維港育馬控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董 事」）會（「董事會」）宣佈非執行董事何穎珊女士獲委任為本公司提名委員會（「提 名委員會」）成員，自二零二五年九月十二日起生效。 緊隨上述委任後，提名委員會分別由黃國偉先生（提名委員會主席）、陳進財先 生、周展恒先生、鄧鎮晞先生及何穎珊女士組成。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 HARBOUR EQUINE HOLDINGS LIMITED 維港育馬控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8377） 委任提名委員會成員 承董事會命 維港育馬控股有限公司 主席、行政總裁兼執行董事 黃國偉 香港，二零二五年九月十二日 – 1 – 於本公告日期，董事會包括四名執行董事，即黃國偉先生、陳耀東先生、梁景裕先生及梁達 志先生；及一名非執行董事，即何穎珊女士；以及三名獨立非執行董事，即陳進財先生、周 展恒先生及鄧鎮晞先生。 本公告載有根據GEM上市規則須提 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 維港育馬控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年9月2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) | 08377 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.05 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.05 HKD | | 50,000,000 | 本月底法定/ ...

Core Viewpoint - The company reported a decrease in revenue for the first half of 2025, but achieved a net profit, indicating a turnaround from previous losses [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 16.651 million, representing a year-on-year decrease of 19.62% [1] - The net profit reached HKD 12.006 million, marking a return to profitability compared to previous periods [1] - Earnings per share were reported at HKD 0.0293 [1]

Core Viewpoint - The company reported a decrease in revenue for the first half of 2025, but achieved a net profit, indicating a turnaround from previous losses [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 16.651 million, representing a year-on-year decrease of 19.62% [1] - The net profit for the period was HKD 12.006 million, marking a return to profitability compared to previous periods [1] - Earnings per share were reported at HKD 0.0293 [1]

Company Overview and Important Statements [Company Information and GEM Characteristics](index=1&type=section&id=Company%20Information%20and%20GEM%20Characteristics) Harbour Equine Holdings Limited (stock code: 8377) is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange GEM, a market for SMEs with potentially higher investment risks - Company Name: **HARBOUR EQUINE HOLDINGS LIMITED**[2](index=2&type=chunk) - Stock Code: **8377**[2](index=2&type=chunk) - Place of Incorporation: **Cayman Islands**[2](index=2&type=chunk) - Listing Market: **GEM of The Stock Exchange of Hong Kong**, which provides a listing platform for small and medium-sized companies and may involve higher investment risks and market volatility[2](index=2&type=chunk) [Directors' Responsibility Statement](index=1&type=section&id=Directors%27%20Responsibility%20Statement) The company's directors collectively and individually assume full responsibility for the information in this announcement, confirming its accuracy and completeness - Directors collectively and individually assume full responsibility for the information contained in this announcement[2](index=2&type=chunk) - Directors confirm that the information contained in this announcement is accurate and complete in all material respects, free from misleading or fraudulent elements, and without omission of any other matters[2](index=2&type=chunk) Financial Performance Overview [Unaudited Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group achieved revenue of HK$16,651 thousand, gross profit of HK$5,160 thousand, and turned a loss of HK$13,483 thousand into a profit of HK$12,006 thousand, with basic and diluted earnings per share of 2.93 HK cents Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 16,651 | 20,715 | -19.6% | | Cost of sales | (11,491) | (22,745) | -49.5% | | Gross profit/(loss) | 5,160 | (2,030) | Turned from loss to profit | | Net other gains and (losses) | 10,940 | (860) | Significant increase | | Administrative expenses | (2,782) | (7,317) | -61.9% | | Profit/(loss) before tax | 12,139 | (13,483) | Turned from loss to profit | | Profit/(loss) for the period | 12,006 | (13,483) | Turned from loss to profit | | Profit/(loss) per share attributable to owners of the Company (HK cents) | 2.93 | (3.30) | Turned from loss to profit | - Profit for the period turned from a loss of **HK$13,483 thousand** in the same period of 2024 to a profit of **HK$12,006 thousand** in the same period of 2025, primarily due to gains from disposal of a subsidiary and cost control[3](index=3&type=chunk)[32](index=32&type=chunk) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a total comprehensive profit of HK$9,680 thousand, a significant improvement from the total comprehensive loss of HK$15,060 thousand in the prior year, mainly due to the profit for the period turning positive, partially offset by exchange differences on overseas operations Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Profit/(loss) for the period | 12,006 | (13,483) | Turned from loss to profit | | Exchange differences on translation of overseas operations | (2,326) | (1,577) | Loss widened | | Total comprehensive profit/(loss) for the period | 9,680 | (15,060) | Turned from loss to profit | - Total comprehensive profit for the period turned from a loss of **HK$15,060 thousand** in the same period of 2024 to a profit of **HK$9,680 thousand** in the same period of 2025[4](index=4&type=chunk) - Exchange differences on translation of overseas operations increased from a loss of **HK$1,577 thousand** to **HK$2,326 thousand**, negatively impacting comprehensive income[4](index=4&type=chunk) Financial Position [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HK$15,378 thousand, net current assets significantly improved to HK$8,614 thousand, and net liabilities substantially decreased to HK$5,519 thousand, reflecting an improved financial position Consolidated Statement of Financial Position Key Data (As of June 30, 2025) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 6,764 | 7,591 | -11.0% | | Current assets | 24,088 | 27,079 | -11.1% | | Assets classified as held for sale | – | 6,478 | -100% | | Current liabilities | 15,474 | 17,018 | -9.1% | | Liabilities associated with assets classified as held for sale | – | 16,307 | -100% | | Net current assets | 8,614 | 232 | +3613.8% | | Total assets less current liabilities | 15,378 | 7,823 | +96.6% | | Non-current liabilities | 20,897 | 23,022 | -9.2% | | Net liabilities | (5,519) | (15,199) | Loss reduced | | Total equity | (5,519) | (15,199) | Loss reduced | - Net current assets significantly increased from **HK$232 