Group 1 - The company reported a mid-year performance for 2025, with revenue of 324 million HKD, representing a year-on-year increase of 0.6% [1] - The company experienced a net loss of 13.82 million HKD, compared to a profit of 9.255 million HKD in the same period last year [1] - Basic loss per share was recorded at 2.3 HKD cents [1] Group 2 - The gross profit margin decreased by 3.6 percentage points to 17.7%, down from 21.3% in 2024 [1] - The decline in gross profit margin is attributed to aggressive price cuts by domestic manufacturers, leading to intensified market competition [1]

[Company Information](index=1&type=section&id=Company%20Information) [Company Overview](index=1&type=section&id=Company%20Overview) Winox Holdings Limited (Stock Code: 6838) released its interim results report for the six months ended June 30, 2025 - Winox Holdings Limited (Stock Code: 6838) released its 2025 interim results[2](index=2&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The Group's revenue slightly increased by 0.6% in the first half of 2025, but gross profit significantly decreased by 16.1%, leading to a turn from profit to loss for the period, with basic loss per share of 2.3 HK cents, and no interim dividend recommended 2025 First Half Key Financial Data | Indicator | 2025 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Revenue | 324,228 | +0.6% | | Gross Profit | 57,508 | -16.1% | | Loss for the period | (13,821) | Turned from profit to loss | | Basic loss per share | 2.3 HK Cents | Turned from profit to loss | | Interim dividend | Not recommended for distribution | - | [Management Discussion and Analysis](index=1&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=1&type=section&id=Business%20Review) The Group focuses on the development and production of high-grade stainless steel products, with main business segments including watch straps, mobile phone casings and components, smart wearable device casings and components, and fashion jewelry. Facing global economic challenges and slowing demand for luxury goods, the Group implemented manpower streamlining and cost-saving measures, and despite a decrease in revenue for some products, the smart wearable device business performed strongly, and the Group's financial position remained robust - The Group's main business segments are watch straps, mobile phone casings and components, smart wearable device casings and components, and fashion jewelry[4](index=4&type=chunk) - Global economy faces challenges including escalating US-China tariff wars, Russia-Ukraine conflict, Middle East wars, and uncertain effectiveness of China's consumption stimulus measures, leading to a slowdown in global demand for luxury consumer goods[6](index=6&type=chunk) - Revenue from smart wearable device casings and components increased by **54.7% year-on-year**, while revenue from watch straps, fashion jewelry, and mobile phone casings and components decreased[6](index=6&type=chunk) - The Group implemented a manpower streamlining plan and other cost-saving policies, paying severance compensation of approximately **HK$10,336,000**[6](index=6&type=chunk) 2025 First Half Financial Position | Indicator | Amount (HK$ Thousand) | | :--- | :--- | | Net current assets | 288,376 | | Cash and bank balances | 200,205 | [Financial Review](index=2&type=section&id=Financial%20Review) The Group's revenue slightly increased by 0.6% to HK$324 million in the first half of 2025, but gross profit margin declined due to intensified market competition. The period saw a turn from profit to loss, mainly affected by increased severance payments and R&D expenses, but the Group maintained ample liquidity and a stable gearing ratio [Revenue](index=2&type=section&id=Revenue) The Group's total revenue slightly increased by 0.6%, with a significant 54.7% growth in revenue from smart wearable device casings and components, while other major product revenues decreased 2025 First Half Revenue Composition and Year-on-Year Change | Product Category | 2025 First Half Revenue (HK$ Thousand) | Percentage (%) | 2024 First Half Revenue (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 324,228 | 100.0% | 322,245 | +0.6% | | Mobile phone casings and components | 139,652 | 43.1% | 152,124 | -8.2% | | Watch straps | 93,794 | 28.9% | 99,701 | -5.9% | | Smart wearable device casings and components | 81,314 | 25.1% | 52,564 | +54.7% | | Fashion jewelry | 9,468 | 2.9% | 17,856 | -47.0% | [Gross Profit](index=3&type=section&id=Gross%20Profit) The Group's gross profit decreased by 16.1% year-on-year, with gross profit margin declining by 3.6 percentage points, primarily due to price reductions by domestic manufacturers amid intense market competition 2025 First Half Gross Profit and Gross Profit Margin | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Gross Profit | 57,508 | 68,559 | -16.1% | | Gross Profit Margin | 17.7% | 21.3% | -3.6 percentage points | | Primary Reason | Price reductions by domestic manufacturers, intense market competition | | | [Loss for the Period](index=3&type=section&id=Loss%20for%20the%20Period) The Group turned from a profit in the same period last year to a loss of HK$13,821,000 for the period, with basic loss per share of 2.3 HK cents 2025 First Half Loss for the Period | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | (Loss) Profit for the period | (13,821) | 9,255 | | Basic (loss) earnings per share | (2.3 HK Cents) | 1.5 HK Cents | [Cost of Sales](index=3&type=section&id=Cost%20of%20Sales) Cost of sales increased by 5.1% year-on-year, with direct material costs accounting for a higher proportion at 49.8% 2025 First Half Cost of Sales Composition | Cost Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Direct material costs | 132,907 | 120,919 | | Direct labor costs | 95,712 | 91,638 | | Manufacturing overheads and other costs | 38,101 | 41,129 | | **Total Cost of