第 1 頁 共 10 頁 v 1.1.1 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: 積木集團有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08187 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： ...

香港联交所最新资料显示，9月10日，积木集团(08187)股东将股票由昌利证券转入大新证券，转仓市值 298.04万港元，占比5.31%。 积木集团截至2025年6月30日止六个月的中期业绩显示，收益1435.8万港元，同比增加167.82%；期内亏 损393.2万港元，同比扩大15.31%；每股基本亏损0.026港元。 ...

积木集团截至2025年6月30日止六个月的中期业绩显示，收益1435.8万港元，同比增加167.82%；期内亏 损393.2万港元，同比扩大15.31%；每股基本亏损0.026港元。 智通财经APP获悉，香港联交所最新资料显示，9月10日，积木集团(08187)股东将股票由昌利证券转入 大新证券，转仓市值298.04万港元，占比5.31%。 ...

JIMU GROUP LIMITED 積木集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 8187) （股份代號： 8187） NOTIFICATION LETTER 通知信函 5 September 2025 By Order of the Board Jimu Group Limited Chan Ting Leuk Arthur Executive Director Notes: 各位非登記持有人(1)： 積木集團有限公司（「本公司」） －於本公司網站刊發2025年中期報告（「本次公司通訊文件」）之發佈通知 Dear Non-registered holder(1), Jimu Group Limited (the "Company") – Notification of publication of Interim Report 2025 (" Current Corporate Communications") The English and Chines ...

JIMU GROUP LIMITED 積木集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 8187) （股份代號： 8187） NOTIFICATION LETTER 通知信函 5 September 2025 Dear Registered Shareholder, Jimu Group Limited (the "Company") – Notification of publication of Interim Report 2025 (" Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at https://www.jimugrouphk.com/ and the website of The St ...

JIMU GROUP LIMITED 積木集團有限 公 司 （股份代號：8187） （於開曼群島註冊成立的有限公司） 中期報告 INTERIM JIMU GROUP LIMITED 積木集團有限 公 司 (Stock Code: 8187) (Incorporated in the with limited liability) 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位，乃為中小型公司提供的市場，此等公司相比起其他在聯交所上市的公司帶有較高投 資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會承受較於主板買賣的證券為高的 市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或依賴該等內容而引致的任何損 失承擔任何責任。 本報告載有根據聯交所GEM證券上市規則（「GEM上市規則」）規定須提供有關積木集團有限公司 （「本公司」） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年8月31日 | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 積木集團有限公司 呈交日期: 2025年9月2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) | 08187 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,00 ...

Group 1 - The company, Jimu Group (08187), reported interim results for the six months ending June 30, 2025, with revenue of HKD 14.358 million, representing a year-on-year increase of 167.82% [1] - The company incurred a loss of HKD 3.932 million during the period, which is a year-on-year increase of 15.31% [1] - The basic loss per share was HKD 0.026 [1]

Group 1 - The company, Jimu Group (08187), reported interim results for the six months ending June 30, 2025, with revenue of HKD 14.358 million, representing a year-on-year increase of 167.82% [1] - The company incurred a loss of HKD 3.932 million during the period, which is a year-on-year increase of 15.31% [1] - The basic loss per share was HKD 0.026 [1]

Announcements and Disclaimers [HKEX and Stock Exchange Disclaimer](index=1&type=section&id=%E9%A6%99%E6%B8%AF%E4%BA%A4%E6%98%93%E6%89%80%E5%8F%8A%E8%81%AF%E4%BA%A4%E6%89%80%E5%85%8D%E8%B2%AC%E8%81%B2%E6%98%8E) The HKEX and the Stock Exchange disclaim responsibility for the announcement's content, accuracy, or completeness, and any losses incurred from reliance on it - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement[1](index=1&type=chunk) [Company Information and Announcement Purpose](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF%E5%8F%8A%E5%85%AC%E5%91%8A%E7%9B%AE%E7%9A%84) Jimu Group Limited (Stock Code: 8187) announces its unaudited consolidated financial results for the six months ended June 30, 2025, in compliance with GEM Listing Rules - Jimu Group Limited (Stock Code: **8187**) announces its unaudited consolidated financial results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - This announcement complies with the relevant requirements for preliminary announcements of interim results under the GEM Listing Rules of The Stock Exchange of Hong Kong Limited[3](index=3&type=chunk) [GEM Market Characteristics and Risk Warning](index=2&type=section&id=GEM%E5%B8%82%E5%A0%B4%E7%89%B9%E8%89%B2%E5%8F%8A%E9%A2%A8%E9%9A%AA%E6%8F%90%E7%A4%BA) The GEM market, designed for SMEs, carries higher investment risks, potential for significant stock price volatility, and no guarantee of liquidity; the Board confirms report accuracy - The GEM market is positioned for small and medium-sized companies, carrying higher investment risks, potential for significant stock price volatility, and no guarantee of high liquidity[6](index=6&type=chunk) - The