致：香港交易及結算所有限公司 公司名稱: 高奧士國際控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 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9月30日 狀態: 新提交 | 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) | 08042 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | 本月底法定/註冊 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 高奧士國際控股有限公司 呈交日期: 2025年9月3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) | 08042 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.01 | HKD | | 40,000,000 | 本月底法定/註冊股 ...

2025 中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本，本 次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，建議非登記股東向代其持有股份的銀行、經紀、託管商或代理人（統稱「中介機構」） 提供其有效的電郵地址。如 本公司沒有收到 閣下的中介機構透過香港中央結算（代理人）有限公司提供 閣下的有效的 電郵地址或郵寄地址，本公司將不會向閣下發送登載通知。 KOS International Holdings Limited 高奧士國際控股有限公司 ( （於開曼群島註冊成立之有限公司） （股份代號：8042） 各位非登記股東1： 於本公司網站登載公司通訊之通知 此通知 閣下高奧士國際控股有限公司(「本公司」)下述公司通訊2 (「本次公司通訊」)之中、英文版本現已登載於本公 司網站www.kos-intl.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站www.hkexnews.hk（「聯交 所網站」）以供閱覽： 附註： 1. 非登記股東指將所持有之本公司股份存放於中央結算系統的人士或公司。 2. 公司通訊指本公司發出或將予 ...

KOS International Holdings Limited 高奧士國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8042） 各位登記股東： 於本公司網站登載公司通訊之通知 股東有責任提供有效的電郵地址。若 閣下沒有提供有效的電郵地址，本公司將透過郵寄方式向 閣下發送 (i) 於本 公司網站登載公司通訊之通知函，以及(ii) 所有日後可供採取行動的公司通訊2的印刷版本，直至 閣下向本公司的香 港股份過戶登記分處提供有效的電郵地址以接收該等公司通訊的電子版本。如果本公司向股東提供的電郵地址發送 公司通訊及/或可供採取行動的公司通訊而未收到任何「未送達」信息，則本公司將被視為已遵守聯交所GEM證券上 市規則。 閣下可隨時以填妥、簽署及交回附奉之變更申請表格（「變更申請表格」）或發送書面通知至香港股份過戶登記分 處（如上述地址）或電郵至is-ecom@vistra.com，以更改日後公司通訊之收取方式及語言版本之選擇或索取本次公司 通訊的印刷本。在收到 閣下索取本次公司通訊的印刷本的書面形式請求後，本公司會及時地將本次公司通訊的印刷 本免費向閣下寄發。 倘 閣下對本通知有任何疑問，請致電香 ...

[Report Overview](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E6%A6%82%E8%A6%BD) [GEM Characteristics and Company Statement](index=2&type=section&id=GEM%E7%89%B9%E8%89%B2%E5%8F%8A%E5%85%AC%E5%8F%B8%E8%81%B2%E6%98%8E) The company's 2025 interim report highlights the GEM market's nature for SMEs, which involves higher investment risks, and affirms the directors' joint responsibility for the report's accuracy - The GEM market is positioned for small and medium-sized companies, entailing **higher investment risks and greater market volatility**[3](index=3&type=chunk) - The company's directors confirm that the report's information is **accurate and complete in all material respects**, without any misleading or fraudulent elements[3](index=3&type=chunk) [Financial Performance](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group achieved a significant turnaround with a net profit of HK$2,326 thousand, driven primarily by substantial revenue growth Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 136,290 | 93,037 | | Other income | 873 | 623 | | Staff costs | (121,271) | (80,511) | | Other expenses and losses | (12,435) | (15,579) | | Finance costs | (418) | (96) | | Profit (loss) before tax | 3,295 | (2,555) | | Income tax (expense) credit | (969) | 89 | | Profit (loss) for the period | 2,326 | (2,466) | | Total comprehensive income (expense) for the period | 2,591 | (2,693) | | Earnings (loss) per share – basic and diluted (HK cents) | 0.29 | (0.31) | - **Revenue grew by 46.5% year-on-year** to HK$136,290 thousand, a key factor in achieving profitability[5](index=5&type=chunk) - Basic earnings per share turned from a loss of 0.31 HK cents in the prior-year period to **earnings of 0.29 HK cents**[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's net assets increased to HK$60,754 thousand, with net current assets remaining robust despite a rise in current liabilities due to new bank borrowings Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Non-current assets | 13,234 | 15,148 | | Current assets | 76,923 | 68,554 | | Current liabilities | 24,346 | 18,836 | | Net current assets | 52,577 | 49,718 | | Non-current liabilities | 5,057 | 6,703 | | Net assets | 60,754 | 58,163 | | Total equity | 60,754 | 58,163 | - Current liabilities increased from HK$18,836 thousand on December 31, 2024, to HK$24,346 thousand on June 30, 2025, mainly due to **new bank borrowings of HK$8,000 thousand**[6](index=6&type=chunk) - Trade and other receivables rose from HK$40,547 thousand to HK$52,165 thousand, reflecting **expanded business activities**[6](index=6&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, the Group's total equity increased to HK$60,754 thousand, primarily driven by the profit for the period and other comprehensive income Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Total equity at the beginning of the period | 58,163 | 61,229 | | Profit (loss) for the period | 2,326 | (2,466) | | Other comprehensive income (expense) for the period | 265 | (227) | | Total equity at the end of the period | 60,754 | 58,536 | - **Retained earnings increased** from HK$11,554 thousand as of December 31, 2024, to HK$13,880 thousand as of June 30, 2025[8](index=8&type=chunk) - Exchange differences on translation of foreign operations shifted from an expense of HK$227 thousand in the same period of 2024 to an **income of HK$265 thousand**[8](index=8&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group's net decrease in cash and cash equivalents was HK$2,935 thousand, reflecting a combination of operating outflows and financing inflows Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Activity | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Net cash used in operating activities | (8,186) | (7,994) | | Net cash from (used in) investing activities | (162) | 109 | | Net cash from (used in) financing activities | 5,413 | (3,217) | | Net decrease in cash and cash equivalents | (2,935) | (11,102) | | Cash and cash equivalents at end of period | 21,893 | 23,421 | - Net cash from financing activities shifted from a net outflow of HK$3,217 thousand to a **net inflow of HK$5,413 thousand**, mainly due to raising HK$8,000 thousand in bank borrowings[9](index=9&type=chunk) - Net cash used in operating activities **slightly increased** from HK$7,994 thousand to HK$8,186 thousand[9](index=9&type=chunk) [Notes to the Financial Statements](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [General Information](index=8&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The Company, incorporated in the Cayman Islands and listed on GEM, primarily provides recruitment and secondment services in Hong Kong, Macau, Mainland China, and Singapore - The Company was **listed on the GEM of the Stock Exchange on October 12, 2018**[11](index=11&type=chunk) - Its principal business activities are providing **recruitment services and/or secondment and payroll services** in Hong Kong, Macau, Mainland China, and Singapore[11](index=11&type=chunk) - The financial statements are presented in Hong Kong dollars and are **unaudited but have been reviewed by the Audit Committee**[12](index=12&type=chunk)[13](index=13&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=9&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%準%E5%8F%8A%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis in compliance with HKAS 34 and the GEM Listing Rules, with no material impact from new HKFRSs - The financial statements are prepared on the **historical cost basis** and in accordance with Hong Kong Accounting Standard 34 and Chapter 18 of the GEM Listing Rules[14](index=14&type=chunk) - The application of new and revised Hong Kong Financial Reporting Standards in the current period has had **no material effect** on the financial statements[14](index=14&type=chunk) [Revenue and Segment Information](index=10&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's total revenue grew significantly by 46.5% to HK$136,290 thousand, driven by strong performance in secondment and payroll services, with Hong Kong as the main contributor Revenue Breakdown (For the six months ended June 30) | Service Type | Region | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | :--- | | Recruitment services | Hong Kong | 27,646 | 26,352 | | | Mainland China | 8,021 | 8,457 | | | Singapore | 1,291 | 1,954 | | **Total Recruitment services** | | **36,958** | **36,763** | | Secondment and payroll services | Hong Kong | 96,840 | 54,803 | | | Macau | 1,882 | 1,471 | | | Mainland China | 610 | – | | **Total Secondment and payroll services** | | **99,332** | **56,274** | | **Total** | | **136,290** | **93,037** | - Revenue from secondment and payroll services **surged by 76.5%** to HK$99,332 thousand, becoming the primary growth driver[15](index=15&type=chunk) - The Group operates in a **single operating segment**, human resources services, with the chief operating decision maker reviewing overall revenue and results[16](index=16&type=chunk) Revenue Contribution from Major Customers (For the six months ended June 30) | Customer | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Customer A | 19,234 | 10,837 | | Customer B | 16,749 | – | [Finance Costs](index=11&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, finance costs increased significantly to HK$418 thousand, mainly due to interest on lease liabilities and new bank borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Interest on lease liabilities | 289 | 85 | | Interest on bank borrowings | 114 | – | | Interest on provision for reinstatement costs | 15 | 11 | | **Total** | **418** | **96** | - Interest on bank borrowings is a **new finance cost item** in the current period[20](index=20&type=chunk) [Income Tax (Expense) Credit](index=12&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89%E6%8A%B5%E5%85%8D) For the six months ended June 30, 2025, income tax expense rose to HK$969 thousand due to higher estimated assessable profits from operating subsidiaries Income Tax (Expense) Credit (For the six months ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Current tax – Hong Kong Profits Tax | 969 | 360 | | Current tax – Singapore Corporate Income Tax | – | 17 | | Over-provision in prior years | – | (466) | | **Total** | **969** | **(89)** | - Hong Kong Profits Tax is calculated at **16.5%** of the estimated assessable