Core Viewpoint - Hengwei Group Holdings (08219) reported a mid-year performance for 2025, showing a revenue of approximately HKD 54.06 million, which represents an increase of about 4.34% compared to the same period in 2024 [1] Financial Performance - The company recorded a profit attributable to shareholders of approximately HKD 1.06 million, marking a turnaround from a loss in the previous year [1] - Basic earnings per share were approximately HKD 0.43 cents [1]

Company Information The section provides an overview of the company's governance structure, key personnel, and fundamental operational details [Board of Directors and Committee Composition](index=4&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) This section details the composition of Hanvey Group Holdings Limited's Board of Directors, compliance officer, company secretary, authorized representatives, and members of the audit, remuneration, and nomination committees - The Board of Directors comprises Mr. Cheuk Sin Cheung (Chairman and Chief Executive Officer), Ms. Au Ching Mei (Executive Director), and three independent non-executive directors[7](index=7&type=chunk)[8](index=8&type=chunk) - Mr. Yu Sau Ning is the Chairman of the Audit Committee and Remuneration Committee, while Mr. Cheuk Sin Cheung is the Chairman of the Nomination Committee[9](index=9&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section provides essential company details including auditors, legal advisors, headquarters, registered office, share registrar, principal bankers, GEM stock code, and website - The company's stock code is **8219**, and its website is **www.hanveygroup.com.hk**[10](index=10&type=chunk) - The auditor is Tianjian International CPA Limited, and the Hong Kong legal advisor is Tsui & Co[9](index=9&type=chunk) Executive Summary This section presents the key financial highlights for the first half of 2025, demonstrating a significant turnaround in profitability and revenue growth [Key Financial Highlights for H1 2025](index=5&type=section&id=Key%20Financial%20Highlights%20for%20H1%202025) This section outlines Hanvey Group's key financial performance for the six months ended June 30, 2025, including revenue growth, a turnaround to net profit, and significant improvement in basic earnings per share Key Financial Highlights for H1 2025 | Metric | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | +4.34% | | Profit/(Loss) Attributable to Owners of the Company | 1,060 | (8,970) | Turned to Profit | | Basic Earnings/(Loss) Per Share | 0.43 HK cents | (5.44) HK cents | Turned to Profit | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This section details the Group's financial performance for the six months ended June 30, 2025, showing a shift from loss to profit driven by revenue growth and cost reductions [Profit or Loss and Comprehensive Income Performance](index=6&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Performance) This section presents Hanvey Group's condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, reflecting a turnaround from loss to profit, driven by revenue growth, increased other income, and significant reductions in administrative expenses and finance costs, though exchange differences led to increased other comprehensive expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | Increase of 2,251 | | Gross Profit | 18,417 | 17,299 | Increase of 1,118 | | Other income, gains and losses | 2,613 | (334) | Increase of 2,947 (Turned to profit) | | Administrative expenses | (18,402) | (20,361) | Decrease of 1,959 | | Finance costs | (2,011) | (3,918) | Decrease of 1,907 | | Profit/(Loss) before tax | 1,153 | (8,824) | Increase of 9,977 (Turned to profit) | | Profit/(Loss) for the period | 1,058 | (8,972) | Increase of 10,030 (Turned to profit) | | Profit/(Loss) attributable to owners of the Company | 1,060 | (8,970) | Increase of 10,030 (Turned to profit) | | Exchange differences arising on translation | (4,995) | 4,740 | Decrease of 9,735 (From income to expense) | | Basic earnings/(loss) per share | 0.43 HK cents | (5.44) HK cents | Turned to profit | Condensed Consolidated Statement of Financial Position This section outlines the Group's financial position as of June 30, 2025, indicating changes in asset and liability structure due to disposals and expanded net current liabilities [Changes in Asset and Liability Structure](index=7&type=section&id=Changes%20in%20Asset%20and%20Liability%20Structure) This section presents Hanvey Group's condensed consolidated statement of financial position as of June 30, 2025, showing a decrease in both total assets and net assets, and an expansion of net current liabilities, reflecting asset disposals and changes in the liability structure Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 21,497 | 22,448 | Decrease of 951 | | Current assets | 81,205 | 95,991 | Decrease of 14,786 | | Assets classified as held for sale | 16,100 | 34,902 | Decrease of 18,802 | | Current liabilities | 108,698 | 118,542 | Decrease of 9,844 | | Liabilities associated with assets classified as held for sale | 2,447 | 23,205 | Decrease of 20,758 | | Net current liabilities | (13,840) | (10,854) | Expanded by 2,986 | | Net assets | 7,657 | 11,594 | Decrease of 3,937 | | Equity attributable to owners of the Company | 8,546 | 12,481 | Decrease of 3,935 | Condensed Consolidated Statement of Changes in Equity This section illustrates the movements in the Group's equity for the six months ended June 30, 2025, primarily influenced by comprehensive expenses and exchange reserve changes [Analysis of Changes in Equity](index=9&type=section&id=Analysis%20of%20Changes%20in%20Equity) This section presents Hanvey Group's condensed consolidated statement of changes in equity for the six months ended June 30, 2025, showing a decrease in equity attributable to owners of the company from HKD 11,594 thousand at the end of 2024 to HKD 7,657 thousand, primarily due to total comprehensive expenses for the period, especially a reduction in exchange reserves Condensed Consolidated Statement of Changes in Equity (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Share Capital | 24,750 | 24,750 | No change | | Share Premium | 52,362 | 52,362 | No change | | Exchange Reserve | (6,888) | (2,001) | Decrease of 4,887 | | Accumulated Losses | (67,651) | (68,711) | Decrease of 1,060 (Loss narrowed) | | Equity attributable to owners of the Company | 8,546 | 12,481 | Decrease of 3,935 | | Total Equity | 7,657 | 11,594 | Decrease of 3,937 | - Profit for the period was **HKD 1,060 thousand**, but total comprehensive expenses, mainly due to exchange differences, amounted to **HKD 3,937 thousand**[15](index=15&type=chunk) Condensed Consolidated Statement of Cash Flows This section presents the Group's cash flow activities for the six months ended June 30, 2025, highlighting a positive shift in operating cash flow despite a net decrease in overall cash and cash equivalents [Cash Flow Performance](index=10&type=section&id=Cash%20Flow%20Performance) This section presents Hanvey Group's condensed consolidated statement of cash flows for the six months ended June 30, 2025, showing a turnaround to positive cash flow from operating activities, but investing and financing activities led to a net decrease in cash and cash equivalents, resulting in a significantly lower period-end cash balance Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 242 | (28,248) | Increase of 28,490 (Turned from negative to positive) | | Net cash (used in)/generated from investing activities | (18) | 7,277 | Decrease of 7,295 (Turned from positive to negative) | | Net cash used in financing activities | (9,245) | (74) | Increase of 9,171 (Expenditure increased) | | Net decrease in cash and cash equivalents | (9,021) | (21,045) | Decrease of 12,024 (Decrease narrowed) | | Cash and cash equivalents at end of period | 1,881 | (5,281) | Increase of 7,162 (Turned from negative to positive) | Notes to the Condensed Consolidated Financial Statements This section provides detailed explanations and breakdowns for various financial statement items, including company background, accounting policies, revenue, disposals, and financial instruments [1. Company Information](index=11&type=section&id=1.%20Company%20Information) This section details the company's registration, establishment date, principal place of business, ultimate holding company, and its primary business activities of designing, developing, manufacturing, and distributing ODM watch products - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on **June 12, 2017**[17](index=17&type=chunk) - The Company is an investment holding company, with its subsidiaries primarily engaged in the design, development, manufacture, and distribution of watch products on an original design manufacturer (ODM) basis for global watch manufacturers, brand owners, and watch importers[17](index=17&type=chunk) - The Company's shares were listed on GEM of The Stock Exchange of Hong Kong Limited on **July 12, 2018**[18](index=18&type=chunk) [2. Basis of Preparation and Accounting Policies](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This section outlines the basis for preparing the interim financial statements, which adheres to Hong Kong Financial Reporting Standards, confirming consistency with prior year's accounting policies and no material impact from new standards - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[19](index=19&type=chunk) - The accounting policies adopted are consistent with those applied in the audited financial statements for the year ended December 31, 2024[19](index=19&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards has no significant impact on the Group's results and financial position[19](index=19&type=chunk) [3. Revenue and Segment Information](index=11&type=section&id=3.