Group 1 - The company announced that Mr. Yang Yongcheng will resign from his positions as Executive Director and Compliance Officer effective August 31, 2025, in accordance with the guidelines of the Hong Kong Stock Exchange and ongoing board restructuring and governance enhancement measures [1] - Ms. Liu Chenzi has been appointed as a Non-Executive Director, effective August 31, 2025 [1]

董事名單與其角色和職能 凱順控股有限公司董事會(「董事會」) 成員載列如下： KAISUN HOLDINGS LIMITED 凱順控股有限公司* (于開曼群島註冊成立之有限公司) （股票代號：8203） 各董事會成員於該等委員會中所擔任的職位載列如下： 審核委員會 無主席及成員 薪酬委員會 無主席及成員 提名及企業管治委員會 無主席及成員 執行董事 陳振郎先生 程可彤先生 非執行董事 劉辰子女士 董事會設立三個委員會。 香港，二零二五年八月三十一日 * 僅供識別 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損 失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱順控股有限公司* (於開曼群島註冊成立的有限公司) （股份代號：8203） 執行董事及監察主任辭任 及 委任非執行董事 執行董事及監察主任辭任 凱順控股有限公司（「本公司」）之董事（「董事」）會（「董事會」） 謹此宣佈，楊永成先生（「楊先生」）已根據香港聯合交易所有限公司的 指引及本公司持續進行的董事會架構重組與管治提升措施，自二零二五年 八月三十一日起辭任執行董事及監察主任職務。 楊先生於本公司完成近期年度及中期財務報表後退任，體現董事會持續強 化企業管治實踐及符合監管要求的努力。楊先生將繼續以顧問或其他身份 支持本公司及其附屬公司，尤其專注維繫與長期客戶及業務夥伴的關係。 楊先生確認與董事會並無意見分歧，且其辭任事宜無需提請本公司股東或 香港聯合交易所有限公司關注。 董事會謹對楊先生多年來寶貴的領導及貢獻致以衷心謝意，其經驗與遠見 對本公司的成長發展 ...

Group 1 - The company reported a revenue of HKD 331 million for the six months ending June 30, 2025, representing a year-on-year decrease of 34.07% [1] - The loss attributable to shareholders was HKD 24.442 million, which expanded by 29,348.19% year-on-year [1] - The loss per share was HKD 0.0419 [1]

Group 1 - The company reported a revenue of HKD 331 million for the six months ending June 30, 2025, representing a year-on-year decrease of 34.07% [1] - The loss attributable to shareholders was HKD 24.442 million, which expanded by 29,348.19% year-on-year [1] - The loss per share was HKD 0.0419 [1]

[Company Information and Report Statement](index=1&type=section&id=Company%20Information%20and%20Report%20Statement) This section outlines the nature of the GEM market, disclaims responsibility for the report's content by HKEX, and affirms the board's accountability for accuracy [GEM Characteristics and Disclaimer](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimer) The report highlights GEM's high investment risks for SMEs, disclaims HKEX responsibility, and affirms the Board's accountability for accuracy - The GEM market targets small and medium-sized companies, entailing **higher investment risks** and potential for significant market volatility for securities[2](index=2&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited bear **no responsibility** for the report's content and make no representations[2](index=2&type=chunk) - The Company's directors collectively and individually assume full responsibility for the information in this report, confirming its **accuracy, completeness, and absence of misleading or fraudulent elements**[2](index=2&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the condensed consolidated financial statements, including profit or loss, comprehensive income, financial position, equity changes, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2025, the Group turned from profit to a net loss, with revenue and gross profit significantly declining Key Data from Condensed Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 330,705 | 501,609 | -34.1% | | Cost of sales and services | (307,654) | (428,129) | -28.1% | | Gross profit | 23,051 | 73,480 | -68.6% | | Loss / Profit from operations | (20,671) | 14,739 | Turned from profit to loss | | Loss / Profit for the period | (28,486) | 3,725 | Turned from profit to loss | | Attributable to owners of the Company | (24,442) | (83) | Loss widened | | Basic loss per share (HK cents) | (4.19) | (0.01) | Loss widened | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the Group recorded a significant increase in total comprehensive expense, primarily due to an expanded loss for the period Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Loss / Profit for the period | (28,486) | 3,725 | Turned from profit to loss | | Exchange differences on translation of overseas operations | 519 | (4,108) | Turned from expense to income | | Total comprehensive expense for the period | (27,967) | (383) | Loss widened | | Attributable to owners of the Company | (24,683) | (3,265) | Loss widened | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities improved, but it still faces significant net current liabilities and net liabilities, raising going concern uncertainties Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 285,722 | 343,448 | -16.8% | | Current assets | 459,315 | 397,547 | +15.5% | | Current liabilities | 619,730 | 647,052 | -4.2% | | Net current liabilities | (160,415) | (249,505) | Improved | | Net liabilities | (45,916) | (17,949) | Worsened | | Equity attributable to owners of the Company | (63,678) | (38,995) | Loss widened | - As of June 30, 2025, the Group had **net current liabilities of approximately HK$160,415 thousand** and **net liabilities of approximately HK$45,916 thousand**, indicating significant uncertainties that may cast substantial doubt on its ability to continue as a going concern[13](index=13&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For H1 2025, equity attributable to owners of the Company deteriorated, primarily due to the total comprehensive expense for the period, further expanding the capital deficit Key Data from Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | (63,678) | (50,616) | | Capital deficit | (45,916) | (31,178) | | Total comprehensive expense for the period | (27,967) | (383) | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, the Group experienced a net decrease in cash and cash equivalents, with operating activities shifting from a net inflow to a net outflow, reflecting deteriorating operating conditions Key Data from Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (38,232) | 91,436 | | Net cash generated from / (used in) investing activities | (315) | (36,229) | | Net cash used in financing activities | (8,725) | (12,879) | | Net (decrease) / increase in cash and cash equivalents | (47,272) | 42,328 | | Cash and cash equivalents at end of period | 23,027 | 50,552 | [Notes to the Financial Statements](index=9&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the Group's general information, accounting policies, and specific financial