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)

此次供股预计最多筹集1140万港元，净筹约1040万港元。所得款项的80.0%将用于支持现有业务的人工 智能强化软件开发(包括人员、基础设施、第三方工具等)，目标是提高工作流程效率和软件可靠性。其 余20.0%将用作集团的一般营运资金。 智傲控股计划按"2供1"的比例发行最多1900万股供股股份，每股定价0.60港元，较上一个交易日的收市 价0.59港元溢价约1.69%。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 港娛國際控股有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 08291 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（ ...

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佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Hong Kong Entertainment International Holdings Limited 執行董事王允先生、獨立非執行董事黃瑞熾先生、尹蘇英女士及胡子敬先生親身 或以電子設施出席股東特別大會；而鄒勇剛先生（執行董事）因其他公務而未能出 席大會。 特別決議案* 投票數目及佔投票總數的 概約百分比 贊成 反對 1. 批准股東特別大會通告所載股份合併、股本削 減及其項下擬進行交易。 20,472,555 (99.99%) 100 (0.01%) 於股東特別大會上提呈表決的所有建議決議案的投票結果載列如下： * 決議案之全文載於股東特別大會通告內 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 ） 於二零二五年九月十二日舉行的 股東特別大會的投票結果 謹此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 ...

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: 港娛國際控股有限公司 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) | 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 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | 本月底法定/註冊 ...

（原标题：港娱国际(08291)发布中期业绩 股东应占亏损14.7万元 同比收窄98.68%） 智通财经APP讯，港娱国际(08291)发布截至2025年6月30日止6个月中期业绩，集团收益人民币2439.6万 元，同比减少35.93%;股东应占亏损14.7万元，同比收窄98.68%;每股亏损0.09分。 ...

Group 1 - The core viewpoint of the article is that 港娱国际 (Hong Kong Entertainment International) reported a decline in revenue and a significant reduction in shareholder losses for the six months ending June 30, 2025 [1] Group 2 - The company's revenue for the period was RMB 24.396 million, representing a year-on-year decrease of 35.93% [1] - The loss attributable to shareholders was RMB 147,000, which is a year-on-year narrowing of 98.68% [1] - The loss per share was 0.09 cents [1]

[Company Information](index=5&type=section&id=Company%20Information) [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) Hong Kong Entertainment International Holdings Limited (Stock Code: 8291) is a Cayman Islands-registered investment holding company focused on tinplate manufacturing in China and product repackaging in Hong Kong, with details on governance and operations - Company Name: **Hong Kong Entertainment International Holdings Limited** (Stock Code: **8291**)[2](index=2&type=chunk)[6](index=6&type=chunk) - Registered in the **Cayman Islands** as an investment holding company[20](index=20&type=chunk) - Principal businesses include (i) manufacturing and selling **tinplate and tinplate packaging products in China**; and (ii) **product repackaging and sales in Hong Kong**[20](index=20&type=chunk)[28](index=28&type=chunk) - Board of Directors comprises Executive Directors Mr. Wang Yun, Mr. Zou Yonggang; and Independent Non-executive Directors Mr. Wong Shui Chi, Ms. Wan So Ying, Mr. Wu Tsz King[4](index=4&type=chunk)[11](index=11&type=chunk) - Audit Committee Chairman: Mr. Wong Shui Chi; Remuneration Committee Chairman: Ms. Wan So Ying; Nomination Committee Chairman: Mr. Wu Tsz King[11](index=11&type=chunk) [Financial Highlights](index=7&type=section&id=Financial%20Highlights) [Interim Financial Performance Overview](index=7&type=section&id=Interim%20Financial%20Performance%20Overview) For the six months ended June 30, 2025, the Group's revenue decreased by 36.0% year-on-year to RMB24.4 million, but loss attributable to owners of the company significantly narrowed to RMB0.1 million, a substantial improvement from RMB11.1 million in the prior period, with no interim dividend proposed and increased liquidity pressure indicated by a higher asset-liability ratio Key Financial Indicators for the Six Months Ended June 30 | Indicator | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Year-on-Year Change (%) | | :--- | :---: | :---: | :---: | | Revenue | 24.4 | 38.1 | -36.0% | | Loss Attributable to Owners of the Company | (0.1) | (11.1) | -99.1% (Loss narrowed) | | Interim Dividend | Nil | Nil | - | | Cash and Bank Balances (End of Period) | 3.6 | 7.1 (December 31, 2024) | -49.3% | | Asset-Liability Ratio (End of Period) | 82.6% | 60.0% (December 31, 2024) | +22.6 pp | [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Profit or Loss and Comprehensive Income Overview](index=8&type=section&id=Profit%20or%20Loss%20and%20Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the Group's revenue decreased to RMB24,396 thousand from RMB38,080 thousand in the prior period, yet the loss for the period significantly narrowed to RMB170 thousand, with loss attributable to owners of the company at RMB147 thousand and basic and diluted loss per share at RMB0.09 cents, primarily due to a net gain from other income and reduced selling, administrative, and finance costs Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | Year-on-Year Change (%) | | :--- | :---: | :---: | :---: | :---: | | Revenue | 24,396 | 38,080 | (13,684) | -36.0% | | Cost of Sales | (23,279) | (37,284) | 14,005 | -37.6% | | Gross Profit | 1,117 | 796 | 321 | +40.3% | | Other Income / (Losses) Net | 2,150 | (5,516) | 7,666 | Turned to profit | | Selling Expenses | (93) | (770) | 677 | -87.9% | | Administrative and Other Expenses | (2,477) | (3,984) | 1,507 | -37.8% | | Finance Costs | (867) | (1,659) | 792 | -47.7% | | Loss Before Income Tax | (170) | (11,133) | 10,963 | -98.5% | | Loss for the Period | (170) | (11,133) | 10,963 | -98.5% | | Loss Attributable to Owners of the Company | (147) | (11,133) | 10,986 | -98.7% | | Basic and Diluted Loss Per Share (RMB cents) | (0.09) | (6.96) | 6.87 | -98.