profits, with a concessionary rate of **8.25%** on the first HK$2 million for qualifying entities[21](index=21&type=chunk) - No provision for corporate income tax was made for subsidiaries in Mainland China as they had **no assessable profits**[22](index=22&type=chunk) [Earnings (Loss) Per Share](index=13&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company was 0.29 HK cents, a positive turnaround from the prior period's loss Earnings (Loss) Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit (loss) for the period (HK$'000) | 2,326 | (2,466) | | Weighted average number of ordinary shares ('000) | 800,000 | 800,000 | | Basic earnings (loss) per share (HK cents) | 0.29 | (0.31) | - As there were **no potential ordinary shares in issue** during the reporting period, diluted earnings (loss) per share has not been presented[24](index=24&type=chunk) [Dividend](index=13&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: **Nil**)[25](index=25&type=chunk) [Movements in Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E4%BB%A5%E5%8F%8A%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E8%AE%8A%E5%8B%95) The Group purchased property, plant and equipment costing approximately HK$169 thousand during the period, with changes in right-of-use assets due to new office leases - During the six months ended June 30, 2025, the Group purchased items of property, plant and equipment with a total cost of approximately **HK$169 thousand**[26](index=26&type=chunk) - The Group entered into a new lease agreement for its Shanghai office on May 10, 2025, recognizing a right-of-use asset of approximately **HK$465 thousand**[27](index=27&type=chunk) - The Group entered into a new lease agreement for its Singapore office on January 17, 2024, recognizing a right-of-use asset of approximately **HK$741 thousand**[27](index=27&type=chunk) [Trade and Other Receivables and Rental Deposits](index=14&type=section&id=%E6%87%89%E6%94%B6%E8%B3%84%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E4%BB%A5%E5%8F%8A%E7%A7%9F%E9%87%91%E6%8C%89%E9%87%91) As of June 30, 2025, gross trade receivables increased to HK$50,637 thousand, with a reduced provision for expected credit losses and a credit period generally not exceeding 60 days Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Trade receivables | 50,637 | 40,116 | | Less: Provision for expected credit losses | (1,086) | (1,284) | | **Net trade receivables** | **49,551** | **38,832** | | Other receivables | 4,032 | 3,099 | | **Total trade and other receivables** | **53,583** | **41,831** | Ageing Analysis of Trade Receivables (As of June 30, 2025) | Ageing | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Within 30 days | 36,884 | 29,589 | | 31 to 60 days | 8,525 | 4,316 | | 61 to 90 days | 1,867 | 1,574 | | 91 to 180 days | 2,275 | 2,914 | | Over 180 days | – | 439 | | **Total** | **49,551** | **38,832** | - The provision for expected credit losses **decreased** from HK$1,284 thousand to HK$1,086 thousand[28](index=28&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=15&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group held listed equity securities in Hong Kong for trading purposes, valued at HK$465 thousand, a slight increase from the previous year-end Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Listed equity securities in Hong Kong held for trading | 465 | 419 | - The fair value of listed securities is based on **quoted bid prices in an active market** in Hong Kong[32](index=32&type=chunk) [Other Payables, Accruals and Contract Liabilities](index=16&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%E5%8F%8A%E5%90%88%E7%B4%84%E8%B2%A0%E5%82%B5) As of June 30, 2025, total other payables and accruals amounted to HK$11,481 thousand, a decrease from the previous year-end mainly due to lower accrued payroll expenses Other Payables and Accruals (As of June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Other payables | 1,795 | 2,467 | | Accrued expenses | 669 | 1,117 | | Accrued payroll expenses | 9,017 | 10,862 | | **Total** | **11,481** | **14,446** | Contract Liabilities (As of June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Secondment and payroll services | 193 | 193 | - Accrued payroll expenses **decreased** from HK$10,862 thousand to HK$9,017 thousand[33](index=33&type=chunk) [Bank Borrowings](index=16&type=section&id=%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) As of June 30, 2025, the Group secured new bank borrowings of HK$8,000 thousand, bearing interest at HIBOR or cost of funds plus a margin of 1.7% to 3% per annum Bank Borrowings (As of June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Bank borrowings, secured | 8,000 | – | - The secured bank borrowings bear interest at the **Hong Kong Interbank Offered Rate (HIBOR)** or cost of funds plus a margin of 1.7% to 3% per annum[35](index=35&type=chunk) [Contingent Liabilities](index=16&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities, consistent with the position at the end of the previous year - At June 30, 2025, the Group did not have any significant contingent liabilities (December 31, 2024: **Nil**)[36](index=36&type=chunk) [Fair Value Measurement of Financial Instruments](index=17&type=section&id=%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Group's financial instruments measured at fair value include listed equity securities (Level 1) and unlisted equity investments (Level 3), with the latter valued using a market approach Fair Value of Financial Assets Measured on a Recurring Basis (As of June 30, 2025) | Financial Asset | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Fair Value Hierarchy | Valuation Technique and Key Inputs | | :--- | :--- | :--- | :--- | :--- | | Listed equity securities classified as FVTPL | 465 | 419 | Level 1 | Quoted prices available from the Stock Exchange | | Unlisted equity investments classified as FVTOCI | 1,174 | 1,174 | Level 3 | Market comparison approach using price-to-sales multiples and risk adjustments for lack of marketability | - During the six months ended June 30, 2025, there were **no transfers between Level 1 and Level 2**, nor any transfers into or out of Level 3[40](index=40&type=chunk) Reconciliation of Level 3 Fair Value Measurements of Financial Assets | Item | Unlisted Equity Investments (HK$'000) | | :--- | :--- | | At January 1, 2024 and June 30, 2024 (unaudited) | 1,370 | | At January 1, 2025 and June 30, 2025 (unaudited) | 1,174 | [Related Party Transactions](index=18&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, the total compensation for key management personnel amounted to HK$3,336 thousand, a decrease from the prior-year period Compensation of Key Management Personnel (For the six months ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Short-term benefits | 3,300 | 3,686 | | Post-employment benefits | 36 | 36 | | **Total** | **3,336** | **3,722** | - Total compensation for key management personnel **decreased by 10.4%** year-on-year[42](index=42&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review and Prospects](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) The Group achieved a turnaround in the first half of 2025 with a net profit of HK$2,326 thousand, driven by strong growth in secondment and payroll services despite a challenging recruitment market - The Group recorded a **net profit of approximately HK$2,326 thousand** in the first half of 2025, a turnaround from a net loss of approximately HK$2,466 thousand in the prior-year period[43](index=43&type=chunk) - Total revenue **increased significantly by 46.5%** to HK$136,290 thousand, primarily driven by the strong performance of payroll and secondment services[44](index=44&type=chunk)[46](index=46&type=chunk) - The strategic focus is on **expanding service offerings** beyond traditional recruitment and investing in a team of experienced recruitment professionals[45](index=45&type=chunk) [Business Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As a leading HR service provider in Hong Kong, the Group successfully diversified revenue and returned to profitability by strategically expanding its secondment and payroll services - The Group's total revenue grew significantly due to the **strong performance of payroll and secondment services**, while traditional recruitment services in Hong Kong faced pressure[44](index=44&type=chunk) - The company has strategically focused on **expanding its service scope** to provide comprehensive solutions beyond traditional recruitment to diversify revenue streams[45](index=45&type=chunk) - Revenue from Hong Kong recruitment services increased by 4.9%, secondment and payroll services **surged by 76.5%**, while Singapore recruitment services decreased by 33.9%[46](index=46&type=chunk) [Revenue from Hong Kong Business](index=21&type=section&id=%E4%BE%86%E8%87%AA%E9%A6%99%E6%B8%AF%E6%A5%AD%E5%8B%99%E7%9A%84%E6%94%B6%E7%9B%8A) Economic uncertainty in Hong Kong suppressed recruitment demand, but secondment and payroll services became a key growth driver with revenue surging 76.7% to HK$96,840 thousand - Revenue from Hong Kong secondment and payroll services **increased substantially by HK$42,037 thousand or 76.7%** to HK$96,840 thousand, mainly due to an increase in the number of clients[48](index=48&type=chunk) - Hong Kong recruitment services revenue **grew slightly by 4.9%** to HK$27,646 thousand, amid intense market competition and longer hiring cycles[48](index=48&type=chunk) [Revenue from Mainland China Business](index=22&type=section&id=%E4%BE%86%E8%87%AA%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%A5%AD%E5%8B%99%E7%9A%84%E6%94%B6%E7%9B%8A) The Mainland China business faced a complex operating environment, with recruitment revenue decreasing by 5.2% to HK$8,021 thousand, though the company remains confident in future growth - Recruitment revenue in Mainland China **decreased by HK$436 thousand or 5.2%** to HK$8,021 thousand[49](index=49&type=chunk) - The strategy for