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10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: 洪橋集團有限公司 呈交日期: 2025年11月4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) | 08137 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | 本月底法定/註冊股本 ...

公司名稱: 洪橋集團有限公司 呈交日期: 2025年10月6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) | 08137 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000,000 | HKD | | 0.001 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000,000 | HKD | | 0.001 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 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 ...

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 份內 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。 洪 橋 集 團 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：8137） 二零二四年年報之補充公告 茲 提 述本 公 司 於 二 零二 五 年 四 月八 日 刊 發 之 截至 二 零 二 四 年十 二 月 三 十一 日 止 年 度 之 年 報（「二 零 二 四 年 年 報」）。 除 另 有 指 明 者 外 ， 本 公 告 所 用 詞 彙 與 二 零二 四 年 年 報 所界 定 者 具 有相 同 涵 義 。 本公 告 為 二 零 二四 年 年 報 提供 補充資料，其應與二零二四年年報一併閱讀。 購股權計劃之進一步詳情 茲 提 述 二 零 二 四 年 年 報 第 39 頁 所 載「 購 股 權 計 劃 」一 段 。 董 事 會 謹 此 按 照 ...

HONBRIDGE HOLDINGS LIMITED 洪橋集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號：8137) NOTIFICATION LETTER 通 知 信 函 Dear Non-registered Shareholder (Note 1) , 8 September 2025 The following document(s) of Honbridge Holdings Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at https://www.8137.hk and The Stock Exchange of Hong Kong Limited at https://www.hkexnews.hk (collectively the "Websi ...

HONBRIDGE HOLDINGS LIMITED 洪橋集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號：8137) You may at any time send your request in writing to the Company (c/o the Hong Kong Share Registrar at the above address or by email to the above email address) to request for printed copies of the Corporate Communications. If you have received notification of the publication of the Corporate Communications on the Websites and for any reason have difficulty in gaining access ...

[Company Overview](index=1&type=section&id=Company%20Overview) [Company Information](index=3&type=section&id=Company%20Information) This section provides Hong Bridge Group Limited's basic company information, highlighting board and committee member changes, auditors, bankers, and key corporate details - Board members underwent multiple changes during the reporting period, including the resignation of Executive Director Mr. Liu Wei, Non-executive Director Mr. Yan Weimin, and the appointment and resignation of several Independent Non-executive Directors such as Dr. Wang Jiwei, Mr. Wang Baogang, Mr. Huang Yongzhong appointed, and Mr. Chen Zhenwei, Mr. Ma Gang, Mr. Xia Jun resigned. Company Secretary and authorized representatives also changed[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Code | 8137 | | Company Website | www.8137.hk | | Auditor | BDO Limited, Hong Kong | | Principal Bankers | Bank of China (Hong Kong) Limited, Nanyang Commercial Bank Limited | [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's H1 2025 continuing operations revenue sharply declined by 66.4%, reducing gross profit, though total comprehensive income turned profitable due to favorable exchange differences Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousands) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 15,487 | 46,054 | -66.4% | | Gross Profit | 213 | 12,506 | -98.3% | | Loss before income tax from continuing operations | (40,092) | (44,385) | -9.7% (Loss narrowed) | | Loss for the period | (43,146) | (53,123) | -18.8% (Loss narrowed) | | Total comprehensive income╱(loss) for the period | 489,154 | (710,140) | From loss to profit | | Loss for the period attributable to owners of the Company | (32,562) | (42,484) | -23.3% (Loss narrowed) | | Basic loss per share (Continuing and Discontinued Operations) | (0.27) HK cents | (0.44) HK cents | -38.6% (Loss narrowed) | - The exchange difference on translation of financial statements of overseas operations in other comprehensive income changed from **(HKD 657,377 thousand)** in H1 2024 to **HKD 534,563 thousand** in H1 2025, which is the main reason for the total comprehensive income for the period turning from a loss to a profit[11](index=11&type=chunk) [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 significantly grew, driven by exploration assets and expanded equity, with substantial improvement in net current assets and cash Summary of Condensed Consolidated Statement of Financial Position (HKD Thousands) | Indicator | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 6,259,043 | 5,465,255 | +14.5% | | Exploration and evaluation assets | 6,189,942 | 5,367,781 | +15.3% | | Total current assets | 522,492 | 222,166 | +135.2% | | Cash and cash equivalents | 410,975 | 65,784 | +524.7% | | Total current liabilities | 128,478 | 154,630 | -16.9% | | Net current assets | 394,014 | 67,536 | +483.4% | | Total assets less current liabilities | 6,653,057 | 5,532,791 | +20.2% | | Net assets | 4,383,857 | 3,513,948 | +24.7% | | Equity attributable to owners of the Company | 4,437,275 | 3,559,289 | +24.7% | - The significant growth in **exploration and evaluation assets** (+15.3%) is the primary driver of total asset growth, reflecting continuous investment in the Brazil iron ore project[12](index=12&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The Group's H1 2025 total equity significantly increased, mainly from HKD 376 million in share capital from placing and HKD 534 million in currency translation gains Summary of Condensed Consolidated Statement of Changes in Equity (HKD Thousands) | Indicator | Jan 1, 2025 | Change | June 30, 2025 | | :--- | :--- | :--- | :--- | | Total Equity | 3,513,948 | +869,909 | 4,383,857 | | Shares issued through placing | – | 376,000 | 376,000 | | Loss for the period | – | (43,146) | (43,146) | | Currency translation (Other comprehensive income) | – | 534,563 | 534,563 | - **Shares issued through placing** brought a **HKD 376,000 thousand increase in share capital**, significantly improving the equity structure[13](index=13&type=chunk) - Exchange reserve changed from **(HKD 6,665,899 thousand)** as of January 1, 2025, to **(HKD 6,133,641 thousand)** as of June 30, 2025, primarily affected by currency translation, reflecting exchange rate changes of overseas operations[13](index=13&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group achieved a significant net increase in cash and cash equivalents in H1 2025, primarily from substantial financing cash inflow via shares placing, despite operating cash outflow Summary of Condensed Consolidated Statement of Cash Flows (HKD Thousands) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (9,943) | (18,382) | Loss narrowed | | Net cash (used in)╱generated from investing activities | (5,253) | 18,505 | From inflow to outflow | | Net cash generated from╱(used in) financing activities | 362,156 | (11,861) | From outflow to inflow | | Net increase╱(decrease) in cash and cash equivalents | 346,960 | (11,738) | From decrease to increase | | Cash and cash