Core Viewpoint - The company reported a decrease in revenue and profit for the mid-year results of 2025, indicating challenges in its financial performance despite an improvement in overall gross margin [1] Financial Performance - Revenue for the company was approximately HKD 146 million, representing a year-on-year decrease of 5.52% [1] - The profit attributable to shareholders was HKD 7.4 million, showing a significant year-on-year decline of 70.9% [1] - Earnings per share were reported at HKD 0.55 [1] Gross Margin Analysis - The overall gross margin increased from approximately 27.5% for the six months ending June 30, 2024, to about 28.7% for the six months ending June 30, 2025, reflecting an increase of approximately 1.2 percentage points or 4.4% [1] - The increase in gross margin was primarily attributed to a reduction in property sales, which have a relatively lower profit margin, leading to an increase in the gross margin of the property business [1]

Core Viewpoint - The company reported a decrease in revenue and profit for the first half of 2025, indicating challenges in its financial performance despite an improvement in gross margin [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 146 million, a year-on-year decrease of 5.52% [1] - Profit attributable to owners was HKD 7.4 million, reflecting a significant year-on-year decline of 70.9% [1] - Earnings per share stood at HKD 0.55 [1] Gross Margin Analysis - Overall gross margin increased from approximately 27.5% for the six months ending June 30, 2024, to about 28.7% for the six months ending June 30, 2025, representing an increase of approximately 1.2 percentage points or 4.4% [1] - The increase in gross margin was primarily attributed to a reduction in property sales, which have a relatively lower profit margin, leading to an increase in the gross margin of the property business [1]

[Unaudited Interim Results Announcement](index=1&type=section&id=Unaudited%20Interim%20Results%20Announcement) This report presents the unaudited interim financial results of the Group for the six months ended June 30, 2025, including financial statements, notes, and management's discussion and analysis [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated statement of profit or loss and other comprehensive income and statement of financial position for the six months ended June 30, 2025, comparing key financial performance and changes in revenue, profit, assets, and liabilities with prior periods [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's revenue, gross profit, other income, net gains/losses, profit before and after tax, and earnings per share for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30): | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 146,197 | 154,735 | | Gross profit | 41,897 | 42,503 | | Other income | 2,978 | 2,965 | | Net other gains and losses | (10,724) | 2,784 | | Profit before income tax | 5,973 | 17,574 | | Income tax credit | 2,042 | 7,667 | | Profit for the period | 8,015 | 25,241 | | Profit for the period attributable to owners of the Company | 7,400 | 25,429 | | Basic earnings per share | 0.55 HK Cents | 1.90 HK Cents | | Diluted earnings per share | 0.55 HK Cents | 1.90 HK Cents | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, compared to December 31, 2024, highlighting changes in financial position Condensed Consolidated Statement of Financial Position (As of June 30, 2025 vs December 31, 2024): | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 143,038 | 137,465 | | Current assets | 657,818 | 647,538 | | Current liabilities | 157,240 | 143,133 | | Net current assets | 500,578 | 504,405 | | Non-current liabilities | 19,967 | 22,352 | | Total equity | 623,649 | 619,518 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides essential supplementary information for understanding the financial statements, detailing the Group's business overview, basis of preparation, revenue, segment information, profit composition, taxation, dividends, earnings per share, receivables, payables, share capital changes, subsidiary disposals, and post-reporting period events [General Information](index=5&type=section&id=General%20Information) This section outlines the company's incorporation, listing status, and primary business segments, including jewellery, property, and photovoltaic power generation and energy storage - The Company was incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange on January 4, 2016, with principal businesses including: (a) jewellery (design, manufacture, and sale of high-end jewellery, metal refining and purification); (b) property (development, sale, leasing, and management of Foshan Integrated Industrial Centre project); and (c) photovoltaic power generation and energy storage (sales of photovoltaic power systems electricity and energy storage services)[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) This section details the accounting standards and principles used for preparing the condensed consolidated financial statements, including the application of new or revised HKFRSs - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, using the historical cost basis, except for financial assets at fair value through profit or loss and equity instruments at fair value through other comprehensive income[9](index=9&type=chunk)[10](index=10&type=chunk) - The