Mainland China includes aligning with the Greater Bay Area development plan, increasing business in sectors like technology and consumer goods, and enhancing team quality[50](index=50&type=chunk)[51](index=51&type=chunk) [Revenue from Singapore Business](index=23&type=section&id=%E4%BE%86%E8%87%AA%E6%96%B0%E5%8A%A0%E5%9D%A1%E6%A5%AD%E5%8B%99%E7%9A%84%E6%94%B6%E7%9B%8A) Singapore's recruitment business revenue decreased by 33.9% to HK$1,291 thousand, but the company remains committed to the market as a strategic hub for Southeast Asian expansion - Revenue from the Singapore recruitment business **decreased by HK$663 thousand or 33.9%** to HK$1,291 thousand[53](index=53&type=chunk) - The Singapore business, established in early 2023, continues to show **resilience in a dynamic economic landscape**[53](index=53&type=chunk) [Prospects](index=23&type=section&id=%E5%B1%95%E6%9C%9B) The Group remains optimistic about the long-term growth of the HR industry and will focus on sectors with recovery potential, talent investment, and sustainable growth initiatives - The Group will concentrate resources on industries with **strong recovery potential** and will recruit, train, and retain top recruitment talent[54](index=54&type=chunk) - A focus will be placed on **improving productivity and profitability** through disciplined team composition, geographical focus, and performance monitoring[55](index=55&type=chunk) - The Group will continue to evaluate opportunities for **geographical expansion and service diversification**, while monitoring potential investment opportunities[55](index=55&type=chunk)[57](index=57&type=chunk) [Financial Review](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group achieved significant revenue growth of 46.5% in H1 2025, driven by secondment services, successfully reversing the prior year's loss despite rising staff costs - The Group's revenue **increased by 46.5%** from HK$93,037 thousand to HK$136,290 thousand, mainly attributable to the growth in secondment and payroll services[58](index=58&type=chunk) - Profit for the period and total comprehensive income turned from a net loss of HK$2,466 thousand to a **net profit of HK$2,326 thousand**[67](index=67&type=chunk) - As of June 30, 2025, the **current ratio was approximately 3.2 times**, and the gearing ratio was 27.4%[69](index=69&type=chunk)[70](index=70&type=chunk) [Revenue](index=25&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue grew 46.5% to HK$136,290 thousand, with secondment and payroll services revenue surging 76.5% while recruitment services revenue saw a marginal 0.5% increase - Recruitment services revenue **increased slightly by 0.5%** to HK$36,958 thousand, with Hong Kong operations growing while Mainland China and Singapore declined[58](index=58&type=chunk) - Secondment and payroll services revenue **increased significantly by 76.5%** to HK$99,332 thousand, driven by team expansion and new strategies in Hong Kong[59](index=59&type=chunk) - Revenue from Hong Kong accounted for approximately **91.3% of the Group's total revenue** (2024: approximately 87.2%)[60](index=60&type=chunk) [Other Income](index=26&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income increased by HK$250 thousand to HK$873 thousand, primarily from visa application services and seminar and training services - Other income **increased by approximately HK$250 thousand** from HK$623 thousand to HK$873 thousand[61](index=61&type=chunk) - The growth was mainly from **visa application services and seminar and training services**, which increased from HK$338 thousand to HK$621 thousand[61](index=61&type=chunk) [Staff Costs](index=26&type=section&id=%E5%93%A1%E5%B7%A5%E6%88%90%E6%9C%AC) Staff costs rose significantly to HK$121,271 thousand, representing 89.0% of revenue, mainly due to a surge in the number of seconded staff from 671 to 2,650 - Staff costs **increased from HK$80,511 thousand to HK$121,271 thousand**, representing 89.0% of revenue compared to 86.5% previously[62](index=62&type=chunk) - The number of seconded staff **increased substantially from 671** as of June 30, 2024, to 2,650 as of June 30, 2025[62](index=62&type=chunk) - Seconded staff costs **increased by 79.9%** to HK$89,696 thousand, accounting for 74.0% of total staff costs[63](index=63&type=chunk) [Other Expenses and Losses](index=27&type=section&id=%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF%E5%8F%8A%E8%99%A7%E6%90%8D) Other expenses and losses decreased by HK$3,144 thousand to HK$12,435 thousand, primarily comprising rent, depreciation, marketing, and insurance expenses - Other expenses and losses **decreased by approximately HK$3,144 thousand** from HK$15,579 thousand to HK$12,435 thousand[64](index=64&type=chunk) [Finance Costs](index=27&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs increased significantly, mainly due to interest on lease liabilities and newly added interest on bank borrowings - Finance costs **increased from HK$96 thousand to HK$418 thousand**[65](index=65&type=chunk) - The costs comprised **HK$289 thousand in interest on lease liabilities** and HK$114 thousand in interest on bank borrowings[65](index=65&type=chunk) [Income Tax (Expense) Credit](index=27&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89%E6%8A%B5%E5%85%8D) Income tax expense increased to HK$969 thousand, primarily due to higher estimated assessable profits from operating subsidiaries - Income tax expense **increased to HK$969 thousand** from HK$377 thousand in the prior-year period (which became a credit of HK$89 thousand after adjustments)[66](index=66&type=chunk) [Profit and Total Comprehensive Income (Expense) for the Period](index=27&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E5%8F%8A%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89%E7%B8%BD%E9%A1%8D) The Group successfully turned to profitability, recording a net profit of HK$2,326 thousand and total comprehensive income of HK$2,591 thousand, driven by strong revenue growth - The Group recorded a **net profit of approximately HK$2,326 thousand** and total comprehensive income of approximately HK$2,591 thousand, compared to a net loss of HK$2,466 thousand in the prior-year period[67](index=67&type=chunk) - The turnaround was mainly attributable to the **significant increase in revenue from Hong Kong secondment and payroll services**[67](index=67&type=chunk) [Dividend](index=28&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: **Nil**)[68](index=68&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=28&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group maintains sufficient liquidity with HK$2,400 thousand in pledged bank deposits and HK$21,893 thousand in cash, with a current ratio of 3.2 and an increased gearing ratio of 27.4% - As of June 30, 2025, the Group had **pledged bank deposits of HK$2,400 thousand** and bank balances and cash of approximately HK$21,893 thousand[69](index=69&type=chunk) - The **current ratio was approximately 3.2 times** (December 31, 2024: approximately 3.6 times)[69](index=69&type=chunk) - The **gearing ratio was 27.4%** (December 31, 2024: 17.6%), with the increase mainly due to new bank borrowings of HK$8,000 thousand[70](index=70&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group faces no significant foreign exchange risk as most of its revenue-generating operations are denominated in Hong Kong dollars, and no hedging arrangements are in place - The Group's revenue-generating operations are mainly denominated in Hong Kong dollars, thus it has **no significant exposure to foreign exchange rate fluctuations**[71](index=71&type=chunk) - The Group has **not engaged in any hedging** or other arrangements to manage foreign exchange risk[71](index=71&type=chunk) [Other Information](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) The Group's share structure is stable with no plans for major investments or disposals, while bank deposits of HK$2,400 thousand are pledged and employee numbers have increased - The Company's share capital structure **remained unchanged** during the six months ended June 30, 2025[72](index=72&type=chunk) - The Group **did not hold any significant investments** and had no plans for any major investments or additions of other capital assets[74](index=74&type=chunk) - As of June 30, 2025, the Group had **130 internal staff and 2,650 seconded staff**, with staff costs amounting to approximately HK$121,271 thousand[79](index=79&type=chunk) [Share Structure](index=29&type=section&id=%E8%82%A1%E4%BB%BD%E6%9E%B6%E6%A7%8B) During the six months ended June 30, 2025, the Company's share capital structure remained unchanged, with 800,000,000 ordinary shares in issue - As of June 30, 2025, the total number of issued ordinary shares of the Company was **800,000,000 shares** of HK$0.01 each[72](index=72&type=chunk) [Treasury Policy](index=29&type=section&id=%E8%B2%A1%E8%B3%87%E6%94%BF%E7%AD%96) The Board will continue to follow a prudent policy in managing its cash balances to maintain a strong liquidity position for future growth opportunities - The Directors will continue to follow a **prudent policy** in managing the Group's cash balances and maintain a strong and stable liquidity position[73](index=73&type=chunk) [Significant Investments and Future Plans for Material Investments or Capital Assets](index=29&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E4%BB%A5%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group held no significant investments and had no plans for any material investments or additions of other capital assets - The Group **did not hold any significant investments** as of June 30, 2025, nor did it have any plans for material investments or the addition of other capital assets[74](index=74&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=29&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the six months ended June 30, 2025, the Group did not have any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the