Group 1 - The company HM INTL HLDGS (08416) reported a mid-year performance for 2025 with revenue of HKD 78.465 million, representing a year-on-year decrease of 15.73% [1] - Shareholders' profit attributable to the company was HKD 7.537 million, showing a year-on-year increase of 45.17% [1] - The basic earnings per share were HKD 0.0179 [1]

Announcements and General Information This section provides details on HM International Holdings Limited's interim results announcement and clarifies the characteristics and disclaimers of the GEM market [Announcement Details](index=1&type=section&id=公告详情) HM International Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, with the full report complying with GEM Listing Rules and to be dispatched to shareholders - HM International Holdings Limited released its 2025 interim results announcement, covering the unaudited consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The announcement complies with the relevant requirements of the GEM Listing Rules of The Stock Exchange of Hong Kong Limited, and printed copies will be dispatched to shareholders and available on the GEM and company websites[3](index=3&type=chunk)[4](index=4&type=chunk) [GEM Board Characteristics and Disclaimer](index=2&type=section&id=GEM市场特色及免责声明) This section outlines the GEM Board's role in providing listing opportunities for small and medium-sized companies with high investment risks, emphasizing investor caution, and clarifies that HKEX and SEHK bear no responsibility for the report's content - The GEM Board aims to provide a listing platform for small and medium-sized companies with higher investment risks, and investors should carefully consider potential risks[5](index=5&type=chunk) - Securities listed on the GEM Board may face significant market volatility risks, and high liquidity is not guaranteed[6](index=6&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited make no representation as to the accuracy or completeness of this report's content and accept no liability whatsoever[6](index=6&type=chunk) Condensed Consolidated Financial Statements This section presents the group's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows for the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=简明综合损益及其他全面收益表) For the six months ended June 30, 2025, the Group's revenue decreased to HKD 78,465 thousand from HKD 93,109 thousand in the prior period, while profit for the period increased to HKD 7,262 thousand from HKD 5,666 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 78,465 | 93,109 | (14,644) | -15.73% | | Cost of sales | (46,012) | (55,103) | 9,091 | -16.50% | | Gross profit | 32,453 | 38,006 | (5,553) | -14.61% | | Other income and gains | 3,556 | 451 | 3,105 | 688.47% | | Selling expenses | (5,591) | (5,725) | 134 | -2.34% | | Administrative expenses | (22,256) | (26,934) | 4,678 | -17.37% | | Finance costs | (493) | (409) | (84) | 20.54% | | Profit before tax | 7,669 | 5,389 | 2,280 | 42.31% | | Income tax (expense) / credit | (407) | 277 | (684) | -246.93% | | Profit for the period | 7,262 | 5,666 | 1,596 | 28.17% | | Total comprehensive income for the period | 6,845 | 5,665 | 1,180 | 20.83% | - Basic and diluted earnings per share attributable to owners of the Company increased from **1.23 HK cents** in 2024 to **1.79 HK cents** in 2025[9](index=9&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=简明综合财务状况表) As of June 30, 2025, the Group's total assets increased to HKD 131,175 thousand, and net current assets rose to HKD 71,111 thousand, indicating a robust asset and liability structure with a notable increase in contract assets Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 21,360 | 24,539 | (3,179) | -12.96% | | Current assets | 109,815 | 97,028 | 12,787 | 13.18% | | Total assets | 131,175 | 121,567 | 9,608 | 7.90% | | Current liabilities | 38,704 | 36,117 | 2,587 | 7.16% | | Net current assets | 71,111 | 60,911 | 10,200 | 16.75% | | Non-current liabilities | 12,848 | 12,922 | (74) | -0.57% | | Net assets | 79,623 | 72,528 | 7,095 | 9.78% | | Total equity | 79,623 | 72,528 | 7,095 | 9.78% | - Contract assets significantly increased from **HKD 4,158 thousand** as of December 31, 2024, to **HKD 16,971 thousand** as of June 30, 2025[10](index=10&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=简明综合权益变动表) For the six months ended June 30, 2025, equity attributable to owners of the Company increased from HKD 76,734 thousand to HKD 80,181 thousand, primarily driven by profit for the period and share award scheme expenses, partially offset by a reduction in retained earnings due to the acquisition of non-controlling interests in a subsidiary Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 76,734 | 80,181 | 3,447 | | Non-controlling interests | (4,206) | (558) | 3,648 | | Total equity | 72,528 | 79,623 | 7,095 | - In June 2025, the Group acquired the remaining **49%** of the issued share capital of its indirect subsidiary, Tilt Pte. Ltd., for a cash consideration of **SGD 100**, increasing its ownership to **100%**[12](index=12&type=chunk) - The acquisition of non-controlling interests in Tilt resulted in a difference of approximately **HKD 3.9 million** transferred to retained earnings[12](index=12&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=简明综合现金流量表) For the six months ended June 30, 2025, net cash from operating activities turned into an inflow of HKD 3,155 thousand, compared to an outflow of HKD 6,129 thousand in the prior period, with cash and cash equivalents increasing to HKD 64,833 thousand at period-end Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash from / (used in) operating activities | 3,155 | (6,129) | 9,284 | | Net cash used in investing activities | (102) | (7,867) | 7,765 | | Net cash used in financing activities | (2,654) | (14,575) | 11,921 | | Net increase / (decrease) in cash and cash equivalents | 399 | (28,571) | 28,970 | | Cash and cash equivalents at end of period | 64,833 | 62,006 | 2,827 | - Operating cash flow shifted from a net outflow in the prior period of 2024 to a net inflow in the current period of 2025, indicating improved operational efficiency[13](index=13&type=chunk) Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policy applications, revenue breakdown, segment information, taxation, profit for the period, earnings per share, and trade and other receivables/payables [1. General Information](index=9&type=section&id=1.%20一般资料) HM International Holdings Limited, incorporated in the Cayman Islands with HM Ultimate Holdings Limited as its parent, has been listed on the GEM Board since January 11, 2017, primarily offering integrated printing services - The Company was incorporated in the Cayman Islands on January 13, 2016, with HM Ultimate Holdings Limited as its parent company[14](index=14&type=chunk) - The Company's shares have been listed on the GEM Board of the Stock Exchange since January 11, 2017, with its principal business being the provision of integrated printing services[14](index=14&type=chunk) - The financial statements are presented in HKD and prepared in accordance with HKAS 34 and the GEM Listing Rules, unaudited but reviewed by the audit committee[15](index=15&type=chunk)[16](index=16&type=chunk) [2. Application of Amendments to Hong Kong Financial Reporting Standards](index=9&type=section&id=2.%20香港财务报告准则修订本的应用) Amendments to Hong Kong Financial Reporting Standards, including HKAS 21 (Amendments) "Lack of Exchangeability," effective for this period, are not expected to have a significant impact on the Group's financial position and performance - Amendments to Hong Kong Financial Reporting Standards, such as HKAS 21 (Amendments) "Lack of Exchangeability," which are mandatorily effective for the current period, are not expected to have a significant impact on the Group's financial position and performance[17](index=17&type=chunk) [3. Revenue](index=10&type=section&id=3.