equivalents at end of period | 410,975 | 151,282 | +171.6% | - **Shares placing** brought **HKD 376,000 thousand in cash inflow**, which is the main reason for the significant increase in cash and cash equivalents during the period[14](index=14&type=chunk) - Cash flow from investing activities turned from a net inflow last year to a net outflow, primarily due to the disposal of a subsidiary (net of cash disposed) and the purchase of exploration and evaluation assets[14](index=14&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Presentation and Changes in Accounting Policies](index=10&type=section&id=Basis%20of%20Presentation%20and%20Changes%20in%20Accounting%20Policies) These unaudited consolidated financial statements, reviewed by the Audit Committee, adhere to HKFRS and GEM Listing Rules, with consistent accounting policies and no significant impact from new standards - These financial statements are unaudited by the auditor but have been reviewed by the Audit Committee[15](index=15&type=chunk) - The accounting policies adopted in the preparation of these financial statements are consistent with those adopted in the preparation of the financial statements for the year 2024, and new or revised HKFRS accounting standards have had no significant impact on the Group's accounting policies[16](index=16&type=chunk) [Revenue](index=10&type=section&id=Revenue) The Group's H1 2025 total revenue significantly decreased by 68.7%, mainly due to sharp declines in lithium battery sales and discontinued ride-hailing services revenue Revenue Composition (HKD Thousands) | Business Type | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Continuing Operations** | | | | | Lithium battery sales | 11,600 | 44,666 | -74.0% | | Battery testing service income | 3,887 | 1,388 | +180.0% | | **Total Continuing Operations** | **15,487** | **46,054** | **-66.4%** | | **Discontinued Operations** | | | | | Ride-hailing services and related income | 6,899 | 25,393 | -72.8% | | **Total Revenue** | **22,386** | **71,447** | **-68.7%** | - **Lithium battery sales**, the main source of revenue from continuing operations, significantly **decreased by 74.0%** in H1 2025[18](index=18&type=chunk) - Revenue from discontinued ride-hailing services also significantly decreased by 72.8%, reflecting the exit strategy for this business[18](index=18&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group's H1 2025 saw a significant revenue drop and increased loss in lithium battery production, with non-current assets concentrated in Brazil's mineral exploration and China as the main revenue source Continuing Operations Segment Revenue and Loss (HKD Thousands) | Segment | H1 2025 Revenue | H1 2024 Revenue | H1 2025 Loss | H1 2024 Loss | | :--- | :--- | :--- | :--- | :--- | | Mineral resources exploration and trading | – | – | (6,778) | (3,987) | | Lithium battery production | 15,487 | 46,054 | (17,499) | (10,453) | | **Total** | **15,487** | **46,054** | **(24,277)** | **(14,440)** | - **Lithium battery production segment revenue decreased by 66.4%** year-on-year, and segment loss increased by 67.4% year-on-year[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue from External Customers by Geographical Location (HKD Thousands) | Region | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | China | 15,487 | 9,868 | +56.9% | | United Kingdom | – | 36,186 | -100% | | **Total** | **15,487** | **46,054** | **-66.4%** | Non-current Assets by Geographical Location (HKD Thousands) | Region | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Brazil | 6,190,664 | 5,368,755 | +15.3% | | China | 58,503 | 65,950 | -11.3% | | Hong Kong | 4,380 | 4,117 | +6.4% | | France | – | 26,184 | -100% | | **Total** | **6,253,547** | **5,465,006** | **+14.4%** | - **Non-current assets in Brazil** (primarily exploration and evaluation assets) account for an extremely high proportion and continue to grow, indicating the Group's focused investment in the SAM iron ore project[24](index=24&type=chunk) Revenue Contribution from Major Customers (HKD Thousands) | Customer | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Customer A | – | 38,836 | | Customer B | 3,887 | – | | Customer C | 2,634 | – | - The revenue contribution from **major customer A** in H1 2024 disappeared in H1 2025, replaced by contributions from customers B and C, indicating a change in customer structure[25](index=25&type=chunk) [Other Operating Income, Gains and Losses](index=14&type=section&id=Other%20Operating%20Income%2C%20Gains%20and%20Losses) The Group's H1 2025 other operating losses narrowed, mainly due to the absence of prior-period impairment losses, partially offset by increased losses from fair value financial assets Other Operating Income, Gains and Losses (HKD Thousands) | Item | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Bank interest income | 2,143 | 1,611 | +33.0% | | Net (loss)╱gain from financial assets measured at fair value through profit or loss | (13,376) | 1,759 | From gain to loss | | Impairment loss on amounts due from an associate | – | (25,955) | Impairment loss disappeared | | Miscellaneous income | 318 | 7,920 | -96.0% | | Gain on lease modification | 2,204 | – | New | | **Total Continuing Operations** | **(8,707)** | **(13,993)** | **Loss narrowed** | - The **impairment loss on amounts due from an associate** of HKD 25,955 thousand recorded in H1 2024 disappeared in H1 2025, which is the main reason for the narrowed loss[26](index=26&type=chunk) - **Financial assets measured at fair value through profit or loss** turned from a gain of HKD 1,759 thousand in H1 2024 to a **loss of HKD 13,376 thousand** in H1 2025, negatively impacting current period results[26](index=26&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) The Group's H1 2025 total finance costs decreased, driven by reduced borrowing interest and lease finance costs from continuing operations, and the absence of discontinued operations' finance costs Finance Costs Composition (HKD Thousands) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Continuing Operations** | | | | | Interest expense on borrowings | 3,139 | 3,290 | -4.7% | | Finance costs on lease liabilities | 63 | 400 | -84.25% | | **Total Continuing Operations** | **3,202** | **3,690** | **-13.2%** | | **Discontinued Operations** | | | | | Interest expense on borrowings | – | 365 | -100% | | Interest on other financial liabilities | 381 | 906 | -57.9% | | **Total Finance Costs** | **3,583** | **4,961** | **-27.8%** | - Interest expense on borrowings from discontinued operations disappeared in H1 2025, reflecting the disposal of that business[27](index=27&type=chunk) [Loss Before Income Tax](index=15&type=section&id=Loss%20Before%20Income%20Tax) The Group's H1 2025 loss before income tax was primarily influenced by depreciation and amortization, which slightly decreased for continuing operations and significantly for discontinued operations Depreciation and Amortization (HKD Thousands) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation and amortization from continuing operations | 3,742 | 3,780 | -1.0% | | Depreciation and amortization from discontinued operations | 1,304 | 4,734 | -72.5% | - **Depreciation and amortization from discontinued operations significantly decreased**, related to the disposal of that business[28](index=28&type=chunk) [Income Tax](index=15&type=section&id=Income%20Tax) The Group made no Hong Kong profits tax provision due to no assessable profits, while overseas taxes are based on local rates, including 34% for Brazil and 25% for China and France - The Group generated no assessable profits in Hong Kong, thus no provision for Hong Kong profits tax was made[29](index=29&type=chunk) - The corporate income tax rate for the Brazilian subsidiary SAM is **34%**, for Chinese subsidiaries is **25%**, and for French subsidiaries is **25%**[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Company did not declare an interim dividend in H1 2025, consistent with H1 2024[32](index=32&type=chunk) [Loss Per Share](index=16&type=section&id=Loss%20Per%20Share) The Group's H1 2025 basic loss per share (continuing and discontinued operations) narrowed to 0.27 HK cents, with basic and diluted figures being identical Loss Per Share (HK cents) | Item | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Basic loss per share from continuing and discontinued operations | (0.27) | (0.44) | Loss narrowed | | Basic loss per share from continuing operations | (0.26) | (0.41) | Loss narrowed | | Basic loss per share from discontinued operations | (0.01) | (0.03) | Loss narrowed | - The weighted average number of ordinary shares used to calculate basic and diluted loss per share increased from 9,737,501 thousand shares in H1 2024 to **12,296,469 thousand shares** in H1 2025[34](index=34&type=chunk) - Basic and diluted loss per share are the same because there were no issued potential ordinary shares in H1 2025, and the exercise of share options in H1 2024 had an anti-dilutive effect[37](index=37&type=chunk)[38](index=38&type=chunk) [Discontinued Operations](index=17&type=section&id=Discontinued%20Operations) The Company completed the disposal of its ride-hailing services business on April 3, 2025, re-presenting it as a discontinued operation, which recorded a narrowed loss - The Company completed the disposal of the entire issued share capital of Jihang International Technology Co., Ltd., which primarily engages in the research, development of mobile and online applications, and provision of transportation services, on April 3, 2025[39](index=39&type=chunk) Loss for the Period and Cash Flows from Discontinued Operations (HKD Thousands) | Item | H1 2025* | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 6,899 | 25,393 | -72.8% | | Loss before income tax | (4,857) | (8,738) | Loss narrowed | | Loss for the period from discontinued operations | (3,054) | (8,738) | Loss narrowed | | Cash flows from operating activities | (1,324) | (6,315) | Loss narrowed | | Net cash flows | 485 | (6,315) | From outflow to inflow | - Exchange reserve of HKD 1,803 thousand was released upon disposal of Jihang International and recognized in the consolidated loss for the period from discontinued operations[40](index=40&type=chunk) - Net cash flows from discontinued operations turned from a net outflow of HKD 6,315 thousand in H1 2024 to a **net inflow of HKD 485 thousand** in H1 2025[40](index=40&type=chunk) [Exploration and Evaluation Assets](index=18&type=section&id=Exploration%20and%20Evaluation%20Assets) Exploration and evaluation assets primarily represent the Group's exploration rights and expenditures for prospective iron ore reserves in Minas Gerais, Brazil - Exploration and evaluation assets are primarily related to the exploration and identification of iron ore resources in Minas Gerais, Brazil[42](index=42&type=chunk) [Financial Assets Measured at Fair Value Through Other Comprehensive Income](index=18&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) The Group's H1 2025 financial assets measured at fair value through other comprehensive income significantly decreased, mainly due to a decline in the fair value of its strategic investment in Luokung Technology Corp Financial Assets Measured at Fair Value Through Other Comprehensive Income (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Listed equity instruments | 9 | 249 | -96.4% | - The balance represents the Group's strategic investment in **Luokung Technology Corp. (NASDAQ: LKCO)**, whose fair value significantly declined during the reporting period[43](index=43&type=chunk) [Interests in an Associate](index=18&type=section&id=Interests%20in%20an%20Associate) The Group's H1 2025 interest in an associate slightly decreased, primarily due to an increased share of post-acquisition losses and other comprehensive losses Interests in an Associate (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Interests in an associate | 5,502 | 5,810 | -5.47% | | Share of post-acquisition losses and other comprehensive losses | (105,420) | (105,112) | Loss increased | - The associate is **Shandong Hengyuan New Energy Technology Co., Ltd.**, primarily engaged in research, production, and sales of lithium batteries, in which the Group indirectly holds a **24.5% interest**[45](index=45&type=chunk) - The share of results of the associate for the period was a loss of HKD 88 thousand, and the share of other comprehensive loss was HKD 220 thousand[45](index=45&type=chunk) [Right-of-use Assets](index=19&type=section&id=Right-of-use%20Assets) The Group's H1 2025 right-of-use assets slightly increased, comprising prepaid land leases and property leases, influenced by modifications and exchange differences Movement of Right-of-use Assets (HKD Thousands) | Item | Amount | | :--- | :--- | | As at Jan 1, 2025 | 34,595 | | Amortization | (1,090) | | Lease modification | 982 | | Exchange differences | 898 | | As at June 30, 2025 | 35,385 | - Right-of-use assets include prepaid long-term land use rights in China and leases for properties and offices, with lease terms ranging from one to ten years[46](index=46&type=chunk) [Trade and Bills Receivables](index=20&type=section&id=Trade%20and%20Bills%20Receivables) The Group's H1 2025 total trade and bills receivables significantly decreased, driven by reduced trade receivables and impairment losses, though older receivables increased proportionally Trade and Bills Receivables (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade receivables — Gross | 10,582 | 37,217 | -71.6% | | Less: Impairment loss | (375) | (794) | -52.8% | | Trade receivables — Net | 10,207 | 36,423 | -72.0% | | Bills receivables | – | 170 | -100% | | **Total** | **10,207** | **36,593** | **-72.1%** | Ageing Analysis of Trade Receivables (HKD Thousands) | Ageing | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 5,191 | 8,079 | | 31 to 90 days | 1,521 | 8,088 | | 91 to 180 days | 2,782 | 19,198 | | Over 180 days | 1,088 | 2,022 | - The Group does not hold any collateral as security or credit enhancement for trade