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 致：香港交易及結算所有限公司 公司名稱: 恒泰裕集團控股有限公司 呈交日期: 2025年10月2日 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 08081 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 5,156,035,108 | | 0 | | 5,156,035,108 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 5,156,035,108 | | 0 | | 5,156,035,108 | 第 2 頁 共 10 頁 v 1.1.1 I. ...

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 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 恒泰裕集團控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08081 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 | ...

Group 1 - The company reported a revenue of HKD 34.502 million for the six months ending June 30, 2025, representing a year-on-year decrease of 9.37% [1] - The loss attributable to the owners of the company was HKD 19.236 million, which is a year-on-year reduction of 18.74% [1] - The loss per share was HKD 0.37 [1]

智通财经APP讯，恒泰裕集团(08081)发布截至2025年6月30日止6个月中期业绩，该集团取得收入3450.2 万港元，同比减少9.37%;公司拥有人应占亏损1923.6万港元，同比减少18.74%;每股亏损0.37港仙。 ...

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability) 於開曼群島註冊成立並於百慕達存續之有限公司 (Stock Code 股份代號：8081) 29 August 2025 Dear Registered Shareholder, Hang Tai Yue Group Holdings Limited (the "Company") Publication of Interim Report 2025 (the "IR") Please be advised that the IR has now been published. For shareholders who have elected to receive printed version of Corporate Communications1 , please find enclosed a copy of the IR for your reading. In support of environmental protection ...

(Stock Code 股份代號：8081) NOTIFICATION LETTER (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) ( 於開曼群島註冊成立並於百慕達存續之有限公司 ) If you want to receive the Corporate Communications in printed form, please complete and return the enclosed Reply Form to the Company's Hong Kong share registrar (the "Share Registrar"), Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong or send an email to hangtaiyue.ecom@computersh ...

[GEM Characteristics and Disclaimers](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimers) This report outlines the GEM market's high investment risks for small and medium-sized companies, with the Board of Directors assuming full responsibility for its content - The GEM market, designed for small and medium-sized companies, entails **higher investment risks** and potential for **significant market volatility** with no guaranteed high liquidity[4](index=4&type=chunk)[5](index=5&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for the report's content, accuracy, completeness, and any resulting losses[6](index=6&type=chunk) - The Board of Directors, collectively and individually, assumes **full responsibility** for the accuracy, completeness, and non-misleading nature of the report's information[7](index=7&type=chunk) [INTERIM RESULTS](index=3&type=section&id=INTERIM%20RESULTS) This section presents the unaudited condensed consolidated interim results for the six months ended June 30, 2025, showing a narrowed loss but a net decrease in cash and cash equivalents [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue from continuing operations decreased, but the loss for the period narrowed due to reduced administrative expenses and gains from financial asset disposal Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 34,502 | 38,071 | -9.4% | | Cost of sales | (5,595) | (5,577) | +0.3% | | Other income and gains or losses | 2,596 | 1,474 | +76.1% | | Administrative expenses | (37,123) | (41,272) | -10.1% | | Loss on disposal of an associate | (2,590) | – | N/A | | Gain/(loss) on disposal of financial assets at fair value through profit or loss | 2,314 | (87) | Significant improvement | | Net fair value loss on financial assets at fair value through profit or loss | (2,819) | (3,714) | -24.1% | | Share of results of associates | (6,216) | (9,305) | -33.1% | | Finance costs | (4,362) | (3,157) | +38.2% | | Loss before tax | (19,232) | (23,643) | -18.7% | | Loss for the period | (19,232) | (23,712) | -18.9% | | Basic and diluted loss per share (HK cents) | (0.37) | (0.46) | -19.6% | - Loss for the period significantly narrowed by **18.9%**, primarily due to a **10.1% reduction in administrative expenses** and a shift from loss to gain on financial assets at fair value through profit or loss[13](index=13&type=chunk)[101](index=101&type=chunk) - Revenue from continuing operations decreased by **9.4%** year-on-year, from **38,071 thousand HKD** to **34,502 thousand HKD**[13](index=13&type=chunk)[101](index=101&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets decreased, with a significant reduction in cash and cash equivalents compared to the end of 2024 Financial Position Key Data (As of June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 172,866 | 167,922 | +2.9% | | Investments in associates | 37,681 | 52,511 | -28.2% | | Total non-current assets | 212,197 | 222,161 | -4.4% | | **Current assets** | | | | | Inventories | 5,771 | 3,712 | +55.5% | | Trade receivables, loan and interest receivables | 45,873 | 41,455 | +10.7% | | Financial assets at fair value through profit or loss | 29,546 | 36,167 | -18.2% | | Cash and cash equivalents | 1,812 | 10,987 | -83.5% | | Total current assets | 139,422 | 147,248 | -5.4% | | **Current liabilities** | | | | | Contract liabilities | 9,002 | 9,076 | -0.8% | | Trade and other payables, accruals and provisions | 32,237 | 33,131 | -2.7% | | Interest-bearing bank and other borrowings | 97,761 | 95,546 | +2.3% | | Total current liabilities | 139,312 | 138,521 | +0.6% | | **Non-current liabilities** | | | | | Interest-bearing bank and other borrowings | 4,627 | 7,545 | -38.7% | | Total non-current liabilities | 4,881 | 7,616 | -35.9% | | Net assets | 207,426 | 223,272 | -7.1% | - Cash and cash equivalents significantly decreased by **83.5%**, from **10,987 thousand HKD** at the end of 2024 to **1,812 thousand HKD**[17](index=17&type=chunk) - The Group's total assets decreased from **369,409 thousand HKD** at the end of 2024 to **351,619 thousand HKD** as of June 30, 2025[32](index=32&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners of the Company decreased from January 1, 2025, to June 30, 2025, primarily due to the loss for the period, partially offset by exchange differences Equity Changes Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Equity at beginning of period (attributable to owners of the Company) | 223,276 | 317,506 | | Loss for the period (attributable to owners of the Company) | (19,236) | (23,672) | | Exchange differences arising from translation of financial statements of overseas subsidiaries | 3,388 | (1,369) | | Fair value loss on financial assets at fair value through other comprehensive income | (2) | (503) | | Equity at end of period (attributable to owners of the Company) | 207,426 | 291,962 | - As of June 30, 2025, total equity attributable to owners of the Company was **207,426 thousand HKD**, a decrease from **223,276 thousand HKD** as of January 1, 2025[20](index=20&type=chunk)[136](index=136&type=chunk) - Exchange differences generated **3,388 thousand HKD** in other comprehensive income during the period, compared to a loss of **1,367 thousand HKD** in the prior corresponding period[14](index=14&type=chunk)[20](index=20&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, operating cash flow turned to an outflow, investment cash flow turned to an inflow, and financing cash flow was an outflow, leading to a significant net decrease in cash Cash Flow Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Net cash flows (used in)/from operating activities | (3,460) | 6,361 | Turned from inflow to outflow | | Net cash flows from/(used in) investing activities | 269 | (15,298) | Turned from outflow to inflow | | Net cash flows (used in)/from financing activities | (6,055) | 3,832 | Turned from inflow to outflow | | Net decrease in cash and cash equivalents | (9,246) | (5,105) | Decrease widened | | Cash and cash equivalents at end of period | 1,812 | 1,435 | +26.3% | - Net cash flow from operating activities turned from an inflow of **6,361 thousand HKD** in the prior corresponding period of 2024 to an outflow of **3,460 thousand HKD** in 2025[23](index=23&type=chunk) - Net cash flow from investing activities turned from an outflow of **15,298 thousand HKD** in the prior corresponding period of 2024 to an inflow of **269 thousand HKD** in 2025[23](index=23&type=chunk) [NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=10&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section details the basis of financial statement preparation, adoption of new HKFRSs, operating segment information, revenue, loss before tax, income tax, dividends, EPS, PPE, financial investments, receivables, contract liabilities, payables, borrowings, convertible loans, share capital, share option scheme, and related party transactions [1. BASIS OF PREPARATION](index=10&type=section&id=1.%20BASIS%20OF%20PREPARATION) The unaudited condensed consolidated financial statements are prepared in accordance with HKFRSs and HKAS 34, with consistent accounting policies as the 2024 annual financial statements - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[24](index=24&type=chunk)[27](index=27&type=chunk) - The principal accounting policies are consistent with those adopted in the audited annual financial statements for the year ended December 31, 2024[24](index=24&type=chunk)[27](index=27&type=chunk) [2. ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS](index=10&type=section&id=2.%20ADOPTION%20OF%20NEW%20AND%20REVISED%20HONG%20KONG%20FINANCIAL%20REPORTING%20STANDARDS) The Group adopted new and revised HKFRSs effective from January 1, 2025, with directors expecting no significant impact on the condensed consolidated financial statements - The Group has applied several new and revised Hong Kong Financial Reporting Standards that are mandatorily effective for annual periods beginning on or after January 1, 2025[25](index=25&type=chunk)[28](index=28&type=chunk) - The directors anticipate that the application of these amendments will not have a significant impact on the Group's condensed consolidated financial statements[25](index=25&type=chunk)[28](index=28&type=chunk) [3. OPERATING SEGMENT INFORMATION](index=11&type=section&id=3.%20OPERATING%20SEGMENT%20INFORMATION) The Group operates three continuing business segments: Australian hospitality, money lending, and asset investment, with a network media business terminated after an associate disposal - The Group's continuing operations segments include: (i) Australian hospitality and related services; (ii) money lending business; and (iii) asset investment business[33](index=33&type=chunk)[35](index=35&type=chunk) - The business of providing services through network media was discontinued following the disposal of the associate, Dynamic Indonesia Holdings Limited, on August 30, 2024[31](index=31&type=chunk)[32](index=32&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | 2025 Results (thousand HKD) | 2024 Results (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Australian hospitality and related services | 31,943 | 32,958 | 1,163 | (1,620) | | Money lending business | 2,559 | 5,113 | (2,756) | 194 | | Asset investment business | – | – | (10,066) | (12,423) | | Total continuing operations | 34,502 | 38,071 | (11,659) | (13,918) | | Discontinued operations (network media) | – | 1 | – | (69) | [4. REVENUE, OTHER INCOME AND GAINS](index=14&type=section&id=4.