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Financial Position Overview](index=10&type=section&id=Financial%20Position%20Overview) As of June 30, 2025, the Group's non-current assets slightly decreased, and total current assets declined to RMB32,168 thousand from RMB44,614 thousand as of December 31, 2024, primarily due to reductions in inventories, trade receivables, and pledged bank deposits, while total current liabilities also decreased to RMB81,681 thousand from RMB93,723 thousand, mainly driven by lower trade payables and bills payable, with the Group continuing to face challenges from net current liabilities and net liabilities, and an expanding capital deficit Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :---: | :---: | :---: | :---: | | **Assets** | | | | | | Non-current Assets | 1,718 | 2,084 | (366) | -17.6% | | Current Assets | 32,168 | 44,614 | (12,446) | -27.9% | | - Inventories | 5,810 | 8,526 | (2,716) | -31.9% | | - Trade Receivables | 5,587 | 14,640 | (9,053) | -61.8% | | - Financial Assets at Fair Value Through Profit or Loss | 12,716 | 9,541 | 3,175 | +33.3% | | - Cash and Cash Equivalents | 3,565 | 4,099 | (534) | -13.0% | | **Liabilities** | | | | | | Current Liabilities | 81,681 | 93,723 | (12,042) | -12.8% | | - Trade Payables and Bills Payable | 35,212 | 52,993 | (17,781) | -33.6% | | - Borrowings (Current) | 28,000 | 28,000 | 0 | 0.0% | | Non-current Liabilities (Borrowings) | 46,573 | 46,573 | 0 | 0.0% | | **Net** | | | | | | Net Current Liabilities | (49,513) | (49,109) | (404) | +0.8% (Liabilities increased) | | Net Liabilities | (94,368) | (93,598) | (770) | +0.8% (Liabilities increased) | | **Equity** | | | | | | Equity Attributable to Owners of the Company | (94,305) | (93,558) | (747) | +0.8% (Deficit increased) | | Capital Deficit | (94,368) | (93,598) | (770) | +0.8% (Deficit increased) | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Equity Changes Overview](index=12&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, equity attributable to owners of the company decreased from RMB(93,558) thousand at the beginning of the period to RMB(94,305) thousand at the end, primarily due to a loss for the period of RMB147 thousand and other comprehensive expenses of RMB600 thousand from exchange differences on translating overseas operations, with lapsed share options also reclassified to accumulated losses Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Indicator | June 30, 2025 (RMB thousand) | January 1, 2024 (RMB thousand) | | :--- | :---: | :---: | | Share Capital | 27,909 | 27,909 | | Share Premium | 105,325 | 105,325 | | Statutory Reserve Fund | 3,826 | 3,826 | | Capital Reserve | 7,200 | 7,200 | | Share Option Reserve | 2,463 | 4,208 | | Exchange Reserve | 6,123 | 6,032 | | Other Reserves | (35,783) | (35,783) | | Accumulated Losses | (211,368) | (206,052) | | **Subtotal Equity Attributable to Owners of the Company** | **(94,305)** | **(87,335)** | | Non-controlling Interests | (63) | – | | **Total** | **(94,368)** | **(87,335)** | - Loss for the period: Loss attributable to owners of the company was **RMB147 thousand** (2024: RMB11,133 thousand)[18](index=18&type=chunk) - Other comprehensive expenses: Exchange differences on translating overseas operations resulted in **RMB600 thousand** expenses (2024: RMB492 thousand income)[18](index=18&type=chunk) - Lapsed share options: For the six months ended June 30, 2025, **RMB1,266 thousand** was deducted from the share option reserve and reclassified to accumulated losses due to lapsed share options[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=13&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flow Overview](index=13&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the Group's net cash used in operating activities significantly decreased to RMB1,345 thousand, with net cash from investing activities at RMB1,741 thousand and net cash used in financing activities at RMB867 thousand, resulting in cash and cash equivalents at the end of the period of RMB3,565 thousand, a decrease of RMB471 thousand from the beginning of the period Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :---: | :---: | :---: | | Net Cash Used in Operating Activities | (1,345) | (14,409) | 13,064 | | Net Cash From Investing Activities | 1,741 | 3,455 | (1,714) | | Net Cash Used in Financing Activities | (867) | (1,659) | 792 | | Net Decrease in Cash and Cash Equivalents | (471) | (12,613) | 12,142 | | Cash and Cash Equivalents at End of Period | 3,565 | 7,999 | (4,434) | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=14&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1. General Information and Basis of Preparation](index=14&type=section&id=1.