Core Viewpoint - 惠陶集团 plans to issue up to 17.416 million shares, representing approximately 16.66% of the enlarged issued share capital after the placement, at a price of HKD 0.34 per share, which is about a 20% discount to the closing price of HKD 0.425 on October 15 [1] Summary by Sections - **Share Placement Details** - The company intends to place a maximum of 17.416 million shares [1] - This represents approximately 16.66% of the enlarged issued share capital post-placement [1] - The placement price is set at HKD 0.34, reflecting a discount of about 20% from the closing price of HKD 0.425 on October 15 [1] - **Financial Implications** - The maximum gross proceeds from the placement are expected to be around HKD 5.92 million [1] - The estimated net proceeds from the placement will be approximately HKD 5.4 million [1] - The funds will be utilized for current business operations, development, and general working capital expenditures [1]

Core Viewpoint - Huitao Group (08238) plans to issue up to 17.416 million placement shares, representing approximately 16.66% of the enlarged issued share capital after the placement [1] Summary by Sections Placement Details - The placement price is set at HKD 0.34, which is a discount of about 20% compared to the closing price of HKD 0.425 on October 15 [1] - The maximum gross proceeds from the placement are expected to be approximately HKD 5.92 million [1] - The estimated net proceeds from the placement will be around HKD 5.4 million, intended for current business operations, development, and general working capital expenditures [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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 WINTO GROUP (HOLDINGS) LIMITED 惠陶集團（控股）有限公司 假 設 於 完 成 前 之 已 發 行 股 份 概 無 進 一 步 變 動，配 售 事 項 項 下 最 多17,416,000 股配售股份相當於(i)於本公告日期現有已發行股份約20.00%；及(ii)經配售 事項擴大後之已發行股份總數約16.66%。配 售 事 項 項 下 配 售 股 份 之 總 面 值 將 為3,483,200港 元。配 售 價0.34港元較(i)股份於配售協議日期在聯交所所報 之收市價每股0.425港元折讓約20%；及(ii)股份於緊接配售協議日期前最後 五個連續交易日在聯交所所報之平均收市價每股0.425港元折讓約20%。 配 售 股 份 將 根 據 一 般 授 權 配 發 ...

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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於開曼群島註冊成立的有限公司） （股份代號：8238） 有關截至2024年12月31日止年度之年報 所載述無法發表意見之最新情況 WINTO GROUP (HOLDINGS) LIMITED 惠陶集團（控股）有限公司 (iv) 本 公 司 一 直 積 極 採 取 合 適 的 控 制 成 本 措 施，包 括 維 持 適 當 的 員 工 人 數 及 減 少 若 干 行 政 成 本。 董 事 會 將 繼 續 盡 力 落 實 有 關 措 施，以 解 決 與2024年 無 法 發 表 意 見 相 關 的 問 題， 並 將 適 時 再 作 公 佈。 承董事會命 惠 陶 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 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 惠陶集團（ 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10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08238 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.2 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 HKD | | 100,000,000 | 本月底法定/註 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 惠陶集團（ 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9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08238 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.2 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 HKD | | 100,000,000 | 本月 ...

Group 1 - The company reported a revenue of 11.824 million HKD for the first half of 2025, representing a year-on-year increase of 54.12% [1] - The loss attributable to shareholders was 316,000 HKD, which expanded by 182.14% compared to the previous year [1] - The basic loss per share was 0.36 HKD cents [1]

WINTO GROUP (HOLDINGS) LIMITED 惠陶集團（控股）有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 8238) （股份代號：8238） 29 August 2025 Dear Non-Registered Holder(Note 1), Winto Group (Holdings) Limited (the "Company") – Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.wintogroup.hk and the web ...