%20REVENUE,%20OTHER%20INCOME%20AND%20GAINS) Group revenue, primarily from Australian hospitality and loan interest, decreased by 9.4% to 34,502 thousand HKD, while other income and gains significantly increased Revenue and Other Income Composition (For the six months ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Provision of hospitality and related services | 12,947 | 13,525 | -4.27% | | Sales of food and beverages from hotel business | 18,996 | 19,433 | -2.25% | | **Total revenue from contracts with customers** | **31,943** | **32,958** | **-3.08%** | | Loan interest income | 2,559 | 5,113 | -49.95% | | **Total revenue from continuing operations** | **34,502** | **38,071** | **-9.38%** | | Other income and gains or losses | 2,596 | 1,474 | +76.12% | - Loan interest income significantly decreased by **49.95%** year-on-year, from **5,113 thousand HKD** to **2,559 thousand HKD**[43](index=43&type=chunk) [5. LOSS BEFORE TAX](index=15&type=section&id=5.%20LOSS%20BEFORE%20TAX) Loss before tax for the period narrowed to 19,232 thousand HKD, driven by reduced staff costs, depreciation, and increased gains from financial asset disposal Loss Before Tax Components (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 5,505 | 5,255 | +4.76% | | Cost of services provided | 90 | 322 | -72.05% | | Staff costs | 20,389 | 19,830 | +2.82% | | Depreciation of property, plant and equipment | 3,670 | 4,346 | -15.55% | | Depreciation of right-of-use assets | 703 | 2,062 | -65.91% | | Reversal of impairment loss/(impairment loss) | 61 | (76) | Turned from loss to reversal | | Gain/(loss) on disposal of financial assets at fair value through profit or loss | 2,314 | (87) | Turned from loss to gain | | Fair value loss on financial assets at fair value through profit or loss | (2,819) | (3,714) | -24.10% | | Loss on disposal of an associate | (2,590) | – | N/A | - Staff costs slightly increased by **2.82%** to **20,389 thousand HKD**[45](index=45&type=chunk) - Total depreciation and amortisation decreased by **31.76%**, from **6,408 thousand HKD** in the prior corresponding period of 2024 to **4,373 thousand HKD**[45](index=45&type=chunk) [6. INCOME TAX EXPENSE](index=16&type=section&id=6.%20INCOME%20TAX%20EXPENSE) The Group recorded zero income tax expense for the period, as Hong Kong entities utilized tax losses, and Australian subsidiaries are subject to a 30% tax rate - The Group's entities in Hong Kong had sufficient tax losses brought forward from prior years, resulting in no Hong Kong Profits Tax provision for the current period[47](index=47&type=chunk)[49](index=49&type=chunk) - Australian subsidiaries are subject to a corporate tax rate of **30%**[47](index=47&type=chunk)[49](index=49&type=chunk) [7. INTERIM DIVIDEND](index=16&type=section&id=7.%20INTERIM%20DIVIDEND) The Board of Directors does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[48](index=48&type=chunk)[50](index=50&type=chunk) [8. LOSS PER SHARE](index=17&type=section&id=8.%20LOSS%20PER%20SHARE) Basic and diluted loss per share improved to 0.37 HK cents for continuing and discontinued operations, with no dilutive potential ordinary shares Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK cents) | 2024 (HK cents) | Change | | :--- | :--- | :--- | :--- | | Basic and diluted loss per share from continuing and discontinued operations | (0.37) | (0.46) | -19.6% | | Basic and diluted loss per share from continuing operations | (0.37) | (0.45) | -17.8% | | Basic and diluted loss per share from discontinued operations | – | (0.01) | N/A | - As of June 30, 2025, there were no potential dilutive ordinary shares outstanding, hence basic and diluted loss per share amounts are not adjusted[54](index=54&type=chunk)[56](index=56&type=chunk) [9. MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT](index=17&type=section&id=9.%20MOVEMENTS%20IN%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) Additions to property, plant and equipment significantly decreased to 341 thousand HKD for the six months ended June 30, 2025 Property, Plant and Equipment Additions (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Additions to property, plant and equipment | 341 | 15,351 | -97.78% | - Additions to property, plant and equipment decreased significantly by **97.78%** year-on-year[55](index=55&type=chunk)[57](index=57&type=chunk) [10. OTHER EQUITY INSTRUMENTS INVESTMENTS](index=18&type=section&id=10.%20OTHER%20EQUITY%20INSTRUMENTS%20INVESTMENTS) The Group's financial asset investments, including listed and unlisted securities, decreased to 29,546 thousand HKD, primarily due to a decline in financial assets at fair value through profit or loss Financial Asset Investment Portfolio (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Financial assets at fair value through other comprehensive income (unlisted equity securities) | 1,522 | 1,426 | +6.73% | | Financial assets at fair value through profit or loss (listed equity securities) | 8,968 | 13,420 | -33.17% | | Financial assets at fair value through profit or loss (unlisted investments) | 14,626 | 15,949 | -8.29% | | Financial assets at fair value through profit or loss (unlisted fund investments) | 5,952 | 6,798 | -12.44% | | **Total financial assets at fair value through profit or loss** | **29,546** | **36,167** | **-18.29%** | - Listed equity investments primarily include Town Health International Medical Group Limited and Currenc Group Inc., whose fair values have decreased[61](index=61&type=chunk) - Unlisted investments primarily represent a **1.89%** equity interest in World Biotech Regenerative Medical Group Limited, which includes a profit guarantee[61](index=61&type=chunk) [11. ACCOUNTS RECEIVABLE, LOAN AND INTEREST RECEIVABLES](index=19&type=section&id=11.%20ACCOUNTS%20RECEIVABLE,%20LOAN%20AND%20INTEREST%20RECEIVABLES) Total trade receivables, loan and interest receivables increased to 45,873 thousand HKD, with a notable rise in trade receivables overdue by over three months Trade Receivables, Loan and Interest Receivables (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Trade receivables within HKFRS 15 scope | 4,283 | 50 | +8466% | | Loan receivables | 41,812 | 43,343 | -3.49% | | Interest receivables on loans | 1,935 | 280 | +591.07% | | Less: Impairment | (2,157) | (2,218) | -2.75% | | **Total** | **45,873** | **41,455** | **+10.66%** | Trade Receivables Ageing Analysis (As of June 30) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Less than 1 month | 56 | 50 | +12.0% | | 1 to 2 months | 1,664 | – | N/A | | 2 to 3 months | 208 | – | N/A | | Over 3 months | 2,355 | – | N/A | - As of June 30, 2025, trade receivables overdue by **over 3 months** amounted to **2,355 thousand HKD**, with no such amount at the end of 2024[65](index=65&type=chunk) - Impairment provision for loan and interest receivables decreased from **2,218 thousand HKD** at the end of 2024 to **2,157 thousand HKD**[70](index=70&type=chunk) [12. CONTRACT LIABILITIES](index=21&type=section&id=12.%20CONTRACT%20LIABILITIES) Contract liabilities, mainly deposits received and deferred income, remained stable at 9,002 thousand HKD as of June 30, 2025 Contract Liabilities (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Deposits received and deferred income | 9,002 | 9,076 | -0.82% | [13. TRADE AND OTHER PAYABLES, ACCRUALS AND PROVISION](index=21&type=section&id=13.%20TRADE%20AND%20OTHER%20PAYABLES,%20ACCRUALS%20AND%20PROVISION) Trade and other payables, accruals, and provisions slightly decreased to 32,237 thousand HKD, with trade payables increasing but all now within three months Trade and Other Payables (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Trade payables | 6,032 | 4,842 | +24.58% | | Accruals and other payables | 26,205 | 28,289 | -7.37% | | **Total** | **32,237** | **33,131** | **-2.70%** | Trade Payables Ageing Analysis (As of June 30) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Within 3 months | 6,032 | 2,088 | +188.9% | | Over 3 months | – | 2,754 | -100% | - As of June 30, 2025, all trade payables were within **3 months**, whereas at the end of 2024, **2,754 thousand HKD** were overdue by over 3 months[76](index=76&type=chunk) [14. INTEREST-BEARING BANK AND OTHER BORROWINGS](index=22&type=section&id=14.%20INTEREST-BEARING%20BANK%20AND%20OTHER%20BORROWINGS) Total interest-bearing borrowings slightly decreased to 102,388 thousand HKD, with a shift towards floating-rate debt and an average effective annual interest rate of 7.6% Interest-Bearing Borrowings Composition (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Interest-bearing bank borrowings | 77,378 | 72,567 | +6.63% | | Other interest-bearing borrowings | 25,010 | 30,524 | -18.06% | | **Total** | **102,388** | **103,091** | **-0.68%** | | Fixed-rate borrowings | 25,164 | 30,740 | -18.14% | | Floating-rate borrowings | 77,224 | 72,351 | +6.74% | | Secured | 77,378 | 72,567 | +6.63% | | Unsecured | 25,010 | 30,524 | -18.06% | Average Effective Annual Interest Rate of Borrowings (As of June 30) | Interest Rate Type | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed-rate borrowings | 9.7% | 10.6% | -0.9% | | Floating-rate borrowings | 6.9% | 7.3% | -0.4% | - Approximately **80%** of the borrowings are denominated in Australian Dollars, and **20%** in Hong Kong Dollars[32](index=32&type=chunk) [15. CONVERTIBLE LOANS AND DERIVATIVE FINANCIAL LIABILITIES](index=23&type=section&id=15.%20CONVERTIBLE%20LOANS%20AND%20DERIVATIVE%20FINANCIAL%20LIABILITIES) As of June 30, 2025, the Group had no remaining convertible loans or derivative financial liabilities, following repayment and reclassification of prior year instruments - As of June 30, 2025, both the liability component and derivative component of convertible loans and derivative financial liabilities were **zero**[87](index=87&type=chunk) - In 2024, approximately **694 thousand HKD** of convertible notes were repaid, and the remaining portion was reclassified as other borrowings and derecognised due to significant amendments (extension of maturity date to March 31, 2026, and lapse of conversion option)[83](index=83&type=chunk)[85](index=85&type=chunk)[189](index=189&type=chunk)[191](index=191&type=chunk) [16. SHARE CAPITAL](index=24&type=section&id=16.