receivables[47](index=47&type=chunk) [Financial Assets Measured at Fair Value Through Profit or Loss](index=21&type=section&id=Financial%20Assets%20Measured%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's H1 2025 financial assets measured at fair value through profit or loss decreased, mainly due to a decline in the fair value of its listed equity investment in Yuxing InfoTech Financial Assets Measured at Fair Value Through Profit or Loss (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Listed equity investments (Hong Kong) | 35,890 | 49,261 | -27.1% | | Listed equity investments (Overseas) | 107 | 112 | -4.5% | | **Total** | **35,997** | **49,373** | **-27.1%** | - The balance primarily refers to a **14.14% equity interest in Yuxing InfoTech Investment Holdings Limited** (Hong Kong Stock Code: 8005), whose fair value is determined by reference to the quoted market price at the reporting date[48](index=48&type=chunk)[49](index=49&type=chunk) [Trade and Bills Payables](index=21&type=section&id=Trade%20and%20Bills%20Payables) The Group's H1 2025 total trade and bills payables slightly decreased, primarily due to reduced bills payables, with a lower proportion of older trade payables Trade and Bills Payables (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade payables | 25,481 | 23,980 | +6.3% | | Bills payables | 9,902 | 14,520 | -31.8% | | **Total** | **35,383** | **38,500** | **-8.1%** | Ageing Analysis of Trade and Bills Payables (HKD Thousands) | Ageing | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 19,543 | 9,488 | | 31 to 60 days | 10,187 | 9,617 | | 61 to 90 days | 1,166 | 7,395 | | 91 to 180 days | 2,062 | 835 | | Over 180 days | 2,425 | 11,165 | [Provisions](index=22&type=section&id=Provisions) The Group's subsidiary, Zhejiang Hengyuan New Energy, entered an installment agreement to repay RMB 144.1 million in government grants, with additional provisions recognized in 2024 - Zhejiang Hengyuan New Energy Technology Co., Ltd. is required to repay approximately **RMB 144.1 million** in government grants to the government, in installments until December 31, 2027, with an annual interest rate of **2.00%**[51](index=51&type=chunk)[52](index=52&type=chunk) - This repayment obligation is guaranteed by Zhejiang Geely Holding Group Co., Ltd[52](index=52&type=chunk) - Further provisions of approximately **RMB 9.9 million** (approximately **HKD 10.7 million**) were recognized for the year ended December 31, 2024[52](index=52&type=chunk) [Borrowings](index=23&type=section&id=Borrowings) The Group's H1 2025 total bank borrowings slightly decreased, primarily RMB-denominated loans secured by assets and guarantees, bearing 3.5% to 3.6% annual interest Borrowings Composition (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Bank overdrafts (Euro) | – | 90 | -100% | | Bank loans (RMB) | 98,513 | 105,357 | -6.5% | | **Total** | **98,513** | **105,447** | **-6.6%** | - Bank loans are secured by the Group's right-of-use assets, property, plant and equipment, and a corporate guarantee from Zhejiang Geely Holding Group Co., Ltd[53](index=53&type=chunk) - Bank loans are repayable in installments by June 3, 2029, and bear interest at annual rates ranging from **3.5% to 3.6%**[53](index=53&type=chunk) [Deferred Tax Liabilities](index=23&type=section&id=Deferred%20Tax%20Liabilities) The Group's H1 2025 deferred tax liabilities significantly increased, mainly due to fair value adjustments and translation differences of exploration and evaluation assets Deferred Tax Liabilities (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Deferred tax liabilities | 1,982,618 | 1,706,319 | +16.2% | - Deferred tax liabilities primarily arise from fair value adjustments and/or translation differences of exploration and evaluation assets[54](index=54&type=chunk) [Disposal of a Subsidiary](index=24&type=section&id=Disposal%20of%20a%20Subsidiary) On April 3, 2025, the Company disposed of 35.56% of Jihang International to a related party for RMB 1, resulting in HKD 2,530 thousand net liabilities treated as a deemed shareholder contribution - The Company completed the disposal of approximately **35.56% equity interest in Jihang International** on April 3, 2025, for a consideration of RMB 1 (approximately HKD 1)[55](index=55&type=chunk) - The buyer, Zhejiang Zuozhongyou Electric Vehicle Services Co., Ltd., is a related party controlled by Mr. Li Shufu, the Company's controlling shareholder[55](index=55&type=chunk) Net Liabilities Disposed of Jihang International (HKD Thousands) | Item | Amount | | :--- | :--- | | Net liabilities disposed of | (2,530) | | Cash consideration | – | | Deemed contribution arising from disposal of a subsidiary | 2,530 | | Accumulated exchange reserve reclassified to profit or loss on disposal | 1,803 | | Net cash outflow | (4,364) | - This disposal resulted in **net liabilities of HKD 2,530 thousand** and was treated as a deemed contribution from shareholders, while also reclassifying accumulated exchange reserve of HKD 1,803 thousand to profit or loss[56](index=56&type=chunk)[57](index=57&type=chunk) [Contingent Consideration Payable](index=25&type=section&id=Contingent%20Consideration%20Payable) The Group is committed to paying up to USD 60 million in contingent consideration for the SAM acquisition upon specific events, with a fair value of HKD 117,471 thousand Contingent Consideration Payable (HKD Thousands) | Item | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Contingent consideration payable | 117,471 | 117,471 | No change | - Contingent consideration payable refers to the fair value of contingent additional amounts and conditional mining production payments up to a total of **USD 60,000,000** to be paid to the seller upon the occurrence of certain events, as per the settlement agreement related to the acquisition of SAM[58](index=58&type=chunk)[59](index=59&type=chunk) [Fair Value and Fair Value Hierarchy of Financial Instruments](index=25&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group discloses financial instrument fair values using a three-level hierarchy, with listed shares in Level 1 and contingent consideration in Level 3, showing no inter-level transfers in H1 2025 Fair Value Hierarchy of Financial Instruments (HKD Thousands) | Item | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Assets (June 30, 2025)** | | | | | | Financial assets measured at fair value through other comprehensive income (Listed shares) | 9 | – | – | 9 | | Financial assets measured at fair value through profit or loss (Listed shares) | 35,997 | – | – | 35,997 | | **Liabilities (June 30, 2025)** | | | | | | Contingent consideration payable | – | – | 117,471 | 117,471 | - Fair value measurements for **Level 1** financial instruments are based on quoted prices in active markets for identical assets or liabilities, while **Level 3** is based on valuation techniques using unobservable inputs[60](index=60&type=chunk) - There were no transfers between different levels of the fair value hierarchy for the