Group 1 - The core point of the article is that Kistad (06918) has successfully completed a placement agreement, with a total of 125 million shares sold at a price of HKD 0.133 per share [1] - On August 29, shareholders of Kistad deposited shares into Asia Pacific Securities, with a market value of HKD 23.1089 million, accounting for 20% [1] - The conditions outlined in the placement agreement have been met, and the completion is set to be implemented by August 29, 2025 [1]

Core Insights - The company reported a revenue of RMB 68.926 million for the six months ending June 30, 2025, representing a year-on-year increase of 36.5% [1] - Gross profit was RMB 3.935 million, showing a year-on-year decrease of 54.2% [1] - The loss attributable to the company's owners was RMB 15.036 million, compared to a loss of RMB 17.583 million in the same period last year [1] - Basic loss per share was RMB 0.024 [1] - The company is intensifying efforts to explore emerging markets to compensate for the contraction in domestic and overseas orders, which contributed to the revenue growth during the reporting period [1]

Core Viewpoint - Qishida (06918) reported a revenue of 68.926 million, representing a year-on-year increase of 36.52%, while the loss attributable to shareholders was 15.036 million, a decrease of 14.49% year-on-year, with a loss per share of 2.4 cents [1] Group 1 - The company is focusing on expanding into emerging markets to find new order opportunities to compensate for the contraction in domestic and overseas orders [1]

[Corporate Information](index=3&type=section&id=Corporate%20Information) Provides an overview of the company's governance structure, including its board composition and registered offices [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) Details the composition of the Board of Directors and its committees, ensuring robust corporate governance - Mr. Hong Kun was appointed as an executive director on May 19, 2025[6](index=6&type=chunk) - The Board of Directors has an Audit Committee, Remuneration Committee, and Nomination Committee to strengthen corporate governance[5](index=5&type=chunk)[6](index=6&type=chunk) [Registered and Business Offices](index=4&type=section&id=Registered%20and%20Business%20Offices) Specifies the company's registered office in the Cayman Islands and its main business locations in China and Hong Kong - The company's registered office is in the Cayman Islands, with its principal office in Shantou, Guangdong, China, and its Hong Kong office in Causeway Bay[8](index=8&type=chunk)[10](index=10&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) Analyzes the company's operational and financial performance, strategic initiatives, and future outlook [Business and Financial Review](index=5&type=section&id=Business%20and%20Financial%20Review) Reviews the group's core business activities and financial performance for the period, highlighting revenue growth and gross profit decline - The Group primarily designs, develops, manufactures, and sells high-quality smart car models, smart interactive toys, and traditional toys[11](index=11&type=chunk)[15](index=15&type=chunk) - The Group accelerated expansion into emerging markets to offset shrinking domestic and international orders, driving revenue growth[12](index=12&type=chunk)[16](index=16&type=chunk) - Due to adjustments in business development policies, no revenue was recorded for smart interactive toys and traditional toys in the first half of 2025, and production and sales of traditional toys have been suspended[19](index=19&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - The Group collaborates with well-known brands to leverage their marketing advantages and enhance product market circulation[22](index=22&type=chunk)[25](index=25&type=chunk) Key Financial Indicators (Six Months Ended June 30) | Indicator | 2025 (RMB Million) | 2024 (RMB Million) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | 68.9 | 50.5 | +36.5% | | Smart Car Model Sales Revenue | 68.9 | 48.5 | +42.1% | | Smart Interactive Toy Revenue | 0 | 0 | - | | Traditional Toy Revenue | 0 | 0 | - | | **Gross Profit** | 3.9 | 8.6 | -54.7% | | **Gross Profit Margin** | 5.7% | 17.0% | -11.3 percentage points | | **Loss for the Period** | (15.0) | (17.6) | -14.8% (Loss narrowed) | | **Selling Expenses** | 0 | 0.007 | -100% | | **Administrative Expenses** | 6.9 | 12.1 | -43.2% | | **Net