%20收益) For the six months ended June 30, 2025, the Group's total revenue was HKD 78,465 thousand, a 15.7% decrease from HKD 93,109 thousand in the prior period, with financial printing services remaining the primary but declining revenue source Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Provision of financial printing services | 59,455 | 71,658 | (12,203) | -17.03% | | Provision of marketing collateral printing services | 7,254 | 9,609 | (2,355) | -24.51% | | Provision of other services | 11,756 | 11,842 | (86) | -0.73% | | **Total Revenue** | **78,465** | **93,109** | **(14,644)** | **-15.73%** | [4. Segment Information](index=10&type=section&id=4.%20分部资料) In accordance with HKFRS 8, the Group operates a single segment of integrated printing services, with most revenue, assets, and liabilities originating from Hong Kong, and no single customer contributed over 10% of the Group's revenue during the review period - The Group has only one operating segment, which is the provision of integrated printing services, with most of its revenue, assets, and liabilities located in Hong Kong[19](index=19&type=chunk) - For the period ended June 30, 2025, no single customer contributed more than **10%** of the Group's revenue[20](index=20&type=chunk) [5. Income Tax](index=11&type=section&id=5.%20所得税) For the six months ended June 30, 2025, the Group incurred an income tax expense of HKD 407 thousand, contrasting with an income tax credit of HKD 277 thousand in the prior period, with Hong Kong profits tax levied under a two-tiered tax rate and no income tax in the Cayman Islands and BVI Income Tax Expense/Credit (For the six months ended June 30) | Tax Type | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax - Current tax | 407 | 488 | (81) | | China Corporate Income Tax - Current tax | - | 4 | (4) | | Deferred tax credit | - | (769) | 769 | | **Total income tax expense / (credit) recognized in profit or loss** | **407** | **(277)** | **684** | - Hong Kong Profits Tax is provided at a two-tiered tax rate of **8.25%** on the first **HKD 2,000,000** of assessable profits and **16.5%** on the remaining amount[21](index=21&type=chunk) [6. Profit for the Period](index=12&type=section&id=6.%20期内溢利) This section details expenses deducted from profit for the period, including employee benefit expenses, auditor's remuneration, asset amortization and depreciation, donations, and a significant increase in impairment loss provision for trade receivables, while employee benefit expenses and right-of-use asset depreciation decreased year-on-year Items Deducted from Profit for the Period (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total employee benefit expenses | 33,833 | 37,296 | (3,463) | -9.28% | | Auditor's remuneration | 401 | 354 | 47 | 13.28% | | Amortisation of intangible assets | 98 | 190 | (92) | -48.42% | | Depreciation of property, plant and equipment | 1,316 | 667 | 649 | 97.30% | | Depreciation of right-of-use assets | 2,114 | 5,954 | (3,840) | -64.49% | | Impairment loss provision for trade receivables | 2,646 | 177 | 2,469 | 1394.92% | - The impairment loss provision for trade receivables significantly increased from **HKD 177 thousand** in 2024 to **HKD 2,646 thousand** in 2025[22](index=22&type=chunk) [7. Dividends](index=12&type=section&id=7.%20股息) The Board of Directors does not recommend the payment of any dividends for the six months ended June 30, 2025, consistent with the prior period - The Board of Directors does not recommend the payment of any dividends for the six months ended June 30, 2025, which is the same as the corresponding period in 2024[23](index=23&type=chunk) [8. Earnings Per Share](index=13&type=section&id=8.%20每股收入) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the Company were 1.79 HK cents, up from 1.23 HK cents in the prior period, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (HKD thousands) | 7,537 | 5,192 | 2,345 | 45.16% | | Weighted average number of ordinary shares (thousands) | 421,215 | 421,215 | 0 | 0.00% | | Basic and diluted earnings per share (HK cents) | 1.79 | 1.23 | 0.56 | 45.53% | - Diluted earnings per share were not presented for the six months ended June 30, 2025, and 2024, as there were no potential ordinary shares outstanding[24](index=24&type=chunk) [9. Trade and Other Receivables](index=14&type=section&id=9.%20贸易及其他应收款项) As of June 30, 2025, total trade and other receivables were HKD 26,991 thousand, slightly lower than HKD 27,875 thousand as of December 31, 2024, with a significant increase in the impairment loss provision for trade receivables Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (gross) | 24,565 | 22,382 | 2,183 | 9.75% | | Less: Impairment loss provision | (3,547) | (870) | (2,677) | 307.70% | | Trade receivables (net) | 21,018 | 21,512 | (494) | -2.30% | | Other receivables and prepayments | 5,973 | 6,363 | (390) | -6.13% | | **Total** | **26,991** | **27,875** | **(884)** | **-3.17%** | - The impairment loss provision for trade receivables significantly increased from **HKD 870 thousand** as of December 31, 2024, to **HKD 3,547 thousand** as of June 30, 2025[25](index=25&type=chunk) - The aging analysis of trade receivables shows an increase in receivables aged **91 to 365 days**, while receivables over **365 days** have been cleared[25](index=25&type=chunk) [10. Trade and Other Payables](index=15&type=section&id=10.%20贸易及其他应付款项) As of June 30, 2025, total trade and other payables increased to HKD 26,557 thousand from HKD 22,140 thousand as of December 31, 2024, primarily due to a significant rise in trade payables Trade and Other Payables (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 15,682 | 10,014 | 5,668 | 56.60% | | Other payables and accrued expenses | 10,336 | 11,587 | (1,251) | -10.79% | | Provision for long service payments | 539 | 539 | 0 | 0.00% | | **Total** | **26,557** | **22,140** | **4,417** | **19.95%** | - Trade payables increased from **HKD 10,014 thousand** as of December 31, 2024, to **HKD 15,682 thousand** as of June 30, 2025, primarily concentrated in the **0-30 days** aging category[26](index=26&type=chunk) Management Discussion and Analysis This section provides an overview of the Group's business, financial performance, and future outlook, including a detailed review of revenue, gross profit, expenses, and liquidity [Business Review](index=16&type=section&id=业务回顾) The Group primarily offers integrated printing services to corporate clients in Hong Kong's financial and capital markets, experiencing a 15.7% year-on-year revenue decrease due to reduced orders from key clients, yet maintaining a solid customer base - The Group primarily provides integrated printing services, including financial printing, marketing collateral printing, and other services, to corporate clients in Hong Kong's financial and capital markets[27](index=27&type=chunk) - For the six months ended June 30, 2025, the Group's revenue decreased by **15.7%** year-on-year to **HKD 78.47 million**, mainly due to reduced work orders from several key clients[27](index=27&type=chunk) - Despite the decline in revenue, the Group maintains a solid customer base with ongoing business relationships, reflecting client recognition of its quality services[27](index=27&type=chunk) [Outlook](index=16&type=section&id=展望) The Group will closely monitor market trends, regularly review policies, and assess potential risks to ensure