new or revised Hong Kong Financial Reporting Standards accounting standards first applied in this interim period, such as the amendments to HKAS 21 "Lack of Exchangeability", did not have a significant impact on the Group's financial position and performance[10](index=10&type=chunk)[11](index=11&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) This section provides a detailed breakdown of the Group's revenue, segment results, assets, and liabilities across its jewellery, property, and photovoltaic power generation and energy storage businesses Revenue by Business Segment (For the six months ended June 30): | Business Segment | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Sales of jewellery products | 112,998 | 124,627 | | Sales of properties | 3,804 | 13,686 | | Sales of electricity | 5,400 | 1,743 | | Revenue from metal refining and purification processing services for jewellery | 14,844 | 3,648 | | Revenue from energy storage business services | 457 | — | | Property management fee income | 2,923 | 4,971 | | Rental income | 5,771 | 6,060 | | **Total Revenue** | **146,197** | **154,735** | Segment Revenue and Results (For the six months ended June 30): | Segment | 2025 Revenue (HK$ Thousand) | 2025 Results (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | 2024 Results (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 127,842 | 18,060 | 128,275 | 16,937 | | Property Business | 12,498 | 4,441 | 24,717 | 3,722 | | Photovoltaic Power Generation and Energy Storage Business | 5,857 | 2,737 | 1,743 | 794 | | **Consolidated** | **146,197** | **25,238** | **154,735** | **21,453** | Segment Assets and Liabilities (As of June 30, 2025 vs December 31, 2024): | Segment | 2025 Assets (HK$ Thousand) | 2025 Liabilities (HK$ Thousand) | 2024 Assets (HK$ Thousand) | 2024 Liabilities (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 334,214 | 43,087 | 339,730 | 40,483 | | Property Business | 382,598 | 8,512 | 374,273 | 12,855 | | Photovoltaic Power Generation and Energy Storage Business | 68,216 | 41,037 | 63,786 | 39,432 | | **Consolidated Total** | **800,856** | **177,207** | **785,003** | **165,485** | [Profit Before Income Tax](index=13&type=section&id=Profit%20Before%20Income%20Tax) This section details the components contributing to the Group's profit before income tax, including depreciation, staff costs, auditor's remuneration, and cost of inventories for the six months ended June 30, 2025 Composition of Profit Before Income Tax (For the six months ended June 30): | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 3,760 | 2,399 | | Depreciation of right-of-use assets | 1,601 | 93 | | **Total Depreciation** | **5,361** | **2,492** | | Directors' emoluments | 4,137 | 4,146 | | Other staff salaries and benefits | 7,747 | 10,367 | | **Total Staff Costs** | **11,884** | **14,513** | | Auditor's remuneration | 250 | 240 | | Cost of inventories recognised as expense and properties held for sale | 101,909 | 110,398 | [Income Tax Credit](index=14&type=section&id=Income%20Tax%20Credit) This section outlines the Group's income tax credit components and applicable tax rates for Hong Kong, China, and land appreciation tax for the six months ended June 30, 2025 Income Tax Credit (For the six months ended June 30): | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 230 | (96) | | PRC tax | 939 | (3,564) | | Over-provision in prior years | (2,950) | (2,043) | | Deferred tax credit | (261) | (1,964) | | **Total Income Tax Credit** | **(2,042)** | **(7,667)** | - Hong Kong profits tax adopts a two-tiered system, with a tax rate of 8.25% for the first **HK$2 million** of assessable profits and 16.5% for the remaining profits. The corporate income tax rate for PRC subsidiaries is 25%. Land appreciation tax is levied at progressive rates from 30% to 60%[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Dividends](index=15&type=section&id=Dividends) This section details the dividends declared during the period and notes the absence of interim dividends, along with share repurchases by the Company Dividends Declared (For the six months ended June 30): | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 2024 Final dividend (HK$0.01 per share) | 13,351 | — | | 2023 Final dividend (HK$0.02 per share) | — | 26,790 | | **Dividends declared during the period** | **13,351** | **26,790** | - The Board did not declare any interim dividends for the six months ended June 30, 2024 and 2025. The Company repurchased and cancelled **1,167,000** of its own shares from the market during the first half of 2025[31](index=31&type=chunk) [Earnings Per Share](index=16&type=section&id=Earnings%20Per%20Share) This section presents the calculation of basic and diluted earnings per share, noting the impact of share repurchases and the absence of dilutive potential ordinary shares Earnings Per Share Calculation (For the six months ended June 30): | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (HK$ Thousand) | 7,400 | 25,429 | | Weighted average number of ordinary shares (Thousand Shares) | 1,335,615 | 1,340,443 | | **Basic earnings per share (HK Cents)** | **0.55** | **1.90** | | **Diluted earnings per share (HK Cents)** | **0.55** | **1.90** | - Basic earnings per share is the same as diluted earnings per share as there were no potential dilutive ordinary shares