Impairment Loss on Trade Receivables** | 6.7 | 7.4 | -9.5% | | **Taxation** | 0 | 0 | - | | **Cash and Cash Equivalents** | 46.4 | 10.7 | +333.6% | | **Capital Gearing Ratio** | 46.8% | 44.0% (Dec 31, 2024) | +2.8 percentage points | | **Current Ratio** | 1.4 | 1.4 (Dec 31, 2024) | 0 | | **Quick Ratio** | 1.4 | 1.4 (Dec 31, 2024) | 0 | [Business Review and Outlook](index=10&type=section&id=Business%20Review%20and%20Outlook) Discusses market challenges and the group's strategies for market expansion, cost control, and diversification into new energy sectors - The Group faces weakening consumer demand in European and American toy markets, leading to a decline in traditional toy orders[51](index=51&type=chunk)[54](index=54&type=chunk) - The Group has accelerated expansion into emerging markets to secure new orders, outsourced most orders to reduce fixed costs, and implemented a strategy of cost control, low gross profit, and stable sales[51](index=51&type=chunk)[54](index=54&type=chunk) - The Group will actively expand into high-end, clean energy, and other green-related product and technology industries to enhance competitive advantage and development potential[51](index=51&type=chunk)[54](index=54&type=chunk) [Investments and Capital Assets](index=10&type=section&id=Investments%20and%20Capital%20Assets) Outlines the group's investment activities, including its strategic entry into the new energy sector through acquisitions - For the six months ended June 30, 2025, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[52](index=52&type=chunk)[55](index=55&type=chunk) - The Group has initially ventured into the new energy sector by acquiring a 60% equity interest in Inner Mongolia Paiwei Technology Co., Ltd. (for RMB 1), which primarily engages in the research, development, production, and sales of energy storage molten salt, core raw materials, and integrated thermal energy storage systems[53](index=53&type=chunk)[56](index=56&type=chunk) - The Group also acquired a 51% equity interest in Times Logistics Investment Co., Ltd. (for USD 51), whose indirect wholly-owned subsidiary, Delingha Ainengsen New Energy Technology Co., Ltd., primarily engages in the sales, service, and after-sales support of molten salt materials and thermal storage equipment[57](index=57&type=chunk)[63](index=63&type=chunk) [Financial Resources and Policies](index=11&type=section&id=Financial%20Resources%20and%20Policies) Describes the group's capital structure, liquidity, and financial management policies, including borrowing and foreign exchange risk Capital Structure and Liquidity (As of June 30, 2025) | Indicator | June 30, 2025 (RMB Million) | December 31, 2024 (RMB Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Borrowings | 128.6 | 125.8 | +2.2% | | Total Equity | 275.0 | 285.9 | -3.8% | | Capital Gearing Ratio | 46.8% | 44.0% | +2.8 percentage points | | Trade Receivables | 253.4 | 301.3 | -15.9% | | Prepayments and Other Receivables | 83.8 | 82.6 | +1.5% | | Trade and Other Payables | 126.9 | 140.0 | -9.4% | | Cash and Cash Equivalents | 46.4 | 10.7 | +333.6% | - The Group's funding sources are primarily cash generated from operating activities and bank borrowings, with its financial position regularly reviewed[69](index=69&type=chunk)[71](index=71&type=chunk) - The directors believe the Group is not exposed to significant foreign exchange risk and currently has no foreign currency hedging policy, nor has it used financial instruments for hedging purposes[70](index=70&type=chunk)[72](index=72&type=chunk) [Events After the Reporting Period](index=13&type=section&id=Events%20After%20the%20Reporting%20Period) Details significant events occurring after the reporting period, specifically a share placing for debt repayment and working capital - On August 29, 2025, the company successfully placed 124,912,800 shares, representing approximately 20.00% of the existing issued share capital[73](index=73&type=chunk)[77](index=77&type=chunk) Use of Proceeds from Placing | Purpose | Amount (HKD Million) | Percentage (%) | | :--- | :--- | :--- | | Repayment of Group Debts | 10.0 | 61.9% | | General Working Capital | 6.1 | 38.1% | | **Total Net Proceeds** | **16.1** | **100%** | [Employees, Remuneration Policies and Pension Schemes](index=13&type=section&id=Employees%20Remuneration%20Policies%20and%20Pension%20Schemes) Provides information on employee headcount, remuneration