%20General%20Information%20and%20Basis%20of%20Preparation) This section outlines the company's basic information, principal businesses, functional currency, and the basis for preparing financial statements, with the Board affirming the Group's going concern ability despite significant uncertainties like net loss and net current liabilities, supported by unutilized bank facilities, former directors' financial support, and cost control measures - The company is an investment holding company, with principal businesses in **tinplate operations in China** and **product repackaging and sales in Hong Kong**[20](index=20&type=chunk) - The functional currency is **HKD**, but **RMB** is used as the presentation currency for financial reporting[21](index=21&type=chunk) - Basis of preparation: Prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the HKICPA and the GEM Listing Rules[21](index=21&type=chunk) - Going concern considerations: As of June 30, 2025, the Group incurred a **net loss of RMB170 thousand**, **net current liabilities of RMB49,513 thousand**, and **net liabilities of RMB94,368 thousand**, indicating significant uncertainties[24](index=24&type=chunk) - Going concern measures: The Group has **unutilized bank facilities of RMB52,000 thousand**, former directors have agreed to provide financial support, other financing options can be sought, and cost control measures are being implemented[24](index=24&type=chunk)[26](index=26&type=chunk) [2. Revenue, Other Income / (Losses) Net and Segment Information](index=16&type=section&id=2.%20Revenue,%20Other%20Income%20%2F%20(Losses)%20Net%20and%20Segment%20Information) The Group's total revenue for the six months ended June 30, 2025, was RMB24,396 thousand, a decrease from RMB38,080 thousand in the prior period, mainly due to reduced sales in the China tinplate business; however, net other income turned from a loss of RMB5,516 thousand to a gain of RMB2,150 thousand, primarily driven by fair value gains on financial assets at fair value through profit or loss, with no segment information presented as the chief operating decision maker reviews overall financial performance Revenue and Other Income / (Losses) Net (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :---: | :---: | | 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 | | **Other Income / (Losses) Net** | **2,150** | **(5,516)** | - Geographical revenue: **China (excluding Hong Kong) revenue was RMB20,403 thousand** (2024: RMB38,080 thousand), and **Hong Kong, China revenue was RMB3,993 thousand** (2024: Nil)[31](index=31&type=chunk) Revenue from Major Customers (For the Six Months Ended June 30) | Customer | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :---: | :---: | | Customer A | 4,406 | Not applicable | | Customer B | 3,910 | Not applicable | | Customer C | 2,670 | Not applicable | | Customer D | Not applicable | 14,094 | | Customer E | Not applicable | 5,636 | [3. Finance Costs](index=18&type=section&id=3.%20Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs, primarily interest expense on borrowings, significantly decreased to RMB867 thousand from RMB1,659 thousand in the prior period, reflecting reduced utilization of bank facilities Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :---: | :---: | | Interest Expense on Borrowings | 867 | 1,659 | [4. Income Tax](index=18&type=section&id=4.%20Income%20Tax) The Group's subsidiaries in Hong Kong and China did not make any income tax provisions for the six months ended June 30, 2025, and 2024, due to no assessable profits in Hong Kong and tax losses incurred in China - Hong Kong Profits Tax: **No assessable profits**, no provision made[37](index=37&type=chunk) - PRC Enterprise Income Tax: **PRC subsidiaries incurred tax losses**, no provision made[37](index=37&type=chunk) [5. Loss Before Income Tax](index=18&type=section&id=5.%20Loss%20Before%20Income%20Tax) For the six months ended June 30, 2025, the Group's loss before income tax significantly narrowed to RMB170 thousand from RMB11,133 thousand in the prior period, mainly due to reduced expenses such as cost of inventories and depreciation of property, plant and equipment Loss Before Income Tax Components (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :---: | :---: | | Cost of Inventories Recognized | 23,279 | 37,284 | | Depreciation of Property, Plant and Equipment | 595 | 1,948 | | Depreciation of Right-of-Use Assets | – | 12 | | Expenses Relating to Short-term Leases | 17 | – | [6. Dividends](index=19&type=section&id=6.%20Dividends) For the six months ended June 30, 2025, the company neither paid nor proposed any dividends - No dividends were paid or proposed for the current period or the prior corresponding period[40](index=40&type=chunk) [7. Loss Per Share](index=19&type=section&id=7.