainland China, and Indonesia * **MioTech:** A leading Asian provider of sustainable data and software[8](index=8&type=chunk) [Company Information](index=5&type=section&id=Section%202%20Company%20Information) [Board of Directors and Committees](index=5&type=section&id=2.1%20Board%20of%20Directors%20and%20Committees) This section lists TOM Group's Board of Directors, including Chairman, Executive, Non-Executive, and Independent Non-Executive Directors, and details the members of key committees like Audit, Remuneration, Nomination, and Sustainability - Board members include Chairman **Frank John Sixt**, Executive Director **Ken Yeung**, Non-Executive Directors **Angelika Lee** and **Alice Lee**, and Independent Non-Executive Directors **H.S. George Sze**, **Dr. Fong Chi Wai**, and **Chan Tze Leung**[11](index=11&type=chunk) - The company has an Audit Committee (Chairman: Dr. Fong Chi Wai), Remuneration Committee (Chairman: Dr. Fong Chi Wai), Nomination Committee (Chairman: H.S. George Sze), and Sustainability Committee (Chairman: Ken Yeung)[11](index=11&type=chunk) [Chairman's Statement](index=6&type=section&id=Section%203%20Chairman's%20Statement) [Performance and Strategy Overview](index=6&type=section&id=3.1%20Overview%20of%20Performance%20and%20Strategy) The Chairman's report highlights TOM Group's H1 2025 focus on growth-potential investments and divestment of loss-making businesses, achieving a 1.1% revenue increase in continuing operations, 42.7% gross margin, and a 31% reduction in loss attributable to shareholders despite macroeconomic headwinds - The Group continues to focus on investing in high-growth potential business areas, including rural e-commerce/supply chain in China, fintech, and advanced big data analytics[13](index=13&type=chunk) - The social media business Pixnet was divested during the period to improve resource efficiency and capital allocation[15](index=15&type=chunk) 2025 H1 Continuing Operations Key Financial Data | Indicator | 2025 H1 (HKD) | 2024 H1 (HKD) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 339 million | 334.9 million | **1.1% growth** | | Gross Profit | 145 million | 139 million | **Growth** | | Gross Margin | **42.7%** | 41.5% | **1.2 percentage points increase** | | Loss attributable to shareholders | 96 million | 139 million | **31% reduction** | | Profit before net finance costs and tax | 6 million | (19 million) | **Turnaround from loss to profit** | - Associate Ule recorded a net profit of **RMB23 million**, compared to a loss of **RMB33 million** in the prior period[14](index=14&type=chunk) - Taiwan Publishing Group's total revenue was **HK$327 million**, with a segment profit of **HK$19 million**, seeking growth through diversified revenue streams and accelerated digital integration[14](index=14&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%204%20Management%20Discussion%20and%20Analysis) [Financial Summary](index=7&type=section&id=4.1%20Financial%20Summary) This section presents TOM Group's key financial indicators for the six months ended June 30, 2025, showing a slight increase in continuing operations revenue, a turnaround from loss to profit before net finance costs and tax, a significant reduction in loss attributable to equity holders, and decreased loss per share 2025 H1 Financial Summary (Continuing Operations) | Indicator | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Consolidated Revenue | 338,692 | 334,917 | | Profit/(Loss) before net finance costs and tax | 5,722 | (18,804) | | Loss attributable to equity holders (excluding discontinued operations) | (95,663) | (138,676) | | Loss attributable to equity holders (including discontinued operations) | (98,698) | (145,414) | | Loss per share (excluding discontinued operations) | (2.42) HK cents | (3.50) HK cents | | Loss per share (including discontinued operations) | (2.49) HK cents | (3.67) HK cents | | Net Debt | (1,696,236) | (1,551,841) | - Social Network Group was divested on May 31, 2025, with a discontinued operations loss of **HK$3,035 thousand** (2024: HK$6,738 thousand)[18](index=18&type=chunk) [Business Review](index=8&type=section&id=4.2%20Business%20Review) This section reviews the Group's business performance in H1 2025, noting stable media business revenue, continued leadership and digital transformation in Taiwan publishing, and profit in technology platform and investment business, alongside the divestment of Pixnet and ongoing investments in fintech, sustainable data, and rural e-commerce, with plans to enhance AI applications - Media business total revenue was **HK$336 million**, with a segment profit of **HK$19 million**[20](index=20&type=chunk) - Taiwan publishing business, Cite Publishing Group, maintained market leadership through digital transformation, artificial intelligence technology application, and new revenue model development[21](index=21&type=chunk) - Technology Platform and Investment business total revenue was **HK$3 million**, with a segment profit of **HK$9 million**, including a reversal from e-commerce business[20](index=20&type=chunk) - The social media business Pixnet was divested in May 2025 to facilitate its future development and optimize Group resource allocation[22](index=22&type=chunk) - The Group holds a **7.94% equity interest** in WeLab's issued shares, with WeLab being a leading Asian fintech company serving over **70 million users** and facilitating over **US$15 billion** in loans[24](index=24&type=chunk) - The Group holds a **6.22% equity interest** in MioTech's issued shares, with MioTech being a leading Asian sustainable data and software provider[25](index=25&type=chunk) - Looking ahead, TOM Group will continue to strengthen the application of artificial intelligence solutions to drive innovation and operational efficiency, while accelerating digital business development[25](index=25&type=chunk) [Financial Performance Analysis](index=10&type=section&id=4.3%20Financial%20Performance%20Analysis) This section analyzes the Group's financial position, including cash flow, debt levels, and liquidity, showing an increase in net debt but improved operating cash outflow, current ratio, and net current assets, indicating prudent financial management amidst macroeconomic challenges 2025 H1 Group Capital Resources and Liquidity | Indicator | 2025 June 30 (HKD) | 2024 December 31 (HKD) | | :--- | :--- | :--- | | Cash and bank balances (excluding pledged deposits) | Approx. 495 million | - | | Total credit facilities | 4.52 billion | - | | Utilized credit facilities | 3.98 billion (88.1%) | - | | Total principal amount of loans | Approx. 3.98 billion | - | | Gearing ratio | **174.3%** | 175.6% | | Net current assets | Approx. 287 million | Approx. 233 million | | Current ratio | **1.54** | 1.44 | | Net debt | Approx. 1.696 billion | Approx. 1.664 billion | - Net cash outflow from operating activities after interest and tax narrowed from **HK$62 million** in the prior period to **HK$43 million**, primarily due to lower loan interest rates[29](index=29&type=chunk) - Profit before net finance costs and tax was **HK$6 million**, compared to a loss of **HK$19 million** in the prior period, mainly due to a reversal of long-aged payables and increased share of profit from associates[30](index=30&type=chunk) - Discontinued operations recorded total revenue of approximately **HK$6 million** and a loss for the period of approximately **HK$4 million**, including a loss of approximately **HK$1 million** from the disposal of Pixnet[30](index=30&type=chunk) [Significant Investments](index=11&type=section&id=4.4%20Significant%20Investments) This section details the Group's significant investments in Ule and WeLab, including shareholding percentages, carrying values, and their impact on the Group's financial performance, emphasizing alignment with the Group's strategy in high-growth potential areas 2025 H1 Significant Investments Overview | Investment Nature | Number of Shares Held by Group | Interest in Issued Share Capital | Carrying Value (HKD) | Ratio to Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | Ule (Ordinary Shares) | 437,310,730 | **22.39%** | 367,419,000 | **12.73%** | | WeLab (Preference Shares) | 4,041,466 | **7.94%** | 689,759,000 | **23.90%** | - The Group recorded a share of operating profit of **HK$5.419 million** from its investment in Ule in the condensed consolidated interim income statement[36](index=36&type=chunk) - The Group's investment