policies, and participation in pension and social security schemes Employee Headcount Change | Date | Number of Full-time Employees | | :--- | :--- | | June 30, 2025 | 24 | | December 31, 2024 | 32 | - The Group provides remuneration benefits such as salaries, accident insurance, and allowances, with bonuses determined discretionarily based on employee performance and overall group performance[76](index=76&type=chunk)[79](index=79&type=chunk) - The Group participates in China's housing provident fund and social security schemes, while Hong Kong employees participate in the Mandatory Provident Fund Scheme[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Business Outlook](index=14&type=section&id=Business%20Outlook) Presents the group's strategic priorities for future growth, focusing on market expansion, efficiency, and product diversification - The Group will continue to prioritize and focus on overseas markets while expanding its customer base and remaining vigilant against new epidemics[86](index=86&type=chunk) - The Group will continue to strengthen, expand, and diversify its customer base by focusing on Hong Kong and Chinese export-oriented wholesalers and Chinese retailers[86](index=86&type=chunk) - The Group will improve production efficiency and effectively control costs by outsourcing part of its production processes, and allocate more resources to expand sales in domestic and Asian markets[86](index=86&type=chunk) - The Group will achieve business growth through continuous development of a diversified new product portfolio[86](index=86&type=chunk) [Condensed Consolidated Interim Financial Statements](index=15&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) Presents the group's interim financial performance and position, including comprehensive income, financial position, equity changes, and cash flows [Condensed Consolidated Interim Statement of Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) Reports the group's revenue, expenses, and net loss for the period, along with other comprehensive income items Summary of Condensed Consolidated Interim Statement of Comprehensive Income | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 68,926 | 50,488 | +36.5% | | Cost of Sales | (64,991) | (41,891) | +55.1% | | Gross Profit | 3,935 | 8,597 | -54.2% | | Selling Expenses | 0 | (7) | -100% | | Administrative Expenses | (6,867) | (12,093) | -43.2% | | Net Impairment Loss on Trade Receivables | (6,674) | (7,396) | -9.8% | | Other Income and Other Gains/(Losses) – Net | 633 | (414) | +253.4% | | Operating Loss | (8,973) | (11,313) | -20.7% | | Finance Costs | (6,065) | (6,271) | -3.3% | | Loss Before Tax | (15,038) | (17,584) | -14.5% | | Income Tax | 0 | 0 | - | | Loss for the Period | (15,038) | (17,584) | -14.5% | | Exchange Differences on Translation of Foreign Operations | 4,140 | (7,687) | +153.9% | | Total Comprehensive Loss for the Period | (10,898) | (25,271) | -56.9% | | Basic and Diluted Loss Per Share (RMB Cents) | (2.4) | (2.8) | -14.3% | [Condensed Consolidated Interim Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) Details the group's assets, liabilities, and equity as of the reporting date, showing its financial health Summary of Condensed Consolidated Interim Statement of Financial Position | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 152,440 | 159,237 | -4.3% | | Right-of-use Assets | 9,491 | 9,504 | -0.1% | | Prepayments | 9,061 | 9,739 | -7.0% | | **Current Assets** | | | | | Inventories | 18,379 | 19,291 | -4.7% | | Trade Receivables | 253,425 | 301,262 | -15.9% | | Prepayments and Other Receivables | 83,754 | 82,553 | +1.5% | | Cash and Cash Equivalents | 46,422 | 10,705 | +333.6% | | **Current Liabilities** | | | | | Trade and Other Payables | 126,852 | 139,981 | -9.4% | | Bank and Other Borrowings | 128,626 | 125,762 | +2.3% | | **Net Assets** | 274,978 | 285,876 | -3.8% | | **Total Equity** | 274,978 | 285,876 | -3.8% | [Condensed Consolidated Interim Statement of Changes in Equity](index=18&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) Illustrates the changes in the group's equity attributable to owners of the company during the reporting period Summary of Condensed Consolidated Interim Statement of Changes in Equity | Indicator | June 30, 2025 (RMB Thousand) | January 1, 2025 (RMB Thousand) | Change (RMB Thousand) | | :--- | :--- | :--- | :--- | | Share Capital | 