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 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Prosperous Printing Company Limited 萬 里 印 刷 有 限 公 司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：8385） 公佈 執行董事辭任 本公司董事會謹此宣佈，陸偉先生（「陸先生」）因希望將更多時間投入於其他事務及承諾， 已辭任本公司執行董事職務，自本公佈日期起生效。陸先生已確認與董事會並無分歧， 亦並無須就其辭任提請本公司股東及香港聯合交易所有限公司垂注之事項。 委任執行董事 及 執行董事辭任 萬里印刷有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈委任葉百明先生為本 公司執行董事，並宣佈陸偉先生辭任執行董事職務，自本公佈日期起生效。 委任執行董事 葉百明先生（「葉先生」） 葉先生，63歲，畢業於廣東省航運學校。彼曾於一九八四年七月至一九九七年十二月期間， 擔任深圳振華集團貿易部經理，並於一九九八年一月至二零零三年十二月出 ...

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: | 萬里印刷有限公司（於香港註冊成立的有限公司） | | | | 呈交日期: | 2025年9月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | | 自新《公司條例》(香港法例第622章) 於2014年3月3日實施後, 萬里印刷有限公司, 作为於香港註册成立的公司, 不再有法定股本。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08385 | 說明 | | | | | | | | | 已 ...

Group 1 - The company, Wanli Printing (08385), reported a revenue of HKD 1.232 million for the six months ending June 30, 2025, representing a year-on-year decrease of 97.17% [1] - The company incurred a loss of HKD 26.395 million during the same period, which is a year-on-year decrease of 10.42% [1] - The loss per share was HKD 0.2872 [1]

Group 1 - The company, Wanli Printing (08385), reported a revenue of HKD 1.232 million for the six months ending June 30, 2025, representing a year-on-year decrease of 97.17% [1] - The company incurred a loss of HKD 26.395 million during the same period, which is a year-on-year decrease of 10.42% [1] - The loss per share for the company was HKD 0.2872 [1]

[Company Information](index=3&type=section&id=Company%20Information) Details the company's board of directors, established committees, and registered office location with its stock code - Board members include Executive Directors Lam Sam Ming (Chairman), Yiu Yuen, Chan Sau Po, Hui Yuk Ling, Luk Wai, and Independent Non-executive Directors Cheung Yin, Wong Hei Chiu, Leung Ka Chun[7](index=7&type=chunk) - The company has established Audit, Remuneration, Nomination, and Risk Management Committees, each with a defined chairman and members[7](index=7&type=chunk) - The registered office, Hong Kong head office, and principal place of business are located at 3/F, Yip Cheong Centre, 10 Fung Yip Street, Chai Wan, Hong Kong, with stock code 8385[7](index=7&type=chunk)[8](index=8&type=chunk) [Executive Summary](index=4&type=section&id=Executive%20Summary) Provides a comparative overview of key financial indicators for the current and prior periods, highlighting significant changes Comparison of Key Financial Indicators for Current and Prior Periods | Indicator | Current Period (HK$ Thousand) | Prior Period (HK$ Thousand) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,200 | 43,500 | -97.2% | Shenzhen factory closure and delayed printing license for Huizhou factory | | Gross (Loss)/Profit | (51) | 3,700 | -101.4% | Decrease in sales orders | | Loss for the period | (26,400) | (29,500) | -10.5% | Decrease in administrative expenses | | Interim Dividend | Not recommended | Nil | N/A | N/A | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Presents the group's financial performance, including revenue, expenses, and total comprehensive expense for the six months ended June 30 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended 30 June) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 1,232 | 43,495 | | Cost of sales | (1,283) | (39,753) | | Gross (Loss)/Profit | (51) | 3,742 | | Other income | 127 | 1,354 | | Distribution costs | (304) | (4,414) | | Administrative expenses | (14,537) | (27,031) | | Operating loss | (14,765) | (26,349) | | Finance costs | (11,630) | (3,039) | | Loss before tax | (26,395) | (29,388) | | Income tax | – | (76) | | Loss for the period | (26,395) | (29,464) | | Exchange differences on translation of overseas operations | (26,361) | 4,147 | | Total comprehensive expense for the period | (52,756) | (25,317) | | Basic and diluted loss per share (HK cents) | (28.72) | (35.65) | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Outlines the group's assets, equity, and liabilities as of June 30, reflecting its financial health at the period end Condensed Consolidated Statement of Financial Position (As at 30 June) | Indicator | 30 June 2025 (HK$ Thousand) | 31 December 2024 (HK$ Thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current assets | 82,005 | 137,302 | | Current assets | 18,489 | 21,137 | | **TOTAL ASSETS** | **100,494** | **158,439** | | **EQUITY** | | | | Share capital | 108,490 | 108,490 | | Deficit | (170,396) | (117,640) | | **TOTAL EQUITY** | **(61,906)** | **(9,150)** | | **LIABILITIES** | | | | Non-current liabilities | 12,239 | 12,239 | | Current liabilities | 150,161 | 155,350 | | **TOTAL LIABILITIES** | **162,400** | **167,589** | | **TOTAL EQUITY AND LIABILITIES** | **100,494** | **158,439** | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Details the movements in the group's equity components, including share capital, reserves, and accumulated losses, for the six months ended June 30 Condensed Consolidated Statement of Changes in Equity (For the six months ended 30 June) | Item | Share Capital (HK$ Thousand) | Exchange Reserve (HK$ Thousand) | Statutory Surplus Reserve (HK$ Thousand) | Capital Reserve (HK$ Thousand) | Accumulated Losses (HK$ Thousand) | Total Equity (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at 1 January 2024 | 106,319 | (17,795) | 5,125 | 3,318 | (62,706) | 34,261 | | Changes in equity for the six months ended 30 June 2024: | | | | | | | | Loss for the period | – | – | – | – | (29,464) | (29,464) | | Other comprehensive expense for the period | – | 4,147 | – | – | – | 4,147 | | Balance at 30 June 2024 | 106,319 | (13,648) | 5,125 | 3,318 | (92,170) | 8,944 | | Balance at 1 January 2025 | 108,490 | (17,770) | 5,125 | 3,318 | (108,313) | (9,150) | | Changes in equity for the six months ended 30 June 2025: | | | | | | | | Loss for the period | – | – | – | – | (26,395) | (26,395) | | Other comprehensive expense for the period | – | (26,361) | – | – | – | (26,361) | | Balance at 30 June 2025 | 108,490 | (44,131) | 5,125 | 3,318 | (134,708) | (61,906) | [Condensed Consolidated Cash Flow Statement](index=9&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) Presents the cash flows from operating, investing, and financing activities, and the net change in cash and cash equivalents for the six months ended June 30 Condensed Consolidated Cash Flow Statement (For the six months ended 30 June) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (3,086) | (1,874) | | Net cash from investing activities | 1,105 | 385 | | Net cash from/(used in) financing activities | 453 | (251) | | Net decrease in cash and cash equivalents | (1,528) | (1,740) | | Cash and cash equivalents at 1 January | (10,669) | (8,909) | | Cash and cash equivalents at 30 June | (12,197) | (10,649) | | Bank balances and cash | 19 | 644 | | Less: Bank overdrafts | (12,216) | (11,293) | | Cash and cash equivalents as shown in the condensed consolidated cash flow statement | (12,197) | (10,649) | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements, covering accounting policies and specific financial items [1. General Information](index=10&type=section&id=1.%20General%20Information) Wan Li Printing Company Limited was incorporated in Hong Kong in 1992, listed on GEM in 2017, and primarily engages in the production and trading of books and paper products - The company was incorporated in Hong Kong on 23 December 1992 and listed on GEM of The Stock Exchange of Hong Kong Limited on 13 December 2017[15](index=15&type=chunk) - The Group is principally engaged in the production and trading of books and paper products[17](index=17&type=chunk) [2. Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) This interim financial report is prepared according to GEM Listing Rules and HKAS 34, unaudited but reviewed by the Audit Committee; the company faces significant going concern uncertainties, but the Board has implemented measures to improve its financial position - This interim financial report is prepared in accordance with the applicable disclosure provisions of the GEM Listing Rules and has been reviewed by the Audit Committee[18](index=18&type=chunk)[19](index=19&type=chunk) - For the six months ended 30 June 2025, the Group recorded a loss of approximately **HK$26,395,000** and had net current liabilities of approximately **HK$131,672,000**, indicating a material uncertainty about its ability to continue as a going concern[20](index=20&type=chunk) - To improve its financial position, the Board has taken several measures, including exploring new revenue streams, implementing cost controls, negotiating renewal of banking facilities, disposing of properties, obtaining financial support from the controlling shareholder, securing new bank loans, and reviewing the capital structure[21](index=21&type=chunk)[23](index=23&type=chunk) [3. Changes in Accounting Policies](index=11&type=section&id=3.