thousand** as of December 31, 2024, to **HK$8,614 thousand** as of June 30, 2025[6](index=6&type=chunk) - Net liabilities decreased from **HK$15,199 thousand** as of December 31, 2024, to **HK$5,519 thousand** as of June 30, 2025, indicating an improvement in financial leverage[6](index=6&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity improved from a deficit of HK$15,199 thousand at the beginning of the period to a deficit of HK$5,519 thousand at the end, primarily due to profit for the period, partially offset by exchange differences on overseas operations and the effect of the lapse of disposal of a subsidiary Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total equity | (15,199) | (5,519) | Increased by 9,680 | | Profit for the period | 12,006 | - | Increased by 12,006 | | Exchange differences on translation of overseas operations | - | (2,326) | Decreased by 2,326 | | Lapse of disposal of a subsidiary | - | - | Zero impact | - As of June 30, 2025, total equity was a deficit of **HK$5,519 thousand**, an improvement from a deficit of **HK$15,199 thousand** as of January 1, 2025[7](index=7&type=chunk) - Profit for the period of **HK$12,006 thousand** is the main driver of the increase in equity[7](index=7&type=chunk) - Exchange differences on translation of overseas operations resulted in other comprehensive loss of **HK$2,326 thousand**[7](index=7&type=chunk) Cash Flows [Unaudited Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash generated from operating activities significantly increased to HK$4,189 thousand, cash outflow from investing activities was HK$638 thousand, cash outflow from financing activities was HK$1,860 thousand, and cash and cash equivalents at period-end were HK$3,149 thousand Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 4,189 | 1,656 | +152.9% | | Net cash (used in)/generated from investing activities | (638) | 7,205 | Turned from inflow to outflow | | Net cash (used in)/generated from financing activities | (1,860) | (7,320) | Outflow decreased | | Net increase in cash and cash equivalents | 1,691 | 1,541 | +9.7% | | Cash and cash equivalents at end of period | 3,149 | 4,087 | -22.9% | - Net cash generated from operating activities increased from **HK$1,656 thousand** in the same period of 2024 to **HK$4,189 thousand** in the same period of 2025, primarily due to the profit before tax turning positive and changes in working capital[9](index=9&type=chunk) - Cash flow from investing activities turned from a net inflow of **HK$7,205 thousand** in the same period of 2024 to a net outflow of **HK$638 thousand** in the same period of 2025, mainly due to reduced proceeds from disposal of investment properties and fixed assets[11](index=11&type=chunk) - Net cash outflow from financing activities decreased from **HK$7,320 thousand** in the same period of 2024 to **HK$1,860 thousand** in the same period of 2025, primarily due to reduced repayment of borrowings[11](index=11&type=chunk) Notes to the Condensed Consolidated Financial Statements [Company and Group Information](index=9&type=section&id=Company%20and%20Group%20Information) The Company is an investment holding company, with its subsidiaries primarily engaged in interior design and decoration, thoroughbred horse trading and management, and securities advisory, corporate finance, and asset management services; the ultimate controlling company is Three Gates Investment Limited, controlled by Mr. Wong Kwok Wai - The Company is an investment holding company, with its principal businesses including sewing thread manufacturing and trading (disposed of), interior design and decoration, equine services, and securities advisory, corporate finance, and asset management services[12](index=12&type=chunk) - The Group's ultimate controlling company is **Three Gates Investment Limited**, controlled by **Mr. Wong Kwok Wai**[12](index=12&type=chunk) Principal Subsidiaries and Their Businesses | Name | Place of Incorporation/Operation | Principal Business | | :--- | :--- | :--- | | Sun Yau (China) Limited | Hong Kong | Investment holding | | Sun Yau Chen Xin Enterprise (Shanghai) Co., Ltd. | China/Mainland China | Investment holding | | Drill Bright Limited | Hong Kong | Investment holding | | Pui Ming International Limited | Hong Kong | Provision of interior design, decoration and fitting-out services | | Better Dynasty Limited | Hong Kong | Investment holding | | Harbour Equine Limited | Hong Kong | Investment holding | | Thrill Rank Company Limited | British Virgin Islands | Investment holding | | Harbour Equine Pty Ltd | Australia | Horse breeding | | Harbour Stallion Pty Ltd | Australia | Horse breeding | | Harbour Racing Limited | Hong Kong | Horse management services | | Huayu Asset Management Limited | Hong Kong | Provision of corporate finance advisory services and asset management services | [Basis of Preparation and Accounting Policies](index=10&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and comply with GEM Listing Rules and Companies Ordinance disclosure requirements, with consistent accounting policies as the 2024 annual consolidated financial statements - The financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[14](index=14&type=chunk) - The accounting policies and methods of computation are consistent with those adopted in the consolidated financial statements for the year ended December 31, 2024[14](index=14&type=chunk) - The Group has not yet applied new Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and is assessing their potential impact[15](index=15&type=chunk) [Operating Segment Information](index=11&type=section&id=Operating%20Segment%20Information) The Group primarily operates in three segments: interior design and decoration, equine services, and securities, corporate finance, and asset management; interior design and decoration revenue significantly grew, while equine services revenue substantially declined, and the sewing thread manufacturing and trading segment was disposed of during the period - The Group has three reportable segments: interior design and decoration, equine services, and advisory on securities, corporate finance, and asset management[17](index=17&type=chunk) - The sewing thread manufacturing and trading segment was disposed of on **January 27, 2025**[31](index=31&type=chunk) [Segment Revenue and