%20SHARE%20CAPITAL) As of June 30, 2025, the Company's authorised share capital was 200,000 thousand HKD, with 5,156,035,108 issued and fully paid shares, unchanged from 2024 year-end Share Capital Structure (As of June 30) | Item | Number of Shares | Amount (thousand HKD) | | :--- | :--- | :--- | | Authorised ordinary shares (HKD 0.01 each) | 20,000,000,000 | 200,000 | | Issued and fully paid shares | 5,156,035,108 | 51,560 | - As of June 30, 2025, the issued share capital remained consistent with that at the end of 2024[89](index=89&type=chunk) [17. SHARE OPTION SCHEME](index=24&type=section&id=17.%20SHARE%20OPTION%20SCHEME) The share option scheme, adopted in 2020 to incentivize staff, had no outstanding, granted, exercised, cancelled, or lapsed options during the period - The share option scheme was adopted on June 9, 2020, to incentivise or reward eligible participants for their contributions to the Group, and to recruit and retain high-calibre employees[91](index=91&type=chunk)[92](index=92&type=chunk) - As of June 30, 2025, there were no outstanding, granted, exercised, cancelled, or lapsed share options during the reporting period[93](index=93&type=chunk) [18. RELATED PARTY TRANSACTIONS](index=25&type=section&id=18.%20RELATED%20PARTY%20TRANSACTIONS) The Group engaged in various related party transactions, including rental and medical service payments, loans to associates, interest income and expenses, and administrative service revenue Related Party Transactions (For the six months ended June 30) | Transaction Type | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Rental expenses paid to related companies | 748 | 1,868 | -59.96% | | Medical service costs paid to related companies | 178 | 218 | -18.35% | | Consulting fees paid to associates | – | 320 | -100% | | Loans provided to associates | 7,439 | 7,439 | 0% | | Interest receivable from associates | 505 | 356 | +41.85% | | Interest income from associates | 74 | 74 | 0% | | Loans from related parties | 4,627 | 3,906 | +18.46% | | Interest paid to related parties | 138 | 95 | +45.26% | | Revenue generated from providing administrative and management services | 617 | – | N/A | - Director Mr. Lawrence Tang provided interest-bearing loans, which constitute a connected transaction under the GEM Listing Rules[99](index=99&type=chunk) - Key management personnel remuneration decreased from **1,283 thousand HKD** in the prior corresponding period of 2024 to **557 thousand HKD**[98](index=98&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=27&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section reviews the Group's business and financial performance for the six months ended June 30, 2025, analyzing operations and outlining future strategies amidst global economic challenges [Business and Financial Review](index=27&type=section&id=Business%20and%20Financial%20Review) The Group's loss for the period narrowed by 18.9% due to reduced administrative expenses and improved financial asset performance, despite a revenue decline and associate disposal loss - The Group's loss for the period decreased by **18.9%**, primarily due to reduced administrative expenses, a shift from loss to gain on disposal of financial assets at fair value through profit or loss, and a decrease in share of losses of associates[101](index=101&type=chunk)[105](index=105&type=chunk) - Revenue decreased by **9.4%** from **38,071 thousand HKD** in the prior corresponding period of 2024 to **34,502 thousand HKD**[101](index=101&type=chunk)[105](index=105&type=chunk) - A loss of **2,590 thousand HKD** was incurred from the disposal of an associate in January 2025, with no such item in the prior corresponding period of 2024[101](index=101&type=chunk)[105](index=105&type=chunk) [Provision of Hospitality and Related Services in Australia](index=27&type=section&id=Provision%20of%20Hospitality%20and%20Related%20Services%20in%20Australia) Revenue from Australian hospitality services decreased by 3% to 31,943 thousand HKD, with occupancy rates falling, influenced by global economic challenges and slow international tourism recovery - Hospitality business revenue decreased by **3%** to **31,943 thousand HKD**, primarily impacted by global economic challenges and slow recovery of international tourism[108](index=108&type=chunk)[111](index=111&type=chunk) - Balgownie's occupancy rate decreased from **74%** in the prior corresponding period of 2024 to **69%** in 2025[109](index=109&type=chunk)[112](index=112&type=chunk) - Balgownie completed renovation works in October 2024 and launched a "Wine Club" in April 2023, which had approximately **1,300 members** as of June 30, 2025[107](index=107&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [Provision of services through network media](index=29&type=section&id=Provision%20of%20services%20through%20network%20media) The network media services business segment was discontinued after the disposal of an associate, resulting in no revenue recorded for the reporting period - The Group has discontinued the business segment of providing services through network media, and no revenue was recorded for the reporting period[113](index=113&type=chunk)[117](index=117&type=chunk) [Money Lending Business](index=29&type=section&id=Money%20Lending%20Business) Interest income from the Hong Kong money lending business decreased by 49.95% to 2,559 thousand HKD, primarily due to fewer loans disbursed, with the Group maintaining a cautious approach - Interest income from the money lending business was **2,559 thousand HKD**, a year-on-year decrease of **49.95%**, mainly due to fewer loans disbursed during the period[114](index=114&type=chunk)[118](index=118&type=chunk) - The Group conducts its money lending business in Hong Kong through its wholly-owned subsidiary, Billion Finance Limited, which holds a money lender's license[114](index=114&type=chunk)[118](index=118&type=chunk) [Assets Investments Business](index=29&type=section&id=Assets%20Investments%20Business) The asset investment business recorded fair value losses on financial assets at fair value through profit or loss and other comprehensive income, alongside a loss from the disposal of an associate - Financial assets at fair value through profit or loss recorded a fair value loss of **2,819 thousand HKD**, primarily due to a decrease in the fair value of listed equity securities[115](index=115&type=chunk)[119](index=119&type=chunk) - Financial assets at fair value through other comprehensive income recorded a fair value loss of **2 thousand HKD**, mainly due to a decrease in the fair value of unlisted equity securities[115](index=115&type=chunk)[119](index=119&type=chunk) - In January 2025, the Group disposed of an associate (EFL held a **48.33%** equity interest) for **6,025 thousand HKD**, recording a loss of **2,509 thousand HKD**[116](index=116&type=chunk)[119](index=119&type=chunk) [Prospects of the Group's significant investments in associate](index=30&type=section&id=Prospects%20of%20the%20Group's%20significant%20investments%20in%20associate) The Group's 5.1% investment in Luck Key Investment Limited, engaged in medical diagnostic services, saw revenue growth but a loss attributable to shareholders - The Group holds approximately **48.33%** equity interest in Luck Key Investment Limited, with an investment cost of approximately **56,511 thousand HKD** and a carrying value of approximately **17,830 thousand HKD**, representing **5.1%** of the Group's total assets[120](index=120&type=chunk)[122](index=122&type=chunk) Luck Key Investment Limited Performance (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 98,630 | 94,879 | | Loss attributable to shareholders | (10,576) | (19,821) | - The Luck Key Group primarily engages in medical diagnostic and health check services, operating **ten health check centres** and **two laboratories** in Hong Kong[121](index=121&type=chunk)[123](index=123&type=chunk) [PROSPECTS](index=31&type=section&id=PROSPECTS) The global economic outlook faces significant downside risks from geopolitical tensions and trade fragmentation, prompting the Group to focus on leveraging its strengths to develop existing businesses - The global economic outlook faces downside risks dominated by geopolitical tensions, trade fragmentation, economic turmoil, the Russia-Ukraine war, the Israel-Hamas conflict, and tariff wars[127](index=127&type=chunk)[131](index=131&type=chunk) - The Group will continue to formulate and implement business plans and strategies, leveraging its business model, competitiveness, and strengths to develop, maintain, and strengthen existing businesses to create shareholder value and investment returns[128](index=128&type=chunk)[131](index=131&type=chunk) [FINANCIAL RESOURCES AND LIQUIDITY](index=32&type=section&id=FINANCIAL%20RESOURCES%20AND%20LIQUIDITY) As of June 30, 2025, total assets decreased, cash and cash equivalents significantly reduced, and borrowings remained substantial, leading to increased gearing and net debt to equity ratios Financial Resources and Liquidity Key Data (As of June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Total assets | 351,619 | 369,409 | -4.81% | | Cash and cash equivalents | 1,812 | 10,987 | -83.50% | | Borrowings repayable within one year (or on demand) | 97,761 | 95,546 | +2.32% | | Total borrowings | 102,388 | 103,091 | -0.68% | | Average annual interest rate | 7.6% | 8.3% | -0.7% | | Gearing ratio | 0.41 times | 0.40 times | +0.01 | | Net debt to equity ratio | 0.64 times | 0.56 times | +0.08 | - Cash and cash equivalents significantly decreased by **83.5%**, with approximately **77%** denominated in Australian Dollars and **20%** in Hong Kong Dollars[32](index=32&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk) - The Group's gearing ratio and net debt to equity ratio both increased, indicating a slight increase in leverage[133](index=133&type=chunk)[135](index=135&type=chunk) [CAPITAL STRUCTURE](index=33&type=section&id=CAPITAL%20STRUCTURE) As of June 30, 2025, shareholders' equity was 207,426 thousand HKD, with total borrowings of 102,388 thousand HKD, a significant portion due within one year, and some loans subject to immediate repayment clauses - As of June 30, 2025, the Group's shareholders' equity was **207,426 thousand HKD**[136](index=136&type=chunk)[138](index=138&type=chunk) Borrowing Structure and Interest Rates (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Fixed-rate borrowings | 25,164 | 30,740 | | Floating-rate borrowings | 77,224 | 72,351 | | **Total borrowings** | **102,388** | **103,091** | | Secured borrowings | 77,378 | 72,567 | | Unsecured borrowings | 25,010 | 30,524 | | Repayable within one year or on demand | 97,761 | 95,546 | | Repayable in the second year | 4,627 | 7,545 | | **Average effective interest rate** | | | | Fixed-rate | 9.7% | 10.6% | | Floating-rate | 6.9% | 7.3% | - Certain loan agreements contain clauses allowing lenders to demand immediate repayment at any time, regardless of the Group's compliance with covenants[137](index=137&type=chunk)[138](index=138&type=chunk) [OTHER FINANCIAL INFORMATION](index=34&type=section&id=FOREIGN%20EXCHANGE) This section covers foreign exchange risk