strategic consistency, confident in its core business resilience, with plans to expand into China and Southeast Asian markets while exploring complementary business opportunities - The Group will closely monitor market trends, regularly review policies, and assess potential risks to ensure strategic consistency[28](index=28&type=chunk) - The Group is confident in the resilience and sustainability of its core business and plans to expand existing operations, particularly focusing on the China and Southeast Asian markets[28](index=28&type=chunk) - The Group will explore complementary business opportunities to further expand its geographical coverage[28](index=28&type=chunk) [Financial Review](index=17&type=section&id=财务回顾) This section provides a detailed review of the Group's financial performance for the six months ended June 30, 2025, highlighting decreased revenue, reduced gross profit but improved gross margin, significantly increased other income, lower selling and administrative expenses, slightly increased finance costs, and substantial growth in profit for the period - Revenue decreased by **15.7%** year-on-year, primarily affected by a reduction in financial printing and marketing collateral printing projects[29](index=29&type=chunk) - Gross profit decreased by **14.6%** year-on-year, but the gross profit margin improved from **40.8%** to **41.4%**[30](index=30&type=chunk) - Other income and gains increased by approximately **HKD 3.11 million**, mainly due to exchange gains from the appreciation of SGD and EUR[31](index=31&type=chunk) - Administrative expenses decreased by **17.3%** year-on-year, primarily due to reduced staff costs and depreciation of right-of-use assets, partially offset by an increase in impairment loss provision for trade receivables[33](index=33&type=chunk) - Profit for the period significantly increased by **28.1%** year-on-year, reaching **HKD 7.26 million**[36](index=36&type=chunk) [Revenue](index=17&type=section&id=收益) This section details the Group's revenue composition for the six months ended June 30, highlighting a decrease across all service categories, particularly in financial printing and marketing collateral printing Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial printing projects | 59,455 | 71,658 | (12,203) | -17.03% | | Marketing collateral printing projects | 7,254 | 9,609 | (2,355) | -24.51% | | Other projects | 11,756 | 11,842 | (86) | -0.73% | | **Total Revenue** | **78,465** | **93,109** | **(14,644)** | **-15.73%** | [Gross Profit and Gross Profit Margin](index=17&type=section&id=毛利及毛利率) This section presents the Group's gross profit and gross profit margin for the six months ended June 30, showing a decrease in gross profit but an improvement in the gross profit margin Gross Profit and Gross Profit Margin (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross profit | 32,453 | 38,006 | (5,553) | -14.61% | | Gross profit margin | 41.4% | 40.8% | 0.6% | 1.47% | [Other Income and Gains](index=17&type=section&id=其他收入及利益) This section highlights a significant increase in other income and gains, primarily driven by foreign exchange gains from the appreciation of SGD and EUR - Other income and gains increased by approximately **HKD 3.11 million**, mainly due to exchange gains of approximately **HKD 2.68 million** from the appreciation of SGD and EUR[31](index=31&type=chunk) [Selling Expenses](index=18&type=section&id=销售开支) This section presents the Group's selling expenses for the six months ended June 30, showing a slight decrease year-on-year Selling Expenses (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Selling expenses | 5,591 | 5,725 | (134) | -2.34% | [Administrative Expenses](index=18&type=section&id=行政开支) This section details the Group's administrative expenses for the six months ended June 30, showing a notable decrease primarily due to lower staff costs and right-of-use asset depreciation, despite increased impairment provisions Administrative Expenses (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 22,256 | 26,934 | (4,678) | -17.37% | - The decrease in administrative expenses was mainly influenced by reduced staff costs and depreciation of right-of-use assets, partially offset by an increase in impairment loss provision for trade receivables[33](index=33&type=chunk) [Finance Costs](index=18&type=section&id=融资成本) This section presents the Group's finance costs for the six months ended June 30, indicating a slight increase primarily due to higher interest expenses on lease liabilities Finance Costs (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 493 | 409 | 84 | 20.54% | - The increase in finance costs was primarily due to higher interest expenses on lease liabilities[34](index=34&type=chunk) [Taxation](index=18&type=section&id=税项) This section outlines the Group's income tax expense or credit for the six months ended June 30, showing a shift from a credit to an expense year-on-year Income Tax Expense/Credit (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Income tax expense / (credit) | 407 | (277) | 684 | [Profit for the Period](index=18&type=section&id=期内溢利) This section presents the Group's profit for the period for the six months ended June 30, demonstrating a significant year-on-year increase Profit for the Period (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Profit for the period | 7,262 | 5,666 | 1,596 | 28.17% | [Dividends](index=18&type=section&id=股息) This section confirms that the Board of Directors does not recommend any dividend payment for the review period, consistent with the prior year - The Board of Directors does not recommend the payment of any dividends for the review period, which is the same as the corresponding period in 2024[37](index=37&type=chunk) [Employees](index=19&type=section&id=雇员) As of June 30, 2025, the Group employed 154 individuals globally, with total staff costs of approximately HKD 33.8 million, a decrease year-on-year, and utilizes share option and share award schemes to incentivize and retain talent Employee Headcount and Staff Costs (As of June 30) | Region | June 30, 2025 (Number) | December 31, 2024 (Number) | | :--- | :--- | :--- | | Hong Kong | 115 | 117 | | China | 11 | 9 | | Taiwan | 20 | 20 | | Singapore | 8 | 9 | | **Total** | **154** | **155** | | Total staff costs (HKD thousands) | 33,800 | 37,300 | - The Group incentivizes and retains qualified employees through share option schemes and share award schemes, with remuneration policies based on performance, individual contribution, and market practices[38](index=38&type=chunk)[39](index=39&type=chunk) [Financial Resources, Liquidity and Gearing Ratio](index=20&type=section&id=财务资源、流动资金及资产负债比率) As of June 30, 2025, the Group's financial position remained robust with increased total assets and equity, maintaining a current ratio of 2.8 times and a reduced gearing ratio of 19.9%, indicating strong liquidity and solvency Financial Resources and Liquidity Indicators (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total assets | 131,200 | 121,600 | 9,600 | 7.90% | | Total equity | 79,600 | 72,500 | 7,100 | 9.79% | | Current assets | 109,800 | 97,000 | 12,800 | 13.19% | | Current liabilities | 38,700 | 36,100 | 2,600 | 7.20% | | Cash and bank balances | 64,800 | 64,600 | 200 | 0.31% | | Current ratio | 2.8 times | 2.7 times | 0.1 times | 3.70% | | Lease liabilities | 15,100 | 17,200 | (2,100) | -12.21% | | Gearing ratio | 19.9% | 24.8% | -4.9% | -19.76% | - The gearing ratio decreased from **24.8%** as of December 31, 2024, to **19.9%** as of June 30, 2025, indicating reduced financial leverage[40](index=40&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=外汇风险) The