six months ended June 30, 2025, the Group had **no material acquisitions or disposals** of subsidiaries, associates, or joint ventures[75](index=75&type=chunk) [Pledge of the Group's Assets](index=29&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E4%B9%8B%E6%8A%BC%E8%A8%98) As of June 30, 2025, bank deposits of HK$2,400 thousand were pledged as security for the Group's banking facilities - As of June 30, 2025, **bank deposits of HK$2,400 thousand** were pledged as security for the Group's banking facilities[76](index=76&type=chunk) [Contingent Liabilities](index=30&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[77](index=77&type=chunk) [Events After the Reporting Period](index=30&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred for the Company or the Group after June 30, 2025, up to the date of this report - No significant events occurred for the Company and the Group after June 30, 2025, and up to the date of this report[78](index=78&type=chunk) [Employees and Remuneration Policies](index=30&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 130 internal staff and 2,650 seconded staff, with a remuneration policy based on performance, qualifications, and industry practice - As of June 30, 2025, the Group had a total of **130 internal staff and 2,650 seconded staff**[79](index=79&type=chunk) - The Group's staff costs, including directors' emoluments, were approximately **HK$121,271 thousand**[79](index=79&type=chunk) - The remuneration policy is based on **performance, qualifications, work experience, and prevailing industry practice**, and includes commissions and discretionary bonuses[79](index=79&type=chunk) [Other Information](index=31&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E8%A8%8A) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E4%BB%BB%E4%BD%95%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr Chan Ka Kin, Mr Chan Ka On, and Mr Chan Ka Shing each held a 75% long position in the Company's shares through controlled corporations and a concert party arrangement Directors' Long Positions in the Shares of the Company (As of June 30, 2025) | Name of Director | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr Chan Ka Kin | Interest in a controlled corporation and person acting in concert | 600,000,000 | 75% | | Mr Chan Ka On | Interest in a controlled corporation and person acting in concert | 600,000,000 | 75% | | Mr Chan Ka Shing | Interest in a controlled corporation and person acting in concert | 600,000,000 | 75% | - Mr Chan Ka Kin, Mr Chan Ka On, Mr Chan Ka Shing, and Mr Chau Ka Wai entered into a **Concert Party Deed** on January 18, 2018[81](index=81&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares, Debentures and Underlying Shares of the Company](index=33&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E3%80%81%E5%82%B5%E5%88%B8%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, KJE Limited, Caiden Holdings Limited, and Mr Chau Ka Wai each held a 75% long position in the Company's shares through beneficial ownership and a concert party arrangement Substantial Shareholders' Long Positions in the Shares of the Company (As of June 30, 2025) | Name of Substantial Shareholder | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | KJE Limited | Beneficial owner and person acting in concert | 600,000,000 | 75% | | Caiden Holdings Limited | Beneficial owner and person acting in concert | 600,000,000 | 75% | | Mr Chau Ka Wai | Interest in a controlled corporation and person acting in concert | 600,000,000 | 75% | - KJE Limited is owned approximately **33.33% each** by Mr Chan Ka Kin, Mr Chan Ka On, and Mr Chan Ka Shing[82](index=82&type=chunk) - Caiden Holdings Limited is **wholly-owned by Mr Chau Ka Wai**[82](index=82&type=chunk) [Share Option Scheme](index=34&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company adopted a share option scheme on September 13, 2018, to reward participants, with no options granted, exercised, cancelled, or lapsed as of June 30, 2025 - The Share Option Scheme was adopted on September 13, 2018, for a period of ten years to **reward or provide incentives to selected participants**[84](index=84&type=chunk) - The maximum number of shares that may be issued upon exercise of all options is **10% of the total number of shares in issue** on the date of approval[85](index=85&type=chunk) - As of June 30, 2025, there were **no outstanding share options**[86](index=86&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%94%B6%E8%B3%BC%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E5%88%A9) During the six months ended June 30, 2025, no arrangements were made to enable directors to acquire benefits by means of the acquisition of shares in or debentures of the Company - During the six months ended June 30, 2025, **no arrangements were entered into** by the Company, its subsidiaries, or other associated corporations to enable Directors to acquire benefits through shares or debentures[87](index=87&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the six months ended June 30, 2025, neither the Company nor any of 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 any of its subsidiaries had **purchased, sold or redeemed any of the Company's listed securities**[88](index=88&type=chunk) [Competing Interests](index=35&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) During the six months ended June 30, 2025, no Director or controlling shareholder of the Company had any interest in a business that competes with the Group's business - During the six months ended June 30, 2025, **no Director or controlling shareholder** had any interest in a business that competes or is likely to compete, either directly or indirectly, with the business of the Group[89](index=89&type=chunk) [Corporate Governance Practices](index=36&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company has complied with the code provisions of the Corporate Governance Code as set out in the GEM Listing Rules for the six months ended June 30, 2025 - The Company has **complied with the code provisions** of the Corporate Governance Code as set out in Appendix C1 to the GEM Listing Rules during the six months ended June 30, 2025[90](index=90&type=chunk) [Directors' Securities Transactions](index=36&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The Company has adopted the required standard of dealings set out in the GEM Listing Rules, and all Directors have confirmed their compliance for the reporting period - The Company has adopted the **required standard of dealings** set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for securities transactions by the Directors[91](index=91&type=chunk) - All Directors have confirmed their **compliance with the required standard of dealings** during the six months ended June 30, 2025[91](index=91&type=chunk) [Audit Committee](index=36&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive Directors, is responsible for overseeing financial reporting and internal controls and has reviewed the interim financial statements - The Audit Committee was established on September 13, 2018, and consists of **three independent non-executive Directors**, with Mr Pun Kai Kin as the chairman[92](index=92&type=chunk) - Its primary duties include making recommendations on the appointment of external auditors, reviewing financial statements, and overseeing the internal control and risk management systems[92](index=92&type=chunk) - The Audit Committee has **reviewed the unaudited condensed consolidated financial statements** for the six months ended June 30, 2024[93](index=93&type=chunk) [Board of Directors](index=37&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the date of this report, the Board of Directors comprises four executive Directors and three independent non-executive Directors, with Mr Chan Ka Kin serving as the Chairman - The Board comprises **four executive Directors** (Mr Chan Ka Kin, Mr Chan Ka On, Mr Chan Ka Shing, and Ms Yeung Shek Shek) and **three independent non-executive Directors**[94](index=94&type=chunk) - **Mr Chan Ka Kin** serves as the Chairman of the Board[94](index=94&type=chunk)

Core Viewpoint - Gao Ao Shi International (08042) reported a significant increase in revenue and a turnaround in net profit for the six months ending June 30, 2025, indicating strong operational performance and growth potential in its service offerings [1] Financial Performance - The company achieved a revenue of HKD 136 million, representing a year-on-year growth of 46.5% [1] - Net profit reached HKD 2.326 million, a recovery from a loss of HKD 2.466 million in the same period last year [1] - Basic earnings per share were reported at HKD 0.29 [1] Revenue Drivers - The increase in revenue was primarily attributed to the growth in income derived from dispatch and payroll services [1]

Core Viewpoint - Gaoao International (08042.HK) reported a significant increase in revenue and a turnaround in profit for the six months ending June 30, 2025, indicating strong operational performance and recovery from previous losses [1] Financial Performance - The company achieved revenue of HKD 136 million, representing a year-on-year increase of 46.5% [1] - The profit attributable to owners of the company was HKD 2.326 million, a recovery from a loss of HKD 2.466 million in the same period last year [1] - Basic earnings per share were reported at HKD 0.029 [1]

Core Viewpoint - Gaoos International (08042) reported a significant increase in revenue and a turnaround in net profit for the six months ending June 30, 2025, indicating strong operational performance and growth potential [1] Financial Performance - Revenue reached HKD 136 million, representing a year-on-year increase of 46.5% [1] - Net profit was HKD 2.326 million, a recovery from a loss of HKD 2.466 million in the same period last year [1] - Basic earnings per share were HKD 0.029 [1] Revenue Drivers - The increase in revenue was primarily attributed to the growth in income derived from dispatch and payroll services [1]