management, asset pledges for borrowings, and capital commitments, noting no derivative hedging, pledged assets of 79,557 thousand HKD, and no significant capital commitments - The Group's major revenue and costs are denominated in Hong Kong Dollars and Australian Dollars, and no derivative products were invested for hedging during the reporting period[144](index=144&type=chunk)[147](index=147&type=chunk) - As of June 30, 2025, certain of the Group's borrowing facilities were secured by freehold land, buildings, and motor vehicles with a carrying value of approximately **79,557 thousand HKD**[145](index=145&type=chunk)[148](index=148&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments contracted but not provided for[146](index=146&type=chunk)[149](index=149&type=chunk) [LEGAL AND COMPLIANCE MATTERS](index=35&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) This section covers the Company's listed securities transactions, significant legal proceedings (Convoy and Chu lawsuits), and contingent liabilities, with no listed securities transactions and an inability to reliably assess potential liabilities from lawsuits [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=35&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[150](index=150&type=chunk)[152](index=152&type=chunk) [LITIGATION AND CLAIMS](index=35&type=section&id=LITIGATION%20AND%20CLAIMS) The Group is involved in two significant lawsuits, the Convoy and Chu lawsuits, concerning share allocations, financial arrangements, and share dilution, with potential liabilities currently unassessable - The Group is involved in the Convoy Litigation initiated by Convoy Global Holdings Limited, seeking to rescind Convoy share allotments, void financial arrangements, and claim damages[151](index=151&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[157](index=157&type=chunk) - The Group is involved in the Chu Litigation initiated by Ms. Chu Hiu Yin, seeking to declare the placement of Convoy shares invalid and claim damages for share dilution[160](index=160&type=chunk)[162](index=162&type=chunk) - The Group has sought legal advice and believes that the potential liabilities from these legal proceedings cannot be reliably estimated at present, and thus no provision has been made[164](index=164&type=chunk)[169](index=169&type=chunk)[173](index=173&type=chunk) [CONTINGENT LIABILITIES](index=38&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant contingent liabilities other than those disclosed in the litigation and claims section - As of June 30, 2025, the Group had no other significant contingent liabilities apart from the disclosed litigation[165](index=165&type=chunk)[170](index=170&type=chunk) [HUMAN RESOURCES AND CORPORATE GOVERNANCE](index=38&type=section&id=EMPLOYEES'%20REMUNERATION%20POLICIES) This section details the Group's employee remuneration policies, directors' and chief executive's interests, substantial shareholders' interests, convertible loan issuance, share option scheme, director information changes, competing business interests, securities transaction code, and audit committee operations [EMPLOYEES' REMUNERATION POLICIES](index=38&type=section&id=EMPLOYEES'%20REMUNERATION%20POLICIES) The Group employed approximately 140 staff with total staff costs of 20,389 thousand HKD, focusing on employee development and market-based remuneration Employee Count and Costs (As of June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 140 | 119 | | Staff costs (thousand HKD) | 20,389 | 19,831 | - The Group actively provides career development opportunities for its employees through adequate and regular training to enhance their capabilities[167](index=167&type=chunk)[171](index=171&type=chunk) - Directors' remuneration is determined by the Board based on the recommendations of the Remuneration Committee, considering their expertise, qualifications, and abilities[174](index=174&type=chunk)[179](index=179&type=chunk) [DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY](index=39&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20THE%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY) As of June 30, 2025, no directors or the chief executive held any disclosable interests or short positions in the Company's shares, underlying shares, or debentures - As of June 30, 2025, none of the Company's directors or chief executive had any disclosable interests or short positions in the shares, underlying shares, and debentures of the Company[178](index=178&type=chunk)[182](index=182&type=chunk) [SUBSTANTIAL SHAREHOLDERS' INTERESTS](index=40&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS) As of June 30, 2025, Mr. Ng Ting Kit and his wholly-owned Deep Shine Holdings Limited were substantial shareholders, holding 9.64% and 5.06% long positions respectively Substantial Shareholders' Shareholdings (As of June 30) | Shareholder Name/Entity | Capacity | Number of Shares Involved | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Ng Ting Kit | Beneficial owner | 497,180,000 | 9.64% | | Mr. Ng Ting Kit | Interest in controlled corporation | 260,800,000 | 5.06% | | Deep Shine Holdings Limited | Beneficial owner | 260,800,000 | 5.06% | - Mr. Ng Ting Kit indirectly holds shares in the Company through his wholly-owned Deep Shine Holdings Limited[185](index=185&type=chunk) [ISSUE OF CONVERTIBLE LOANS](index=41&type=section&id=ISSUE%20OF%20CONVERTIBLE%20LOANS) EFL issued convertible loan notes totaling 7,600 thousand HKD in 2021 and 2022, which were partially repaid and subsequently reclassified as other borrowings due to significant amendments - EFL issued convertible loan notes totaling **7,600 thousand HKD** in December 2021 and January 2022, intended for the Group's general working capital[187](index=187&type=chunk)[190](index=190&type=chunk) - In 2024, approximately **694 thousand HKD** of convertible notes were repaid, and the remaining portion was reclassified as other borrowings and derecognised due to significant amendments (extension of maturity date to March 31, 2026, and lapse of conversion option)[189](index=189&type=chunk)[191](index=191&type=chunk) [SHARE OPTION SCHEME DETAILS](index=42&type=section&id=SHARE%20OPTION%20SCHEME) The share option scheme, designed for talent retention and incentive, allows for options up to 1% of issued shares per participant, with no options granted during the period - The share option scheme aims to incentivise and reward eligible participants, and to recruit and retain high-calibre employees[192](index=192&type=chunk)[196](index=196&type=chunk) - The maximum number of shares that may be granted to any one participant in any 12-month period shall not exceed **1%** of the total number of issued and issuable shares at that time[193](index=193&type=chunk)[197](index=197&type=chunk) - As of June 30, 2025, the number of options that could be granted under the existing scheme limit was **533,623,510 shares** (approximately **10.35%** of the issued share capital), but no options were granted during the reporting period[199](index=199&type=chunk)[206](index=206&type=chunk) [CHANGES IN INFORMATION OF DIRECTORS AND COMPETING BUSINESS INTERESTS](index=43&type=section&id=CHANGES%20IN%20INFORMATION%20OF%20DIRECTORS) Independent Non-executive Director Mr. Tong Hin Sum transitioned to a Non-executive Director role at another company, and Non-executive Director Mr. Ng Ting Ho holds directorships in competing money lending businesses - Independent Non-executive Director Mr. Tong Hin Sum was re-designated as a Non-executive Director of Profit Point Holdings Limited with effect from June 30, 2025[202](index=202&type=chunk)[207](index=207&type=chunk) - Non-executive Director Mr. Ng Ting Ho holds directorships in other companies engaged in money lending businesses, which may compete with the Group's business[204](index=204&type=chunk)[208](index=208&type=chunk) [CORPORATE GOVERNANCE](index=44&type=section&id=CODE%20OF%20CONDUCT%20REGARDING%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The Company adheres to a code for directors' securities transactions and corporate governance practices, with the Audit Committee reviewing interim results, despite the Chairman and CEO roles not being segregated - The Company has adopted a code of conduct regarding securities transactions by directors and has confirmed with all directors their compliance with the required standards of dealing during the reporting period[209](index=209&type=chunk)[213](index=213&type=chunk) - The Company complies with the Corporate Governance Code, but the roles of Chairman and Chief Executive are not segregated, and the Chief Executive position has been vacant since January 1, 2025[211](index=211&type=chunk)[214](index=214&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim results report and found it to be in compliance with applicable accounting standards and the GEM Listing Rules[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)

[Company Information and Declarations](index=1&type=section&id=Company%20Information%20and%20Declarations) This section outlines the company's foundational information, including disclaimers for the GEM market and the composition of its Board of Directors [Disclaimer and GEM Characteristics](index=1&type=section&id=Disclaimer%20and%20GEM%20Characteristics) The report includes GEM market disclaimers, emphasizing higher investment risks for SMEs, with the Board confirming information accuracy - The GEM market targets small and medium-sized companies, entailing higher investment risks and potential for significant market volatility and liquidity risks for securities[9](index=9&type=chunk)[10](index=10&type=chunk)[14](index=14&type=chunk) - The Board confirms that the information contained in this report is accurate and complete in all material respects, without misleading or fraudulent content[4](index=4&type=chunk)[12](index=12&type=chunk)[15](index=15&type=chunk) [Company Overview and Board of Directors](index=1&type=section&id=Company%20Overview%20and%20Board%20of%20Directors) Heng Tai Yue Group Holdings Limited announced unaudited interim results for H1 2025, with a Board structure including executive and independent non-executive directors - Heng Tai Yue Group Holdings Limited announced its unaudited results for the six months ended June 30, 2025[3](index=3&type=chunk) - The Board of Directors includes Mr. Ng Ting Ho as Chairman and Non-executive Director, Mr. Fong Chak Kiu as Executive Director, and four Independent Non-executive Directors[4](index=4&type=chunk) [Financial Performance](index=4&type=section&id=Financial%20Performance) This section presents the Group's condensed consolidated financial statements, including profit or loss, financial position, equity changes, and cash flows for the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's loss from continuing operations narrowed to **HK$19,232 thousand** for H1 2025, with total comprehensive loss significantly reduced Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 