Results](index=12&type=section&id=Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, the interior design and decoration segment contributed most of the revenue (HK$14,584 thousand) and primary segment profit (HK$1,607 thousand), while equine services revenue and results significantly declined, and the securities, corporate finance, and asset management segment saw growth in both revenue and profit Segment Revenue (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Sewing thread manufacturing and trading | – | 4,125 | -100% | | Interior design and decoration | 14,584 | 10,450 | +39.6% | | Equine services | 17 | 4,646 | -99.6% | | Securities, corporate finance and asset management | 2,050 | 1,494 | +37.2% | | **Total** | **16,651** | **20,715** | **-19.6%** | Segment Profit/(Loss) (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Sewing thread manufacturing and trading | – | (5,176) | Turned from loss to zero | | Interior design and decoration | 1,607 | 253 | +535.2% | | Equine services | (54) | (5,961) | Loss significantly reduced | | Securities, corporate finance and asset management | 107 | 1,424 | -92.5% | | **Total** | **1,660** | **(9,460)** | **Turned from loss to profit** | - Interior design and decoration segment revenue grew **39.6%**, with segment profit increasing from **HK$253 thousand** to **HK$1,607 thousand**[18](index=18&type=chunk) - Equine services segment revenue significantly decreased by **99.6%**, with segment loss reducing from **HK$5,961 thousand** to **HK$54 thousand**[18](index=18&type=chunk) [Geographical Revenue Analysis](index=13&type=section&id=Geographical%20Revenue%20Analysis) For the six months ended June 30, 2025, Hong Kong contributed the vast majority of revenue (HK$16,634 thousand), overseas revenue significantly declined, and there was no revenue from China Revenue by Geographical Location (For the six months ended June 30) | Geographical Location | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | China | – | 260 | -100% | | Hong Kong | 16,634 | 12,047 | +38.1% | | Overseas | 17 | 8,408 | -99.8% | | **Total** | **16,651** | **20,715** | **-19.6%** | - Hong Kong revenue increased from **HK$12,047 thousand** to **HK$16,634 thousand**, becoming the primary source of income[19](index=19&type=chunk) - Overseas revenue significantly decreased from **HK$8,408 thousand** to **HK$17 thousand**, and there was no revenue from China[19](index=19&type=chunk) [Segment Assets and Liabilities](index=13&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the Group's total consolidated assets were HK$30,852 thousand, and total consolidated liabilities were HK$36,371 thousand, with the interior design and decoration segment having a larger proportion of assets and liabilities, and equine services segment liabilities significantly reduced Segment Assets (As of June 30) | Segment | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Sewing thread manufacturing and trading | – | 31 | -100% | | Interior design and decoration | 22,452 | 26,750 | -16.1% | | Equine services | 636 | 779 | -18.4% | | Securities, corporate finance and asset management | 206 | 146 | +41.1% | | **Total Segment Assets** | **23,294** | **27,706** | **-15.9%** | | Assets classified as held for sale | – | 6,478 | -100% | | Unallocated corporate assets | 7,558 | 6,964 | +8.5% | | **Total Consolidated Assets** | **30,852** | **41,148** | **-25.0%** | Segment Liabilities (As of June 30) | Segment | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Sewing thread manufacturing and trading | – | (338) | Turned from liability to zero | | Interior design and decoration | (4,793) | (6,947) | -31.0% | | Equine services | (3,555) | (17,931) | -80.2% | | Securities, corporate finance and asset management | (6) | (13) | -53.8% | | **Total Segment Liabilities** | **(8,354)** | **(25,229)** | **-66.9%** | | Liabilities associated with assets classified as held for sale | – | (16,307) | -100% | | Unallocated corporate liabilities | (28,017) | (14,811) | +89.2% | | **Total Consolidated Liabilities** | **(36,371)** | **(56,347)** | **-35.5%** | - Equine services segment liabilities significantly decreased from **HK$17,931 thousand** as of December 31, 2024, to **HK$3,555 thousand** as of June 30, 2025[19](index=19&type=chunk) [Net Other Gains and Losses](index=14&type=section&id=Net%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the Group recorded net other gains of HK$10,940 thousand, a significant improvement from a loss of HK$860 thousand in the prior year, primarily due to a gain of HK$10,848 thousand from the disposal of a subsidiary Net Other Gains and Losses (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Bank interest income | 1 | 1 | Flat | | Net exchange gain/(loss) | 137 | 849 | Decreased | | Fair value loss on investment properties | – | (700) | Loss turned to zero | | (Loss)/gain on disposal of fixed assets | (46) | 976 | Turned from gain to loss | | Loss on disposal of biological assets | – | (2,622) | Loss turned to zero | | Gain on disposal of a subsidiary | 10,848 | – | New gain | | **Total** | **10,940** | **(860)** | **Turned from loss to gain** | - A gain of **HK$10,848 thousand** from the disposal of a subsidiary was the main reason for the significant increase in net other gains[20](index=20&type=chunk)[42](index=42&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were HK$1,179 thousand, a 45.8% decrease from HK$2,175 thousand in the prior year, primarily due to a reduction in interest on borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 14 | 40 | -65.0% | | Interest on borrowings | 1,165 | 2,135 | -45.4% | | **Total** | **1,179** | **2,175** | **-45.8%** | - Interest on borrowings decreased from **HK$2,135 thousand** to **HK$1,165 thousand**, which was the main reason for the decrease in finance costs[21](index=21&type=chunk) [Items Deducted From/(Credited To) Profit/(Loss) Before Tax](index=15&type=section&id=Items%20Deducted%20From%2F%28Credited%20To%29%20Profit%2F%28Loss%29%20Before%20Tax) This section details the major expenses and gains affecting profit/loss before tax, including cost of inventories sold, depreciation, and employee benefit expenses, with significant reductions in employee benefit expenses and cost of inventories sold Items Deducted From/(Credited To) Profit/(Loss) Before Tax (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 10,209 | 13,544 | -24.7% | | Depreciation of fixed assets | 77 | 544 | -85.8% | | Depreciation of right-of-use assets | 223 | 408 | -45.3% | | Employee benefit expenses (excluding directors' emoluments) | 639 | 6,262 | -89.8% | | Net exchange gain | (137) | (849) | Gain decreased | | Gain/(loss) on disposal of fixed assets | 46 | (976) | Turned from gain to loss | | Loss on disposal of biological assets | – | 2,622 | Loss turned to zero | - Employee benefit expenses (excluding directors' emoluments) significantly decreased from **HK$6,262 thousand** to **HK$639 thousand**[22](index=22&type=chunk) - Cost of inventories sold decreased from **HK$13,544 thousand** to **HK$10,209 thousand**[22](index=22&type=chunk) [Income Tax](index=15&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the Group's income tax expense was HK$133 thousand, primarily from Hong Kong and Mainland China, with no income tax expense in the prior year; Hong Kong profits tax is levied at 16.5%, with a two-tiered tax rate applicable to certain eligible subsidiaries Income Tax Expense (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Current (Hong Kong and Mainland China) | 133 | – | New expense | | Deferred | – | – | Flat | | **Tax (credit)/expense** | **133** | **–** | **New expense** | - Hong Kong profits tax is levied at **16.5%**, with eligible subsidiaries subject to an **8.25%** tax rate on the first **HK$2,000,000** of assessable profits under the two-tiered profits tax regime[23](index=23&type=chunk) [Dividends](index=16&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[26](index=26&type=chunk)[48](index=48&type=chunk) [Profit/(Loss) Per Share Attributable to Owners of the Company](index=16&type=section&id=Profit%2F%28Loss%29%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic and diluted profit per share attributable to owners of the Company was 2.93 HK cents, a significant improvement from a loss of 3.30 HK cents in the prior year, primarily due to increased profit for the period Profit/(Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company (HK$ thousand) | 12,006 | (13,483) | | Weighted average number of ordinary shares | 409,141,860 | 409,141,860 | | Basic and diluted profit/(loss) per share (HK cents) | 2.93 | (3.30) | - Basic and diluted profit per share turned from a loss of **3.30 HK cents** in the same period of 2024 to a profit of **2.93 HK cents** in the same period of 2025[28](index=28&type=chunk)[47](index=47&type=chunk) [Analysis of Trade Balances](index=16&type=section&id=Analysis%20of%20Trade%20Balances) This section provides an aging analysis of trade receivables and trade payables, showing an increase in trade receivables and a decrease in trade payables [Trade Receivables](index=16&type=section&id=Trade%20Receivables) As of June 30, 2025, total trade receivables were HK$13,342 thousand, an increase from HK$10,985 thousand as of December 31, 2024, with the proportion of amounts over three months remaining stable Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Less than 1 month | 1,365 | 5,977 | -77.2% | | 1 to 2 months | 3,350 | 621 | +439.4% | | 2 to 3 months | 4,575 | 422 | +984.1% | | Over 3 months | 4,232 | 4,144 | +2.1% | | **Total (net of allowance)** | **13,342** | **10,985** | **+21.5%** | - Total trade receivables increased from **HK$10,985 thousand** to **HK$13,342 thousand**[29](index=29&type=chunk) [Trade Payables](index=17&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were HK$4,600 thousand, a decrease from HK$6,721 thousand as of December 31, 2024, with amounts less than one month now at zero Aging Analysis of Trade Payables (As of June 30) | Aging | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Less than 1 month | – | 5,056 | -100% | | 1 to 2 months | – | 545 | -100% | | 2 to 3 months | 97 | 55 | +76.4% | | Over 3 months | 4,503 | 1,065 | +322.0% | | **Total** | **4,600** | **6,721** | **-31.6%** | - Total trade payables decreased from **HK$6,721 thousand** to **HK$4,600 thousand**[30](index=30&type=chunk) [Share Capital](index=17&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was HK$50,000 thousand, and issued and fully paid share capital was HK$20,457 thousand, comprising 409,141,860 ordinary shares of HK$0.05 each, with no changes during the reporting period Share Capital Movement (As of June 30) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Authorized share capital (1,000,000,000 ordinary shares of HK$0.05 each) | 50,000 | 50,000 | Flat | | Issued and fully paid share capital (409,141,860 ordinary shares of HK$0.05 each) | 20,457 | 20,457 | Flat | - The Company's share capital structure remained unchanged during the reporting period[30](index=30&type=chunk)[53](index=53&type=chunk) Business and Financial Review [Business Review](index=18&type=section&id=Business%20Review) The Group's principal businesses include interior design and decoration, equine services, and securities advisory, corporate finance, and asset management; the sewing thread manufacturing and trading segment was disposed of in January 2025, and management is actively seeking new interior design projects and securities clients while reducing resources in the thoroughbred market - The Group is principally engaged in providing interior design, interior decoration and fitting-out services, thoroughbred horse trading, stallion services and horse management services, and securities advisory, corporate finance and asset management services[31](index=31&type=chunk) - The principal operating subsidiary of the sewing thread manufacturing and trading segment was disposed of on **January 27, 2025**[31](index=31&type=chunk) - Demand for interior design and decoration business in Hong Kong and the Greater Bay Area is increasing, and management is negotiating new projects[31](index=31&type=chunk)[34](index=34&type=chunk) - The equine business segment has disposed of underperforming and unpopular breeding stock to reduce future maintenance costs and resource allocation[31](index=31&type=chunk)[35](index=35&type=chunk) - Management of the securities, corporate finance and asset management segment is seeking new clients[32](index=32&type=chunk)[36](index=36&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's revenue decreased by 19.6% year-on-year to HK$16.7 million, but gross profit turned from a loss to a profit of HK$5.2 million; profit for the period turned from a loss