智通财经APP获悉，香港原讼法庭在香港证监会根据《证券及期货条例》第213条向七名操纵万成金属 包装有限公司(万成)股份(现称港娱国际(08291))的被告提出的法律程序中，发出临时强制令。根据法庭 的命令，三名被告被禁止调走其在香港境内的任何资产，或以任何方式处置或处理其在香港境内的任何 资产或缩减其在香港境内任何资产的价值，高达8,520万港元。 该临时强制令确保，在法庭裁定是次法律程序中的被告违反《证券及期货条例》相关条文的情况下，有 足够的资产以履行香港证监会寻求的回复原状令。该临时强制令在法庭于2026年3月13日进行下一次聆 讯前维持有效。 上述诉讼是香港证监会针对一个组织严密的怀疑犯罪集团而展开的法律程序的一部分。该犯罪集团由被 告及其他集团成员组成，涉嫌在2020年12月22日至2021年4月23日期间，就万成股份策划一项复杂的"唱 高散货"计划。 与此同时，针对其中四名被告的刑事法律程序正在区域法院进行，有关审讯定于2026年9月14日展开。 ...

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) | 08291 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 166,666,666 | HKD | 0.6000000024 | | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 16,500,000,000 | | | | HKD | | | | 本月底結存 | | | 16,666,666,666 | HKD | | 0.006 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 備註： 截至月份: 2025年12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: 港娛國際控股有限公司 呈交 ...

港娱国际(08291)发布公告，大法院确认股本削减的命令以及经大法院批准载有公司法所规定有关股本 削减详情的会议记录已提交予开曼群岛公司注册处处长，并获正式登记。公司进一步宣布，该通函所载 的进行股本重组的所有其他条件已获达成。股本重组已生效，且经调整股份已于2025年12月23日(星期 二)上午九时正(香港时间)开始买卖。 ...

智通财经APP讯，港娱国际(08291)发布公告，大法院确认股本削减的命令以及经大法院批准载有公司法 所规定有关股本削减详情的会议记录已提交予开曼群岛公司注册处处长，并获正式登记。公司进一步宣 布，该通函所载的进行股本重组的所有其他条件已获达成。股本重组已生效，且经调整股份已于2025年 12月23日(星期二)上午九时正(香港时间)开始买卖。 ...

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公佈全部或任 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。 本公佈僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 Hong Kong Entertainment International Holdings Limited 港 娛 國 際 控 股 有 限 公 司 （股份代號：8291） （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 茲提述港娛國際控股有限公司（「本公司」）日期為二零二五年八月二十日的通函， 內容有關（其中包括）股本重組及更改每手買賣單位（「該通函」）。除另有指明外， 本公佈所用詞彙與該通函所界定者具相同涵義。 股本重組生效日期 股本重組生效日期 香港，二零二五年十二月二十二日 於本公佈日期，執行董事為王允先生及鄒勇剛先生；獨立非執行董事為黃瑞熾先生、 胡子敬先生及尹蘇英女士。 本公佈資料乃遵照聯交所GEM證券上市規則而刊載，旨在提供有關本公司的資料； 董事願就本公佈的資料共同及個別地承擔全部責任。各董事在作出一切合理 ...

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11月30日 狀態: 新提交 公司名稱: 港娛國際控股有限公司 呈交日期: 2025年12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) | 08291 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 166,666,666 | HKD | 0.6000000024 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 166,666,666 | HKD | 0.6000000024 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,0 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 港娛國際控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08291 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 166,666,666 | HKD | 0.6000000024 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 166,666,666 | HKD | 0.6000000024 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 FF30 ...

致：香港交易及結算所有限公司 公司名稱: 港娛國際控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 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: 重新提交 | 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) | 08291 | 說明 | 普通股 | | | | | | | | | 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 (-) | | | -333,333,334 | | | HKD | | | | 本月底結存 | | | 166,666,666 | HKD | 0.6000000024 | HKD | | 100,000,000 | 本月底法 ...

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: 港娛國際控股有限公司 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08291 | 說明 | 普通股 | | | | | | | | | 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 (-) | | | -333,333,334 | | | HKD | | | | 本月底結存 | | | 166,666,666 | HKD | | 0.6000000024 HKD | | ...

[Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B5%84%E6%96%99) This section details the basic company information for Hong Kong Entertainment International Holdings Limited, covering governance, key personnel, and identifiers - Executive Directors: Mr. Wang Yun, Mr. Zou Yonggang[6](index=6&type=chunk) - Independent Non-executive Directors: Mr. Wong Shui Chi, Mr. Wu Chi King, Ms. Wan So Ying[6](index=6&type=chunk) - Company Stock Code: **8291**[7](index=7&type=chunk) [Financial Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's revenue for the six months ended June 30, 2025, decreased by 36.0% to approximately RMB 24.4 million, while loss attributable to owners significantly narrowed to RMB 0.1 million Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 24.4 | 38.1 | -36.0% | | Loss Attributable to Owners | 0.1 | 11.1 | -99.1% | | Total Cash and Bank Balances | 3.6 | 7.1 (2024年12月31日) | -49.3% | | Gearing Ratio | 82.6% | 60.0% (2024年12月31日) | +22.6% | - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (2024: nil)[8](index=8&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's loss for the period significantly narrowed to RMB 0.17 million, driven by a net gain in other income and reduced operating expenses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 24,396 | 38,080 | -36.0% | | Cost of Sales | (23,279) | (37,284) | -37.5% | | Gross Profit | 1,117 | 796 | +40.3% | | Net Other Income / (Loss) | 2,150 | (5,516) | N/A (Turned from loss to gain) | | Selling Expenses | (93) | (770) | -87.9% | | Administrative and Other Expenses | (2,477) | (3,984) | -37.8% | | Finance Costs | (867) | (1,659) | -47.8% | | Loss Before Income Tax | (170) | (11,133) | -98.5% | | Loss for the Period | (170) | (11,133) | -98.5% | | Loss Attributable to Owners for the Period | (147) | (11,133) | -98.7% | | Basic and Diluted Loss Per Share (RMB cents) | (0.09) | (6.96) | -98.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Unaudited Condensed Consolidated Statement of Financial Position](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's current and non-current assets decreased, leading to a slight increase in net current liabilities and net liabilities, further expanding the capital deficit Condensed Consolidated Statement of Financial Position (RMB thousand) | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 1,718 | 2,084 | -17.5% | | Current Assets | 32,168 | 44,614 | -27.9% | | Current Liabilities | 81,681 | 93,723 | -12.8% | | Net Current Liabilities | (49,513) | (49,109) | +0.8% (负债增加) | | Net Liabilities | (94,368) | (93,598) | +0.8% (负债增加) | | Equity Attributable to Owners | (94,305) | (93,558) | +0.8% (亏损增加) | | Capital Deficit | (94,368) | (93,598) | +0.8% (亏绌增加) | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Equity attributable to owners decreased due to loss for the period and exchange differences, partially offset by reclassification from share option reserve Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period | (170) | (11,133) | | Exchange Differences on Translation of Foreign Operations | (600) | 492 | | Total Comprehensive Expenses for the Period | (770) | (10,648) | | Lapse of Share Options | (1,266) (从购股权储备扣减并重新分类至累计亏损) | (479) (从购股权储备扣减并重新分类至累计亏损) | | Equity Attributable to Owners as of Period End | (94,305) | (97,983) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Unaudited Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group's cash and cash equivalents decreased by RMB 0.471 million, primarily due to cash outflows from operating and financing activities Condensed Consolidated Statement of Cash Flows (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (1,345) | (14,409) | | Net Cash From Investing Activities | 1,741 | 3,455 | | Net Cash Used in Financing Activities | (867) | (1,659) | | Net Decrease in Cash and Cash Equivalents | (471) | (12,613) | | Cash and Cash Equivalents at Period End | 3,565 | 7,999 | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=13&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [1. General Information and Basis of Preparation](index=13&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section outlines the company's registration, principal activities, functional currency, and the basis of preparing interim financial information, highlighting going concern uncertainties and mitigation plans - The company was incorporated in the Cayman Islands, with shares listed on GEM of the Hong Kong Stock Exchange since **July 18, 2017**[15](index=15&type=chunk)[16](index=16&type=chunk) - The Group primarily engages in (i) manufacturing and selling tinplate and tinplate packaging products in China; and (ii) product repackaging and sales in Hong Kong[15](index=15&type=chunk) - For the six months ended June 30, 2025, the Group incurred a net loss of approximately **RMB 0.17 million**, with net current liabilities and net liabilities of approximately **RMB 49.513 million** and **RMB 94.368 million** respectively, indicating significant going concern uncertainties[19](index=19&type=chunk) - To address going concern uncertainties, the Group plans to utilize unutilized bank facilities (**RMB 52 million**), secure funding from former directors, seek other financing, and implement cost control measures[21](index=21&type=chunk) [2. Revenue, Other Income / (Loss) Net, and Segment Information](index=15&type=section&id=2.