in WeLab recorded an unrealized loss of **HK$46 thousand** after revaluation[40](index=40&type=chunk) - These significant investments align with the Group's strategy to focus on high-growth potential business areas such as e-commerce/supply chain, fintech, and advanced big data analytics[41](index=41&type=chunk) [Other Information](index=12&type=section&id=4.5%20Other%20Information) This section covers non-financial information such as post-balance sheet events, foreign exchange risk management, employee data, corporate strategy, and sustainability, confirming no significant post-balance sheet events, controlled foreign exchange risk, ongoing sustainability focus, and the purpose of non-GAAP metrics - No post-balance sheet events occurred after the reporting period that would significantly impact the Group's condensed consolidated interim financial information[42](index=42&type=chunk) - The Group's operations are primarily concentrated in mainland China and Taiwan, denominated in local currencies, and are not exposed to significant foreign exchange risk[43](index=43&type=chunk) - As of June 30, 2025, TOM Group employed approximately **1,000 full-time staff**, with staff costs for the first six months of the year totaling **HK$146 million**[44](index=44&type=chunk) - The Group's corporate strategy aims to enhance long-term total returns for all stakeholders, focusing on recurring and sustainable profitability, and rigorous profit and cost management[47](index=47&type=chunk) - The Group's sustainability approach and priorities are based on four pillars: business, people, environment, and community[50](index=50&type=chunk) - Non-GAAP measures used in the report (e.g., profit/(loss) before net finance costs and tax) are intended to enhance the overall understanding of the Group's current financial performance but may not be comparable to similar measures used by other companies[51](index=51&type=chunk) [Independent Review Report](index=15&type=section&id=Section%205%20Independent%20Review%20Report) [Review Scope and Conclusion](index=15&type=section&id=5.1%20Review%20Scope%20and%20Conclusion) PricewaterhouseCoopers reviewed TOM Group's interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, concluding that nothing came to their attention to suggest the financial information was not prepared in all material respects in accordance with HKAS 34 - The auditor conducted the review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[53](index=53&type=chunk) - The scope of a review is substantially less than an audit, so it does not provide assurance that all material matters would be identified, and therefore no audit opinion is expressed[53](index=53&type=chunk) - The conclusion is that nothing has come to the auditor's attention that causes them to believe the Group's interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[54](index=54&type=chunk) [Condensed Consolidated Interim Financial Information](index=16&type=section&id=Section%206%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Condensed Consolidated Interim Income Statement](index=16&type=section&id=6.1%20Condensed%20Consolidated%20Interim%20Income%20Statement) The income statement for the six months ended June 30, 2025, shows a slight increase in continuing operations revenue, a turnaround from loss to profit before net finance costs and tax, but a net loss for the period due to finance costs, though the loss narrowed compared to the prior period 2025 H1 Condensed Consolidated Interim Income Statement (Continuing Operations) | Indicator | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Revenue | 338,692 | 334,917 | | Cost of sales | (193,973) | (196,050) | | Profit/(Loss) before net finance costs and tax | 5,722 | (18,804) | | Finance costs, net | (92,202) | (110,293) | | Loss before tax | (86,480) | (129,097) | | Loss for the period from continuing operations | (90,983) | (135,245) | 2025 H1 Loss Attributable to Equity Holders and Loss Per Share | Indicator | 2025 H1 (HK$ thousand/HK cents) | 2024 H1 (HK$ thousand/HK cents) (Restated) | | :--- | :--- | :--- | | Loss for the period attributable to equity holders | (98,698) | (145,414) | | - From continuing operations | (95,663) | (138,676) | | - From discontinued operations | (3,035) | (6,738) | | Loss per share (basic and diluted) | (2.49) HK cents | (3.67) HK cents | | - From continuing operations | (2.42) HK cents | (3.50) HK cents | | - From discontinued operations | (0.07) HK cents | (0.17) HK cents | [Condensed Consolidated Interim Statement of Comprehensive Income](index=18&type=section&id=6.2%20Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) The statement of comprehensive income shows that despite a loss for the period, the total comprehensive expense attributable to equity holders significantly narrowed compared to the prior period, driven by revaluation surplus of financial assets at fair value through other comprehensive income and positive exchange differences 2025 H1 Condensed Consolidated Interim Statement of Comprehensive Income | Indicator | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Loss for the period | (94,672) | (143,459) | | Revaluation surplus/(deficit) on financial assets at fair value through other comprehensive income | 405 | (94,436) | | Exchange differences | 62,050 | (23,485) | | Total comprehensive expense for the period | (32,328) | (261,380) | | Total comprehensive expense for the period attributable to equity holders | (54,699) | (249,465) | [Condensed Consolidated Interim Statement of Financial Position](index=19&type=section&id=6.3%20Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) The statement of financial position as of June 30, 2025, indicates a slight increase in total assets, stable non-current assets, improved net current assets, but an increase in net debt 2025 H1 Condensed Consolidated Interim Statement of Financial Position | Indicator | 2025 June 30 (HK$ thousand) | 2024 December 31 (HK$ thousand) | | :--- | :--- | :--- | | Non-current assets | 2,063,237 | 2,037,383 | | Current assets | 822,953 | 763,830 | | Current liabilities | 535,755 | 530,632 | | Net current assets | **287,198** | 233,198 | | Total assets less current liabilities | 2,350,435 | 2,270,581 | | Non-current liabilities | 4,046,671 | 3,934,477 | | Net debt | (1,696,236) | (1,663,896) | | Total deficit attributable to equity holders | (2,012,960) | (1,958,033) | [Condensed Consolidated Interim Statement of Changes in Equity](index=21&type=section&id=6.4%20Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) The statement of changes in equity for the six months ended June 30, 2025, reflects an increase in the total deficit attributable to equity holders, primarily due to the loss for the period, partially offset by exchange differences in other comprehensive income 2025 H1 Changes in Equity Attributable to Equity Holders | Indicator | 2025 January 1 (HK$ thousand) | Loss for the period (HK$ thousand) | Other comprehensive income (HK$ thousand) | 2025 June 30 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Accumulated losses | (7,018,988) | (98,698) | - | (7,115,467) | | Exchange reserve | 630,360 | - | 43,233 | 673,593 | | Total deficit | (1,958,033) | (98,698) | 43,233 | (2,012,960) | [Condensed Consolidated Interim Cash Flow Statement](index=23&type=section&id=6.5%20Condensed%20Consolidated%20Interim%20Cash%20Flow%20Statement) The cash flow statement for the six months ended June 30, 2025, shows a narrowed net cash outflow from operating activities and a significant increase in net cash inflow from financing activities, leading to an overall increase in cash and cash equivalents 2025 H1 Condensed Consolidated Interim Cash Flow Statement | Cash flow category | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (42,637) | (61,586) | | Net cash used in investing activities | (45,719) | (31,627) | | Net cash from financing activities | **93,855** | 37,333 | | Increase/(Decrease) in cash and cash equivalents | **5,499** | (55,880) | | Cash and cash equivalents at June 30 | **494,886** | 421,797 | [Notes to the Condensed Consolidated Interim Financial Information](index=24&type=section&id=Section%207%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [Basis of Preparation and Accounting Policies](index=24&type=section&id=7.