Core Viewpoint - Gaoos International (08042) reported a significant increase in revenue and a turnaround in net profit for the six months ending June 30, 2025, indicating strong operational performance and growth potential in its service offerings [1] Financial Performance - Revenue reached HKD 136 million, representing a year-on-year growth of 46.5% [1] - Net profit was HKD 2.326 million, a recovery from a loss of HKD 2.466 million in the same period last year [1] - Basic earnings per share were HKD 0.29 cents [1] Revenue Drivers - The increase in revenue was primarily attributed to the growth in income derived from dispatch and payroll services [1]

[Report Statement and GEM Characteristics](index=1&type=section&id=Report%20Statement%20and%20GEM%20Characteristics) [GEM Characteristics](index=1&type=section&id=GEM%20Characteristics) This announcement presents KOS International Holdings Limited's interim results for the six months ended June 30, 2025, highlighting GEM as a listing platform for SMEs with higher investment risks requiring investor caution - The GEM market is positioned as a listing platform for small and medium-sized companies, but it carries higher investment risks[1](index=1&type=chunk) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this announcement's content and accept no liability for any loss - HKEX and the Stock Exchange are not responsible for the announcement's content and bear no liability for any loss[2](index=2&type=chunk) - The company's directors confirm the accuracy and completeness of the announcement's information, its freedom from misleading or fraudulent content, and accept full responsibility[3](index=3&type=chunk) [Financial Performance Overview](index=2&type=section&id=Financial%20Performance%20Overview) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved HKD 136,290 thousand in revenue, a 46.5% increase, and turned a loss into a profit of HKD 2,326 thousand, with basic earnings per share of HKD 0.29 cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 136,290 | 93,037 | 43,253 | 46.5% | | Other income | 873 | 623 | 250 | 40.1% | | Staff costs | (121,271) | (80,511) | (40,760) | 50.6% | | Other expenses and losses | (12,435) | (15,579) | 3,144 | -20.2% | | Finance costs | (418) | (96) | (322) | 335.4% | | Profit (Loss) before tax | 3,295 | (2,555) | 5,850 | N/A | | Income tax (expense) credit | (969) | 89 | (1,058) | N/A | | Profit (Loss) for the period | 2,326 | (2,466) | 4,792 | N/A | | Basic and diluted earnings (loss) per share (HK Cents) | 0.29 | (0.31) | 0.60 | N/A | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's net assets increased to HKD 60,754 thousand, a 4.45% rise from December 31, 2024, with net current assets remaining robust at HKD 52,577 thousand despite a slight decrease in the current ratio Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 13,234 | 15,148 | (1,914) | -12.6% | | Current assets | 76,923 | 68,554 | 8,369 | 12.2% | | Current liabilities | 24,346 | 18,836 | 5,510 | 29.3% | | Net current assets | 52,577 | 49,718 | 2,859 | 5.8% | | Non-current liabilities | 5,057 | 6,703 | (1,646) | -24.6% | | Net assets | 60,754 | 58,163 | 2,591 | 4.45% | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased from HKD 58,163 thousand to HKD 60,754 thousand, primarily driven by a profit for the period of HKD 2,326 thousand and other comprehensive income of HKD 265 thousand Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total equity at beginning of period | 58,163 | 61,229 | | Profit (Loss) for the period | 2,326 | (2,466) | | Other comprehensive income (expense) for the period | 265 | (227) | | Total equity at end of period | 60,754 | 58,536 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities was HKD 8,186 thousand, net cash outflow from investing activities was HKD 162 thousand, and net cash inflow from financing activities was HKD 5,413 thousand, resulting in a net decrease of HKD 2,935 thousand in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (8,186) | (7,994) | | Net cash from (used in) investing activities | (162) | 109 | | Net cash from (used in) financing activities | 5,413 | (3,217) | | Net decrease in cash and cash equivalents | (2,935) | (11,102) | | Cash and cash equivalents at end of period | 21,893 | 23,421 | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) [1. General Information](index=7&type=section&id=1.%20General%20Information) KOS International Holdings Limited, incorporated in the Cayman Islands and listed on GEM since October 12, 2018, primarily provides recruitment, secondment, and payroll services across Hong Kong, Macau, Mainland China, and Singapore - The company was incorporated in the Cayman Islands and listed on GEM of the Stock Exchange on **October 12, 2018**[10](index=10&type=chunk) - Principal activities include providing recruitment and/or secondment and payroll services in Hong Kong, Macau, Mainland China, and Singapore[11](index=11&type=chunk) [2. Basis of Preparation and Principal Accounting Policies](index=7&type=section&id=2.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, adhering to HKAS 34 and GEM Listing Rules Chapter 18, with consistent accounting policies from the prior year and no significant impact from new or revised standards - Financial statements are prepared on a historical cost basis and in accordance with HKAS 34 and GEM Listing Rule Chapter 18[14](index=14&type=chunk) - Adopted accounting policies are consistent with the previous year, with no significant impact from new or revised standards[14](index=14&type=chunk) [3. Revenue Classification and Segment Information](index=8&type=section&id=3.%20Revenue%20Classification%20and%20Segment%20Information) For the six months ended June 30, 2025, total revenue was HKD 136,290 thousand, with secondment and payroll services revenue significantly increasing by 76.5% to HKD 99,332 thousand, while recruitment services revenue slightly increased by 0.5% to HKD 36,958 thousand, and Hong Kong operations contributed 91.3% of total revenue Revenue Classification (For the six months ended June 30) | Service Type | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Recruitment Services | Hong Kong | 27,646 | 26,352 | 1,294 | 4.9% | | | Mainland China | 8,021 | 8,457 | (436) | -5.2% | | | Singapore | 1,291 | 1,954 | (663) | -33.9% | | **Total Recruitment Services** | | **36,958** | **36,763** | **195** | **0.5%** | | Secondment and Payroll Services | Hong Kong | 96,840 | 54,803 | 42,037 | 76.7% | | | Macau | 1,882 | 1,471 | 411 | 27.9% | | | Mainland China | 610 | – | 610 | N/A | | **Total Secondment and Payroll Services** | | **99,332** | **56,274** | **43,058** | **76.5%** | | **Total** | | **136,290** | **93,037** | **43,253** | **46.5%** | - Hong Kong operations contributed **91.3%** of the Group's total revenue (2024: 87.2%)[18](index=18&type=chunk) Revenue from Major Customers (For the six months ended June 30) | Customer | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Customer A | 19,234 | 10,837 | | Customer B | 16,749 | – | [4. Finance Costs](index=9&type=section&id=4.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly increased to HKD 418 thousand, a 335.4% rise from HKD 96 thousand in the prior period, primarily due to interest on lease liabilities and new bank borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 289 | 85 | 204 | 240.0% | | Interest on bank borrowings | 114 | – | 114 | N/A | | Interest on provision for reinstatement costs | 15 | 11 | 4 | 36.4% | | **Total** | **418** | **96** | **322** | **335.4%** | [5. Income Tax Expense (Credit)](index=9&type=section&id=5.%20Income%20Tax%20Expense%20(Credit)) For the six months ended June 30, 2025, income tax expense was HKD 969 thousand, compared to a credit of HKD 89 thousand in the prior period, mainly due to increased taxable profit and an over-provision credit last year, with Hong Kong profits tax at 16.5% and 8.25% for the first HKD 2 million of profit for qualifying entities Income Tax Expense (Credit) (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 969 | 360 | 609 | | Singapore corporate income tax | – | 17 | (17) | | Over-provision in prior years | – | (466) | 466 | | **Total** | **969** | **(89)** | **1,058** | - Hong Kong profits tax is calculated at **16.5%**, with the first **HKD 2 million** of profit for qualifying entities taxed at **8.25%**[21](index=21&type=chunk)[22](index=22&type=chunk) - Macau and Mainland China subsidiaries made no income tax provision due to no taxable profit or qualifying for small and micro-enterprise preferential policies[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) [6. Earnings (Loss) Per Share](index=10&type=section&id=6.%20Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were HKD 0.29 cents, compared to a loss per share of HKD 0.31 cents in the prior period, primarily due to the profit for the period turning positive, with no diluted earnings presented as no potential ordinary shares were outstanding Earnings (Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) for the period (HKD Thousand) | 2,326 | (2,466) | | Weighted average number of ordinary shares (Thousand Shares) | 800,000 | 800,000 | | Basic earnings (loss) per share (HK Cents) | 0.29 | (0.31) | - No potential ordinary shares were outstanding during the current or prior period, thus no diluted earnings (loss) per share is presented[25](index=25&type=chunk) [7. Dividends](index=10&type=section&id=7.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[26](index=26&type=chunk) [8. Movements in Property, Plant and Equipment and Right-of-Use Assets](index=10&type=section&id=8.