for the period ended June 30, 2025. The Company repurchased and cancelled **1,167,000** of its own shares during the first half of 2025[35](index=35&type=chunk) [Trade and Other Receivables](index=17&type=section&id=Trade%20and%20Other%20Receivables) This section provides a breakdown and ageing analysis of the Group's trade and other receivables, including details on impairment loss reversals and write-offs Trade and Other Receivables (As of June 30, 2025 vs December 31, 2024): | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 60,410 | 45,453 | | Other receivables, prepayments and deposits | 12,035 | 14,931 | | Amount due from a joint venture | 1,368 | 1,435 | | **Total** | **73,813** | **61,819** | - The Group reversed impairment losses of approximately **HK$344,000** in the first half of 2025 under the expected credit loss model, primarily due to the settlement of relevant trade receivables. Concurrently, approximately **HK$19,552,000** of trade receivables were written off[36](index=36&type=chunk)[37](index=37&type=chunk) Ageing Analysis of Trade Receivables (As of June 30, 2025 vs December 31, 2024): | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 21,142 | 12,306 | | 31 to 60 days | 15,962 | 9,449 | | 61 to 180 days | 19,017 | 19,252 | | 181 to 365 days | 4,289 | 4,446 | | **Total** | **60,410** | **45,453** | [Trade and Other Payables](index=18&type=section&id=Trade%20and%20Other%20Payables) This section provides a breakdown and ageing analysis of the Group's trade and other payables as of June 30, 2025, compared to December 31, 2024 Trade and Other Payables (As of June 30, 2025 vs December 31, 2024): | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 32,386 | 28,388 | | Accruals and other payables | 17,687 | 17,248 | | **Total** | **50,073** | **45,636** | Ageing Analysis of Trade Payables (As of June 30, 2025 vs December 31, 2024): | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 60 days | 14,270 | 10,671 | | 61 to 90 days | 5,856 | 1,798 | | Over 90 days | 12,260 | 15,919 | | **Total** | **32,386** | **28,388** | [Share Capital](index=19&type=section&id=Share%20Capital) This section details the Company's issued and fully paid share capital, including the number of ordinary shares and the impact of share repurchases during the period Issued and Fully Paid Share Capital (As of June 30, 2025 vs December 31, 2024): | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Nominal value of ordinary shares | 4,450 | 4,454 | | Number of ordinary shares | 1,335,078,000 | 1,336,245,000 | - For the six months ended June 30, 2025, the Company repurchased and cancelled **1,167,000** of its own shares from the market at a total cost of **HK$212,000**, with an average price of **HK$0.182**[43](index=43&type=chunk) [Disposal of a Subsidiary](index=20&type=section&id=Disposal%20of%20a%20Subsidiary) This section reports the Company's disposal of its entire equity interest in Foshan Huaguanhui Property Management Co., Ltd. in April 2024, including the consideration and gain on disposal - The Company disposed of its entire equity interest in Foshan Huaguanhui Property Management Co., Ltd. in April 2024 for a consideration of approximately **RMB3,670,000** (approximately **HK$3,958,000**), resulting in a gain on disposal of **HK$2,827,000**[44](index=44&type=chunk)[46](index=46&type=chunk) [Events After the Reporting Period](index=22&type=section&id=Events%20After%20the%20Reporting%20Period%20%28Notes%29) This section discloses significant events occurring after the reporting period, including a proposed privatization by the controlling shareholder and the acquisition of a golf club membership - Controlling shareholder Immaculate Diamonds Limited proposed to privatize the Company by way of a scheme of arrangement and delist its shares from the Stock Exchange. The deadline for dispatching the scheme document has been extended to on or before September 19, 2025[48](index=48&type=chunk) - The Group agreed to acquire a Hong Kong Golf Club membership for **HK$13.5 million** on July 16, 2025[48](index=48&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) This section provides comprehensive operational insights for investors, analyzing the Group's business segment performance, market challenges, future strategies, financial condition, liquidity, capital structure, risk management, and corporate governance [Business Outlook and Future Prospects](index=23&type=section&id=Business%20Outlook%20and%20Future%20Prospects) This section outlines the Group's strategic direction and market expectations for its jewellery, property, and photovoltaic power generation and energy storage businesses - The Group's principal businesses include the design, manufacture, and sale of high-end jewellery; property development, sale, and leasing of the Foshan Integrated Industrial Centre project; and sales of photovoltaic power systems electricity and energy storage services[49](index=49&type=chunk) [Jewellery Business](index=23&type=section&id=Jewellery%20Business%20Outlook) This section discusses the challenges faced by the jewellery business, including macroeconomic factors and high gold prices, and outlines strategies for market expansion and product development - The jewellery business faces challenges from global macroeconomic weakness, geopolitical tensions, record-high gold prices, and