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This section outlines the basis of preparation for the interim financial information, adhering to HKAS 34 and Listing Rules, confirming consistent accounting policies with the prior year, no significant impact from new standard amendments, and preparation under the going concern assumption - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure provisions of the Listing Rules[77](index=77&type=chunk) - The Group prepared this unaudited condensed consolidated interim financial information on a **going concern basis**, possessing sufficient financial resources to support its continued operations[77](index=77&type=chunk) - The accounting policies and methods of computation used in preparing this unaudited condensed consolidated interim financial information are consistent with those used in the preparation of the 2024 annual financial statements, with no significant impact from newly adopted standard amendments[78](index=78&type=chunk)[79](index=79&type=chunk) [Financial Risk Management](index=25&type=section&id=7.2%20Financial%20Risk%20Management) This section discusses the Group's exposure to credit, liquidity, and market risks, detailing valuation methods and classifications for financial instruments measured at fair value, particularly for Level 3 financial assets like the WeLab investment - The Group's operations are exposed to various financial risks: **credit risk**, **liquidity risk**, and **market risk** (including cash flow interest rate risk, foreign currency risk, and price risk)[83](index=83&type=chunk) 2025 H1 Assets Measured at Fair Value | Category | Level 1 (HK$ thousand) | Level 2 (HK$ thousand) | Level 3 (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Investment properties | – | – | 17,331 | 17,331 | | FVOCI financial assets (equity securities) | 5,701 | – | 821,583 | 827,284 | | **Total Assets** | **5,701** | **–** | **838,914** | **844,615** | - Certain financial assets at FVOCI (**HK$689,759,000**) were fair valued by an independent external valuer as of June 30, 2025, referencing the subscription price of the most recent equity financing round[90](index=90&type=chunk) - As of June 30, 2025, the Group held a **7.94%** (December 31, 2024: 7.96%) equity interest in WeLab[90](index=90&type=chunk) [Segment Information](index=28&type=section&id=7.3%20Segment%20Information) This section provides detailed financial performance, asset, and liability information by business segment, including continuing operations (Technology Platform & Investments, Media Business) and discontinued operations (Social Network Group), illustrating each segment's revenue, profit/loss, and balance sheet status - The Group has four reportable continuing operating segments: E-commerce Group, Mobile Internet Group, Publishing Business Group, and Advertising Business Group; the discontinued operation is the Social Network Group[96](index=96&type=chunk)[97](index=97&type=chunk) 2025 H1 Segment Revenue (External Customers) | Segment | Revenue (HK$ thousand) | | :--- | :--- | | Technology Platform & Investments | 2,458 | | Media Business (Publishing Business) | 326,689 | | Media Business (Advertising Business) | 9,545 | | **Total Continuing Operations** | **338,692** | | Discontinued Operations (Social Network) | 5,333 | 2025 H1 Segment Profit/(Loss) (before amortization and depreciation) | Segment | Profit/(Loss) (HK$ thousand) | | :--- | :--- | | Technology Platform & Investments | 9,304 | | Media Business (Publishing Business) | 78,936 | | Media Business (Advertising Business) | (590) | | **Total Continuing Operations** | **87,650** | | Discontinued Operations (Social Network) | (1,787) | 2025 H1 Segment Assets and Liabilities | Indicator | Technology Platform & Investments (HK$ thousand) | Media Business (HK$ thousand) | Investments accounted for using equity method (HK$ thousand) | Unallocated assets (HK$ thousand) | Total Assets (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 788,104 | 1,569,229 | 371,177 | 157,680 | 2,886,190 | | Segment Liabilities | 20,471 | 446,756 | - | 4,115,199 | 4,582,426 | [Other Operating Expenses, Net](index=33&type=section&id=7.4%20Other%20Operating%20Expenses,%20Net) This section itemizes the Group's other operating expenses for the six months ended June 30, 2025, including staff costs, inventory provisions, trade receivables impairment provisions, and depreciation of property, plant and equipment and right-of-use assets, indicating an overall decrease in operating expenses compared to the prior period 2025 H1 Other Operating Expenses (Continuing Operations) | Expense Category | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | | :--- | :--- | :--- | | Staff costs | 37,356 | 38,280 | | Provision for inventories | 7,158 | 5,945 | | Depreciation of property, plant and equipment | 4,184 | 1,869 | | Depreciation of right-of-use assets | 9,059 | 11,405 | | Other (income)/expenses, net | (2,288) | 5,348 | | **Total** | **56,314** | **63,578** | [Other (Losses)/Gains, Net](index=33&type=section&id=7.5%20Other%20(Losses)/Gains,%20Net) This section discloses the Group's other net losses/gains for the six months ended June 30, 2025, primarily comprising dividend income from FVOCI financial assets, gain on disposal of property, plant and equipment, and exchange losses, showing an overall shift from gain to loss 2025 H1 Other (Losses)/Gains, Net (Continuing Operations) | Item | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | | :--- | :--- | :--- | | Dividend income from financial assets at FVOCI | 540 | 272 | | Gain on disposal of property, plant and equipment | 1 | 233 | | Exchange losses, net | (603) | (350) | | **Total** | **(62)** | **155** | [Profit/(Loss) before Net Finance Costs and Tax](index=34&type=section&id=7.6%20Profit/(Loss)%20before%20Net%20Finance%20Costs%20and%20Tax) This section details the items deducted and included in calculating profit/loss before net finance costs and tax, such as depreciation, amortization, loss on disposal of subsidiaries, and reversal of other payables, indicating a positive impact on profit from the reversal of other payables - Key deductions include depreciation of property, plant and equipment of **HK$5,898 thousand**, depreciation of right-of-use assets of **HK$10,795 thousand**, amortization of other intangible assets of **HK$46,255 thousand**, and loss on disposal of a subsidiary of **HK$1,093 thousand**[110](index=110&type=chunk) - Key inclusions include dividend income from financial assets at FVOCI of **HK$540 thousand** and net reversal of other payables of **HK$8,933 thousand**[110](index=110&type=chunk) [Net Finance Costs](index=35&type=section&id=7.7%20Net%20Finance%20Costs) This section discloses the Group's net finance costs for the six months ended June 30, 2025, primarily consisting of interest on bank loans and borrowing costs, showing a decrease in net finance costs compared to the prior period 2025 H1 Net Finance Costs | Item | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Interest on bank loans and borrowing costs | 92,199 | 110,803 | | Interest cost on lease liabilities | 1,268 | 1,405 | | Bank interest income | (1,162) | (1,780) | | **Total** | **92,305** | **110,428** | [Taxation](index=36&type=section&id=7.8%20Taxation) This section explains the Group's taxation basis and expenses, with Hong Kong profits tax at 16.5% and overseas profits taxed at local rates, detailing the composition of tax expenses for the period, which shows a decrease in total tax expenses - Hong Kong profits tax is provided at a rate of **16.5%** on the estimated assessable profit for the period[114](index=114&type=chunk) 2025 H1 Taxation Expense | Item | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Overseas taxation | 4,409 | 6,303 | | Underprovision in prior years | 167 | 946 | | Deferred taxation | (51) | (1,103) | | **Total taxation expense** | **4,525** | **6,146** | - Taxation expense from continuing operations was **HK$4,503 thousand**[115](index=115&type=chunk) [Discontinued Operations](index=37&type=section&id=7.9%20Discontinued%20Operations) This section details the financial performance and cash flow information for the Social Network Group (Pixnet) as a discontinued operation, along with the specifics of its disposal on May 31, 2025, and related loss - The Group disposed of all its interests in a subsidiary operating a social media business in Taiwan on May 31, 2025, hence the Social Network Group is classified as a discontinued operation[117](index=117&type=chunk) 2025 H1 Discontinued Operations