Sales** | **266,720** | **253,686** | | Direct material costs percentage | 49.8% | 47.7% | | Direct labor costs percentage | 35.9% | 36.1% | | Manufacturing overheads and other costs percentage | 14.3% | 16.2% | [Other Income](index=3&type=section&id=Other%20Income) Other income decreased by 49.6% year-on-year, mainly due to a reduction in interest income from bank fixed deposits 2025 First Half Other Income | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Other income | 3,945 | 7,826 | -49.6% | | Primary Reason | Reduction in interest income from bank fixed deposits | | | [Other Expenses](index=3&type=section&id=Other%20Expenses) Selling and distribution costs decreased, while administrative and other expenses increased by 9.6% due to higher severance payments, and R&D expenses significantly increased by 77.4% 2025 First Half Other Expenses Change | Expense Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Selling and distribution costs | 6,248 | 6,923 | -9.8% | | Administrative and other expenses | 53,643 | 48,924 | +9.6% | | Research and development expenses | 15,414 | 8,687 | +77.4% | | Primary reason for administrative and other expenses | Payment of HK$10,336,000 in severance payments | | | [Finance Costs](index=4&type=section&id=Finance%20Costs) Finance costs decreased by 27.0% year-on-year to HK$1,143,000 2025 First Half Finance Costs | Indicator | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Finance costs | 1,143 | 1,565 | -27.0% | [Tax](index=4&type=section&id=Tax) Hong Kong Profits Tax implements a two-tiered system, and China Corporate Income Tax rate is 25%, but high-tech enterprises can enjoy a 15% preferential tax rate and apply for a 200% super deduction for R&D expenses - Hong Kong Profits Tax two-tiered system: **8.25%** for the first **HK$2 million** of assessable profits, and **16.5%** for the excess[15](index=15&type=chunk) - China Group entities' tax rate is **25%**, with some high-tech enterprises enjoying a **15%** preferential tax rate until December 31, 2025[15](index=15&type=chunk) - Chinese enterprises engaged in R&D activities are entitled to claim **200%** of eligible R&D expenses as deductible expenses (super deduction)[15](index=15&type=chunk) [Inventories](index=4&type=section&id=Inventories) The Group's inventory balance increased by 16.7% to HK$74,995,000, with a slight increase in inventory turnover days 2025 First Half Inventory Situation | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | | Inventory balance | 74,995 | 64,244 | +16.7% | | Inventory turnover days | 47.2 days | 46.3 days | +0.9 days | [Trade Receivables](index=4&type=section&id=Trade%20Receivables) Trade receivables decreased to HK$113,081,000, with credit periods ranging from 30 to 90 days, a lower risk of default payment, and improved turnover days - The company grants credit periods ranging from **30 to 90 days** to customers, with major customers being internationally renowned brands, resulting in a relatively low risk of default payment[17](index=17&type=chunk) 2025 First Half Trade Receivables | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables | 113,081 | 166,055 | | Amount recovered (as of July 31) | 67,730 | - | | Trade receivables turnover days | 77.9 days | 82.7 days | [Trade Payables](index=5&type=section&id=Trade%20Payables) Trade payables decreased to HK$94,320,000, with credit periods ranging from 30 to 90 days, and a slight increase in turnover days - Trade payables are mainly related to the purchase of raw materials from suppliers, with credit periods ranging from **30 to 90 days**[18](index=18&type=chunk) 2025 First Half Trade Payables | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 94,320 | 116,514 | | Trade payables turnover days | 71.5 days | 64.7 days | [Liquidity, Indebtedness and Charges on Assets](index=5&type=section&id=Liquidity%2C%20Indebtedness%20and%20Charges%20on%20Assets) The Group maintained an ideal level of liquidity, with sufficient net current assets and cash balances. Bank borrowings increased, some assets were pledged, and the gearing ratio remained stable - Bank balances and cash are primarily held in **US dollars (49.6%)**, **Renminbi (33.6%)**, and **Hong Kong dollars (16.7%)**[19](index=19&type=chunk) - Some bank borrowings are secured by assets with a total book value of **HK$76,662,000**, including the Dongguan factory land, property, and bills receivable[20](index=20&type=chunk) 2025 First Half Liquidity and Indebtedness | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net current assets | 288,376 | 297,079 | | Bank balances and cash | 200,205 | 222,249 | | Outstanding bank borrowings | 73,306 | 67,783 | | Gearing ratio | 0.06 | 0.06 | [Treasury](index=5&type=section&id=Treasury) The Group adopts a prudent treasury policy, with sales primarily settled in US dollars, Hong Kong dollars, and Renminbi. As production costs are mainly settled in Renminbi, fluctuations in the Renminbi exchange rate may impact costs, but no financial instruments were used for hedging purposes during the period - The Group's sales are primarily settled in **US dollars (40.1%)**, **Hong Kong dollars (31.2%)**, and **Renminbi (28.7%)**[21](index=21&type=chunk) - As production facilities are located in mainland China, labor costs and manufacturing overheads are mainly settled in Renminbi, and fluctuations in the Renminbi exchange rate can impact overall production costs[21](index=21&type=chunk) - During the review period, the Group did not use any financial instruments for hedging purposes, and there were no hedging instruments as of June 30, 2025[22](index=22&type=chunk) [Capital Commitments](index=6&type=section&id=Capital%20Commitments) The Group's contracted but unprovided capital expenditure amounted to HK$49,437,000, primarily for the acquisition of property, plant and equipment, and land use rights 2025 First Half Capital Commitments | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Capital