562 | 562 | 0 | | Reserves | 274,740 | 285,636 | (10,896) | | Equity Attributable to Owners of the Company | 275,302 | 286,198 | (10,896) | | Non-controlling Interests | (324) | (322) | (2) | | **Total Equity** | **274,978** | **285,876** | **(10,898)** | - The total comprehensive loss for the period was RMB 10,898 thousand, primarily comprising a loss for the period of RMB 15,036 thousand and exchange differences on translation of foreign operations of RMB 4,140 thousand[92](index=92&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities for the period Summary of Condensed Consolidated Interim Statement of Cash Flows | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Change (RMB Thousand) | | :--- | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 34,784 | (4,576) | +39,360 | | Net Cash From Investing Activities | 1,700 | 2 | +1,698 | | Net Cash (Used In)/From Financing Activities | (64) | 2,435 | (2,499) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 36,420 | (2,139) | +38,559 | | Cash and Cash Equivalents at Beginning of Period | 10,705 | 48,899 | -38,194 | | Exchange Differences on Cash and Cash Equivalents | (703) | 507 | (1,210) | | **Cash and Cash Equivalents at End of Period** | **46,422** | **47,267** | **(845)** | - Operating cash flow turned positive, indicating an improvement in the company's operational efficiency[93](index=93&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=20&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated interim financial statements [General Information and Basis of Preparation](index=20&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) Outlines the company's registration, principal activities, and the accounting standards used for financial statement preparation - The Company was incorporated in the Cayman Islands on October 25, 2019, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on March 18, 2020[94](index=94&type=chunk)[98](index=98&type=chunk) - The Group is principally engaged in the manufacturing and sales of toys[95](index=95&type=chunk)[98](index=98&type=chunk) - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34, with accounting policies consistent with those used in the 2024 annual financial statements[96](index=96&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk) [Application of New and Revised HKFRS Accounting Standards](index=21&type=section&id=Application%20of%20New%20and%20Revised%20HKFRS%20Accounting%20Standards) Confirms the adoption of new and revised HKFRS standards and their non-material impact on the financial statements - The Group has adopted all new and revised HKFRS standards, but they have not had a material impact on the financial statements[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Revenue and Segment Information](index=22&type=section&id=Revenue%20and%20Segment%20Information) Presents the group's revenue breakdown by product type and geographical market, identifying car models as the sole product revenue source Revenue by Product Type and Geographical Market (Six Months Ended June 30) | Product Type/Geographical Market | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Product Type** | | | | Sales of Car Models | 68,926 | 48,509 | | Purchase and Sales of Raw Materials and Electronic Components | – | 1,979 | | **Total** | **68,926** | **50,488** | | **Geographical Market** | | | | Mainland China | 3,201 | – | | Outside Mainland China | 65,725 | 50,488 | | **Total** | **68,926** | **50,488** | - The Group manages and makes decisions on its business operations as a single operating segment[104](index=104&type=chunk)[105](index=105&type=chunk) - As of June 30, 2025, most of the Group's non-current assets are located in China[106](index=106&type=chunk)[108](index=108&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Details the components of the group's finance costs, primarily interest expenses on borrowings and convertible bonds Breakdown of Finance Costs (Six Months Ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 3,908 | 6,173 | | Interest Expense on Lease Liabilities | – | 98 | | Interest Expense on Bonds | 86 | – | | Imputed Interest on Convertible Bonds | 2,071 | – | | **Total** | **6,065** | **6,271** | [Income Tax](index=24&type=section&id=Income%20Tax) States that no income tax expense was incurred due to the absence of taxable profit for the reporting period - For the six months ended June 30, 