%20Revenue%20and%20Segment%20Information) This section discloses the Group's revenue primarily from ODM watch manufacturing and trading, categorized by customer geographical location (Asia, Europe, Pacific Region, South America) - The Group currently operates only one operating segment: original design manufacturing (ODM)[20](index=20&type=chunk) Revenue by Customer Geographical Location (Six Months Ended June 30, 2025) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Asia | 26,076 | 32,536 | | Europe | 8,672 | 5,251 | | Pacific Region | 2,930 | 3,032 | | South America | 16,384 | 10,992 | | **Total** | **54,062** | **51,811** | - The Group's revenue primarily originates from **India, Brazil, and Turkey**[21](index=21&type=chunk) [4. Revenue, Other Income, Gains and Losses](index=12&type=section&id=4.%20Revenue,%20Other%20Income,%20Gains%20and%20Losses) This section details the Group's revenue composition (finished watches, watch kits, watch parts) and other income, gains, and losses, indicating watch kits as the primary revenue source and a significant increase in net exchange gains Revenue Composition (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Finished watches | 12,493 | 16,568 | | Watch kits | 39,669 | 34,018 | | Watch parts | 1,900 | 1,225 | | **Total Revenue** | **54,062** | **51,811** | Other Income, Gains and Losses (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 168 | 313 | | Rental income | 413 | 192 | | Net exchange gains | 2,115 | 201 | | Net loss on disposal of financial assets at fair value through profit or loss | (83) | (1,572) | | **Total** | **2,613** | **(334)** | [5. Gain on Disposal of a Subsidiary](index=13&type=section&id=5.%20Gain%20on%20Disposal%20of%20a%20Subsidiary) This section discloses the details of the company's disposal of its subsidiary, Shenzhen Fukui Precision Technology Co., Ltd., including the counterparty, consideration offset method, and the resulting net gain of HKD 1,938 thousand - The Company entered into a sale and purchase agreement with Billion Riches Limited (Purchaser A) for the disposal of the entire equity interest and sales loan in Shenzhen Fukui Precision Technology Co., Ltd[23](index=23&type=chunk) - The disposal (Disposal A) was completed on **June 23, 2025**, generating a net gain of **HKD 1,938 thousand**[25](index=25&type=chunk) Gain on Disposal of a Subsidiary Calculation (HKD thousands) | Item | Amount | | :--- | :--- | | Consideration for Disposal A | (14,250) | | Investment in disposed company | 19,660 | | Carrying amount of assets and liabilities of disposed company as of June 23, 2024 | (3,675) | | Exchange differences arising on translation of foreign operations | 203 | | **Net gain on Disposal A** | **1,938** | [6. Profit Before Tax](index=14&type=section&id=6.%20Profit%20Before%20Tax) This section provides partial information on profit before tax, specifically depreciation expenses for property, plant, and equipment, indicating a slight increase in depreciation Depreciation of Property, Plant and Equipment (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 2,130 | 2,043 | [7. Income Tax](index=14&type=section&id=7.%20Income%20Tax) This section lists the Group's income tax expenses, primarily Hong Kong profits tax and China corporate income tax, showing a decrease in total tax expenses Income Tax Expense (Six Months Ended June 30, 2025) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax | 95 | 115 | | China corporate income tax | – | 33 | | **Total tax expense** | **95** | **148** | [8. Assets and Liabilities Classified as Held for Sale](index=14&type=section&id=8.%20Assets%20and%20Liabilities%20Classified%20as%20Held%20for%20Sale) This section details the Group's assets and liabilities classified as held for sale, including the planned disposal of equity in Shenzhen Fukui Precision Technology Co., Ltd. and a Hong Kong property, along with their respective carrying amounts - The Group entered into an agreement on **December 17, 2024**, to dispose of the entire equity interest and sales loan in its wholly-owned subsidiary, Shenzhen Fukui Precision Technology Co., Ltd., for a consideration of **RMB 18.20 million** (approximately **HKD 19.66 million**)[28](index=28&type=chunk) - On the same day, the Group entered into an agreement to dispose of a property located in Hong Kong for a cash consideration of **HKD 16.40 million**[28](index=28&type=chunk) Assets and Liabilities Classified as Held for Sale (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current assets classified as held for sale (Investment property) | 16,100 | 16,100 | | Total assets of disposal group classified as held for sale | – | 18,802 | | **Total assets classified as held for sale** | **16,100** | **34,902** | | Total liabilities associated with assets classified as held for sale | 2,447 | 23,205 | [9. Earnings/(Loss) Per Share](index=16&type=section&id=9.%20Earnings%2F%28Loss%29%20Per%20Share) This section explains the basis for calculating earnings per share, noting that diluted earnings per share are the same as basic earnings per share due to the absence of potential dilutive ordinary shares during the reporting period - Earnings per share for the six months ended June 30, 2025, are calculated based on the profit attributable to owners of the Company of approximately **HKD 1.06 million**[32](index=32&type=chunk) - Diluted earnings per share are the same as basic earnings per share as there were no potential dilutive ordinary shares during the reporting period[33](index=33&type=chunk) [10. Property, Plant and Equipment](index=16&type=section&id=10.%20Property,%20Plant%20and%20Equipment) This section discloses the Group's expenditure on property, plant, and equipment during the reporting period and the carrying amount of pledged property, plant, and equipment as collateral for bank financing - During the interim period, the Group paid approximately **HKD 0.13 million** for the purchase of property, plant and equipment (2024 corresponding period: **HKD 0.06 million**)[34](index=34&type=chunk) - As of June 30, 2025, approximately **HKD 8.29 million** of the Group's pledged property, plant and equipment was mortgaged as collateral for bank financing[34](index=34&type=chunk) [11. Trade and Other Receivables, Deposits and Prepayments](index=16&type=section&id=11.%20Trade%20and%20Other%20Receivables,%20Deposits%20and%20Prepayments) This section details the composition and aging analysis of trade and other receivables, deposits, and prepayments, showing a decrease in total trade receivables and a relatively high proportion of receivables over 90 days old Trade and Other Receivables, Deposits and Prepayments (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 24,407 | 34,159 | | Other receivables, deposits and prepayments (net of allowance) | 13,443 | 14,113 | Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 15,771 | 10,700 | | 31 to 60 days | 1,147 | 9,043 | | 61 to 90 days | 451 | 4,556 | | Over 90 days | 7,038 | 9,860 | | **Total** | **24,407** | **34,159** | - The Group generally grants credit terms of **30 to 90 days** to trade customers, with longer terms exceeding 90 days for long-term customers[36](index=36&type=chunk) [12. Trade and Bills Payables, Other Payables and Accrued Charges](index=17&type=section&id=12.