Directors confirm that the information contained in this report is accurate and complete in all material aspects, without any misleading or fraudulent content[6](index=6&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, revenue grew significantly by 167.8% to HKD 14,358 thousand, but loss for the period expanded to HKD 3,932 thousand, with basic loss per share of HKD 0.026 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,358 | 5,361 | 167.8% | | Cost of inventories sold | (8,852) | (3,059) | 189.4% | | Loss before tax | (3,932) | (3,410) | 15.3% | | Loss and total comprehensive expenses for the period | (3,932) | (3,410) | 15.3% | | Basic and diluted loss per share (HKD) | (0.026) | (0.031) | -16.1% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were HKD 20,640 thousand, and net assets were HKD 12,220 thousand, with net current assets decreasing from HKD 14,400 thousand to HKD 10,144 thousand Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 2,715 | 2,545 | 6.7% | | Current assets | 17,925 | 21,486 | -16.6% | | Current liabilities | 7,781 | 7,086 | 9.8% | | Net current assets | 10,144 | 14,400 | -29.5% | | Net assets | 12,220 | 16,152 | -24.3% | | Total equity | 12,220 | 16,152 | -24.3% | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity was HKD 12,220 thousand, a decrease of HKD 3,932 thousand from the beginning of the year, primarily due to the loss for the period Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (HKD thousand) | June 30, 2025 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Total equity | 16,152 | 12,220 | (3,932) | | Loss and total comprehensive expenses for the period | - | (3,932) | (3,932) | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash from operating activities was HKD 6,864 thousand, with a net increase in cash and cash equivalents of HKD 5,743 thousand, bringing period-end bank balances and cash to HKD 10,782 thousand Condensed Consolidated Statement of Cash Flows | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 6,864 | 5,345 | 1,519 | | Net cash used in investing activities | (400) | (964) | 564 | | Net cash used in financing activities | (721) | (4,771) | 4,050 | | Net increase/(decrease) in cash and cash equivalents | 5,743 | (390) | 6,133 | | Cash and cash equivalents at end of period | 10,782 | 1,092 | 9,690 | Notes to the Condensed Consolidated Financial Statements [General Information](index=7&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Jimu Group Limited is an investment holding company incorporated in the Cayman Islands, primarily engaged in trading footwear, apparel, and sports-related peripheral products, with shares listed on GEM - The Company is an investment holding company primarily engaged in the trading of footwear, apparel, and sports-related peripheral products[14](index=14&type=chunk) - The Company's shares are listed on the GEM of The Stock Exchange of Hong Kong Limited[13](index=13&type=chunk) [Basis of Preparation](index=7&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These interim financial statements are prepared in accordance with HKAS 34 and Chapter 18 of the GEM Listing Rules, unaudited by external auditors but reviewed by the Audit Committee - The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and Chapter 18 of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited[16](index=16&type=chunk) - The unaudited condensed consolidated financial statements have not been audited by the Company's auditor but have been reviewed by the Company's Audit Committee[17](index=17&type=chunk) [Principal Accounting Policies](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The accounting policies adopted for these interim financial statements are consistent with the prior year, and newly adopted HKFRSs have no significant impact on the Group's results or financial position - The accounting policies adopted in the preparation of the interim unaudited condensed consolidated financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024[18](index=18&type=chunk) - The adoption of new/revised HKFRSs has no significant impact on the Group's results and financial position for the current and prior periods[19](index=19&type=chunk) [Revenue](index=8&type=section&id=%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's entire revenue of HKD 14,358 thousand was derived from trading footwear, apparel, and sports-related peripheral products, representing significant growth year-on-year Revenue by Source | Revenue Source | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trading of footwear, apparel and sports-related peripheral products | 14,358 | 5,361 | [Segment Information](index=9&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates solely in one reportable and operating segment: footwear, apparel, and sports-related peripheral products, with all revenue primarily from Hong Kong and no longer from Canada - The Group has only one reportable and operating segment, which is the footwear, apparel, and sports-related peripheral products business[22](index=22&type=chunk) Revenue by Geographical Location | Region | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Hong Kong | 14,358 | 5,060 | | Canada | – | 301 | | **Total** | **14,358** | **5,361** | Non-current Assets by Geographical Location | Location of Non-current Assets | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Hong Kong | 2,478 | 2,308 | [Income Tax Expense](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) No Hong Kong profits tax provision was made for the six months ended June 30, 2025, and 2024, as the Group had no assessable profits during these periods - No provision for Hong Kong profits tax has been made in the unaudited condensed consolidated financial statements as the Group had no assessable profits for the six months ended June 30, 2025, and June 30, 2024[29](index=29&type=chunk) [Loss for the Period](index=11&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) The loss for the period was primarily influenced by the cost of inventories sold, employee costs (salaries, allowances, retirement benefits), and depreciation expenses (plant and equipment, right-of-use assets) Components of Loss for the Period | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 8,852 | 3,059 | | Total employee costs | 3,327 | 2,462 | | Total depreciation | 840 | 1,045 | | Expenses related to short-term leases | 730 | 115 | [Dividends](index=11&type=section&id=%E8%82%A1%E6%81%AF) The Company's directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed during the current interim period and prior interim period[32](index=32&type=chunk) [Loss Per Share](index=12&type=section&id=%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, both basic and diluted loss per share were HKD 0.026, with diluted loss being the same due to the anti-dilutive nature of share options Loss Per Share Calculation | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic loss per share | (3,932) | (3,410) | | Weighted average number of ordinary shares for calculating basic loss per share (thousand shares) | 151,684 | 108,345 | - Basic and diluted loss per share for the six months ended June 30, 2025, and June 30, 2024, were the same because the exercise of share options would decrease the loss per share, thus having an anti-dilutive effect[34](index=34&type=chunk) [Movements in Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E4%BB%A5%E5%8F%8A%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E8%AE%8A%E5%8B%95) For the six months ended June 30, 2025, the Group acquired approximately HKD 401 thousand in property, plant and equipment and HKD 609 thousand in right-of-use assets, incurring corresponding depreciation expenses Asset Movements | Asset Category | Acquisition Cost (HKD thousand) | Depreciation Expense (HKD thousand) | | :--- | :--- | :--- | | Property, plant and equipment (June 30, 2025) | 401 | 197 | | Property, plant and equipment (December 31, 2024) | 965 | - | | Right-of-use assets (June 30, 2025) | 609 | 643 | | Right-of-use assets (December 31, 2024) | 1,736 | - | [Inventories](index=13&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, merchandise inventories of footwear, apparel, and sports-related peripheral products for resale significantly decreased to HKD 6,004 thousand from HKD 13,163 thousand at December 31, 2024 Inventories | Inventory Category | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Merchandise of footwear, apparel and sports-related peripheral products for resale | 6,004 | 13,163 | -54.4% | [Trade Receivables](index=14&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) As of June 30, 2025, trade receivables (net of impairment losses) were zero, primarily due to an impairment provision of HKD 2,175 thousand for expected credit losses Trade Receivables | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 2,175 | 2,126 | | Less: Impairment loss under expected credit loss model | (2,175) | – | | **Net amount** | **–** | **2,126** | - The Group grants credit