expenditure | 49,437 | 46,935 | | Primary Use | Acquisition of property, plant and equipment, and land use rights | | [Contingent Liabilities](index=6&type=section&id=Contingent%20Liabilities) The Group had no other significant contingent liabilities apart from corporate guarantees granted to wholly-owned subsidiaries - The Group had no other significant contingent liabilities as of June 30, 2025, except for corporate guarantees[24](index=24&type=chunk) [Employees and Remuneration Policy](index=6&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's total number of employees decreased to 2,202, while staff costs increased. Remuneration policy is based on Group performance and individual performance, and provides medical and retirement benefits - Employee remuneration includes salaries and discretionary bonuses, determined based on Group performance and individual performance, and provides medical and retirement benefit plans[25](index=25&type=chunk) 2025 First Half Employees and Remuneration | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total number of employees | 2,202 | 2,408 | | Staff costs | HK$140,126,000 | HK$124,708,000 | [Outlook](index=6&type=section&id=Outlook) Facing continued global economic challenges in the second half of 2025, the Group will continue to take measures to address them, and will prioritize revenue enhancement, long-term profitability, improved operational efficiency, and optimal resource utilization to achieve sustainable growth - In the second half of 2025, the global economy continues to face challenges such as the US-China tariff war, trade sanctions, conflicts, and geopolitical tensions[26](index=26&type=chunk) - The Group will focus on enhancing revenue, ensuring long-term profitability, improving operational efficiency, and optimizing resource utilization to achieve sustainable growth[26](index=26&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a turn from profit to loss for the period, but with a positive impact from exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, 2025) | | For the six months | | | :--- | :--- | :--- | | | 2025 | 2024 | | | June 30 | June 30 | | Note | HK$ Thousand | HK$ Thousand | | | (Unaudited) | (Unaudited) | | Revenue | 3 | 324,228 | 322,245 | | Cost of sales | | (266,720) | (253,686) | | Gross Profit | | 57,508 | 68,559 | | Other income | | 3,945 | 7,826 | | Other gains and losses | | 517 | 2,251 | | Impairment loss reversal on financial assets under expected credit loss model | | 1,230 | 46 | | Selling and distribution costs | | (6,248) | (6,923) | | Administrative and other expenses | | (53,643) | (48,924) | | Research and development expenses | | (15,414) | (8,687) | | Finance costs | | (1,143) | (1,565) | | (Loss) Profit before tax | 4 | (13,248) | 12,583 | | Tax | 5 | (573) | (3,328) | | (Loss) Profit for the period | | (13,821) | 9,255 | | Other comprehensive income (expense) for the period | | | | | Items that may be reclassified subsequently to profit or loss | | | | | - Exchange differences on translation of foreign operations | | 28,806 | (23,378) | | Total comprehensive income (expense) for the period | | 14,985 | (14,123) | | (Loss) Earnings per share - Basic | 7 | (2.3 HK Cents) | 1.5 HK Cents | [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's condensed consolidated statement of financial position as of June 30, 2025, showing an increase in total assets and shareholders' equity, and robust net current assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | | | 2025 | 2024 | | :--- | :--- | :--- | :--- | | | | June 30 | December 31 | | | Note | HK$ Thousand | HK$ Thousand | | | | (Unaudited) | (Audited) | | Non-current assets | | | | | Property, plant and equipment | | 589,435 | 553,631 | | Right-of-use assets | | 60,474 | 56,236 | | Deposits for non-current assets paid | | 23,742 | 29,388 | | Deposits and prepayments for a life insurance policy | | - | 8,850 | | | | 673,651 | 648,105 | | Current assets | | | | | Inventories | | 74,995 | 64,244 | | Trade and other receivables | 8 | 215,263 | 231,926 | | Recoverable tax | | 3,139 | 3,221 | | Short-term bank deposits | | 70,650 | 97,637 | | Bank balances and cash | | 129,555 | 124,612 | | | | 493,602 | 521,640 | | Current liabilities | | | | | Trade and other payables | 9 | 128,414 | 154,823 | | Tax payable | | 1,212 | 1,096 | | Bank borrowings | | 73,306 | 67,783 | | Lease liabilities | | 2,294 | 859 | | | | 205,226 | 224,561 | | Net current assets | | 288,376 | 297,079 | | Total assets less current liabilities | | 962,027 | 945,184 | | Non-current liabilities | | | | | Lease liabilities | | 4,307 | 2,449 | | Net assets | | 957,720 | 942,735 | | Capital and reserves | | | | | Share capital | | 60,000 | 60,000 | | Reserves | | 897,720 | 882,735 | | Total equity | | 957,720 | 942,735 | [Notes](index=9&type=section&id=Notes) [Basis of Preparation](index=9&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the HKEX Listing Rules, and presented in Hong Kong dollars - The condensed consolidated financial statements are prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the HKEX Listing Rules[29](index=29&type=chunk) - The condensed consolidated financial statements are presented in Hong Kong dollars, which is the same as the Company's functional currency[30](index=30&type=chunk) [Accounting Policies](index=9&type=section&id=Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, and the accounting policies adopted are consistent with those of the previous year's consolidated financial statements, except for the application of amendments to Hong Kong Financial Reporting Standards - The condensed consolidated financial statements are prepared on a historical cost basis[31](index=31&type=chunk) [Application of Amendments to Hong Kong Financial Reporting Standards](index=9&type=section&id=Application%20of%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards) HKAS 