34,502 | 38,071 | ↓ 9.4% | | Other income and gains or losses | 2,596 | 1,474 | ↑ 76.1% | | Administrative expenses | (37,123) | (41,272) | ↓ 10.1% | | Gain/(loss) on disposal of financial assets at FVTPL | 2,314 | (87) | Turned from loss to gain | | Net fair value loss on financial assets at FVTPL | (2,819) | (3,714) | ↓ 24.1% | | Share of results of associates | (6,216) | (9,305) | ↓ 33.1% | | Finance costs | (4,362) | (3,157) | ↑ 38.2% | | Loss before tax | (19,232) | (23,643) | ↓ 18.7% | | Loss for the period from continuing operations | (19,232) | (23,643) | ↓ 18.7% | | Loss for the period from discontinued operations | – | (69) | Discontinued | | Loss for the period | (19,232) | (23,712) | ↓ 18.9% | | Total comprehensive loss for the period | (15,846) | (25,582) | ↓ 38.0% | | Basic and diluted loss per share (HK cents) | (0.37) | (0.46) | ↓ 19.6% | [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets decreased, with net assets falling from **HK$223,272 thousand** to **HK$207,426 thousand** Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Property, plant and equipment | 172,866 | 167,922 | ↑ 2.9% | | Investments in associates | 37,681 | 52,511 | ↓ 28.2% | | Total non-current assets | 212,197 | 222,161 | ↓ 4.48% | | Inventories | 5,771 | 3,712 | ↑ 55.5% | | Trade receivables, loan receivables and interest | 45,873 | 41,455 | ↑ 10.7% | | Financial assets at FVTPL | 29,546 | 36,167 | ↓ 18.2% | | Cash and cash equivalents | 1,812 | 10,987 | ↓ 83.5% | | Total current assets | 139,422 | 147,248 | ↓ 5.45% | | Total current liabilities | 139,312 | 138,521 | ↑ 0.57% | | Net current assets | 110 | 8,727 | ↓ 98.7% | | Net assets | 207,426 | 223,272 | ↓ 7.0% | | Share capital | 51,560 | 51,560 | No change | | Reserves | 155,866 | 171,716 | ↓ 9.1% | | Equity attributable to owners of the Company | 207,426 | 223,276 | ↓ 7.1% | [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners of the Company decreased to **HK$207,426 thousand** for H1 2025, mainly due to loss for the period and exchange differences Summary of Changes in Equity Attributable to Owners of the Company | Indicator | June 30, 2025 (HK$ thousand) | January 1, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Share capital | 51,560 | 51,560 | No change | | Reserves | 155,866 | 171,716 | ↓ 9.2% | | Total equity attributable to owners of the Company | 207,426 | 223,276 | ↓ 7.1% | | Loss for the period | (19,236) | (23,672) | ↓ 18.8% | | Exchange differences | 3,388 | (1,369) | Turned from negative to positive | | Fair value loss on financial assets at FVTOCI | (2) | (503) | ↓ 99.6% | - As of June 30, 2025, total equity attributable to owners of the Company was **HK$207,426 thousand**, a decrease from **HK$223,276 thousand** as of December 31, 2024[25](index=25&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Operating activities shifted to a **HK$3,460 thousand** cash outflow for H1 2025, with investing activities turning to inflow and increased financing outflow, resulting in a net decrease in cash Summary of Condensed Consolidated Statement of Cash Flows | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net cash flows (used in)/from operating activities | (3,460) | 6,361 | Shifted from inflow to outflow | | Net cash flows from/(used in) investing activities | 269 | (15,298) | Shifted from outflow to inflow | | Net cash flows (used in)/from financing activities | (6,055) | 3,832 | Shifted from inflow to outflow | | Net decrease in cash and cash equivalents | (9,246) | (5,105) | Decrease widened | | Cash and cash equivalents at end of period | 1,812 | 1,435 | ↑ 26.3% | [Notes to the Financial Statements](index=11&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and specific financial asset and liability disclosures [Basis of Preparation and Accounting Policies](index=11&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Unaudited condensed consolidated financial statements are prepared under HKFRSs and HKAS 34, consistent with 2024 audited policies and GEM Listing Rules - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[29](index=29&type=chunk)[32](index=32&type=chunk) - The principal accounting policies are consistent with those adopted in the audited annual financial statements for the year ended December 31, 2024[29](index=29&type=chunk)[32](index=32&type=chunk) [Adoption of New and Revised HKFRSs](index=11&type=section&id=Adoption%20of%20New%20and%20Revised%20HKFRSs) The Group adopted new and revised HKFRSs effective January 1, 2025, with no significant impact expected on the condensed consolidated financial statements - The Group has applied a number of new and revised HKFRSs that are mandatorily effective for annual periods beginning on or after January 1, 2025[30](index=30&type=chunk)[33](index=33&type=chunk) - The Directors do not expect the above amendments to have a significant impact on the Group's condensed consolidated financial statements[30](index=30&type=chunk)[33](index=33&type=chunk) [Operating Segment Information](index=12&type=section&id=Operating%20Segment%20Information) The Group operates three continuing segments: Australia hotel, money lending, and asset investment, with the online media segment discontinued after an associate disposal - The Group has three continuing operating business segments: Australia hotel and related services, money lending business, and asset investment business[38](index=38&type=chunk)[40](index=40&type=chunk) - The 'provision of services via online media' segment was discontinued after the disposal of an associate on August 30, 2024[36](index=36&type=chunk)[37](index=37&type=chunk) Summary of Segment Results (For the six months ended June 30, 2025) | Segment | Revenue and other income (HK$ thousand) | Segment profit/(loss) (HK$ thousand) | | :--- | :--- | :--- | | Australia hotel and related services | 31,943 | 1,163 | | Money lending business | 2,559 | (2,756) | | Asset investment business | – | (10,066) | | Discontinued operations | – | – | | **Total** | **34,502** | **(11,659)** | Summary of Segment Results (For the six months ended June 30, 2024) | Segment | Revenue and other income (HK$ thousand) | Segment profit/(loss) (HK$ thousand) | | :--- | :--- | :--- | | Australia hotel and related services | 32,958 | (1,620) | | Money lending business | 5,113 | 194 | | Asset investment business | – | (12,423) | | Discontinued operations | 1 | (69) | | **Total** | **38,072** | **(13,918)** | [Revenue, Other Income and Gains](index=15&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Group revenue, primarily from Australia hotel and money lending, decreased by **9.4%** to **HK$34,502 thousand** for H1 2025, while other income and gains significantly increased - The Group's principal activities include: (i) provision of hotel and related services in Australia; (ii) money lending business; and (iii) asset investment business[46](index=46&type=chunk)[47](index=47&type=chunk) Analysis of Revenue, Other Income and Gains | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Provision of hotel and related services | 12,947 | 13,525 | ↓ 4.27% | | Sales of food and beverages from hotel operations | 18,996 | 19,433 | ↓ 2.25% | | Interest income from loan receivables | 2,559 | 5,113 | ↓ 49.95% | | **Total Revenue** | **34,502** | **38,071** | **↓ 9.38%** | | Interest income (others) | 610 | 4 | ↑ 15150% | | Other income | 1,986 | 1,470 | ↑ 35.1% | | **Total other income and gains or losses** | **2,596** | **1,474** | **↑ 76.12%** | [Loss Before Tax](index=16&type=section&id=Loss%20Before%20Tax) Loss before tax narrowed to **HK$19,232 thousand** for H1 2025, driven by reduced administrative expenses, increased financial asset disposal gains, and narrower associate losses Components of Loss Before Tax | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Cost of sales | 5,595 | 5,577 | ↑ 0.32% | | Staff costs | 20,389 | 19,830 | ↑ 2.82% | | Depreciation and amortisation | 4,373 | 6,408 | ↓ 31.8% | | Reversal of impairment losses/(impairment losses) | 61 | (76) | Turned from loss to gain | | Gain/(loss) on disposal of financial assets at FVTPL | 2,314 | (87) | Turned from loss to gain | | Fair value loss on financial assets at FVTPL | (2,819) | (3,714) | ↓ 24.1% | | Loss on disposal of an associate | (2,590) | – | New loss incurred | - The narrowing of loss before tax was primarily due to reduced administrative expenses, increased gains from financial asset disposals, and a narrower share of losses from associates[105](index=105&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) The Group had no income tax expense for H1 2025, with Hong Kong entities offsetting profits with tax losses and Australian entities taxed at **30%** - No provision for Hong Kong Profits Tax was made for the period, as Hong Kong entities had sufficient tax losses brought forward from prior years to offset profits generated during the period[52](index=52&type=chunk)[54](index=54&type=chunk) - Australian subsidiaries are subject to Australian corporate income tax at a rate of **30%**[52](index=52&type=chunk)[54](index=54&type=chunk) [Interim Dividend](index=17&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for H1 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)[53](index=53&type=chunk)[55](index=55&type=chunk) [Loss Per Share](index=18&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share improved to **0.37 HK cents** for H1 2025, with no potential dilutive ordinary shares outstanding Loss Per Share | Indicator | For the six months ended June 30, 2025 (HK cents) | For the six months ended June 30, 2024 (HK cents) | Change | | :--- | :--- | :--- | :--- | | Basic and diluted loss per share from continuing and discontinued operations | (0.37) | (0.46) | ↓ 19.6% | | Basic and diluted loss per share from continuing operations | (0.37) | (0.45) | ↓ 17.8% | | Basic and diluted loss per share from discontinued operations | – | (0.01) | Discontinued | | Weighted average number of ordinary shares in issue | 5,156,035,108 | 5,156,035,108 | No change | - For the six months ended June 30, 2025, there were no potential dilutive ordinary shares in issue, thus the basic and diluted loss per share amounts are identical[59](index=59&type=chunk)[61](index=61&type=chunk) [Movements in Property, Plant and Equipment](index=18&type=section&id=Movements%20in%20Property%2C%20Plant%20and%20Equipment) Additions to property, plant and equipment significantly decreased to approximately **HK$341 thousand** for H1 2025 Additions to Property, Plant and Equipment | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Additions to property, plant and equipment | 341 | 15,351 | ↓ 97.8% | - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to approximately **HK$341,000**[60](index=60&type=chunk)[62](index=62&type=chunk) [Financial Assets](index=19&type=section&id=Financial%20Assets) The Group's financial assets include FVTOCI (non-listed equity) and FVTPL (listed shares, unlisted investments, and