Financial Performance (as of May 31) | Indicator | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 5,629 | 7,845 | | Operating expenses | (8,100) | (15,926) | | Loss for the period from discontinued operations | (3,689) | (8,214) | | Net cash used in operating activities | (3,094) | (476) | | Net cash used in investing activities | (525) | (1,494) | | Net cash used in financing activities | (559) | (148) | | Total net cash outflow | (4,178) | (2,118) | - A loss of **HK$1,093 thousand** was recorded on the disposal of the subsidiary, with a net cash outflow of **HK$525 thousand**[122](index=122&type=chunk) [Loss Per Share](index=39&type=section&id=7.10%20Loss%20Per%20Share) This section calculates the Group's basic and diluted loss per share for the six months ended June 30, 2025, separately presenting losses from continuing and discontinued operations, and noting that diluted loss per share is equal to basic loss per share 2025 H1 Loss Per Share | Indicator | 2025 H1 (HK cents) | 2024 H1 (HK cents) (Restated) | | :--- | :--- | :--- | | Basic loss per share (from continuing operations) | (2.42) | (3.50) | | Basic loss per share (from discontinued operations) | (0.07) | (0.17) | | **Total basic and diluted loss per share** | **(2.49)** | **(3.67)** | - The weighted average number of ordinary shares outstanding for calculating basic loss per share was **3,958,510,558 shares**[124](index=124&type=chunk)[125](index=125&type=chunk) - Diluted loss per share for the period ended June 30, 2025, was equal to basic loss per share[126](index=126&type=chunk) [Property, Plant and Equipment](index=40&type=section&id=7.11%20Fixed%20Assets) This section presents the changes in the net book value of property, plant and equipment, including additions, disposals, depreciation expenses, and exchange adjustments, showing a slight decrease in period-end net book value primarily due to depreciation and the disposal of a subsidiary 2025 H1 Changes in Net Book Value of Property, Plant and Equipment | Item | Amount (HK$ thousand) | | :--- | :--- | | At January 1, 2025 | 44,519 | | Additions (primarily computer equipment) | 1,074 | | Disposals | (84) | | Disposal of a subsidiary | (1,275) | | Depreciation expense | (5,898) | | Exchange adjustments | 4,555 | | **At June 30, 2025** | **42,891** | [Other Intangible Assets](index=41&type=section&id=7.12%20Other%20Intangible%20Assets) This section discloses changes in the net book value of other intangible assets, primarily publishing rights and trademarks, including additions, amortization expenses, and exchange adjustments, indicating an increase in period-end net book value 2025 H1 Changes in Net Book Value of Other Intangible Assets | Item | Amount (HK$ thousand) | | :--- | :--- | | At January 1, 2025 | 139,541 | | Additions | 48,849 | | Amortization expense | (46,255) | | Exchange adjustments | 12,939 | | **At June 30, 2025** | **155,074** | [Investments Accounted for Using the Equity Method](index=41&type=section&id=7.13%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) This section presents the carrying value and changes in investments accounted for using the equity method (associates), including share of profit/loss, dividend income, and exchange adjustments, confirming no impairment indicators during the period 2025 H1 Changes in Equity in Associates | Item | Amount (HK$ thousand) | | :--- | :--- | | At January 1, 2025 | 364,819 | | Share of profit less loss | 7,434 | | Dividend income from associates | (4,139) | | Exchange adjustments | 3,063 | | **At June 30, 2025** | **371,177** | - Management has assessed and determined that there are no indications that the carrying value of investments accounted for using the equity method requires further impairment provision or reversal of impairment provision[135](index=135&type=chunk) [Trade and Other Receivables](index=43&type=section&id=7.14%20Trade%20and%20Other%20Receivables) This section discloses the composition and aging analysis of trade and other receivables, showing a slight increase in total trade receivables, including amounts due from associates, with an average credit period of 30 to 180 days 2025 H1 Trade and Other Receivables | Item | 2025 June 30 (HK$ thousand) | 2024 December 31 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 180,956 | 177,878 | | Prepayments, deposits and other receivables | 42,630 | 41,677 | | **Total** | **223,586** | **219,555** | 2025 H1 Aging Analysis of Trade Receivables | Aging | Amount (HK$ thousand) | | :--- | :--- | | Current | 86,135 | | 31 to 60 days | 40,721 | | 61 to 90 days | 23,455 | | Over 90 days | 59,425 | | Less: Impairment provision | (28,780) | | **Net trade receivables** | **180,956** | - Amounts due from associates totaled **HK$3,754 thousand**, which are unsecured, interest-free, and repayable on demand[143](index=143&type=chunk)[144](index=144&type=chunk) [Trade and Other Payables](index=44&type=section&id=7.15%20Trade%20and%20Other%20Payables) This section lists the composition of trade and other payables, including trade payables, other payables and accrued expenses, and contract liabilities, and provides an aging analysis for trade payables 2025 H1 Trade and Other Payables | Item | 2025 June 30 (HK$ thousand) | 2024 December 31 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 111,648 | 103,713 | | Other payables and accrued expenses | 264,357 | 282,132 | | Contract liabilities | 117,463 | 102,711 | | **Total** | **493,468** | **488,556** | 2025 H1 Aging Analysis of Trade Payables | Aging | Amount (HK$ thousand) | | :--- | :--- | | Current | 49,178 | | 31 to 60 days | 12,268 | | 61 to 90 days | 5,910 | | Over 90 days | 44,292 | | **Total** | **111,648** | [Changes in Borrowings](index=45&type=section&id=7.16%20Changes%20in%20Borrowings) This section discloses changes in the Group's bank loans, including opening balance, transaction costs, new borrowings, and closing balance, indicating an increase in total long-term bank loans 2025 H1 Changes in Bank Loans | Item | Amount (HK$ thousand) | | :--- | :--- | | At January 1, 2025 | 3,857,397 | | Recognition of transaction costs | (696) | | Amortization of transaction costs | 3,136 | | Borrowings | 115,000 | | **At June 30, 2025** | **3,974,837** | [Related Party Transactions](index=46&type=section&id=7.17%20Related%20Party%20Transactions) This section lists the Group's major transactions with related parties, including services provided to associates, services purchased from non-controlling interests of subsidiaries and their controlled subsidiaries, and loan financing guarantee fees paid to the major shareholder 2025 H1 Related Party Transactions | Transaction Type | 2025 H1 (HK$ thousand) | 2024 H1 (HK$ thousand) | | :--- | :--- | :--- | | Services provided to associates | 182 | 113 | | Services purchased from non-controlling interests of subsidiaries and their controlled subsidiaries | 146 | 182 | | Service fees paid to CK Hutchison and its subsidiaries | 1,698 | 1,644 | | Loan financing guarantee fees paid to the major shareholder | 9,711 | 9,168 | - Loan financing guarantee fees are calculated at an annual rate of **0.5%** on the total principal amount of current loan financing[161](index=161&type=chunk) [Disclosure of Interests](index=48&type=section&id=Section%208%20Disclosure%20of%20Interests) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=48&type=section&id=8.1%20Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions) This section lists the long positions of the Company's directors and chief executive in the Company's shares as of June 30, 2025, including the number and percentage of shares held by Frank John Sixt and Ken Yeung 2025 H1 Directors' and Chief Executive's Long Positions in the Company's Shares | Director's Name | Capacity | Total Shares Held (shares) | Approximate Shareholding Percentage | | :--- | :--- | :--- | :--- | | Frank John Sixt | Beneficial owner | **492,000** | **0.01%** | | Ken Yeung | Spouse's interest | **30,000** | **Less than 0.01%** | [Shareholders' Interests and Short Positions Discloseable under SFO](index=48&type=section&id=8.2%20Shareholders'%20Interests%20and%20Short%20Positions%20Discloseable%20under%20SFO) This section discloses the long positions of major shareholders in the Company's shares as of June 30, 2025, as required by the Securities and Futures Ordinance, including CK Hutchison, CK Asset, Solina Chau, and Tim-mo Lam, and confirms no share option schemes