21 (Amendment) "Lack of Exchangeability" was first applied in this interim period, but it had no significant impact on the Group's financial position and performance - HKAS 21 (Amendment) "Lack of Exchangeability" was first applied in this interim period[32](index=32&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards had no significant impact on the Group's financial position and performance for the current and prior periods[32](index=32&type=chunk) [Revenue and Segment Information](index=10&type=section&id=Revenue%20and%20Segment%20Information) The Group is engaged in the manufacturing and sale of stainless steel products, with revenue analyzed by product category and customer location, but only entity-wide disclosures are presented - The Group is engaged in the manufacturing and sale of high-grade stainless steel products, with revenue recognized at the point in time when goods are transferred to customers[33](index=33&type=chunk) - Revenue analysis focuses on segmentation by product (mobile phone casings and components, watch straps, smart wearable device casings and components, fashion jewelry) and customer geographical location[33](index=33&type=chunk) [Revenue by Major Products](index=10&type=section&id=Revenue%20by%20Major%20Products) Among the Group's major product revenues, revenue from smart wearable device casings and components grew significantly, while revenue from mobile phone casings and components, watch straps, and fashion jewelry all decreased Revenue by Product (For the six months ended June 30, 2025) | Product Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Mobile phone casings and components | 139,652 | 152,124 | | Watch straps | 93,794 | 99,701 | | Smart wearable device casings and components | 81,314 | 52,564 | | Fashion jewelry | 9,468 | 17,856 | | **Total** | **324,228** | **322,245** | [Geographical Information](index=10&type=section&id=Geographical%20Information) The Group's revenue from China increased, while revenue from Switzerland, Hong Kong, Liechtenstein, and other European countries decreased Revenue by Region (For the six months ended June 30, 2025) | Region | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | China | 158,331 | 138,145 | | Switzerland | 84,906 | 94,669 | | Hong Kong | 41,760 | 45,734 | | Vietnam | 17,396 | 15,684 | | Liechtenstein and other European countries | 8,748 | 17,529 | | Taiwan | 6,281 | 7,229 | | Other countries | 6,806 | 3,255 | | **Total** | **324,228** | **322,245** | [(Loss) Profit Before Tax](index=11&type=section&id=%28Loss%29%20Profit%20Before%20Tax) This section details the various expenses and incomes deducted or included in the calculation of (loss) profit before tax, including staff costs, depreciation, interest, and exchange gains/losses (Loss) Profit Before Tax Composition (For the six months ended June 30, 2025) | Item | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Total staff costs | 140,126 | 124,708 | | Depreciation of property, plant and equipment | 24,826 | 25,918 | | Depreciation of right-of-use assets | 2,007 | 2,080 | | Finance costs | 1,143 | 1,565 | | Loss on disposal of property, plant and equipment | 201 | 594 | | Net exchange loss (gain) | 130 | (2,845) | | Gain on surrender of a life insurance policy | (848) | - | [Tax](index=12&type=section&id=Tax) This section describes the tax policies applicable to the Group in Hong Kong and mainland China, including Hong Kong Profits Tax's two-tiered system, China Corporate Income Tax's preferential policies, and super deduction for R&D expenses 2025 First Half Tax Expense | Tax Category | 2025 First Half (HK$ Thousand) | 2024 First Half (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax (current period) | 200 | 3,188 | | China Corporate Income Tax (current period) | 568 | 288 | | China Corporate Income Tax (over-provision in prior years) | (195) | (148) | | **Total Tax Expense** | **573** | **3,328** | [Hong Kong Profits Tax](index=12&type=section&id=Hong%20Kong%20Profits%20Tax) Hong Kong Profits Tax implements a two-tiered system, where eligible entities are taxed at 8.25% on the first HK$2 million of assessable profits and 16.5% on the excess - Hong Kong Profits Tax two-tiered system: **8.25%** for the first **HK$2 million** of assessable profits, and **16.5%** for the portion exceeding **HK$2 million**[38](index=38&type=chunk) [China Corporate Income Tax](index=12&type=section&id=China%20Corporate%20Income%20Tax) China Group entities' tax rate is 25%, with some high-tech enterprises enjoying a 15% preferential tax rate and eligible for a 200% super deduction for R&D expenses - The corporate income tax rate for China Group entities is **25%**[39](index=39&type=chunk) - Certain Chinese subsidiaries have been granted high-tech enterprise certificates, qualifying them for a **15%** tax rate for the three years ending December 31, 2025[39](index=39&type=chunk) - Enterprises engaged in R&D activities are entitled to claim **200%** of their eligible R&D expenses as deductible expenses (super deduction)[39](index=39&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Company's Board of Directors did not recommend a final dividend for 2024, nor declared an interim dividend for the first half of 2025 - The Company's Board of Directors did not recommend a final dividend for the year ended December 31, 2024 (2024: **2.0 HK cents** per ordinary share)[40](index=40&type=chunk) - The Company's Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: **HK$3,000,000**)[40](index=40&type=chunk) [(Loss) Earnings Per Share](index=13&type=section&id=%28Loss%29%20Earnings%20Per%20Share) The Group's basic loss per share for the first half of 2025 was 2.3 HK cents, compared to basic earnings per share of 1.5 HK cents in the same period last year - Diluted (loss) earnings per share are not presented as there were no potential ordinary shares outstanding for both