%20%E6%94%B6%E7%9B%8A%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%88%95%EF%BC%88%E4%BA%8F%E6%90%8D%EF%BC%89%E5%87%80%E9%A1%8D%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue, primarily from China tin business and Hong Kong product repackaging, decreased by 36.0%, with net other income turning profitable due to financial assets Revenue and Net Other Income / (Loss) (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue from Sales of Tinplate Packaging Products and Tinplate | 20,403 | 38,080 | | Revenue from Product Repackaging and Sales | 3,993 | – | | **Total Revenue** | **24,396** | **38,080** | | Realized and Unrealized Fair Value Gains / (Losses) on Financial Assets at FVTPL | 2,146 | (5,571) | | Gain on Disposal of Property, Plant and Equipment | 4 | – | | Gain on Disposal of a Subsidiary | – | 55 | | **Net Other Income / (Loss)** | **2,150** | **(5,516)** | - The Group's chief operating decision maker reviews overall financial performance, thus no segment information is reported[25](index=25&type=chunk) - Revenue from China (excluding Hong Kong) was **RMB 20,403 thousand** (2024: RMB 38,080 thousand), and from Hong Kong, China was **RMB 3,993 thousand** (2024: nil)[26](index=26&type=chunk) [3. Finance Costs](index=17&type=section&id=3.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) The Group's finance costs, mainly interest on borrowings, significantly decreased by 47.8% for the six months ended June 30, 2025 Finance Costs (RMB thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest Expense on Borrowings | 867 | 1,659 | -47.8% | [4. Income Tax](index=17&type=section&id=4.%20%E6%89%80%E5%BE%97%E7%A8%85) No income tax provision was made in Hong Kong due to no taxable profits, and in China due to tax losses incurred by subsidiaries - No Hong Kong profits tax provision was made for the six months ended June 30, 2025 and 2024, as the Group had no taxable profits in Hong Kong[32](index=32&type=chunk) - No China corporate income tax provision was made for the six months ended June 30, 2025 and 2024, as the Group's PRC subsidiaries incurred tax losses in China[32](index=32&type=chunk) [5. Loss Before Income Tax](index=17&type=section&id=5.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E4%BA%8F%E6%90%8D) This section details key deductions from loss before income tax, including inventory costs and depreciation of property, plant, and equipment, all showing decreases Deductions from Loss Before Income Tax (RMB thousand) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 23,279 | 37,284 | -37.5% | | Depreciation of Property, Plant and Equipment | 595 | 1,948 | -69.5% | | Depreciation of Right-of-use Assets | – | 12 | -100% | [6. Dividends](index=18&type=section&id=6.%20%E8%82%A1%E6%81%AF) No dividends were paid or proposed for the six months ended June 30, 2025 - No dividends were paid or proposed for the six months ended June 30, 2025, and no dividends have been proposed since the end of the reporting period (2024: nil)[35](index=35&type=chunk) [7. Loss Per Share](index=18&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E4%BA%8F%E6%90%8D) The Group's basic and diluted loss per share was RMB 0.09 cents, a significant reduction from the prior year, with basic and diluted losses being identical Loss Per Share (RMB cents) | Metric | H1 2025 | H1 2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (0.09) | (6.96) | -98.7% | - The weighted average number of ordinary shares in issue was **160,000,000** shares[36](index=36&type=chunk) [8. Property, Plant and Equipment](index=18&type=section&id=8.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group acquired RMB 249,000 in property, plant, and equipment and recognized a gain of RMB 4,000 from asset disposals during the period - For the six months ended June 30, 2025, the Group acquired property, plant and equipment of **RMB 249 thousand** (2024: RMB 100 thousand)[37](index=37&type=chunk) - Proceeds from disposal of property, plant and equipment were approximately **RMB 24 thousand**, with a recognized gain of approximately **RMB 4 thousand**[37](index=37&type=chunk) [9. Inventories](index=18&type=section&id=9.%20%E5%AD%98%E8%B2%A8) As of June 30, 2025, the Group's total inventories decreased by 31.8% to RMB 5,810 thousand, mainly in raw materials and work-in-progress Inventories Composition (RMB thousand) | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Raw Materials | 3,110 | 5,319 | -41.5% | | Work-in-progress | 54 | 182 | -70.3% | | Finished Goods | 2,646 | 3,025 | -12.5% | | **Total Inventories** | **5,810** | **8,526** | **-31.8%** | [10. Trade and Other Receivables](index=19&type=section&id=10.