%20Trade%20and%20Bills%20Payables,%20Other%20Payables%20and%20Accrued%20Charges) This section lists the composition and aging analysis of trade and bills payables, other payables, and accrued charges, showing a slight increase in total trade payables and a decrease in total bills payables Trade and Bills Payables, Other Payables and Accrued Charges (As of June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 24,422 | 22,715 | | Bills payable | 23,164 | 28,700 | | Other payables and accrued charges | 4,525 | 4,990 | - Trade payables typically have credit terms of **30 to 120 days**, and bills payable are all due within **30 to 120 days**[37](index=37&type=chunk)[38](index=38&type=chunk) Management Discussion and Analysis This section offers insights into the Group's business performance, future outlook, financial review, and corporate governance practices during the reporting period [Business Review](index=19&type=section&id=Business%20Review) This section reviews the Group's business performance during the reporting period, noting a 4.34% year-on-year revenue growth and citing a significant increase in the HKTDC export confidence index for the watch industry - The Group primarily derives revenue from the sale of finished watches, watch kits, and watch parts, as well as providing related assembly services[40](index=40&type=chunk) Revenue Growth (Six Months Ended June 30, 2025) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | +4.34% | - The confidence index for the watch industry increased by **10.8 points** from **41.3** in Q2 2024 to **52.1** in Q2 2025[41](index=41&type=chunk) [Prospects](index=19&type=section&id=Prospects) This section discusses uncertainties in the overseas business environment, particularly US-China trade relations and risks of economic slowdowns in Europe and the US, while highlighting strong demand for automatic mechanical and quartz watches in Southeast Asia and the Group's focus on core business and product innovation - The overseas business environment remains uncertain, facing economic slowdown or recession risks, with the US-China tariff trade war as a major uncertainty[43](index=43&type=chunk) - The watch industry faces challenges from technological innovation, diversified consumer demand, and intensified market competition, yet traditional mechanical watches maintain a solid position in the luxury market[43](index=43&type=chunk) - Demand for automatic mechanical and quartz watches in the Southeast Asian market remains substantial, and the Group will closely monitor market trends to provide designs suitable for customers and market needs[43](index=43&type=chunk) - The Group intends to continue focusing on developing its core business, committed to improving product design and strengthening development capabilities[44](index=44&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section reviews the financial performance during the reporting period, noting an increase in gross profit due to higher sales, and significant reductions in administrative expenses and finance costs due to decreased staff costs and bank borrowings Key Financial Metric Changes (Six Months Ended June 30, 2025) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 18,420 | 17,299 | Increase of 1,121 | +6.47% | | Administrative Expenses | 18,400 | 20,360 | Decrease of 1,960 | -9.63% | | Finance Costs | 2,010 | 3,920 | Decrease of 1,910 | -48.72% | - The decrease in administrative expenses was primarily due to reduced staff costs, and the decrease in finance costs was mainly due to reduced bank borrowings[45](index=45&type=chunk) [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board of Directors decided not to declare an interim dividend for the reporting period - The Board did not declare an interim dividend for the reporting period (2024: nil)[46](index=46&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) The company's capital structure remained unchanged during the reporting period, consisting primarily of issued share capital and reserves, which are regularly reviewed by the Board - The Company's capital structure, comprising issued share capital and reserves, remained unchanged during the reporting period[47](index=47&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) This section analyzes the Group's liquidity position, showing a significant increase in cash and bank balances, but a slight decrease in the current ratio and a substantial increase in the gearing ratio, indicating higher financial leverage Liquidity Indicators (As of June 30, 2025) | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances (HKD thousands) | 7,150 | 630 | Increase of 6,520 | | Current Ratio (times) | 0.88 | 1.01 | Decrease of 0.13 | | Gearing Ratio (%) | 969.31% | 730.06% | Increase of 239.25% | - The Directors believe that the Group's financial resources are sufficient to support its business and operations[49](index=49&type=chunk) [Commitments](index=20&type=section&id=Commitments) The Group has entered into a non-legally binding memorandum of understanding with Yangshuo Xingyuan Lead-Zinc Mine Co., Ltd. for the proposed acquisition of a non-ferrous metal mining business - The Group entered into a non-legally binding memorandum of understanding with Yangshuo Xingyuan Lead-Zinc Mine Co., Ltd. regarding the acquisition of a non-ferrous metal mining business[50](index=50&type=chunk) [Pledged Assets](index=21&type=section&id=Pledged%20Assets) This section lists the details of the Group's assets pledged to banks as collateral for financing at the end of the reporting period, including property, plant and equipment, financial assets, investment properties, and bank deposits Details of Pledged Assets (As of June 30, 2025) | Asset Type | Amount (HKD thousands) | | :--- | :--- | | Property, plant and equipment | 8,285 | | Financial assets at fair value through profit or loss | 19,274 | | Investment properties | 25,288 | | Bank deposits | 6,148 | | **Total** | **58,995** | [Employees and Remuneration Policy](index=21&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 105 employees, with a remuneration policy based on qualifications, position, and experience, supported by an annual review system for performance evaluation - As of June 30, 2025, the Group had **105 employees** (June 30, 2024: **102 employees**)[52](index=52&type=chunk) - Salaries are determined based on each employee's qualifications, position, and experience, with an annual review system for salary adjustments, bonuses, and promotions[52](index=52&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group's purchases are denominated in HKD, while sales are primarily in USD, RMB, and HKD, with foreign exchange risk reviewed and monitored periodically, but no derivative instruments or hedging activities were undertaken during the reporting period - The Group's purchases are denominated in **HKD**, while sales are primarily denominated in **USD, RMB, and HKD**[53](index=53&type=chunk) - During the reporting period, the Group did not engage in any derivative activities or hedging activities for foreign exchange risk[54](index=54&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[55](index=55&type=chunk) [Events After Reporting Period](index=21&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Company entered into a sale and purchase agreement with Zhihua Group Holdings Limited and Wanmao Limited for the disposal of Property B - Subsequent to the reporting period, the Company entered into Sale and Purchase Agreement B with Zhihua Group Holdings Limited and Wanmao Limited for the disposal of Property B[56](index=56&type=chunk) [Directors' and Chief Executive's Interests and/or Short Positions in Shares, Underlying Shares, and Debentures of the Company or its Associated Corporations](index=22&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%2For%20Short%20Positions%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Company%20or%20its%20Associated%20Corporations) This section discloses the long positions of directors and the chief executive in the shares of the Company and its associated corporations as of June 30, 2025, noting that Mr. Cheuk Sin Cheung and Ms. Au Ching Mei jointly hold 51.00% of the Company's shares through their controlled corporation, Hanvey Group Limited Directors' Long Positions in Shares of the Company (As of June 30, 2025) | Name of Director | Capacity/Nature of Interest | Number of Ordinary Shares | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Mr. Cheuk Sin Cheung | Interest in controlled corporation | 126,225,000 | 51.00% | | Ms. Au Ching Mei, M.H. | Interest in controlled corporation | 126,225,000 | 51.00% | - Mr. Cheuk Sin Cheung and Ms. Au Ching Mei jointly own **51.00%** of the Company's shares through Hanvey Group Limited[58](index=58&type=chunk) Directors' Long Positions in Ordinary Shares of Associated Corporations (As of June 30, 2025) | Name of Director | Name of Associated Corporation | Capacity/Nature of Interest | Number of Ordinary Shares | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Mr. Cheuk Sin Cheung | Hanvey | Beneficial interest | 1 | 50% | | Ms. Au Ching Mei | Hanvey | Beneficial interest | 1 | 50% | [Substantial Shareholders' Interests and/or Short Positions in Shares and Underlying Shares of the Company](index=23&type=section&id=Substantial%20Shareholders'%20Interests%20and%2For%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) This section discloses that, apart from directors and the chief executive, the substantial shareholder Hanvey Group Limited holds 51.00% of the Company's shares Substantial Shareholders' Long Positions in Shares of the Company (As of June 30, 2025) | Name of Shareholder | Capacity/Nature of Interest | Number of Ordinary Shares | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Hanvey | Beneficial interest | 126,225,000 | 51.00% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[61](index=61&type=chunk) [Material Investments Held, Material Acquisitions or Disposals of Subsidiaries, Associates