funds) Composition of Financial Assets | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Financial assets at FVTOCI (unlisted equity securities) | 1,522 | 1,426 | ↑ 6.7% | | Total financial assets at FVTPL | 29,546 | 36,167 | ↓ 18.2% | | - Listed shares | 8,968 | 13,420 | ↓ 33.2% | | - Unlisted investments | 14,626 | 15,949 | ↓ 8.3% | | - Unlisted investment funds | 5,952 | 6,798 | ↓ 12.5% | - Listed shares within financial assets at FVTPL primarily consist of investments in Convoy Global Holdings Limited and Currenc Group Inc[65](index=65&type=chunk) - Unlisted investments primarily represent a **1.89%** equity interest in Global Biotech Regenerative Medical Group Limited[65](index=65&type=chunk) - The Group invests as a limited partner in the private equity fund Kingkey Investment Fund SPC – KKDF Selected Investment Fund SP[65](index=65&type=chunk) [Trade Receivables, Loan Receivables and Interest](index=20&type=section&id=Trade%20Receivables%2C%20Loan%20Receivables%20and%20Interest) Trade receivables significantly increased to **HK$4,283 thousand** as of June 30, 2025, with loan receivables and interest slightly up, and impairment analysis conducted regularly Trade Receivables, Loan Receivables and Interest | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Trade receivables within the scope of HKFRS 15 | 4,283 | 50 | ↑ 8466% | | Loan receivables | 41,812 | 43,343 | ↓ 3.5% | | Interest receivables from loan receivables | 1,935 | 280 | ↑ 591% | | Less: Impairment | (2,157) | (2,218) | ↓ 2.7% | | **Total loan receivables and interest** | **41,590** | **41,405** | **↑ 0.45%** | | **Total** | **45,873** | **41,455** | **↑ 10.7%** | Ageing Analysis of Trade Receivables (Based on invoice date) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Less than 1 month | 56 | 50 | ↑ 12% | | 1 to 2 months | 1,664 | – | Newly added | | 2 to 3 months | 208 | – | Newly added | | Over 3 months | 2,355 | – | Newly added | | **Total** | **4,283** | **50** | **↑ 8466%** | Ageing Analysis of Loan Receivables and Interest (Based on contractual maturity date) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Not yet overdue | 25,398 | 26,122 | ↓ 2.8% | | Over 3 months | 16,192 | 15,283 | ↑ 5.9% | | **Total** | **41,590** | **41,405** | **↑ 0.45%** | - The credit period for trade receivables ranges from **30 to 180 days**, and the Group regularly assesses customer credit risk and performs impairment analysis[67](index=67&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) [Contract Liabilities](index=22&type=section&id=Contract%20Liabilities) Contract liabilities, mainly deposits and deferred income, totaled **HK$9,002 thousand** as of June 30, 2025, remaining largely consistent with prior period Contract Liabilities | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Deposits received and deferred income | 9,002 | 9,076 | ↓ 0.8% | [Trade and Other Payables, Accruals and Provisions](index=22&type=section&id=Trade%20and%20Other%20Payables%2C%20Accruals%20and%20Provisions) Total trade and other payables, accruals, and provisions slightly decreased to **HK$32,237 thousand** as of June 30, 2025, with trade payables increasing Trade and Other Payables, Accruals and Provisions | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Trade payables | 6,032 | 4,842 | ↑ 24.6% | | Accruals and other payables | 26,205 | 28,289 | ↓ 7.3% | | **Total** | **32,237** | **33,131** | **↓ 2.7%** | Ageing Analysis of Trade Payables (Based on invoice date) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Within 3 months | 6,032 | 2,088 | ↑ 188.9% | | Over 3 months | – | 2,754 | ↓ 100% | | **Total** | **6,032** | **4,842** | **↑ 24.6%** | [Interest-Bearing Bank and Other Borrowings](index=23&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) Total interest-bearing borrowings were **HK$102,388 thousand** as of June 30, 2025, with most repayable within one year at an average effective annual interest rate of **7.6%** Composition of Interest-Bearing Bank and Other Borrowings | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Interest-bearing bank borrowings | 77,378 | 72,567 | ↑ 6.6% | | Other interest-bearing borrowings | 25,010 | 30,524 | ↓ 18.0% | | **Total** | **102,388** | **103,091** | **↓ 0.68%** | | Repayable within one year or on demand | 97,761 | 95,546 | ↑ 2.3% | | Repayable in the second year | 4,627 | 7,545 | ↓ 38.7% | | Fixed-rate borrowings | 25,164 | 30,740 | ↓ 18.2% | | Variable-rate borrowings | 77,224 | 72,351 | ↑ 6.7% | | Secured | 77,378 | 72,567 | ↑ 6.6% | | Unsecured | 25,010 | 30,524 | ↓ 18.0% | Average Effective Annual Interest Rate | Interest rate type | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed-rate borrowings | 9.7% | 10.6% | ↓ 0.9% | | Variable-rate borrowings | 6.9% | 7.3% | ↓ 0.4% | [Convertible Loan and Derivative Financial Liabilities](index=24&type=section&id=Convertible%20Loan%20and%20Derivative%20Financial%20Liabilities) EFL's **HK$7,600 thousand** convertible loan notes were partially repaid and reclassified as other borrowings due to significant modifications, resulting in zero convertible loan and derivative financial liabilities - EFL issued convertible loan notes with a principal amount of **HK$7,600 thousand** in December 2021 and January 2022 for the Group's general working capital[86](index=86&type=chunk)[88](index=88&type=chunk)[191](index=191&type=chunk)[194](index=194&type=chunk) - For the year ended December 31, 2024, approximately **HK$694,000** of the convertible notes were repaid, and the maturity date for the remaining portion was extended to March 31, 2026[87](index=87&type=chunk)[89](index=89&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) - Due to significant modifications, the remaining outstanding portion was reclassified as other borrowings, and the conversion option lapsed[87](index=87&type=chunk)[89](index=89&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) Convertible Loan and Derivative Financial Liabilities | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Liability component | – | – | No change | | Derivative component | – | – | No change | [Share Capital](index=25&type=section&id=Share%20Capital) As of June 30, 2025, authorized share capital was **HK$200,000 thousand**, with issued and fully paid capital of **HK$51,560 thousand**, consistent with prior period Composition of Share Capital | Item | Number of shares | Amount (HK$ thousand) | | :--- | :--- | :--- | | Authorised ordinary shares (HK$0.01 each) | 20,000,000,000 | 200,000 | | Issued and fully paid shares (HK$0.01 each) | 5,156,035,108 | 51,560 | - As of June 30, 2025, the number and amount of issued and fully paid shares remained consistent with December 31, 2024[93](index=93&type=chunk) [Share Option Scheme](index=25&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted June 9, 2020, aims to incentivize talent, with no outstanding options reported as of June 30, 2025 - The Company adopted a share option scheme on June 9, 2020, to incentivize or reward eligible participants who contribute to the Group and/or to recruit and retain excellent employees[95](index=95&type=chunk)[96](index=96&type=chunk) - During any reporting period, no share options were outstanding, granted, exercised, cancelled, or lapsed[95](index=95&type=chunk)[97](index=97&type=chunk) [Related Party Transactions](index=26&type=section&id=Related%20Party%20Transactions) The Group engaged in various related party transactions, including payments to related companies, loans to associates and directors, and administrative service income Summary of Related Party Transactions | Transaction type | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Rental expenses paid to a related company | (748) | (1,868) | ↓ 59.9% | | Cost of medical services paid to a related company | (178) | (218) | ↓ 18.3% | | Consultancy fees paid to an associate | – | (320) | Discontinued | | Loans provided to an associate (included in deposits and other receivables) | 7,439 | 7,439 | No change | | Interest receivable from an associate (included in deposits and other receivables) | 505 | 356 | ↑ 41.9% | | Interest income from an associate (included in other income) | 74 | 74 | No change | | Loans from a related party (included in interest-bearing other borrowings) | 4,627 | 3,906 | ↑ 18.4% | | Interest paid to a related party | (138) | (95) | ↑ 45.3% | | Income generated from administrative and management services provided to a related company | 617 | – | New income | Key Management Personnel Remuneration | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Salaries and other short-term benefits | 549 | 1,267 | ↓ 56.6% | | Retirement scheme contributions | 8 | 16 | ↓ 50.0% | | **Total** | **557** | **1,283** | **↓ 56.6%** | - Loans provided to and interest paid to Mr. Lawrence Tang, a director of certain subsidiaries of the Company, constitute related party transactions[103](index=103&type=chunk) [Management Discussion and Analysis](index=28&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's business and financial performance, future outlook, and key operational aspects [Business and Financial Review](index=28&type=section&id=Business%20and%20Financial%20Review) The Group's loss for H1 2025 narrowed to **HK$19,232 thousand**, driven by reduced expenses and improved financial asset performance, despite revenue decline and an associate disposal loss - Loss for the period was approximately **HK$19,232,000**, a decrease from **HK$23,712,000** in the prior period[105](index=105&type=chunk) - The reduction in loss was primarily due to decreased administrative expenses, a shift from loss to gain on disposal of financial assets at FVTPL, and a narrower share of losses from associates, partially offset by decreased revenue and a loss on disposal of an associate[105](index=105&type=chunk) - The Group's principal businesses are: (i) provision of hotel and related services in Australia; (ii) money lending business; and (iii) asset investment business[104](index=104&type=chunk)[108](index=108&type=chunk) [Overall Performance Review](index=28&type=section&id=Overall%20Performance%20Review) The Group's loss for H1 2025 decreased by **18.9%** to **HK$19,232 thousand**, driven by expense reductions and improved financial asset performance, despite revenue decline Changes in Key Financial Indicators | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | 19,232 | 23,712 | ↓ 18.9% | | Revenue | 34,502 | 38,071 | ↓ 9.4% | | Administrative expenses | 37,123 | 41,272 | ↓ 10.1% | | Gain/(loss) on disposal of financial assets at FVTPL | 2,314 | (87) | Turned from loss to gain | | Share of losses of associates | 6,216 | 9,305 | ↓ 33.1% | | Loss on disposal of an associate | 2,590 | – | New loss incurred | - The reduction in loss was primarily attributable to a decrease in administrative expenses and an increase in gains from financial asset disposals[105](index=105&type=chunk) [Australia Hotel and Related Services