Group's operations are primarily HKD-denominated in Hong Kong, with only a small portion of bank deposits in USD, EUR, RMB, SGD, and TWD; directors deem foreign exchange risk to operating cash flow and liquidity as non-material, thus no hedging was undertaken during the review period, but it will be continuously monitored - The Group's operations are primarily denominated in HKD in Hong Kong, with only a small portion of bank deposits denominated in USD, EUR, RMB, SGD, and TWD[41](index=41&type=chunk) - The Directors consider the foreign exchange risk to the Group's operating cash flow and liquidity to be non-material, and no hedging was undertaken during the review period[41](index=41&type=chunk) - The Group will review and monitor foreign exchange risk from time to time as business develops and may enter into foreign exchange hedging arrangements when appropriate[41](index=41&type=chunk) [Indebtedness and Pledge of the Group's Assets](index=21&type=section&id=债务及本集团资产抵押) As of June 30, 2025, the Group had not pledged any assets as collateral for general banking facilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had not pledged any assets as collateral for general banking facilities[42](index=42&type=chunk) [Material Investments, Material Acquisitions or Disposals](index=21&type=section&id=重大投资、重大收购或出售) As of June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries - As of June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries[43](index=43&type=chunk) [Contingent Liabilities](index=21&type=section&id=或然负债) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[44](index=44&type=chunk) [Capital Commitments](index=21&type=section&id=资本承担) As of June 30, 2025, the Group had no material capital commitments, contrasting with approximately HKD 9.2 million in capital expenditure as of June 30, 2024 - As of June 30, 2025, the Group had no material capital commitments[45](index=45&type=chunk) - As of June 30, 2024, the Group had approximately **HKD 9.2 million** in capital expenditure[45](index=45&type=chunk) [Significant Events After the Review Period](index=22&type=section&id=回顾期后重大事件) As of the date of this report, there have been no significant events affecting the Group after the review period - As of the date of this report, there have been no significant events affecting the Group after the review period[46](index=46&type=chunk) [Commitments](index=22&type=section&id=承担) As of June 30, 2025, no commitments were reported - As of June 30, 2025, no commitments were reported[47](index=47&type=chunk) Other Information This section covers directors' and substantial shareholders' interests in the Company's shares, details of the share option and share award schemes, and information on share transactions [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=22&type=section&id=董事及主要行政人员于本公司及其相联法团的股份、相关股份及债权证中的权益及淡仓) As of June 30, 2025, Mr. Yu Chi Ming and Mr. Chan Wai Lim jointly held 51.67% of the Company's shares through HM Ultimate Holdings Limited, with Ms. Chan Wai Chung beneficially owning 2.54%; Mr. Yu and Mr. Chan also beneficially owned 70.2% and 29.8% of HM Ultimate, respectively Directors' Long Positions in Shares of the Company (As of June 30, 2025) | Director Name | Nature of Interest | Number of Ordinary Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Yu Chi Ming | Jointly held with other persons; Interest in controlled corporation | 217,760,000 | 51.67% | | Mr. Chan Wai Lim | Jointly held with other persons; Interest in controlled corporation | 217,760,000 | 51.67% | | Ms. Chan Wai Chung | Beneficial owner | 10,700,000 | 2.54% | Directors' Long Positions in Shares of Associated Corporations of the Company (As of June 30, 2025) | Director Name | Name of Associated Corporation | Nature of Interest | Number of Ordinary Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Yu Chi Ming | HM Ultimate | Beneficial owner | 702 | 70.2% | | Mr. Chan Wai Lim | HM Ultimate | Beneficial owner | 298 | 29.8% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=23&type=section&id=主要股东及其他人士于本公司股份及相关股份中的权益及淡仓) As of June 30, 2025, HM Ultimate Holdings Limited held 51.67% of the Company's shares, with spouses of Mr. Yu Chi Ming and Mr. Chan Wai Lim, and former director Mr. Tse Kam Wing and his spouse, also deemed to have interests in the same shares Substantial Shareholders' and Other Persons' Long Positions in Shares of the Company (As of June 30, 2025) | Shareholder Name / Name | Nature of Interest | Number of Ordinary Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | HM Ultimate | Beneficial owner | 217,760,000 | 51.67% | | Ms. Wong Mei Chi (Spouse of Mr. Yu) | Interest of spouse | 217,760,000 | 51.67% | | Ms. Tang Wai Kwan (Spouse of Mr. Chan) | Interest of spouse | 217,760,000 | 51.67% | | Mr. Tse Kam Wing | Beneficial owner | 72,285,000 | 17.15% | | Ms. Wong Yuk Cham (Spouse of Mr. Tse) | Interest of spouse | 72,285,000 | 17.15% | [Share Option Scheme](index=24&type=section&id=购股权计划) The Company adopted a Share Option Scheme on December 15, 2016, to reward contributors, with a ten-year validity and a maximum of 40,000,000 shares issuable, and no options were granted or exercised during the review period - The Share Option Scheme was adopted on December 15, 2016, to reward eligible participants who have contributed to the Group[52](index=52&type=chunk) - Under the GEM Listing Rules, the total number of shares that may be issued under the Share Option Scheme and other share schemes combined shall not exceed **40,000,000 shares**, representing **10%** of the total issued shares on the adoption date[54](index=54&type=chunk) - The Share Option Scheme is valid for a period of **ten years** from the adoption date; no share options were granted or exercised, nor were there any outstanding share options during the review period[54](index=54&type=chunk) [Share Award Scheme](index=25&type=section&id=股份奖励计划) The Company adopted a Share Award Scheme on July 4, 2022, to recognize, reward, and retain contributors to the Group's growth, valid for ten years with a maximum of 10% of issued shares awardable, and during the review period, awards to Ms. Chan Wai Chung and 14 other employees vested, with some lapsing due to resignations - The Share Award Scheme was adopted on July 4, 2022, to recognize, reward, and retain eligible participants who have contributed to the Group's business growth[55](index=55&type=chunk) - The scheme is valid for a period of **ten years** from the adoption date, and the total number of shares awarded shall not exceed **10%** of the total issued shares on the adoption date[56](index=56&type=chunk) Share Award Scheme Vesting Status (For the six months ended June 30, 2025) | Participant Category | Unvested as of January 1, 2025 (Number of Shares) | Vested as of June 30, 2025 (Number of Shares) | Lapsed as of June 30, 2025 (Number of Shares) | Unvested as of June 30, 2025 (Number of Shares) | | :--- | :--- | :--- | :--- | :--- | | Executive Director (Ms. Chan Wai Chung) | 2,650,000 | 2,650,000 | - | - | | Other Employees (14 persons) | 11,620,000 | 10,915,000 | 705,000 | - | | **Total** | **14,270,000** | **13,565,000** | **705,000** | **-** | - Vesting conditions for the awarded shares include continued contribution to the Group's business, fulfillment of governance duties, and achievement of performance targets[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Approximately **34%** of the awarded shares vested on March 31, 2024, and approximately **66%** vested on March 31, 2025[62](index=62&type=chunk)[63](index=63&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Shares](index=29&type=section&id=购买、出售或赎回本公司上市股份) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[67](index=67&type=chunk) Corporate