six months ended June 30, 2025[62](index=62&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=27&type=section&id=Business%20Review) The Group's H1 2025 saw declining lithium battery revenue, disposal of the ride-hailing business, continued advancement of the SAM iron ore project, and losses from equity investments - **Lithium-ion battery segment revenue decreased by approximately 66.4% to HKD 15.5 million** year-on-year in H1 2025, primarily due to reduced orders from major customers and unsatisfactory new product sales, leading to an increased segment loss of **HKD 17.5 million**[67](index=67&type=chunk)[68](index=68&type=chunk) - The ride-hailing business (Caocao brand) was disposed of through the sale of Jihang International on April 3, 2025, due to high operating costs and failure to find a sustainable business model, exiting the business to avoid further losses[69](index=69&type=chunk)[71](index=71&type=chunk) - The **SAM iron ore project** is optimizing concept engineering, evaluating alternatives, and has initiated a new Environmental Impact Assessment (EIA-RIMA), aiming to obtain the preliminary environmental license by 2027. The Group has acquired Lotus Fortune, regaining full control over the project's logistics chain[73](index=73&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The Group holds a **14.14% equity interest in Yuxing InfoTech Investment Holdings Limited** as a strategic investment, but its share price **decreased by approximately 27.1%** in H1 2025, resulting in a loss on related financial assets[78](index=78&type=chunk)[80](index=80&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) The Group's H1 2025 revenue significantly decreased by 66.4%, with gross profit margin falling to 1.4%, while cash and cash equivalents surged due to shares placing, improving the gearing ratio Key Financial Indicators (HKD Thousands) | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 15,500 | 46,100 | -66.4% | | Gross Profit | 200 | 12,500 | -98.4% | | Gross Profit Margin | 1.4% | 27.2% | -25.8 percentage points | | Loss for the period from continuing operations | (40,100) | (44,400) | Loss narrowed | | Loss attributable to owners of the Company (excluding discontinued operations) | (31,800) | (39,400) | Loss narrowed | | Cash and cash equivalents balance | 411,000 | 65,800 (Dec 31, 2024) | +524.6% | | Gearing Ratio | 2.2% | 3.0% (Dec 31, 2024) | Improved | - **Gross profit margin declined** primarily due to reduced sales of high-margin products in the lithium battery production segment and increased fixed direct costs per unit[80](index=80&type=chunk) - The narrowing of loss from continuing operations was mainly due to the absence of an impairment loss on amounts due from an associate of approximately **HKD 26,000 thousand** in H1 2025, partially offset by a loss of approximately **HKD 13,400 thousand** from financial assets measured at fair value through profit or loss[79](index=79&type=chunk)[81](index=81&type=chunk) - **Cash and cash equivalents significantly increased** primarily due to net proceeds of approximately **HKD 375,000 thousand** from the placing of 4,700,000,000 shares[81](index=81&type=chunk) [Financial Policies and Exchange Rate Fluctuation Risk](index=33&type=section&id=Financial%20Policies%20and%20Exchange%20Rate%20Fluctuation%20Risk) Operating across multiple currencies in Hong Kong, China, France, and Brazil, the Group adopts a conservative, unhedged approach to foreign exchange risk, with regular reviews - The Group operates in Hong Kong, China, France, and Brazil, using multiple currencies including HKD, RMB, Euro, and Brazilian Real[83](index=83&type=chunk) - The Group adopts a conservative approach to foreign exchange risk and has not formulated a foreign currency hedging policy, but regularly reviews foreign exchange risk[83](index=83&type=chunk) [Employees and Remuneration Policy](index=33&type=section&id=Employees%20and%20Remuneration%20Policy) The Group significantly reduced its workforce and employee remuneration in H1 2025 through strategic adjustments, with remuneration policies based on expertise and formulated by the Remuneration Committee Employee Count and Remuneration (HKD Thousands) | Indicator | June 30, 2025 | June 30, 2024 | Dec 31, 2024 | | :--- | :--- | :--- | :--- | | Employee Count | 101 | 193 | 164 | | Employee Remuneration (H1) | 13,300 | 28,800 | N/A | - **Employee count decreased from 193** as of June 30, 2024, to **101** as of June 30, 2025, and **employee remuneration decreased by 53.8%** year-on-year[84](index=84&type=chunk) - Remuneration policy is formulated by the Remuneration Committee based on employees' expertise, qualifications, capabilities, and corporate objectives, and provides internal and external training for employees[84](index=84&type=chunk) [Outlook](index=34&type=section&id=Outlook) The Group plans to leverage its controlling shareholder's background to deepen cooperation, focus on the resources sector, advance the Brazil iron ore project, expand trading, and seek new sustainable businesses - The Group will deepen cooperation with its indirect controlling shareholder, Geely Technology Group Co., Ltd., and Zhejiang Geely Holding Group Co., Ltd., to leverage synergies[85](index=85&type=chunk) - The company will gradually establish a clearer business model focused on the resources sector, exit projects inconsistent with its vision, and identify resilient and stable investment opportunities[85](index=85&type=chunk) - Actively advance the environmental assessment for the **Brazil iron ore project** and gradually expand international and domestic iron ore trading businesses, with the ore trading business expected to contribute in H2 2025[86](index=86&type=chunk) - The company's vision is to become a trusted green and environmentally friendly mineral resource supplier, committed to strengthening internal management, improving operational efficiency, and risk management capabilities[85](index=85&type=chunk) [Corporate Governance and Shareholder Information](index=34&type=section&id=Corporate%20Governance%20and%20Shareholder%20Information) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The Company complied with GEM Listing Rules' corporate governance provisions in H1 2025, except for combined Chairman/CEO roles and the absence of an internal audit function, which the Board annually reviews - The Company complied with all code provisions of Appendix 15 to the GEM Listing Rules, except for code provisions C.2.1 (roles of chairman and chief executive should be separate) and D.2.2 (establishment of an internal audit function)[87](index=87&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive enhances governance and strategy implementation, and the existing internal control system is effective; the Audit Committee will annually review the need for an internal audit function[87](index=87&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=35&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Chairman Mr. Xu Zhihao held a 2.90% long