2025, the Group had no taxable profit, resulting in zero income tax expense[115](index=115&type=chunk) [Loss for the Period and Per Share](index=24&type=section&id=Loss%20for%20the%20Period%20and%20Per%20Share) Reports the group's net loss and basic and diluted loss per share, attributing the loss to various operational factors Components of Loss for the Period (Six Months Ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cost of Inventories Sold | 64,991 | 41,891 | | Depreciation of Right-of-use Assets | 12 | 1,380 | | Depreciation of Property, Plant and Equipment | 4,439 | 5,072 | | Amortization of Intangible Assets | – | 73 | | Staff Costs (Including Directors' Emoluments) | 1,774 | 2,311 | - Basic loss per share attributable to owners of the Company was **RMB 2.4 cents** (2024: RMB 2.8 cents)[119](index=119&type=chunk)[124](index=124&type=chunk) - For the six months ended June 30, 2025, potential ordinary shares from share options had an anti-dilutive effect[120](index=120&type=chunk)[125](index=125&type=chunk) [Dividends and Fixed Assets](index=25&type=section&id=Dividends%20and%20Fixed%20Assets) Confirms no interim dividend declaration and no significant acquisitions of property, plant, and equipment during the period - The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025[121](index=121&type=chunk)[126](index=126&type=chunk) - For the six months ended June 30, 2025, the Group did not acquire property, plant and equipment, nor did it recognize additions to right-of-use assets[122](index=122&type=chunk)[123](index=123&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [Trade Receivables and Payables](index=26&type=section&id=Trade%20Receivables%20and%20Payables) Provides an aging analysis and discusses changes in trade receivables and payables, reflecting collection and payment trends Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Less than 30 days | 17,617 | 48,449 | | 31 to 120 days | 33,393 | 138,953 | | 121 days to 1 year | 213,539 | 142,772 | | 1 to 2 years | 49,652 | 24,574 | | Over 2 years | – | 2,026 | | **Total** | **314,201** | **356,774** | | Less: Impairment Provision | (60,776) | (55,512) | | **Net Amount** | **253,425** | **301,262** | Aging Analysis of Trade and Other Payables (As of June 30, 2025) | Aging | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Less than 30 days | 834 | 2,928 | | 31 to 120 days | 9,319 | 13,359 | | 121 days to 1 year | 5,266 | 425 | | 1 to 2 years | 8,973 | 37,683 | | Over 2 years | 14,417 | – | | **Total** | **38,809** | **54,395** | - The decrease in trade receivables was primarily due to improved collection from individual customers[44](index=44&type=chunk)[48](index=48&type=chunk) - The decrease in trade and other payables was mainly due to the Group's timely payments to suppliers[46](index=46&type=chunk)[48](index=48&type=chunk) [Bank and Other Borrowings](index=28&type=section&id=Bank%20and%20Other%20Borrowings) Details the group's bank and other borrowings, including interest rates, repayment terms, and collateral arrangements Breakdown of Bank and Other Borrowings (As of June 30, 2025) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Loans (Secured) | 74,988 | 72,101 | | Other Borrowings | 53,638 | 53,661 | | **Total** | **128,626** | **125,762** | - All borrowings bear fixed interest rates ranging from **2.25% to 18.00%**, with a weighted average effective interest rate of approximately **7.9%**[47](index=47&type=chunk)[49](index=49&type=chunk) - Borrowings are secured by property, plant and equipment, right-of-use assets, shares held by certain company shareholders, and personal guarantees provided by Mr. Yu Huang, Ms. Chen Cheng, and minority shareholders[134](index=134&type=chunk) [Share Capital, Contingent Liabilities and Capital Commitment](index=29&type=section&id=Share%20Capital%2C%20Contingent%20Liabilities%20and%20Capital%20Commitment) Presents information on the company's issued share capital, absence of significant contingent liabilities, and capital commitments Share Capital Information (As of June 30, 2025) | Item | Number | Amount (HKD Thousand) | Amount (RMB Thousand) | | :--- | :--- | :--- | :--- | | Authorized Ordinary Shares (HKD 0.001 per share) | 5,000,000,000 | 5,000 | 4,470 | | Issued Ordinary Shares (HKD 0.001 per share) | 624,564,000 | 625 | 562 | - The Group had no significant contingent liabilities as of June 30, 