high US tariffs, leading to dampened customer purchasing sentiment and an unpronounced recovery in the Chinese market[50](index=50&type=chunk) - The Group actively participates in Hong Kong and overseas exhibitions, visits overseas customers to secure orders, and plans to strengthen R&D for market-competitive jewellery designs, focusing on developing overseas markets[50](index=50&type=chunk)[51](index=51&type=chunk) [Property Business](index=24&type=section&id=Property%20Business%20Outlook) This section addresses the weak sentiment in China's industrial property market, indicating no new development projects and future revenue reliance on existing unit sales and management fees - Given the weak sentiment in the Chinese industrial property market, the Group currently has no plans for new property development projects, with future revenue primarily relying on the sale of remaining industrial units and parking spaces, as well as management service income[53](index=53&type=chunk) [Photovoltaic Power Generation and Energy Storage Business](index=24&type=section&id=Photovoltaic%20Power%20Generation%20and%20Energy%20Storage%20Business%20Outlook) This section highlights the expansion of the Group's photovoltaic and energy storage projects in China, detailing increased capacity and generation, and forecasts future demand growth - As of June 30, 2025, the Group completed grid connection for **15** photovoltaic projects in China, with a total maximum capacity of approximately **16,953 kW** and power generation of approximately **7,800,000 kWh** (compared to 10 projects, **8,643 kW**, and **3,000,000 kWh** in the same period of 2024)[55](index=55&type=chunk) - Three energy storage power stations have been built and put into operation, with a total maximum capacity of approximately **4,831 kW** and power generation of approximately **1,000,000 kWh**[55](index=55&type=chunk) - Demand for photovoltaic power generation is expected to increase in the future, benefiting from strategic support from the Chinese government, technological advancements, and cost reductions, despite intense market competition[56](index=56&type=chunk) [Privatisation of the Company](index=25&type=section&id=Privatisation%20of%20the%20Company) This section details the proposed privatization of the Company by its controlling shareholder, including the scheme of arrangement, cash payment for shares, and delisting from the Stock Exchange - Controlling shareholder Immaculate Diamonds Limited proposed to privatize the Company by way of a scheme of arrangement, involving the cancellation of scheme shares for cash consideration and the withdrawal of the shares' listing on the Stock Exchange[57](index=57&type=chunk) - The Company has applied to extend the deadline for dispatching the scheme document to on or before September 19, 2025, and is preparing to submit relevant documents to the Grand Court to seek approval for the scheme[58](index=58&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's financial performance, including revenue, gross profit, other income, expenses, and profit for the period, highlighting key drivers and changes - For the six months ended June 30, 2025, total revenue was approximately **HK$146.2 million**, a **5.5% decrease** compared to the same period in 2024, primarily due to reduced revenue from the jewellery and property businesses, partially offset by significant growth in the photovoltaic power generation and energy storage business[61](index=61&type=chunk) [Overall Revenue](index=26&type=section&id=Overall%20Revenue%20Breakdown) This section provides a detailed breakdown of the Group's total revenue by business segment and geographical region, highlighting key changes and contributing factors Overall Revenue by Business Segment (For the six months ended June 30): | Business Segment | 2025 (HK$ Thousand) | Percentage (%) | 2024 (HK$ Thousand) | Percentage (%) | Change (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 127,842 | 87.4 | 128,275 | 82.9 | (433) | (0.3) | | Property Business | 12,498 | 8.6 | 24,717 | 16.0 | (12,219) | (49.4) | | Photovoltaic Power Generation and Energy Storage Business | 5,857 | 4.0 | 1,743 | 1.1 | 4,114 | 236.0 | | **Total** | **146,197** | **100.0** | **154,735** | **100.0** | **(8,538)** | **(5.5)** | Overall Revenue by Region (For the six months ended June 30): | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 81,482 | 95,579 | (14,097) | (14.7) | | Dubai | 24,849 | 27,299 | (2,450) | (9.0) | | China | 39,866 | 31,857 | 8,009 | 25.1 | | **Total** | **146,197** | **154,735** | **(8,538)** | **(5.5)** | - The decrease in revenue from Hong Kong and Dubai was primarily due to weak consumer sentiment caused by macroeconomic challenges and a decline in jewellery product sales. The increase in revenue from China was mainly attributable to growth in jewellery metal refining and purification processing services income and the expansion of the photovoltaic power generation and energy storage business[65](index=65&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) This section analyzes the Group's gross profit and gross margin by business segment, explaining the factors influencing changes in profitability, including sales mix and cost fluctuations Gross Profit and Gross Margin by Business Segment (For the six months ended June 30): | Business Segment | 2025 Gross Profit (HK$ Thousand) | 2025 Gross Margin (%) | 2024 Gross Profit (HK$ Thousand) | 2024 Gross Margin (%) | Gross Profit Change (HK$ Thousand) | Gross Profit Change (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 32,033 | 25.1 | 33,190 | 25.9 | (1,157) | (3.5) | (0.8) | | Property Business | 6,825 | 54.6 | 8,265 | 33.4 | (1,440) | (17.4) | 21.2 | | Photovoltaic Power Generation and Energy Storage Business | 3,039 | 51.9 | 1,048 | 60.0 | 1,991 | 190.0 | (8.1) | | **Total** | **41,897** | **28.7** | **42,503** | **27.5** | **(606)** | **(1.4)** | **1.2** | - Overall gross profit decreased by **1.4%** to **HK$41.9 million**, but the overall gross margin increased by **1.2 percentage points** to **28.7%**, primarily due to an increase in the property business gross margin resulting from reduced property sales (which have relatively lower profit margins)[66](index=66&type=chunk)[67](index=67&type=chunk) - The gross margin for the jewellery business decreased by **0.8 percentage points** to **25.1%**, mainly offset by record-high gold prices for finished jewellery products sold and lower-margin metal refining and processing services revenue. The gross margin for the property business significantly increased by **21.2 percentage points** to **54.6%**, primarily due to reduced property sales. The gross margin for the photovoltaic power generation and energy storage business decreased by **8.1 percentage points** to **51.9%**, mainly due to the dilutive effect of the lower gross margin from the energy storage business commenced in the second half of 2024[70](index=70&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) [Other Income](index=32&type=section&id=Other%20Income) This section reports the Group's other income for the period, primarily consisting of bank deposit interest income, which remained consistent with the prior year - For the six months ended June 30, 2025, other income was approximately **HK$3.0 million**, similar to the same period last year, mainly comprising bank deposit interest income[77](index=77&type=chunk) [Net Other Gains and Losses](index=32&type=section&id=Net%20Other%20Gains%20and%20Losses) This section explains the shift from a net gain in 2024 to a net loss in 2025, primarily due to fair value changes in financial assets and the absence of a gain from subsidiary disposal - Net other gains and losses turned from a gain of **HK$2.8 million** in the same period of 2024 to a loss of **HK$10.7 million** in the same period of 2025, mainly due to net fair value changes losses on financial assets at fair value through profit or loss (including realised and unrealised losses on gold futures contracts) and the absence of a gain from the disposal of a subsidiary in the same period of 2024[78](index=78&type=chunk) [Write-down of Properties Held for Sale](index=32&type=section&id=Write-down%20of%20Properties%20Held%20for%20Sale) This section reports a write-down of properties held for sale due to the continued downturn in the Chinese industrial property market - For the six months ended June 30, 2025, a write-down of properties held for sale of approximately **HK$2.7 million** was recognised due to the continued sluggishness in the Chinese industrial property market[79](index=79&type=chunk) [Selling and Distribution Costs](index=32&type=section&id=Selling%20and%20Distribution%20Costs) This section notes a decrease in selling and distribution costs, primarily attributed to enhanced control over sales expenses in the jewellery business - Selling and distribution costs decreased by **18.3%** to **HK$5.8 million**, mainly due to enhanced control over sales expenses in the jewellery business[80](index=80&type=chunk) [General and Administrative Expenses](index=33&type=section&id=General%20and%20Administrative%20Expenses) This section reports a reduction in general and administrative expenses, primarily due to improved control over administrative costs in both the jewellery and property businesses - General and administrative expenses decreased by **15.4%** to **HK$19.2 million**, mainly due to enhanced control over administrative expenses in both the jewellery and property businesses[81](index=81&type=chunk) [Finance Costs](index=33&type=section&id=Finance%20Costs) This section indicates that finance costs remained consistent with the prior year, primarily comprising bank loan interest for the photovoltaic power generation and energy storage business - Finance costs were approximately **HK$0.8 million**, similar to the same period last year, mainly comprising bank loan interest for the photovoltaic power generation and energy storage business[82](index=82&type=chunk) [Share of Results of a Joint Venture](index=33&type=section&id=Share%20of%20Results%20of%20a%20Joint%20Venture) This section reports a significant increase in the share of profit from a joint venture, reflecting the Group's 50% equity interest in the photovoltaic power generation entity - The share of profit from a joint venture (Zhaoqing Shunzhiguang Power Technology Co., Ltd.) increased by **250%** to **HK$21,000**, reflecting the Group's 50% equity interest in the photovoltaic power generation business entity[83](index=83&type=chunk) [Income Tax Credit](index=33&type=section&id=Income%20Tax%20Credit%20%28Financial%20Review%29) This section notes a decrease in income tax