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Net trade receivables significantly decreased by 61.8% to RMB 5,587 thousand, primarily due to reduced receivables from customer contracts, with a typical credit period of 180 days Trade and Other Receivables (RMB thousand) | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables Arising from Customer Contracts | 13,797 | 22,850 | -39.6% | | Less: Provision for Expected Credit Losses | (8,210) | (8,210) | 0% | | **Net Trade Receivables** | **5,587** | **14,640** | **-61.8%** | - The general credit period ranges up to **180 days**[39](index=39&type=chunk) [11. Financial Assets at Fair Value Through Profit or Loss](index=20&type=section&id=11.%20%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) The Group's financial assets at fair value through profit or loss, primarily Hong Kong-listed equity securities, increased to RMB 12,716 thousand as of June 30, 2025 Financial Assets at Fair Value Through Profit or Loss (RMB thousand) | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong-listed Equity Securities | 12,716 | 9,541 | +33.3% | [12. Trade and Other Payables](index=20&type=section&id=12.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) Total trade and other payables decreased by 33.6% to RMB 35,212 thousand, with bills payable eliminated and a typical supplier credit period of 90 days Trade and Other Payables (RMB thousand) | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 35,212 | 43,009 | -18.1% | | Bills Payable | – | 9,984 | -100% | | **Total** | **35,212** | **52,993** | **-33.6%** | - The credit period granted by suppliers is normally **90 days**[41](index=41&type=chunk) [13. Borrowings](index=21&type=section&id=13.%20%E5%80%9F%E6%AC%BE) Total borrowings remained at RMB 74,573 thousand, comprising secured bank loans and unsecured loans, with RMB 52,000 thousand in unutilized bank facilities Borrowings Composition (RMB thousand) | Metric | As of June 30, 2025 | As of Dec 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Secured Bank Borrowings (Current Liabilities) | 28,000 | 28,000 | 0% | | Unsecured Borrowings (Non-current Liabilities) | 46,573 | 46,573 | 0% | | **Total Borrowings** | **74,573** | **74,573** | **0%** | - Unsecured borrowings of **RMB 46.573 million** are amounts due to former directors, interest-free, with repayment extended to **June 30, 2027**[43](index=43&type=chunk) - Unutilized bank facilities amount to **RMB 52 million**, valid until **September 2, 2027**[44](index=44&type=chunk) [14. Share Capital](index=22&type=section&id=14.%20%E8%82%A1%E6%9C%AC) The company's authorized and issued share capital remained unchanged during the reporting period Share Capital Information | Metric | As of June 30, 2025 (thousand shares) | As of Dec 31, 2024 (thousand shares) | | :--- | :--- | :--- | | Authorized Ordinary Shares (HKD 0.20 par value per share) | 500,000 | 500,000 | | Issued and Fully Paid Ordinary Shares (HKD 0.20 par value per share) | 160,000 | 160,000 | [15. Share Option Scheme](index=22&type=section&id=15.%20%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company's share option scheme aims to attract and incentivize participants, with unexercised options significantly reduced to 2,519,352 due to expirations - The share option scheme was adopted on **June 23, 2017**, for a ten-year term, aiming to attract, retain, and incentivize eligible participants[46](index=46&type=chunk) - As of June 30, 2025, the number of outstanding share options was **2,519,352** (December 31, 2024: 10,775,352)[49](index=49&type=chunk) - For the six months ended June 30, 2025, **8,256,000** share options lapsed, resulting in **RMB 1.266 million** being reclassified from the share option reserve to accumulated losses[52](index=52&type=chunk) - No share options were granted by the company for the six months ended June 30, 2025 and 2024[53](index=53&type=chunk) [16. Fair Value Measurement](index=26&type=section&id=16.%20%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Group's financial assets measured at fair value, primarily Hong Kong-listed equity securities, are valued using Level 1 inputs from active market quotes - Fair value measurement inputs are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[57](index=57&type=chunk) - Financial assets at fair value through profit or loss (Hong Kong-listed equity securities) are measured using Level 1 inputs (quoted bid prices on the Stock Exchange), amounting to **RMB 12,716 thousand** as of June 30, 2025[59](index=59&type=chunk) [17. Events After the Reporting Period](index=28&type=section&id=17.