statement items [General Information and Basis of Preparation](index=9&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The Company is an investment holding company primarily engaged in coal mining, consulting, media services, and corporate and investment businesses, facing significant going concern uncertainties despite the Board's confidence in business recovery and debt negotiations - The Group primarily engages in **coal mining, consulting and media services, and corporate and investment businesses**[12](index=12&type=chunk) - As of June 30, 2025, the Group had **net current liabilities of approximately HK$160,415 thousand** and **net liabilities of approximately HK$45,916 thousand**, indicating significant going concern uncertainties[13](index=13&type=chunk) - The Board believes the Group will have **sufficient working capital**, based on the recovery of its Xinjiang coal business and active negotiations with creditors for debt repayment extensions[14](index=14&type=chunk)[16](index=16&type=chunk) [Changes in Accounting Policies](index=10&type=section&id=Changes%20in%20Accounting%20Policies) The Group has applied IAS 21 (Amendment) "Lack of Exchangeability," which had no material impact on the interim financial report, and has not adopted any new standards not yet effective - The Group has applied **IAS 21 (Amendment) "Lack of Exchangeability"**[15](index=15&type=chunk) - The aforementioned amendment had **no material impact** on the preparation or presentation of this interim financial report[15](index=15&type=chunk) [Revenue Breakdown](index=11&type=section&id=Revenue%20Breakdown) For H1 2025, the Group's revenue decreased by 34.1% to HK$330,705 thousand, primarily driven by a 30.3% decline in coal production and sales, with China (excluding Hong Kong) remaining the main revenue source Revenue Breakdown (Six Months Ended June 30) | Product/Service Line | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Production and sales of coal | 310,066 | 444,832 | -30.3% | | Supply chain management services for mining industry | 3,934 | 40,327 | -90.2% | | Mining and metallurgical machinery products | 4,698 | 8,151 | -42.4% | | Mining logistics services | 6,580 | 2,157 | +204.1% | | Trust and agency services | 1,265 | 917 | +37.9% | | Event planning services | 2,014 | 2,798 | -28.1% | | Operating railway platforms | 1,993 | 2,158 | -7.6% | | Others | 155 | 269 | -42.4% | | **Total Revenue** | **330,705** | **501,609** | **-34.1%** | Revenue by Major Geographical Market (Six Months Ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 3,434 | 3,732 | | China (excluding Hong Kong) | 325,278 | 495,467 | | Others | 1,993 | 2,410 | | **Total** | **330,705** | **501,609** | [Segment Information](index=12&type=section&id=Segment%20Information) The Group operates three reportable segments: coal mining, consulting and media services, and corporate and investment businesses, with coal mining being the primary revenue source but also the main contributor to the overall loss in H1 2025 - The Group has **three reportable segments**: coal mining, consulting and media services, and corporate and investment businesses[21](index=21&type=chunk) Segment Revenue and Loss / Profit (Six Months Ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2025 Loss / Profit (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Profit / Loss (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Coal mining business | 327,271 | (25,379) | 497,625 | 15,067 | | Consulting and media services business | 3,344 | 209 | 3,984 | 22 | | Corporate and investment business | 90 | (3,316) | — | (11,364) | | **Total** | **330,705** | **(28,486)** | **501,609** | **3,725** | - The **coal mining business turned from profit to loss** in H1 2025, representing the primary reason for the Group's overall loss[22](index=22&type=chunk)[23](index=23&type=chunk) [Investment and Other Income](index=15&type=section&id=Investment%20and%20Other%20Income) For H1 2025, the Group's investment and other income significantly decreased to HK$418 thousand, mainly due to a sharp decline in interest income from bank deposits Investment and Other Income (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | 168 | 889 | | Dividend income from equity investments | 214 | 189 | | Miscellaneous income | 36 | 105 | | **Total** | **418** | **1,183** | [Other Gains and Losses](index=16&type=section&id=Other%20Gains%20and%20Losses) For H1 2025, the Group's other gains and losses improved to a loss of HK$3,482 thousand, primarily driven by a fair value gain on financial assets at fair value through profit or loss, despite increased impairment losses on trade and other receivables Other Gains and Losses (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net exchange loss | (52) | (357) | | Fair value gain / (loss) on financial assets at fair value through profit or loss | 1,794 | (4,253) | | Impairment loss on trade and other receivables | (5,224) | (3,947) | | **Total** | **(3,482)** | **(8,557)** | [Income Tax Credit](index=16&type=section&id=Income%20Tax%20Credit) For H1 2025, the Group's income tax credit decreased to HK$807 thousand, mainly due to a reduction in deferred tax credit Income Tax Credit (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax expense | 147 | 191 | | Deferred tax credit | (954) | (1,965) | | **Total** | **(807)** | **(1,774)** | - Hong Kong and Mongolia profits tax are calculated at **16.5% and 10% respectively**, while China corporate income tax is provided at a rate of **25%**[29](index=29&type=chunk) [Loss / Profit for the Period](index=17&type=section&id=Loss%20%2F%20Profit%20for%20the%20Period) For H1 2025, the Group recorded a loss of HK$28,486 thousand, a reversal from profit, primarily influenced by cost of sales, depreciation, amortization, and impairment losses on trade receivables Components of Loss / Profit for the Period (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Directors' emoluments | 1,860 | 2,087 | | Cost of sales | 306,787 | 395,803 | | Depreciation of property, plant and equipment | 4,288 | 5,865 | | Amortisation of intangible assets | 4,998 | 5,055 | | Fair value (gain) / loss on financial assets at fair value through profit or loss | (1,794) | 4,253 | | Impairment loss on trade and other receivables | 5,224 | 3,947 | | Net exchange loss | 52 | 357 | [Dividends](index=17&type=section&id=Dividends) The Board does not recommend the payment of any dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of a dividend for the six months ended June 30, 2025 (2024: nil)[33](index=33&type=chunk) [Loss Per Share](index=18&type=section&id=Loss%20Per%20Share) For H1 2025, the loss attributable to owners of the Company was HK$24,442 thousand, leading to an expanded basic loss per share of 4.19 HK cents, with no dilutive impact on ordinary shares Loss Per Share Calculation (Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic loss per share | (24,442) | (83) | | Weighted average number of ordinary shares (thousand shares) | 583,416 | 583,416 | | **Basic loss per share (HK cents)** | **(4.19)** | **(0.01)** | - The Company had **no potentially dilutive ordinary shares**, thus no diluted loss per share is presented[35](index=35&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs) For H1 2025, the Group's finance costs decreased to HK$8,622 thousand, primarily due to zero interest on bonds payable and reduced interest expenses on bank borrowings and mining rights payables Finance Costs Breakdown (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on bonds payable | — | 2,340 | | Interest portion of lease liabilities | 7 | 20 | | Interest on bank and other borrowings | 1,591 | 3,104 | | Imputed interest expense on mining rights payables | 7,024 | 7,324 | | **Total** | **8,622** | **12,788** | [Property, Plant and Equipment](index=19&type=section&id=Property%2C%20Plant%20and%20Equipment) For H1 2025, the Group's capital expenditure on property, plant and equipment significantly decreased, with purchases of approximately HK$0.7 million and no new construction in progress Property, Plant and Equipment Acquisitions (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 700 | 7,500 | | Additions to construction in progress | — | 29,800 | [Intangible Assets](index=19&type=section&id=Intangible%20Assets) As of June 30, 2025, the Group's intangible assets, primarily mining rights, slightly increased to HK$244,493 thousand, with amortization of HK$4,998 thousand for the period Carrying Value of Mining Rights (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Carrying value of mining rights | 244,493 | 242,391 | | Amortization for the period | 4,998 | 10,111 (2024 full year) | - The Group's mining rights pertain to the **production and exploration of coal mines in Xinjiang, China**, primarily long-flame coal reserves[40](index=40&type=chunk) [Trade and Bills Receivables](index=20&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's total trade and bills receivables decreased to HK$63,396 thousand, but the allowance for doubtful accounts increased, and trade receivables over one year old significantly rose, indicating heightened credit risk Trade and Bills Receivables (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 125,063 | 123,996 | | Allowance for doubtful accounts | (63,105) | (52,435) | | Bills receivables | 1,438 | 4,627 | | **Total** | **63,396** | **76,188** | Ageing Analysis of Trade and Bills Receivables (As of June 30) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 days | 4,898 | 20,670 | | 91–365 days | 41,971 | 58,340 | | Over 1 year | 73,279 | 42,145 | - Trade receivables over **1 year old increased from HK$42,145 thousand to HK$73,279 thousand**, indicating rising long-term receivable risk[43](index=43&type=chunk) [Trade Payables](index=22&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's trade payables slightly decreased to HK$12,538 thousand, but the proportion of payables over 91 days, especially those over one year, increased Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 days | 2,160 | 6,023 | | 91–365 days | 6,816 | 5,380 | | Over 1 year | 1,719 | 509 | | **Total** | **12,538** | **13,638** | - The carrying amount of the Group's trade payables is **denominated in RMB**[44](index=44&type=chunk) [Share Capital](index=22&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital remained at HK$500,000 thousand, with issued and fully paid share capital of HK$58,342 thousand, comprising 583,415,844 ordinary shares Share Capital Structure (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Authorized share capital | 500,000 | 500,000 | | Issued and fully paid share capital | 58,342 | 58,342 | | Number of issued shares (shares) | 583,415,844 | 583,415,844 | [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had **no significant contingent liabilities**[46](index=46&type=chunk) [Commitments](index=23&type=section&id=Commitments) As of June 30, 2025, the Group's total contracted but unexpended capital commitments slightly increased to HK$215,300 thousand, primarily for capital injections into subsidiaries Capital Commitments (As of June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Capital injection into subsidiaries | 206,250 | 200,302 | | Capital expenditure on property, plant and equipment | 9,050 | 8,789 | | **Total** | **215,300** | **209,091** | [Financial Assets at Fair Value Through Profit or Loss](index=23&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss increased to HK$13,193 thousand, entirely comprising equity securities listed in Hong Kong, with a fair value gain of HK$1,794 thousand recorded during the period Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity securities at fair value | 13,193 | 11,399 | | Current assets | 13,193 | 11,399 | | Held for trading | 13,193 | 11,399 | - The fair value of listed securities is calculated based on **current bid prices**, providing the Group with return opportunities through dividend income and fair value gains[50](index=50&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the macroeconomic environment, business performance, strategic adjustments, and financial review for the period [Macroeconomic Environment and Business Overview](index=24&type=section&id=Macroeconomic%20Environment%20and%20Business%20Overview) In H1 2025, the global economy faced geopolitical and trade challenges, with China's economy slowing and the energy sector under pressure, leading to a decline in the Group's gross profit despite administrative cost controls - Global GDP growth in H1 2025 was **3.3%**, below the