credit, primarily due to the absence of a significant reversal of prior year PRC tax over-provision in the current period - Income tax credit decreased by **74.0%** to **HK$2.0 million**, mainly due to a substantial reversal of prior year PRC tax over-provision in the same period of 2024, which was absent in the same period of 2025[84](index=84&type=chunk) [Profit for the Period](index=33&type=section&id=Profit%20for%20the%20Period%20%28Financial%20Review%29) This section reports a significant decrease in profit for the period, attributed to the combined impact of various financial factors discussed previously - Profit for the period decreased by **68.3%** to **HK$8.0 million**, primarily due to the combined effect of the aforementioned factors[85](index=85&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=34&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) This section discusses the Group's use of gold and silver futures contracts to hedge inventory price fluctuations, detailing realised and unrealised losses and their impact on cash flow - The Group entered into gold and silver futures contracts (short positions) to hedge against the risk of fluctuations in inventory gold prices. For the six months ended June 30, 2025, realised losses of approximately **HK$7.4 million** and unrealised losses of approximately **HK$3.9 million** were recorded on gold futures contracts, along with unrealised losses of approximately **HK$0.6 million** on silver futures contracts[86](index=86&type=chunk) - The Company considers futures contracts to be an inherent measure commonly adopted in the industry to stabilise inventory costs, and their realised and unrealised losses are not expected to have a significant impact on cash flow and operations[87](index=87&type=chunk) [Liquidity and Financial Resources](index=34&type=section&id=Liquidity%20and%20Financial%20Resources) This section provides an overview of the Group's liquidity and financial resources, including current assets, liabilities, ratios, bank balances, and capital commitments Liquidity and Financial Resources Overview (As of June 30, 2025 vs December 31, 2024): | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current assets | 657,800 | 647,500 | | Current liabilities | 157,200 | 143,100 | | Current Ratio | 4.2 | 4.5 | | Bank Deposits | 105,900 | 112,900 | | Cash and Cash Equivalents | 67,600 | 44,800 | | Total Interest-bearing Bank Loans | 32,800 | 31,900 | | Capital Gearing Ratio | 0.05 | 0.05 | - The Group possesses sufficient working capital to support its ongoing operations and business development. Certain buildings and properties held for sale are pledged to secure bank loans and provide guarantees for credit facilities and buyer mortgage loans[90](index=90&type=chunk)[92](index=92&type=chunk)[94](index=94&type=chunk) - As of June 30, 2025, capital commitments for plant and machinery were zero, primarily due to the completion of photovoltaic power generation equipment installation[93](index=93&type=chunk) [Events After the Reporting Period](index=36&type=section&id=Events%20After%20the%20Reporting%20Period%20%28MD%26A%29) This section reiterates the controlling shareholder's privatization proposal and the Group's agreement to acquire a Hong Kong Golf Club membership after the reporting period - This section reiterates the controlling shareholder's proposed privatization and the Group's agreement to acquire a Hong Kong Golf Club membership on July 16, 2025[95](index=95&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=36&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) This section confirms that the Company did not undertake any significant acquisitions or disposals of subsidiaries and associates during the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Company did not undertake any significant acquisitions or disposals of subsidiaries and associates[96](index=96&type=chunk) [Foreign Exchange Risk](index=37&type=section&id=Foreign%20Exchange%20Risk) This section assesses the Group's exposure to foreign exchange risk from HKD, USD, RMB, and AED, concluding that currency risk is not significant due to pegging arrangements - The Group is exposed to foreign exchange risk from HKD, USD, RMB, and AED, but as HKD and AED are pegged to USD, fluctuations in USD do not significantly impact operations and financial performance, thus currency risk is not material[97](index=97&type=chunk) [Employees and Remuneration Policy](index=37&type=section&id=Employees%20and%20Remuneration%20Policy) This section provides an overview of the Group's employee numbers and total staff costs, outlining its competitive remuneration, share option, and training policies to enhance performance Employee and Remuneration Overview (For the six months ended June 30): | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Employees | 100 | 133 | | Total Salaries and Related Costs (HK$ Thousand) | 11,900 | 14,500 | - The Group offers competitive remuneration packages, share option schemes, and training and development programs to encourage employees to enhance performance and adapt to industry developments[98](index=98&type=chunk) [Future Plans for Material Investments or Capital Assets](index=37&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) This section states that as of June 30, 2025, the Board has not authorized any significant