%20Changes%20in%20Accounting%20Policies) Revisions to Hong Kong Financial Reporting Standards effective this period have not materially impacted the Group's financial results or position - Revisions to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, effective for the current accounting period, have no material impact on the preparation or presentation of the Group's results and financial position for the current or prior periods[22](index=22&type=chunk) [4. Revenue and Segment Reporting](index=12&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) The Group's revenue primarily from books and paper products significantly decreased by 97.2% to HK$1.232 million, recognized at a point in time and mainly from Hong Kong Revenue Classification (For the six months ended 30 June) | Revenue Source | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Sale of books and paper products | 1,232 | 41,013 | | Provision of subcontracting services for books and paper products | – | 2,482 | | **Total Revenue** | **1,232** | **43,495** | | Revenue recognized at a point in time | 1,232 | 43,495 | Revenue from Contracts with Customers by Geographical Location (For the six months ended 30 June) | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong | 1,051 | 23,782 | | Mainland China | – | 2,482 | | United States | 181 | 16,920 | | United Kingdom | – | 311 | | **Total** | **1,232** | **43,495** | - The chief operating decision maker has determined that the Group has only one operating segment, which is the production of books and paper products[25](index=25&type=chunk) [5. Other Income](index=14&type=section&id=5.%20Other%20Income) Other income significantly decreased by 90.6% to HK$127,000 this period, mainly due to the absence of one-off income from scrap sales, asset disposals, government grants, and rental income recognized in the prior period Other Income (For the six months ended 30 June) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank interest income | – | 39 | | Profit on disposal of scrap materials | – | 431 | | Government grants - PRC government subsidies | – | 176 | | Gain on disposal of property, plant and machinery and equipment | – | 346 | | Net exchange gain/(loss) | 1 | (32) | | Rental income | – | 274 | | Miscellaneous income | 126 | 120 | | **Total** | **127** | **1,354** | [6. Income Tax](index=14&type=section&id=6.%20Income%20Tax) Income tax for the current period is nil, compared to HK$76,000 in the prior period, with Hong Kong profits tax applying a two-tiered system, Chinese subsidiaries taxed at 25%, and BVI subsidiaries exempt Income Tax (For the six months ended 30 June) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current tax - Hong Kong profits tax | – | 76 | | Current tax - PRC enterprise income tax | – | – | | Deferred tax | – | – | | **Total** | **–** | **76** | - Hong Kong profits tax applies a two-tiered tax rate system, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[29](index=29&type=chunk) - Chinese subsidiaries are subject to a tax rate of **25%**, while British Virgin Islands subsidiaries are exempt from taxation[29](index=29&type=chunk) [7. Loss Per Share](index=15&type=section&id=7.%20Loss%20Per%20Share) Basic and diluted loss per share for the current period is 28.72 HK cents, an improvement from 35.65 HK cents in the prior period, with diluted loss per share being the same as basic due to no dilutive potential ordinary shares Loss Per Share (For the six months ended 30 June) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic and diluted loss per share | (28.72) | (35.65) | - Basic loss per share is calculated based on the loss attributable to ordinary equity holders of the Company of approximately **HK$26,395,000** and the weighted average number of ordinary shares in issue of **104,388,000** shares[30](index=30&type=chunk) - As there were no dilutive potential ordinary shares in both the current and prior periods, the diluted loss per share is the same as the basic loss per share[31](index=31&type=chunk) [8. Dividends](index=15&type=section&id=8.%20Dividends) The Board does not recommend the payment of an interim dividend for the current period, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2025 (six months ended 30 June 2024: nil)[32](index=32&type=chunk) [9. Property, Plant and Equipment](index=15&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) A loss on disposal of HK$946,000 was incurred from selling machinery with a carrying amount of HK$2,051,000 this period, while a gain of HK$346,000 was generated from selling machinery with a zero carrying amount in the prior period - During the six months ended 30 June 2025, a **loss on disposal of HK$946,000** was incurred from the disposal of machinery with a carrying amount of **HK$2,051,000**[33](index=33&type=chunk) - During the six months ended 30 June 2024, a **gain on disposal of HK$346,000** was generated from the disposal of machinery with a carrying amount of zero[34](index=34&type=chunk) [10. Trade and Other Receivables](index=15&type=section&id=10.%20Trade%20and%20Other%20Receivables) Total trade and other receivables as of 30 June 2025 were HK$18,470,000, a decrease from HK$20,288,000 on 31 December 2024, with trade receivables over one year old constituting the largest portion Trade and Other Receivables (As at 30 June) | Item | 30 June 2025 (HK$ Thousand) | 31 December 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables, net of loss allowance | 16,321 | 16,694 | | Other receivables | 2,043 | 3,488 | | Utilities and other deposits | 106 | 106 | | **Total** | **18,470** | **20,288** | Ageing Analysis of Trade Receivables (As at 30 June) | Ageing | 30 June 2025 (HK$ Thousand) | 31 December 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 156 | 288 | | 1 to 3 months | 684 | 1,934 | | 3 to 6 months | 1,027 | 851 | | 6 to 12 months | 2,222 | 835 | | Over 1 year | 12,232 | 12,786 | | **Total** | **16,321** | **16,694** | - Trade receivables are generally due within 180 days from the invoice date[36](index=36&type=chunk) [11. Trade and Other Payables](index=16&type=section&id=11.%20Trade%20and%20Other%20Payables) Total trade and other payables as of 30 June 2025 significantly decreased to HK$14,532,000 from HK$29,822,000 on 31 December 2024, with a higher proportion of trade payables aged over six months Trade and Other Payables (As at 30 June) | Item | 30 June 2025 (HK$ Thousand) | 31 December 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 6,543 | 19,152 | | Other payables and accrued charges | 7,989 | 10,670 | | **Total** | **14,532** | **29,822** | Ageing Analysis of Trade Payables (As at 30 June) | Ageing | 30 June 2025 (HK$ Thousand) | 31 December 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | – | 1,764 | | 1 to 3 months | – | 63 | | 3 to 6 months | – | 3,585 | | 6 to 12 months | 5,412 | 6,163 | | Over 1 year | 1,131 | 7,577 | | **Total** | **6,543** | **19,152** | [12. Fair Value Measurement of Financial Instruments](index=17&type=section&id=12.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's financial instruments are measured at fair value using a three-level hierarchy defined by HKFRS 13, classified based on the observability and significance of valuation inputs - Fair value measurements of financial instruments are classified into a three-level fair value hierarchy, including Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (significant unobservable inputs)[39](index=39&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) Provides an in-depth review of the group's operational and financial performance, liquidity, and future outlook [Business Review and Future Prospects](index=18&type=section&id=Business%20Review%20and%20Future%20Prospects) The Group's revenue significantly decreased by 97.2% to HK$1.2 million due to factory closures and license delays; it has transitioned to outsourcing printing services and plans to explore diversified revenue streams - The Group's revenue decreased significantly by approximately **97.2% to HK$1.2 million**, primarily due to the closure of the Shenzhen factory in May 2024 and delays in obtaining a printing license for the Huizhou factory until May 2025, leading to reduced sales orders[40](index=40&type=chunk) - The Group has ceased operations at its Shenzhen and Hong Kong factories, transitioning its business model from in-house production to outsourcing printing and binding services to the Huizhou factory or other subcontractors in mainland China[41](index=41&type=chunk) - Future efforts will focus on maintaining operations by streamlining the business model, leveraging international standards and project management skills to secure overseas orders, and exploring more advanced printing technologies and diversified revenue streams[42](index=42&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) Revenue, cost of sales, gross (loss)/profit, other income, and distribution costs all significantly decreased this period, while