periods[41](index=41&type=chunk) 2025 First Half (Loss) Earnings Per Share | Indicator | 2025 First Half | 2024 First Half | | :--- | :--- | :--- | | (Loss) Profit used to calculate basic (loss) earnings per share | (13,821) HK$ Thousand | 9,255 HK$ Thousand | | Weighted average number of shares | 600,000,000 | 600,000,000 | | Basic (loss) earnings per share | (2.3 HK Cents) | 1.5 HK Cents | [Trade and Other Receivables](index=14&type=section&id=Trade%20and%20Other%20Receivables) The Group's total trade and other receivables amounted to HK$215,263,000, with trade receivables and bills receivable being the main components, and an aging analysis is provided - As of June 30, 2025, the Group held bills receivable totaling **HK$79,882,000**, of which **HK$48,986,000** were discounted with recourse[43](index=43&type=chunk) Trade and Other Receivables Composition (As of June 30, 2025) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 113,081 | 166,055 | | Bills receivable (net of allowance) | 79,882 | 41,018 | | VAT receivables | 16,281 | 18,094 | | Prepayments and deposits | 3,206 | 4,165 | | Refundable lease deposits | 502 | 330 | | Others | 2,311 | 2,264 | | **Total Trade and Other Receivables** | **215,263** | **231,926** | Trade Receivables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 39,877 | 56,788 | | 31 to 60 days | 44,180 | 50,620 | | 61 to 90 days | 20,989 | 32,238 | | Over 90 days | 8,035 | 26,409 | | **Total** | **113,081** | **166,055** | [Trade and Other Payables](index=15&type=section&id=Trade%20and%20Other%20Payables) The Group's total trade and other payables amounted to HK$128,414,000, with trade payables being the main component, and an aging analysis is provided Trade and Other Payables Composition (As of June 30, 2025) | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 94,320 | 116,514 | | Wages and welfare payables | 16,039 | 19,029 | | VAT payable | 456 | 355 | | Commission and other payables to agents | 3,891 | 3,977 | | Payables for acquisition of property, plant and equipment | 5,368 | 5,729 | | Other tax payables | 976 | 748 | | Accrued expenses | 6,098 | 6,552 | | Interest payable | 176 | 91 | | Others | 1,090 | 1,828 | | **Total** | **128,414** | **154,823** | Trade Payables Ageing Analysis (As of June 30, 2025) | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 15,637 | 27,961 | | 31 to 60 days | 20,856 | 29,130 | | 61 to 90 days | 29,830 | 31,342 | | Over 90 days | 28,081 | 27,997 | | **Total** | **94,320** | **116,514** | [Corporate Governance and Other Information](index=16&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance](index=16&type=section&id=Corporate%20Governance) The Company is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the review period - The Company is committed to establishing and maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[46](index=46&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[47](index=47&type=chunk) [Standard Code for Securities Transactions by Directors](index=16&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with the Code throughout the review period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[48](index=48&type=chunk) - All Directors have confirmed their compliance with the required standards set out in the Standard Code during the six months ended June 30, 2025[48](index=48&type=chunk) [Review of Interim Results](index=16&type=section&id=Review%20of%20Interim%20Results) The Group's interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Deloitte Touche Tohmatsu and the Company's Audit Committee - The Group's interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410[49](index=49&type=chunk) - The interim results have also been reviewed by the Company's Audit Committee[49](index=49&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2025 - The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2025 (2024: **0.5 HK cents**)[50](index=50&type=chunk) [Other](index=17&type=section&id=Other) [Acknowledgement](index=17&type=section&id=Acknowledgement) The Board of Directors sincerely thanks all customers, suppliers, shareholders, and Group employees for their support and contributions during the period - The Board of Directors sincerely thanks all customers, suppliers, and shareholders for their continuous support to the Group, and also expresses gratitude to the Group's diligent employees for their contributions during the period[51](index=51&type=chunk) [Board of Directors](index=17&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises six executive directors and three independent non-executive directors - As of the date of this announcement, the Board of Directors includes six executive directors (Mr. Yao Hon Ming, Mr. Yao Tat Sing, Mr. Li Chin Keung, Ms. Lo Wai Ping, Mr. Chow Kam Wing, and Ms. Yao Ho Ting) and three independent non-executive directors (Mr. Hou Pak Kin, Professor Wong Lung Tak Patrick, and Mr. Wu Ming Lin)[53](index=53&type=chunk)

Group 1 - The company expects to incur a loss of approximately HKD 13 million to HKD 15 million in the first half of 2025, compared to a net profit of HKD 9.255 million in the same period of 2024 [1] - The estimated loss is primarily attributed to severance payments of about HKD 10 million related to a workforce reduction plan [1] - Overall gross margin is expected to decline due to intense market competition [1]

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告的內容槪不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示槪不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 盈利時控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 董事會將於二零二五年八月二十七日（星期三）舉行董事會會議，藉以 （其中包括）批准刊發本公司及其附屬公司截至二零二五年六月三十日 止六個月之中期業績，以及考慮派發二零二五年中期股息（倘適用）。 承董事會命 主席 姚漢明 香港‧二零二五年八月十一日 WINOX HOLDINGS LIMITED 盈 利 時 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：6838） 於本公告日，董事會包括(a)六名執行董事，分別為姚漢明先生、姚達星先生、李 展強先生、羅惠萍女士、周錦榮先生及姚浩婷女士；及(b)三名獨立非執行董事， 分別為侯伯堅先生、黃龍德教授及胡銘霖先生。 ...