investment or capital asset acquisition plans, but will continue to seek opportunities to enhance business profitability - As of June 30, 2025, the Board had not authorised any plans for material investments or additions of capital assets, but will continue to seek opportunities to enhance the profitability of its ordinary business[99](index=99&type=chunk) [Interim Dividend](index=38&type=section&id=Interim%20Dividend) This section states that the Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (consistent with the same period in 2024)[100](index=100&type=chunk) [Corporate Governance Practices](index=38&type=section&id=Corporate%20Governance%20Practices) This section confirms the Company's compliance with the Corporate Governance Code, noting an exception regarding the separation of Chairman and CEO roles, which the Board believes benefits group management - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for Code Provision C.2.1 (separation of the roles of chairman and chief executive)[101](index=101&type=chunk) - Mr. Kan Kin Kwong serves as both the Chairman of the Board and Chief Executive Officer, an arrangement the Board believes benefits the Group's management and business development, and will be continuously reviewed[101](index=101&type=chunk) [Standard of Conduct for Securities Transactions by Directors](index=38&type=section&id=Standard%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) This section confirms that all Directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025 - Following enquiry with all Directors, they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules for the six months ended June 30, 2025[102](index=102&type=chunk) [Pre-emptive Rights](index=39&type=section&id=Pre-emptive%20Rights) This section clarifies that the Company's articles of association and Cayman Islands law do not contain provisions for pre-emptive rights, thus not requiring pro-rata new share offerings to existing shareholders - The Company's memorandum and articles of association and the laws of the Cayman Islands do not contain provisions for pre-emptive rights, and do not require the Company to offer new shares pro-rata to existing shareholders[103](index=103&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=39&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) This section reports the Company's repurchase and cancellation of 1,167,000 ordinary shares from the market during the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Company repurchased and cancelled **1,167,000** ordinary shares from the market for a total consideration of **HK$200,000** (before expenses)[104](index=104&type=chunk) [Sufficiency of Public Float](index=39&type=section&id=Sufficiency%20of%20Public%20Float) This section confirms that the Company has maintained the sufficient public float required by the Listing Rules as of the latest practicable date prior to the announcement date - As of the latest practicable date prior to the date of this announcement, the Company has maintained a sufficient public float as required by the Listing Rules[105](index=105&type=chunk) [Audit Committee](index=39&type=section&id=Audit%20Committee) This section describes the composition and responsibilities of the Audit Committee, including its review of accounting principles, internal controls, risk management, and the interim results - The Audit Committee comprises three independent non-executive Directors, with Mr. Wong Wai Keung as Chairman. The Committee has reviewed and confirmed the accounting principles and practices adopted by the Group, and discussed audit, internal control, risk management, and financial reporting matters, including these interim results[106](index=106&type=chunk) [Auditor's Review](index=40&type=section&id=Auditor%27s%20Review) This section confirms that the Company's auditor, UHY Mac & Co., has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, in accordance with HKSRE 2410 - UHY Mac & Co., the Company's auditor, has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410[107](index=107&type=chunk) [Publication of Interim Results Announcement](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement) This section states that the interim results announcement has been published on the Company's and Stock Exchange's websites, with the interim report to be dispatched to shareholders and published accordingly - This results announcement has been published on the Company's website (www.hkperjew.com.hk) and the Stock Exchange's website (www.hkexnews.hk). The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[108](index=108&type=chunk) [Board of Directors](index=40&type=section&id=Board%20of%20Directors) This section lists the executive and independent non-executive directors comprising the Company's Board of Directors - The Company's executive Directors are Mr. Kan Kin Kwong, Ms. Shek Mei Chun, and Mr. Chung Chi Keung; the independent non-executive Directors are Dr. Ng Wang Pun, Ms. Ng Sin Kiu, and Mr. Wong Wai Keung[109](index=109&type=chunk)