2025[61](index=61&type=chunk)[66](index=66&type=chunk)[136](index=136&type=chunk) - The Group's total capital commitments as of June 30, 2025, amounted to approximately **RMB 13.1 million**, primarily for contracted but unprovided property, plant and equipment[62](index=62&type=chunk)[67](index=67&type=chunk)[138](index=138&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) Includes disclosures on directors' and substantial shareholders' interests, share schemes, and corporate governance practices [Directors' and Substantial Shareholders' Interests](index=30&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) Discloses the shareholdings of directors and substantial shareholders, including interests held through controlled corporations and as loan collateral Directors' Interests in Shares (As of June 30, 2025) | Director Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Long/Short Position | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Yu Huang | Interest in Controlled Corporation | 194,784,667 | Long Position | 31.19% | Substantial Shareholders' Interests in Shares (As of June 30, 2025) | Shareholder Name/Entity | Capacity/Nature of Interest | Number of Shares Held/Interested | Long/Short Position | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Ms. Chen Cheng | Spouse's Interest | 194,784,667 | Long Position | 31.19% | | Top Synergy Y&C Limited | Beneficial Owner | 194,784,667 | Long Position | 31.19% | | Gold-Face Finance Limited | Corporation with Interest in Shares as Security | 119,300,000 | Long Position | 19.10% | | Upbest Group Limited | Interest in Controlled Corporation | 119,300,000 | Long Position | 19.10% | - Of the shares held by Top Synergy Y&C Limited, **119,300,000 shares** are pledged to Gold-Face Finance Limited as security for a loan[153](index=153&type=chunk) [Share Schemes](index=34&type=section&id=Share%20Schemes) Describes the company's share option and share schemes designed to incentivize and reward eligible participants - The 2020 Share Option Scheme was adopted on February 13, 2020, to grant share options to selected participants as incentives or rewards[154](index=154&type=chunk)[156](index=156&type=chunk) - As of June 30, 2025, **52,000,000 share options** remained unexercised under the 2020 Share Option Scheme, representing approximately **8.33%** of the issued shares[164](index=164&type=chunk)[166](index=166&type=chunk) - The 2025 Share Scheme was approved and adopted on June 30, 2025, to attract, motivate, and retain eligible participants through share awards or share options[167](index=167&type=chunk)[170](index=170&type=chunk) - The 2020 Share Option Scheme was terminated on June 30, 2025, and replaced by the 2025 Share Scheme[174](index=174&type=chunk) - The scheme mandate limit for the 2025 Share Scheme is **62,456,400 shares**, representing approximately **10.00%** of the total issued share capital[175](index=175&type=chunk)[177](index=177&type=chunk) - The remaining term of the 2025 Share Scheme is approximately **9 years and 10 months**[190](index=190&type=chunk)[193](index=193&type=chunk) [Corporate Governance and Compliance](index=41&type=section&id=Corporate%20Governance%20and%20Compliance) Affirms the group's commitment to high corporate governance standards and compliance with listing rules, including director conduct and audit committee review - The Company has complied with all applicable provisions of Appendix C1 Corporate Governance Code of the Listing Rules, except for the roles of Chairman and Chief Executive Officer being held by Mr. Yu Huang concurrently[199](index=199&type=chunk)[203](index=203&type=chunk) - The Board believes the current structure facilitates prompt and effective business decision-making, and the balance of power and authority is not impaired[203](index=203&type=chunk)[205](index=205&type=chunk)[208](index=208&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, all directors confirmed compliance, and no non-compliance by senior management was found[206](index=206&type=chunk)[209](index=209&type=chunk) - Mr. Hong Kun was appointed as an executive director on May 19, 2025[207](index=207&type=chunk)[210](index=210&type=chunk) - As of the date of this interim report, the company has repaid **HKD 20,000,000** under the loan agreement, with **HKD 10,000,000** remaining outstanding[218](index=218&type=chunk) - The directors are not aware of any conflicts of interest that compete with the Group's business[220](index=220&type=chunk)[222](index=222&type=chunk) - The Audit Committee has reviewed the interim results and accounting principles, and discussed audit, risk management, internal control, and financial statement matters[223](index=223&type=chunk)[225](index=225&type=chunk)

