Interim Report 中期報告 2025 Characteristics of GEM of The Stock Exchange of Hong Kong Limited ("Stock Exchange") 香港聯合交易所有限公司（「 聯交所」）GEM之特點 GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that t ...

Group 1 - The company reported a total revenue of HKD 51.76 million for the mid-year of 2025, representing a year-on-year decrease of 24.72% [1] - The loss attributable to the company's owners was HKD 17.64 million, which is an increase of 47.06% compared to the previous year [1] - The loss per share was reported at HKD 0.146 [1]

国农金融投资(08120)公布2025年中期业绩，总收入5176.6万港元，同比减少24.72%;公司拥有人应占亏 损1764.3万港元，同比增长47.06%;每股亏损14.6港仙。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：8120） 二零二五年中期業績公佈 國 農 金 融 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 稱 為「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 業 績。本 公 佈 載 有 本 公 司 二 零 二 五 年 中 期 報 告 全 文，乃 符 合 香 港 聯 合 交 易 所 有 限公司GEM證 券 上 市 規 則（「GEM上市規則」）中 有 關 中 期 業 績 初 步 公 佈 附 載 資 料 之相關要求。 承董事會命 國農金融投資有限公司 主 席 吳文俊 香港，二零二五年八月十五日 於本公告日期，董事會包括三名執行董事，即吳文俊先生、吳廷浩先生及陳志鋒 先生及三名獨立非執行董事，即陳衍行先生、洪君毅先生及吳婧女士。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 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及於百慕達存續之有限公司） （股份代號：8120） 董事會會議日期 國農金融投資有限公司 主 席 吳文俊 香港，二零二五年八月一日 於本公告日期，董事會包括三名執行董事，即吳文俊先生、吳廷浩先生及陳志鋒 先生及三名獨立非執行董事，即陳衍行先生、洪君毅先生及吳婧女士。 本公告的資料乃遵照GEM上 市 規 則 而 刊 載，旨 在 提 供 有 關 本 公 司 的 資 料。董 事 願就本公告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後， 確 認 就 其 所 知 及 所 信，本 公 告 所 載 資 料 在 各 重 要 方 面 均 屬 準 確 完 備，沒 有 誤 導 或 欺 詐 成 份，且 並 無 遺 漏 任 何 其 他 事 項，足 以 令 致 本 公 告 所 載 任 何 陳 述 或 本 公 告產生誤導。 本公告將由刊登之日起計最少一連七日刊登於聯交所網站(www.hkexnews ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國農金融投資有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 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) | 08120 | 說明 | 不適用 | | | | | | | | 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 | | | 135,522,300 | | 0 | | 135,522,300 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 135,522,300 | | 0 | | 135,522,300 | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | ...

Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately HK$134,342,000, a decrease of 14.5% from HK$156,940,000 in 2023[20] - Loss attributable to owners of the Company amounted to approximately HK$38,397,000, compared to a loss of HK$45,308,000 in 2023, indicating an improvement of 15.5%[20] - General and administrative expenses totaled approximately HK$122,132,000 for the year[20] - Revenue from continuing operations increased by approximately 14.4% to approximately HK$134,342,000, compared to HK$156,940,000 in 2023[40] - The Group recorded a fair value gain on financial assets through profit or loss of approximately HK$175,000, a significant recovery from a loss of approximately HK$13,232,000 in 2023[28] - The Group recorded a net loss attributable to owners of approximately HK$38,397,000 for the year ended 31 December 2024, an improvement from a loss of HK$45,308,000 in 2023[39] Revenue Breakdown - Income from the food and beverage business was approximately HK$117,425,000, contributing significantly to overall revenue[20] - Revenue from the financial services business amounted to approximately HK$9,615,000, an increase from HK$9,149,000 in 2023[22] - The food and beverage business generated revenue of approximately HK$117,425,000, down from HK$139,815,000 in 2023[29] - The children education business saw revenue increase to approximately HK$5,354,000 from HK$4,598,000 in 2023[30] - The alcoholic beverage distribution and miscellaneous business revenue decreased to approximately HK$673,000 from HK$2,092,000 in 2023, indicating a need for performance monitoring[29] Impairment and Losses - The impairment loss of property, plant and equipment was approximately HK$8,579,000, and the impairment loss of loans and interest receivables was approximately HK$2,135,000[20] - The reversal of impairment loss of trade receivables was approximately HK$1,250,000, providing some offset to losses[20] - The Group recorded an impairment loss on loans and interest receivables of approximately HK$2.1 million for the year ended December 31, 2024, a decrease from approximately HK$4 million in 2023[93] - The accumulated impairment loss of approximately HK$8.4 million represented about 68.2% of gross loans and interest receivables as of December 31, 2024[94] - An impairment loss of goodwill of approximately HK$30,000 was recognized for the alcoholic beverage distribution business, down from HK$107,000 in the previous year, indicating a reduction of approximately 72%[200] Market Conditions and Strategy - The Chairman highlighted external challenges such as rising trade protectionism and slower U.S. interest rate reductions that may impact future growth[33] - The Group aims to