position in the Company's ordinary shares, with no other directors or chief executives holding disclosable interests Directors' Long Positions in Ordinary Shares of the Company (June 30, 2025) | Director Name | Beneficial Owner (Number of Shares) | Total (Number of Shares) | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | Xu Zhihao | 422,000,000 | 422,000,000 | 2.90 | - No other directors or chief executives of the Company had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations[89](index=89&type=chunk) [Subscription of 4,700,000,000 Shares of the Company](index=36&type=section&id=Subscription%20of%204%2C700%2C000%2C000%20Shares%20of%20the%20Company) The Company completed a HKD 375 million share subscription by its controlling shareholder and Chairman on March 27, 2025, funding Brazil iron ore development, Zhejiang Hengyuan, and Hong Kong headquarters working capital - The Company completed the allotment and issue of **4,700,000,000 shares** to its controlling shareholder, Hongqiao Capital Co., Ltd., and Chairman Mr. Xu Zhihao on March 27, 2025, at a subscription price of **HKD 0.08 per share**[90](index=90&type=chunk)[91](index=91&type=chunk) - The total proceeds from the subscription were HKD 376,000,000, with net proceeds of approximately **HKD 375,000,000**[90](index=90&type=chunk) Use of Proceeds from Subscription (HKD Million) | Purpose | Planned Use | Utilized (as of June 30, 2025) | Unutilized (as of June 30, 2025) | | :--- | :--- | :--- | :--- | | Development and investment in mining-related projects | 306.4 | 8.2 | 298.2 | | — Brazil iron ore project development | 207.1 | 8.2 | 198.9 | | — Investment in mineral-related projects | 99.3 | – | 99.3 | | Working capital for Zhejiang Hengyuan New Energy Technology Co., Ltd. | 25.0 | – | 25.0 | | Working capital for the Group's Hong Kong headquarters | 43.6 | 9.8 | 33.8 | | **Total** | **375.0** | **18.0** | **357.0** | - The subscription aims to support existing business development, improve financial position, and provide support for future development and working capital[90](index=90&type=chunk) [Strategic Cooperation Memorandum](index=37&type=section&id=Strategic%20Cooperation%20Memorandum) The Company signed a non-binding strategic cooperation memorandum with a related party to explore financializing valuable timber assets through RWA, stablecoins, and blockchain for a green economic closed loop - The Company entered into a strategic cooperation memorandum with Oriental Yilin Industrial Co., Ltd. (an indirect non-wholly owned subsidiary of Geely Technology Group Co., Ltd., the Company's indirect controlling shareholder)[94](index=94&type=chunk) - The memorandum aims to explore the financialization path of valuable timber assets, using Hainan Huanghuali standing timber as underlying assets, combining RWA, stablecoins, and compliant digital currency issuance to build a **"valuable timber industry resources + finance + blockchain" green economic closed loop**[94](index=94&type=chunk) - The goal is to empower the transformation and upgrading of the traditional valuable timber industry, activate a market of hundreds of billions in timber rights trading, and promote rural revitalization and common prosperity[94](index=94&type=chunk) [Share Option Scheme](index=37&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted in May 2022, aims to reward and retain talent, with 985,453,360 shares (6.8% of issued capital) available as of June 30, 2025, and no activity during the period - The share option scheme aims to reward participants for their contributions to the Group and to recruit and retain high-caliber employees[96](index=96&type=chunk) - Participants include directors, eligible employees, consultants, advisors, agents, contractors, customers, and suppliers of the Group's member companies or investment entities[97](index=97&type=chunk) - As of June 30, 2025, the total number of shares that may be issued under the scheme was **985,453,360 shares**, representing approximately **6.8%** of the Company's issued share capital[98](index=98&type=chunk) - The maximum number of share options that may be granted to any one participant in any 12-month period is **1%** of the total number of issued shares at that time[100](index=100&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the offer date, the average closing price for the five business days immediately preceding the offer date, and the nominal value of the shares[102](index=102&type=chunk)[105](index=105&type=chunk) - For the period ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed under the scheme, and there were no outstanding share options[99](index=99&type=chunk)[104](index=104&type=chunk) [Interests and Short Positions of Substantial Shareholders and Other Persons in Shares and Underlying Shares](index=40&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20and%20Other%20Persons%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Mr. Li Shufu and his controlled entities were substantial shareholders, collectively holding 67.70% of the Company's shares, with Hongqiao Capital holding 53.93% Substantial Shareholders' Interests in Shares of the Company (June 30, 2025) | Shareholder Name╱Name | Total Number of Shares Held | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | | Li Shufu | 9,853,438,675 | 67.70 | | Hongqiao Capital Co., Ltd. | 7,849,699,000 | 53.93 | | Geely International (Hong Kong) Limited | 1,850,675,675 | 12.72 | | Zhejiang Geely Holding Group Co., Ltd. | 1,850,675,675 | 12.72 | - Mr. Li Shufu indirectly controls the Company through Zhejiang Geely Holding Group Co., Ltd. and Geely Group Co., Ltd[106](index=106&type=chunk) - Hongqiao Capital Co., Ltd. is an indirect subsidiary of Geely Technology Group Co., Ltd., which is ultimately controlled by Mr. Li Shufu[106](index=106&type=chunk) [Continuing Connected Transactions](index=41&type=section&id=Continuing%20Connected%20Transactions) [Sales Framework Agreement with Zhejiang Geely Holding Group Co., Ltd.](index=41&type=section&id=Sales%20Framework%20Agreement%20with%20Zhejiang%20Geely%20Holding%20Group%20Co.%2C%20Ltd.) The Group entered a sales framework agreement with related party Zhejiang Geely Holding Group to supply lithium-ion battery products, with H1 2025 sales totaling approximately RMB 900 thousand - The Group entered into a sales framework agreement with **Zhejiang Geely Holding Group Co., Ltd.** (ultimately controlled by Mr. Li Shufu, the Company's controlling shareholder) to supply lithium-ion battery packs and related products[107](index=107&type=chunk) - The agreement period is from October 23, 2023, to October 22, 2026; product prices are determined by fair negotiation with reference to market prices; payment terms are cash within 75 days of receiving the invoice[109](index=109&type=chunk) Annual Sales Caps (RMB Thousands) | Period | Oct 23 to Dec 31, 2023 | Year ended Dec 31, 2024 | Year ended Dec 31, 2025 | Jan 1 to Oct 22, 2026 | | :--- | :--- | :--- | :--- | :--- | | Annual Sales Cap | 50,000 | 235,000 | 155,000 | 97,000 | - Sales under the sales framework agreement in H1 2025 were approximately **RMB 900 thousand** (approximately **HKD 1,000 thousand**)[123](index=123&type=chunk) [Purchase Framework Agreement with Zhejiang Yaoning Technology Group Co., Ltd.](index=42&type=section&id=Purchase%20Framework%20Agreement%20with%20Zhejiang%20Yaoning%20Technology%20Group%20Co.