Business](index=28&type=section&id=Australia%20Hotel%20and%20Related%20Services%20Business) Australia hotel segment revenue decreased by **3%** to **HK$31,943 thousand** for H1 2025, impacted by global economic challenges and slow tourism recovery, with occupancy falling to **69%** - The Group provides hotel and related services in Australia through Balgownie Estate Vineyard Resort & Spa, an award-winning tourist destination[106](index=106&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk) Key Metrics for Australia Hotel Business | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HK$ thousand) | 31,943 | 32,958 | ↓ 3.08% | | Occupancy rate | 69% | 74% | ↓ 5% | | Number of luxury rooms | 70 | 70 | No change | | Wine club members | Approximately 1,300 | – | Newly added | - The decrease in revenue was mainly due to global economic challenges and slow recovery of international tourism, affecting travel demand, conference business, and wine club operations[112](index=112&type=chunk)[115](index=115&type=chunk) - Balgownie completed renovation works in October 2024 and is launching new wine varieties and low-alcohol options to attract consumers[114](index=114&type=chunk)[116](index=116&type=chunk) [Money Lending Business](index=30&type=section&id=Money%20Lending%20Business) Money lending interest income decreased by **49.95%** to **HK$2,559 thousand** for H1 2025, primarily due to reduced loan disbursements, with the Group maintaining prudent monitoring - The Group conducts money lending business in Hong Kong through its wholly-owned subsidiary, Best Profit Finance Limited[118](index=118&type=chunk)[122](index=122&type=chunk) Interest Income from Money Lending Business | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Interest income | 2,559 | 5,113 | ↓ 49.95% | - The decrease in interest income was mainly due to fewer loans disbursed during the period[118](index=118&type=chunk)[122](index=122&type=chunk) [Asset Investment Business](index=30&type=section&id=Asset%20Investment%20Business) Asset investment portfolio, mainly listed securities, recorded a **HK$2,819 thousand** fair value loss on FVTPL assets and a **HK$2,509 thousand** loss on an associate disposal for H1 2025 - The Group's asset investment portfolio primarily comprises securities issued by listed companies[119](index=119&type=chunk)[123](index=123&type=chunk) Fair Value Losses from Asset Investment Business | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Fair value loss on financial assets at FVTPL | 2,819 | 3,714 | ↓ 24.1% | | Fair value loss on financial assets at FVTOCI | 2 | 503 | ↓ 99.6% | - In January 2025, the Group disposed of an associate (EFL held a **48.33%** equity interest), recording a loss of **HK$2,509 thousand**[120](index=120&type=chunk)[123](index=123&type=chunk) [Discontinued Operations](index=30&type=section&id=Discontinued%20Operations) The 'provision of services via online media' segment was discontinued in FY2024 following the disposal of Dynamic Indonesia Holdings Limited, with no current period revenue - The 'provision of services via online media' segment was discontinued during the year ended December 31, 2024, with no related revenue in the current period[117](index=117&type=chunk)[121](index=121&type=chunk) [Significant Investment Prospects in Associates](index=31&type=section&id=Significant%20Investment%20Prospects%20in%20Associates) The Group's **48.33%** equity investment in Luck Key Investment Limited, a medical diagnostic service provider, is significant, with a carrying value of **HK$17,830 thousand** and a share of loss of **HK$5,111 thousand** for H1 2025 - The Group holds approximately **48.33%** equity interest in Luck Key Investment Limited, with an investment cost of approximately **HK$56,511 thousand** and a carrying value of approximately **HK$17,830 thousand**, representing approximately **5.1%** of the Group's total assets[124](index=124&type=chunk)[126](index=126&type=chunk) - Luck Key primarily engages in providing medical diagnostic and health check services, operating ten medical examination centers and two laboratories in Hong Kong[125](index=125&type=chunk)[127](index=127&type=chunk) Luck Key Financial Performance | Indicator | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Luck Key Revenue | 98,630 | 94,879 | ↑ 4.0% | | Group's share of Luck Key loss | 5,111 | 9,580 | ↓ 46.6% | | Luck Key loss attributable to shareholders | 10,576 | 19,821 | ↓ 46.6% | - The Group will continue to hold the investment unless there is a change in investment strategy or an opportunity for realization arises, to optimize portfolio returns[130](index=130&type=chunk)[134](index=134&type=chunk) [Outlook](index=32&type=section&id=Outlook) The global economy faces ongoing downside risks from geopolitical tensions and economic volatility, while the Group aims to strengthen existing businesses and create shareholder value through strategic planning - The global economy will face downside risks such as geopolitical tensions, trade fragmentation, economic volatility, the Russia-Ukraine war, the Israel-Palestine conflict, and tariff wars[131](index=131&type=chunk)[135](index=135&type=chunk) - The Group will continue to develop, maintain, and strengthen its existing businesses by formulating and implementing its own business plans and strategies, leveraging its business model, competitiveness, and strengths[132](index=132&type=chunk)[135](index=135&type=chunk) [Financial Resources and Liquidity](index=33&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, total assets were **HK$351,619 thousand**, with cash significantly reduced, and total borrowings of **HK$102,388 thousand** leading to increased gearing and net debt to equity ratios Key Financial Resources and Liquidity Indicators | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total assets | 351,619 | 369,409 | ↓ 4.8% | | Cash and cash equivalents | 1,812 | 10,987 | ↓ 83.5% | | Borrowings repayable within one year (or on demand) | 97,761 | 95,546 | ↑ 2.3% | | Total borrowings | 102,388 | 103,091 | ↓ 0.68% | | Average annual interest rate | 7.6% | 8.3% | ↓ 0.7% | | Gearing ratio | 0.41 times | 0.40 times | ↑ 0.01 | | Net debt to equity ratio | 0.64 times | 0.56 times | ↑ 0.08 | - Cash and cash equivalents are denominated in HKD, USD, and AUD, with a significant increase in AUD proportion[136](index=136&type=chunk)[138](index=138&type=chunk) - Approximately **80%** of total borrowings are denominated in AUD, and **20%** in HKD[136](index=136&type=chunk)[138](index=138&type=chunk) [Capital Structure](index=34&type=section&id=Capital%20Structure) As of June 30, 2025, shareholders' equity was **HK$207,426 thousand** and total borrowings **HK$102,388 thousand**, with some loans subject to covenants and primarily variable-rate and secured Key Capital Structure Indicators | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Shareholders' equity | 207,426 | 223,276 | ↓ 7.1% | | Total borrowings | 102,388 | 103,091 | ↓ 0.68% | | Fixed-rate borrowings | 25,164 | 30,740 | ↓ 18.2% | | Variable-rate borrowings | 77,224 | 72,351 | ↑ 6.7% | | Secured borrowings | 77,378 | 72,567 | ↑ 6.6% | | Unsecured borrowings | 25,010 | 30,524 | ↓ 18.0% | | Repayable within one year or on demand | 97,761 | 95,546 | ↑ 2.3% | | Repayable in the second year | 4,627 | 7,545 | ↓ 38.7% | Average Effective Annual Interest Rate | Interest rate type | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed-rate borrowings | 9.7% | 10.6% | ↓ 0.9% | | Variable-rate borrowings | 6.9% | 7.3% | ↓ 0.4% | - Certain loans are subject to conditions common in financial institution lending arrangements, and a breach could result in repayment on demand[141](index=141&type=chunk)[142](index=142&type=chunk) [Foreign Exchange Risk Management](index=35&type=section&id=Foreign%20Exchange%20Risk%20Management) Group revenue and costs are primarily in HKD and AUD; no derivative hedging was used, but foreign currency risk is monitored for potential future hedging - The Group's revenue and costs are primarily denominated in HKD and AUD[148](index=148&type=chunk)[151](index=151&type=chunk) - No derivative financial instruments were invested for hedging purposes during the reporting period[148](index=148&type=chunk)[151](index=151&type=chunk) - The Group will continue to monitor foreign currency risk and consider using appropriate hedging instruments when exchange rates fluctuate[148](index=148&type=chunk)[151](index=151&type=chunk) [Pledge of Assets and Capital Commitments](index=35&type=section&id=Pledge%20of%20Assets%20and%20Capital%20Commitments) Approximately **HK$79,557 thousand** of assets were pledged for borrowings as of June 30, 2025, with no significant contracted capital commitments Pledge of Assets | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Amount of freehold land, buildings and motor vehicles pledged | 79,557 | 75,611 | ↑ 5.2% | - As of June 30, 2025, the Group had no significant contracted but unprovided capital commitments[150](index=150&type=chunk)[153](index=153&type=chunk) [Dealings in Listed Securities](index=36&type=section&id=Dealings%20in%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for H1 2025 - 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[154](index=154&type=chunk)[156](index=156&type=chunk) [Litigation and Claims](index=36&type=section&id=Litigation%20and%20Claims) The Group is involved in Convoy and Chu litigations concerning share allotments and financing, with potential liabilities currently deemed unreliable to estimate, thus no provisions are made - In the Convoy Litigation, the plaintiffs seek rescission of Convoy share allotments, annulment of financing facilities, and damages[155](index=155&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk) - In the Chu Litigation, the petitioners seek declarations of invalidity for Convoy share placements and damages[164](index=164&type=chunk)[166](index=166&type=chunk) - The Group believes that the potential liability cannot be reliably estimated at present, and therefore no provision has been made for the aforementioned legal proceedings[168](index=168&type=chunk)[173](index=173&type=chunk) [Contingent Liabilities](index=39&type=section&id=Contingent%20Liabilities) Excluding disclosed litigations and claims, the Group had no other significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no significant contingent liabilities (2024: nil)[169](index=169&type=chunk)[174](index=174&type=chunk) [Employee Remuneration Policy](index=39&type=section&id=Employee%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately **140 employees** with total staff costs of **HK$20,389 thousand**, focusing on talent development and retention, with director remuneration based on expertise Number of Employees and Staff Costs | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of employees | Approximately 140 | Approximately 119 | ↑ 17.6% | | Total staff costs (HK$ thousand) | 20,389 | 19,831 | ↑ 2.8% | - The Group maintains and enhances employee capabilities by