%20Loss%20Per%20Share) For the six months ended June 30, 2025, the company's basic and diluted loss per share was RMB0.09 cents, a significant reduction from RMB6.96 cents in the prior period, primarily due to a substantial narrowing of the loss for the period Loss Per Share (For the Six Months Ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :---: | :---: | | Basic and Diluted Loss Per Share | (0.09) | (6.96) | - Basis of calculation: Loss attributable to owners of the company was **RMB147 thousand** (2024: RMB11,133 thousand), with a weighted average number of **160,000,000 shares** in issue[41](index=41&type=chunk)[15](index=15&type=chunk) [8. Property, Plant and Equipment](index=19&type=section&id=8.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant and equipment of RMB249 thousand and disposed of property, plant and equipment with a carrying amount of RMB20 thousand, generating a gain of RMB4 thousand Property, Plant and Equipment Movements (For the Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :---: | :---: | | Additions | 249 | 100 | | Proceeds from Disposal | 24 | 0 | | Gain on Disposal | 4 | 0 | [9. Inventories](index=19&type=section&id=9.%20Inventories) As of June 30, 2025, the Group's total inventories amounted to RMB5,810 thousand, a decrease from RMB8,526 thousand as of December 31, 2024, primarily reflected in reductions across raw materials, work-in-progress, and finished goods categories Inventories Composition (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Raw Materials | 3,110 | 5,319 | | Work-in-progress | 54 | 182 | | Finished Goods | 2,646 | 3,025 | | **Total Inventories** | **5,810** | **8,526** | [10. Trade Receivables](index=20&type=section&id=10.%20Trade%20Receivables) As of June 30, 2025, the Group's net trade receivables significantly decreased to RMB5,587 thousand from RMB14,640 thousand as of December 31, 2024, primarily due to a reduction in trade receivables arising from customer contracts, with a typical credit period of 180 days Trade Receivables (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Trade Receivables Arising from Contracts with Customers | 13,797 | 22,850 | | Less: Provision for Expected Credit Losses | (8,210) | (8,210) | | **Net Trade Receivables** | **5,587** | **14,640** | Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Within 1 month | 1,940 | 1,473 | | 1-3 months | 1,679 | 2,578 | | 3-6 months | 1,223 | 3,399 | | 6 months-1 year | 745 | 7,190 | | **Total** | **5,587** | **14,640** | [11. Financial Assets at Fair Value Through Profit or Loss](index=21&type=section&id=11.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss primarily consisted of Hong Kong listed equity securities, with a fair value of RMB12,716 thousand, an increase from RMB9,541 thousand as of December 31, 2024 Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Hong Kong Listed Equity Securities | 12,716 | 9,541 | - Fair value measurement: Based on **quoted bid prices on the Stock Exchange** at each reporting period end[45](index=45&type=chunk) [12. Trade Payables and Bills Payable](index=21&type=section&id=12.%20Trade%20Payables%20and%20Bills%20Payable) As of June 30, 2025, the Group's total trade payables and bills payable significantly decreased to RMB35,212 thousand from RMB52,993 thousand as of December 31, 2024, primarily due to bills payable reducing to zero and a decrease in trade payables, with a typical supplier credit period of 90 days Trade Payables and Bills Payable (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Trade Payables | 35,212 | 43,009 | | Bills Payable | – | 9,984 | | **Total** | **35,212** | **52,993** | Aging Analysis of Trade Payables and Bills Payable (As of June 30, 2025) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Within 1 month | 3,412 | 2,762 | | 1-3 months | 8,794 | 12,276 | | 3-6 months | 5,173 | 6,142 | | 6 months-1 year | 9,661 | 14,957 | | Over 1 year | 8,172 | 16,856 | | **Total** | **35,212** | **52,993** | [13. Borrowings](index=22&type=section&id=13.%20Borrowings) As of June 30, 2025, the Group's total borrowings amounted to RMB74,573 thousand, comprising secured bank borrowings of RMB28,000 thousand and unsecured borrowings from a former director of RMB46,573 thousand, with bank borrowings collateralized by third-party assets and the Group having RMB52,000 thousand in unutilized bank facilities Borrowings Composition (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Current Liabilities - Secured Bank Borrowings | 28,000 | 28,000 | | Non-current Liabilities - Unsecured Borrowings | 46,573 | 46,573 | | **Total Borrowings** | **74,573** | **74,573** | - Bank borrowing interest rate: **4.4% per annum**[48](index=48&type=chunk) - Unsecured borrowings: Amounts due to a former director are **non-trade in nature, unsecured, interest-free**, and repayable by June 30, 2027[48](index=48&type=chunk) - Collateral: Bank borrowings are secured by **leasehold land and buildings** owned by a company wholly-owned by a former director[49](index=49&type=chunk) - Unutilized bank facilities: **RMB52,000 thousand**, valid until September 2, 2027[49](index=49&type=chunk) [14. Share Capital](index=23&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital consisted of 500,000 thousand ordinary shares with a par value of HKD0.20 each, and its issued and fully paid share capital comprised 160,000 thousand shares with a par value of HKD32,000 thousand, equivalent to RMB27,909 thousand Share Capital Composition (As of June 30, 2025) | Item | Number of Shares (thousand shares) | Par Value (HKD thousand) | Equivalent (RMB thousand) | | :--- | :---: | :---: | :---: | | Authorized Share Capital (Ordinary shares of HKD0.20 each) | 500,000 | 100,000 | 83,490 | | Issued and Fully Paid Share Capital (Ordinary shares of HKD0.20 each) | 160,000 | 32,000 | 27,909 | [15. Share Option Scheme](index=23&type=section&id=15.