and Joint Ventures](index=23&type=section&id=Material%20Investments%20Held,%20Material%20Acquisitions%20or%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) During the reporting period, the Company did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Company had no material investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures[62](index=62&type=chunk) [Future Plans for Material Investments or Capital Assets](index=23&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Apart from the memorandum of understanding for the acquisition of a non-ferrous metal mining business disclosed in this interim report, the Group has no other significant investment or capital asset plans for the next year - Except as disclosed in this interim report, the Group has no other material investment or capital asset plans for the next year[63](index=63&type=chunk) [Share Option Scheme](index=23&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme in 2018 to incentivize employees and attract talent, but no options have been granted since its adoption, and no outstanding options existed as of June 30, 2025 - The share option scheme was approved and adopted on **June 20, 2018**, with a **10-year validity**, aiming to provide incentives and attract talent[64](index=64&type=chunk) - No share options have been granted since the adoption of the scheme, and as of June 30, 2025, there were no outstanding share options under the Company's share option scheme[66](index=66&type=chunk) - The total number of shares available for grant under the share option scheme was **100,000,000 shares**, representing **10%** of the issued shares as of June 30, 2025[66](index=66&type=chunk) [Competition and Conflicts of Interest](index=24&type=section&id=Competition%20and%20Conflicts%20of%20Interest) During the reporting period, no directors, management shareholders, substantial shareholders, or their associates engaged in any business competing with or conflicting with the Group's business - During the reporting period, none of the Company's directors, management shareholders, substantial shareholders, or any of their respective associates engaged in any business that competes or may compete with the Group's business, or had any other conflicts of interest with the Group[67](index=67&type=chunk) [Corporate Governance Code](index=24&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code under the GEM Listing Rules during the reporting period, though the roles of Chairman and Chief Executive Officer are held by the same individual, an arrangement the Board believes is in the Group's best interest - During the reporting period, the Company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[68](index=68&type=chunk) - The roles of Chairman and Chief Executive Officer are held by Mr. Cheuk Sin Cheung, which deviates from code provision C.2.1, but the Board believes this arrangement is in the best interest of the Group[68](index=68&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=25&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions and confirmed that directors complied with this code during the reporting period - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[69](index=69&type=chunk) - During the reporting period, the directors complied with the required standard of dealings and the code of conduct for securities transactions by directors[69](index=69&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee has reviewed the unaudited consolidated results contained in this interim report and found them to be in compliance with applicable accounting standards and the GEM Listing Rules - The Audit Committee members include Mr. Yu Sau Ning (Chairman), Ms. Yu Wai Fong, and Mr. Yip Yat Lam[70](index=70&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated results for the reporting period and is of the opinion that they were prepared in accordance with applicable accounting standards and the GEM Listing Rules, with adequate disclosures made[70](index=70&type=chunk) [Forward-Looking Statements](index=25&type=section&id=Forward-Looking%20Statements) This section cautions readers that forward-looking statements in the interim report are based on various assumptions, are not guarantees of future performance, and are subject to risks, uncertainties, and assumptions - This interim report contains forward-looking statements regarding the Group's financial position, operating results, and business[71](index=71&type=chunk) - These forward-looking statements reflect the Group's views on future events and are not guarantees of future performance, being subject to certain risks, uncertainties, and assumptions[71](index=71&type=chunk)

Core Viewpoint - Hengwei Group Holdings (08219) reported a mid-year performance for 2025, showing a revenue of approximately HKD 54.06 million, which represents an increase of about 4.34% compared to the same period in 2024 [1] Financial Performance - The profit attributable to the company's owners was approximately HKD 1.06 million, marking a turnaround from a loss to a profit year-on-year [1] - Basic earnings per share were approximately HKD 0.43 cents [1]

Report Overview and Regulatory Information [Disclaimer and GEM Features](index=1&type=section&id=Disclaimer%20and%20GEM%20Features) This report includes disclaimers from the Stock Exchange regarding content accuracy and highlights GEM market's high investment risks for SMEs - The Stock Exchange of Hong Kong Limited accepts no responsibility for this announcement's content, makes no representation as to its accuracy or completeness, and disclaims any liability for losses arising from or in reliance upon it[1](index=1&type=chunk)[11](index=11&type=chunk) - The GEM market offers listing opportunities for SMEs, entailing **higher investment risks**, potential for **significant market volatility**, and no guarantee of high liquidity[10](index=10&type=chunk)[11](index=11&type=chunk) [Company Information and Announcement](index=1&type=section&id=Company%20Information%20and%20Announcement) Hang Wai Group Holdings Limited (Stock Code: 8219) released its unaudited interim results for H1 2025, complying with GEM rules and signed by the Chairman - Hang Wai Group Holdings Limited (Stock Code: **8219**) published its unaudited interim results announcement for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The announcement complies with the relevant requirements of the GEM Listing Rules of The Stock Exchange of Hong Kong Limited[3](index=3&type=chunk) - The Board of Directors includes Executive Directors Mr. Cheuk Sin Cheong (Chairman and Chief Executive Officer) and Ms. Au Ching Mei, and Independent Non-executive Directors Mr. Yu Sau Ning, Ms. Yu Wai Fong, and Mr. Yip Yat Lam[4](index=4&type=chunk) Company Information [Board and Committee Composition](index=5&type=section&id=Board%20and%20Committee%20Composition) The company's Board comprises two executive directors, including the Chairman and CEO, and three independent non-executive directors, with established audit, remuneration, and nomination committees - Executive Directors: Mr. Cheuk Sin Cheong (Chairman and Chief Executive Officer), Ms. Au Ching Mei[13](index=13&type=chunk) - Independent Non-executive Directors: Mr. Yu Sau Ning, Ms. Yu Wai Fong, Mr. Yip Yat Lam[14](index=14&type=chunk) - Mr. Yu Sau Ning chairs the Audit Committee and Remuneration Committee, while Mr. Cheuk Sin Cheong chairs the Nomination Committee[15](index=15&type=chunk) [Company Contact and Registration Information](index=5&type=section&id=Company%20Contact%20and%20Registration%20Information) The company secretary is Ms. Pang Yuk Fong, with Ms. Au Ching Mei and Ms. Pang Yuk Fong as authorized representatives, and its headquarters are in Hong Kong with a registered office in the Cayman Islands - The Company Secretary is Ms. Pang Yuk Fong, and the Authorized Representatives are Ms. Au Ching Mei and Ms. Pang Yuk Fong[15](index=15&type=chunk) - The headquarters and principal place of business are in Kwai Chung, New Territories, Hong Kong, with the registered office in the Cayman Islands[15](index=15&type=chunk) - Principal bankers include Bank of China (Hong Kong) Limited and Hang Seng Bank[16](index=16&type=chunk) Financial Summary [Key Financial Performance](index=6&type=section&id=Key%20Financial%20Performance) For the six months ended June 30, 2025, the company's revenue increased by 4.34% to HK$54.06 million, achieving a profit attributable to owners of HK$1.06 million, reversing the prior year's loss Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | +4.34% | | Profit/(Loss) attributable to owners of the Company | 1,060 | (8,970) | Turned to profit | | Basic earnings/(loss) per share | 0.43 HK cents | (5.44) HK cents | Turned to profit | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Profit and Loss Overview](index=7&type=section&id=Profit%20and%20Loss%20Overview) For the six months ended June 30, 2025, the Group reported revenue of HK$54.06 million and a gross profit of HK$18.42 million, achieving a profit of HK$1.06 