of HK$13.5 million to a profit of HK$12.0 million, mainly due to gains from disposal of a subsidiary, reduced cost of sales, and administrative expenses - The Group recorded unaudited revenue of approximately **HK$16.7 million**, a decrease of approximately **19.6%** compared to the same period last year[32](index=32&type=chunk) - The Group recorded a gross profit of **HK$5.2 million**, compared to a gross loss of **HK$2.0 million** in the same period last year[32](index=32&type=chunk)[41](index=41&type=chunk) - Profit attributable to owners of the Company increased from a loss of approximately **HK$13.5 million** in the same period last year to a profit of approximately **HK$12.0 million**[32](index=32&type=chunk) - The increase in profit was primarily due to the gain on disposal of a subsidiary and reduced cost of sales, administrative expenses, and finance costs in the equine segment[32](index=32&type=chunk) [Revenue Analysis](index=19&type=section&id=Revenue%20Analysis) Total Group revenue decreased by 19.6% year-on-year, mainly due to the disposal of the sewing thread manufacturing and trading segment and a significant reduction in equine services revenue; interior design and decoration, and securities, corporate finance, and asset management segments both achieved significant revenue growth Segment Revenue Details (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Sewing thread manufacturing and trading | – | 4,125 | Not applicable | | Interior design and decoration | 14,584 | 10,450 | 39.6 | | Equine services | 17 | 4,646 | –99.6 | | Advisory on securities, corporate finance and asset management | 2,050 | 1,494 | 37.2 | | **Total** | **16,651** | **20,715** | **–19.6** | - Interior design and decoration revenue increased by **39.6%** to **HK$14.6 million**, with management expecting continued growth in the second half of the year[34](index=34&type=chunk) - Equine services revenue significantly decreased by **99.6%** to **HK$17 thousand** due to the sluggish thoroughbred market, leading management to reduce resource allocation[35](index=35&type=chunk) - Securities, corporate finance and asset management segment revenue increased by **37.2%** to **HK$2 million**[36](index=36&type=chunk) [Cost of Sales Analysis](index=20&type=section&id=Cost%20of%20Sales%20Analysis) Total Group cost of sales significantly decreased by 49.5% year-on-year to HK$11.5 million, primarily due to the disposal of the sewing thread manufacturing and trading segment and reduced resource allocation in the equine services segment; interior design and decoration cost of sales increased due to higher direct material costs Segment Cost of Sales Details (For the six months ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Sewing thread manufacturing and trading | – | 5,526 | Not applicable | | Interior design and decoration | 11,474 | 8,525 | 34.6 | | Equine services | 17 | 8,694 | –99.8 | | Advisory on securities, corporate finance and asset management | – | – | – | | **Total** | **11,491** | **22,745** | **–49.5** | - Interior design and decoration cost of sales increased by **34.6%** to **HK$11.5 million**, mainly due to higher direct material costs[38](index=38&type=chunk) - Equine services cost of sales significantly decreased by **99.8%** to **HK$17 thousand** due to reduced resource allocation to this segment[39](index=39&type=chunk) - The securities, corporate finance and asset management segment had no cost of sales[40](index=40&type=chunk) [Gross Profit and Gross Profit Margin](index=21&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) For the six months ended June 30, 2025, the Group's gross profit turned from a gross loss of HK$2 million in the prior year to a gross profit of HK$5.2 million, with the gross profit margin improving from negative 9.8% to 31% - Gross profit turned from a gross loss of **HK$2 million** in the same period of 2024 to a gross profit of **HK$5.2 million** in the same period of 2025[41](index=41&type=chunk) - Gross profit margin increased from **negative 9.8%** to **31%**[41](index=41&type=chunk) - Interior design and decoration and securities, corporate finance and asset management segments recorded gross profits of **HK$3.1 million** and **HK$2.1 million**, respectively[41](index=41&type=chunk) [Net Other Gains and Losses](index=21&type=section&id=Net%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the Group recorded net other gains of approximately HK$10.9 million, a significant improvement from a loss of approximately HK$0.9 million in the prior year, primarily due to gains from the disposal of a subsidiary - Net other gains turned from a loss of approximately **HK$0.9 million** in the same period of 2024 to a gain of approximately **HK$10.9 million** in the same period of 2025[42](index=42&type=chunk) - The change was primarily due to the gain on disposal of a subsidiary[42](index=42&type=chunk) [Selling and Distribution Expenses](index=21&type=section&id=Selling%20and%20Distribution%20Expenses) For the six months ended June 30, 2025, the Group had no selling and distribution expenses, compared to approximately HK$1.1 million in the prior year, mainly due to the disposal of the sewing thread manufacturing and trading segment - Selling and distribution expenses decreased from approximately **HK$1.1 million** in the same period of 2024 to **zero** in the same period of 2025, primarily due to the disposal of the sewing thread manufacturing and trading segment[43](index=43&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses decreased by approximately 61.6% year-on-year to approximately HK$2.8 million, mainly due to reduced staff costs and directors' emoluments - Administrative expenses decreased from approximately **HK$7.3 million** in the same period of 2024 to approximately **HK$2.8 million** in the same period of 2025, a reduction of approximately **61.6%**[44](index=44&type=chunk) - The reduction was primarily due to decreased staff costs and directors' emoluments compared to the prior year[44](index=44&type=chunk) [Profit/(Loss) Before Income Tax](index=22&type=section&id=Profit%2F%28Loss%29%20Before%20Income%20Tax) The Group recorded a profit before income tax of approximately HK$12.1 million for the six months ended June 30, 2025, a significant improvement from a loss of approximately HK$13.5 million in the prior year - Profit before