during the period 2025 H1 Major Shareholders' Long Positions in the Company's Shares | Name | Capacity | Number of Shares Held in the Company (L) | Approximate Shareholding Percentage | | :--- | :--- | :--- | :--- | | CK Hutchison | Interest of controlled corporation | **1,430,120,545** | **36.13%** | | CK Asset | Interest of controlled corporation | **1,430,120,545** | **36.13%** | | Solina Chau | Interest of controlled corporation | **1,003,432,363** | **25.35%** | | Tim-mo Lam | Beneficial owner and/or spouse, and interest of controlled corporation | **529,418,000** | **13.37%** | - The Company did not have any share option schemes during the six months ended June 30, 2025[179](index=179&type=chunk) [Corporate Governance](index=52&type=section&id=Section%209%20Corporate%20Governance) [Corporate Governance Framework](index=52&type=section&id=9.1%20Corporate%20Governance%20Framework) The company believes an effective corporate governance framework is fundamental to promoting and safeguarding the interests of shareholders and other stakeholders, committed to maintaining high governance standards, emphasizing an excellent board, effective risk management, internal controls, strict disclosure, and effective communication with shareholders - The Company believes that an effective corporate governance framework is fundamental to promoting and safeguarding the interests of shareholders and other stakeholders and enhancing shareholder value[181](index=181&type=chunk) - The Company emphasizes maintaining an excellent Board of Directors, effective risk management and internal control systems, strict disclosure practices, appropriate transparency and accountability, and effective communication and engagement with shareholders and other stakeholders[181](index=181&type=chunk) [Audit Committee](index=52&type=section&id=9.2%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and one non-executive director with relevant financial and business management experience, is responsible for monitoring risk management, internal control systems, reviewing financial information, and managing the relationship with external auditors, having reviewed this interim financial information - The Audit Committee comprises three independent non-executive directors and one non-executive director, with **Dr. Fong Chi Wai** as Chairman[182](index=182&type=chunk) - Key responsibilities include monitoring and reviewing risk management and internal control systems, overseeing the relationship with external auditors, reviewing financial information, and monitoring corporate governance[182](index=182&type=chunk) - The unaudited condensed consolidated interim financial information of the Group for the six months ended June 30, 2025, has been reviewed by the Audit Committee[182](index=182&type=chunk) [Compliance with Corporate Governance Code and Model Code](index=53&type=section&id=9.3%20Compliance%20with%20Corporate%20Governance%20Code%20and%20Model%20Code) The company complied with all applicable provisions of the Corporate Governance Code during the reporting period, except for the Chairman's absence from the Annual General Meeting, and all directors confirmed compliance with the Model Code for securities transactions - The Company complied with all applicable code provisions of the Corporate Governance Code in effect during the reporting period for the six months ended June 30, 2025, except for code provision F.1.3 (Chairman's inability to attend the Annual General Meeting)[186](index=186&type=chunk)[187](index=187&type=chunk) - All Directors have confirmed their compliance with the required standards set out in the Model Code for securities transactions during their tenure for the six months ended June 30, 2025[188](index=188&type=chunk) [Other Information](index=54&type=section&id=Section%2010%20Other%20Information) [Securities Transactions](index=54&type=section&id=10.1%20Securities%20Transactions) This section states that neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any listed securities during the six months ended June 2025, and the Company currently holds no treasury shares - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[191](index=191&type=chunk) - The Company currently holds no treasury shares[191](index=191&type=chunk) [Shareholder Information](index=55&type=section&id=Section%2011%20Shareholder%20Information) [Key Shareholder Details](index=55&type=section&id=11.1%20Key%20Shareholder%20Details) This section provides essential information for shareholders, including the company's listing details, stock code, public float market value, financial calendar, registered and head office addresses, share registrar, investor relations contact, and company website - The Company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code **2383**[194](index=194&type=chunk) - As of June 30, 2025, the public float market value was approximately **HK$447.8 million**, representing approximately **25.14%** of the Company's issued share capital[194](index=194&type=chunk) - The 2025 interim results were announced on **August 5, 2025**[194](index=194&type=chunk) - Investors can access press releases, financial reports, and other investor information via the company website **www.tomgroup.com**[194](index=194&type=chunk)

Group 1 - The main South African stock index increased by 1.1% to reach 102,383 points [1]

Performance Summary - Techtronic Industries (00669.HK) reported a revenue of $7.8 billion for the first half of the year, an increase of 7.5% year-on-year, with a net profit of $628 million, up 14.2% [1] - Yum China (09987.HK) achieved revenue of $2.8 billion in Q2 2025, a 4% increase year-on-year, with an operating profit of $304 million, up 14% [1] - Shiseido (02145.HK) expects mid-term revenue of approximately ¥4.09-4.11 billion, a year-on-year increase of about 16.8%-17.3%, and a net profit of approximately ¥540-560 million, up about 30.9%-35.8% [1] - Prosperity Industrial Trust (00778.HK) reported revenue of approximately HK$854 million for the first half, a decrease of about 2% year-on-year, while distributable income to unitholders increased by 2.06% to HK$377 million [1] - Zibuyu (02420.HK) anticipates mid-term revenue of approximately RMB 1.9-2.047 billion, a year-on-year increase of about 30%-40%, with a net profit of approximately RMB 100-110 million, up about 10%-20% [1] - Angelalign Technology (06699.HK) expects mid-term net profit of approximately $13.4-14.8 million, a year-on-year increase of approximately 538.1%-604.8% [1] Company News - Sunac China (01918.HK) reported a cumulative contract sales amount of ¥25.08 billion for the first seven months of 2025, a decrease of 9.43% year-on-year, with July contract sales of approximately ¥1.53 billion, an increase of 8.51% [3] - Xingye Holdings (00132.HK) entered into a financing lease agreement with Heilongjiang Mudanjiang Agricultural Reclamation Xinneng Thermal Power, involving an investment of ¥100 million [3] - China Biopharmaceutical (01177.HK) received NMPA approval for the clinical trial application of TQC3302, an ICS/LAMA/LABA soft mist inhalation formulation for the maintenance treatment of chronic obstructive pulmonary disease [3] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.05 million shares at a cost of about HK$105 million, with buyback prices ranging from HK$95.35 to HK$96.3 [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HK$22.717 million, with buyback prices between HK$113.1 and HK$114.2 [4]

Core Viewpoint - TOM Group (02383.HK) reported a slight increase in revenue for the first half of 2025, while reducing its losses compared to the previous year [1] Financial Performance - The group's total revenue for the first half of 2025 was HKD 339 million, representing a year-on-year growth of 1.13% [1] - The loss attributable to equity holders was HKD 98.7 million, an improvement from a loss of HKD 145 million in the same period last year [1] - Basic loss per share was HKD 0.0249 [1] Business Segments - Revenue from the media business amounted to HKD 336 million, with a segment profit of HKD 19 million [1] - Revenue from technology platforms and investment business totaled HKD 3 million, with a segment profit of HKD 900,000, which included a reversal from e-commerce business during the review period [1]

TOM集团(02383)公布2025年中期业绩，持续经营业务综合收入约3.39亿港元，同比增长1.13%;公司权益 持有人应占亏损9869.8万港元，同比收窄32.13%;每股亏损2.49港仙。 公告称，亏损减少反映融资成本下降及摊占联营公司溢利增加，相比之下2024年上半年则取得摊占联营 公司亏损。 ...