million, a significant improvement from the prior year's loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 54,062 | 51,811 | Increase | | Cost of sales | (35,645) | (34,512) | Increase | | Gross profit | 18,417 | 17,299 | Increase | | Other income, gains and losses | 2,613 | (334) | Turned to gain | | Selling and distribution expenses | (1,402) | (1,510) | Decrease | | Administrative expenses | (18,402) | (20,361) | Decrease | | Gain on disposal of a subsidiary | 1,938 | – | New | | Finance costs | (2,011) | (3,918) | Decrease | | Profit/(Loss) before tax | 1,153 | (8,824) | Turned to profit | | Income tax expense | (95) | (148) | Decrease | | Profit/(Loss) for the period | 1,058 | (8,972) | Turned to profit | | Exchange differences on translation | (4,995) | 4,740 | Turned to expense | | Total comprehensive expense for the period | (3,937) | (4,232) | Decrease | | Basic and diluted earnings/(loss) per share | 0.43 HK cents | (5.44) HK cents | Turned to earnings | Condensed Consolidated Statement of Financial Position [Balance Sheet Overview](index=8&type=section&id=Balance%20Sheet%20Overview) As of June 30, 2025, the Group's total non-current assets were HK$21.50 million, total current assets were HK$81.21 million, with net assets at HK$7.66 million, a decrease from the end of 2024 Condensed Consolidated Statement of Financial Position (as at June 30, 2025) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 11,554 | 12,513 | Decrease | | Investment properties | 9,188 | 9,188 | Stable | | Total non-current assets | 21,497 | 22,448 | Decrease | | **Current assets** | | | | | Inventories | 16,362 | 11,418 | Increase | | Trade receivables | 24,407 | 34,159 | Decrease | | Cash and bank balances | 7,150 | 16,518 | Decrease | | Total current assets | 81,205 | 95,991 | Decrease | | Assets classified as held for sale | 16,100 | 34,902 | Decrease | | **Current liabilities** | | | | | Trade and bills payables | 47,586 | 51,415 | Decrease | | Borrowings | 50,148 | 56,184 | Decrease | | Total current liabilities | 108,698 | 118,542 | Decrease | | Liabilities associated with assets classified as held for sale | 2,447 | 23,205 | Decrease | | Net assets | 7,657 | 11,594 | Decrease | Condensed Consolidated Statement of Changes in Equity [Shareholders' Equity Changes](index=10&type=section&id=Shareholders'%20Equity%20Changes) As of June 30, 2025, equity attributable to owners decreased to HK$8.55 million from HK$12.48 million at year-end 2024, despite a HK$1.06 million profit, due to negative exchange differences in the exchange reserve Condensed Consolidated Statement of Changes in Equity (for the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Share capital | 24,750 | 24,750 | Stable | | Share premium | 52,362 | 52,362 | Stable | | Exchange reserve | (6,888) | (2,001) | Decrease | | Accumulated losses | (67,651) | (68,711) | Decrease in loss | | Equity attributable to owners of the Company | 8,546 | 12,481 | Decrease | | Non-controlling interests | (889) | (887) | Decrease | | Total equity | 7,657 | 11,594 | Decrease | - Profit for the period was **HK$1.06 million**, a turnaround from a loss of HK$8.97 million in the prior period[21](index=21&type=chunk) - Exchange reserve deteriorated from negative **HK$2.00 million** at year-end 2024 to negative **HK$6.89 million** as of June 30, 2025, primarily due to foreign exchange differences from translating overseas operations' financial statements[21](index=21&type=chunk) Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=11&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash generated from operating activities was HK$0.242 million, with net cash outflows from investing and financing activities, resulting in a reduced cash balance Condensed Consolidated Statement of Cash Flows (for the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net cash from/(used in) operating activities | 242 | (28,248) | Turned to inflow | | Net cash (used in)/from investing activities | (18) | 7,277 | Turned to outflow | | Net cash used in financing activities | (9,245) | (74) | Outflow increased | | Net decrease in cash and cash equivalents | (9,021) | (21,045) | Decrease narrowed | | Cash and cash equivalents at end of period | 1,881 | (5,281) | Turned to positive | | Cash and bank balances | 7,150 | 627 | Increase | | Bank overdrafts | (5,269) | (5,908) | Decrease | | Cash and cash equivalents as stated in the consolidated cash flow statement | 1,881 | (5,281) | Turned to positive | Notes to the Condensed Consolidated Financial Statements [Company and Accounting Policies](index=12&type=section&id=Company%20and%20Accounting%20Policies) This section details the company's registration, primary ODM watch product business, and financial statement preparation basis, confirming consistent accounting policies with no significant impact from new HKFRS standards [Company Information and Business Nature](index=12&type=section&id=Company%20Information%20and%20Business%20Nature) Hang Wai Group Holdings Limited, incorporated in the Cayman Islands in 2017 and listed on GEM in 2018, operates as an investment holding company with subsidiaries primarily engaged in ODM watch product design, development, manufacturing, and distribution globally - The Company was incorporated in the Cayman Islands on **June 12, 2017**, and listed on GEM of The Stock Exchange of Hong Kong Limited on **July 12, 2018**[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company primarily engages in the design, development, manufacture, and distribution of watch products on an original design manufacturer (ODM) basis for global watch manufacturers, brand owners, and watch importers[23](index=23&type=chunk) [Basis of Preparation and Accounting Policies](index=12&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, using consistent accounting policies with no significant impact from new or revised standards - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[25](index=25&type=chunk) - The accounting policies adopted are consistent with those applied in the financial statements for the year ended December 31, 2024[25](index=25&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards has no significant impact on the Group's results and financial position[25](index=25&type=chunk) [Revenue and Segment Information](index=12&type=section&id=Revenue%20and%20Segment%20Information) The Group operates a single ODM segment, with total revenue of HK$54.06 million for the six months ended June 30, 2025, primarily from overseas markets like India, Brazil, and Turkey, showing increased revenue from knocked-down kits and growth in European and South American markets [Revenue and Segment Information Details](index=13&type=section&id=Revenue%20and%20Segment%20Information%20Details) The Group operates solely in the Original Design Manufacturer (ODM) segment, with performance assessed by key operating decision-makers based on product or service type, and revenue primarily generated from India, Brazil, and Turkey - The Group operates only in the Original Design Manufacturer (ODM) operating segment[26](index=26&type=chunk) - The Group's revenue primarily originates from **India, Brazil, and Turkey**[27](index=27&type=chunk) [Revenue, Other Income, Gains and Losses Breakdown](index=13&type=section&id=Revenue,%20Other%20Income,%20Gains%20and%20Losses%20Breakdown) For the six months ended June 30, 2025, total revenue was HK$54.06 million, with knocked-down kits contributing HK$39.67 million, and other income, gains, and losses totaling HK$2.61 million, mainly from net exchange gains and rental income Revenue Sources (for the six months ended June 30) | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Finished watches | 12,493 | 16,568 | Decrease | | Knocked-down kits | 39,669 | 34,018 | Increase | | Watch parts | 1,900 | 1,225 | Increase | | **Total Revenue** | **54,062** | **51,811** | **Increase** | | Interest income | 168 | 313 | Decrease | | Rental income | 413 | 192 | Increase | | Net exchange gains | 2,115 | 201 | Significant increase | | Miscellaneous income | – | 532 | Decrease | | Net loss on disposal of financial assets at fair value through profit or loss | (83) | (1,572) | Loss decreased | | **Other income, gains and losses** | **2,613** | **(334)** | **Turned to gain** | Revenue by Customer Geographical Location (for the six months ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Asia | 26,076 | 32,536 | Decrease | | Europe | 8,672 | 5,251 | Increase | | Pacific Region | 2,930 | 3,032 | Decrease | | South America | 16,384 | 10,992 | Increase | | **Total Revenue** | **54,062** | **51,811** | **Increase** | [Subsidiary Disposal and Pre-tax Profit](index=14&type=section&id=Subsidiary%20Disposal%20and%20Pre-tax%20Profit) The Group completed the disposal of a subsidiary during the reporting period, generating a net gain of HK$1.94 million, contributing to a pre-tax profit of HK$1.15 million, a significant improvement from the prior year's loss, with income tax primarily from Hong Kong profits tax [Gain on Disposal of a