income tax turned from a loss of approximately **HK$13.5 million** in the same period of 2024 to a profit of approximately **HK$12.1 million** in the same period of 2025[45](index=45&type=chunk) [Total Comprehensive Profit/(Loss) Attributable to Owners of the Company](index=22&type=section&id=Total%20Comprehensive%20Profit%2F%28Loss%29%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, total comprehensive profit attributable to owners of the Company was approximately HK$9.7 million, compared to a total comprehensive loss of approximately HK$15.1 million in the prior year, mainly due to reduced losses in the equine services and sewing thread manufacturing and trading segments, and gains from disposal of a subsidiary - Total comprehensive profit attributable to owners of the Company turned from a loss of approximately **HK$15.1 million** in the same period of 2024 to a profit of approximately **HK$9.7 million** in the same period of 2025[46](index=46&type=chunk) - The change was primarily due to reduced losses in the equine services and sewing thread manufacturing and trading segments, and gains from the disposal of a subsidiary[46](index=46&type=chunk) [Basic and Diluted Profit/(Loss) Per Share](index=22&type=section&id=Basic%20and%20Diluted%20Profit%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, basic and diluted profit per share was 2.93 HK cents, a significant improvement from a loss of 3.3 HK cents in the prior year, mainly due to increased profit for the period - Basic and diluted profit per share turned from a loss of **3.3 HK cents** in the same period of 2024 to a profit of **2.93 HK cents** in the same period of 2025[47](index=47&type=chunk) [Interim Dividend](index=22&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[48](index=48&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and bank balances were approximately HK$3.1 million, net current assets were approximately HK$8.6 million, and the current ratio remained at approximately 1.56, indicating good liquidity - As of June 30, 2025, cash and bank balances were approximately **HK$3.1 million** (December 31, 2024: HK$3.8 million)[50](index=50&type=chunk) - Net current assets were approximately **HK$8.6 million** (December 31, 2024: HK$232 thousand), a significant improvement[50](index=50&type=chunk) - The current ratio remained at approximately **1.56** as of June 30, 2025 (December 31, 2024: 1.01)[50](index=50&type=chunk) - The Group's functional currency is HKD, with **99.3%** of cash and bank balances denominated in the functional currency[50](index=50&type=chunk) [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was approximately 119.5%, a decrease from 173.1% as of December 31, 2024, indicating an improvement in financial leverage - The gearing ratio decreased from approximately **173.1%** as of December 31, 2024, to approximately **119.5%** as of June 30, 2025[51](index=51&type=chunk) - The Group believes that bank cash provides sufficient liquidity to meet funding needs[51](index=51&type=chunk) [Commitments](index=23&type=section&id=Commitments) As of June 30, 2025, the Group had no capital commitments, consistent with the prior year - As of June 30, 2025, the Group had no capital commitments (December 31, 2024: nil)[52](index=52&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) For the six months ended June 30, 2025, the Group's capital structure remained unchanged, with share capital comprising only the Company's ordinary shares - The Group's capital structure remained unchanged for the six months ended June 30, 2025[53](index=53&type=chunk) - Issued share capital was approximately **HK$20.5 million**, divided into **409,141,860** shares of **HK$0.05** each[53](index=53&type=chunk) [Material Investments and Acquisitions/Disposals](index=23&type=section&id=Material%20Investments%20and%20Acquisitions%2FDisposals) As of June 30, 2025, the Group held no material investments and had no material acquisitions during the period, but disposed of a subsidiary on January 27, 2025 - As of June 30, 2025, there were no material investments held, nor any material acquisitions[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - A subsidiary was disposed of on **January 27, 2025**[56](index=56&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities, consistent with the prior year - As of June 30, 2025, the Group had no material contingent liabilities (December 31, 2024: nil)[57](index=57&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from transactions not denominated in its functional currency, primarily related to equine business in Australia; currently, there is no hedging policy, but management will monitor and consider hedging in the future - The Group is exposed to foreign exchange risk when entering into transactions not denominated in the Group's functional currency, primarily related to the acquisition and disposal of mares and stallions and equine services revenue in Australia[58](index=58&type=chunk) - The Group currently has no foreign currency hedging policy, but management will closely monitor and consider hedging when necessary[58](index=58&type=chunk) [Pledge of Assets](index=24&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, and December 31, 2024, no assets were pledged to secure the Group's borrowings - As of June 30, 2025, and December 31, 2024, no assets were pledged to lenders to secure certain borrowings granted to the Group[59](index=59&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 11 staff, a significant reduction from the prior year, with total staff costs (excluding directors' emoluments) decreasing substantially; remuneration policy includes basic salary, discretionary bonuses, and allowances, along with a Mandatory Provident Fund Scheme - As of June 30, 2025, the Group employed **11** staff (2024: 135 staff), all located in Hong Kong[60](index=60&type=chunk) - For the six months ended June 30, 2025, the Group's total staff costs (excluding directors' emoluments) were approximately **HK$1.1 million** (2024: HK$10.2 million), a significant decrease[60](index=60&type=chunk) - The remuneration package includes basic salary, discretionary bonuses, and allowances, and a Mandatory Provident Fund Scheme is in place[60](index=60&type=chunk)[61](index=61&type=chunk) - The Remuneration Committee is responsible for reviewing and determining the remuneration