administrative expenses fell by 46.2%, and finance costs substantially increased, resulting in a narrowed loss for the period of approximately HK$26.4 million Key Financial Indicators Changes (For the six months ended 30 June) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,200 | 43,500 | -97.2% | Factory closure and license delay | | Cost of sales | 1,300 | 39,800 | -96.8% | Decrease in revenue and orders | | Gross (Loss)/Profit | (51) | 3,700 | -101.4% | Decrease in sales orders | | Other income | 127 | 1,400 | -90.6% | Decrease in one-off income | | Distribution costs | 304 | 4,400 | -93.1% | Decrease in sales orders | | Administrative expenses | 14,500 | 27,000 | -46.2% | Decrease in staff costs and directors' emoluments | | Finance costs | 11,600 | 3,000 | +286.7% | N/A | | Income tax | 0 | 100 | -100% | N/A | | Loss for the period | 26,400 | 29,500 | -10.5% | Decrease in revenue and increase in finance costs | [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) As of the reporting period end, the Group had net current liabilities of approximately HK$131.67 million, a current ratio of 0.12, and net debt of approximately HK$62.9 million, indicating tight liquidity, with total bank borrowings and overdrafts of approximately HK$118.9 million due within one year Liquidity and Financial Resources Overview | Indicator | 30 June 2025 (HK$ Million) | 31 December 2024 (HK$ Million) | | :--- | :--- | :--- | | Net current liabilities | 131.67 | 134.21 | | Current ratio | 0.12 | 0.14 | | Net debt | 62.9 | 9.2 | | Total bank borrowings, overdrafts, and lease liabilities | 118.9 | 108.2 | - The Group recorded a capital deficit at the end of the current period, thus the gearing ratio cannot be calculated[53](index=53&type=chunk) - The Group adopts a centralized financing and treasury policy, regularly monitoring liquidity needs, compliance with loan covenants, and maintaining relationships with banks to ensure sufficient funding[53](index=53&type=chunk) [Foreign Exchange Management](index=20&type=section&id=Foreign%20Exchange%20Management) The Group faces foreign exchange risk from receivables, payables, and cash balances denominated in USD, RMB, GBP, and JPY, with no hedging activities undertaken this period, and the Board will monitor risks according to its policy - The Group's foreign exchange risk primarily arises from receivables, payables, and cash balances denominated in foreign currencies, mainly US dollars, Renminbi, British Pounds, and Japanese Yen[54](index=54&type=chunk) - During the current period, the Group did not enter into or trade any financial instruments for hedging purposes[54](index=54&type=chunk) [Pledges of the Group's Assets](index=21&type=section&id=Pledges%20of%20the%20Group%27s%20Assets) As of the reporting period end, the Group's total banking facilities were HK$175.9 million, with HK$159.4 million utilized, secured by various assets including bank deposits, financial assets, trade receivables, property, plant and equipment, rental proceeds, insurance policies, and corporate guarantees - As of the reporting period end, total banking facilities amounted to **HK$175.9 million**, with **HK$159.4 million** utilized[55](index=55&type=chunk) - Banking facilities are secured by bank deposits, financial assets at fair value through profit or loss, trade receivables, property, plant and equipment, assignment of rental proceeds from Hong Kong properties, proceeds from key management personnel's insurance policies, and corporate guarantees[55](index=55&type=chunk) - As at 30 June 2025, properties and machinery (included in property, plant and equipment) with a carrying amount of **HK$37.4 million** were pledged as collateral for banking facilities[55](index=55&type=chunk) [Capital Structure](index=21&type=section&id=Capital%20Structure) The Company's shares were listed on GEM on 13 December 2017, and following a placing on 20 September 2024, the total issued shares remained at 104,388,000, with no changes to the capital structure during the current period - The Company's shares were listed on GEM on 13 December 2017[56](index=56&type=chunk) - Following the completion of the placing on 20 September 2024, the total number of issued shares of the Company has been **104,388,000** shares since 20 September 2024, with no changes to the Group's capital structure during the current period[56](index=56&type=chunk) [Capital Expenditure](index=21&type=section&id=Capital%20Expenditure) Capital expenditure for the period primarily involved acquiring property, plant, and equipment, funded by internal resources, finance leases, and bank borrowings; as of 30 June 2025, capital expenditure for property, plant, and equipment was nil, compared to HK$92,166,000 on 31 December 2024 Capital Expenditure (As at 30 June) | Item | 30 June 2025 (HK$ Thousand) | 31 December 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Property, plant and equipment | – | 92,166 | | Intangible assets | – | – | | **Total** | **–** | **92,166** | - Capital expenditure primarily includes the acquisition of property, plant and equipment (such as production machinery), funded through internal resources, finance leases, and bank borrowings[57](index=57&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities during the current period - There were no significant contingent liabilities[59](index=59&type=chunk) [Commitments](index=22&type=section&id=Commitments) As of the reporting period end, the Group had no capital commitments outstanding not provided for in the financial statements - As of the reporting period end, the financial statements showed zero capital commitments outstanding not provided for[60](index=60&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=Employees%20and%20Remuneration%20Policy) As of the reporting period end, the Group maintained 9 employees, consistent with 31 December 2024, with directors' and senior management's remuneration regularly reviewed based on market levels, responsibilities, and Group performance - As of the reporting period end, the Group had a total of **9 employees**, consistent with 31 December 2024[61](index=61&type=chunk) - Remuneration for directors and senior management is received in the form of directors' fees, salaries, benefits in kind, and/or discretionary bonuses, and is regularly reviewed with reference to market levels, responsibilities, and Group performance[61](index=61&type=chunk) [Material Investments, Material Acquisitions and Disposals, and Future Plans for Material Investments or Capital Assets](index=22&type=section&id=Material%20Investments%2C%20Material%20Acquisitions%20and%20Disposals%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group undertook no material investments, acquisitions, or disposals during the current period, and has no future plans for such activities or capital assets - During the current period, the Group did not undertake any material investments, acquisitions, or disposals[62](index=62&type=chunk) - As of the reporting period end, the Group had no future plans regarding any material investments or capital assets[62](index=62&type=chunk) [Material Events After the Reporting Period](index=22&type=section&id=Material%20Events%20After%20the%20Reporting%20Period) To the best of the Board's knowledge, there were no disclosable material events after the current reporting period - To the best of the Board's knowledge, there were no disclosable material events after the current period[63](index=63&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the current period, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the current period (prior period: nil)[64](index=64&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) Presents additional disclosures including details on share option schemes, share transactions, director changes, and corporate governance practices [Share Option Scheme](index=23&type=section&id=Share%20Option%20Scheme) The Company has adopted a share option scheme, but no share options were granted, exercised, cancelled, lapsed, or forfeited during the current period, and none remain outstanding - The Company has adopted a share option scheme, the principal terms of which are summarized in the prospectus[65](index=65&type=chunk) - No share options were granted, exercised, cancelled, lapsed, or forfeited under the scheme during the current period, and there are no outstanding share options[66](index=66&type=chunk) [Purchase, Sale or Redemption of Shares](index=23&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any shares during the current period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any shares during the current period[67](index=67&type=chunk) [Changes in Directors](index=23&type=section&id=Changes%20in%20Directors) Ms Hui Yuk Ling and Mr Luk Wai were appointed as Executive Directors of the Company on 7 April 2025 and 9 April 2025, respectively - Ms Hui Yuk Ling and Mr Luk Wai were appointed as Executive Directors of the Company on 7 April 2025 and 9 April 