pre-pandemic average (3.5%), impacted by geopolitical conflicts and tariff disputes[51](index=51&type=chunk) - China's GDP grew by **5.3% year-on-year in H1 2025**, but faced slowing growth, weak domestic demand, and pressure on the energy and mineral sectors[51](index=51&type=chunk) - The Group's gross profit decline was primarily due to **weak domestic coal market demand** and coal-consuming enterprises depleting inventory, with market recovery expected in H2[51](index=51&type=chunk) [Management and Business Strategy Adjustments](index=25&type=section&id=Management%20and%20Business%20Strategy%20Adjustments) In H1 2025, the Group implemented management adjustments, including extending a shareholder loan and promoting executives, while strategically focusing on its core Xinjiang mining business and exiting non-core operations - Former Chairman Mr. Chan Lap Kei agreed to **extend the interest-free shareholder loan to June 30, 2027**, to support the Group's financial stability[52](index=52&type=chunk) - Mr. Chan Chun Long and Mr. Ching Ho Tung, former Co-Chief Executive Officers, have been **promoted to Board members**[53](index=53&type=chunk) - The Group decided to **gradually withdraw from the public relations consulting business** to concentrate resources on core business development[57](index=57&type=chunk) [Management Adjustments](index=25&type=section&id=Management%20Adjustments) Former Chairman Mr. Chan Lap Kei extended his interest-free shareholder loan to support the Group's financial stability, while two former Co-Chief Executive Officers were promoted to the Board - Former Chairman Mr. Chan Lap Kei will **extend the interest-free shareholder loan to June 30, 2027**, to support the Group's financial stability[52](index=52&type=chunk) - Mr. Chan Chun Long and Mr. Ching Ho Tung have been **promoted to Board members**, providing support for Board decisions[53](index=53&type=chunk) [Business Strategy Adjustments](index=25&type=section&id=Business%20Strategy%20Adjustments) The Group's strategic adjustments include focusing on its core Xinjiang mineral extraction business, enhancing efficiency through technology and management, and gradually exiting non-core operations to optimize resource allocation, with an optimistic outlook for H2 coal prices - **Focus on core business**: More resources will be concentrated on the Xinjiang mineral extraction business, leveraging existing assets and exploring resource integration opportunities[54](index=54&type=chunk) - **Adjust management structure**: Optimize the leadership team to enhance strategic execution and market responsiveness[54](index=54&type=chunk) - **Gradual exit from non-core businesses**: The public relations consulting business will be discontinued to optimize resource allocation and overall strategic focus[57](index=57&type=chunk) - Domestic coal prices are expected to **rebound in H2**, maintaining an optimistic outlook for the long-term development of the Xinjiang mineral business and related operations[56](index=56&type=chunk) [Business Segment Review](index=27&type=section&id=Business%20Segment%20Review) In H1 2025, the Group's Xinjiang coal mining business generated HK$310 million in sales, while public relations ceased operations, and securities trading recorded an unrealized gain amid a strong Hong Kong stock market rebound - Xinjiang Xingliang Mining achieved **HK$310 million in sales revenue** from engineering coal business through fire extinguishing projects and sales network expansion[74](index=74&type=chunk) - The public relations consulting business ceased operations in H1 2025 due to **intensified industry competition and significant profit margin compression**[86](index=86&type=chunk) - The securities trading business recorded an **unrealized gain of HK$1,793,628** and **received dividends of HK$213,767** amid a strong rebound in Hong Kong stocks[88](index=88&type=chunk) [Production and Supply Chain Management of Mineral Resources, Mining and Metallurgical Machinery](index=27&type=section&id=Production%20and%20Supply%20Chain%20Management%20of%20Mineral%20Resources%2C%20Mining%20and%20Metallurgical%20Machinery) The Group's Shandong mining machinery production achieved HK$4.7 million in sales, while its Shandong supply chain services faced market pressure, and Xinjiang coal mining generated HK$310 million from engineering coal sales, despite a decline in Mongolia's coal output [Shandong — Production of Mining and Metallurgical Machinery](index=27&type=section&id=Shandong%20%E2%80%94%20Production%20of%20Mining%20and%20Metallurgical%20Machinery) Tengzhou Kaiyuan, a joint venture, achieved approximately HK$4.7 million in sales revenue in 2025, focusing on intelligent technology application and organizational optimization, with future demand driven by steel recovery, chemical expansion, and policy-mandated technical upgrades - Tengzhou Kaiyuan primarily produces **overhead personnel transport equipment and spare parts**, holding 50 sets of mining product safety marks and European standard certificates[59](index=59&type=chunk) - In 2025, Tengzhou Kaiyuan achieved sales revenue of approximately **HK$4.7 million**, continuously advancing its strategy for intelligent application of mining machinery equipment[63](index=63&type=chunk) - In the next six months, **steel recovery, chemical expansion, and policy-mandated technical upgrades** will drive structural growth in coal equipment demand[62](index=62&type=chunk) [Shandong — Supply Chain Management Services](index=30&type=section&id=Shandong%20%E2%80%94%20Supply%20Chain%20Management%20Services) Shandong Kailai Energy Logistics, with railway dedicated line usage rights, recorded approximately HK$10.51 million in sales revenue by June 2025, implementing strategic contraction and risk hedging amidst a challenging coal market - Shandong Kailai holds the right to use the **railway dedicated line at Guanchiao Station** of Yanzhou Car Depot, Jinan Railway Bureau, with an annual loading and unloading capacity of **3 million tonnes**[64](index=64&type=chunk) - As of June 2025, Shandong Kailai recorded cumulative sales revenue of approximately **HK$10.51 million**[67](index=67&type=chunk) - Facing an oversupplied coal market, price pressure, new energy impacts, and imported coal, the