packages of directors and senior management, linked to the Group's profit performance and individual performance[62](index=62&type=chunk) [Future Outlook](index=25&type=section&id=Future%20Outlook) The Group plans to allocate more resources to the interior design and decoration business in the second half due to increasing demand in Hong Kong and the Greater Bay Area; equine services will cautiously consider business opportunities and maintain lower operating costs, while the securities, corporate finance, and asset management segment will continue to seek new clients - Interior design and decoration business line: Management will allocate more resources to this segment in the second half to meet increasing demand in Hong Kong and the Greater Bay Area[63](index=63&type=chunk) - Equine services: Management will cautiously consider business opportunities and maintain lower operating costs in the second half[63](index=63&type=chunk) - Securities, corporate finance and asset management: Management is seeking new clients[63](index=63&type=chunk) Other Information [Directors' and Chief Executive's Interests](index=26&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, Mr. Wong Kwok Wai held 29.33% of shares through a controlled corporation, while Mr. Leung King Yu and Mr. Leung Tat Chi beneficially held 2.47% and 4.27% respectively; Mr. Leung King Yu held 4,000,000 share options Directors' Long Positions in Shares and Underlying Shares (As of June 30, 2025) | Director's Name | Nature of Interest/Capacity | Number of Ordinary Shares Held | Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Wong Kwok Wai | Interest in controlled corporation | 120,000,000 (L) | 29.33% | | Mr. Leung King Yu | Beneficial owner | 10,100,000 (L) | 2.47% | | Mr. Leung Tat Chi | Beneficial owner | 17,460,466 (L) | 4.27% | Number of Shares Involved in Share Options Granted to Directors (As of June 30, 2025) | Director's Name | Date of Grant of Share Options | Exercisable Period | Exercise Price (HK$) | Outstanding (as of June 30, 2025) | | :--- | :--- | :--- | :--- | :--- | | Mr. Leung King Yu | August 31, 2022 | August 31, 2022 to August 30, 2025 | 0.59 | 4,000,000 | - Mr. Wong Kwok Wai held **120,000,000** shares through **Three Gates Investment Limited**, which is wholly and beneficially owned by him[67](index=67&type=chunk) [Major Shareholders' Interests](index=28&type=section&id=Major%20Shareholders%27%20Interests) As of June 30, 2025, Three Gates Investment held 29.33% of shares; six companies including Junlai Finance Limited and Meijian Credit and Mortgage Limited were deemed to own 19.55% of shares due to security interests; Mr. Fung Wing Cheung beneficially held 9.97% of shares Major Shareholders' Long Positions in Shares and Underlying Shares (As of June 30, 2025) | Major Shareholder Name/Name | Nature of Interest/Capacity | Number of Ordinary Shares Held | Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Three Gates Investment | Beneficial owner | 120,000,000 shares | 29.33% | | Junlai Finance Limited | Person with security interest in shares | 80,000,000 shares | 19.55% | | Meijian Credit and Mortgage Limited | Person with security interest in shares | 80,000,000 shares | 19.55% | | Kaisheng Limited | Person with security interest in shares | 80,000,000 shares | 19.55% | | Meijian Strategy Limited | Person with security interest in shares | 80,000,000 shares | 19.55% | | Upbest Financial Holdings Limited | Person with security interest in shares | 80,000,000 shares | 19.55% | | Meijian Group Limited | Person with security interest in shares | 80,000,000 shares | 19.55% | | Fung Wing Cheung | Beneficial owner | 40,800,000 shares | 9.97% | - **80,000,000** shares held by **Three Gates Investment** were pledged to **Junlai Finance Limited** as security for a loan granted to Mr. Wong Kwok Wai[73](index=73&type=chunk) - **Junlai Finance Limited** and its parent companies (**Meijian Credit and Mortgage Limited, Meijian Strategy Limited, Kaisheng Limited, Upbest Financial Holdings Limited, and Meijian Group Limited**) are all deemed to have a security interest in the pledged shares[73](index=73&type=chunk) [Directors' and Controlling Shareholders' Interests in Competing Business](index=29&type=section&id=Directors%27%20and%20Controlling%20Shareholders%27%20Interests%20in%20Competing%20Business) As of the date of this report, no directors, controlling shareholders, or their close associates were engaged in any business competing with the Group's business, or had any other conflicts of interest - No directors, controlling shareholders of the Company, or any of their respective close associates conducted any business that competes or may compete with the Group's business, or had any other conflicts of interest with the Group[71](index=71&type=chunk) [Corporate Governance Practices](index=29&type=section&id=Corporate%20Governance%20Practices) The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules, with one deviation: Mr. Wong Kwok Wai serves as both Chairman and Chief Executive Officer, an arrangement the Board believes enhances operational efficiency and will be continuously reviewed - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the GEM Listing Rules[74](index=74&type=chunk) - There is one deviation: **Mr. Wong Kwok Wai** holds both the positions of Chairman of the Board and Chief Executive Officer of the Company (Code Provision C.2.1)[74](index=74&type=chunk) - The Board believes that Mr. Wong's dual role ensures strong and consistent leadership, facilitating the Group's business strategy and enhancing operational efficiency, and will continue to review the possibility of separating the roles[74](index=74&type=chunk) [Standard of Dealings in Securities by Directors](index=30&type=section&id=Standard%20of%20Dealings%20in%20Securities%20by%20Directors) The Company has adopted a standard for directors' dealings in securities equivalent to that required by the GEM Listing Rules, and all directors have confirmed compliance with this standard during the reporting period - The Company has adopted a standard for dealings in securities by directors that is equivalent to the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[75](index=75&type=chunk) - All directors have confirmed their compliance with the required standard of dealings during the relevant