2025, respectively[68](index=68&type=chunk) [Disclosure of Interests](index=23&type=section&id=Disclosure%20of%20Interests) Director Mr Lam Sam Ming and his spouse Ms Yiu Yuen hold a 45.98% share interest in the Company through controlled corporation First Tech, while major shareholders First Tech Inc. and Yili International Holdings Limited and its associates also hold over 5% interests Directors' Interests in the Company (As at 30 June 2025) | Director Name | Capacity | Number of Shares | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr Lam Sam Ming | Interest in controlled corporation | 48,000,000 (L) | 45.98% | | Ms Yiu Yuen | Spouse's interest | 48,000,000 (L) | 45.98% | - Mr Lam Sam Ming holds **48,000,000 shares** through his wholly-owned First Tech, and Ms Yiu Yuen, as his spouse, is deemed to have the same interest[72](index=72&type=chunk) - Major shareholders First Tech Inc. and Yili International Holdings Limited and its associates (Zhao Zhisheng and Zhang Dingjian) each hold a **6.90% interest** in the total issued shares of the Company[73](index=73&type=chunk)[74](index=74&type=chunk) [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The Company complied with the Corporate Governance Code during the period, except for Mr Lam Sam Ming holding both Chairman and CEO roles, an arrangement the Board deems in the Group's best interest with sufficient checks and balances - The Company has complied with the principles and applicable code provisions of the Corporate Governance Code during the current period, except for the roles of Chairman and Chief Executive Officer being held by the same individual (Mr Lam Sam Ming)[75](index=75&type=chunk)[76](index=76&type=chunk) - The Board believes that Mr Lam Sam Ming serving concurrently as Chairman and Chief Executive Officer is in the best interests of the Group, and the operation of an experienced Board, including three independent non-executive directors, ensures a balance of power and authority[76](index=76&type=chunk)[77](index=77&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=26&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the GEM Listing Rules' code of conduct for directors' securities transactions, and all directors confirmed full compliance during the current period - The Company has adopted the code of conduct for securities transactions by directors as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[78](index=78&type=chunk) - All Directors have confirmed their full compliance with the required standards of dealing as set out in the code of conduct during the current period[78](index=78&type=chunk) [Directors' Interests in Competing Businesses](index=27&type=section&id=Directors%27%20Interests%20in%20Competing%20Businesses) No director or their close associates hold interests in any business that directly or indirectly competes with the Group's operations, other than within the Group itself - Save for members of the Group, none of the Directors or their respective close associates have any interests in any business that competes or is likely to compete, either directly or indirectly, with the businesses of the Group[79](index=79&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's unaudited consolidated financial results for the current period and found them compliant with applicable accounting standards and GEM Listing Rules, with adequate disclosures - The Audit Committee has reviewed the Group's unaudited consolidated financial results for the current period[80](index=80&type=chunk) - The Audit Committee is of the opinion that the financial results comply with applicable accounting standards and the GEM Listing Rules and that adequate disclosures have been made[80](index=80&type=chunk)

[Company Information](index=4&type=section&id=Company%20Information) This section provides key details about the company's governance structure and fundamental corporate information [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's board members, including executive and independent non-executive directors, and the composition of key committees, along with essential contact information - Executive Directors include Mr. Lam Sam Ming (Chairman), Ms. Chan Sau Po, Ms. Yiu Yuen, Ms. Hui Yuk Ling and Mr. Luk Wai[9](index=9&type=chunk) - Independent Non-Executive Directors are Ms. Cheung Yin, Mr. Wong Hei Chiu and Mr. Leung Ka Chun[9](index=9&type=chunk) - The Chairman of the Review Committee is Ms. Cheung Yin, the Chairman of the Remuneration Committee is Mr. Wong Hei Chiu, the Chairman of the Nomination Committee is Mr. Lam Sam Ming, and the Chairman of the Risk Management Committee is Mr. Lam Sam Ming[9](index=9&type=chunk) [Company General Information](index=4&type=section&id=Company%20General%20Information) This section provides fundamental company details such as its registered office, principal place of business, share registrar, principal bankers, legal counsel, auditor, website, and stock code - The company's registered office, Hong Kong head office, and principal place of business are located at 3/F, Yip Cheong Centre, 10 Fung Yip Street, Chai Wan, Hong Kong[9](index=9&type=chunk) - The company's stock code is **8385**[10](index=10&type=chunk) - The company's website is www.prosperous-printing-group.com.hk[10](index=10&type=chunk) [Summary](index=5&type=section&id=Summary) This section presents a high-level overview of the company's key financial performance for the period, highlighting significant changes and board decisions Key Financial Data Overview for the Period | Indicator | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,200 | 43,500 | -97.2% | | Gross Profit (Loss) | (51) | 3,700 | N/A (Turned from profit to loss) | | Loss for the Period | (26,400) | (29,500) | -10.5% (Loss narrowed) | - The significant decrease in revenue was primarily due to the closure of the Shenzhen factory in May 2024 and the Huizhou factory obtaining its printing license only in May 2025, leading to reduced customer orders[11](index=11&type=chunk) - The Board does not recommend the declaration of an interim dividend for the period (Prior period: nil)[11](index=11&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides a detailed breakdown of the company's financial performance, including revenue, costs, and various income and expense items, culminating in the total comprehensive expense for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,232 | 43,495 | | Cost of Sales | (1,283) | (39,753) | | Gross (Loss) / Profit | (51) | 3,742 | | Other Income | 127 | 1,354 | | Distribution Costs | (304) | (4,414) | | Administrative Expenses | (14,537) | (27,031) | | Operating Loss | (14,765) | (26,349) | | Finance Costs | (11,630) | (3,039) | | Loss Before Tax | (26,395) | (29,388) | | Income Tax | – | (76) | | Loss for the Period | (26,395) | (29,464) | | Exchange differences on translation of overseas operations | (26,361) | 4,147 | | Total Comprehensive Expense for the Period | (52,756) | (25,317) | | Basic and Diluted Loss Per Share (HK cents) | (28.72) | (35.65) | - Revenue for the period significantly decreased by **97.2%**, leading to a gross profit turning into a gross loss[12](index=12&type=chunk) - Finance costs increased significantly by **282.7%** year-on-year, while administrative expenses decreased by **46.2%** year-on-year[12](index=12&type=chunk) [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents a snapshot of the company's assets, liabilities, and equity at the end of the reporting period, highlighting changes in financial structure Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Assets** | | | | Property, Plant and Equipment | 37,428 | 92,166 | | Investment Properties | 42,361 | 43,935 | | Trade and Other Receivables | 18,470 | 20,288 | | Cash and Cash Equivalents | 19 | 849 | | **Total Assets** | **100,494** | **158,439** | | **Equity** | | | | Share Capital | 108,490 | 108,490 | | Accumulated Losses | (170,396) | (117,640) | | **Total Equity** | **(61,906)** | **(9,150)** | | **Liabilities** | | | | Trade and Other Payables | 14,532 | 29,822 | | Bank Loans and Overdrafts | 118,921 | 107,580 | | **Total Liabilities** | **162,400** | **167,589** | | **Total Equity and Liabilities** | **100,494** | **158,439** | - Total assets decreased from **HK$158.439 million** at the end of 2024 to **HK$100.494 million**, primarily due to a significant reduction in property, plant and equipment[13](index=13&type=chunk) - Total equity further deteriorated from a negative **HK$9.150 million** to a negative **HK$61.906 million**, indicating an expansion of accumulated losses[13](index=13&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section outlines the movements in the company's equity components over the reporting period, reflecting the impact of profit/loss and other comprehensive income Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Share Capital | 108,490 | 106,319 | | Exchange Reserve | (44,131) | (13,648) | | Statutory Surplus Reserve | 5,125 | 5,125 | | Capital