%20Share%20Option%20Scheme) The company adopted a share option scheme on June 23, 2017, to attract, retain, and motivate participants; as of June 30, 2025, 10,519,352 shares were available for issue under the scheme, with 2,519,352 share options granted but unexercised, and 8,256,000 share options lapsed during the period, resulting in RMB1,266 thousand being reclassified from share option reserve to accumulated losses - Purpose of Share Option Scheme: To **attract, retain, and motivate** eligible participants, fostering the Group's development[51](index=51&type=chunk) - Eligible Participants: Includes **directors, employees, consultants, distributors, suppliers**, among others[51](index=51&type=chunk) - Grant Limit: Not to exceed **10% of the total issued shares**[52](index=52&type=chunk) - Number of Share Options: As of June 30, 2025, **8,000,000 share options were available for grant**; **10,519,352 shares were available for issue** (representing 6.57% of issued shares); **2,519,352 share options were granted but unexercised** (representing 1.57% of issued shares)[53](index=53&type=chunk)[54](index=54&type=chunk) Share Option Movements Overview (For the Six Months Ended June 30) | Category | January 1, 2024 (options) | Lapsed in 2024 (options) | January 1, 2025 (options) | Lapsed in 2025 (options) | June 30, 2025 (options) | | :--- | :---: | :---: | :---: | :---: | :---: | | Employees | 10,460,440 | (2,064,000) | 8,256,000 | (8,256,000) | 2,204,440 | | Consultants | 314,912 | – | 314,912 | – | 314,912 | | **Total** | **12,839,352** | **(2,064,000)** | **10,775,352** | **(8,256,000)** | **2,519,352** | - Impact of Lapsed Share Options: For the six months ended June 30, 2025, **RMB1,266 thousand** was deducted from the share option reserve and reclassified to accumulated losses due to the lapse of **8,256,000 share options**[57](index=57&type=chunk) - No share options were granted during the current period[58](index=58&type=chunk) [16. Fair Value Measurement](index=27&type=section&id=16.%20Fair%20Value%20Measurement) This section describes the Group's method for fair value measurement of financial assets, primarily using Level 1 inputs (unadjusted quoted prices in active markets) for Hong Kong listed equity securities, which amounted to RMB12,716 thousand as of June 30, 2025 - Fair value hierarchy: **Level 1 inputs** (unadjusted quoted prices in active markets for identical assets or liabilities) are used to measure Hong Kong listed equity securities[62](index=62&type=chunk)[64](index=64&type=chunk) Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :---: | :---: | | Hong Kong Listed Equity Securities | 12,716 | 9,541 | [17. Events After Reporting Period](index=29&type=section&id=17.%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, the company's directors proposed a share capital reorganisation, including a share consolidation (3 shares into 1), capital reduction (cancellation of fractional shares and reduction of par value from HKD0.6 to HKD0.006 per share), and subdivision of authorized unissued shares, which remains subject to shareholder and Stock Exchange approval - Proposed Share Capital Reorganisation: Includes **share consolidation, capital reduction, and subdivision of authorized unissued shares**[66](index=66&type=chunk)[68](index=68&type=chunk) - Share Consolidation: Every **3 issued shares of HKD0.2 par value** will be consolidated into **1 consolidated share of HKD0.6 par value**[68](index=68&type=chunk) - Capital Reduction: Involves **cancellation of fractional consolidated shares** and reduction of the par value of each consolidated share from **HKD0.6 to HKD0.006**[68](index=68&type=chunk) - Conditions for effectiveness: Subject to **shareholder resolutions, approval by the Stock Exchange Listing Committee**, and compliance with other regulatory requirements[66](index=66&type=chunk) [Management Discussion and Analysis](index=30&type=section&id=Management%20Discussion%20and%20Analysis) [Business Activities](index=30&type=section&id=Business%20Activities) The Group primarily engages in the manufacturing and sale of tinplate packaging products in China and provides repackaging services in Hong Kong, with no significant changes in business operations since its listing in 2017 - Principal businesses: **Manufacturing and sales of tinplate packaging products in China**, and **repackaging services in Hong Kong**[69](index=69&type=chunk) - No significant changes in business operations since its listing in 2017[69](index=69&type=chunk) [Business Review and Outlook](index=30&type=section&id=Business%20Review%20and%20Outlook) For the six months ended June 30, 2025, the Group's revenue decreased by 