%20Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) For the six months ended June 30, 2025, the Group purchased approximately HKD 169 thousand in property, plant and equipment, and entered into new lease agreements for office properties in Singapore and Shanghai, recognizing corresponding right-of-use assets and lease liabilities - For the six months ended June 30, 2025, the Group purchased property, plant and equipment with a total cost of approximately **HKD 169 thousand**[27](index=27&type=chunk) - A new lease agreement for the Singapore office was entered into, recognizing approximately **HKD 741 thousand** in right-of-use assets and **HKD 733 thousand** in lease liabilities[28](index=28&type=chunk) - A new lease agreement for the Shanghai office was entered into, recognizing approximately **HKD 465 thousand** in right-of-use assets and **HKD 463 thousand** in lease liabilities[28](index=28&type=chunk) [9. Trade and Other Receivables](index=11&type=section&id=9.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to HKD 53,583 thousand, an increase of 28.1% from December 31, 2024, with the largest portion of trade receivables, HKD 36,884 thousand, due within 30 days Trade and Other Receivables (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables | 50,637 | 40,116 | 10,521 | 26.2% | | Less: Provision for expected credit losses | (1,086) | (1,284) | 198 | -15.4% | | Other receivables | 4,032 | 3,099 | 933 | 30.1% | | **Total trade and other receivables** | **53,583** | **41,831** | **11,752** | **28.1%** | - The Group grants credit terms of up to **60 days** to its customers[29](index=29&type=chunk) Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within 30 days | 36,884 | 29,589 | | 31 to 60 days | 8,525 | 4,316 | | 61 to 90 days | 1,867 | 1,574 | | 91 to 180 days | 2,275 | 2,914 | | Over 180 days | – | 439 | | **Total** | **49,551** | **38,832** | [10. Financial Assets at Fair Value Through Profit or Loss](index=12&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss increased to HKD 465 thousand from HKD 419 thousand as of December 31, 2024, primarily comprising listed securities Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Listed securities | 465 | 419 | - The fair value of listed securities is based on bid prices quoted in active markets in Hong Kong[33](index=33&type=chunk) [11. Other Payables and Accruals and Contract Liabilities](index=12&type=section&id=11.%20Other%20Payables%20and%20Accruals%20and%20Contract%20Liabilities) As of June 30, 2025, total other payables and accruals decreased by 20.5% to HKD 11,481 thousand from December 31, 2024, while contract liabilities remained stable at HKD 193 thousand Other Payables and Accruals (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other payables | 1,795 | 2,467 | (672) | -27.2% | | Accrued expenses | 669 | 1,117 | (448) | -40.1% | | Accrued payroll expenses | 9,017 | 10,862 | (1,845) | -17.0% | | **Total** | **11,481** | **14,446** | **(2,965)** | **-20.5%** | Contract Liabilities (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Secondment and payroll services | 193 | 193 | [12. Bank Borrowings](index=12&type=section&id=12.%20Bank%20Borrowings) As of June 30, 2025, the Group incurred new secured bank borrowings of HKD 8,000 thousand, bearing interest at HIBOR or cost of funds plus 1.7% to 3%, with an effective annual interest rate of 6.1% Bank Borrowings (As of June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Bank borrowings, secured | 8,000 | – | - Secured bank borrowings bear interest at HIBOR or cost of funds plus **1.7% to 3%** per annum, with an effective annual interest rate of **6.1%**[34](index=34&type=chunk) [13. Contingent Liabilities](index=12&type=section&id=13.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had no significant contingent liabilities[35](index=35&type=chunk) [14. Fair Value Measurement of Financial Instruments](index=13&type=section&id=14.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group measures certain financial instruments at fair value, including Level 1 listed equity securities at fair value through profit or loss and Level 3 unlisted equity investments at fair value through other comprehensive income, with the latter valued using the market approach Financial Assets Measured at Fair Value on a Recurring Basis (As of June 30) | Financial Assets | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Fair Value Hierarchy | Valuation Technique and Key Inputs | | :--- | :--- | :--- | :--- | :--- | | Listed equity securities classified as equity instruments at fair value through profit or loss | 465 | 419 | Level 1 | Valued based on quotes available from the Stock Exchange | | Unlisted equity investments classified as equity instruments at fair value through other comprehensive income | 1,174 | 1,174 | Level 3 | Market approach, using comparable multiples of price-to-sales ratio and illiquidity discount | - For the six months ended June 30, 2025, and the year ended December 31, 2024, there were no transfers between Level 1 and Level 2, nor any transfers into or out of Level 3 fair value measurements[38](index=38&type=chunk) [15. Related Party Transactions](index=14&type=section&id=15.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, total remuneration for key management personnel was HKD 3,336 thousand, a decrease from HKD 3,722 thousand in the prior period Remuneration of Key Management Personnel (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Short-term benefits | 3,300 | 3,686 | (386) | -10.5% | | Post-employment benefits | 36 | 36 | – | 0.0% | | **Total** | **3,336** | **3,722** | **(386)** | **-10.4%** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) Despite challenging market conditions and an uncertain economic outlook in the first half of 2025, the Group successfully turned a loss into a profit with a significant 46.5% increase in total revenue, driven by a focus on payroll and secondment services, with future plans including expanding into the Greater Bay Area and Southeast Asian markets, enhancing operational efficiency, and talent development - The Group is a leading human resources service provider in Hong Kong, offering recruitment, secondment, and payroll services, with offices in Hong Kong, Macau, Shenzhen, Guangzhou, Shanghai, and Singapore[42](index=42&type=chunk) - In the first half of 2025, the Group successfully turned a loss into a profit, recording a net profit of approximately **HKD 2,326 thousand**, compared to a net loss of approximately **HKD 2,466 thousand** in the same period last year[43](index=43&type=chunk) - The Group's total revenue grew significantly, primarily driven by the strong performance of secondment and payroll services, while traditional recruitment services in Hong Kong faced pressure from weak market demand and increased competition[43](index=43&type=chunk)[44](index=44&type=chunk) - Future outlook includes: adhering to the Greater Bay Area development plan, increasing business in sectors like technology, consumer, and real estate; enhancing the quality of existing teams; and improving public awareness and brand recognition[55](index=55&type=chunk)[56](index=56&type=chunk) - The Group will focus resources on sectors with strong recovery potential, continuously recruit, train, and retain top recruitment talent, and enhance productivity and profitability through stringent team composition, geographical deployment, and performance monitoring[57](index=57&type=chunk)[59](index=59&type=chunk) [Business Review](index=15&type=section&id=Business%20Review) In the first half of 2025, despite market volatility and an uncertain economic outlook leading to a cautious recruitment environment, the Group achieved a significant 46.5% increase in total revenue and successfully turned a loss into a profit by focusing on secondment and payroll services - In the first half of 2025, the Group's total revenue significantly increased by approximately **HKD 43,253 thousand** or **46.5%** to **HKD 136,290 thousand**[47](index=47&type=chunk) - Hong Kong recruitment services revenue increased by **4.9%**, secondment and payroll services revenue significantly increased by **76.5%**, while Singapore recruitment services revenue decreased by **33.9%**[47](index=47&type=chunk) - The Group continuously invests in experienced recruitment personnel and industry expert teams, and implements measures to enhance operational efficiency, including streamlining internal processes, leveraging technology, and data-driven decision-making[45](index=45&type=chunk)[46](index=46&type=chunk) [Revenue from Hong Kong Operations](index=16&type=section&id=Revenue%20from%20Hong%20Kong%20Operations) Despite an unfavorable economic environment in Hong Kong affecting recruitment service demand, secondment and payroll services became a key growth driver, with revenue significantly increasing by 76.7%, reflecting the company's ability to adapt to changing client needs, while recruitment services revenue slightly increased by 4.9% but faced challenges from candidates' reluctance to change jobs and extended recruitment processes - Hong Kong secondment and payroll services revenue significantly increased by **HKD 42,037 thousand** or **76.7%** from **HKD 54,803 thousand** to **HKD 96,840 thousand**, primarily due to an increase in client numbers[50](index=50&type=chunk) - Hong Kong recruitment services revenue slightly increased by **HKD 1,294 thousand** or **4.9%** to **HKD 27,646 thousand**, but faced challenges from market caution, candidates' reluctance to change jobs, and extended recruitment timelines[49](index=49&type=chunk) - The Group supports clients in navigating economic uncertainties by offering value-added services such as talent mapping and workforce planning[49](index=49&type=chunk) [Revenue from Mainland China Operations](index=17&type=section&id=Revenue%20from%20Mainland%20China%20Operations) Mainland China operations faced complex challenges, with recruitment revenue decreasing by 5.2% to HKD 8,021 thousand; however, the Group, through its new Shanghai office and existing Shenzhen and Guangzhou offices, is committed to strengthening client relationships, enhancing service quality, and prioritizing talent development and quality operations, maintaining confidence in