Governance This section details the Company's adherence to corporate governance standards, including compliance with the Corporate Governance Code, policies on directors' and employees' securities transactions, and the role of the Audit Committee [Compliance with Corporate Governance Code](index=29&type=section&id=企业管治守则合规) The Company has adopted all code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules and confirms compliance with all provisions during the review period - The Company has adopted all code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules[68](index=68&type=chunk) - The Directors believe that the Company has complied with all code provisions contained in the Corporate Governance Code during the review period[69](index=69&type=chunk) [Directors' and Controlling Shareholders' Interests in Competing Businesses](index=29&type=section&id=董事及控股股东于竞争业务的权益) During the review period, no directors, management, controlling shareholders, or their close associates were involved in any business competing or potentially competing with the Group's business, nor were there any other conflicts of interest - During the review period, no directors, management, controlling shareholders, or their close associates were involved in any business that competes or is likely to compete with the Group's business, nor were there any other conflicts of interest[70](index=70&type=chunk) [Securities Transactions by Directors and Relevant Employees](index=29&type=section&id=董事及相关雇员进行证券交易) The Company adopted the Model Code for Securities Transactions by Directors as required by the GEM Listing Rules and established trading guidelines for employees with inside information; directors confirmed compliance, and no employee violations were found - The Company has adopted the Model Code for Securities Transactions by Directors as set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions[71](index=71&type=chunk) - The Directors confirm that they have complied with the Model Code for Securities Transactions by Directors throughout the review period[71](index=71&type=chunk) - The Company has established written trading guidelines for employees who possess inside information, and no violations were found during the review period[71](index=71&type=chunk) [Audit Committee](index=30&type=section&id=审核委员会) The Audit Committee, comprising three independent non-executive directors, reviews and oversees the Company's financial reporting, risk management, and internal control systems, and has reviewed the Group's unaudited condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors, with Mr. Ng Ho Wan as the chairman[72](index=72&type=chunk) - The primary responsibilities of the Audit Committee include reviewing and overseeing financial reporting processes, risk management, and internal control systems, and making recommendations on the appointment of auditors[72](index=72&type=chunk) - The Committee has reviewed the Group's accounting principles and practices with management and discussed audit, risk management, internal control, and financial reporting matters, including the unaudited condensed consolidated financial statements for the review period[72](index=72&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HM International Holdings Limited 香港，2025年8月5日 8416 於本公告日期，本公司的執行董事為余志明先生、陳威廉先生及陳慧中女士；而本公司 的獨立非執行董事為蔡翰霆先生、吳浩雲先生及周婉君女士。 董事會會議召開日期 HM International Holdings Limited（「本公司」）董事會（「董事會」）茲通告謹定於2025年8月 19日（星期二）舉行董事會會議，其中議程包括考慮及通過本公司及其附屬公司截至2025 年6月30日止六個月之未經審核中期業績，以及考慮派發股息（如有）。 承董事會命 HM International Holdings Limited 主席兼執行董事 余志明 本公告的資料乃遵照《香港聯合交易所有限公司GEM證券上市規則》而刊載，旨在提供有 關本公司的資料；本公司的董事願就本公告的資料共同及個別地承擔全部責任。本公司 各董事在作 ...

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7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: HM International Holdings Limited 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08416 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD ...

Financial Performance - The company recorded a loss attributable to owners of approximately HKD 7.7 million for the year ending December 31, 2024, compared to a profit in the previous year[12] - Revenue for the year was approximately HKD 158.9 million, down from HKD 178.6 million in the previous year, representing a decrease of about 11.5%[12] - The decline in revenue was primarily due to reduced sales in the financial printing solutions segment and one-time office relocation expenses of approximately HKD 3.2 million[12] - The company recorded a loss attributable to shareholders of approximately HKD 7.7 million for the year ending December 31, 2024, compared to a profit of HKD 6.3 million for the year ending December 31, 2023[20] - Revenue for the reporting period was approximately HKD 158.9 million, a decrease of about 11% from approximately HKD 178.6 million for the year ending December 31, 2023[27] - The revenue from financial printing services decreased by approximately HKD 17.9 million or 13.5% to about HKD 114.9 million compared to approximately HKD 132.8 million for the year ending December 31, 2023[27] - Gross profit decreased by approximately HKD 5.9 million or 9.4% to about HKD 56.9 million, with gross profit margins of approximately 35.8% for the reporting period[29] - Administrative expenses increased by approximately HKD 5.5 million or 11.4% to about HKD 53.9 million, primarily due to one-time office relocation costs of approximately HKD 3.2 million[32] - The company reported a post-tax loss of approximately HKD 9.9 million for the reporting period, compared to a post-tax profit of approximately HKD 6.5 million for the year ended December 31, 2023[38] Strategic Initiatives - The company established a new subsidiary, Xuan Da Technology Information Consulting Services (Shenzhen) Co., Ltd., in October 2024 to leverage opportunities in the Greater Bay Area[14] - A new logo and refreshed brand image were launched in October 2024, symbolizing the company's transformation and commitment to innovation[15] - The company aims to achieve long-term sustainable growth and success in the dynamic Greater Bay Area market[14] - The company aims to accelerate the transition to digital services to meet the growing preference for digital solutions among listed companies, fund companies, and insurance companies[26] - The company plans to improve cost efficiency through operational enhancements and investment in technology to strengthen financial performance[20] - The company is focused on streamlining operations and reducing fixed costs to address financial pressures faced during the reporting period[26] - The company plans to accelerate its transition to digital services to address the challenging operating environment and reduce reliance on traditional printing services[35] Operational Changes - The company is implementing strategic measures to streamline operations and reduce costs, including relocating to a more cost-effective office space[13] - The asset-liability ratio increased to 24.8% from 8.4% in 2023, primarily due to financing lease liabilities from new office property leases[39] - The total assets decreased to approximately HKD 121.6 million from HKD 141.1 million in 2023, and total equity decreased to approximately HKD 72.5 million from HKD 89.8 million[39] - The current assets decreased to approximately HKD 97.0 million from HKD 129.6 million, while current liabilities decreased to approximately HKD 36.1 million from HKD 50.6 million[39] - The cash and bank balances were approximately HKD 64.6 million, down from HKD 90.6 million in 2023, with a current ratio of approximately 