terms ranging from **30 to 60 days** to its customers for sales of footwear, apparel, and sports-related peripheral products[37](index=37&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Over 90 days | – | 2,126 | [Other Receivables, Prepayments and Deposits](index=15&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%8C%89%E9%87%91) As of June 30, 2025, the total of other receivables, prepayments, and deposits was HKD 1,139 thousand, a slight decrease from HKD 1,158 thousand at December 31, 2024 Other Receivables, Prepayments and Deposits | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Other receivables (net of provision) | 401 | 383 | | Prepayments | 139 | 186 | | Lease deposits | 642 | 642 | | Other deposits | 194 | 184 | | Less: Lease deposits shown under non-current assets | (237) | (237) | | **Total** | **1,139** | **1,158** | [Trade Payables](index=15&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE) As of June 30, 2025, total trade payables increased to HKD 3,072 thousand from HKD 2,415 thousand at December 31, 2024, with credit terms ranging from 0 to 60 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | 0 to 30 days | 578 | 54 | | 31 to 60 days | 88 | – | | 61 to 90 days | 82 | – | | Over 90 days | 2,324 | 2,361 | | **Total** | **3,072** | **2,415** | - The credit period for purchases of goods ranges from **0 to 60 days**[40](index=40&type=chunk) [Other Payables and Accruals](index=16&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) As of June 30, 2025, total other payables and accruals were HKD 3,681 thousand, a slight decrease from HKD 3,777 thousand at December 31, 2024 Other Payables and Accruals | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Accrued staff wages | 760 | 463 | | Accrued expenses | 343 | 960 | | Other taxes payable | 1,239 | 1,220 | | Other payables | 1,339 | 1,134 | | **Total** | **3,681** | **3,777** | [Share Capital](index=16&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid share capital remained at HKD 30,337 thousand, comprising 151,683,840 shares, consistent with the capital structure after the 2024 share placement Share Capital | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Authorized ordinary shares (HKD thousand) | 100,000 | 100,000 | | Issued and fully paid shares (HKD thousand) | 30,337 | 30,337 | | Number of issued shares (shares) | 151,683,840 | 151,683,840 | - The placing of **43,338,240 new shares** was completed on October 31, 2024, with net proceeds of approximately **HKD 10,200,000**, increasing share capital by **HKD 8,668,000** and share premium by approximately **HKD 1,580,000**[42](index=42&type=chunk) [Share Option Scheme](index=17&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company adopted a share option scheme in 2016 to reward eligible individuals; as of June 30, 2025, 807,886 share options remained unexercised at an exercise price of HKD 0.37 per share, with no cancellations or exercises during the period - The Company adopted a share option scheme (the "2016 Scheme") to grant share options to eligible persons as a reward for their contributions[43](index=43&type=chunk) Share Options Outstanding | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of share options outstanding at period/year-end | 807,886 | 807,886 | | Weighted average exercise price (HKD per share) | 0.37 | 0.37 | - No share options were cancelled or exercised during the six months ended June 30, 2025, and June 30, 2024[51](index=51&type=chunk) [Fair Value Measurement of Financial Instruments](index=19&type=section&id=%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Directors believe that the carrying amounts of the Group's financial assets and liabilities recorded at amortized cost in the unaudited condensed consolidated financial statements approximate their fair values - The Directors are of the opinion that the carrying amounts of these financial assets and financial liabilities recorded at amortized cost in the unaudited condensed consolidated financial statements approximate their fair values[52](index=52&type=chunk) [Related Party Disclosures](index=19&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E6%8A%AB%E9%9C%B2) The Group's key management comprises all executive directors, whose remuneration is determined by the Remuneration Committee based on individual and Group performance, industry standards, and market conditions - The Group's key management comprises all executive directors of the Company, whose remuneration details are