Core Viewpoint - The company, Qishida (06918), has successfully completed a placement agreement, issuing a total of 125 million shares at a price of HKD 0.133 per share to no fewer than six subscribers [1] Group 1 - The placement agreement conditions have been met and finalized on August 29, 2025 [1] - A total of 125 million placement shares were successfully allocated [1] - The placement price was set at HKD 0.133 per share [1]

Group 1 - The core point of the article is that Qishida (06918.HK) has successfully completed a placement agreement, with conditions met as of August 29, 2025 [1] - A total of approximately 125 million shares were placed at a price of HKD 0.133 per share, successfully sold to no fewer than six subscribers [1] - The total amount raised from the placement is approximately HKD 16.6 million, with a net amount of about HKD 16.1 million [1]

表格類別： 股票 狀態： 新提交 公司名稱： 奇士達控股有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 ( ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Kidztech Holdings Limited 本公告僅為提供資訊而刊發，並不構成收購、購買或認購本公司任何證券的邀請或要約。 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：6918） 完成根據一般授權配售新股份 配售代理 亞太證券有限公司 茲提述奇士達控股有限公司（「本公司」）日期為二零二五年八月六日之公告， 內容有關根據一般授權配售最多124,912,800股新股份（「該公告」）。除另有界定 外，於該公告所界定之詞彙在本公告內具有相同涵義。 完成配售事項 奇 士 達 控 股 有 限 公 司 – 1 – 據董事作出一切合理查詢後所深知、全悉及確信，(i)承配人及其各自之最終實 益擁有人（如有）為獨立第三方；及(ii)完成後概無承配人成為主要股東。 所得款項淨額用途 由於所有配售股份已全數成功配售，配售事項所得款項總額及所得款項淨額 分別為約16.6百萬港元及約16.1 ...

Core Viewpoint - The stock price of Qishida Holdings (06918) experienced a significant decline of 16.0%, trading at 0.168 HKD per share as of 09:44 on August 26, with a transaction volume of 1.0041 million HKD [1]. Group 1: Company Overview - Qishida Holdings is a leading manufacturer specializing in high-quality smart toy cars and interactive toys, operating advanced production facilities covering over 50,000 square meters [1]. - The company has established partnerships with globally recognized retail chains and serves over 300 customers across more than 50 countries [1]. - Qishida holds over 20 licenses from top automotive brands, making it the second-largest smart toy car manufacturer in China and one of the top ten toy manufacturers [1]. Group 2: Financial Performance - As of the 2024 annual report, Qishida reported total revenue of 219 million CNY and a net loss of 61.063 million CNY [2]. - The company is set to disclose its mid-year report for the fiscal year 2025 on August 29 [3].

Company Overview - Qishida Holdings Limited is a leading toy manufacturer specializing in high-quality smart toy cars and interactive toys, recognized as the second-largest smart toy car manufacturer in China and among the top ten toy manufacturers in the country [2] - The company operates a factory in China covering over 50,000 square meters, equipped with advanced production facilities, and has received certifications from ICTI, BSCI, and GSV [2] - Qishida collaborates with various well-known global retail chains, establishing a solid customer base, and ships products to over 50 countries and more than 300 clients [2] Financial Performance - As of December 31, 2024, Qishida achieved total revenue of 219 million yuan, representing a year-on-year growth of 66.48% [1] - The company's net profit attributable to shareholders was 61.063 million yuan, with a year-on-year increase of 37.69% [1] - The gross profit margin stood at 8.38%, and the debt-to-asset ratio was 51.73% [1] Market Performance - On August 20, the stock price of Qishida closed at 0.27 HKD per share, marking an increase of 26.17% with a trading volume of 35.466 million shares and a turnover of 8.6425 million HKD [1] - Over the past month, Qishida's stock has risen by 84.48%, and year-to-date, it has increased by 41.72%, outperforming the Hang Seng Index by 25.24% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 13.31 times, with a median of 2.97 times [1] - Qishida's P/E ratio is reported at -2.03 times, ranking 74th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Lian International at 1.58 times, Kaifushan Group Holdings at 2.3 times, and Huaxun at 3.64 times [1]