adapt strategies proactively to safeguard growth and profitability amid evolving economic conditions[33] - The food and beverage industry in Hong Kong faced significant challenges in 2024, with a notable 11.3% year-on-year decline in retail sales in December 2024, marking the tenth consecutive month of contraction[49] - The Group plans to focus resources on the Hong Kong market to enhance operational efficiency[29] - The Group continues to enhance its brand portfolio and secure commercially viable locations for new restaurants under favorable terms despite market pressures[57] Money Lending Business - The Group utilized surplus liquidity to fund its money lending business through its indirectly wholly-owned subsidiaries[21] - As of December 31, 2024, the aggregate net amount of loans and interest receivable in the Group's money lending segment was approximately HK$3.9 million, with personal loans and corporate loans representing approximately 52.4% and 47.6% of the total active and outstanding loan portfolio respectively[77] - The effective interest rate of the active and outstanding loans in the loan portfolio ranged from approximately 10% to 18% per annum as of December 31, 2024[78] - The Group's money lending business primarily targets well-heeled and reputable customers, including executives, businessmen, and professionals[85] - The Group has complied with applicable GEM Listing Rules when granting loans to customers under its money lending business segment[72] Credit Risk Management - The Group has implemented internal control measures to manage credit risk, including regular analysis of the loan portfolio and monitoring of loans post-drawdown[129] - The Credit Committee oversees the credit policy and loan portfolio, with members appointed by the Board[111] - Strict credit assessment procedures are in place to evaluate the repayment ability of customers, with no specific quantitative criteria for loan approvals[118] - The Group regularly monitors and revises the criteria used to identify significant increases in credit risk[108] - The expected credit loss (ECL) model is updated at each reporting date to reflect changes in credit risk since initial recognition[152] Margin Financing - As of 31 December 2024, the aggregate amount of trade receivable related to margin financing was approximately HK$44 million, with personal clients representing about 65% and business clients about 35% of the total[145][147] - The effective interest rate for active and outstanding loans to margin clients ranged from approximately 8.9% to 18.9% per annum, with margin loans being repayable on demand[150] - The Group's margin client receivables were secured by collateral securities valued at approximately HK$169.9 million as of December 31, 2024, down from HK$220.8 million in 2023[153] - For the year ended December 31, 2024, no impairment loss was recognized on loans to margin clients, compared to an impairment loss of HK$1.3 million in 2023[158] - The Group will continue to monitor the margin financing portfolio closely and adopt risk control strategies while expanding the customer base[154]

Financial Performance - The Group's audited consolidated financial results for the year ended December 31, 2024, have been announced[2]. - For the year ended 31 December 2024, the Group recorded revenue of approximately HK$134,342,000, a decrease of 14.4% from HK$156,940,000 in 2023[44]. - The net loss attributable to owners of the Company was approximately HK$38,397,000, an improvement from a loss of HK$45,308,000 in 2023[43]. - Revenue from continuing operations increased by approximately 14.4% to about HK$134,342,000, while gross profit from continuing operations was approximately HK$92,279,000[47]. - The food and beverage business generated revenue of approximately HK$117,425,000, down from HK$139,815,000 in the previous year, indicating a decline of about 16%[50]. - The children education business reported revenue of approximately HK$5,354,000, an increase from HK$4,598,000 in 2023[34]. - The Group recorded a fair value gain on financial assets through profit or loss of approximately HK$175,000, compared to a loss of HK$13,232,000 in 2023[32]. - The loan interest income from the money lending business segment amounted to approximately HK$1,137,000 for the year ended 31 December 2024, compared to HK$1,111,000 for the previous year, reflecting a growth of approximately 2.3%[142]. - Interest income from the financial service business segment amounted to approximately HK$5,273,000 during the year, down from HK$6,514,000 in 2023[181]. Operational Insights - The report includes a five-year financial summary, providing insights into the Group's performance trends[13]. - The Group's