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the Board proposed a capital reorganization, including share consolidation, capital reduction, and share subdivision, pending approvals - The proposed capital reorganization includes: consolidating every **3** shares of HKD **0.2** par value into **1** share of HKD **0.6** par value; reducing the paid-up capital of each consolidated share to HKD **0.006**; and subdividing each authorized but unissued share into **100** new shares of HKD **0.006** par value[63](index=63&type=chunk) - The capital reorganization is subject to shareholder approval, Stock Exchange Listing Committee approval, and other regulatory requirements[61](index=61&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Activities](index=29&type=section&id=%E6%A5%AD%E5%8B%99%E6%B4%BB%E5%8B%95) The Group's core business involves manufacturing and selling tinplate packaging products in China and providing repackaging services in Hong Kong, with no significant operational changes since listing - The Group primarily (i) manufactures and sells tinplate packaging products in China; and (ii) provides repackaging services in Hong Kong[64](index=64&type=chunk) - Since its listing on **July 18, 2017**, the Group's business operations have seen no significant changes[64](index=64&type=chunk) [Business Review and Outlook](index=29&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) First-half revenue decreased by 36.0% due to China's economic downturn, but loss significantly narrowed by 98.2% due to financial asset gains and cost controls - Revenue decreased by approximately **36.0%** from **RMB 38.1 million** to **RMB 24.4 million**, mainly due to reduced sales demand amid China's economic downturn[65](index=65&type=chunk) - Loss for the period decreased from approximately **RMB 11.1 million** to **RMB 0.2 million**, primarily due to fair value gains from financial assets (**RMB 2.1 million**) from a recovering Hong Kong stock market and cost control measures[65](index=65&type=chunk) - Looking ahead, the Group plans to consolidate its market share in tinplate packaging, expand its product and service portfolio, broaden sales channels, and implement cost control strategies to improve cash flow[66](index=66&type=chunk) [Debts and Charges on Assets](index=30&type=section&id=%E5%82%B5%E5%8B%99%E5%8F%8A%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had RMB 28.0 million in secured borrowings and RMB 46.6 million in unsecured borrowings, with RMB 52 million in unutilized bank facilities - Secured borrowings were **RMB 28.0 million**, and unsecured borrowings were approximately **RMB 46.6 million**, both consistent with December 31, 2024[67](index=67&type=chunk) - Bank borrowings and other bank facilities are secured by a building held by a subsidiary owned by former directors[68](index=68&type=chunk) - Unutilized bank facilities amount to approximately **RMB 52 million**[68](index=68&type=chunk) [Financial Review](index=31&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the Group's financial performance, detailing changes in revenue, cost of sales, gross profit, other income/loss, operating expenses, finance costs, and period loss [Revenue](index=31&type=section&id=%E6%94%B6%E7%9B%8A) - Revenue decreased by 36.0% to RMB 24.4 million, primarily due to reduced sales demand amid China's economic slowdown[69](index=69&type=chunk) [Cost of Sales](index=31&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) - Cost of sales decreased by approximately **37.5%** from **RMB 37.3 million** to **RMB 23.3 million**, consistent with the revenue decrease[70](index=70&type=chunk) [Gross Profit and Gross Profit Margin](index=31&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) - Gross profit increased from approximately **RMB 0.8 million** to **RMB 1.1 million**, with gross profit margin rising from **2.1%** to **4.6%**, mainly due to higher average selling prices[71](index=71&type=chunk) [Net Other Income / Loss](index=32&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E2%88%95%E4%BA%8F%E6%90%8D%E5%87%80%E9%A1%8D) - Net other income/loss turned into a gain of approximately **RMB 2.1 million** (2024: loss of approximately RMB 5.6 million), primarily due to increased realized and unrealized fair value gains from financial assets as the Hong Kong stock market recovered[72](index=72&type=chunk) [Selling Expenses](index=32&type=section&id=%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) - Selling expenses decreased by approximately **87.5%** from **RMB 0.8 million** to **RMB 0.1 million**, mainly due to implemented cost controls[73](index=73&type=chunk) [Administrative and Other Expenses](index=32&type=section&id=%E8%A1%8C%E6%94%BF%E5%8F%8A%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) - Administrative and other expenses decreased by approximately **37.5%** from **RMB 4.0 million** to **RMB 2.5 million**, mainly due to implemented cost controls[74](index=74&type=chunk) [Finance Costs](index=32&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) - Finance costs decreased by approximately **47.1%** from **RMB 1.7 million** to **RMB 0.9 million**, mainly due to reduced