company implemented **strategic contraction and risk hedging mechanisms**[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [Xinjiang — Coal Mining Business](index=32&type=section&id=Xinjiang%20%E2%80%94%20Coal%20Mining%20Business) Xinjiang Xingliang Mining, located in the Tuha coalfield, obtained a 1.2 million tonnes/year mining permit in 2022 and initiated fire zone treatment in November 2023, achieving HK$310 million in engineering coal sales despite a slowdown in Xinjiang coal outbound transport growth - Xingliang Mining is located in the Tuha coalfield, with **long-flame coal as the main type**, and obtained a **1.2 million tonnes/year mining permit in 2022**[69](index=69&type=chunk) - From January to May 2025, Xinjiang's raw coal output increased by **9.8% year-on-year**, but the overall growth rate of Xinjiang coal outbound transport significantly slowed due to weak demand, high base effects, and limited offsetting effects from freight policies[70](index=70&type=chunk)[71](index=71&type=chunk) - Xingliang Mining completed systematic remediation of the fire zone, with cumulative sales revenue from engineering coal business reaching **HK$310 million**, covering key industrial enterprises in the region[74](index=74&type=chunk) [Mongolia — Supply Chain Management Services](index=36&type=section&id=Mongolia%20%E2%80%94%20Supply%20Chain%20Management%20Services) The Group's acquired Choir City railway platform in Mongolia, a key logistics hub, generated approximately HK$2 million in cooperation sharing revenue in 2025, despite a 12.4% year-on-year decline in Mongolia's coal production - The Choir City railway platform in Mongolia has an annual loading and unloading capacity of **1.8 million tonnes**, offering loading, unloading, warehousing, logistics, and customs clearance services[75](index=75&type=chunk) - From January to June 2025, Mongolia's coal production totaled **43.706 million tonnes**, a **12.4% year-on-year decrease**[76](index=76&type=chunk) - The Choir project generated cumulative cooperation sharing revenue of approximately **HK$2 million in 2025**, enhancing regional logistics functions through modern logistics hub construction[78](index=78&type=chunk)[80](index=80&type=chunk) [Kaisun Business Strategy Consulting and Trust](index=39&type=section&id=Kaisun%20Business%20Strategy%20Consulting%20and%20Trust) In H1 2025, the Hong Kong capital market showed signs of recovery, prompting the team to explore new opportunities in digital assets and plan to leverage AI and stablecoin policies to enhance competitiveness in H2 - In H1 2025, the Hong Kong capital market showed **signs of recovery**, driven by improved investment sentiment and industry growth momentum[84](index=84&type=chunk) - The team actively explores **new opportunities in the digital asset sector** and plans to combine AI and stablecoin policies to enhance competitive advantages[84](index=84&type=chunk) [Public Relations Business](index=40&type=section&id=Public%20Relations%20Business) In H1 2025, the public relations consulting business became unsustainable due to intensified competition, significant profit margin compression, and rising operating costs, leading the Group to cease its operations - The public relations consulting business faced **intensified industry competition and significant profit margin compression**, making sustainable profitability difficult[86](index=86&type=chunk) - The Group decided to **gradually withdraw from and cease public relations business operations** in H1 2025 to concentrate resources on its core mining business[86](index=86&type=chunk) [Securities Trading Business](index=40&type=section&id=Securities%20Trading%20Business) The Group's Hong Kong-listed securities trading business, guided by a strategy of buying blue-chip stocks at lows, recorded an unrealized gain of HK$1.79 million and received HK$0.21 million in dividends in H1 2025 amid a strong Hong Kong stock market rebound - The investment strategy involves **buying blue-chip stocks at lows** and stocks with stable dividend returns, while considering selling profitable stocks[87](index=87&type=chunk) - In H1 2025, the Hang Seng Index of Hong Kong stocks recorded a cumulative increase of nearly **25%**, becoming one of the best-performing major indices globally[87](index=87&type=chunk) Key Data from Securities Trading Business (As of June 30) | Metric | Amount (HK$) | | :--- | :--- | | Fair value of listed securities | 13,192,529 | | Cost of listed investments | 36,015,545 | | Unrealized gain | 1,793,628 | | Dividends received | 213,767 | [2025 Development Objectives](index=38&type=section&id=2025%20Development%20Objectives) The Group's 2025 development objectives include diversifying application scenarios for Shandong's mining machinery, building a specialized coal marketing system for Shandong's supply chain, establishing a standardized safety production system for Xinjiang's coal mining, and deepening strategic partnerships for Mongolia's supply chain services - Shandong mining and metallurgical machinery business objective: **Expand diversified application scenarios**, extend product lines, and drive profit growth through lean production[82](index=82&type=chunk) - Shandong supply chain management services objective: **Build a specialized coal marketing system**, cultivate a high-performance sales team, break into incremental markets, and enhance revenue and operating cash flow[81](index=81&type=chunk) - Xinjiang coal mining business objective: **Establish a standardized safety production system**, optimize organizational structure, strengthen safety and compliance control in mining operations, and promote full-chain digitalization of mining, transportation, and sales[85](index=85&type=chunk) - Mongolia supply chain management services objective: **Deepen strategic partner collaboration**, expand resource integration dimensions, and ensure long-term project operation and ecological value appreciation[83](index=83&type=chunk) [Financial Review](index=41&type=section&id=Financial%20Review) For H1 2025, the Group's revenue declined 34.1% to HK$330 million, and gross profit fell 68.6% to HK$23.1 million, primarily due to weak coal market demand and price drops, resulting in a net loss of HK$28.5 million Financial Performance