providing adequate and regular training, career development opportunities, and benefits (including provident fund schemes and medical plans)[171](index=171&type=chunk)[175](index=175&type=chunk)[179](index=179&type=chunk)[183](index=183&type=chunk) - The directors' remuneration policy is determined by the Board based on the recommendations of the Remuneration Committee, with reference to the directors' expertise, qualifications, and abilities[178](index=178&type=chunk)[183](index=183&type=chunk) [Directors' and Chief Executive's Interests](index=40&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests) As of June 30, 2025, no Directors or Chief Executive held any disclosable interests or short positions in the Company's or its associated corporations' securities - As of June 30, 2025, no Director or Chief Executive of the Company held or was deemed to hold any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations[182](index=182&type=chunk)[186](index=186&type=chunk) [Substantial Shareholders' Interests](index=41&type=section&id=Substantial%20Shareholders'%20Interests) As of June 30, 2025, Mr. Ng Ting Kit and Deep Shine Holdings Limited were substantial shareholders, holding **9.64%** and **5.06%** long positions respectively, with no other disclosable interests Substantial Shareholders' Long Positions in Shares | Name of Shareholder | Capacity | Number of shares involved | Approximate percentage | | :--- | :--- | :--- | :--- | | Mr. Ng Ting Kit | Beneficial owner | 497,180,000 | 9.64% | | Mr. Ng Ting Kit | Interest in controlled corporation | 260,800,000 | 5.06% | | Deep Shine Holdings Limited | Beneficial owner | 260,800,000 | 5.06% | - Mr. Ng Ting Kit is deemed to be interested in the shares held by Deep Shine Holdings Limited, which is wholly-owned by him[189](index=189&type=chunk) - As of June 30, 2025, save as disclosed above, there were no other substantial shareholders' interests required to be disclosed to the Company and recorded in the register[189](index=189&type=chunk)[190](index=190&type=chunk) [Issue of Convertible Loan](index=42&type=section&id=Issue%20of%20Convertible%20Loan) EFL's **HK$7,600 thousand** convertible loan notes were partially repaid and reclassified as other borrowings due to significant modifications, with the conversion option having lapsed - EFL issued convertible loan notes totaling **HK$7,600,000** to independent third parties for the Group's general working capital[191](index=191&type=chunk)[194](index=194&type=chunk) - For the year ended December 31, 2024, approximately **HK$694,000** of the convertible notes were repaid, and the maturity date for the remaining portion was extended to March 31, 2026[193](index=193&type=chunk)[195](index=195&type=chunk) - Due to significant modifications, the remaining outstanding portion was reclassified as other borrowings, and the conversion option lapsed[193](index=193&type=chunk)[195](index=195&type=chunk) [Share Option Scheme](index=43&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted June 9, 2020, allows for granting options to eligible participants at specific prices, with **533,623,510 shares** available under the limit, but no options were granted or outstanding in H1 2025 - The share option scheme aims to incentivize or reward eligible participants who contribute to the Group and/or to recruit and retain excellent employees[197](index=197&type=chunk)[200](index=200&type=chunk) - The maximum number of shares that any participant may be granted in any twelve-month period shall not exceed **1%** of the total number of shares then in issue and available for issue[197](index=197&type=chunk)[201](index=201&type=chunk) - The exercise price shall be determined by the Directors, but shall not be less than the highest of the closing price of the shares as stated in GEM's daily quotations sheet on the date of grant, the average closing price of the shares as stated in GEM's daily quotations sheets for the five trading days immediately preceding the date of the proposed grant, or the nominal value of the shares[201](index=201&type=chunk) - As of June 30, 2025, **533,623,510 shares** could be granted under the existing scheme limit, but no share options were granted or outstanding during the reporting period[203](index=203&type=chunk)[205](index=205&type=chunk)[210](index=210&type=chunk) [Changes in Directors' Information and Competing Business Interests](index=44&type=section&id=Changes%20in%20Directors'%20Information%20and%20Competing%20Business%20Interests) Independent Non-executive Director Mr. Tong Hin Sum's role changed, and Non-executive Director Mr. Ng Ting Ho has competing money lending business interests, with no other disclosed competing interests - Independent Non-executive Director Mr. Tong Hin Sum has been re-designated from an independent non-executive director to a non-executive director of Profit Point Holdings Limited, effective June 30, 2025[206](index=206&type=chunk)[211](index=211&type=chunk) - Non-executive Director Mr. Ng Ting Ho holds directorships in other companies engaged in money lending business, which compete with the Group's business[208](index=208&type=chunk)[212](index=212&type=chunk) - Save as disclosed above, none of the Directors, controlling shareholders, or their respective close associates have any interests in any business that competes or may compete, either directly or indirectly, with the business of the Group[209](index=209&type=chunk)[212](index=212&type=chunk) [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Company adheres to its Directors' securities trading code and Corporate Governance Code, with a noted deviation in Chairman and CEO roles, and the Audit Committee has reviewed the interim results - The Company has adopted a code of conduct regarding Directors' securities transactions, with terms no less exacting than the required standards of dealing set out in the GEM Listing Rules[213](index=213&type=chunk)[217](index=217&type=chunk) - The Company has complied with the Corporate Governance Code, except for the unseparated roles of Chairman and Chief Executive, with the Chief Executive position currently vacant[215](index=215&type=chunk)[218](index=218&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim results report and found it compliant with applicable accounting standards and GEM Listing Rules[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Code for Securities Transactions by Directors](index=45&type=section&id=Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a code of conduct for Directors' securities transactions, compliant with GEM Listing Rules, and all Directors have adhered to it - The Company has adopted a code of conduct regarding Directors' securities transactions, with terms no less exacting than the required standards of dealing set out in Rules 5.48 to 5.67 of the GEM Listing Rules[213](index=213&type=chunk)[217](index=217&type=chunk) - All Directors have complied with the required standards of dealing and the code of conduct regarding Directors' securities transactions[213](index=213&type=chunk)[217](index=217&type=chunk) [Corporate Governance Code](index=45&type=section&id=Corporate%20Governance%20Code) The Company complies with the Corporate Governance Code, but the CEO role has been vacant since January 1, 2025, and the Board structure will be reviewed to fill it - The Company has complied with the Corporate Governance Code, although the roles of Chairman and Chief Executive should be separate, with Mr. Ng Ting Ho, a Non-executive Director, currently serving as Chairman, and the Chief Executive position vacant[215](index=215&type=chunk)[218](index=218&type=chunk) - The Company will periodically review the current structure of the Board and will fill the Chief Executive position when a suitable candidate is identified[216](index=216&type=chunk)[219](index=219&type=chunk) [Audit Committee](index=46&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Wong Siu Keung and comprising three independent non-executive directors, reviewed the interim results and found them compliant with accounting standards and GEM Listing Rules - The Audit Committee comprises three independent non-executive directors, with Mr. Wong Siu Keung as Chairman[221](index=221&type=chunk)[223](index=223&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated results for the six months ended June 30, 2025, and this report[222](index=222&type=chunk)[223](index=223&type=chunk) - The Committee is of the opinion that such results and report were prepared in accordance with applicable accounting standards and the GEM Listing Rules, and that adequate disclosures have been made[222](index=222&type=chunk)[223](index=223&type=chunk)

Company Overview - Hengtaiyu Group Holdings Limited (stock code: 08081) was listed on the Hong Kong Stock Exchange's Growth Enterprise Market in June 2000. The company primarily engages in providing hotel and related services in Australia, lending business, and asset investment activities [2]. Financial Performance - As of December 31, 2024, Hengtaiyu Group reported total operating revenue of 63.2745 million yuan, representing a year-on-year growth of 5.89% [1]. - The company recorded a net profit attributable to shareholders of -81.0859 million yuan, a significant decrease of 792.52% compared to the previous year [1]. - The gross profit margin stood at 84.06%, while the debt-to-asset ratio was 39.56% [1]. Stock Performance - On August 18, the Hang Seng Index fell by 0.37%, closing at 25,176.85 points. Hengtaiyu Group's stock price closed at 0.018 HKD per share, marking an increase of 28.57% with a trading volume of 25.73 million shares and a turnover of 418,800 HKD, showing a volatility of 21.43% [1]. - Over the past month, Hengtaiyu Group has experienced a cumulative decline of 68.18%, and a year-to-date decline of 74.55%, underperforming the Hang Seng Index, which has risen by 25.97% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the tourism and leisure facilities industry is 54.92 times, with a median of -0.82 times. Hengtaiyu Group's P/E ratio is -0.82 times, ranking 122nd in the industry [1]. - Comparatively, other companies in the industry have the following P/E ratios: Yizhan Green Technology (08475.HK) at 0.12 times, Lifestyle Concept (08056.HK) at 0.62 times, Kaisen Holdings (00102.HK) at 0.92 times, Okura Holdings (01655.HK) at 1.37 times, and Dida Chuxing (02559.HK) at 1.39 times [1].

董事會會議日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 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 就 因 本 公 佈 全 部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：8081） 吳廷浩 二零二五年八月十五日 於 本 公 佈 日 期，董 事 會 成 員 包 括(i)一 名 非 執 行 董 事，即 吳 廷 浩 先 生；(ii)一名執 行董事，即方澤翹先生；及(iii)四名獨立非執行董事，即黃兆強先生、陳銘傑先生、 湯顯森先生及孫逍女士。 本公佈之資料乃遵照香港聯合交易所有限公司GEM上 市 規 則 而 刊 載，旨 在 提 供 有 關 本 公 司 之 資 料；董 事 願 就 本 公 佈 之 資 料 共 同 及 個 別 承 擔 全 部 責 任。董 事 在 作 出 一 切 合 理 查 詢 後 確 認，就 彼 等 所 深 知 及 確 信，本 公 佈 所 載 資 料 在 各 重 要 方 面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令致 ...