management discussion and analysis section will detail operational strategies and market conditions[13]. - The Chairman's statement will outline the Group's future outlook and strategic direction[23]. - The report will cover new product developments and technological advancements undertaken by the Group[13]. - The Group is exploring market expansion opportunities and potential mergers and acquisitions[13]. - The Group plans to focus resources in Hong Kong and monitor the performance of its businesses to assess future development opportunities[33]. Expenses and Impairments - General and administrative expenses decreased to approximately HK$122,132,000 from HK$132,582,000 in 2023[45]. - Impairment losses included approximately HK$8,579,000 for property, plant and equipment and HK$2,135,000 for loans and interest receivables[43]. - An impairment loss of approximately HK$8,579,000 on property, plant, and equipment was recorded, significantly higher than the HK$2,370,000 recorded in the previous year[52]. - The impairment loss on loans and interest receivables for the year ended December 31, 2024, was approximately HK$2.1 million, a decrease from approximately HK$4 million in 2023[100]. - The cumulative impairment loss related to corporate loans guaranteed by individuals was approximately HK$8,400,000, representing about 68.2% of the total receivables and interest as of December 31, 2024[103]. Money Lending Business - The Group's money lending business offers both secured and unsecured loans, including personal loans, business loans, and mortgage loans[76]. - The effective interest rate of active and outstanding loans in the money lending portfolio ranged from approximately 10% to 18% per annum[84]. - The Group's money lending business commenced in December 2013 and has since developed a diversified range of services to meet various customer needs[69]. - The market for licensed money lenders in Hong Kong is competitive, with over 2,110 licensed money lenders as of 31 December 2024[74]. - The Group has complied with GEM Listing Rules when granting loans to customers, ensuring regulatory adherence[80]. Credit Risk Management - The Group's loan portfolio is closely monitored, particularly loans to major customers, to manage credit risk effectively[96]. - The assessment of credit risk includes both quantitative and qualitative information, considering historical experience and forward-looking data[105]. - Significant deterioration in the debtor's financial condition or external credit ratings may lead to a reassessment of credit risk[106]. - The Group has engaged legal action against borrowers to recover outstanding debts, including sending demand letters and filing claims in court[108]. - The overall strategy includes maintaining strict internal controls and monitoring to enhance customer repayment capabilities[103]. Margin Financing - As of 31 December 2024, the aggregate amount of trade receivable related to margin financing was approximately HK$44 million, with personal clients representing about 65% and business clients about 35% of the total[155]. - The effective interest rate for active and outstanding loans to margin clients ranged from approximately 8.9% to 18.9% per annum as of 31 December 2024[160]. - The largest customer of the margin financing business had a loan amount of approximately HK$9.0 million, accounting for 20% of the total loans to margin clients, while the five largest customers accounted for 71% of the total[161]. - The market value of securities pledged as collateral for margin clients was approximately HK$169.9 million as of 31 December 2024, down from HK$220.8 million in 2023[159]. - The Group performs impairment assessments on trade receivables under the expected credit loss model, updating the amount at each reporting date to reflect changes in credit risk[162]. Economic and Market Conditions - The economic recovery is slower than anticipated, influenced by high interest rates and geopolitical factors, prompting authorities to implement measures to enhance financial competitiveness[199]. - The food and beverage industry in Hong Kong faced significant challenges, with a notable 11.3% year-on-year decline in retail sales in December 2024[53].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：8120） 二零二四年中期業績公佈 國 農 金 融 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 稱 為「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈 本 集 團 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 業 績。本 公 佈 載 有 本 公 司 二 零 二 四 年 中 期 報 告 全 文，乃 符 合 香 港 聯 合 交 易 所 有 限公司GEM證 券 上 市 規 則（「GEM上市規則」）中 有 關 中 期 業 績 初 步 公 佈 附 載 資 料 之相關要求。 承董事會命 國農金融投資有限公司 主 席 吳文俊 香港，二零二四年八月十四日 於本公告日期，董事會包括三名執行董事，即吳文俊先生、吳廷浩先生及陳志鋒 先生及三名獨立非執行董事，即陳衍行先生、任亮憲先生及洪君毅先生 ...