WINTO GROUP (HOLDINGS) LIMITED 惠陶集團（控股）有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 8238) （股份代號：8238） NOTIFICATION LETTER 通知信函 29 August 2025 Dear Registered Shareholder, Winto Group (Holdings) Limited (the "Company") – Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.win ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) This section details the company's governance structure, including board composition and committees, alongside essential corporate contact and registration information [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) The Board consists of one executive and three independent non-executive directors, with all key committees chaired by independent non-executive directors - Executive Director: **Ms. Liu Li**[10](index=10&type=chunk) - Independent Non-Executive Directors: **Ms. Huang Ziling** (also chairs Audit, Remuneration, Nomination, and Corporate Governance & Risk Management Committees), **Mr. Li Guolin**, **Mr. Lu Dewei**[10](index=10&type=chunk)[11](index=11&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) The company's authorized representatives are Ms. Liu Li and Mr. Yu Yi, with its principal office in Hong Kong and registered office in the Cayman Islands - Authorized Representatives: **Ms. Liu Li**, **Mr. Yu Yi**[10](index=10&type=chunk) - Company Secretary: **Mr. Yu Yi**[10](index=10&type=chunk) - GEM Stock Code: **8238**[14](index=14&type=chunk) [Interim Results](index=7&type=section&id=Interim%20Results) This section presents the Group's unaudited condensed consolidated financial statements, including profit or loss, financial position, equity changes, and cash flows [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total revenue grew **54.12%** to **HKD 11,824 thousand**, yet loss attributable to owners expanded to **HKD 316 thousand** due to increased costs and expenses Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 11,824 | 7,672 | 4,152 | 54.12% | | Cost of Sales | (5,252) | (2,148) | (3,104) | 144.51% | | Gross Profit/(Loss) | 6,572 | 5,523 | 1,049 | 19.00% | | Operating Expenses | (6,373) | (5,422) | (951) | 17.54% | | Finance Costs | (638) | (556) | (82) | 14.75% | | Profit/(Loss) Before Taxation | (408) | (406) | (2) | 0.49% | | Total Profit/(Loss) and Comprehensive Income/(Expense) for the Period | (408) | (406) | (2) | 0.49% | | Profit/(Loss) Attributable to Owners of the Company | (316) | (112) | (204) | 182.14% | | Profit/(Loss) Attributable to Non-controlling Interests | (92) | (294) | 202 | -68.71% | | Basic and Diluted Loss Per Share (HK cents) | (0.36) | (0.18) | (0.18) | 100.00% | [Condensed Consolidated Statement of Financial Position](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Net liabilities slightly increased to **HKD 39,137 thousand** due to higher net current liabilities, with a significant inventory surge and reduced bank balances and cash Condensed Consolidated Statement of Financial Position (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current Assets | 968 | 1,109 | (141) | -12.71% | | Current Assets | 27,773 | 27,377 | 396 | 1.45% | | Inventories | 4,544 | 1,004 | 3,540 | 352.59% | | Bank Balances and Cash | 5,027 | 9,590 | (4,563) | -47.58% | | Current Liabilities | 67,878 | 67,215 | 663 | 0.99% | | Net Current (Liabilities) | (40,105) | (39,838) | (267) | 0.67% | | Net (Liabilities) | (39,137) | (38,729) | (408) | 1.05% | | Total Equity | (39,137) | (38,729) | (408) | 1.05% | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Accumulated losses attributable to owners expanded to **HKD 180,326 thousand**, increasing total capital deficiency to **HKD 36,464 thousand** for the period Unaudited Condensed Consolidated Statement of Changes in Equity (HKD thousands) | Metric | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Share Capital | 17,419 | 17,419 | 0 | | Share Premium | 118,803 | 118,803 | 0 | | Accumulated Losses | (180,010) | (180,326) | (316) | | Total Capital Deficiency Attributable to Owners of the Company | (36,148) | (36,464) | (316) | | Non-controlling Interests | (2,581) | (2,673) | (92) | | Total Equity | (38,729) | (39,137) | (408) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash used in operating activities was **HKD 9,063 thousand**, resulting in a **HKD 4,563 thousand** decrease in cash and cash equivalents despite financing inflows Unaudited Condensed Consolidated Statement of Cash Flows (HKD thousands) | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (9,063) | 3,016 | (12,079) | | Net Cash Used in Investing Activities | – | – | 0 | | Net Cash From Financing Activities | 4,500 | 4,859 | (359) | | Net