utilized bank financing[75](index=75&type=chunk) [Loss for the Period](index=33&type=section&id=%E6%9C%9F%E5%85%A7%E4%BA%8F%E6%90%8D) - Loss for the period decreased from approximately **RMB 11.1 million** to **RMB 0.2 million**, a result of the combined effects of the aforementioned factors[76](index=76&type=chunk) [Dividends](index=33&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Liquidity and Financial Resources](index=33&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's liquidity primarily stems from operating cash inflows, but cash and bank balances decreased, and the gearing ratio increased, with management closely monitoring the situation - As of June 30, 2025, the Group's total cash and bank balances were approximately **RMB 3.6 million** (December 31, 2024: RMB 7.1 million)[78](index=78&type=chunk) - The gearing ratio increased from approximately **60.0%** as of December 31, 2024, to approximately **82.6%** as of June 30, 2025[78](index=78&type=chunk) - The Group adopts a conservative approach to financial policies, with the Board closely monitoring liquidity[79](index=79&type=chunk) [Key Risks, Uncertainties and Risk Management](index=34&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E3%80%81%E4%B8%8D%E7%A2%BA%E5%AE%9A%E6%80%A7%E5%8F%8A%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Group's primary credit risk arises from trade and other receivables and bank cash, managed through credit policies and individual customer credit assessments - The Group's credit risk primarily arises from trade and other receivables and bank cash[81](index=81&type=chunk) - Credit policies are established, and credit risk is continuously monitored through individual credit assessments of customers[81](index=81&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=34&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The Group did not undertake any significant acquisitions or disposals of subsidiaries for the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries[82](index=82&type=chunk) [Contingent Liabilities](index=34&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[83](index=83&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group's employee count decreased to 58, with a corresponding reduction in employee costs, and remuneration policies are based on industry practice and performance - As of June 30, 2025, the Group employed **58** employees (December 31, 2024: 75 employees)[84](index=84&type=chunk) - For the six months ended June 30, 2025, the Group's employee costs were approximately **RMB 1.3 million** (2024: RMB 1.8 million)[84](index=84&type=chunk) - Employee remuneration levels are in line with industry practice and market conditions, with overall compensation determined by the Group based on employee qualifications and performance[84](index=84&type=chunk) [Material Investments Held](index=35&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group holds approximately RMB 12.7 million in Hong Kong-listed equity securities, planning portfolio diversification and adhering to a strict risk management framework [Investment Portfolio Overview](index=35&type=section&id=%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E6%A6%82%E8%A6%BD) - As of June 30, 2025, the Group held **17** Hong Kong-listed equity securities with a fair value of approximately **RMB 12.7 million**[85](index=85&type=chunk) - The Group intends to diversify its investment portfolio to mitigate concentration and investment risks[85](index=85&type=chunk) Major Equity Securities Investments (As of June 30, 2025) | Company Name / Stock Code | Percentage Held | Fair Value (Loss) / Gain for H1 2025 (RMB thousand) | Fair Value as of June 30, 2025 (RMB thousand) | Percentage of Total Group Assets | | :--- | :--- | :--- | :--- | :--- | | Harbour Digital Industry Capital Limited (913) | 2.9% | (1,207) | 3,750 | 11.1% | | China Investment and Finance Group Limited (1226) | 0.4% | 1,834 | 2,481 | 7.3% | | Lisi Group Holdings Limited (1327) | 4.8% | 1,142 | 2,415 | 7.1% | | Other Listed Securities | N/A | N/A | 4,070 | 12.0% | | **Total** | N/A | N/A | **12,716** | **37.5%** | [Investment Policy and Objectives](index=37&type=section&id=%E6%8A%95%E8%B3%87%E6%94%BF%E7%AD%96%E8%88%87%E7%9B%AE%E6%A8%99) The primary objective is long-term capital appreciation and high growth through diversified investments in listed equity securities, prohibiting excessive leverage or speculative derivatives - The primary objective is to achieve long-term capital appreciation and high growth by investing idle funds in a diversified portfolio of listed equity securities[89](index=89&type=chunk) - Permitted investments are limited to listed equities on globally recognized exchanges, with the portfolio remaining diversified and minimum holding quantities set to reduce risk[89](index=89&type=chunk) - The use of excessive leverage, investment in unlisted securities, or speculative derivative trading is