%2C%20Ltd.) The Group entered a purchase framework agreement with related party Zhejiang Yaoning Technology to procure lithium-ion battery products, with H1 2025 purchases totaling approximately RMB 10,900 thousand - The Group entered into a purchase framework agreement with **Zhejiang Yaoning Technology Group Co., Ltd.** (indirectly owned by Mr. Li Xingxing, son of Mr. Li Shufu) to purchase lithium-ion batteries, modules, and related products[113](index=113&type=chunk) - The agreement period is from September 11, 2023, to September 10, 2026; product prices are determined by fair negotiation with reference to market prices; payment terms are cash within 60 days of receiving the invoice[114](index=114&type=chunk)[117](index=117&type=chunk) Annual Purchase Caps (RMB Thousands) | Period | Sep 11 to Dec 31, 2023 | Year ended Dec 31, 2024 | Year ended Dec 31, 2025 | Jan 1 to Sep 10, 2026 | | :--- | :--- | :--- | :--- | :--- | | Annual Purchase Cap | 42,000 | 103,000 | 129,000 | 72,000 | - Purchases under the purchase framework agreement in H1 2025 were approximately **RMB 10,900 thousand** (approximately **HKD 11,800 thousand**)[124](index=124&type=chunk) [Bauxite Procurement Framework Agreement with Geely Technology Group Co., Ltd.](index=44&type=section&id=Bauxite%20Procurement%20Framework%20Agreement%20with%20Geely%20Technology%20Group%20Co.%2C%20Ltd.) The Company entered a bauxite procurement framework agreement with related party Geely Technology Group to procure bauxite products, with no transactions recorded in H1 2025 - The Company entered into a bauxite procurement framework agreement with **Geely Technology Group Co., Ltd.** (ultimately controlled by Mr. Li, the Company's controlling shareholder) to procure bauxite-related products[118](index=118&type=chunk) - Geely Technology Group owns a bauxite mining area in Baise City, Guangxi Province, China, with an estimated annual production capacity of **2 million tonnes** of bauxite[119](index=119&type=chunk) - The agreement period is from January 27, 2025, to December 31, 2027; product prices are determined by fair negotiation with reference to market prices; payment terms are cash prepayment five days before delivery[120](index=120&type=chunk) Annual Procurement Caps (RMB Thousands) | Period | Jan 27 to Dec 31, 2025 | Year ended Dec 31, 2026 | Year ended Dec 31, 2027 | | :--- | :--- | :--- | :--- | | Annual Procurement Cap | 300,000 | 370,000 | 370,000 | - There were no procurement transactions under the bauxite procurement framework agreement in H1 2025[125](index=125&type=chunk) [Other Information](index=45&type=section&id=Other%20Information) [Company's Constitutional Documents](index=45&type=section&id=Company's%20Constitutional%20Documents) The Company's constitutional documents remained unchanged in H1 2025 - There were no changes to the Company's constitutional documents in H1 2025[127](index=127&type=chunk) [Interests in Competing Business](index=45&type=section&id=Interests%20in%20Competing%20Business) In H1 2025, no directors, controlling shareholders, or their associates held interests in competing businesses or had conflicts of interest with the Group - In H1 2025, no directors, controlling shareholders, or their associates held any interests in businesses that compete or may compete with the Group's business, nor were there any conflicts of interest[128](index=128&type=chunk) [Directors' Interests in Contracts](index=46&type=section&id=Directors'%20Interests%20in%20Contracts) No directors held material direct or indirect interests in any significant contracts of the Company, its holding company, or subsidiaries during the review period - No directors had a material direct or indirect interest in any significant contract entered into by the Company, its holding company, or subsidiaries that was subsisting at the end of the period or at any time during the review period[129](index=129&type=chunk) [Standard Code for Securities Transactions by Directors](index=46&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the GEM Listing Rules' standard for directors' securities transactions, with all directors confirming compliance with both the standard and the company's code of conduct in H1 2025 - The Company has adopted the required standard for directors' securities transactions as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[130](index=130&type=chunk) - All directors confirmed that they have complied with the required standard for securities transactions and the Company's code of conduct for directors' securities transactions in H1 2025[130](index=130&type=chunk) [Audit Committee](index=46&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's unaudited H1 2025 results, confirming their preparation according to applicable accounting standards and adequate disclosures - The Audit Committee has reviewed the Group's unaudited results for H1 2025 and believes they are prepared in accordance with applicable accounting standards and requirements, with adequate disclosures[131](index=131&type=chunk) - The Audit Committee has established its terms of reference in writing in accordance with Rule 5.28 of the GEM Listing Rules and Code Provision D.3.3 of the Corporate Governance Code[131](index=131&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=46&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In H1 2025, neither the Company, its ultimate holding company, nor any subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In H1 2025, neither the Company, its ultimate holding company, nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[132](index=132&type=chunk) [Directors](index=47&type=section&id=Directors) This section lists the directors during the period and up to the report date, with appointment and resignation details disclosed in company announcements - The list of directors during the period and up to the report date includes Executive Directors Mr. Xu Zhihao (Chairman and Chief Executive Officer), Mr. Xu Bing, Mr. Chen Shengjie, Ms. Gu Wenting, and Independent Non-executive Directors Dr. Wang Jiwei, Mr. Wang Baogang, Mr. Huang Yongzhong, among others[133](index=133&type=chunk) - Mr. Liu Wei, Mr. Yan Weimin, Mr. Chen Zhenwei, Mr. Ma Gang, and Mr. Xia Jun resigned or retired during the reporting period[133](index=133&type=chunk)

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 | | | 致：香港交易及結算所有限公司 公司名稱: 洪橋集團有限公司 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) | 08137 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000,000 | HKD | | 0.001 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000,000 | HKD | | 0.001 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總 ...