disclosed in Note 7[53](index=53&type=chunk) - The remuneration of executive directors is determined by the Company's Remuneration Committee based on individual performance, the Group's performance and profitability, industry remuneration standards, and prevailing market conditions[53](index=53&type=chunk) Management Discussion and Analysis [Business Review and Outlook](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) The Group primarily engages in footwear, apparel, and sports-related peripheral products, expanding retail through physical stores and wholesale, expecting positive revenue effects in H2 2025 from Hong Kong's event economy - The Group is engaged in the business of footwear, apparel, and sports-related peripheral products, continuously expanding its retail business through physical stores while strategically seeking wholesale opportunities[55](index=55&type=chunk)[56](index=56&type=chunk) - The Hong Kong government's development of a mega-event economy creates a positive environment for the sports trade industry, and the Group's business is expected to benefit from this trend, achieving positive revenue effects in the second half of 2025[56](index=56&type=chunk) [Footwear, Apparel and Sports-related Peripheral Products Business](index=20&type=section&id=%E9%9E%8B%E6%9C%8D%E5%8F%8A%E9%81%8B%E5%8B%95%E7%9B%B8%E9%97%9C%E9%80%B1%E9%82%8A%E7%94%A2%E5%93%81%E6%A5%AD%E5%8B%99) The Group's business involves sourcing, retail, and marketing of footwear, printed apparel, sportswear, and other sports-related peripheral products in Hong Kong, with significant revenue growth from a new wholesale contract - The Group is engaged in the sourcing, retail, and marketing of footwear, printed apparel, sportswear, and other sports-related peripheral products in Hong Kong[56](index=56&type=chunk) - In the first half of 2025, the Group successfully signed a wholesale contract with an independent distributor, significantly boosting the Group's revenue[56](index=56&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's revenue significantly increased by 166.7% during the reporting period, mainly due to wholesale business expansion, but loss for the period widened due to higher employee benefits, new store openings, and impairment of trade receivables [Revenue](index=21&type=section&id=%E6%94%B6%E7%9B%8A) Revenue for the period saw a substantial increase, primarily driven by the expansion of the wholesale business Revenue | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,400 | 5,400 | 166.7% | - The increase in revenue was primarily due to the expansion of the wholesale business[59](index=59&type=chunk) [Cost of Inventories Sold](index=21&type=section&id=%E5%B7%B2%E5%94%AE%E5%AD%98%E8%B2%A8%E6%88%90%E6%9C%AC) The cost of inventories sold increased significantly in line with the substantial growth in revenue Cost of Inventories Sold | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 8,900 | 3,100 | 187.1% | [Employee Benefit Expenses](index=21&type=section&id=%E5%83%B1%E5%93%A1%E7%A6%8F%E5%88%A9%E9%96%8B%E6%94%AF) Employee benefit expenses increased due to the opening of more retail stores and the hiring of additional senior employees during the reporting period Employee Benefit Expenses | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 3,300 | 2,500 | 32.0% | - The increase in employee benefit expenses was due to the opening of more retail stores and the hiring of more senior employees during the reporting period[61](index=61&type=chunk) [Other Operating Expenses](index=21&type=section&id=%E5%85%B6%E4%BB%96%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) Other operating expenses increased, primarily attributable to the opening of two additional stores during the reporting period Other Operating Expenses | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other operating expenses | 3,900 | 3,000 | 30.0% | - The increase in other operating expenses was due to the opening of two additional stores during the reporting period[62](index=62&type=chunk) [Finance Costs](index=22&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs decreased, mainly because no additional loan interest was incurred for the six months ended June 30, 2025 Finance Costs | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 98 | 182 | -46.2% | - The decrease in finance costs was mainly due to no further loan interest being incurred for the six months ended June 30, 2025[63](index=63&type=chunk) [Loss for the Period](index=22&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) The