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告的內容槪不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示槪不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股 東」）及有意投資者，根據對本集團截至二零二五年六月三十日止六個 月（「本期間」）之管理賬目進行之初步審閱及董事會現時所獲取的資 料 ， 董事會 預 期 本集團 於 本期間 錄得介乎 13,000,000 港 元 至 15,000,000 港 元 之虧損 （ 二 零 二 四 年 ： 淨 溢 利 為 9,255,000 港 元）。本期間估計虧損主要歸因於（1）根據精簡人力計劃支付的離職 補償約 10,000,000 港元；及（ 2 ） 整體毛利 率因 市 場競爭激烈而下 跌。 1 本公告所載之資料僅根據就本集團本期間的管理賬目作出的初步審閱， 該等賬目尚未經本公司之核數師審閱。本集團就本期間之中期業績公告 將於二零二五年八月底前刊發。 WINOX HOLDINGS LIMITED 盈 利 時 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司 ...

Group 1 - The financing transaction process involves submitting collateral, applying for financing limits, purchasing target stocks, and repaying funds and interest, while the securities lending process includes submitting collateral, applying for lending limits, selling target stocks, and buying back stocks for repayment [1] - The exchange adjusts the list of financing and securities lending targets quarterly, with new targets needing to meet specific criteria such as an average daily trading volume of at least 50 million yuan over the past three months [2] - Cash is counted as 100% collateral, while stocks are subject to different collateral ratios, such as 70% for blue-chip stocks and 50% for ordinary stocks, affecting the maximum financing amount [3] Group 2 - Interest is calculated daily and charged monthly, with penalties for overdue interest calculated on a compound basis, emphasizing the importance of timely repayments [4] - When the maintenance margin ratio is insufficient, it can be supplemented by depositing cash or transferring eligible securities, with the latter being subject to collateral ratios [7] - Trading restrictions are imposed when the financing balance of a single stock reaches 25% of its circulating market value, halting further financing purchases until it drops below 20% [8] Group 3 - Initial trading should involve small amounts to familiarize with the process, followed by recording trading logic and market responses to improve understanding of the dual trading mechanism [9]

Company Overview - 盈利时控股有限公司 is a global manufacturer of stainless steel watch bands, primarily engaged in original equipment manufacturing for stainless steel products [2] - The company manufactures stainless steel watch bands, fashion jewelry, and accessories for internationally renowned brands based in Europe, as well as stainless steel mobile phone casings and accessories [2] - The company emphasizes quality control, precise manufacturing technology, and a robust quality management system to maintain relationships with clients and meet their needs [2] Financial Performance - As of December 31, 2024, the company reported total revenue of 631 million yuan, a year-on-year decrease of 12.01% [1] - The net profit attributable to shareholders was -18.83 million yuan, representing a year-on-year decrease of 131.9% [1] - The gross profit margin stood at 16.06%, and the debt-to-asset ratio was 19.41% [1] Market Position and Valuation - The company's price-to-earnings (P/E) ratio is -7.32, ranking 87th in the industry, while the average P/E ratio for the textile and apparel industry is -12.84 [1] - The industry median P/E ratio is 3.63, with other competitors like FAST RETAIL-DRS at 0.37 and 浙江永安 at 1.34 [1] - The stock has seen a cumulative decline of 33.87% year-to-date, underperforming the Hang Seng Index by 20.75% [1]

Group 1 - The core issue for NIU Technologies is its struggle to convert revenue growth into profitability, as evidenced by a net loss of 38.84 million RMB in Q1 2025 despite a revenue increase of 35.1% to 682 million RMB [2][4] - The electric two-wheeler industry is experiencing a recovery driven by the "old-for-new" policy, which has positively impacted the financial performance of various companies, including NIU [3][6] - NIU's revenue growth is notable, with Q1 2025 sales volume reaching 203,000 units, a year-on-year increase of over 50%, but the average revenue per unit has declined significantly [6][7] Group 2 - The company's gross margin has decreased to 17.3%, down 1.6 percentage points year-on-year, indicating ongoing challenges in maintaining profitability [2][4] - Despite the positive revenue trends, NIU's stock price fell by over 12% following the earnings report, reflecting investor skepticism about the company's ability to achieve sustainable profitability [2][8] - The competitive landscape is shifting, with NIU needing to decide between pursuing a high-end product strategy or adopting a volume-driven approach to attract a broader consumer base [9]