Increase/(Decrease) in Cash and Cash Equivalents | (4,563) | 7,875 | (12,438) | | Cash and Cash Equivalents at January 1 | 9,590 | 3,552 | 6,038 | | Cash and Cash Equivalents at June 30 | 5,027 | 11,427 | (6,400) | [Notes to the Unaudited Condensed Consolidated Financial Information](index=12&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the Group's unaudited condensed consolidated financial information, including general data, accounting policies, and specific financial items [General Information and Basis of Preparation](index=13&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) Incorporated in the Cayman Islands on **December 7, 2012**, and listed on GEM on **February 16, 2015**, the company presents financial results in **HKD** under **HKFRSs** - Company incorporated in Cayman Islands on **December 7, 2012**, and listed on GEM on **February 16, 2015**[25](index=25&type=chunk) - Financial results presented in **HKD** and prepared in accordance with **HKFRSs** and GEM Listing Rules[26](index=26&type=chunk)[27](index=27&type=chunk) [Significant Accounting Policies](index=13&type=section&id=Significant%20Accounting%20Policies) The Group adopted new and revised HKFRSs, including amendments to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7, with no significant impact on financial performance - The Group adopted new and revised HKFRSs, including amendments to **HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7**[31](index=31&type=chunk)[32](index=32&type=chunk) - Adoption of new standards had **no significant impact** on current or prior period results and financial position[32](index=32&type=chunk) [Revenue](index=15&type=section&id=Revenue_Note) Total revenue from continuing operations grew **54.12%** to **HKD 11,824 thousand**, primarily driven by significant increases in luxury goods sales and publication and advertising income Revenue by Source (HKD thousands) | Revenue Source | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of Luxury Goods | 3,140 | 420 | 2,720 | 647.62% | | Publication and Advertising Income | 8,218 | 6,112 | 2,106 | 34.46% | | Outdoor Advertising Income | 242 | 738 | (496) | -67.21% | | Sales of Fast-Moving Consumer Goods | 224 | 402 | (178) | -44.28% | | **Total Revenue** | **11,824** | **7,672** | **4,152** | **54.12%** | [Profit/(Loss) Before Taxation](index=16&type=section&id=Profit%2F%28Loss%29%20Before%20Taxation_Note) Loss before taxation from continuing operations slightly increased from **HKD 406 thousand** in 2024 to **HKD 408 thousand** in 2025, mainly due to higher interest on other borrowings Profit/(Loss) Before Taxation Items (HKD thousands) | Item | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Depreciation of Plant and Equipment | 141 | 123 | 18 | | Operating Lease Expenses for Office Properties | 522 | 528 | (6) | | Interest on Loans from Major Shareholders | – | 16 | (16) | | Interest on Other Borrowings | 638 | 540 | 98 | [Income Tax Expenses](index=17&type=section&id=Income%20Tax%20Expenses) The Group incurred no income tax expense in Hong Kong or Macau for the period, as it had no assessable profits in either jurisdiction - **Hong Kong profits tax** and **Macau complementary income tax** were zero[42](index=42&type=chunk) - Hong Kong operates a two-tiered profits tax system, but the Group had **no assessable profits** in Hong Kong[42](index=42&type=chunk) - Macau complementary income tax is calculated at **12%** of estimated assessable profits[43](index=43&type=chunk) [Dividend](index=18&type=section&id=Dividend) No dividends were paid or proposed for the six months ended June 30, 2025, consistent with the prior corresponding period - **No dividends** paid or proposed for the six months ended June 30, 2025, and 2024[47](index=47&type=chunk) [Profit/(Loss) Per Share](index=18&type=section&id=Profit%2F%28Loss%29%20Per%20Share) Basic loss per share attributable to owners increased from **0.18 HK cents** to **0.36 HK cents**, with no diluted loss per share presented due to the absence of potential ordinary shares Profit/(Loss) Per Share (HKD thousands, except per share data) | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company | (316) | (112) | (204) | | Weighted Average Number of Ordinary Shares | 87,091,200 | 62,413,081 | 24,678,119 | | Basic and Diluted Loss Per Share (HK cents) | (0.36) | (0.18) | (0.18) | - **No diluted profit or loss per share** presented due to the absence of potential ordinary shares outstanding during the period[52](index=52&type=chunk) [Trade and Other Receivables](index=19&type=section&id=Trade%20and%20Other%20Receivables) Total trade receivables increased