Subsidiary](index=14&type=section&id=Gain%20on%20Disposal%20of%20a%20Subsidiary) The company entered into a sale and purchase agreement with Easy Investment Limited (Vendor A) and Billion Riches Limited (Purchaser A) for the disposal of a subsidiary, completed on June 23, 2025, resulting in a net gain of HK$1.94 million - The Company completed the disposal of a subsidiary, with Disposal A achieved on **June 23, 2025**[29](index=29&type=chunk)[31](index=31&type=chunk) Net Gain on Disposal of a Subsidiary | Item | Amount (HK$ thousand) | | :--- | :--- | | Consideration for Disposal A | (14,250) | | Investment in disposed company | 19,660 | | Carrying amount of assets and liabilities of disposed company as at June 23, 2024 | (3,675) | | Exchange differences arising from translation of overseas operations | 203 | | **Net gain on Disposal A** | **1,938** | [Profit Before Tax](index=15&type=section&id=Profit%20Before%20Tax) For the six months ended June 30, 2025, the Group recorded a profit before tax of HK$1.15 million, a significant improvement from the HK$8.82 million loss in the prior period, with depreciation of property, plant, and equipment at HK$2.13 million Profit Before Tax (for the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit/(Loss) before tax | 1,153 | (8,824) | | Depreciation of property, plant and equipment | 2,130 | 2,043 | [Income Tax](index=15&type=section&id=Income%20Tax) During the reporting period, income tax expense was HK$0.095 million, primarily from Hong Kong profits tax, with no PRC enterprise income tax, representing a decrease from the prior period Income Tax Expense (for the six months ended June 30) | Tax Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 95 | 115 | | PRC enterprise income tax | – | 33 | | **Total Tax Expense** | **95** | **148** | [Assets, Liabilities and EPS](index=15&type=section&id=Assets,%20Liabilities%20and%20EPS) This section details assets and liabilities classified as held for sale, EPS calculation, property, plant, and equipment movements, and aging analysis of trade receivables and payables, noting the disposal of Shenzhen Fukui Precision Technology Co Ltd and a Hong Kong property, resulting in basic EPS of 0.43 HK cents [Assets and Liabilities Classified as Held for Sale](index=15&type=section&id=Assets%20and%20Liabilities%20Classified%20as%20Held%20for%20Sale) On December 17, 2024, the Group agreed to dispose of its entire equity interest and sales loan in Shenzhen Fukui Precision Technology Co Ltd for RMB18.20 million and a Hong Kong property for HK$16.40 million, with Disposal A completed on June 23, 2025 - The Group agreed to dispose of its entire equity interest and sales loan in its wholly-owned subsidiary, Shenzhen Fukui Precision Technology Co Ltd, for a consideration of **RMB18.20 million** (approximately **HK$19.66 million**)[34](index=34&type=chunk) - The Group agreed to dispose of a property located in Hong Kong for a cash consideration of **HK$16.40 million**[34](index=34&type=chunk) Assets and Liabilities Classified as Held for Sale (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total assets classified as held for sale | 16,100 | 34,902 | | Total liabilities associated with assets classified as held for sale | 2,447 | 23,205 | [Earnings/(Loss) Per Share](index=17&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, profit attributable to owners was approximately HK$1.06 million, resulting in basic earnings per share of 0.43 HK cents, with diluted EPS being the same due to no potential dilutive ordinary shares - For the six months ended June 30, 2025, profit attributable to owners of the Company was approximately **HK$1.06 million**, with basic earnings per share of **0.43 HK cents**[38](index=38&type=chunk) - Diluted earnings per share is the same as basic earnings per share as there were no potential dilutive ordinary shares during these reporting periods[39](index=39&type=chunk) [Property, Plant and Equipment](index=17&type=section&id=Property,%20Plant%20and%20Equipment) During the interim period, the Group acquired approximately HK$0.13 million in property, plant, and equipment, and as of June 30, 2025, approximately HK$8.29 million of mortgaged property, plant, and equipment was pledged as collateral for bank financing - During the interim period, the Group paid approximately **HK$0.13 million** for the purchase of property, plant and equipment (2024: HK$0.06 million)[40](index=40&type=chunk) - As of June 30, 2025, approximately **HK$8.29 million** of mortgaged property, plant and equipment was pledged as collateral for the Group's bank financing[40](index=40&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=Trade%20and%20Other%20Receivables,%20Deposits%20and%20Prepayments) As of June 30, 2025, net trade receivables decreased to HK$24.41 million from HK$34.16 million at year-end 2024, with total other receivables, deposits, and prepayments at HK$13.44 million, and the largest portion of trade receivables falling within 0 to 30 days aging Aging Analysis of Trade Receivables (net of impairment allowance) (HK$ thousand) | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 15,771 | 10,700 | | 31 to 60 days | 1,147 | 9,043 | | 61 to 90 days | 451 | 4,556 | | Over 90 days | 7,038 | 9,860 | | **Total** | **24,407** | **34,159** | - The Group generally allows trade customers a credit period of **30 to 90 days**, with longer credit periods exceeding 90 days granted to long-term relationship customers[42](index=42&type=chunk) [Trade and Other Payables, Accruals and Provisions](index=18&type=section&id=Trade%20and%20Other%20Payables,%20Accruals%20and%20Provisions) As of June 30, 2025, total trade and bills payables decreased to HK$47.59 million from HK$51.42 million at year-end 2024, with other payables and accruals totaling HK$4.53 million, and trade payables typically having a credit period of 30 to 120 days Trade and Bills Payables (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 24,422 | 22,715 | | Bills payable | 23,164 | 28,700 | | **Total** | **47,586** | **51,415** | Aging Analysis of Trade Payables (HK$ thousand) | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 7,968 | 4,742 | | 31 to 60 days | 4,981 | 5,676 | | 61 to 90 days | 6,550 | 7,131 | | 91 to 120 days | 1,571 | 1,442 | | Over 120 days | 3,352 | 3,724 | | **Total** | **24,422** | **22,715** | - The credit period for trade payables typically ranges from **30 to 120 days**, and the Group has established financial risk management policies to ensure timely payments[43](index=43&type=chunk) Management Discussion and Analysis [Business Review and Outlook](index=20&type=section&id=Business%20Review%20and%20Outlook) The Group, primarily engaged in ODM watch products, saw a 4.34% revenue increase despite an uncertain overseas market, with an improved watch industry confidence index, and plans to focus on core business, product design, and Southeast Asian market demand [Business Review](index=20&type=section&id=Business%20Review) The Group primarily designs, develops, manufactures, and distributes watch products on an Original Design Manufacturer (ODM) basis for global watch manufacturers, achieving approximately HK$54.06 million in revenue for the period, a 4.34% increase from 2024, alongside a rise in the watch industry's export confidence index - The Group primarily engages in the design, development, manufacture, and distribution of watch products on an Original Design Manufacturer (ODM) basis for global watch manufacturers, brand owners, and watch importers[45](index=45&type=chunk) - For the six months ended June 30, 2025, the Group's revenue was approximately **HK$54.06 million**, an increase of approximately **4.34%** compared to the same period in 2024[47](index=47&type=chunk) - The HKTDC Export Confidence Index for the watch industry rose by **10.8 points** from **41.3** in Q2 2024 to **52.1** in Q2 2025[47](index=47&type=chunk) [Prospects](index=20&type=section&id=Prospects) Despite an uncertain overseas business environment and US-China trade tensions, the watch industry faces innovation challenges but traditional mechanical watches retain a strong luxury market position, prompting the Group to focus on high-tech development, personalized services, and the significant demand for automatic mechanical and quartz watches in Southeast Asia - The overseas market business environment remains uncertain, with the US-China tariff trade war impacting market sentiment, though an agreement framework has been reached, leading to a more moderate market atmosphere[49](index=49&type=chunk) - The watch industry faces challenges from technological innovation, diversified consumer demands, and intensified market competition, yet the stable position of traditional mechanical watches in the luxury market presents opportunities[49](index=49&type=chunk) - The Group will closely monitor the substantial demand for automatic mechanical and quartz watches in the Southeast Asian market, continuing to focus on core business development, improving product design, and strengthening