Core Viewpoint - The company expects a significant decrease in profit attributable to shareholders for the mid-term of fiscal year 2025, projecting a reduction of approximately 60% to 80% compared to the mid-term profit of approximately HKD 25.4 million reported for fiscal year 2024 [1] Summary by Relevant Categories Profit Forecast - The anticipated profit for the mid-term of fiscal year 2025 is expected to decrease by approximately 60% to 80% compared to the previous fiscal year [1] Factors Influencing Profit Decrease - The decrease in profit is primarily attributed to several net impacts, including: - Realized and unrealized losses on gold futures contracts for the mid-term of fiscal year 2025 [1] - Impairment losses recognized on properties held for sale related to the comprehensive industrial center in Foshan, Guangdong Province, China [1] - Implementation of stricter controls on expenditures, leading to a reduction in sales and distribution costs as well as general and administrative expenses, which partially offsets the aforementioned impacts [1] - No reversal of excess tax provisions in China for the mid-term of fiscal year 2025, unlike the reversal that occurred in the mid-term of fiscal year 2024 [1]

Core Viewpoint - The company expects a significant decrease in profit attributable to shareholders for the mid-term of fiscal year 2025, projecting a reduction of approximately 60% to 80% compared to the mid-term profit of approximately HKD 25.4 million reported for fiscal year 2024 [1] Group 1: Profit Forecast - The anticipated profit for the mid-term of fiscal year 2025 will be substantially lower than the previous year, with a forecasted decrease of 60% to 80% [1] - The profit for the mid-term of fiscal year 2024 was approximately HKD 25.4 million [1] Group 2: Reasons for Profit Decrease - The expected decrease in profit is primarily due to realized and unrealized losses from gold futures contracts for the mid-term of fiscal year 2025 [1] - The company will recognize impairment losses on properties held for sale, specifically related to the comprehensive industrial center in Foshan, Guangdong Province [1] - Implementation of stricter expenditure controls will lead to a reduction in selling and distribution costs, as well as general and administrative expenses, partially offsetting the negative impacts [1] - There will be no recovery of excess tax provisions in fiscal year 2025, which was previously recorded in fiscal year 2024 [1]

Core Viewpoint - The company expects a significant decrease in profit attributable to shareholders for the interim period ending June 30, 2025, projecting a reduction of approximately 60% to 80% compared to the previous interim period [1] Financial Performance - The anticipated profit attributable to shareholders for the interim period is expected to be around 25.4 million HKD, which represents a substantial decline [1] - The decrease in profit is primarily attributed to realized and unrealized losses on gold futures contracts [1] Asset Management - The company has recognized impairment losses on properties held for sale, specifically related to the comprehensive industrial center in Foshan, Guangdong [1] Cost Management - The implementation of stricter controls on expenditures has led to a reduction in sales and distribution costs, as well as general and administrative expenses, which partially offsets the negative impacts mentioned [1] Tax Provisions - There was a reversal of excess tax provisions in the previous interim period, but no such reversal is recorded for the upcoming interim period [1]

Core Viewpoint - The company, Baofa Group (03326.HK), has announced a board meeting scheduled for August 25, 2025, to consider and approve its unaudited interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Summary by Relevant Sections - **Company Announcement** - Baofa Group will hold a board meeting on August 25, 2025, to review its interim performance and discuss dividend distribution [1] - **Financial Reporting** - The meeting will include the consideration of the unaudited interim results for the six months ending June 30, 2025 [1] - **Dividend Consideration** - The board will also consider the potential declaration of an interim dividend during the meeting [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈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。 保發集團國際控股有限公司 主席 簡健光 PERFECT GROUP INTERNATIONAL HOLDINGS LIMITED 保發集團國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3326） 董事會會議日期 保發集團國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈， 本公司謹訂於二零二五年八月二十五日（星期一）舉行董事會會議，藉以（其中 包括）考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之 未經審核中期業績及其發佈，以及考慮派發中期股息（如有）。 承董事會命 香港，二零二五年八月十三日 於本公佈日期，執行董事為簡健光先生、石美珍女士及鍾志強先生；及獨立非執行董事為 吳宏斌博士、吳先僑女士及黃煒強先生。 ...

香港交易及結算所有限公司及聯交所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分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 PERFECT GROUP INTERNATIONAL HOLDINGS LIMITED 保發集團國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3326） 本公司仍正在落實本集團二零二五財年中期之業績。本公告所載資料僅基於 本公司管理層經參考目前可得資料及本集團二零二五財年中期最近期未經審 核綜合管理賬目後所作出之初步評估而編製，其目前正由本公司核數師審閱。 因此，本集團二零二五財年中期之實際業績待進一步審閱後可能會作出調整。 本集團二零二五財年中期業績的進一步詳情將於本公司中期業績公告內披露， 該公告預期將於二零二五年八月底前發佈。 就建議私有化而言，本公司正處於要約期（定義見收購守則）。根據收購守則， 聲明被視為構成收購守則規則10項下的盈利預測。因此，本公司須就聲明遵守 收購守則規則10項下的規定，本公司核數師或會計師及財務顧問須呈報聲明， 並須在下一份寄發予股東的文件（「股東文件」）中重複全文 ...

致：香港交易及結算所有限公司 公司名稱: 保發集團國際控股有限公司 (於開曼群島註冊成立之有限公司) 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 截至月份: 2025年7月31日 狀態: 新提交 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03326 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | 0.003333333333 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | 0.003333333333 | HKD ...