to **HKD 41,594 thousand**, with overdue amounts exceeding 365 days forming the largest portion at **HKD 37,193 thousand** - Credit terms determined by sales team based on **customer payment history, transaction volume, and length of business relationship**[53](index=53&type=chunk) Trade and Other Receivables by Ageing (HKD thousands) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 1–30 Days | 4,030 | 849 | 3,181 | | 31–90 Days | 273 | 468 | (195) | | 91–365 Days | 98 | 3,455 | (3,357) | | Over 365 Days | 37,193 | 35,403 | 1,790 | | **Total** | **41,594** | **40,175** | **1,419** | [Trade Payables](index=20&type=section&id=Trade%20Payables) Total trade payables amounted to **HKD 9,422 thousand**, a decrease from 2024 year-end, with overdue amounts exceeding 90 days still forming the major portion Trade Payables by Ageing (HKD thousands) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0–60 Days | 157 | – | 157 | | 61–90 Days | 1,361 | – | 1,361 | | Over 90 Days | 7,904 | 10,957 | (3,053) | | **Total** | **9,422** | **10,957** | **(1,535)** | [Share Capital](index=21&type=section&id=Share%20Capital) The company's authorized and issued share capital remained unchanged at **500,000,000** and **87,091,200** ordinary shares, respectively, as of June 30, 2025 Share Capital | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Authorized Ordinary Shares | 500,000,000 | 500,000,000 | | Authorized Share Capital (HKD thousands) | 100,000 | 100,000 | | Number of Issued and Fully Paid Ordinary Shares | 87,091,200 | 87,091,200 | | Issued and Fully Paid Share Capital (HKD thousands) | 17,418 | 17,418 | [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business operations, financial performance, liquidity, and risk management strategies for the interim period [Business Review and Prospects](index=22&type=section&id=Business%20Review%20and%20Prospects) The Group engaged in exhibition, publications, online beauty sales, and luxury goods, focusing on stable development amidst economic uncertainties and shareholder returns - Principal businesses include **exhibition and trade fairs, publications and advertising, online sales of beauty and cosmetics, and luxury goods sales**[61](index=61&type=chunk) - The Group will closely monitor economic uncertainties, formulate strategies for **stable development**, and aim to deliver returns to shareholders[62](index=62&type=chunk)[65](index=65&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) Significant revenue growth was observed, but increased cost of sales and operating expenses led to an expanded loss attributable to owners, with finance costs mainly from other borrowings [Revenue](index=22&type=section&id=Revenue_MD%26A) Total revenue increased by **54.12%** to **HKD 11,824 thousand**, primarily driven by growth in luxury goods sales and publication and advertising income - Total revenue increased from **HKD 7,672 thousand** in 2024 to **HKD 11,824 thousand** in 2025, a growth of approximately **HKD 4,152 thousand (54.12%)**[63](index=63&type=chunk)[66](index=66&type=chunk) - Primarily due to increased **luxury goods sales** and **publication and advertising income**[63](index=63&type=chunk)[66](index=66&type=chunk) [Cost of Sales](index=22&type=section&id=Cost%20of%20Sales) Cost of sales significantly increased by **144.51%** from **HKD 2,148 thousand** to **HKD 5,252 thousand**, consistent with the rise in luxury goods sales revenue - Cost of sales increased from **HKD 2,148 thousand** in 2024 to **HKD 5,252 thousand** in 2025[64](index=64&type=chunk)[67](index=67&type=chunk) - Growth is consistent with the increase in **luxury goods sales revenue**[64](index=64&type=chunk)[67](index=67&type=chunk) [Gross Profit](index=23&type=section&id=Gross%20Profit) Gross profit shifted from a **loss of HKD 2,148 thousand** to a **profit of HKD 5,242 thousand**, mainly due to increased publication and advertising income - Gross profit increased from a **loss of HKD 2,148 thousand** in 2024 to a **profit of HKD 5,242 thousand** in 2025[68](index=68&type=chunk)[72](index=72&type=chunk) - Primarily due to increased **publication revenue and advertising income**[68](index=68&type=chunk)[72](index=72&type=chunk) [Operating Expenses](index=23&type=section&id=Operating%20Expenses) Operating expenses increased by approximately **18%** from **HKD 5,422 thousand** to **HKD 6,373 thousand**, mainly attributable to higher staff costs - Operating expenses increased by approximately **18%** from **HKD 5,422 thousand** in 2024 to **HKD 6,373 thousand** in 2025[69](index=69&type=chunk)[73](index=73&type=chunk) - Mainly due to increased **staff costs**[69](index=69&type=chunk)[73](index=73&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs were approximately **HKD 638 thousand**, primarily comprising interest on other borrowings for the six months ended June 30, 2025 - Finance costs were approximately **HKD 638 thousand**[70](index=70&type=chunk)[74](index=74&type=chunk) - Primarily comprised **interest on other borrowings**[70](index=70&type=chunk)[74](index=74&type=chunk) [Profit/(Loss) Attributable to Owners of the Company](index=23&type=section&id=Profit%2F%28Loss%29%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners increased from **HKD 112 thousand** in 2024 to **HKD 316 thousand** in 2025 - Loss attributable to owners increased from **HKD 112 thousand** in 2024 to **HKD 316 thousand** in 2025[71](index=71&type=chunk)[75](index=75&type=chunk) [Use of Proceed from Placing](index=24&type=section&id=Use%20of%20Proceed%20from%20Placing) Net proceeds of approximately **HKD 3.94 million** from the second placing were fully utilized for business operations, development, and general working capital, with no change in intended use - Net proceeds from the second placing in 2024 were approximately **HKD 3.94 million**[77](index=77&type=chunk)[79](index=79&type=chunk) - Funds were used for **current business operations, development, and general working capital**[77](index=77&type=chunk)[79](index=79&type=chunk) - As of June 30, 2025, **all net proceeds have been utilized**[81](index=81&type=chunk) - **No significant changes** in the intended use of net proceeds[82](index=82&type=chunk)[87](index=87&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=25&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The current ratio decreased to approximately **0.4 times**, and bank balances and cash reduced to **HKD 5,027 thousand**, with no change in capital structure or bank loans - Current ratio decreased from approximately **0.6 times** as of December 31, 2024, to approximately **0.4 times** as of June 30, 2025[83](index=83&type=chunk)[88](index=88&type=chunk) - Capital structure remained **unchanged** during the period, with share capital comprising only ordinary shares[83](index=83&type=chunk)[88](index=88&type=chunk) - Bank balances and cash decreased from **HKD 9,590 thousand** as of December 31, 2024, to **HKD 5,027 thousand** as of June 30, 2025[84](index=84&type=chunk)[88](index=88&type=chunk) - The Group had **no bank loans** as of June 30, 2025[84](index=84&type=chunk)[89](index=89&type=chunk) [Gearing Ratio](index=25&type=section&id=Gearing%20Ratio) The gearing ratio improved to approximately **19%** as of June 30, 2025, from approximately **31%** as of December 31, 2024 - Gearing ratio decreased from approximately **31%** as of December 31, 2024, to approximately **19%** as of June 30, 2025[85](index=85&type=chunk)[90](index=90&type=chunk) [Significant Investments Held](index=25&type=section&id=Significant%20Investments%20Held) The Group held no significant investments for the six months ended June 30, 2025 - The Group held **no significant investments** for the six months ended June 30, 2025[91](index=91&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=26&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures for the six months ended June 30, 2025 - The Group had **no material acquisitions or disposals** of subsidiaries, associates, or joint ventures for the six months ended June 30, 2025[92](index=92&type=chunk)[97](index=97&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) The Group had no significant pledge of assets as of June 30, 2025 - The Group had **no significant pledge of assets** as of June 30, 2025[93](index=93&type=chunk)[97](index=97&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had **no significant contingent liabilities** as of June 30, 2025[94](index=94&type=chunk)[97](index=97&type=chunk) [Capital Commitments](index=26&type=section&id=Capital%20Commitments) The Group had no significant capital commitments as of June 30, 2025 - The Group had **no significant capital commitments** as of June 30, 2025[95](index=95&type=chunk)[97](index=97&type=chunk) [Future Plans for Material Investments and Capital Assets](index=26&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group has no other future plans for material investments and capital assets beyond those disclosed in this interim report - The Group has **no other future plans** for material investments and capital assets beyond those disclosed in this interim report[96](index=96&type=chunk)[98](index=98&type=chunk) [Employees and Remuneration Policies](index=27&type=section&id=Employees%20and%20Remuneration%20Policies) The