development capabilities[49](index=49&type=chunk)[50](index=50&type=chunk) [Financial Performance and Resources](index=21&type=section&id=Financial%20Performance%20and%20Resources) During the reporting period, the Group's gross profit increased by 6.47%, while administrative and finance costs significantly decreased due to reduced staff costs and bank borrowings; no interim dividend was declared, capital structure remained stable, and liquidity ratios were 0.88x (current) and 969.31% (gearing), with assets pledged as collateral [Financial Review](index=21&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's gross profit increased by approximately 6.47% to HK$18.42 million, administrative expenses decreased by 9.63% to HK$18.40 million due to lower staff costs, and finance costs decreased by 48.72% to HK$2.01 million due to reduced bank borrowings - The Group's gross profit was approximately **HK$18.42 million**, an increase of approximately **6.47%** compared to the same period in 2024, primarily due to increased sales[51](index=51&type=chunk) - Administrative expenses decreased by approximately **9.63%** to **HK$18.40 million**, mainly due to a reduction in staff costs[51](index=51&type=chunk) - Finance costs decreased by approximately **48.72%** to **HK$2.01 million**, primarily due to a reduction in bank borrowings[51](index=51&type=chunk) [Interim Dividend](index=21&type=section&id=Interim%20Dividend) The Board did not declare any interim dividend for the reporting period (2024: nil) - The Board did not declare any interim dividend for the reporting period (2024: nil)[52](index=52&type=chunk) [Capital Structure](index=21&type=section&id=Capital%20Structure) The company's capital structure, comprising issued share capital and reserves, remained unchanged during the reporting period, with the Board regularly reviewing it - The Company's capital structure remained unchanged during the reporting period, primarily consisting of issued share capital and reserves[53](index=53&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and bank balances were approximately HK$7.15 million, with a current ratio of 0.88x and a gearing ratio of 969.31%, which the Board deems sufficient for business operations Liquidity and Financial Resources (HK$ thousand) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Cash and bank balances | 7,150 | 630 | | Current ratio | 0.88x | 1.01x | | Gearing ratio | 969.31% | 730.06% | - The Directors believe that as of the date of this interim report, the Group's financial resources are sufficient to support its business and operations[55](index=55&type=chunk) [Commitments and Pledge of Assets](index=21&type=section&id=Commitments%20and%20Pledge%20of%20Assets) The Group entered a non-legally binding MOU for a non-ferrous metal mining business acquisition and has pledged assets totaling HK$58.995 million, including property, plant, and equipment, financial assets, investment properties, and bank deposits, as collateral for bank financing - The Group entered into a non-legally binding Memorandum of Understanding with Yangshuo County Xingyuan Lead-Zinc Mine Co Ltd regarding the acquisition of a non-ferrous metal mining business[56](index=56&type=chunk) Total Pledged Assets (HK$ thousand) | Pledged Asset Category | Amount (HK$ thousand) | | :--- | :--- | | Property, plant and equipment | 8,285 | | Financial assets at fair value through profit or loss | 19,274 | | Investment properties | 25,288 | | Bank deposits | 6,148 | | **Total** | **58,995** | [Employees, Risks and Post-Reporting Events](index=22&type=section&id=Employees,%20Risks%20and%20Post-Reporting%20Events) As of June 30, 2025, the Group employed 105 staff with remuneration based on qualifications and performance, monitored foreign exchange risks without derivative or hedging activities, reported no significant contingent liabilities, and disclosed a post-reporting period property disposal [Employees and Remuneration Policies](index=22&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had 105 employees, with salaries determined by qualifications, position, and experience, and an annual review system for performance-based adjustments - As of June 30, 2025, the Group had **105 employees** (June 30, 2024: 102 employees)[58](index=58&type=chunk) - Salaries are determined based on each employee's qualifications, position, and experience, with an annual review system to assess performance for salary adjustments, bonuses, and promotions[58](index=58&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) The Group's purchases are denominated in HKD, while sales are primarily in USD, RMB, and HKD; foreign exchange risk is monitored, but no derivative or hedging activities were undertaken during the reporting period - The Group's purchases are denominated in HKD, while sales are primarily denominated in **USD, RMB, and HKD**[59](index=59&type=chunk) - During the reporting period, the Group did not engage in any derivative activities or hedging activities for foreign exchange risk[60](index=60&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil) - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[61](index=61&type=chunk) [Events After Reporting Period](index=22&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Company and Zhihua Group Holdings Limited (Vendor B) entered into a sale and purchase agreement with Wanmao Limited (Purchaser B) for the conditional disposal of Property B - Subsequent to the reporting period, the Company and Zhihua Group Holdings Limited entered into a sale and purchase agreement with Wanmao Limited concerning the disposal of Property B[62](index=62&type=chunk) [Equity and Investment Information](index=23&type=section&id=Equity%20and%20Investment%20Information) This section details the interests of directors, chief executives, and substantial shareholders in the company's shares, noting Mr. Cheuk Sin Cheong and Ms. Au Ching Mei's 51.00% stake through Wanyi Group Limited; the company made no purchases, sales, or redemptions of listed securities, nor any material investments or disposals of subsidiaries during the period, and no share options have been granted since the 2018 scheme adoption [Directors' and Chief Executive's Interests](index=23&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests) As of June 30, 2025, Executive Directors Mr. Cheuk Sin Cheong and Ms. Au Ching Mei are deemed to have interests in 126,225,000 ordinary shares of the Company, representing 51.00% of the total shares, through their equally controlled corporate entity, Wanyi Group Limited Directors' and Chief Executive's Long Positions in the Company's Shares (as at June 30, 2025) | Director Name | Capacity/Nature of Interest | Number of Ordinary Shares Interested | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Mr. Cheuk Sin Cheong | Interest in controlled corporation | 126,225,000 | 51.00% | | Ms. Au Ching Mei | Interest in controlled corporation | 126,225,000 | 51.00% | - Mr. Cheuk Sin Cheong and Ms. Au Ching Mei legally and beneficially own equally the entire issued share capital of Wanyi Group Limited, which holds **126,225,000 shares** of the Company[64](index=64&type=chunk) [Substantial Shareholders' Interests](index=24&type=section&id=Substantial%20Shareholders'%20Interests) As of June 30, 2025, Wanyi Group Limited is a substantial shareholder, beneficially owning 126,225,000 ordinary shares, representing 51.00% of the Company's total shares, excluding directors or the chief executive Substantial Shareholders' Long Positions in the Company's Shares (as at June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number of Ordinary Shares Interested | Percentage of Total Shares | | :--- | :--- | :--- | :--- | | Wanyi Group Limited | Beneficial interest | 126,225,000 | 51.00% | [Securities Transactions and Material Investments](index=24&type=section&id=Securities%20Transactions%20and%20Material%20Investments) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed securities, nor were there any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures, with no other significant investment or capital asset plans for the coming year - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[67](index=67&type=chunk) - During the reporting period, the Company had no material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures[68](index=68&type=chunk) - Except as disclosed in this interim report, the Group has no other material investment or capital asset plans for the coming year[69](index=69&type=chunk) [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted on June 20, 2018, for a 10-year term, aims to reward and retain high-quality employees, with no options granted since its adoption, and 100,000,000 shares available for grant as of June 30, 2025, representing 10% of issued shares - The Company's share option scheme was approved and adopted by shareholders on **June 20, 2018**, with a validity period of **10 years**[70](index=70&type=chunk) - The purpose of the share option scheme is to provide incentives or rewards for