Comparison (Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 330,000 | 501,000 | -34.1% | | Gross profit | 23,100 | 73,500 | -68.6% | | Administrative and other operating expenses | 40,700 | 51,400 | -20.9% | | Other gains and losses | (3,500) | (8,600) | Improved 59.3% | | Loss from operations | (20,700) | (14,700) | Loss widened | | Total profit for the period | (28,500) | 3,700 | Turned from profit to loss | - The decrease in revenue was primarily due to **weak domestic coal market demand**, with coal-consuming enterprises mainly depleting inventory[89](index=89&type=chunk) - The significant decline in gross profit was mainly due to **falling coal prices** during the period, leading to a narrower gross profit margin[89](index=89&type=chunk) - The improvement in other gains and losses was primarily due to a **fair value gain of approximately HK$1.7 million** on financial assets at fair value through profit or loss, a reversal from a loss[90](index=90&type=chunk) [Liquidity and Financial Resources](index=44&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's bank and cash balances significantly decreased to HK$23 million, with net current liabilities of approximately HK$160 million indicating ongoing concern issues, while the capital gearing ratio remained stable at 0.06 Liquidity and Financial Resources Key Data (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank and cash balances | 23,000 | 70,800 | | Net current liabilities | 160,000 | 249,505 | | Capital gearing ratio | 0.06 | 0.06 | - The Group's **net current liabilities position indicates ongoing concern issues**, and management will negotiate debt repayment with creditors[94](index=94&type=chunk) - The Group has **no pledged assets**, and foreign exchange risk is primarily concentrated in HKD, RMB, and USD[97](index=97&type=chunk)[99](index=99&type=chunk) [Human Resources](index=46&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed 102 staff in Hong Kong and China, a slight decrease, with total staff costs increasing by 24.8% to HK$16.1 million, maintaining good employee relations through performance-based hiring and benefits Human Resources Key Data (As of June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 102 | 107 | | Total staff costs (Six months ended June 30, HK$ thousand) | 16,100 | 12,900 | - The Group hires, promotes, and rewards employees based on **performance and experience**, providing benefits such as provident funds[100](index=100&type=chunk) [Other Information](index=47&type=section&id=Other%20Information) This section provides updates on the Group's response to the disclaimer of opinion, directors' and substantial shareholders' interests, share schemes, and compliance with securities trading codes [Group's Response to Disclaimer of Opinion Update](index=48&type=section&id=Group%27s%20Response%20to%20Disclaimer%20of%20Opinion%20Update) The Group continues to negotiate debt repayment with creditors and extended a shareholder loan, while maintaining operational performance despite falling coal prices and planning to optimize efficiency, manage costs, and explore new business opportunities - The Company continues to **negotiate repayment arrangements** for outstanding bonds payable and accrued interest with creditors, who have agreed not to take legal action for now[107](index=107&type=chunk) - Former Director Mr. Chan Lap Kei agreed to **extend his interest-free shareholder loan to June 30, 2027**, to support the Company's financial stability and going concern[108](index=108&type=chunk) - The Group plans to **optimize operational efficiency** across business segments, prudently manage cost structures, and actively explore new business opportunities to diversify revenue sources[109](index=109&type=chunk) [Directors' and Chief Executive's Interests in Shares of the Company](index=49&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Shares%20of%20the%20Company) As of June 30, 2025, Mr. Chan Lap Kei held 167,263,298 shares (28.67%), Mr. Yeung Wing Shing held 1,675,000 shares (0.29%), and Mr. Chan Chun Long held 6,147,000 shares (1.05%), with no other disclosable interests Directors' and Chief Executive's Share Interests (As of June 30) | Director Name | Capacity | Number of Shares (shares) | Approximate Percentage (%) | | :--- | :--- | :--- | :--- | | Chan Lap Kei | Beneficial owner | 167,263,298 | 28.67 | | Yeung Wing Shing | Beneficial owner | 1,675,000 | 0.29 | | Chan Chun Long | Beneficial owner | 6,147,000 | 1.05 | - Mr. Chan Lap Kei resigned on July 27, 2025, but his share interests are still listed as of the end of this reporting period[111](index=111&type=chunk)[113](index=113&type=chunk) [Substantial Shareholders' Interests in Shares of the Company](index=51&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Shares%20of%20the%20Company) As of June 30, 2025, substantial shareholders Mr. Chan Lap Kei and his spouse Ms. Yeung Po Yee were deemed to hold 167,263,298 shares (28.67%), while Mr. Cheung Hung Fung and his spouse Ms. Ng Ming Kan were deemed to hold 81,950,000 shares (14.05%) Substantial Shareholders' Share Interests (As of June 30) | Shareholder Name/Entity | Capacity and Nature of Interest | Number of Shares (shares) | Approximate Percentage (%) | | :--- | :--- | :--- | :--- | | Chan Lap Kei | Beneficial owner | 167,263,298 | 28.67 | | Yeung Po Yee | Interest of spouse | 167,263,298 | 28.67 | | Cheung Hung Fung | Beneficial owner | 81,950,000 | 14.05 | | Ng Ming Kan | Interest of spouse | 81,950,000 | 14.05 | - Save as disclosed above, no other persons held interests or short positions in the shares of the Company disclosable to the Company and the Stock Exchange[117](index=117&type=chunk) [Share Schemes](index=52&type=section&id=Share%20Schemes) The Company has a 2016 Share Award Scheme, which has expired and whose shares are being transferred to the 2023 Share Award Scheme, designed to recognize contributions, provide incentives, and attract high-caliber talent - The 2016 Share Award Scheme has expired, and its shares are being transferred to the 2023 Share Award Scheme[120](index=120&type=chunk) - As of June 30, 2025, the total number of Company shares held under the 2016 Share Award Scheme was **13,610,000 shares**, representing approximately **2.33%** of the issued share