Reserve | 3,318 | 3,318 | | Accumulated Losses | (134,708) | (92,170) | | **Total Equity** | **(61,906)** | **8,944** | - As of June 30, 2025, total equity was a negative **HK$61.906 million**, compared to a positive **HK$8.944 million** in the same period of 2024, indicating a significant deterioration in financial position[15](index=15&type=chunk) - The loss for the period of **HK$26.395 million** and other comprehensive expenses of **HK$26.361 million** due to exchange differences on translation of overseas operations were the main reasons for the decrease in equity[15](index=15&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section details the cash inflows and outflows from operating, investing, and financing activities, providing insight into the company's liquidity management Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (3,086) | (1,874) | | Net Cash From Investing Activities | 1,105 | 385 | | Net Cash From / (Used in) Financing Activities | 453 | (251) | | Net Decrease in Cash and Cash Equivalents | (1,528) | (1,740) | | Cash and Cash Equivalents at End of Period | (12,197) | (10,649) | - Operating activities continued to generate cash outflows, with a net outflow of **HK$3.086 million** for the current period, an increase from the prior year[16](index=16&type=chunk) - Financing activities shifted from a net outflow last year to a net inflow of **HK$453 thousand** in the current period, primarily due to new bank loans of **HK$2 million**[16](index=16&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides supplementary information and explanations for the figures presented in the condensed consolidated financial statements [1. General Information](index=11&type=section&id=1.%20General%20Information) This note introduces the basic information of Prosperous Printing Company Limited, including its incorporation date, listing status, registered office address, and the principal business activities of the company and its subsidiaries - Prosperous Printing Company Limited was incorporated in Hong Kong on December 23, 1992, and listed on GEM of The Stock Exchange of Hong Kong Limited on December 13, 2017[17](index=17&type=chunk) - The company and its subsidiaries (the Group) are principally engaged in the production and trading of books and paper products[19](index=19&type=chunk) [2. Basis of Preparation](index=11&type=section&id=2.%20Basis%20of%20Preparation) This note explains the basis for preparing the interim financial report, which is in accordance with GEM Listing Rules and HKAS 34, and has been reviewed by the company's review committee, also detailing the going concern uncertainties and mitigation measures - The interim financial report is prepared in accordance with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[20](index=20&type=chunk) - The interim results are unaudited but have been reviewed by the company's review committee[21](index=21&type=chunk) [Going Concern Basis](index=12&type=section&id=Going%20Concern%20Basis) This sub-section details the company's going concern uncertainties and the measures taken by the board to address them, which are crucial for the validity of the financial statements' preparation basis - As of June 30, 2025, the Group recorded a loss of approximately **HK$26.395 million**, net current liabilities of approximately **HK$131.672 million**, and bank balances and cash of approximately **HK$19 thousand**, indicating significant going concern uncertainties[22](index=22&type=chunk) - To improve its financial position, the Board has taken several measures, including exploring diversified income sources, implementing cost controls, negotiating renewal of financing with banks, disposing of properties, obtaining financial support from the controlling shareholder, and seeking additional funding[25](index=25&type=chunk) - This interim financial report is prepared on a going concern basis, the validity of which depends on the successful implementation and outcome of the aforementioned measures[23](index=23&type=chunk) [3. Changes in Accounting Policies](index=12&type=section&id=3.%20Changes%20in%20Accounting%20Policies) This note clarifies that certain amendments to Hong Kong Financial Reporting Standards, effective for the current period, did not have a material impact on the Group's financial reporting, and no new standards or interpretations not yet effective were adopted - Certain amendments to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants became effective for the Group's current accounting period but had no material impact on the Group's results and financial position[24](index=24&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective for the current accounting period[24](index=24&type=chunk) [4. Revenue and Segment Reporting](index=13&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) This note details the Group's revenue composition and segment information, showing a significant decline in revenue due to factory closures and licensing delays, with the company operating as a single segment and disclosing customer revenue by geographical location - The Group's revenue refers to revenue generated from the sale of goods and provision of services[26](index=26&type=chunk) - The chief operating decision maker has determined that the Group has only one operating segment, which is the production of books and paper products[27](index=27&type=chunk) [4(a) Revenue](index=13&type=section&id=4%28a%29%20Revenue) This sub-section provides a breakdown of the Group's revenue by source, highlighting the significant decline in sales of books and paper products and the cessation of subcontracting services Revenue Breakdown (Six Months Ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales of books and paper products | 1,232 | 41,013 | | Provision of subcontracting services | – | 2,482 | | **Total** | **1,232** | **43,495** | - Revenue from sales of books and paper products significantly decreased during the period, and revenue from subcontracting services was zero[26](index=26&type=chunk) - All revenue is recognized at a point in time[26](index=26&type=chunk) [4(b) Segment Reporting](index=14&type=section&id=4%28b%29%20Segment%20Reporting) This sub-section presents the Group's revenue from contracts with customers categorized by geographical location, illustrating the significant contraction in key markets Revenue from Contracts with Customers by Geographical Location (Six Months Ended June 30) | Geographical Location | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 1,051 | 23,782 | | Mainland China | – | 2,482 | | United States | 181 | 16,920 | | United Kingdom | – | 311 | | **Total** | **1,232** | **43,495** | - Hong Kong remained the primary source of revenue during the period, but revenue significantly contracted, while revenue from Mainland China and the United Kingdom was zero[29](index=29&type=chunk) [5. Other Income](index=15&type=section&id=5.%20Other%20Income) This note details the composition of the Group's other income, which significantly decreased due to the absence of one-off income streams recognized in the prior period Other Income (Six Months Ended June 30) | Income Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank interest income | – | 39 | | Profit from disposal of scrap materials | – | 431 | | Government grants - PRC government subsidies | – | 176 | | Gain on disposal of property, plant and machinery and equipment | – | 346 | | Net exchange gain / (loss) | 1 | (32) | | Rental income | – | 274 | | Miscellaneous income | 126 | 120 | | **Total** | **127** | **1,354** | - Other income decreased by approximately **90.6%** from approximately **HK$1.4 million** in the prior period to approximately **HK$127 thousand** in the current period[30](index=30&type=chunk) - The decrease was due to one-off income recognized in the prior period related to scrap sales, disposal of property, plant and machinery and equipment, government grants, and rental income[48](index=48&type=chunk) [6. Income Tax](index=15&type=section&id=6.%20Income%20Tax) This note discloses the Group's income tax expense, which was nil for the current period, and outlines the applicable tax rates for its operations in Hong Kong, Mainland China, and the British Virgin Islands Income Tax (Six Months Ended June 30) | Tax Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | – | 76 | | Current tax - PRC Enterprise Income Tax | – | – | | Deferred tax | – | – | | **Total** | **–** | **76** | - Hong Kong Profits Tax adopts a two-tiered system, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[31](index=31&type=chunk) - PRC subsidiaries are subject to a tax rate of **25%**, while British Virgin Islands subsidiaries are exempt from tax[31](index=31&type=chunk) [7. Loss Per Share](index=16&type=section&id=7.