prohibited[89](index=89&type=chunk) [Risk Management and Control Measures](index=37&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E6%8E%A7%E5%88%B6%E6%8E%AA%E6%96%BD) A stringent risk management framework is employed, actively managing liquidity risk through tiered limits and maintaining a diversified portfolio to minimize single investment exposure - A stringent risk management framework is adopted, actively managing liquidity risk through a strict tiered limit structure[90](index=90&type=chunk) - A diversified investment portfolio with predetermined limits is maintained, ensuring no single investment exceeds a small percentage of the portfolio's value[90](index=90&type=chunk) - All transactions are executed through reputable, regulated financial institutions to minimize counterparty risk[90](index=90&type=chunk) [Approval and Oversight Mechanism for Investment Decisions](index=38&type=section&id=%E6%8A%95%E8%B3%87%E6%B1%BA%E7%AD%96%E7%9A%84%E5%AF%A9%E6%89%B9%E8%88%87%E7%9B%A3%E7%9D%A3%E6%A9%9F%E5%88%B6) Investment decisions are governed by a multi-layered approval and oversight structure, led by executive directors, with internal compliance screening and regular board reporting - Investment decisions are governed by a multi-layered approval and oversight structure, led by Executive Directors Mr. Wang Yun and Mr. Zou Yonggang[91](index=91&type=chunk)[92](index=92&type=chunk) - The internal compliance team is responsible for initial screening of all proposed transactions involving the purchase, sale, or subscription of listed securities to assess if they constitute disclosable transactions[91](index=91&type=chunk) - All investment decisions are based on comprehensive due diligence, pre-defined investment mandates with clearly defined risk parameters and asset allocation, and are regularly reported to the Board[92](index=92&type=chunk) [Foreign Exchange Risk](index=39&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group faces minimal foreign exchange risk as its primary business is in China, with most transactions settled in RMB, and no hedging activities were undertaken - The Group's primary business is located in China, with most transactions settled in RMB, resulting in minimal foreign exchange risk[94](index=94&type=chunk) - For the six months ended June 30, 2025, the Group did not hedge any foreign exchange risk[94](index=94&type=chunk) [Capital Structure](index=39&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the company's issued share capital and number of ordinary shares remained unchanged at HKD 32,000,000 (approximately RMB 27,909,000) and 160,000,000 shares - As of June 30, 2025, the company's issued share capital was **HKD 32,000,000** (equivalent to approximately **RMB 27,909,000**), with **160,000,000** ordinary shares issued, each with a par value of **HKD 0.2**[95](index=95&type=chunk) - Except for changes disclosed elsewhere in this interim report, there were no changes to the company's capital structure[95](index=95&type=chunk) [Future Plans for Material Investments and Capital Assets](index=39&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in this interim report, the Group had no other significant investment or capital asset plans as of June 30, 2025 - Except as disclosed in this interim report, the Group had no other significant investment or capital asset plans as of June 30, 2025[96](index=96&type=chunk) [Other Information Disclosure](index=40&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99%E6%8A%AB%E9%9C%B2) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=40&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no directors or chief executives held disclosable interests or short positions in the company's shares, underlying shares, or debentures, beyond what is already reported - As of June 30, 2025, no directors or chief executives held disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations, other than as disclosed elsewhere in this report[97](index=97&type=chunk) [Measures to Enhance Shareholder Value](index=40&type=section&id=%E6%8F%90%E5%8D%87%E8%82%A1%E6%9D%B1%E5%83%B9%E5%80%BC%E7%9A%84%E6%8E%AA%E6%96%BD) The company is committed to enhancing long-term shareholder value through a rigorous capital allocation framework, prioritizing operational funding, strategic reinvestment, and shareholder returns - The company is committed to enhancing long-term shareholder value through a rigorous and strategic capital allocation framework, balancing shareholder returns with funding for operational excellence and future growth[98](index=98&type=chunk) - Capital allocation priorities: 1. Funding daily operations and core business growth; 2. Strategic reinvestment for returns; 3. Returning capital to shareholders[100](index=100&type=chunk) - All significant allocation decisions require full Board approval to ensure alignment with the objective of maximizing long-term shareholder