period[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Since the listing date and up to the date of this report, neither the Company nor its subsidiaries have purchased, sold, or redeemed any of the Company's listed securities - Since the listing date and up to the date of this report, neither the Company nor its subsidiaries have purchased, sold, or redeemed any of the Company's listed securities[76](index=76&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The Company adopted a new share option scheme on February 8, 2023, and terminated the previous scheme; as of June 30, 2025, the total number of shares available for issue under the share option scheme was 40,914,186, representing 10.00% of the issued shares - The Company adopted a new share option scheme on **February 8, 2023**, and terminated the previous share option scheme adopted on November 24, 2017, on the same date[77](index=77&type=chunk) - As of June 30, 2025, the total number of shares available for issue under the share option scheme was **40,914,186**, representing **10.00%** of the Company's issued shares (excluding treasury shares)[79](index=79&type=chunk) - The total number of shares available for issue under the previous share option scheme was **4,000,000**, representing approximately **0.98%** of the issued shares[79](index=79&type=chunk) [Directors' Interests in Transactions, Arrangements or Contracts](index=31&type=section&id=Directors%27%20Interests%20in%20Transactions%2C%20Arrangements%20or%20Contracts) For the six months ended June 30, 2025, no directors or their associated entities had any direct or indirect material interest in any significant transaction, arrangement, or contract entered into by the Company or its subsidiaries that was material to the Group's business - For the six months ended June 30, 2025, no directors or their associated entities had any direct or indirect material interest in any significant transaction, arrangement, or contract entered into by the Company or its subsidiaries that was material to the Group's business[80](index=80&type=chunk) [Events After the Reporting Period](index=31&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this report, the Group had no material subsequent events after June 30, 2025 - As of the date of this report, the Group had no material subsequent events after **June 30, 2025**[81](index=81&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) The Company has established an Audit Committee, comprising three independent non-executive directors, responsible for reviewing financial information, overseeing financial reporting, risk management, and internal control systems, and has reviewed this report and the Group's consolidated results for the six months ended June 30, 2025 - The Audit Committee was established in accordance with the GEM Listing Rules and the Corporate Governance Code[82](index=82&type=chunk) - The Audit Committee comprises three independent non-executive directors: **Mr. Chan Chun Choi**, **Mr. Tang Chun Hei**, and **Mr. Chow Chin Hang**[82](index=82&type=chunk) - The Audit Committee is primarily responsible for reviewing financial information, overseeing the Company's financial reporting system, risk management, internal control systems, maintaining the relationship with the Company's auditors, and reviewing the Audit Committee's terms of reference[82](index=82&type=chunk) - The Audit Committee has reviewed this report and the Group's consolidated results for the six months ended **June 30, 2025**[82](index=82&type=chunk) [Supplemental Information on the 2024 Annual Report](index=32&type=section&id=Supplemental%20Information%20on%20the%202024%20Annual%20Report) This section supplements information on the share option scheme in the 2024 Annual Report, clarifying the total number of share options available for grant and the vesting period requirement of no less than twelve months - As of **January 1, 2024**, and **December 31, 2024**, the total number of shares that may be issued upon exercise of all options to be granted under the scheme, together with all options and awards that may be granted under any other share scheme of the Company at that time, was **40,914,186** shares[83](index=83&type=chunk) - The vesting period for share options granted under the share option scheme shall not be less than **twelve (12) months**[85](index=85&type=chunk)

Core Viewpoint - The company, Weigang Yuma (08377.HK), anticipates a net profit of approximately HKD 12 million for the six months ending June 30, 2025, compared to a net loss of about HKD 13.5 million for the six months ending June 30, 2024, primarily due to gains from the sale of STRAT TECH HOLDINGS LIMITED [1] Financial Performance - Expected net profit for the six months ending June 30, 2025, is approximately HKD 12 million [1] - Net loss for the six months ending June 30, 2024, was approximately HKD 13.5 million [1] - The increase in net profit is mainly attributed to the sale of STRAT TECH HOLDINGS LIMITED [1]

Group 1 - The company, Weigang Yuma (08377), expects to achieve a net profit of approximately HKD 12 million for the six months ending June 30, 2025, compared to a net loss of approximately HKD 13.5 million in the first half of 2024 [1] - The primary reason for the increase in net profit is the gain from the sale of STRAT TECH HOLDINGS LIMITED in 2025 [1]

维港育马(08377)公布，预期该集团于截至2025年6月30日止六个月将取得净溢利约1200万港元，而2024 年上半年的净亏损约1350万港元。净溢利增加的主要原因是2025年出售STRAT TECH HOLDINGS LIMITED取得收益。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 HARBOUR EQUINE HOLDINGS LIMITED 維港育馬控股有限公司 （於開曼群島註冊成立的有限公司） (股份代號：8377) 正面盈利提示 維港育馬控股有限公司 (「本公司」，連同其附屬公司統稱為「本集團」) 茲根據香港聯合交 易所有限公司 GEM (「GEM」) 證券上市規則 (「GEM 上市規則」) 第 17.10 條及香港法例第 571章證券及期貨條例第 XIVA 部的內幕消息條文(定義見創業板上市規則) 發表本公告。 本公司董事 (「董事」) 會 (「董事會」) 謹此知會本公司股東 (「股東」) 及潛在投資者，根 據目前掌握之資料，預期本集團於截至二零二五年六月三十日止六個月將錄得淨溢利約 12.0 百萬港元，而截至二零二四年六月三十日止六個月的淨虧損約 13.5百萬港元。淨溢利增加的 主要原因是二零二五年出售STRAT TECH HOLDINGS LIMITED錄得收益。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 維港育馬控股有限公司 (「本公司」) 董事 (「董事」) 會 (「董事會」) 謹此宣佈將於二零二 五年八月二十九日 (星期五) 舉行董事會會議，藉以 (其中包括) (i)審議及批准本公司及其附屬 公司截至二零二五年六月三十日止六個月的未經審核中期業績；及(ii)審議派付中期股息的建 議 (如有)。 承董事會命 維港育馬控股有限公司 主席、行政總裁兼執行董事 黃國偉 香港，二零二五年八月十二日 HARBOUR EQUINE HOLDINGS LIMITED 維港育馬控股有限公司 （於開曼群島註冊成立的有限公司） (股份代號：8377) 澄清公告 - 董事會會議通告 於本公告日期，董事會包括四名執行董事，即黃國偉先生、陳耀東先生、梁景裕先生及梁達志先 生；及一名非執行董事，即何穎珊女士 ;以及三名獨立非執行董事，即陳進財先生、周展恒先生及 鄧鎮晞先生。 本公告載有根據GEM上市規則須提供有關本公司資料的詳 ...