%20Loss%20Per%20Share) This note calculates and discloses the Group's basic and diluted loss per share, indicating a narrowing of the basic loss per share for the current period with no dilutive potential ordinary shares [7(a) Basic Loss Per Share](index=16&type=section&id=7%28a%29%20Basic%20Loss%20Per%20Share) This sub-section presents the calculation of the basic loss per share, based on the loss attributable to ordinary equity holders and the weighted average number of shares outstanding - Basic loss per share was **28.72 HK cents** (Six months ended June 30, 2024: **35.65 HK cents**)[32](index=32&type=chunk) - The calculation is based on a loss attributable to ordinary equity holders of the Company of approximately **HK$26.395 million** and a weighted average of **104.388 million** ordinary shares outstanding during the interim period[32](index=32&type=chunk) [7(b) Diluted Loss Per Share](index=16&type=section&id=7%28b%29%20Diluted%20Loss%20Per%20Share) This sub-section clarifies that there were no dilutive potential ordinary shares, resulting in the diluted loss per share being identical to the basic loss per share - There were no dilutive potential ordinary shares for the six months ended June 30, 2025 and 2024, thus the diluted loss per share was the same as the basic loss per share[33](index=33&type=chunk) [8. Dividends](index=16&type=section&id=8.%20Dividends) This note states that the Board does not recommend the payment of a dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of a dividend for the six months ended June 30, 2025 (Six months ended June 30, 2024: nil)[34](index=34&type=chunk) [9. Property, Plant and Equipment](index=16&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) This note discloses the changes in the Group's property, plant and equipment, primarily related to the acquisition and disposal of self-owned assets, including a loss incurred from the disposal of machinery in the current period [9(a) Acquisition and Disposal of Self-Owned Assets](index=16&type=section&id=9%28a%29%20Acquisition%20and%20Disposal%20of%20Self-Owned%20Assets) This sub-section details the specific transactions involving the acquisition and disposal of the Group's self-owned assets, highlighting the financial impact of these activities - During the six months ended June 30, 2025, machinery with a carrying amount of **HK$2.051 million** was disposed of, resulting in a loss on disposal of **HK$946 thousand**[35](index=35&type=chunk) - During the six months ended June 30, 2024, machinery with a carrying amount of nil was disposed of, resulting in a gain on disposal of **HK$346 thousand**[36](index=36&type=chunk) [10. Trade and Other Receivables](index=16&type=section&id=10.%20Trade%20and%20Other%20Receivables) This note provides a detailed breakdown and ageing analysis of the Group's trade and other receivables, showing the composition and maturity profile of these assets Trade and Other Receivables (As at June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables, net of loss allowance | 16,321 | 16,694 | | Other receivables | 2,043 | 3,488 | | Utilities and other deposits | 106 | 106 | | **Total** | **18,470** | **20,288** | Ageing Analysis of Trade Receivables (As at June 30) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 156 | 288 | | 1 to 3 months | 684 | 1,934 | | 3 to 6 months | 1,027 | 851 | | 6 to 12 months | 2,222 | 835 | | Over 1 year | 12,232 | 12,786 | | **Total** | **16,321** | **16,694** | - Trade receivables are generally due within **180 days** from the invoice date[38](index=38&type=chunk) [11. Trade and Other Payables](index=17&type=section&id=11.%20Trade%20and%20Other%20Payables) This note provides a detailed breakdown and ageing analysis of the Group's trade and other payables, indicating a significant decrease in total payables and a concentration of older trade payables Trade and Other Payables (As at June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 6,543 | 19,152 | | Other payables and accrued expenses | 7,989 | 10,670 | | **Total** | **14,532** | **29,822** | Ageing Analysis of Trade Payables (As at June 30) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | – | 1,764 | | 1 to 3 months | – | 63 | | 3 to 6 months | – | 3,585 | | 6 to 12 months | 5,412 | 6,163 | | Over 1 year | 1,131 | 7,577 | | **Total** | **6,543** | **19,152** | [12. Fair Value Measurement of Financial Instruments](index=18&type=section&id=12.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) This note explains the Group's methodology for fair value measurement of financial instruments, classifying them into a three-level hierarchy based on the observability and significance of valuation inputs [12(i) Financial Assets and Liabilities Measured at Fair Value](index=18&type=section&id=12%28i%29%20Financial%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This sub-section describes the three-level fair value hierarchy used for classifying financial instruments, based on the nature of the inputs used in their valuation - The fair value hierarchy is divided into three levels: Level 1 (unadjusted quoted prices in active markets), Level 2 (observable inputs without significant unobservable inputs), and Level 3 (significant unobservable inputs)[41](index=41&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's operational and financial performance, strategic outlook, and key financial management aspects for the reporting period [Business Review and Future Prospects](index=19&type=section&id=Business%20Review%20and%20Future%20Prospects) The Group's revenue significantly declined due to factory closures and licensing delays, leading to a shift in business model towards outsourcing, with future plans to leverage project management for overseas orders and explore new printing technologies - The Group's revenue decreased by approximately **97.2%** from approximately **HK$43.5 million** in the prior period to approximately **HK$1.2 million** in the current period[42](index=42&type=chunk) - The Shenzhen factory ceased operations in June 2024, the Hong Kong factory ceased operations, and the business model shifted from self-owned factory production to outsourcing printing and binding to the Huizhou factory or other subcontractors in China[43](index=43&type=chunk) - The Huizhou factory obtained its printing license in May 2025 and can now conduct printing business[43](index=43&type=chunk) - Future plans include streamlining the business model, leveraging competitive advantages to secure overseas orders, outsourcing production to reduce fixed costs, and exploring diversified income sources and more technologically advanced printing business opportunities[44](index=44&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section provides a detailed review of the period's financial metrics, including revenue, cost of sales, gross profit (loss), other income, distribution costs, administrative expenses, finance costs, income tax, and loss for the period, analyzing the main reasons for each change [Revenue](index=20&type=section&id=Revenue) This sub-section discusses the significant decrease in revenue, primarily attributed to the closure of the Shenzhen factory and the delayed printing license for the Huizhou factory - Revenue decreased by approximately **97.2%** from approximately **HK$43.5 million** in the prior period to approximately **HK$1.2 million** in the current period[45](index=45&type=chunk) - The decrease was mainly due to the closure of the Shenzhen factory in May 2024 and the Huizhou factory obtaining its printing license only in May 2025, leading to reduced sales orders[45](index=45&type=chunk) [Cost of Sales](index=20&type=section&id=Cost%20of%20Sales) This sub-section analyzes the reduction in cost of sales, directly linked to the significant decline in revenue and sales orders - Cost of sales decreased by approximately **96.8%** from approximately **HK$39.8 million** in the prior period to approximately **HK$1.3 million** in the current period[46](index=46&type=chunk) - The decrease was mainly due to reduced revenue and sales orders[46](index=46&type=chunk) [Gross Profit (Loss) and Gross Profit (Loss) Margin](index=20&type=section&id=Gross%20Profit%20%28Loss%29%20and%20Gross%20Profit%20%28Loss%29%20Margin) This sub-section highlights the shift from a gross profit to a gross loss, primarily driven by the reduction in sales orders - The Group recorded a gross loss of approximately **HK$51 thousand** in the current period, compared to a gross profit of approximately **HK$3.7 million** in the prior period[47](index=47&type=chunk) - The decrease in gross profit was mainly due to reduced sales orders[47](index=47&type=chunk) [Other Income](index=20&type=section&id=Other%20Income) This sub-section explains the substantial decrease in other income, primarily due to the absence of one-off income streams recognized in the previous period - Other income decreased by approximately **90.6%** from approximately **HK$1.4 million** in the prior period to approximately **HK$127 thousand** in the current period[48](index=48&type=chunk) - The decrease was due to one-off income recognized in the prior period related to scrap sales, disposal of property, plant