loss for the period increased due to higher employee benefits from wholesale expansion, increased operating expenses from new stores, and an impairment loss of approximately HKD 2,200 thousand on trade receivables Loss for the Period | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (3,900) | (3,400) | 14.7% | - The increase in loss was mainly due to increased employee benefit expenses from wholesale business expansion, increased other operating expenses from new store openings, and an impairment loss on trade receivables of approximately **HKD 2,200 thousand** recognized under the expected credit loss model[64](index=64&type=chunk) [Liquidity, Financial and Capital Structure](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group's total borrowings were approximately HKD 1,700 thousand, with a gearing ratio of 8.3%, net current assets of HKD 10,100 thousand, and a current ratio of approximately 2.3 times, maintaining a prudent financial policy Liquidity, Financial and Capital Structure | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total borrowings | HKD 1,700 thousand | HKD 1,700 thousand | No change | | Gearing ratio | 8.3% | 7.1% | Increase of 1.2 percentage points | | Net current assets | HKD 10,100 thousand | HKD 14,400 thousand | Decrease of HKD 4,300 thousand | | Current ratio | 2.3 times | 3.0 times | Decrease of 0.7 times | - The Group's operations are primarily financed by revenue generated from its business operations, available bank balances and cash, and interest-bearing borrowings[66](index=66&type=chunk) [2024 Placing](index=24&type=section&id=2024%20Placing) The Company completed a placing of 43,338,240 new shares at HKD 0.25 per share on October 31, 2024, raising net proceeds of approximately HKD 10,200 thousand for loan repayment and business operations - The Company completed the placing of **43,338,240 new shares** at a placing price of **HKD 0.25 per share** on October 31, 2024[67](index=67&type=chunk) Use of Proceeds from 2024 Placing | Purpose | Net Proceeds (HKD thousand) | Utilized as of Dec 31, 2024 (HKD thousand) | Utilized as of June 30, 2025 (HKD thousand) | Unutilized as of June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Repayment of loans | 2,700 | (2,700) | – | – | | Business operations | 7,500 | (3,346) | (4,154) | – | | **Total** | **10,200** | **(6,046)** | **(4,154)** | **–** | [2024 Subscription](index=24&type=section&id=2024%20Subscription) The Company's 2024 subscription agreement with China Mining United Holdings Group Limited was terminated on May 30, 2025, after multiple extensions, due to the subscriber needing more time to meet compliance requirements - The Company's 2024 subscription agreement with China Mining United Holdings Group Limited was terminated on **May 30, 2025**, after multiple extensions[69](index=69&type=chunk)[70](index=70&type=chunk) - The termination was due to the subscriber requiring more time to satisfy applicable compliance requirements[70](index=70&type=chunk) [Pledge of Assets](index=25&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had not pledged any assets to secure other borrowings - As of June 30, 2025, the Group had not pledged any assets to secure other borrowings of the Group[72](index=72&type=chunk) [Exchange Rate Risk](index=25&type=section&id=%E5%8C%AF%E7%8E%87%E9%A2%A8%E9%9A%AA) The Group's revenue, costs, and expenses are denominated in HKD and CAD, and management believes there is no significant foreign exchange risk, with no financial instruments used for hedging - The Group's revenue, costs, and expenses are denominated in **HKD** and **CAD**, and management believes there is no significant foreign exchange risk[73](index=73&type=chunk) - As of June 30, 2025, the Group did not use any financial instruments to hedge foreign exchange risk[73](index=73&type=chunk) [Future Plans for Material Investments and Capital Assets](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of the six months ended June 30, 2025, the Group currently has no other material investment plans - As of the six months ended June 30, 2025, the Group currently has no other material investment plans[74](index=74&type=chunk) [Contingent Liabilities](index=26&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[75](index=75&type=chunk) [Capital Commitments](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no material capital commitments - As of June 30, 2025, the Group had no material capital