[Chairman's Statement](index=1&type=section&id=Chairman's%20Statement) TOM Group focused on investing in high-growth potential businesses and divesting loss-making operations to enhance shareholder returns in H1 2025, achieving revenue growth and narrowing losses despite macroeconomic challenges [H1 2025 Performance Overview](index=1&type=section&id=H1%202025%20Performance%20Overview) TOM Group focused on investing in high-growth potential businesses and divesting loss-making operations to enhance shareholder returns in H1 2025. Despite macroeconomic headwinds, consolidated revenue from continuing operations increased by 1.1% to HKD 339 million, with gross profit margin improving to 42.7%. Loss attributable to shareholders narrowed by 31% to HKD 96 million, primarily due to lower finance costs and increased share of profits from associates - Despite geopolitical tensions, trade barriers, and policy uncertainties, consolidated revenue from continuing operations increased by **1.1% to HKD 339 million**[2](index=2&type=chunk) - Total gross profit increased from **HKD 139 million to HKD 145 million**, with gross profit margin improving from **41.5% to 42.7%**[2](index=2&type=chunk) - Loss attributable to shareholders from continuing operations narrowed by **31% to HKD 96 million**, mainly due to lower finance costs and increased share of profits from associates[2](index=2&type=chunk) - Profit from continuing operations before net finance costs and tax was **HKD 6 million**, compared to a loss of HKD 19 million in the prior period[2](index=2&type=chunk) [Business Highlights and Strategy](index=1&type=section&id=Business%20Highlights%20and%20Strategy) Youle achieved growth in supply chain innovation and rural e-commerce, recording a net profit of RMB 23 million, reversing a loss from the prior period. The Taiwan publishing group maintained market leadership with revenue of HKD 327 million and segment profit of HKD 19 million, and plans growth through diversified revenue and digital integration. The Group divested its social media business, Pixnet, to optimize resource allocation - Invested in Youle, an e-commerce enterprise operated by China Post, which recorded a net profit of **RMB 23 million**, reversing a loss of RMB 33 million in the prior period[3](index=3&type=chunk) - Taiwan publishing group generated total revenue of **HKD 327 million** and segment profit of **HKD 19 million**, planning to explore diversified revenue streams and accelerate digital integration[4](index=4&type=chunk) - The Group divested its social media business, Pixnet, to consider resource efficiency and capital allocation[5](index=5&type=chunk) [Outlook and Financial Prudence](index=2&type=section&id=Outlook%20and%20Financial%20Prudence) Management will selectively pursue growth opportunities, maintain stable business performance, and uphold a prudent financial position through rigorous monitoring of operating and capital expenditures, along with cash flow and working capital management - Management will selectively pursue growth opportunities and maintain stable business performance[5](index=5&type=chunk) - Maintain a prudent financial position through close monitoring of operating and capital expenditures and investments, implementing rigorous cash flow and working capital management[5](index=5&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the Group's financial performance, business segment results, capital resources, and key financial metrics for the period [Financial Summary](index=3&type=section&id=Financial%20Summary) In H1 2025, the Group's continuing operations revenue grew by 1.1% to HKD 339 million, with profit before net finance costs and tax turning profitable at HKD 5.7 million. Loss attributable to equity holders (excluding discontinued operations) narrowed to HKD 95.66 million, with loss per share (excluding discontinued operations) at 2.42 HK cents Condensed Consolidated Interim Financial Summary (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand, restated) | | :--- | :--- | :--- | | Consolidated revenue from continuing operations | 338,692 | 334,917 | | Profit/(loss) before net finance costs and tax | 5,722 | (18,804) | | Loss attributable to equity holders (excluding discontinued operations) | (95,663) | (138,676) | | Loss attributable to equity holders (including discontinued operations) | (98,698) | (145,414) | | Loss per share (excluding discontinued operations) | (2.42) HK cents | (3.50) HK cents | | Loss per share (including discontinued operations) | (2.49) HK cents | (3.67) HK cents | | Net debt | (1,696,236) | (1,551,841) | [Business Review](index=4&type=section&id=Business%20Review) Despite a challenging macroeconomic environment, the Group focused on revenue growth, operational efficiency, and cost optimization. Media business revenue was HKD 336 million with a segment profit of HKD 19 million. Technology platform and investment business revenue was HKD 3 million with a segment profit of HKD 9 million, including a reversal from e-commerce business. The Group divested its social media business, Pixnet, and will continue to support the development of the Cite Publishing business - Media business generated total revenue of **HKD 336 million** and segment profit of **HKD 19 million**[8](index=8&type=chunk) - Technology platform and investment business generated total revenue of **HKD 3 million** and segment profit of **HKD 9 million**, including a reversal from e-commerce business[8](index=8&type=chunk) - The Group divested all shares of its social media business, Pixnet, in May 2025[10](index=10&type=chunk) - TOM Group holds a **7.94% equity interest** in WeLab's issued shares, which operates digital banking and online financial services in Asia with over 70 million users[11](index=11&type=chunk) - TOM Group holds a **6.22% equity interest** in Miaoying Technology's issued shares, a leading sustainable development data and software provider in Asia[12](index=12&type=chunk) - The Group invested in Youle, an e-commerce enterprise operated by China Post, committed to supply chain innovation and rural e-commerce business growth[12](index=12&type=chunk) [Media Business](index=4&type=section&id=Media%20Business) Taiwan's Cite Publishing business maintained market leadership through digital transformation, AI applications, new revenue models, and deepened industry collaboration, recording revenue of HKD 327 million and segment profit of HKD 19 million. The Mainland China advertising group recorded revenue of HKD 9 million and a segment loss of HKD 0.6 million - Taiwan's Cite Publishing business generated total revenue of **HKD 327 million** and segment profit of **HKD 19 million**, maintaining leadership through digital transformation, AI applications, and new revenue models[9](index=9&type=chunk) - Mainland China advertising group generated total revenue of **HKD 9 million** and a segment loss of **HKD 0.6 million**[9](index=9&type=chunk) [Technology Platform and Investment](index=4&type=section&id=Technology%20Platform%20and%20Investment) The Group divested its social media business, Pixnet, in May 2025 to facilitate its future development and optimize resources. The Group continues to hold equity interests in WeLab (7.94% stake), a leading Asian fintech company, and Miaoying Technology (6.22% stake), a sustainable development data provider, and has invested in Youle, an e-commerce enterprise operated by China Post - In May 2025, TOM Group divested all shares of its social media business, Pixnet[10](index=10&type=chunk) - TOM Group holds a **7.94% equity interest** in WeLab's issued shares, which operates digital banking and online financial services in Hong Kong, Mainland China, and Indonesia[11](index=11&type=chunk) - TOM Group holds a **6.22% equity interest** in Miaoying Technology's issued shares, a leading sustainable development data and software provider in Asia[12](index=12&type=chunk) - The Group invested in Youle, an e-commerce enterprise operated by China Post, committed to supply chain innovation and rural e-commerce business growth[12](index=12&type=chunk) [Capital Resources and Financial Position](index=5&type=section&id=Capital%20Resources%20and%20Financial%20Position) As of June 30, 2025, the Group's cash and bank balances were approximately HKD 495 million. Total credit facilities were HKD 4.52 billion, with 88.1% (HKD 3.98 billion) utilized. Total principal amount of loans was approximately HKD 3.98 billion, all long-term bank loans at floating rates. The gearing ratio was 174.3%, a slight decrease from 175.6% at the end of 2024. Net current assets increased to HKD 287 million, and the current ratio was 1.54. Net debt was approximately HKD 1.696 billion - As of June 30, 2025, cash and bank balances were approximately **HKD 495 million**[13](index=13&type=chunk) - Total credit facilities were **HKD 4.52 billion**, with **88.1% (HKD 3.98 billion)** utilized[13](index=13&type=chunk) - Total principal amount of loans was approximately **HKD 3.98 billion**, all long-term bank loans at floating rates[13](index=13&type=chunk) - Gearing ratio was **174.3%** (December 31, 2024: 175.6%)[13](index=13&type=chunk) - Net current assets were approximately **HKD 287 million** (December 31, 2024: HKD 233 million)[14](index=14&type=chunk) - Current ratio was **1.54** (December 31, 2024: 1.44)[14](index=14&type=chunk) - Net debt was approximately **HKD 1.696 billion** (December 31, 2024: HKD 1.664 billion)[14](index=14&type=chunk) - Net cash outflow from operating activities after interest and tax narrowed to **HKD 43 million** (prior period: HKD 62 million)[14](index=14&type=chunk) [Analysis of Key Financial Metrics](index=6&type=section&id=Analysis%20of%20Key%20Financial%20Metrics) Despite macroeconomic headwinds, continuing operations revenue was HKD 339 million, and profit before net finance costs