capital[118](index=118&type=chunk) - The 2023 Share Award Scheme aims to **recognize contributions** from eligible participants, provide opportunities to acquire ownership interests in the Company, and **attract high-caliber talent**[122](index=122&type=chunk) - The 2023 Share Award Scheme has a scheme limit of **44,046,605 award shares**, with a minimum vesting period of **12 months**[121](index=121&type=chunk)[127](index=127&type=chunk) [2016 Share Award Scheme](index=52&type=section&id=2016%20Share%20Award%20Scheme) The 2016 Share Award Scheme, adopted on June 14, 2016, with a five-year validity, held 13,610,000 Company shares as of June 30, 2025, representing approximately 2.33% of the issued share capital, and has now expired - The 2016 Share Award Scheme was **adopted on June 14, 2016**, with a validity period of five years[118](index=118&type=chunk) - As of June 30, 2025, the total number of Company shares held under the 2016 Share Award Scheme remained at **13,610,000 shares**, representing approximately **2.33%** of the Company's issued share capital[118](index=118&type=chunk) - No shares were granted under the Share Award Scheme to any director or employee of the Company for the six months ended June 30, 2025[119](index=119&type=chunk) - The 2016 Share Award Scheme has expired, and the Company intends to **adopt a new share award scheme**[120](index=120&type=chunk) [2023 Share Award Scheme](index=53&type=section&id=2023%20Share%20Award%20Scheme) The 2023 Share Award Scheme, adopted on July 14, 2023, aims to recognize contributions and attract talent, with a limit of 44,046,605 award shares (7.55% of issued capital) and a minimum vesting period of 12 months, valid until July 13, 2033 - The 2023 Share Award Scheme was adopted on July 14, 2023, to **recognize contributions** from eligible participants and **attract high-caliber talent**[120](index=120&type=chunk)[122](index=122&type=chunk) - The scheme limit is **44,046,605 award shares**, equivalent to approximately **7.55%** of the Company's total issued shares[121](index=121&type=chunk) - Eligible participants include **directors and employees** of any member company of the Group[123](index=123&type=chunk) - The minimum vesting period for award shares is **12 months**, and the scheme is valid until **July 13, 2033**[127](index=127&type=chunk)[128](index=128&type=chunk) [Share Option Scheme](index=57&type=section&id=Share%20Option%20Scheme) The Company's Share Option Scheme, adopted on July 14, 2023, aims to recognize contributions and attract talent, with a limit of 44,046,605 options (7.55% of issued capital), a 12-month minimum vesting period, and no options granted or exercised as of June 30, 2025 - The Share Option Scheme was adopted on July 14, 2023, to **recognize contributions** from directors and employees and **attract talent**[130](index=130&type=chunk)[131](index=131&type=chunk) - The scheme limit is **44,046,605 share options**, equivalent to approximately **7.55%** of the Company's total issued shares[130](index=130&type=chunk) - The exercise price of share options is the **higher of the closing price on the grant date and the average closing price of the preceding five days**, with a minimum vesting period of **12 months**[137](index=137&type=chunk)[136](index=136&type=chunk) - The scheme is valid until **July 13, 2033**, and as of June 30, 2025, **no share options were granted, exercised, cancelled, or lapsed**[130](index=130&type=chunk)[138](index=138&type=chunk) [Directors' Interests in Competing Businesses](index=61&type=section&id=Directors%27%20Interests%20in%20Competing%20Businesses) As of June 30, 2025, no directors or their associates held any interests in businesses competing with the Group, nor were there any other conflicts of interest - Directors or their associates held **no interests in any business that competes or may compete** with the Group[141](index=141&type=chunk) - There were **no other conflicts of interest** between the directors and the Group[141](index=141&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=61&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries redeemed, purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries **redeemed, purchased, sold, or redeemed any of the Company's listed securities**[142](index=142&type=chunk) [Corporate Governance](index=61&type=section&id=Corporate%20Governance) This section details the Company's committee structure, membership changes, compliance with corporate governance codes, and risk management systems [Committee Structure and Membership Changes](index=61&type=section&id=Committee%20Structure%20and%20Membership%20Changes) The Company's audit, remuneration, and nomination committees are currently without members or chairs due to independent non-executive director resignations, leading the Board to review the interim results directly - The Company has established an **Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee**[144](index=144&type=chunk) - Due to the resignation of several independent non-executive directors, all committees are **without members and chairpersons** as of the report date[143](index=143&type=chunk)[145](index=145&type=chunk) - The unaudited interim results and report for the six months ended June 30, 2025, were **reviewed by the Board**, not the Audit Committee or external auditors[145](index=145&type=chunk)[151](index=151&type=chunk) [Corporate Governance Code](index=63&type=section&id=Corporate%20Governance%20Code) For H1 2025, the Company deviated from the GEM Listing Rules' Corporate Governance Code, lacking independent non-executive directors and committee members, and failing to meet board diversity requirements, which the Board is actively addressing - The Company **failed to comply with the Corporate Governance Code** set out in Appendix C1 of the GEM Listing Rules, with multiple deviations[146](index=146&type=chunk) - The Board lacks independent non-executive directors, failing to meet the **minimum number and one-third proportion requirements** under GEM Listing Rules 5.05(1) and 5.05A[147](index=147&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee are **without members and chairpersons**, non-compliant with relevant GEM Listing Rules[149](index=149&type=chunk) - The Company failed to