36.0% due to reduced sales demand from China's economic slowdown; however, loss significantly narrowed to RMB0.2 million, primarily benefiting from fair value gains on financial assets due to a recovering Hong Kong stock market and cost control measures, with future plans to consolidate market share, expand product and service portfolios, broaden sales channels, and improve cash flow through cost control - Revenue decline: For the six months ended June 30, 2025, revenue decreased by **36.0% to RMB24.4 million**, mainly due to reduced sales demand from the **economic slowdown in China**[70](index=70&type=chunk) - Loss narrowing: Loss for the period narrowed from **RMB11.1 million to RMB0.2 million**, primarily attributed to **fair value gains on financial assets (RMB2.1 million)** from a recovering Hong Kong stock market and **cost control measures**[70](index=70&type=chunk) - Future outlook: Plans to **consolidate market share** in the tinplate packaging business, **expand product and service portfolios**, **broaden sales channels**, **enlarge customer base**, and **improve operational efficiency and cash flow through cost control**[71](index=71&type=chunk) [Debts and Pledges of Assets](index=31&type=section&id=Debts%20and%20Pledges%20of%20Assets) As of June 30, 2025, the Group had secured borrowings of RMB28.0 million and unsecured borrowings of RMB46.6 million, with bank borrowings collateralized by buildings owned by a subsidiary of a former director, and RMB52 million in unutilized bank facilities Borrowings Composition (As of June 30, 2025) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :---: | :---: | | Secured Borrowings | 28.0 | 28.0 | | Unsecured Borrowings | 46.6 | 46.6 | - Collateral: Bank borrowings and other bank facilities are secured by **buildings owned by a subsidiary of a former director**[73](index=73&type=chunk) - Unutilized bank facilities: **RMB52 million**[73](index=73&type=chunk) [Financial Review](index=32&type=section&id=Financial%20Review) This section provides a detailed review of financial indicators for the six months ended June 30, 2025, highlighting a 36.0% revenue decrease due to China's economic slowdown, a corresponding drop in cost of sales, a 40.3% increase in gross profit with a gross margin improvement to 4.6% driven by higher average selling prices, a shift from net other losses to gains, and significant reductions in selling, administrative, and finance costs due to cost control and lower bank financing, ultimately leading to a substantial narrowing of the loss for the period [Revenue](index=32&type=section&id=Revenue) Revenue decreased by **36.0% year-on-year to RMB24.4 million**, primarily due to reduced product sales demand from the **economic slowdown in China**[74](index=74&type=chunk) [Cost of Sales](index=32&type=section&id=Cost%20of%20Sales) Cost of sales decreased by **37.5% year-on-year to RMB23.3 million**, consistent with the revenue decline trend[75](index=75&type=chunk) [Gross Profit and Gross Margin](index=32&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross Profit and Gross Margin (For the Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :---: | :---: | :---: | | Gross Profit | 1.1 | 0.8 | +40.3% | | Gross Margin | 4.6% | 2.1% | +2.5 pp | - Gross margin increase was primarily due to an **increase in the average selling price of the Group's products**[76](index=76&type=chunk) [Other Income / Losses Net](index=33&type=section&id=Other%20Income%20%2F%20Losses%20Net) Net other income turned from a **loss of RMB5.6 million in 2024 to a gain of RMB2.1 million in 2025**, primarily benefiting from **fair value gains on financial assets at fair value through profit or loss** due to a recovering Hong Kong stock market[77](index=77&type=chunk) [Selling Expenses](index=33&type=section&id=Selling%20Expenses) Selling expenses decreased by **87.5% year-on-year to RMB0.1 million**, mainly due to the **Group's implementation of cost control measures**[78](index=78&type=chunk) [Administrative and Other Expenses](index=33&type=section&id=Administrative%20and%20Other%20Expenses) Administrative and other expenses decreased by **37.5% year-on-year to RMB2.5 million**, primarily due to the **Group's implementation of cost control measures**[79](index=79&type=chunk) [Finance Costs](index=33&type=section&id=Finance%20Costs) Finance costs decreased by **47.1% year-on-year to RMB0.9 million**, mainly due to **reduced utilization of bank facilities**[80](index=80&type=chunk) [Loss for the Period](index=34&type=section&id=Loss%20for%20the%20Period) Loss for the period significantly decreased from **RMB11.1 million in 2024 to RMB0.2 million in 2025**[81](index=81&type=chunk) [Dividends](index=34&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[82](index=82&type=chunk) [Liquidity and Financial Resources](index=34&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity primarily stems from cash inflows from operating activities; as of June 30, 2025, total cash and bank balances were RMB3.6 million, and the asset-liability ratio increased to 82.6%, indicating heightened liquidity pressure Liquidity and