future growth potential - Mainland China recruitment revenue decreased by **HKD 436 thousand** or **5.2%** from **HKD 8,457 thousand** to **HKD 8,021 thousand**[52](index=52&type=chunk) - The Group established a new office in Shanghai and continues to provide services in Shenzhen and Guangzhou, committed to strengthening client relationships and enhancing service quality[51](index=51&type=chunk) - The Group is confident in the growth potential of its Mainland China operations, focusing on diversified development, client-centric solutions, and geographical expansion strategies[53](index=53&type=chunk) [Revenue from Singapore Operations](index=18&type=section&id=Revenue%20from%20Singapore%20Operations) Singapore recruitment business revenue decreased by 33.9% to HKD 1,291 thousand, but the Group remains committed to providing excellent recruitment services, leveraging expertise to identify top talent, and views this as part of its strategic expansion into Southeast Asia - Singapore recruitment business revenue decreased by **HKD 663 thousand** or **33.9%** from **HKD 1,954 thousand** to **HKD 1,291 thousand**[54](index=54&type=chunk) - Despite the revenue decline, Singapore operations demonstrated resilience, and the Group is committed to providing excellent recruitment services, viewing it as part of its strategic expansion into Southeast Asia[54](index=54&type=chunk) [Outlook](index=18&type=section&id=Outlook) The Group remains optimistic about the long-term growth prospects of the HR industry in Hong Kong, Mainland China, and Southeast Asia, focusing resources on sectors with strong recovery potential, continuously investing in talent development, and enhancing productivity and profitability through operational optimization, while exploring new market opportunities and potential investments - The Group will focus resources on sectors with strong recovery potential and continuously recruit, train, and retain top recruitment talent[57](index=57&type=chunk) - It will focus on enhancing productivity and profitability through stringent team composition, geographical deployment, and performance monitoring measures[57](index=57&type=chunk)[59](index=59&type=chunk) - The Group will continue to evaluate opportunities for geographical expansion and service diversification, and closely monitor potential investment opportunities that offer good returns and/or generate synergies with its core business[57](index=57&type=chunk)[59](index=59&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 significantly increased by 46.5% to HKD 136,290 thousand, primarily driven by a strong 76.5% growth in secondment and payroll services, successfully turning a loss into a net profit of HKD 2,326 thousand, with staff costs increasing due to business expansion but other expenses decreasing, and the Group maintaining robust liquidity with a gearing ratio of 27.4% - The Group's revenue increased by **46.5%** from **HKD 93,037 thousand** to **HKD 136,290 thousand**, primarily due to increased revenue from secondment and payroll services[60](index=60&type=chunk) - Profit for the period and total comprehensive income amounted to **HKD 2,326 thousand**, successfully reversing the loss incurred in the same period last year[70](index=70&type=chunk) - As of June 30, 2025, the current ratio was approximately **3.2 times**, and the gearing ratio was **27.4%**, with directors believing the Group has sufficient liquidity[72](index=72&type=chunk)[73](index=73&type=chunk) [Revenue](index=20&type=section&id=Revenue) The Group's total revenue significantly increased by 46.5% to HKD 136,290 thousand, primarily driven by a 76.5% growth in secondment and payroll services revenue, while recruitment services revenue slightly increased by 0.5%, with Hong Kong recruitment services growing by 4.9%, but Mainland China and Singapore recruitment services decreasing by 5.2% and 33.9% respectively - Total revenue increased by **HKD 43,253 thousand** or **46.5%** from **HKD 93,037 thousand** to **HKD 136,290 thousand**[60](index=60&type=chunk) - Secondment and payroll services revenue significantly increased by **HKD 43,058 thousand** or **76.5%** to **HKD 99,332 thousand**, primarily due to the expansion of the Hong Kong secondment team and implementation of new strategies[63](index=63&type=chunk) - Recruitment services revenue slightly increased by **HKD 195 thousand** or **0.5%** to **HKD 36,958 thousand**, with Hong Kong recruitment services growing by **4.9%**, while Mainland China and Singapore recruitment services decreased by **5.2%** and **33.9%** respectively[61](index=61&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) Other income increased by 40.1% to HKD 873 thousand, primarily due to increased revenue from visa application services and seminar and training services - Other income increased by **HKD 250 thousand** or **40.1%** from **HKD 623 thousand** to **HKD 873 thousand**[64](index=64&type=chunk) - The increase primarily stemmed from visa application services and seminar and training services, generating approximately **HKD 621 thousand** in revenue[64](index=64&type=chunk) [Staff Costs](index=21&type=section&id=Staff%20Costs) Staff costs significantly increased by 50.6% to HKD 121,271 thousand, primarily due to a substantial increase in seconded employees from 671 to 2,650, aligning with the growth in secondment and payroll services revenue, with seconded employee costs accounting for 74.0% of total staff costs - Staff costs increased by **HKD 40,760 thousand** or **50.6%** from **HKD 80,511 thousand** to **HKD 121,271 thousand**[65](index=65&type=chunk) - The increase in staff costs was primarily due to a significant rise in the number of seconded employees, from **671** as of June 30, 2024, to **2,650** as of June 30, 2025[65](index=65&type=chunk) - Seconded employee costs amounted to **HKD 89,696 thousand**, representing **74.0%** of total staff costs, while in-house staff costs were **HKD 31,575 thousand**, accounting for **26.0%**[66](index=66&type=chunk) [Other Expenses and Losses](index=21&type=section&id=Other%20Expenses%20and%20Losses) Other expenses and losses decreased by 20.2% to HKD 12,435 thousand, primarily including rent and rates, depreciation, marketing and advertising expenses, and insurance expenses - Other expenses and losses decreased by **HKD 3,144 thousand** or **20.2%** from **HKD 15,579 thousand** to **HKD 12,435 thousand**[67](index=67&type=chunk) [Finance Costs](index=22&type=section&id=Finance%20Costs) Finance costs significantly increased to HKD 418 thousand, primarily comprising interest on lease liabilities (HKD 289 thousand) and interest on new bank borrowings (HKD 114 thousand) - Finance costs primarily refer to interest on lease liabilities of **HKD 289 thousand** and interest on bank borrowings of **HKD 114 thousand**[68](index=68&type=chunk) [Income Tax (Expense) Credit](index=22&type=section&id=Income%20Tax%20(Expense)%20Credit) Income tax expense shifted from a credit of HKD 89 thousand in the prior period to an expense of HKD 969 thousand, an increase of HKD 1,058 thousand, primarily due to increased taxable profit from operating subsidiaries and an over-provision credit last year - Income tax expense increased by **HKD 1,058 thousand** from a credit of **HKD 89 thousand** for the six months ended June 30, 2024, to an expense of **HKD 969 thousand** for the six months ended June 30, 2025[69](index=69&type=chunk) - The increase was primarily due to higher estimated taxable profits from operating subsidiaries and the income tax credit from prior years in 2024[69](index=69&type=chunk) [Profit for the Period and Total Comprehensive Income (Expense)](index=22&type=section&id=Profit%20for%20the%20Period%20and%20Total%20Comprehensive%20Income%20(Expense)) The Group recorded a net profit of HKD 2,326 thousand and total comprehensive income of HKD 2,591 thousand for the period, successfully reversing the net loss of HKD 2,466 thousand and total comprehensive expense of HKD 2,693 thousand in the same period last year, primarily due to significant growth in secondment and payroll services revenue - The Group recorded a net profit of **HKD 2,326 thousand** and total comprehensive income of **HKD 2,591 thousand**, compared to a net loss of **HKD 2,466 thousand** and total comprehensive expense of **HKD 2,693 thousand** in the same period last year[70](index=70&type=chunk) - The net profit was primarily attributable to increased revenue from secondment and payroll services, benefiting from effective business development strategies and client expansion[70](index=70&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[71](index=71&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) As of June 30, 2025, the Group had HKD 2,400 thousand in pledged bank deposits and HKD 21,893 thousand in bank balances and cash, with a current ratio of 3.2 times and a gearing ratio of 27.4%, and directors deeming liquidity sufficient - As of June 30, 2025, the Group had pledged bank deposits of **HKD 2,400 thousand** and bank balances and cash of approximately **HKD 21,893 thousand**[72](index=72&type=chunk) - The current ratio was approximately **3.2 times** (December 31, 2024: approximately 3.6 times), and the gearing ratio was **27.4%** (December 31, 2024: 17.6%)[72](index=72&type=chunk)[73](index=73&type=chunk) - The Directors believe the Group has sufficient liquidity to meet its funding requirements[73](index=73&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) Most of the Group's revenue-generating operations are denominated in Hong Kong Dollars, so foreign exchange rate fluctuation risk is not significant, and no hedging or other arrangements have been made - Most of the Group's revenue-generating operations are denominated in Hong Kong Dollars, thus foreign exchange rate fluctuation risk is not significant, and no hedging or other arrangements have been made[74](index=74&type=chunk) [Share Capital Structure](index=23&type=section&id=Share%20Capital%20Structure) For