Financial Performance - Revenue for the fiscal year ended December 31, 2024, decreased by 12.0% to HKD 681,678,000 compared to HKD 774,727,000 in 2023[7] - Gross profit dropped by 51.2% to HKD 109,444,000 from HKD 224,288,000 year-on-year[7] - The company reported a net loss of HKD 20,329,000 for the year, compared to a profit of HKD 63,726,000 in the previous year[15] - Earnings per share showed a loss of HKD 3.4, down from a profit of HKD 10.6 in 2023[7] - For the year ended December 31, 2024, the group's revenue decreased by 12.0% to HKD 681,678,000, compared to HKD 774,727,000 in 2023[26] - The gross profit for the year decreased by 51.2% to HKD 109,444,000, with a gross profit margin decline of 12.9 percentage points to 16.1%[31] - The company reported a loss of HKD 20,329,000 for the year, compared to a profit of HKD 63,726,000 in 2023, resulting in a basic loss per share of HKD 0.034[32] - The company paid dividends of HKD 15,000,000 in 2024, down from HKD 39,000,000 in 2023[188] Revenue Breakdown - Revenue from watch bands and fashion accessories fell by 28.9% and 30.7% respectively due to global demand slowdown[17] - Revenue from smartphone frames and parts increased by 7.3% despite geopolitical tensions affecting orders[17] - The revenue from watch bands decreased by 28.9% to HKD 190,626,000, down from HKD 267,940,000 in 2023[27] - Revenue from mobile phone frames and parts increased by 7.3% to HKD 304,378,000, compared to HKD 283,570,000 in 2023[28] - The largest customer accounted for approximately 19.4% of the total revenue for the year ending December 31, 2024, down from 31.9% in 2023, while the top five customers accounted for 56.1% of total revenue, down from 69.2%[117] Assets and Liabilities - Total assets decreased by 1.9% to HKD 1,169,745,000 from HKD 1,192,807,000[7] - Total borrowings increased by 35.5% to HKD 67,783,000 compared to HKD 50,033,000 in the previous year[7] - The company's current assets net value decreased to HKD 297,079,000 from HKD 381,265,000 in 2023, with cash and bank balances at HKD 222,249,000[45] - The total outstanding bank borrowings increased to HKD 67,783,000 from HKD 50,033,000 in 2023, with a debt-to-asset ratio of 0.06[47] - Current liabilities increased to HKD 224,561,000 in 2024 from HKD 180,860,000 in 2023[187] Operational Efficiency and Cost Management - The company implemented stricter cost-cutting measures to enhance competitiveness in a challenging business environment[18] - The company aims to enhance operational efficiency and optimize resource allocation to ensure long-term stable and sustainable profitability amidst global economic challenges[53] - The group focuses on high-end customers and aims to expand its product range to include mobile and wearable device components to mitigate risks associated with customer concentration[73] Corporate Governance - The company has adopted a board diversity policy, considering factors such as gender, age, and professional experience to enhance board effectiveness[151] - The board consists of ten directors, including six executive directors and four independent non-executive directors, ensuring a diverse skill set and experience[135] - Independent non-executive directors make up at least one-third of the board, with a designated term of three years, ensuring compliance with independence guidelines[138] - The company has received annual confirmations of independence from its four independent non-executive directors, representing one-third of the board[96] - The company has adopted a standard code for securities trading by directors, confirming compliance with regulations up to December 31, 2024[133] Environmental and Social Responsibility - The company emphasizes environmental protection and has implemented monitoring systems to manage waste and pollution in its operations[77] - The company aims to integrate economic growth, environmental protection, and social responsibility into its business strategy to create sustainable value for stakeholders[129] - The company has established an environmental, social, and governance report to inform stakeholders about its sustainable development performance[78] Audit and Compliance - The audit opinion confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[171] - The auditors assessed the appropriateness of the accounting policies and the reasonableness of accounting estimates made by the directors[181] - The audit involved understanding and evaluating the design and implementation of internal controls related to revenue recognition[177] - The Audit Committee held three meetings during the year ending December 31, 2024, to review the group's interim and annual performance, accounting principles, and internal controls[143] Employee Management - The total number of employees as of December 31, 2024, was 2,455, a decrease from 2,495 in the previous year, with total employee costs amounting to HKD 273,309,000, down from HKD 295,377,000[52] - The company’s employee compensation includes salaries and discretionary bonuses based on group performance and individual contributions[52] - The range of senior management compensation for the year ending December 31, 2024, was between HKD 1,000,001 and HKD 2,000,000[148] Future Outlook - The company is focused on revenue growth while prioritizing long-term stability and sustainable profitability as key strategic measures[53] - The company expects that the application of new standards will not have a significant impact on consolidated financial statements in the foreseeable future[194] - The company has no plans for market expansion or acquisitions mentioned in the provided documents[102]