Financial Resources (As of June 30, 2025) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :---: | :---: | | Total Cash and Bank Balances | 3.6 | 7.1 | | Asset-Liability Ratio | 82.6% | 60.0% | - Financial policy: The Board adopts a **conservative approach** and closely monitors liquidity to meet funding requirements[84](index=84&type=chunk) [Key Performance Indicators](index=35&type=section&id=Key%20Performance%20Indicators) The performance analysis of key performance indicators in this interim report has been detailed in the "Financial Review" section - Performance analysis of key performance indicators has been elaborated in the "Financial Review" section[85](index=85&type=chunk) [Principal Risks, Uncertainties and Risk Management](index=35&type=section&id=Principal%20Risks,%20Uncertainties%20and%20Risk%20Management) The Group primarily faces credit risk arising from trade receivables, other receivables, and bank cash, and has established credit policies and continuous monitoring, conducting individual credit assessments for customers - Principal risk: **Credit risk**, arising from trade receivables, other receivables, and bank cash[86](index=86&type=chunk) - Risk management: **Credit policies are established**, credit risk is continuously monitored, and individual credit assessments are conducted for customers[86](index=86&type=chunk) [Material Acquisitions and Disposals of Subsidiaries](index=35&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries - No material acquisitions or disposals of subsidiaries occurred during the period[87](index=87&type=chunk) [Contingent Liabilities](index=35&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - No significant contingent liabilities existed during the period[88](index=88&type=chunk) [Employees and Remuneration Policy](index=35&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 58 employees, a decrease from 75 as of December 31, 2024, with employee costs approximately RMB1.3 million; the Group aims to ensure salary levels align with industry practices and are determined based on qualifications and performance Employees and Remuneration (For the Six Months Ended June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Number of Employees | 58 | 75 | | Employee Costs (RMB million) | 1.3 | 1.8 | - Remuneration policy: Salary levels are consistent with **industry practices and market conditions**, and remuneration is determined based on **employee qualifications and performance**[89](index=89&type=chunk) [Material Investments Held](index=36&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the Group held 17 Hong Kong listed equity securities with a fair value of approximately RMB12.7 million; to mitigate concentration risk, the Group intends to diversify its investment portfolio and closely monitor performance, with major investments including shares in Harbour Digital, China Investment and Finance, and RexLot Holdings, which represent a significant portion of the Group's total assets, and the Group will continue to adopt a prudent investment approach, maintaining a diversified portfolio across industries - Investment portfolio: Holds **17 Hong Kong listed equity securities**, with a fair value of approximately **RMB12.7 million**[90](index=90&type=chunk) - Investment strategy: Intends to **diversify its investment portfolio** to mitigate concentration and investment risks, closely monitor performance, adopt a prudent investment approach, aiming to **enhance capital utilization efficiency and generate additional investment returns**[90](index=90&type=chunk)[93](index=93&type=chunk) Major Equity Securities Investments (As of June 30, 2025) | Company Name / Stock Code | Shareholding Percentage | Fair Value (Loss) / Gain for the Six Months Ended June 30, 2025 (RMB thousand) | Fair Value as of June 30, 2025 (RMB thousand) | Percentage of Group's Total Assets | | :--- | :---: | :---: | :---: | :---: | | Harbour Digital 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% | | RexLot Holdings Limited (1327) | 4.8% | 1,142 | 2,415 | 7.1% | | Other Listed Securities | - | - | 4,070 | 12.0% | | **Total** | - | - | **12,716** | **37.5%** | [Foreign Exchange Risk](index=38&type=section&id=Foreign%20Exchange%20Risk) The Group's primary operations are in China, with most transactions settled in RMB, resulting in minimal foreign exchange risk; for the six months ended June 30, 2025, the Group did not hedge any foreign exchange risk - Foreign exchange risk: **Minimal**, as principal businesses are in China and transactions are settled in RMB[94](index=94&type=chunk) - Foreign exchange hedging: **No foreign exchange risk was hedged** during the period[94](index=94&type=chunk) [Capital Structure](index=38&type=section&id=Capital%20Structure) As of June 30, 2025, the company's issued share capital was HKD32,000,000 (approximately RMB27,909,000), with 160,000,000 ordinary shares issued, each with a par value of HKD0.2; there were no other changes to the capital structure apart from those disclosed elsewhere in this interim report - Issued share capital: **HKD32,000,000** (approximately **RMB27,909,000**)[95](index=95&type=chunk) - Number of ordinary shares issued: **160,000,000 shares**, each with a par value of **HKD0.2**[95](index=95&type=chunk) [Future Plans for Material Investments and Capital Assets](index=38&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) Apart from what has been disclosed in this interim report, the Group had no other plans for material investments or capital assets as of June 30, 2025 - No other material investment or capital asset plans existed during the period[96](index=96&type=chunk) [Other Information Disclosure](index=39&type=section&id=Other%20Information%20Disclosure) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=39&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) As of June 30, 2025, save as disclosed elsewhere in the report, no directors or chief executive had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - Directors and chief executive had no disclosable interests or short positions in shares, underlying shares, or debentures[97](index=97&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=39&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) As of June 30, 2025, apart from the disclosed directors and chief executive, no other persons held any disclosable interests or short positions in the company's shares or underlying shares, or possessed 10% or more of the voting interests in any other member company of the Group - Apart from directors and chief executive, no other persons held disclosable interests or short positions in shares or underlying shares[98](index=98&type=chunk) [Share Option Scheme](index=39&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on June 23, 2017; as of June 30, 2025, 2,519,352 share options remained granted but unexercised, with each option entitling the holder to subscribe for one share of HKD0.20 par value - The share option scheme was adopted on **June 23, 2017**[99](index=99&type=chunk) - As of June 30, 2025, **2,519,352 share options were granted but unexercised**[100](index=100&type=chunk)[101](index=101&type=chunk) - Each share option entitles the holder to subscribe for **one share of HKD0.20 par value**[100](index=100&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=40&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) 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 - During the period, the company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities[102](index=102&type=chunk) [Directors' Contractual Interests](index=41&type=section&id=Directors'%20Contractual%20Interests) As of June 30, 2025, no directors had any significant beneficial interests, directly or indirectly, in any contract entered into by the company or any of its subsidiaries that was material to the Group's business - Directors had no material contractual interests[103](index=103&type=chunk) [Directors' and Controlling Shareholders' Competing Interests](index=41&type=section&id=Directors'%20and%20Controlling%20Shareholders'%20Competing%20Interests) As of June 30, 2025, the directors were unaware of any business or interest of the directors, the company's controlling shareholders, or their respective associates that competed or might compete with the Group's business - Directors and controlling shareholders had no competing interests[104](index=104&type=chunk) [Directors' Securities Transactions](index=41&type=section&id=Directors'%20Securities%20Transactions) The company has adopted written guidelines for directors' securities transactions, and the directors confirm compliance with these guidelines and the required standards of dealing under the GEM Listing Rules as of the report date - The company has adopted written guidelines for directors' securities transactions, and directors confirm compliance with the required dealing standards[105](index=105&type=chunk) [Compliance with Corporate Governance Code Practices](index=41&type=section&id=Compliance%20with%20Corporate%20Governance%20Code%20Practices) The directors believe that, as of the date of this interim report, the company has adopted the principles and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules - The company has adopted and complied with the Corporate Governance Code in Appendix 15 of the GEM Listing Rules[106](index=106&type=chunk) [Audit Committee](index=42&type=section&id=Audit%20Committee) The company has established an Audit Committee, comprising three independent non-executive directors, responsible for reviewing and overseeing the financial reporting process and internal control procedures; the Audit Committee has reviewed the condensed consolidated interim financial information in this report - The Audit Committee has been established, comprising Mr. Wong Shui Chi (Chairman), Mr. Wu Tsz King, and Ms. Wan So Ying, all of whom are independent non-executive directors[107](index=107&type=chunk) - Principal responsibilities: To **review and oversee the Group's financial reporting process and internal control procedures**[107](index=107&type=chunk) - Review status: The Committee has **reviewed the condensed consolidated interim financial information** in this report[107](index=107&type=chunk)