and tax turned profitable at HKD 6 million, primarily due to a reversal of long-aged payables and increased share of profits from associates. The divestment of discontinued business Pixnet resulted in a loss of approximately HKD 1 million, with a period loss of approximately HKD 4 million. Loss attributable to equity holders (excluding discontinued operations) was HKD 96 million, and including discontinued operations was HKD 99 million - Continuing operations revenue was **HKD 339 million**, with profit before net finance costs and tax at **HKD 6 million** (prior period: loss of HKD 19 million)[15](index=15&type=chunk) - Profit improvement was mainly due to a reversal of long-aged payables and increased share of profits from associates[15](index=15&type=chunk) - Divestment of social media business Pixnet recorded a loss of approximately **HKD 1 million**, with a period loss from discontinued operations of approximately **HKD 4 million**[15](index=15&type=chunk) - Loss attributable to equity holders (excluding discontinued operations) was **HKD 96 million**, and including discontinued operations was **HKD 99 million**[16](index=16&type=chunk) - Restricted cash was approximately **HKD 5 million**, mainly for performance guarantees and bank credit card advances guarantees[17](index=17&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities or post-balance sheet events[18](index=18&type=chunk)[19](index=19&type=chunk) [Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the Group's interim financial statements, including the income statement, statement of comprehensive income, statement of financial position, and statement of changes in equity [Condensed Consolidated Interim Income Statement](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Income%20Statement) In H1 2025, continuing operations revenue was HKD 339 million, cost of sales HKD 194 million, and gross profit HKD 145 million. Share of profits from investments accounted for using the equity method turned profitable at HKD 7.4 million. Loss for the period was HKD 94.67 million, a significant narrowing from HKD 143 million in the prior period. Basic loss per share was 2.49 HK cents Condensed Consolidated Interim Income Statement (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand, restated) | | :--- | :--- | :--- | | **Continuing operations** | | | | Revenue | 338,692 | 334,917 | | Cost of sales | (193,973) | (196,050) | | Selling and marketing expenses | (55,722) | (54,274) | | Administrative expenses | (34,333) | (34,463) | | Other operating expenses, net | (56,314) | (63,578) | | Other (losses)/gains, net | (62) | 155 | | Share of profits less losses of investments accounted for using the equity method | 7,434 | (5,511) | | Profit/(loss) before net finance costs and tax | 5,722 | (18,804) | | Finance costs, net | (92,202) | (110,293) | | Loss before tax | (86,480) | (129,097) | | Loss for the period from continuing operations | (90,983) | (135,245) | | **Discontinued operations** | | | | Loss for the period from discontinued operations | (3,689) | (8,214) | | **Loss for the period** | (94,672) | (143,459) | | Loss for the period attributable to equity holders of the Company | (98,698) | (145,414) | | Basic and diluted loss per share (HK cents) | (2.49) | (3.67) | [Condensed Consolidated Interim Statement of Comprehensive Income](index=10&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) In H1 2025, the loss for the period was HKD 94.67 million. Other comprehensive income primarily included exchange differences of HKD 62.05 million and revaluation surplus of financial assets at fair value through other comprehensive income of HKD 0.405 million. Total comprehensive expense for the period was HKD 32.33 million, a significant reduction from HKD 261 million in the prior period Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand, restated) | | :--- | :--- | :--- | | Loss for the period | (94,672) | (143,459) | | **Other comprehensive income/(expense), net of tax** | | | | Revaluation surplus/(deficit) of financial assets at fair value through other comprehensive income | 405 | (94,436) | | Exchange differences | 62,050 | (23,485) | | Transfer of exchange reserve on disposal of a subsidiary | (111) | – | | **Total comprehensive expense for the period** | (32,328) | (261,380) | | Total comprehensive expense for the period attributable to equity holders of the Company | (54,699) | (249,465) | [Condensed Consolidated Interim Statement of Financial Position](index=11&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 2.886 billion, comprising non-current assets of HKD 2.063 billion and current assets of HKD 823 million. Total liabilities were HKD 4.582 billion, with non-current liabilities of HKD 4.047 billion. Net debt was HKD 1.696 billion Condensed Consolidated Interim Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand, audited) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 2,063,237 | 2,037,383 | | Total current assets | 822,953 | 763,830 | | **Liabilities** | | | | Total current liabilities | 535,755 | 530,632 | | Total non-current liabilities | 4,046,671 | 3,934,477 | | **Net current assets** | 287,198 | 233,198 | | **Net debt** | (1,696,236) | (1,663,896) | | **Total equity** | (1,696,236) | (1,663,896) | [Condensed Consolidated Interim Statement of Changes in Equity](index=13&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the total deficit attributable to equity holders of the Company was HKD 2.013 billion, with non-controlling interests at HKD 317 million, resulting in a total deficit of HKD 1.696 billion. Total comprehensive expense for the period was HKD 32.33 million - As of June 30, 2025, accumulated losses attributable to equity holders of the Company were **HKD 7.115 billion**, with a total deficit of **HKD 2.013 billion**[31](index=31&type=chunk) - Non-controlling interests increased to **HKD 317 million**[31](index=31&type=chunk) - Total comprehensive expense attributable to equity holders of the Company for the period ended June 30, 2025, was **HKD 54.7 million**[31](index=31&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=15&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes on the basis of preparation, accounting policies, revenue, segment information, investments, expenses, finance costs, taxation, discontinued operations, loss per share, and receivables/payables [Basis of Preparation and Accounting Policies](index=15&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The financial information is prepared in accordance with HKAS 34 and the Listing Rules. The Group has sufficient financial resources for continued operations and is prepared on a going concern basis. Accounting policies are consistent with the 2024 financial statements, with no significant impact from newly adopted standard amendments - Financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the Listing Rules[34](index=34&type=chunk) - The Group has sufficient financial resources to support its continued operations and the financial information is prepared on a going concern basis[34](index=34&type=chunk) - Newly adopted standard amendments have no significant impact on the Group's accounting policies[35](index=35&type=chunk) [Revenue and Segment Information](index=16&type=section&id=Revenue%20and%20Segment%20Information) The Group has four continuing operating segments: e-commerce, mobile internet, publishing, and advertising. The social networking group (Pixnet) was classified as a discontinued operation after its divestment on May 31, 2025. In H1 2025, net revenue from external customers for continuing operations was HKD 339 million, with the publishing business group being the largest contributor. The technology platform and investment segment profit was HKD 8.89 million, and the media business segment profit was HKD 18.69 million - The Group has four continuing operating segments: e-commerce group, mobile internet group, publishing business group, and advertising business group[40](index=40&type=chunk) - The social networking group (Pixnet) was classified as a discontinued operation after its divestment on May 31, 2025[37](index=37&type=chunk)[39](index=39&type=chunk) Net Revenue from External Customers for Continuing Operations in H1 2025 | Segment | Net Revenue (HKD thousand) | | :--- | :--- | | E-commerce Group | – | | Mobile Internet Group | 2,458 | | Publishing Business Group | 326,689 | | Advertising Business Group | 9,545 | | **Total Continuing Operations** | **338,692** | Segment Profit/(Loss) in H1 2025 | Segment | Segment Profit/(Loss) (HKD thousand) | | :--- | :--- | | E-commerce Group | 8,947 | | Mobile Internet Group | (58) | | Publishing Business Group | 19,281 | | Advertising Business Group | (591) | | **Total Continuing Operations** | **27,579** | | Discontinued Operations (Social Networking Group) | (2,471) | [Investments Accounted for Using the Equity Method](index=20&type=section&id=Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, the carrying amount of investments in associates was HKD 371 million. In H1 2025, the share of net profit from associates was HKD 7.4 million, a significant improvement from a loss of HKD 5.5 million in the prior period. Management assessed no further impairment provision was needed - As of June 30, 2025, the carrying amount of investments in associates was **HKD 371 million**[48](index=48&type=chunk) - In H1 2025, the share of net profit from associates was **HKD 7.4 million**, compared to a loss of HKD 5.5 million in the prior period[48](index=48&type=chunk) - Management assessed no indication that the carrying amount of investments accounted for using the equity method required further impairment provision or reversal of impairment provision[48](index=48&type=chunk) [Other Operating Expenses and Gains/Losses](index=20&type=section&id=Other%20Operating%20Expenses%20and%20Gains%2FLosses) In