commitments[76](index=76&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%87%91%E6%94%BF%E7%AD%96) As of June 30, 2025, the total number of employees decreased to 22; the Group offers competitive remuneration, including internal promotion, share options, and performance bonuses, to attract and retain talent Employee Headcount | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total number of employees | 22 | 24 | Decrease of 2 employees | - The Group provides competitive remuneration packages to its employees, including internal promotion opportunities, share options, and performance bonuses, to attract, develop, and retain highly capable employees[77](index=77&type=chunk) [Material Investments Held](index=26&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the six months ended June 30, 2025, the Group held no material investments - For the six months ended June 30, 2025, the Group held no material investments[78](index=78&type=chunk) [Material Acquisitions or Disposals](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and associated companies - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and associated companies[79](index=79&type=chunk) [Compliance with Corporate Governance Code](index=26&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except for the vacant Chairman position; Mr. Zhou Yifeng was appointed CEO - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules, except for the position of Chairman which has remained vacant[80](index=80&type=chunk)[81](index=81&type=chunk) - Mr. Zhou Yifeng was appointed as the Chief Executive Officer of the Company with effect from November 12, 2024[81](index=81&type=chunk) [Code of Conduct for Directors' Securities Transactions](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9B%B8%E9%97%9C%E4%B9%8B%E6%93%8D%E5%AE%88%E5%AE%88%E5%89%87) The Group adopted the required dealing standards from the GEM Listing Rules as its code of conduct for directors' securities transactions, with all directors confirming compliance during the review period - The Group has adopted the required dealing standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions in the Company's shares[83](index=83&type=chunk) - Following specific enquiry with all Directors, all Directors have confirmed that they have complied with the required dealing standards and the code of conduct for directors' securities transactions during the review period[83](index=83&type=chunk) [Interests in Competing Business](index=27&type=section&id=%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%AC%8A%E7%9B%8A) For the six months ended June 30, 2025, no Directors or their close associates engaged in any business that competed or might compete with the Group's business - For the six months ended June 30, 2025, none of the Directors or any of their respective close associates were engaged in any business that directly or indirectly competed or might compete with the business of the Group[84](index=84&type=chunk) [Share Option Scheme](index=27&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company's share option scheme, effective May 30, 2016, for ten years, had total shares issuable under options and awards representing approximately 0.53% of the weighted average issued shares as of June 30, 2025 - The Share Option Scheme became effective on **May 30, 2016**, for a period of **ten years**[86](index=86&type=chunk) Share Option Scheme Summary | Item | January 1, 2025 | June 30, 2025 | | :--- | :--- | :--- | | Total number of share options authorized for grant under the scheme (shares) | 1,592,114 | 1,592,114 | | Total number of shares issuable under options and awards as of period-end (shares) | 807,886 | 807,886 | | Percentage of weighted average issued shares | - | Approximately **0.53%** | [Use of Proceeds from Placing of New Shares under General Mandate in 2024](index=29&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E6%A0%B9%E6%93%9A%E7%89%B9%E5%88%A5%E6%8E%88%E6%AC%8A%E9%85%8D%E5%94%AE%E6%96%B0%E8%82%A1%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The net proceeds of approximately HKD 10,200 thousand from the 2024 placing were fully utilized for loan repayment (HKD 2,700 thousand) and business operations (HKD 7,500 thousand) - The net proceeds of approximately **HKD 10,200,000** from the 2024 placing were fully utilized for loan repayment and business operations[88](index=88&type=chunk)[90](index=90&type=chunk) Use of Proceeds from 2024 Placing | Purpose | Net Proceeds (HKD thousand) | Utilized as