Financial Performance - The group's revenue for the year ended December 31, 2024, was HKD 681,678,000, a decrease of 12.0% compared to HKD 774,727,000 in 2023[5] - The group's gross profit fell to HKD 109,444,000, down 51.2% from HKD 224,288,000 in the previous year, resulting in a gross margin of 16.1%, a decrease of 12.9 percentage points[8] - The group reported a net loss of HKD 20,329,000 for the year, compared to a profit of HKD 63,726,000 in 2023, with a basic loss per share of HKD 0.034[9] - The total capital expenditure contracted but not provided for was HKD 46,935,000, up from HKD 23,731,000 in 2023, indicating ongoing investment in infrastructure[23] - Pre-tax profit before losses was HKD 69,062,000 in 2024, down from HKD 86,285,000 in 2023, a decrease of 20.0%[39] - Tax expenses for the year 2024 were HKD 1,387,000, significantly lower than HKD 7,205,000 in 2023, a reduction of 80.7%[40] Revenue Breakdown - Revenue from watchbands and fashion accessories decreased by 28.9% and 30.7% respectively, while revenue from mobile phone frames and parts increased by 7.3%[6] - Revenue from mobile phone frames and parts increased to HKD 304,378,000 in 2024 from HKD 283,570,000 in 2023, representing a growth of 7.0%[36] - Revenue from smart wearable device frames and parts decreased to HKD 157,130,000 in 2024 from HKD 180,613,000 in 2023, a decline of 12.9%[36] - Revenue from the Chinese market was HKD 319,033,000 in 2024, down from HKD 335,253,000 in 2023, a decline of 4.3%[37] - Revenue from Switzerland decreased to HKD 177,555,000 in 2024 from HKD 253,505,000 in 2023, a decline of 30.0%[37] - Revenue from Vietnam increased significantly to HKD 40,389,000 in 2024 from HKD 7,764,000 in 2023, a growth of 419.5%[37] Assets and Liabilities - The group's inventory balance as of December 31, 2024, was HKD 64,244,000, an increase of 6.4% from HKD 60,358,000 in 2023, with an inventory turnover period of 39.8 days[16] - Trade receivables amounted to HKD 166,055,000, up from HKD 141,884,000 in the previous year, with a trade receivables turnover period of 82.7 days[17] - Trade payables increased to HKD 116,514,000 from HKD 85,776,000 in 2023, with a trade payables turnover period of 64.7 days[18] - As of December 31, 2024, the group's net current assets amounted to HKD 297,079,000, a decrease from HKD 381,265,000 as of December 31, 2023[19] - The total cash and bank balances were HKD 222,249,000, down from HKD 317,161,000 in the previous year, with 20.9% in HKD, 19.9% in RMB, and 59.1% in USD[19] - The total outstanding bank borrowings increased to HKD 67,783,000 from HKD 50,033,000, with 57,783,000 HKD due within one year[19] Dividends and Shareholder Returns - The group did not recommend the payment of a final dividend for the year ended December 31, 2024[5] - The company confirmed an interim dividend of HKD 0.5 per share for 2024, totaling HKD 3,000,000, while no final dividend was proposed for the year[44] - The interim dividend paid in October 2024 was 0.5 HK cents per ordinary share, down from 1.5 HK cents in 2023, resulting in a total dividend of 0.5 HK cents for the year[55] - The company did not repurchase or redeem any of its listed securities during the year ended December 31, 2024[52] Operational Challenges and Future Plans - The group faced challenges due to a slowdown in global demand for luxury personal goods, impacting sales across its product lines[4] - The group plans to enhance operational efficiency and resource allocation to ensure sustainable profitability amid global economic challenges[26] Employee and Cost Management - The total number of employees decreased to 2,455 from 2,495, with total employee costs amounting to HKD 273,309,000, down from HKD 295,377,000[25] - Total employee costs amounted to HKD 273,309,000 in 2024, compared to HKD 295,377,000 in 2023, reflecting a decrease of 7.5%[39] Financial Ratios and Metrics - The group's debt-to-asset ratio increased to 0.06 from 0.04, indicating a slight rise in leverage[21] - Financing costs decreased to HKD 2,866,000 in 2024 from HKD 4,271,000 in 2023, a reduction of 32.8%[38] Receivables and Overdue Accounts - The total trade and other receivables increased to HKD 231,926,000 in 2024 from HKD 181,219,000 in 2023, reflecting a growth of approximately 28%[45] - Trade receivables amounted to HKD 169,004,000 in 2024, up from HKD 142,768,000 in 2023, indicating an increase of about 18%[45] - As of December 31, 2024, overdue trade receivables amounted to HKD 79,016,000, compared to HKD 54,037,000 in 2023, showing an increase of approximately 46%[48] Reporting and Compliance - The preliminary annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website[56] - The annual report for the year ending December 31, 2024, will be presented to shareholders by the end of April 2025[56] - The financial figures in the preliminary announcement have been verified by Deloitte, but no opinion or guarantee has been provided regarding the summary[54]