the six months ended June 30, 2025, there was no change in the company's share capital structure, with a total of 800,000,000 ordinary shares issued, each with a par value of HKD 0.01 - For the six months ended June 30, 2025, there was no change in the company's share capital structure[75](index=75&type=chunk) - The total number of ordinary shares issued was **800,000,000**, with a par value of **HKD 0.01** per share[75](index=75&type=chunk) [Treasury Policy](index=23&type=section&id=Treasury%20Policy) The Directors will continue to follow a prudent policy in managing cash balances and maintaining a strong and healthy liquidity position to capitalize on future growth opportunities - The Directors will adhere to a prudent policy in managing cash balances, maintaining a strong and healthy liquidity position to capitalize on future growth opportunities[76](index=76&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) [Material Investments and Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Material%20Investments%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group held no material investments and had no plans for any material investments or additions of other capital assets - As of June 30, 2025, the Group held no material investments and had no plans for any material investments or additions of other capital assets[77](index=77&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=24&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[78](index=78&type=chunk) [Charge on the Group's Assets](index=24&type=section&id=Charge%20on%20the%20Group's%20Assets) As of June 30, 2025, bank deposits of HKD 2,400 thousand were pledged as security for the Group's bank facilities - As of June 30, 2025, bank deposits of **HKD 2,400 thousand** were pledged as security for the Group's bank facilities[79](index=79&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[80](index=80&type=chunk) [Events After the Reporting Period](index=24&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, no significant events affecting the Company or the Group have occurred after June 30, 2025 - As of the date of this announcement, no significant events affecting the Company or the Group have occurred after June 30, 2025[81](index=81&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 130 in-house employees and 2,650 seconded employees, with staff costs of approximately HKD 121,271 thousand, and remuneration is determined based on performance, qualifications, experience, and industry practice, with commissions and discretionary bonuses offered to attract and retain talent - As of June 30, 2025, the Group had **130** in-house employees and **2,650** seconded employees[82](index=82&type=chunk) - Staff costs (including directors' emoluments) amounted to approximately **HKD 121,271 thousand**[82](index=82&type=chunk) - Remuneration is determined based on performance, qualifications, experience, and industry practice, with commissions and discretionary bonuses offered to attract and retain talent[82](index=82&type=chunk) [Directors' and Major Shareholders' Interests](index=25&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=25&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, Mr. Chan Ka Kin, Mr. Chan Ka On, and Mr. Chan Ka Shing each held long positions in 600,000,000 shares of the Company, representing 75% of the issued share capital, through controlled corporations and concert party arrangements Directors' Long Positions in Shares of the Company (As of June 30) | Name of Director | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Chan Ka Kin | Interest in controlled corporation and concert party | 600,000,000 | 75% | | Mr. Chan Ka On | Interest in controlled corporation and concert party | 600,000,000 | 75% | | Mr. Chan Ka Shing | Interest in controlled corporation and concert party | 600,000,000 | 75% | - Of the **600,000,000 shares**, **450,000,000** shares are registered in the name of KJE Limited, and **150,000,000** shares are registered in the name of Caiden Holdings Limited[84](index=84&type=chunk) - Mr. Chan Ka Kin, Mr. Chan Ka On, Mr. Chan Ka Shing, and Mr. Chow Ka Wai entered into a deed of concert party arrangement on **January 18, 2018**[84](index=84&type=chunk) [Major Shareholders' Interests and Short Positions in Shares, Debentures and Underlying Shares of the Company](index=26&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Debentures%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, KJE Limited, Caiden Holdings Limited, and Mr. Chow Ka Wai each held long positions in 600,000,000 shares of the Company, representing 75% of the issued share capital, consistent with the directors' disclosure Major Shareholders' Long Positions in Shares of the Company (As of June 30) | Name/Designation of Major Shareholder | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | KJE Limited | Beneficial owner and concert party | 600,000,000 | 75% | | Caiden Holdings Limited | Beneficial owner and concert party | 600,000,000 | 75% | | Mr. Chow Ka Wai | Interest in controlled corporation and concert party | 600,000,000 | 75% | - KJE Limited is approximately **33.33%** owned by Mr. Chan Ka Kin, Mr. Chan Ka On, and Mr. Chan Ka Shing respectively, while Caiden Holdings Limited is wholly owned by Mr. Chow Ka Wai[86](index=86&type=chunk) [Share Option Scheme](index=27&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on September 13, 2018, to reward participants, valid for ten years, with the maximum number of shares to be issued upon exercise of options not exceeding 10% of the total issued shares at the time of adoption, and as of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed - The Company adopted a share option scheme on **September 13, 2018**, valid for **ten years**, aiming to reward or incentivize selected participants[88](index=88&type=chunk)[89](index=89&type=chunk) - The maximum number of shares to be issued upon exercise of options shall not exceed **10%** of the total issued shares on the date of adoption of the scheme[90](index=90&type=chunk) - As of June 30, 2025, no share options under the scheme were granted, exercised, cancelled, or lapsed, and there were no outstanding share options[90](index=90&type=chunk) [Corporate Governance and Other Matters](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Matters) [Directors' Rights to Acquire Shares or Debentures](index=28&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the Company, its subsidiaries, nor any associated corporations entered into any arrangements enabling directors (including their spouses and minor children) to acquire benefits by acquiring shares, underlying shares, or debentures of the Company or any associated corporation, and as of the date of this announcement, no share options have been granted to directors - For the six months ended June 30, 2025, the Company did not enter into any arrangements enabling directors to profit from acquiring shares or debentures[91](index=91&type=chunk) - As of the date of this announcement, the Company has not granted any share options to directors[91](index=91&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[92](index=92&type=chunk) [Competing Interests](index=28&type=section&id=Competing%20Interests) For the six months ended June 30, 2025, none of the directors, controlling shareholders, or their close associates held any interests in businesses that compete or are likely to compete with the Group's business - For the six months ended June 30, 2025, none of the directors, controlling shareholders, or their close associates held any interests in businesses that compete or are likely to compete with the Group's business[93](index=93&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) The Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the GEM Listing Rules for the six months ended June 30, 2025 - The Company complied with the code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the GEM Listing Rules for the six months ended June 30, 2025[94](index=94&type=chunk) [Directors' Securities Transactions](index=28&type=section&id=Directors'%20Securities%20Transactions) The Company adopted the required standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing Rules for directors' securities transactions, and all directors confirmed compliance during the reporting period - The Company adopted the required standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing Rules for directors' securities transactions[95](index=95&type=chunk) - All directors confirmed compliance with this standard for the six months ended June 30, 2025[95](index=95&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Board's Audit Committee comprises three independent non-executive directors, with Mr. Poon Kai Kin as chairman, and the committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, providing advice and recommendations - The Audit Committee comprises three independent non-executive directors, with Mr. Poon Kai Kin as chairman[96](index=96&type=chunk) - The committee's primary responsibilities include recommending the appointment and removal of external auditors, reviewing and overseeing financial statements, and supervising internal control procedures and risk management systems[97](index=97&type=chunk) - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[97](index=97&type=chunk) [By Order of the Board](index=29&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Chan Ka Kin, Chairman of the Board, on August 22, 2025, and the Board comprises four executive directors and three independent non-executive directors - This announcement was issued by Mr. Chan Ka Kin, Chairman of the Board, on **August 22, 2025**[98](index=98&type=chunk)[99](index=99&type=chunk) - The Board comprises four executive directors (Chan Ka Kin, Chan Ka On, Chan Ka Shing, Yeung Shek Shek) and three independent non-executive directors (Poon Kai Kin, Lau Kin Shing, Cheung Wang Ki)[99](index=99&type=chunk)