and machinery and equipment, government grants, and rental income[48](index=48&type=chunk) [Distribution Costs](index=20&type=section&id=Distribution%20Costs) This sub-section details the reduction in distribution costs, directly attributable to the decrease in sales orders - The Group recorded distribution expenses of approximately **HK$304 thousand** in the current period, compared to approximately **HK$4.4 million** in the prior period[49](index=49&type=chunk) - The decrease was due to reduced sales orders[49](index=49&type=chunk) [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) This sub-section analyzes the decrease in administrative expenses, mainly due to reductions in staff costs, benefits, and directors' emoluments - Administrative expenses decreased by approximately **46.2%** from approximately **HK$27.0 million** in the prior period to **HK$14.5 million** in the current period[50](index=50&type=chunk) - The decrease was due to reduced staff costs and benefits, and directors' emoluments[50](index=50&type=chunk) [Finance Costs](index=20&type=section&id=Finance%20Costs) This sub-section highlights the significant increase in finance costs for the current period compared to the prior period - In the current period, the Group recorded finance costs of approximately **HK$11.6 million**, a significant increase from approximately **HK$3.0 million** in the prior period[51](index=51&type=chunk) [Income Tax](index=21&type=section&id=Income%20Tax) This sub-section notes the absence of income tax expense for the current period, contrasting with a small expense in the prior period - Income tax for the current period was zero, compared to approximately **HK$0.1 million** in the prior period[52](index=52&type=chunk) [Loss for the Period](index=21&type=section&id=Loss%20for%20the%20Period) This sub-section summarizes the Group's net loss for the period, indicating a narrowing of the loss despite challenges, primarily due to decreased revenue and increased finance costs - The Group recorded a loss of approximately **HK$26.4 million** in the current period, compared to a loss of **HK$29.5 million** in the prior period, indicating a narrowing of the loss[53](index=53&type=chunk) - The net loss was primarily due to decreased revenue (factory closures, licensing delays) and increased finance costs[53](index=53&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) As of the reporting date, the Group had net current liabilities of approximately HK$131.67 million, a current ratio of 0.12, and net debt of approximately HK$62.9 million, with significant bank borrowings due within one year - As of the reporting date, the Group's net current liabilities were approximately **HK$131.67 million** (December 31, 2024: approximately **HK$134.21 million**)[54](index=54&type=chunk) - As of the reporting date, the Group's current ratio was **0.12** (December 31, 2024: **0.14**)[54](index=54&type=chunk) - As of the end of the period, net debt was approximately **HK$62.9 million** (December 31, 2024: approximately **HK$9.2 million**)[54](index=54&type=chunk) - As of the reporting date, bank loans and overdrafts of approximately **HK$118.9 million** were repayable within one year[55](index=55&type=chunk) [Foreign Exchange Management](index=21&type=section&id=Foreign%20Exchange%20Management) The Group's foreign exchange risk primarily arises from receivables, payables, and cash balances denominated in foreign currencies, with no hedging activities undertaken during the period - The Group's foreign exchange risk primarily arises from receivables, payables, and cash balances denominated in foreign currencies (US dollars, Renminbi, British Pounds, and Japanese Yen)[56](index=56&type=chunk) - During the period, the Group did not enter into or trade any financial instruments for hedging purposes[56](index=56&type=chunk) [Pledges of the Group's Assets](index=22&type=section&id=Pledges%20of%20the%20Group%27s%20Assets) As of the reporting date, bank financing was secured by various Group assets, including bank deposits, financial assets, trade receivables, property, plant and equipment, and rental income from Hong Kong properties, with HK$159.4 million of the HK$175.9 million facility utilized - Bank financing is secured by the Group's bank deposits, financial assets at fair value through profit or loss, the Group's trade receivables, the Group's property, plant and equipment, assignment of rental income from the Group's properties in Hong Kong, proceeds from key management personnel insurance policies, and corporate guarantees from the Company and certain subsidiaries[57](index=57&type=chunk) - As of the reporting date, the total amount of these bank facilities was **HK$175.9 million**, with **HK$159.4 million** utilized[57](index=57&type=chunk) - As of June 30, 2025, property and machinery with a carrying amount of **HK$37.4 million** were pledged as collateral for bank financing[57](index=57&type=chunk) [Capital Structure](index=22&type=section&id=Capital%20Structure) The company's shares were listed on GEM on December 13, 2017, and the total number of issued shares remained at 104.388 million since the completion of a placing on September 20, 2024, with no changes in capital structure during the period - The Company's shares were successfully listed on GEM on December 13, 2017[58](index=58&type=chunk) - Since the completion of the placing on September 20, 2024, the total number of issued shares of the Company has been **104.388 million**, with no changes in the capital structure during the period[58](index=58&type=chunk) [Capital Expenditure](index=22&type=section&id=Capital%20Expenditure) Capital expenditure primarily involves the acquisition of property, plant and equipment, with no capital expenditure incurred during the current period, and funding sourced from internal resources, finance leases, and bank borrowings - Capital expenditure primarily includes the acquisition of property, plant and equipment (such as production machinery)[59](index=59&type=chunk) Group's Capital Expenditure (As at June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | – | 92,166 | | Intangible Assets | – | – | | **Total** | **–** | **92,166** | - Capital expenditure for the period was funded through internal resources, finance leases, and bank borrowings[59](index=59&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) There were no significant contingent liabilities during the current period - There were no significant contingent liabilities[61](index=61&type=chunk) [Commitments](index=23&type=section&id=Commitments) As of the reporting date, there were no unprovided capital commitments for expenditure in the financial statements - As of the reporting date, there were no unprovided capital commitments for expenditure in the financial statements (December 31, 2024: nil)[62](index=62&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) As of the reporting date, the Group had 9 employees, with directors' and senior management's remuneration reviewed periodically based on market levels, responsibilities, and company performance - As of the reporting date, the Group had **9** employees (December 31, 2024: **9** employees)[63](index=63&type=chunk) - Directors and senior management receive remuneration in the form of directors' fees, salaries, benefits in kind, and/or discretionary bonuses, with remuneration benefits reviewed and determined periodically[63](index=63&type=chunk) [Material Investments, Material Acquisitions and Disposals, and Future Plans for Material Investments or Capital Assets](index=23&type=section&id=Material%20Investments%2C%20Material%20Acquisitions%20and%20Disposals%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) There were no material investments, acquisitions, or disposals during the current period, nor any future plans for material investments or capital assets as of the reporting date - During the period, the Group had no material investments, nor any material acquisitions or disposals[64](index=64&type=chunk) - As of the reporting date, the Group had no future plans regarding any material investments or capital assets[64](index=64&type=chunk) [Events After the Reporting Period](index=23&type=section&id=Events%20After%20the%20Reporting%20Period) To the best of the Board's knowledge, there were no significant disclosable events after the reporting period - To the best of the Board's knowledge, there were no disclosable events after the reporting period[65](index=65&type=chunk) [Dividends](index=23&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the current period, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the current period (Prior period: nil)[66](index=66&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers additional disclosures including share option schemes, share transactions, director changes, interests disclosures, corporate governance practices, and committee reviews [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) The company