H1 2025, net other operating expenses from continuing operations were HKD 56.31 million, a decrease from HKD 63.58 million in the prior period. Key expenses included staff costs, inventory provisions, depreciation, and amortization. Net other (losses)/gains were a loss of HKD 0.062 million, primarily impacted by exchange losses Other Operating Expenses, Net (For the six months ended June 30) | Expense Category | 2025 Continuing Operations (HKD thousand) | 2024 Continuing Operations (HKD thousand, restated) | | :--- | :--- | :--- | | Staff costs | 37,356 | 38,280 | | Provision for inventories | 7,158 | 5,945 | | Depreciation of property, plant and equipment | 4,184 | 1,869 | | Depreciation of right-of-use assets | 9,059 | 11,405 | | Other (income)/expenses, net | (2,288) | 5,348 | | **Total** | **56,314** | **63,578** | Other (Losses)/Gains, Net (For the six months ended June 30) | Item | 2025 Continuing Operations (HKD thousand) | 2024 Continuing Operations (HKD thousand, restated) | | :--- | :--- | :--- | | Dividend income | 540 | 272 | | Gain on disposal of property, plant and equipment | 1 | 233 | | Exchange losses, net | (603) | (350) | | **Total** | **(62)** | **155** | - Improvement in profit/(loss) before net finance costs and tax was partly attributable to a net reversal of other payables of **HKD 8.933 million**[52](index=52&type=chunk) [Finance Costs and Taxation](index=22&type=section&id=Finance%20Costs%20and%20Taxation) In H1 2025, net finance costs from continuing operations were HKD 92.2 million, a decrease from HKD 110 million in the prior period, mainly due to reduced interest on bank loans and borrowing costs. Tax expense was HKD 4.5 million, primarily for overseas taxation Finance Costs, Net (For the six months ended June 30) | Item | 2025 Continuing Operations (HKD thousand) | 2024 Continuing Operations (HKD thousand, restated) | | :--- | :--- | :--- | | Interest on bank loans and borrowing costs | 92,199 | 110,803 | | Interest cost on lease liabilities | 1,229 | 1,348 | | Bank interest income | (1,162) | (1,771) | | **Total** | **92,202** | **110,293** | Tax Expense (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand, restated) | | :--- | :--- | :--- | | Overseas taxation | 4,409 | 6,303 | | Underprovision in prior years | 167 | 946 | | Deferred tax | (51) | (1,103) | | **Total Tax Expense** | **4,525** | **6,146** | | Tax attributable to loss from continuing operations | 4,503 | 6,148 | | Tax attributable to loss from discontinued operations | 22 | (2) | [Discontinued Operations](index=23&type=section&id=Discontinued%20Operations) The social networking group (Pixnet) was classified as a discontinued operation after its divestment on May 31, 2025. As of the disposal date, its revenue was HKD 5.6 million, operating expenses HKD 8.1 million, and loss before tax HKD 2.57 million. The disposal of the subsidiary resulted in a loss of HKD 1.09 million. Loss for the period from discontinued operations was HKD 3.69 million, a significant narrowing from HKD 8.21 million in the prior period - The social networking group (Pixnet) was classified as a discontinued operation after its divestment on May 31, 2025[58](index=58&type=chunk) Financial Results of Discontinued Operations (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 5,629 | 7,845 | | Operating expenses | (8,100) | (15,926) | | Loss before tax from discontinued operations | (2,574) | (8,216) | | Loss on disposal of a subsidiary | (1,093) | – | | **Loss for the period from discontinued operations** | **(3,689)** | **(8,214)** | [Loss Per Share and Dividends](index=23&type=section&id=Loss%20Per%20Share%20and%20Dividends) In H1 2025, basic loss per share from continuing operations was 2.42 HK cents, from discontinued operations was 0.07 HK cents, totaling 2.49 HK cents. Diluted loss per share was the same as basic loss per share. The Company did not pay or declare any dividends Loss Per Share (For the six months ended June 30) | Item | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | From continuing operations | (2.42) | (3.50) | | From discontinued operations | (0.07) | (0.17) | | **Total** | **(2.49)** | **(3.67)** | - Diluted loss per share was equivalent to basic loss per share[65](index=65&type=chunk) - The Company did not pay or declare any dividends for the six months ended June 30, 2025[62](index=62&type=chunk) [Trade and Other Receivables/Payables](index=24&type=section&id=Trade%20and%20Other%20Receivables%2FPayables) As of June 30, 2025, total trade receivables were HKD 181 million, with current receivables accounting for HKD 86.14 million. Total trade payables were HKD 112 million, with current payables accounting for HKD 49.18 million. The average credit period for trade receivables was 30 to 180 days Trade and Other Receivables (As at June 30) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables | 180,956 | 177,878 | | Prepayments, deposits and other receivables | 42,630 | 41,677 | | **Total** | **223,586** | **219,555** | Ageing Analysis of Trade Receivables (As at June 30) | Ageing | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Current | 86,135 | 84,304 | | 31 to 60 days | 40,721 | 47,670 | | 61 to 90 days | 23,455 | 24,056 | | Over 90 days | 59,425 | 49,470 | | **Total (net of impairment allowance)** | **180,956** | **177,878** | Trade and Other Payables (As at June 30) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade payables | 111,648 | 103,713 | | Other payables and accrued expenses | 264,357 | 282,132 | | Contract liabilities | 117,463 | 102,711 | | **Total** | **493,468** | **488,556** | Ageing Analysis of Trade Payables (As at June 30) | Ageing | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Current | 49,178 | 49,972 | | 31 to 60 days | 12,268 | 8,543 | | 61 to 90 days | 5,910 | 5,541 | | Over 90 days | 44,292 | 39,657 | | **Total** | **111,648** | **103,713** | [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the Group's sustainability initiatives, compliance with corporate governance standards, strategic outlook, and key definitions [Sustainability](index=26&type=section&id=Sustainability) The Group is committed to creating long-term value for all stakeholders by aligning sustainability goals with business strategies, supporting the UN Sustainable Development Goals. Its sustainability governance framework is deeply integrated across all levels and guided by four pillars: business, people, environment, and community - The Group's primary sustainability mission is to create long-term value for all stakeholders by aligning sustainability goals with business strategy development[69](index=69&type=chunk) - The sustainability governance framework is deeply integrated across the Board, Sustainability Committee, and business units[69](index=69&type=chunk) - The Group's sustainability approach and priorities are based on four pillars: business, people, environment, and community[69](index=69&type=chunk) [Review and Compliance](index=26&type=section&id=Review%20and%20Compliance) The interim financial statements have been reviewed by PricewaterhouseCoopers and the Audit Committee. The Company complied with all applicable provisions of the Corporate Governance Code during the reporting period, except for the Chairman's absence from the Annual General Meeting. Directors have complied with the Model Code for Securities Transactions - The unaudited condensed consolidated interim financial statements have been reviewed by PricewaterhouseCoopers and the Company's Audit Committee[70](index=70&type=chunk) - The Company complied with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2025, except for code provision F.1.3 (Chairman's absence from the Annual General Meeting)[71](index=71&type=chunk)[72](index=72&type=chunk) - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[73](index=73&type=chunk) - During the reporting period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[74](index=74&type=chunk) [Corporate Strategy and Outlook](index=27&type=section&id=Corporate%20Strategy%20and%20Outlook) The Company's main objective is to enhance long-term total returns for all stakeholders, focusing on revenue growth, rigorous profit and cost management, capital and investment return targets, M&A activities, and organic growth. The Group also emphasizes sustainability. The report contains forward-looking statements, but actual results may differ, and the Company assumes no obligation to update them - The Company's main objective is to enhance long-term total returns for all its stakeholders, focusing on revenue growth, rigorous profit and cost management, capital and investment return ratio targets, M&A activities, and organic growth[76](index=76&type=chunk) - The Group also emphasizes sustainable development and provides business solutions that support addressing social and environmental challenges[76](index=76&type=chunk) - Any forward-looking statements and opinions in the report are based on existing plans, estimates, and forecasts, involving risks and uncertainties, and actual results may differ materially[77](index=77&type=chunk) [Definitions and Board of Directors](index=28&type=section&id=Definitions%20and%20Board%20of%20Directors) This section provides definitions of key terms used in the report and lists the members of the Board of Directors as of the announcement date - This section provides definitions of key terms used in the report, such as "Associate," "B2B," "B2C," "China Post," "WeLab," etc[78](index=78&type=chunk)[79](index=79&type=chunk) - As of the announcement date, the Company's Board of Directors includes Executive Director Mr. Yeung Kwok Mung, Non-executive Directors Mr. Frank John Sixt (Chairman) and Ms. Chang Pei Wei, and Independent Non-executive Directors Mr. Sze Cheng George, Dr. Fong Chi Wai, and Mrs. Lee Wang Pui Ling[81](index=81&type=chunk)