Core Viewpoint - Hongqiao Group (08137) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025 [1] Financial Performance - The company achieved revenue of HKD 15.487 million, representing a year-on-year decrease of 66.37% [1] - The loss attributable to shareholders was HKD 32.562 million, which is a year-on-year decrease of 23.35% [1] - The loss per share was HKD 0.027 [1]

[Unaudited Condensed Interim Results](index=2&type=section&id=Unaudited%20Condensed%20Interim%20Results) The Group's unaudited condensed interim results for the six months ended June 30, 2025, show a narrowed loss from continuing operations but an overall loss, with total comprehensive income turning significantly positive due to exchange gains [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, Hongqiao Group's loss from continuing operations narrowed, but an overall loss was still recorded, with total comprehensive income turning into a significant gain from a loss in the prior period, primarily due to exchange gains Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Continuing operations** | | | | Revenue | 15,487 | 46,054 | | Gross profit | 213 | 12,506 | | Loss before income tax | (40,092) | (44,385) | | Loss for the period | (40,092) | (44,385) | | **Discontinued operations** | | | | Loss for the period | (3,054) | (8,738) | | **Total loss for the period** | (43,146) | (53,123) | | **Total comprehensive income/(loss) for the period** | 489,154 | (710,140) | | **Basic loss per share from continuing and discontinued operations** | (0.27) HK cents | (0.44) HK cents | | **Basic loss per share from continuing operations** | (0.26) HK cents | (0.41) HK cents | | **Basic loss per share from discontinued operations** | (0.01) HK cents | (0.03) HK cents | - Total comprehensive income for the period turned from a **loss of HK$710,140 thousand** in the first half of 2024 to a **gain of HK$489,154 thousand** in the first half of 2025, primarily due to exchange differences of **HK$534,563 thousand** arising from the translation of financial statements of overseas operations[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and net assets significantly increased, driven by higher exploration and evaluation asset values and equity growth from share issuance Condensed Consolidated Statement of Financial Position (as of June 30) | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Exploration and evaluation assets | 6,189,942 | 5,367,781 | | Total non-current assets | 6,259,043 | 5,465,255 | | **Current assets** | | | | Cash and cash equivalents | 410,975 | 65,784 | | Total current assets | 522,492 | 222,166 | | **Current liabilities** | | | | Total current liabilities | 128,478 | 154,630 | | **Net assets** | 4,383,857 | 3,513,948 | | **Total equity** | 4,383,857 | 3,513,948 | - Exploration and evaluation assets increased from **HK$5,367,781 thousand** as of December 31, 2024, to **HK$6,189,942 thousand** as of June 30, 2025, indicating increased investment in mineral resources[7](index=7&type=chunk) - Cash and cash equivalents significantly increased from **HK$65,784 thousand** as of December 31, 2024, to **HK$410,975 thousand** as of June 30, 2025, primarily due to proceeds from share placing[7](index=7&type=chunk)[83](index=83&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company significantly increased due to share placing and currency translation gains, despite recording a loss for the period Condensed Consolidated Statement of Changes in Equity (for the six months ended June 30) | Metric | As at January 1, 2025 (HK$ thousand) | As at June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | | Total attributable to owners of the Company | 3,559,289 | 4,437,275 | | Non-controlling interests | (45,341) | (53,418) | | Total equity | 3,513,948 | 4,383,857 | | **Key Changes** | | | | Shares issued through placing | 376,000 | | | Loss for the period | (32,562) | | | Currency translation | 534,281 | | - Equity increased by **HK$376,000 thousand** through share placing, comprising **HK$4,700 thousand** in share capital and **HK$371,300 thousand** in share premium, significantly boosting the Company's equity[9](index=9&type=chunk) - Currency translation generated **HK$534,281 thousand** in other comprehensive income, positively impacting equity[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's cash outflow from operating activities decreased, and cash inflow from financing activities significantly increased, leading to a substantial rise in cash and cash equivalents at period-end Condensed Consolidated Statement of Cash Flows (for the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (9,943) | (18,382) | | Net cash used in investing activities | (5,253) | 18,505 | | Net cash generated from financing activities | 362,156 | (11,861) | | Net increase in cash and cash equivalents | 346,960 | (11,738) | | Cash and cash equivalents at end of period | 410,975 | 151,282 | - Net cash generated from financing activities turned from an **outflow of HK$11,861 thousand** in the first half of 2024 to an **inflow of HK$362,156 thousand** in the first half of 2025, primarily due to **HK$376,000 thousand** cash inflow from share placing[10](index=10&type=chunk) - Net cash used in operating activities decreased from **HK$18,382 thousand** in the first half of 2024 to **HK$9,943 thousand** in the first half of 2025, indicating an improvement in operating cash outflow[10](index=10&type=chunk) [Notes to the Financial Statements](index=8&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the Group's financial statements, covering accounting policies, revenue breakdown, segment information, and specific asset and liability details [Basis of Presentation and Changes in Accounting Policies](index=8&type=section&id=1.%20Basis%20of%20Presentation%20and%20Changes%20in%20Accounting%20Policies) These financial statements are prepared in accordance with HKFRS, the Hong Kong Companies Ordinance, and GEM Listing Rules, reviewed by the Audit Committee, with no significant impact from new or revised standards effective January 1, 2025 - These financial statements are unaudited but have been reviewed by the Company's Audit Committee[11](index=11&type=chunk) - New or revised HKFRS accounting standards effective from January 1, 2025, had no significant impact on the Group's accounting policies[12](index=12&type=chunk) [Revenue](index=8&type=section&id=2.%20Revenue) The Group's total revenue significantly decreased from HK$71,447 thousand in the first half of 2024 to HK$22,386 thousand in the first half of 2025, mainly due to a substantial reduction in lithium battery sales from continuing operations and ride-hailing service income from discontinued operations Revenue Composition (for the six months ended June 30) | Business Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Continuing operations** | | | | Lithium battery sales | 11,600 | 44,666 | | Battery testing service income | 3,887 | 1,388 | | **Discontinued operations** | | | | Ride-hailing services and related income | 6,899 | 25,393 | | **Total Revenue** | 22,386 | 71,447 | - Continuing operations revenue decreased from **HK$46,054 thousand** to **HK$15,487 thousand**, with lithium battery sales revenue decreasing by approximately **74%**[14](index=14&type=chunk)

洪橋集團有限公司 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份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有限公司） （股份代號：8137） 黃永忠先生 董事會會議通告 洪橋集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將於 二零二五年八月二十八日，以審閱及批准(其中包括)本公司及其附屬公司截至二零二五年六月 三十日止六個月的未經審核中期業績。 於本公告日期，本公司董事會包括： 執行董事： 徐志豪先生（主席及行政總裁） 許兵先生 陳聖杰先生 顧文婷女士 獨立非執行董事： 王紀偉博士 王寶剛先生 代表董事會 洪橋集團有限公司 徐志豪 主席 香港，二零二五年八月十八日 本公告的資料乃遵照香港聯合交易所有限公司GEM上市規則而刊載，旨在提供本公司的資料。本公司 的董事（「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 認就彼等所知及所信，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 任何事項， ...