comply with GEM Listing Rule 17.104 regarding **board diversity (single-gender composition)**, with a female director expected to be appointed by the end of August 2025 to meet requirements[148](index=148&type=chunk)[150](index=150&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=66&type=section&id=Code%20of%20Conduct%20Regarding%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions, which is no less stringent than the GEM Listing Rules' required standards, and directors have confirmed full compliance - The Company has adopted a **code of conduct for directors' securities transactions**, with terms no less stringent than the dealing restrictions required by the GEM Listing Rules[152](index=152&type=chunk) - Directors have confirmed **no non-compliance** with the required dealing restrictions and the code of conduct for securities transactions[152](index=152&type=chunk) [Risk Management and Internal Control Systems](index=66&type=section&id=Risk%20Management%20and%20Internal%20Control%20Systems) The Board conducted an annual review of the Group's risk management and internal control systems for H1 2025, deeming them effective and appropriate, covering significant financial, operational, and compliance controls - The Board conducted an **annual review of the Group's risk management and internal control systems**[153](index=153&type=chunk) - The Board considers the Group's risk management and internal control systems to be **effective and appropriate**, covering significant financial, operational, and compliance controls[153](index=153&type=chunk) [Report Signature and Disclaimer](index=66&type=section&id=Report%20Signature%20and%20Disclaimer) This section confirms the Board's approval and signing of the report, its publication details, the current Board composition, and the precedence of the English version in case of discrepancies [Board Approval and Information Release](index=66&type=section&id=Board%20Approval%20and%20Information%20Release) This report was signed by Executive Director Mr. Ching Ho Tung on behalf of the Board on August 29, 2025, published on HKEX and the Company's websites, with the English version prevailing in case of any ambiguity - This report was **signed by Executive Director Mr. Ching Ho Tung** on behalf of the Board on August 29, 2025[154](index=154&type=chunk) - This report is **published on the website of The Stock Exchange of Hong Kong Limited and the Company's website**[156](index=156&type=chunk) - As of the report date, the Board comprises **three executive directors**: Mr. Yeung Wing Shing, Mr. Chan Chun Long, and Mr. Ching Ho Tung[156](index=156&type=chunk) - In case of any discrepancy between the Chinese and English versions of this report, the **English version shall prevail**[155](index=155&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱順控股有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二五年六月三十日止六個月 中期業績公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二五年六月三十日止六個月之未經審核簡明綜合財務業績。本公告 列載本公司二零二五年中期業績報告全文，乃符合香港聯合交易所有限公司GEM （「GEM」）證券上市規則（「GEM上市規則」）中有關中期業績初步公告附載的資料之相關 要求。 承董事會命 凱順控股有限公司 執行董事 程可彤 香港，二零二五年八月二十九日 * 僅供識別 – 1 – 本公告之中英版本如有任何歧義，概以英文本為準。 於本公告日期，董事會包括三名本公司執行董事楊永成先生、陳振郎先生及程可彤先生。 本公告的資料乃遵照《聯交所的GEM證券上市規則》（ ...

Group 1 - The company expects a significant increase in net loss for the six months ending June 30, 2025, with an estimated loss of approximately 24 million HKD compared to a loss of about 80,000 HKD in the same period of 2024 [1] - The increase in net loss is attributed to weak domestic coal market demand and a decline in new procurement needs as companies focus on consuming existing inventory [1] - Despite the current market downturn, domestic coal demand is expected to gradually recover in the second half of the year due to traditional peak seasons, which may lead to a release of new procurement needs [1] Group 2 - The company has successfully reduced administrative costs through optimized management processes and strengthened cost control measures [1] - The overall performance of the coal market remains sluggish due to high inventory levels among coal-consuming enterprises, which has suppressed new procurement demand [1] - Following a period of destocking, terminal enterprise inventory levels are anticipated to decrease significantly, potentially stimulating new procurement demand and contributing to a recovery in the coal market [1]

Core Viewpoint - The company expects a significant increase in net loss for the six months ending June 30, 2025, projecting a loss of approximately HKD 24 million compared to a loss of HKD 80,000 in the same period of 2024, indicating a substantial deterioration in financial performance [1] Financial Performance - The projected net loss for the first half of 2025 is approximately HKD 24 million, a stark increase from the HKD 80,000 loss recorded in the first half of 2024 [1] - The company has implemented management process optimizations and strengthened cost control measures, resulting in a notable reduction in administrative costs [1] Market Conditions - The domestic coal market is experiencing weak demand, which has adversely affected the company's financial results [1] - Coal-consuming enterprises primarily focused on depleting existing inventories in the first half of the year, leading to a decline in new procurement demand and a subsequent drop in the company's gross profit [1]

Group 1 - The company expects a significant increase in net loss for the six months ending June 30, 2025, with an estimated loss of approximately 24 million HKD compared to a loss of about 80,000 HKD in the same period of 2024 [1] - The company has managed to reduce administrative costs through optimized management processes and enhanced cost control [1] - The domestic coal market is experiencing weak demand, leading to a decline in gross profit as coal-consuming enterprises focus on depleting existing inventory rather than new purchases [1] Group 2 - Despite the current low demand, the company anticipates a gradual recovery in coal demand in the second half of the year due to traditional peak seasons [1] - Following a period of inventory reduction, the inventory levels of end-user enterprises are expected to decrease significantly, which may release new purchasing demand and further stimulate the coal market [1]