2.7 times compared to 2.6 times in 2023[39] Leadership and Governance - The company reported a significant increase in overall business management and operational decision-making, led by CEO William Chan, who has over 15 years of experience in the financial printing industry[66] - Chairman and Executive Director, Mr. Yu, has over 30 years of experience in the printing industry, focusing on overall financial and strategic planning for the group[67] - The Chief Operating Officer, Ms. Chan, has been with the group since 2010 and oversees daily operations across various business departments[68] - The company has a strong leadership team with diverse backgrounds in finance, operations, and engineering, enhancing its strategic capabilities[66][67][68][70] - The board includes members with extensive experience in various industries, contributing to a well-rounded strategic approach[70] Market and Competitive Position - The financial printing industry in Hong Kong is facing increasing pressure from changing customer demands and technological advancements[13] - The group is focused on expanding its market presence and exploring new technologies in the financial printing sector[66][67] - The company is positioned to capitalize on emerging market opportunities through its strategic planning and operational management[67][68] - The company is expanding its market presence in Southeast Asia, aiming for a 25% market share by 2025[75] - A strategic acquisition of a tech startup is anticipated to enhance the company's product offerings and increase market competitiveness[76] Research and Development - Research and development expenditures increased by 30%, totaling $150 million, to support new technology initiatives[77] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[74] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[74] - The board of directors confirmed no conflicts of interest with any senior management or major shareholders[73] - The company has received annual independence confirmations from all independent non-executive directors, affirming their status[173] - The audit committee reviewed the accounting principles and practices adopted by the group, ensuring compliance with financial reporting standards[193] Shareholder Information - The board has recommended not to declare a final dividend for the reporting period, compared to a final dividend of HKD 0.02 per share in 2023[92] - As of December 31, 2024, the company has distributable reserves of approximately HKD 45.8 million, a decrease from HKD 53.2 million in 2023[100] - The stock option plan allows for the issuance of up to 40 million shares, representing approximately 9.5% of the total shares issued as of the report date[113] - The share incentive plan allows for a maximum of 40,000,000 shares to be granted, which is 10% of the total issued shares of 400,000,000 as of the adoption date[116] - No shares were granted under the share incentive plan during the reporting period[117] Social Responsibility - The group actively participates in sustainable development and social responsibility, with details on environmental policies and performance included in the ESG report[89] - Charitable donations made by the group during the reporting period totaled approximately HKD 57,000, compared to HKD 69,000 in 2023[140]

[Financial Statements](index=2&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company shifted from a profit of HK$6.484 million in 2023 to a loss of HK$9.91 million in FY2024, primarily due to an 11% revenue decline and increased administrative expenses Key Profit or Loss Data for FY2024 | Metric | 2024 (HK$'000) | 2023 (HK$'000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 158,890 | 178,624 | -11.0% | | Gross Profit | 56,876 | 62,757 | -9.4% | | (Loss)/Profit Before Tax | (10,065) | 6,545 | Shifted from Profit to Loss | | (Loss)/Profit for the Year | (9,910) | 6,484 | Shifted from Profit to Loss | | (Loss)/Profit Attributable to Owners of the Company | (7,720) | 6,265 | Shifted from Profit to Loss | | Basic (Loss)/Earnings Per Share (HK cents) | (1.90) | 1.56 | Shifted from Profit to Loss | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of year-end 2024, the group's total assets decreased to HK$121.6 million and net assets to HK$72.53 million, with cash balances declining, while non-current liabilities significantly increased due to new lease liabilities Key Balance Sheet Data as of Year-End 2024 | Metric | 2024 (HK$'000) | 2023 (HK$'000) | YoY Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 24,539 | 11,596 | +111.6% | | Current Assets | 97,028 | 129,553 | -25.1% | | **Total Assets** | **121,567** | **141,149** | **-13.9%** | | Current Liabilities | 36,117 | 50,593 | -28.6% | | Non-current Liabilities | 12,922 | 712 | +1714.9% | | **Net Assets** | **72,528** | **89,844** | **-19.3%** | | Cash and Bank Balances | 64,603 | 90,576 | -28.7% | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue composition, segment information, and key financial items, showing revenue primarily from integrated printing services, a single operating segment in Hong Kong, and no final dividend for 2024 [Revenue Analysis](index=7&type=section&id=4.%20Revenue) Total revenue for 2024 decreased by 11% to HK$158.9 million, driven by a 13.5% decline in financial printing services, partially offset by a 12.6% increase in marketing collateral printing services Revenue Composition (by Service Type) | Service Type | 2024 (HK$'000) | 2023 (HK$'000) | YoY Change | | :--- | :--- | :--- | :--- | | Financial Printing Services | 114,855 | 132,778 | -13.5% | | Marketing Collateral Printing Services | 30,431 | 27,033 | +12.6% | | Other Services | 13,604 | 18,813 | -27.7% | | **Total** | **158,890** | **178,624** | **-11.0%** | [Segment Information](index=8&type=section&id=5.%20Segment%20Information) The group operates solely in integrated printing services, with most revenue and assets derived from Hong Kong, and no single customer contributing over 10% of total revenue - The Group has identified its sole operating segment as providing integrated printing services[20](index=20&type=chunk) - The majority of the Group's revenue, assets, and liabilities are derived from and located in Hong Kong[21](index=21&type=chunk) - No single customer contributed more than **10%** of the Group's total revenue in either 2024 or 2023[22](index=22&type=chunk) [Dividend Policy](index=9&type=section&id=8.%20Dividends) The Board does not recommend a final dividend for the year ended December 31, 2024, contrasting with a 2.0 HK cents per share dividend in 2023 - The Directors do not recommend a final dividend for FY2024, compared to **2.0 HK cents** per share paid in 2023[26](index=26&type=chunk) [Loss/Earnings Per Share](index=10&type=section&id=9.