Group had approximately **11 employees**, with staff costs increasing to **HKD 1,363 thousand**, offering competitive remuneration, performance reviews, bonuses, training, and share option schemes - As of June 30, 2025, the number of employees (excluding directors) was approximately **11** (December 31, 2024: approximately 12)[100](index=100&type=chunk)[102](index=102&type=chunk) - Staff costs (including directors' emoluments, allowances, and bonuses) were approximately **HKD 1,363 thousand** (2024: approximately HKD 1,124 thousand)[100](index=100&type=chunk)[102](index=102&type=chunk) - The Group offers **competitive remuneration**, annual performance reviews, bonuses, training, and share option schemes[101](index=101&type=chunk)[102](index=102&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board recommended no interim dividend to retain cash for working capital and future development, with future distributions subject to the company's dividend policy - The Board recommended **no interim dividend** for the six months ended June 30, 2025 (2024: nil)[103](index=103&type=chunk)[107](index=107&type=chunk) - Aimed at retaining more cash for **working capital needs and future development**[103](index=103&type=chunk)[107](index=107&type=chunk) [Risk Management](index=28&type=section&id=Risk%20Management) The Group manages currency, interest rate, credit, and liquidity risks, anticipating no significant currency or interest rate risks due to functional currency denomination and limited fixed-rate borrowing [Currency Risk](index=28&type=section&id=Currency%20Risk) The Group's monetary assets and liabilities are primarily denominated in HKD and MOP, aligning with functional currencies, thus no significant currency risk is anticipated - The vast majority of monetary assets and liabilities are denominated in **HKD and MOP**[104](index=104&type=chunk)[108](index=108&type=chunk) - The Group **does not anticipate any significant currency risk**[104](index=104&type=chunk)[108](index=108&type=chunk) [Interest Rate Risk](index=28&type=section&id=Interest%20Rate%20Risk) The Group faces fair value interest rate risk related to fixed-rate other borrowings but does not anticipate any significant interest rate risk materially affecting its operating results - The Group faces **fair value interest rate risk** related to fixed-rate other borrowings[105](index=105&type=chunk)[109](index=109&type=chunk) - **No significant interest rate risk** is anticipated[105](index=105&type=chunk)[109](index=109&type=chunk) [Credit Risk](index=28&type=section&id=Credit%20Risk) Credit risk is managed by transacting with reputable counterparties, obtaining collateral, and regularly assessing major clients' creditworthiness, with limited credit risk from bank balances - Policy adopted to transact only with **reputable counterparties** and obtain sufficient collateral when appropriate[106](index=106&type=chunk)[110](index=110&type=chunk) - Regular credit assessments of major customers, focusing on **payment history and current payment ability**[111](index=111&type=chunk)[114](index=114&type=chunk) - Credit risk from bank balances is limited as counterparties are **highly-rated banks**[112](index=112&type=chunk)[115](index=115&type=chunk) [Liquidity Risk](index=29&type=section&id=Liquidity%20Risk) The Group regularly monitors current and anticipated liquidity needs and compliance with loan covenants to ensure sufficient cash and committed credit facilities from major financial institutions - Regularly monitors **current and anticipated liquidity needs** and compliance with loan covenants[113](index=113&type=chunk)[116](index=116&type=chunk) - Ensures **sufficient cash** and adequate committed facilities from major financial institutions[113](index=113&type=chunk)[116](index=116&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers directors' and substantial shareholders' interests, share option schemes, securities transactions, corporate governance, and post-reporting period events [Directors and Chief Executives' Interests and/or Short Positions in Shares, Underlying Shares and Debentures of the Company or Any Associated Corporations](index=30&type=section&id=Directors%20and%20Chief%20Executives%27%20Interests%20and%2For%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20Any%20Associated%20Corporations) As of June 30, 2025, Mr. Lu Man Wah held **343,300 shares** (long position) through Creative Source International Limited, representing approximately **0.04%** of the share capital Directors' Interests in Shares | Director Name | Capacity | Interest in Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Lu Man Wah | Controlled Corporation Interest | 343,300 (L) | 0.04% | [Substantial Shareholders' and Other Persons' Interests and/or Short Positions in Shares and Underlying Shares of the Company](index=32&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%2For%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Muhammad Shaifadila Binti, as beneficial owner, held **39,376,000 shares** (long position), representing approximately **4.52%** of the share capital Substantial Shareholders' Interests in Shares | Shareholder Name | Capacity | Number of Shares or Underlying Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Muhammad Shaifadila Binti | Beneficial Owner | 39,376,000 (L) | 4.52% | [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) The Group's share option scheme, adopted on **February 16, 2015**, expired on **February 16, 2025** - The share option scheme was adopted on **February 16, 2015**, and expired on **February 16, 2025**[127](index=127&type=chunk)[131](index=131&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the six months ended June 30, 2025 - For the six months ended June 30, 2025, neither the company nor its subsidiaries **purchased, sold, or redeemed any of the company's listed securities**[128](index=128&type=chunk)[132](index=132&type=chunk) [Changes of Directors' Information Under Rule 17.50A(1) of the GEM Listing Rules](index=33&type=section&id=Changes%20of%20Directors%27%20Information%20Under%20Rule%2017.50A%281%29%20of%20the%20GEM%20Listing%20Rules) The company was unaware of any changes in directors' information requiring disclosure under **GEM Listing Rule 17.50A(1)** as of June 30, 2025 - As of June 30, 2025, the company was **unaware of any changes in directors' information** requiring disclosure under GEM Listing Rule 17.50A(1)[129](index=129&type=chunk)[133](index=133&type=chunk) [Code of Conduct for Directors' Securities Transactions](index=34&type=section&id=Code%20of%20Conduct%20for%20Directors%27%20Securities%20Transactions) The company adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance for the period - The company adopted a **code of conduct for directors' securities transactions**, and all directors confirmed compliance[136](index=136&type=chunk)[138](index=138&type=chunk) [Directors and Controlling Shareholders' Interests in Competing Business](index=34&type=section&id=Directors%20and%20Controlling%20Shareholders%27%20Interests%20in%20Competing%20Business) Directors were unaware of any competing businesses or conflicts of interest held by directors, controlling shareholders, or their associates for the period - Directors were **unaware of any competing businesses or conflicts of interest** held by directors, controlling shareholders, or their associates[137](index=137&type=chunk)[139](index=139&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code, except for the separation of Chairman and CEO roles, as it currently has no CEO - The company complied with the Corporate Governance Code, except for **Rule A.2.1** (separation of Chairman and CEO roles)[140](index=140&type=chunk)[143](index=143&type=chunk) - The company currently has **no Chief Executive Officer**, with decisions made by the Executive Director and overseen by the Board[141](index=141&type=chunk)[143](index=143&type=chunk) [Event After the Reporting Period](index=36&type=section&id=Event%20After%20the%20Reporting%20Period) Directors were unaware of any significant events related to the Group's business or financial performance subsequent to the reporting period and up to the report date - Subsequent to the reporting period and up to the report date, directors were **unaware of any significant events** related to the Group's business or financial performance[146](index=146&type=chunk)[149](index=149&type=chunk) [Audit Committee and Review of Financial Statements](index=36&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee reviewed the unaudited interim report and financial results, which were not audited by the company's auditor, and recommended them for Board approval - The Audit Committee was established in accordance with the **GEM Listing Rules** and comprises independent non-executive directors[147](index=147&type=chunk)[150](index=150&type=chunk) - The Audit Committee reviewed this interim report and the **unaudited condensed consolidated financial results**[148](index=148&type=chunk)[150](index=150&type=chunk) - The Group's condensed consolidated financial results for the six months ended June 30, 2025, were **not audited by the company's auditor**[151](index=151&type=chunk)