Financial Performance - For the year ended December 31, 2023, the Group recorded revenue of approximately HK$156,940,000, an increase of 10.5% from HK$141,903,000 in 2022[18]. - The loss attributable to owners of the Company for 2023 was approximately HK$45,308,000, compared to HK$18,844,000 in 2022, indicating a significant increase in losses[18]. - Revenue from continuing operations increased by approximately 10.6% to approximately HK$156,940,000 for the year, up from HK$141,903,000 in 2022[44]. - Gross profit from continuing operations was approximately HK$104,366,000, up from HK$95,803,000 in the previous year[46]. - Revenue from the food and beverage business amounted to approximately HK$139,815,000, an increase from HK$117,564,000 in the previous year[50]. - Revenue from the financial services business was approximately HK$9,149,000, down from HK$15,214,000 in 2022, indicating a decline of approximately 39.5%[44]. - Revenue from the distribution of alcoholic beverages and miscellaneous business amounted to approximately HK$2,092,000 for the year, up from HK$1,596,000 in the previous year, representing a growth of 31.1%[198]. Losses and Impairments - The fair value loss on financial assets through profit or loss amounted to approximately HK$13,232,000, contributing to the overall loss[18]. - The Group experienced a fair value loss on financial assets through profit or loss of approximately HK$13,232,000 during the year[43]. - The Group recorded an impairment loss on loans and interest receivables of approximately HK$4 million for the year ended December 31, 2023, compared to approximately HK$2 million for the corresponding period in 2022[98]. - The accumulated impairment loss amounted to approximately HK$6 million, representing approximately 52.1% of gross loans and interest receivables of the money lending business as of December 31, 2023[101]. - The impairment loss for the year was approximately HK$4 million, primarily from unsecured loans totaling HK$6 million, which accounted for about 52.1% of the total receivables as of December 31, 2023[103]. Money Lending Business - Loan interest income from the money lending business was approximately HK$1,111,000, a decrease from HK$2,713,000 in 2022[19]. - The loss in the money lending business increased by approximately HK$3,432,000 compared to the previous year[18]. - The Group's money lending business generated an aggregate amount of loans and interest receivable of approximately HK$5.8 million as of December 31, 2023, with personal loans and corporate loans representing approximately 24% and 76% of the total loan portfolio respectively[85]. - As of December 31, 2023, approximately 100% of the outstanding loan balance was repayable within one year, indicating a focus on short-term lending[85]. - The effective interest rate for the active and outstanding loans in the Group's money lending portfolio ranged from approximately 10% to 18% per annum, with unsecured loans making up about 60% of the total number of loans[86]. - The Group's money lending business primarily offers secured and unsecured loans, including personal, business, and mortgage loans, tailored to meet diverse customer needs[80]. - The Group has been actively developing its money lending business since December 2013, focusing on providing diversified services to individuals and corporations[74]. - The market for licensed money lenders in Hong Kong is competitive, with over 2,270 licensed money lenders as of December 31, 2023[75]. Credit Risk Management - The Group will continue to adhere to established internal control measures to monitor timely repayment and control credit risks[101]. - The Group continues to monitor credit risk indicators and adjust its internal controls to mitigate potential losses[112]. - The Group has established standardized and centralized credit policies for loan approval processes[118]. - The Credit Committee is responsible for approving and monitoring the Group's lending policies and loan portfolio[118]. - The Group applies strict credit assessment procedures to evaluate the repayment ability of customers, with no specific quantitative conditions for loan approvals[120]. - For individual customers, key factors in loan evaluation include income proof, asset proof, and willingness to provide personal guarantees[122]. - For corporate customers, the evaluation focuses on revenue streams, asset proof, and the ability to provide personal guarantees or collateral[123]. - The Group presumes that credit risk has significantly increased when contractual payments are more than 365 days past due, unless there is reasonable information to demonstrate otherwise[167]. Operational Challenges - The food and beverage industry continues to face challenges from intense competition and rising operating costs, including increased rental, food, and labor expenses[53]. - The operating environment for the food and beverage industry in Hong Kong is expected to remain challenging, with local consumer spending facing headwinds due to elevated interest rates and a strong Hong Kong dollar[61]. - The financial and real estate markets in Hong Kong faced significant challenges, with IPOs and property transactions at their lowest levels since 2003 and 1991, respectively[34]. - The company is facing challenges due to substantial withdrawals from China's economy, impacting interest income from margin financing and commission revenue from brokerage services[195]. - The company has demonstrated resilience in the face of global financial challenges, maintaining a steadfast position despite adverse market conditions[195]. Strategic Initiatives - The Group plans to continue diversifying its investment portfolios to mitigate financial risks and enhance returns to shareholders[26]. - The Group plans to focus its resources more effectively in Hong Kong to enhance business performance[29]. - The Group is seeking new opportunities for future development, particularly in the children education sector with the establishment of a new school premises in Chai Wan[28]. - The Group plans to explore prudent expansion opportunities through new brands and strategically located sites to navigate the competitive landscape[66]. - The Group has implemented initiatives to enhance customer satisfaction and operational efficiency in its restaurants to attract customers back[33]. - The Group will closely monitor market conditions and adjust interest rates and loan-to-value ratios to optimize the balance between risk and capital[134][138].