%20Loss%2FEarnings%20Per%20Share) Basic loss per share was 1.90 HK cents in 2024, compared to basic earnings of 1.56 HK cents in 2023, with diluted loss per share being the same due to anti-dilutive effects Loss/Earnings Per Share (HK cents) | Metric | 2024 (HK cents) | 2023 (HK cents) | | :--- | :--- | :--- | | Basic (Loss)/Earnings Per Share | (1.90) | 1.56 | | Diluted (Loss)/Earnings Per Share | (1.90) | 1.52 | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=13&type=section&id=Business%20Review%20and%20Outlook) In 2024, the company faced challenges from economic uncertainty and digital shifts, resulting in an 11% revenue decline and a shift from profit to loss, prompting a strategic focus on digital transformation, operational streamlining, and cost reduction for 2025 recovery - In 2024, the company's business faced dual challenges from economic uncertainty and clients shifting to digital solutions, resulting in a **3.7%** decrease in completed jobs and an approximate **11%** decline in sales revenue[35](index=35&type=chunk) - The company shifted from a profit of **HK$6.3 million** in 2023 to a loss of **HK$7.7 million** in 2024[35](index=35&type=chunk) - Future strategy focuses on accelerating digital service transformation to meet market trends, streamlining operations, and reducing fixed costs, with 2025 anticipated as a turning point for recovery[36](index=36&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) The company's financial performance significantly declined this fiscal year, with an 11% revenue drop and 9.4% gross profit decrease, leading to a HK$9.9 million after-tax loss due to increased administrative expenses from one-off office relocation costs and goodwill impairment [Revenue Analysis](index=13&type=section&id=Revenue) Total revenue decreased by 11% to HK$158.9 million, primarily due to a 13.5% decline in financial printing services (HK$17.9 million) and a 27.7% decrease in other services (HK$5.2 million) - Revenue for the reporting period was approximately **HK$158.9 million**, a decrease of about **11%** from HK$178.6 million in the prior year[37](index=37&type=chunk) - The revenue decline was primarily attributable to a **13.5%** decrease in financial printing services (approximately **HK$17.9 million**) and a **27.7%** decrease in other services (approximately **HK$5.2 million**)[37](index=37&type=chunk) [Gross Profit and Gross Profit Margin](index=14&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit decreased by 9.4% year-on-year to HK$56.9 million due to reduced revenue, while the gross profit margin slightly increased from 35.1% to 35.8% Gross Profit and Gross Profit Margin Performance | Metric | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit (HK$ million) | 56.9 | 62.8 | -9.4% | | Gross Profit Margin | 35.8% | 35.1% | +0.7pp | [Expenses Analysis](index=14&type=section&id=Expenses%20Analysis) Selling expenses decreased by 12.7% with revenue, but administrative expenses rose 11.4% to HK$53.9 million due to a one-off HK$3.2 million office relocation cost, and finance costs also increased from higher lease liabilities - Selling expenses decreased by **12.7%** to **HK$10.5 million**, primarily due to reduced employee benefit expenses directly related to revenue[41](index=41&type=chunk) - Administrative expenses increased by **11.4%** to **HK$53.9 million**, mainly due to a one-off office relocation expense of approximately **HK$3.2 million**[42](index=42&type=chunk) [Profit/(Loss) for the Year](index=15&type=section&id=Profit%2F%28Loss%29%20for%20the%20Year) The company shifted from a HK$6.5 million profit in 2023 to a HK$9.9 million loss in 2024, primarily due to reduced revenue, a one-off HK$3.2 million office relocation expense, and a HK$3.1 million goodwill impairment loss - The Group shifted from profit to loss, primarily attributable to: 1. Reduced revenue compared to the previous year 2. A one-off office relocation expense of approximately **HK$3.2 million** 3. A goodwill impairment loss of approximately **HK$3.1 million**[46](index=46&type=chunk) [Liquidity and Capital Resources](index=15&type=section&id=Liquidity%20and%20Capital%20Resources) As of year-end 2024, the group's financial resources weakened, with cash and bank balances decreasing to HK$64.6 million; despite a stable current ratio, total lease liabilities significantly increased to HK$17.2 million, causing the gearing ratio to sharply rise from 8.4% to 24.8% Key Liquidity and Capital Resources Metrics | Metric | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and Bank Balances | HK$64.6 million | HK$90.6 million | | Current Ratio | 2.7 times | 2.6 times | | Total Lease Liabilities | HK$17.2 million | HK$6.5 million | | Gearing Ratio | 24.8% | 8.4% | [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of year-end 2024, the group's total employees decreased from 170 to 155, mainly in Hong Kong and Singapore, with total staff costs falling from HK$71.1 million to HK$68.4 million, while the company utilizes share option and award schemes for talent retention Employee Headcount Distribution | Region | 2024 | 2023 | | :--- | :--- | :--- | | Hong Kong | 117 | 130 | | China | 9 | 9 | | Taiwan | 20 | 18 | | Singapore | 9 | 13 | | **Total** | **155** | **170** | - Total staff costs (including Directors' emoluments) for 2024 were approximately **HK$68.4 million**, a decrease from **HK$71.1 million** in 2023[52](index=52&type=chunk) - The Group incentivizes and retains talent through its share option scheme adopted in 2016 and share award scheme adopted in 2022[53](index=53&type=chunk) [Other Information](index=16&type=section&id=Other%20Information) [Major Transactions During the Reporting Period](index=17&type=section&id=Major%20Transactions%20During%20the%20Reporting%20Period) During the reporting period, the company's wholly-owned subsidiary, Hinda Information Services Limited, entered into a five-year lease for a new office at 35/F, Dah Sing Financial Centre, Wan Chai, Hong Kong, to serve as the group's headquarters and principal place of business - On March 4, 2024, the company's wholly-owned subsidiary entered into a five-year lease for the entire 35th floor of Dah Sing Financial Centre, 248 Queen's Road East, Wan Chai, Hong Kong, effective April 1, 2024[57](index=57&type=chunk) [Board and Corporate Governance](index=18&type=section&id=Board%20and%20Corporate%20Governance) During the reporting period, the company complied with all applicable corporate governance code provisions, with changes in board composition including Mr. Wan Chi Wai's resignation as independent non-executive director and Ms. Chow Yuen Kwan's appointment, and the Audit Committee reviewed the audited consolidated financial statements - The company has complied with all code provisions of the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules[63](index=63&type=chunk) - As of December 31, 2024, Mr. Wan Chi Wai resigned as an independent non-executive Director, and Ms. Chow Yuen Kwan was appointed as an independent non-executive Director, a member of the Audit Committee and Remuneration Committee, and Chairman of the Nomination Committee[60](index=60&type=chunk) [Share-related Information](index=19&type=section&id=Share-related%20Information) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed shares during the reporting period, and all Directors confirmed compliance with the code of conduct regarding securities transactions - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed shares[66](index=66&type=chunk) [Audit Information](index=20&type=section&id=Audit%20Information) The Group's auditor, Crowe (HK) CPA Limited, reconciled the financial figures in this announcement with the audited consolidated financial statements, noting that this work does not constitute a statutory audit, thus no assurance opinion was issued on this announcement - The auditor, Crowe (HK) CPA Limited, has reconciled the financial statement figures in the preliminary announcement with the amounts in the Group's audited consolidated financial statements[73](index=73&type=chunk)