has adopted a share option scheme, but no options were granted, exercised, cancelled, lapsed, or forfeited during the period, and no outstanding options existed at period-end - No share options were granted, exercised, cancelled, lapsed, or forfeited under the scheme during the period[68](index=68&type=chunk) - There were no outstanding share options as of the reporting date[68](index=68&type=chunk) [Purchase, Sale or Redemption of Shares](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares during the current period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares during the period[69](index=69&type=chunk) [Changes in Directors](index=24&type=section&id=Changes%20in%20Directors) Ms. Hui Yuk Ling and Mr. Luk Wai were appointed as executive directors of the company on April 7, 2025, and April 9, 2025, respectively - Ms. Hui Yuk Ling and Mr. Luk Wai were appointed as executive directors of the company on April 7, 2025, and April 9, 2025, respectively[70](index=70&type=chunk) [Disclosure of Interests](index=24&type=section&id=Disclosure%20of%20Interests) This section discloses the interests and short positions of directors and substantial shareholders in the company's shares and associated corporations, including controlled corporate interests and pledged shares [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=24&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This sub-section details the interests and short positions held by directors and the chief executive in the company's shares, underlying shares, or debentures Directors' Interests in the Company (As at June 30, 2025) | Director Name | Capacity | Number of Shares | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. Lam Sam Ming | Controlled Corporation Interest | 48,000,000 (L) | 45.98% | | Ms. Yiu Yuen | Spouse's Interest | 48,000,000 (L) | 45.98% | - Mr. Lam Sam Ming holds **48,000,000** shares through First Tech, which is wholly owned by him[74](index=74&type=chunk) - Ms. Yiu Yuen, as the spouse of Mr. Lam Sam Ming, is deemed to have an interest in the same number of shares[74](index=74&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares Discloseable Under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance](index=26&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20Discloseable%20Under%20Divisions%202%20and%203%20of%20Part%20XV%20of%20the%20Securities%20and%20Futures%20Ordinance) This sub-section outlines the interests and short positions of substantial shareholders in the company's shares, as required by the Securities and Futures Ordinance Substantial Shareholders' Interests in Shares (As at June 30, 2025) | Substantial Shareholder Name | Capacity | Number of Shares | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | First Tech | Beneficial Owner | 48,000,000 (L) | 45.98% | | Yili | Person with a security interest in shares | 7,200,000 (L) | 6.90% | - First Tech has pledged **6.90%** of its shares in the issued share capital of the Company to a third-party lender[76](index=76&type=chunk) - Yili is wholly owned by Yili International Holdings Limited, which is 50% owned by Mr. Zhao Zhisheng and 50% by Mr. Zhang Dingjian[76](index=76&type=chunk) [Corporate Governance Practices](index=27&type=section&id=Corporate%20Governance%20Practices) The company complied with the Corporate Governance Code's principles and applicable provisions during the period, with the exception of the Chairman and CEO roles being held by the same individual, which the board deems in the company's best interest - The company has complied with the principles and applicable code provisions of the Corporate Governance Code during the period[77](index=77&type=chunk) - Mr. Lam Sam Ming holds both the Chairman and Chief Executive Officer positions, which deviates from Corporate Governance Code Provision C.2.1[78](index=78&type=chunk) - The Board believes that Mr. Lam's continued dual role is in the best interests of the Group, and the experienced and capable Board, including three independent non-executive directors, ensures a sufficient balance of power and authority[78](index=78&type=chunk) [Chairman and Chief Executive Officer](index=27&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) This sub-section specifically addresses the combined roles of Chairman and Chief Executive Officer, noting the individual's extensive industry experience - Mr. Lam Sam Ming serves as both the Chairman and Chief Executive Officer of the company, possessing over **39 years** of experience in the printing industry[78](index=78&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=27&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The company adopted the GEM Listing Rules as its code of conduct for directors' securities transactions, and all directors confirmed full compliance during the period - The company has adopted Rules **5.48** to **5.67** of the GEM Listing Rules as the code of conduct for directors' securities transactions in shares[80](index=80&type=chunk) - Following specific enquiries with all directors, each of them has confirmed full compliance with the required standards of dealing set out in the code of conduct during the period[80](index=80&type=chunk) [Directors' Interests in Competing Business](index=28&type=section&id=Directors%27%20Interests%20in%20Competing%20Business) No director or their close associates held any direct or indirect interests in businesses competing or potentially competing with the Group's business, other than within the Group itself - Save for members of the Group, no director or their respective close associates had any direct or indirect interest in any business that competes or is likely to compete with the Group's business[81](index=81&type=chunk) [Review Committee](index=28&type=section&id=Review%20Committee) The Review Committee, established on November 15, 2017, has reviewed the Group's unaudited consolidated financial results for the period and found them to be in compliance with applicable accounting standards and GEM Listing Rules, with adequate disclosure - The company established a Review Committee on November 15, 2017[82](index=82&type=chunk) - The Review Committee has reviewed the Group's unaudited consolidated financial results for the period and is of the opinion that they comply with applicable accounting standards and the GEM Listing Rules and have been adequately disclosed[82](index=82&type=chunk)

Core Viewpoint - The company, Wanli Printing (08385.HK), anticipates a significant net loss for the first half of 2025, projecting a loss of no less than HKD 26.4 million, compared to a net loss of approximately HKD 29 million in the first half of 2024 [1] Financial Performance - The company's revenue is expected to decline from approximately HKD 43.5 million in the first half of 2024 to around HKD 1.2 million in the first half of 2025 [1] - The anticipated net loss is primarily attributed to the closure of the Shenzhen factory in May 2024 and the delay in obtaining a printing license for the Huizhou factory until May 2025 [1] Future Outlook - The company plans to explore advanced printing technologies and seek other opportunities to diversify its revenue sources [1]

Core Viewpoint - Wanli Printing (08385) anticipates a significant net loss attributable to equity holders of not less than HKD 26.4 million in the first half of 2025, compared to an estimated net loss of approximately HKD 29 million for the six months ending June 30, 2024 [1] Financial Performance - The company's revenue is expected to decline from approximately HKD 43.5 million in the first half of 2024 to around HKD 1.2 million in the first half of 2025 [1] Operational Challenges - The anticipated net loss is primarily due to the closure of the Shenzhen factory in May 2024 and the delay in obtaining a printing license for the Huizhou factory until May 2025, which will lead to reduced revenue [1] - Additionally, the company expects an increase in financing costs in the first half of 2025 [1] Future Outlook - The company plans to explore advanced printing technologies and seek other opportunities to diversify its revenue sources [1]

根据目前可得资料，公司预期之净亏损主要由于(i)深圳厂房于2024年5月关闭以及惠州厂房于2025年5月 才取得印刷牌照，导致收益减少;及(ii)集团于2025年上半年融资成本增加。展望未来，公司将于技术更 先进的印刷业务探索及寻找其他机会，以开拓集团的收入来源。 智通财经APP讯，万里印刷(08385)发布公告，公司预期于2025年上半年录得权益持有人应占除税后净亏 损不少于2640万港元，而截至2024年6月30日止六个月则录得除税后净亏损约2900万港元。集团的收益 预计由2024年上半年的约4350万港元减少至2025年上半年的约120万港元。 ...

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 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Prosperous Printing Company Limited 萬 里 印 刷 有 限 公 司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：8385） 預期虧損減少及收益下滑 本公佈乃由萬里印刷有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根據香港聯 合交易所有限公司GEM證券上市規則（「GEM上市規則」）第17.10條及香港法例第571章證 券及期貨條例第XIVA部項下內幕消息條文（定義見GEM上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及本公司潛在投資者， 根據對本集團截至2025年6月30日止六個月（「2025年上半年」）未經審核綜合管理賬目的初 步審閱及董事會現有可得資料，本公司預期於2025年上半年錄得權益持有人應佔除稅後 淨虧損不少於26.4百萬港元，而截至2024年6月30日止六個月（「2024年上半年」） ...