of Dec 31, 2024 (HKD thousand) | Utilized as of June 30, 2025 (HKD thousand) | Unutilized as of June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Repayment of loans | 2,700 | (2,700) | – | – | | Business operations | 7,500 | (3,346) | (4,154) | – | | **Total** | **10,200** | **(6,046)** | **(4,154)** | **–** | [Directors' and Chief Executive's Interests and/or Short Positions in the Shares, Underlying Shares and Debentures of the Company](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E2%95%B1%E6%88%96%E6%B7%A1%E5%80%89) As of June 30, 2025, Non-executive Director Mr. Cen Ziyang beneficially owned 6,750 ordinary shares, representing approximately 0.00% of the share capital, with no other directors or chief executives holding disclosable interests or short positions Directors' and Chief Executive's Interests | Director Name | Capacity | Number of Shares Held (Ordinary Shares) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Cen Ziyang | Beneficial owner | 6,750 | 0.00% | [Substantial Shareholders' and Other Persons' Interests and/or Short Positions in the Shares and Underlying Shares of the Company](index=31&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E2%95%B1%E6%88%96%E6%B7%A1%E5%80%89) As of June 30, 2025, Qunying International Limited was a substantial shareholder, beneficially owning 26,464,939 Company shares, representing 17.45% of the issued share capital Substantial Shareholders' Interests | Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Qunying International Limited | Beneficial owner | 26,464,939 | 17.45% | [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of Treasury Shares](index=31&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E6%88%96%E5%87%BA%E5%94%AE%E5%BA%AB%E5%AD%98%E8%82%A1%E4%BB%BD) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, the Company did not redeem any of its own listed securities, nor did the Company or any of its subsidiaries purchase or sell any of the Company's listed securities[93](index=93&type=chunk) - As of June 30, 2025, the Company held no treasury shares[94](index=94&type=chunk) Other Information [Disclosure of Changes in Directors' Information](index=32&type=section&id=%E6%8A%AB%E9%9C%B2%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) Changes in directors' information occurred from December 31, 2024, to the report date, as required by GEM Listing Rule 17.50A(1) - In accordance with Rule 17.50A(1) of the GEM Listing Rules, changes in directors' information from December 31, 2024, to the date of this report are set out below[95](index=95&type=chunk) [Audit Committee](index=32&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, confirming financial statements were prepared according to applicable accounting standards - The Audit Committee currently comprises three members (namely Mr. Choi Ho Yan (Chairman), Mr. Kung Wai Sze, and Mr. Yiu Yu Hong), all of whom are independent non-executive directors[95](index=95&type=chunk) - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and is of the opinion that the unaudited condensed consolidated financial statements have been prepared in accordance with applicable accounting standards, the requirements under the GEM Listing Rules, and other applicable legal requirements[95](index=95&type=chunk) [Events After Reporting Period](index=32&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, Mr. Chan Ting Leut was appointed as a director of the Company's wholly-owned subsidiaries on January 17, 2025, and June 30, 2025 - On January 17, 2025, Mr. Chan Ting Leut was appointed as a director of Worldwide Allies Group Limited, Art Kingdom Limited, and Wealthy Creation Limited, all of which are wholly-owned subsidiaries of the Company[98](index=98&type=chunk) - On June 30, 2025, Mr. Chan Ting Leut was appointed as a director of Allied Bless Limited, a wholly-owned subsidiary of the Company[98](index=98&type=chunk) [Publication of Interim Results and Interim Report on the Stock Exchange and Company Website](index=33&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company's unaudited interim results announcement for the six months ended June 30, 2025, has been published on the Stock Exchange and Company websites, with the interim report to be dispatched and published in due course - The Company's unaudited interim results announcement for the six months ended June 30, 2025, has been published on the Stock Exchange website www.hkexnews.hk and the Company's website www.jimugrouphk.com[99](index=99&type=chunk)