participants' contributions to the Group and/or enable the Group to recruit and retain high-quality employees[70](index=70&type=chunk) - No share options have been granted since the scheme's adoption on June 20, 2018, and as of June 30, 2025, the total number of shares available for grant under the scheme is **100,000,000 shares**, representing **10%** of the Company's issued shares[72](index=72&type=chunk) [Corporate Governance](index=25&type=section&id=Corporate%20Governance) During the reporting period, no directors, management shareholders, or substantial shareholders engaged in competing businesses or conflicts of interest; the company complied with GEM Listing Rules' Corporate Governance Code, despite the Chairman and CEO roles being combined, and adopted a code of conduct for directors' securities transactions, with the Audit Committee reviewing financial information [Competition and Conflicts of Interest](index=25&type=section&id=Competition%20and%20Conflicts%20of%20Interest) During the reporting period, no directors, management shareholders, substantial shareholders, or their associates engaged in any business competing with the Group or had any other conflicts of interest - During the reporting period, no directors, management shareholders, substantial shareholders, or any of their respective associates engaged in any business competing or likely to compete with the Group, nor did they have any other conflicts of interest with the Group[73](index=73&type=chunk) [Corporate Governance Code](index=25&type=section&id=Corporate%20Governance%20Code) During the reporting period, the Company complied with the Corporate Governance Code provisions in Appendix C1 of the GEM Listing Rules, with the Board deeming the combined roles of Chairman and Chief Executive Officer, held by Mr. Cheuk Sin Cheong, to be in the Group's best interest - During the reporting period, the Company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[74](index=74&type=chunk) - The roles of Chairman and Chief Executive Officer are performed by Mr. Cheuk Sin Cheong, an arrangement the Board believes benefits the Group's business, strengthens stable and consistent leadership, and is in the Group's best interest[74](index=74&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=26&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standards set out in the GEM Listing Rules, and directors complied with this code during the reporting period - The Company has adopted a code of conduct for securities transactions by directors, with terms no less exacting than the required standards set out in the GEM Listing Rules[75](index=75&type=chunk) - During the reporting period, the directors complied with the required standards and the code of conduct for securities transactions by directors[75](index=75&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The Company has established an Audit Committee, chaired by Mr. Yu Sau Ning, which has reviewed the Group's unaudited consolidated results for the reporting period and confirmed their preparation in accordance with applicable accounting standards and GEM Listing Rules, with adequate disclosure - The Company has established an Audit Committee in compliance with the GEM Listing Rules and the Corporate Governance Code, with Mr. Yu Sau Ning as Chairman[76](index=76&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated results for the reporting period and is of the opinion that they were prepared in accordance with applicable accounting standards and the GEM Listing Rules, and that adequate disclosure has been made[76](index=76&type=chunk) [Forward-Looking Statements](index=26&type=section&id=Forward-Looking%20Statements) This interim report contains forward-looking statements regarding the Group's financial condition, operating results, and business, which are based on various assumptions and are not guarantees of future performance, being subject to risks, uncertainties, and assumptions - This interim report contains forward-looking statements regarding the Group's financial condition, operating results, and business[77](index=77&type=chunk) - These statements are based on various assumptions about the Group's current and future business strategies and its future operating environment, are not guarantees of future performance, and are subject to certain risks, uncertainties, and assumptions[77](index=77&type=chunk)

Core Viewpoint - The company expects a significant improvement in financial performance, projecting a profit of at least HKD 500,000 for the six months ending June 30, 2025, compared to a loss of approximately HKD 8.97 million for the same period in 2024 [1] Financial Performance - The anticipated profit for the six months ending June 30, 2025, is at least HKD 500,000 [1] - The loss for the six months ending June 30, 2024, is projected to be around HKD 8.97 million [1] - The board attributes the substantial improvement in financial performance to proceeds from the sale of a Chinese subsidiary and reduced interest expenses following the repayment of bank loans [1]

Core Viewpoint - Hengwei Group Holdings (08219) expects to achieve a profit attributable to shareholders of not less than approximately HKD 500,000 for the six months ending June 30, 2025, compared to a loss of approximately HKD 8.97 million for the six months ending June 30, 2024 [1] Financial Performance - The significant improvement in the group's financial performance is primarily attributed to the proceeds from the sale of a Chinese subsidiary in June 2025 [1] - Additionally, the reduction in interest expenses following the repayment of the group's bank loans has contributed to the improved financial results [1]

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 表 明 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。 HANVEY GROUP HOLDINGS LIMITED 恆偉集團控股有限公司 （股份代號：8219） （於開曼群島註冊成立的有限公司） 盈利預告 本 公 告 由 恆 偉 集 團 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據香港聯合交易所有限公司GEM證 券 上 市 規 則（「GEM上市規則」）第17.10(2)(a) 條及香港法例第571章證券及期貨條例第XIVA部 內 幕 消 息 條 文（定 義 見GEM上 市 規 則）作 出。 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 知 會 本 公 司 股 東（「股 東」）及 有 意 投 資 者， 根據董事會對本集團截至2025年6月30日止六個月的未經審核綜合管理賬目以 及 董 事 會 目 ...

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 表 明 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。 HANVEY GROUP HOLDINGS LIMITED 恆偉集團控股有限公司 （股份代號：8219） （於開曼群島註冊成立的有限公司） 董事會會議日期 恆 偉 集 團 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2025年8月26日（星 期 二）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 集 團 截 至2025年6月30日止六個月的未經審核中期業績及 其 發 佈，並 考 慮 建 議 派 發 中 期 股 息（如 有）。 香 港，2025年8月12日 於 本 公 告 日 期，執 行 董 事 為 卓 善 章 先 生 及 歐 靜 美 女 士，M.H.；以 及 獨 立 非 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恆偉集團控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 100,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08219 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 247,500,000 | | 0 | | 247,500,000 | | 增加 / 減少 (-) | | | | 0 | | 0 ...

Group 1 - The Hang Seng Index rose by 1.74% to close at 22,504.68 points on May 2 [1] - Hengwei Group Holdings (08219.HK) closed at HKD 0.19 per share, up 33.8%, with a trading volume of 2.89 million shares and a turnover of HKD 552,400, showing a volatility of 32.39% [1] - Over the past month, Hengwei Group Holdings has seen a cumulative decline of 47.41%, while year-to-date, it has increased by 19.33%, outperforming the Hang Seng Index by 10.27% [1] Group 2 - For the fiscal year ending December 31, 2024, Hengwei Group Holdings reported total revenue of HKD 128 million, a decrease of 25.3% year-on-year [1] - The company recorded a net profit attributable to shareholders of -HKD 17.81 million, an increase of 2.71% year-on-year, with a gross margin of 29.67% and a debt-to-asset ratio of 92.44% [1] - Currently, there are no institutional investment ratings for Hengwei Group Holdings [1] Group 3 - Hengwei Group Holdings Limited, established in 1986, is a watch manufacturer headquartered in Hong Kong, with production facilities in China [2] - The company's primary business involves designing, developing, manufacturing, and distributing watch products based on ODM standards, offering a variety of watches including those with metal and non-metal straps, as well as mechanical and quartz movements [2] - The company's clients are globally distributed, particularly in Hong Kong, Brazil, the United Arab Emirates, Turkey, and the European Union, with competitive advantages seen as key to maintaining market position and capitalizing on expected growth in the global watch market [2] Group 4 - The textile and apparel industry has an average TTM price-to-earnings ratio of -5.95 times, with a median of -0.42 times [1] - Hengwei Group Holdings has a price-to-earnings ratio of -1.83 times, ranking 105th in the industry [1] - Other companies in the industry include FAST RETAIL-DRS (06288.HK) at 0.36 times, Zhejiang Yong'an (08211.HK) at 1.34 times, Daren International (01957.HK) at 3.06 times, Shanshan Brand (01749.HK) at 3.5 times, and Qili Industrial Group (01731.HK) at 3.63 times [1]