value[99](index=99&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=42&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no substantial shareholders or other persons, apart from the disclosed directors and chief executives, held disclosable interests or short positions in the company's shares or underlying shares - As of June 30, 2025, no person (other than the directors and chief executives disclosed above) held disclosable interests or short positions in the shares or underlying shares[101](index=101&type=chunk) [Dividend Policy](index=42&type=section&id=%E8%82%A1%E6%81%AF%E6%94%BF%E7%AD%96) The company's dividend policy prioritizes cash dividends, with the payout ratio determined by the Board based on financial performance, future prospects, and investment needs, subject to legal and financing constraints - The company has adopted a dividend policy prioritizing cash dividends to share profits with shareholders[102](index=102&type=chunk) - The dividend payout ratio will be determined at the Board's sole discretion, considering the company's financial performance, future prospects, investment and operational needs, overall financial health, and general market conditions[102](index=102&type=chunk) - The dividend policy is subject to the company's articles of association, applicable restrictions and requirements under Cayman Islands law, and any banking or other financing covenants binding the company[102](index=102&type=chunk) [Share Option Scheme](index=43&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%88%83) As of June 30, 2025, 2,519,352 unexercised share options remain under the company's share option scheme, with 8,256,000 employee options having lapsed during the period - As of June 30, 2025, **2,519,352** share options granted under the scheme remained unexercised[103](index=103&type=chunk) Overview of Share Option Movements (As of June 30, 2025) | Category of Participant | Grant Date | Exercise Period | Outstanding as of Jan 1, 2025 | Lapsed / Cancelled in H1 2025 | Outstanding as of June 30, 2025 | Exercise Price Per Share (HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employees | 2019年4月10日 | 10年 | 2,204,440 | – | 2,204,440 | 1.981 | | Employees | 2022年4月6日 | 3年 | 8,256,000 | (8,256,000) | – | 0.400 | | Consultants | 2019年4月10日 | 10年 | 314,912 | – | 314,912 | 1.981 | | **Total** | N/A | N/A | **10,775,352** | **(8,256,000)** | **2,519,352** | N/A | [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor any of 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 any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[105](index=105&type=chunk) [Directors' Contractual Interests](index=44&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E5%90%88%E7%B4%84%E6%AC%8A%E7%9B%8A) As of June 30, 2025, no directors held significant beneficial interests, directly or indirectly, in any material contracts entered into by the company or its subsidiaries - As of June 30, 2025, no directors had a material beneficial interest, directly or indirectly, in any significant contract entered into by the company or its subsidiaries[106](index=106&type=chunk) [Competing Interests of Directors and Controlling Shareholders](index=44&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%8E%A7%E8%82%A1%E8%82%A1%E6%9D%B1%E4%B9%8B%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, the directors were unaware of any competing businesses or interests held by directors, controlling shareholders, or their associates that compete with the Group's business - As of June 30, 2025, the directors were unaware of any business or interest held by directors, controlling shareholders, or their associates that competes or may compete with the Group's business[107](index=107&type=chunk) [Directors' Securities Transactions](index=44&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) All directors confirmed compliance with the required dealing standards under the GEM Listing Rules and the company's guidelines for directors' securities transactions - Following specific enquiries with all directors, the directors confirmed compliance with the required dealing standards and guidelines for directors' securities transactions as of the report date[108](index=108&type=chunk) [Compliance with Corporate Governance Code Practices](index=44&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87%E5%B8%B8%E8%A6%8F) The company adheres to the principles and applicable code provisions of the Corporate Governance Code, with the Audit Committee reviewing financial reporting and internal controls - The company has adopted the principles and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix 15 of the GEM Listing Rules[109](index=109&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and this report with the company's management[110](index=110&type=chunk) - The condensed consolidated interim financial information for the six months ended June 30, 2025, is unaudited but has been reviewed by the Audit Committee[110](index=110&type=chunk)