[Clarification Announcement Regarding Interim Results for the Six Months Ended June 30, 2024](index=1&type=section&id=%E6%9C%89%E9%97%9C%E6%88%AA%E8%87%B32024%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E7%9A%84%E6%BE%84%E6%B8%85%E5%85%AC%E5%91%8A) This announcement clarifies a data error in the interim results for the six months ended June 30, 2024 [Overview of Clarification](index=1&type=section&id=Clarification%20Overview) This announcement clarifies a data error in the company's interim results announcement for the six months ended June 30, 2024, specifically an unintentional error in the condensed consolidated statement of financial position - The company issued this announcement to correct an unintentional error in its interim results announcement for the six months ended June 30, 2024, published on August 6, 2024[1](index=1&type=chunk) [Details of Correction](index=1&type=section&id=Details%20of%20Correction) The announcement specifies that 'Total assets less current liabilities' in the condensed consolidated statement of financial position as of June 30, 2024, should be HKD 107,037,000, not HKD 46,277,000 Financial Data Correction Details (As of June 30, 2024) | Item | Incorrectly Published Value (HKD) | Correct Value (HKD) | | :--- | :--- | :--- | | Total assets less current liabilities | 46,277,000 | 107,037,000 | [Impact Statement and Directors' Responsibility](index=1&type=section&id=Impact%20and%20Responsibility) The Board confirms that, apart from the disclosed correction, all other information in the 2024 interim results announcement remains unchanged, and this correction has no material impact on other data - This clarification does not materially affect other information in the 2024 interim results announcement, with all other content remaining unchanged[1](index=1&type=chunk) - The company's directors (including Executive Directors Mr. Yu Chi Ming, Mr. Chan Wai Lim, Ms. Chan Wai Chung, and Independent Non-executive Directors Mr. Choi Hon Ting, Mr. Ng Ho Wan, Mr. Wan Chi Wai) collectively and individually accept full responsibility for the accuracy and completeness of the information contained in this announcement[1](index=1&type=chunk)[2](index=2&type=chunk)

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 93,109,000, a decrease of 5% compared to HKD 98,392,000 for the same period in 2023[5] - Gross profit for the same period was HKD 38,006,000, representing an increase of 1.7% from HKD 37,368,000 in 2023[5] - The company's profit before tax decreased to HKD 5,389,000, down 38.5% from HKD 8,733,000 in the previous year[5] - Net profit for the period was HKD 5,666,000, a decline of 31.9% compared to HKD 8,293,000 in 2023[5] - Basic and diluted earnings per share for the period were HKD 1.23, down from HKD 1.77 in the same period last year[6] - The group reported a profit attributable to owners of the company of HKD 5,192 thousand for the six months ended June 30, 2024, compared to HKD 7,192 thousand for the same period in 2023[23] - Net profit after tax decreased by approximately HKD 2.6 million or 31% to about HKD 5.7 million for the six months ended June 30, 2024, compared to HKD 8.3 million for the same period in 2023[35] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 152,954,000, an increase from HKD 141,149,000 as of December 31, 2023[7] - The company's total equity decreased to HKD 87,637,000 from HKD 89,844,000 at the end of 2023[8] - Non-current liabilities increased significantly to HKD 19,400,000 from HKD 712,000 at the end of 2023, primarily due to lease liabilities[8] - Trade receivables as of June 30, 2024, were HKD 23,191 thousand, a decrease from HKD 26,245 thousand as of December 31, 2023[24] - Trade payables increased to HKD 21,291 thousand as of June 30, 2024, compared to HKD 12,822 thousand as of December 31, 2023[25] - The group's total assets increased to approximately HKD 153.0 million as of June 30, 2024, compared to HKD 141.1 million as of December 31, 2023[38] - The group's debt-to-equity ratio increased to approximately 23.7% as of June 30, 2024, compared to 8.4% as of December 31, 2023[39] Cash Flow - The company reported a net cash outflow from operating activities of HKD (6,129,000) for the six months ended June 30, 2024, compared to a net inflow of HKD 5,426,000 in 2023[11] - Cash and cash equivalents decreased by HKD 28,571,000, ending at HKD 62,006,000 as of June 30, 2024, compared to HKD 56,779,000 in 2023[11] - The company's cash and bank balances decreased to HKD 62,006,000 from HKD 90,576,000 at the end of 2023[7] - The group's total cash outflow from investing activities was HKD (7,867,000) for the six months ended June 30, 2024, compared to HKD (2,822,000) in 2023[11] - Financing activities resulted in a cash outflow of HKD (14,575,000) for the six months ended June 30, 2024, compared to HKD (4,265,000) in the previous year[11] Revenue Breakdown - The company provided financial printing services generated revenue of HKD 71,658,000, down from HKD 81,816,000 in the previous year, representing a decline of approximately 12.5%[15] - Revenue from marketing-related printing services increased to HKD 9,609,000, up 62% from HKD 5,923,000 in the same period last year[15] - The group’s revenue decreased by approximately HKD 5.3 million or 5.4% to about HKD 93.1 million for the six months ended June 30, 2024, compared to HKD 98.4 million for the same period in 2023[28] - Gross profit increased by approximately HKD 0.6 million or 1.6% to about HKD 38.0 million, with gross margins of approximately 38.0% and 40.8% for the six months ended June 30, 2023, and 2024, respectively[29] Employee and Administrative Expenses - The total employee benefit expenses for the six months ended June 30, 2024, amounted to HKD 37,296 thousand, slightly down from HKD 37,388 thousand in the previous year[21] - Administrative expenses increased by approximately HKD 2.6 million or 10.7% to about HKD 26.9 million, primarily due to increased employee costs and depreciation of right-of-use assets[32] - The group employed a total of 167 employees across various regions as of June 30, 2024, compared to 171 employees as of December 31, 2023[37] Shareholder Information - As of June 30, 2024, the company has a total of 421,415,000 shares issued, with major shareholders holding significant stakes[45] - Mr. Yu and Mr. Chan jointly control 217,760,000 shares, representing 51.67% of the total shares[44] - Ms. Chan holds 8,050,000 shares, accounting for 1.91% of the total shares[44] - HM Ultimate Holdings Limited, owned by Mr. Yu and Mr. Chan, holds 217,760,000 shares, which is 51.67% of the company[47] - Mr. Xie holds 72,285,000 shares, representing 17.15% of the total shares[47] Corporate Governance - The company has complied with all principles and code provisions of the corporate governance code during the review period[59] - There were no conflicts of interest involving directors, management, or controlling shareholders with respect to competitive businesses during the review period[60] - The company has adopted the trading compliance standards as per GEM Listing Rules 5.48 to 5.67, ensuring all directors adhered to these standards during the review period[61] - The Audit Committee, established on December 15, 2016, consists of three independent non-executive directors and is responsible for reviewing the company's financial reporting processes and risk management[62] Future Plans - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming periods[5] - The group plans to leverage its strong financial position and management network to expand its current business and explore other related business opportunities[27] Lease and Property - The rental agreement for the property at 248 Queen's Road East, Hong Kong, has a monthly rent of HKD 333,554 from April 1, 2024, to March 31, 2027, and HKD 370,615 from April 1, 2027, to March 31, 2029[57] - The right-of-use asset recognized under the lease agreement is approximately HKD 16,954,000, calculated based on the total lease payments discounted[57]

Share Incentive Plan - The company granted a total of 21,415,000 shares under the share incentive plan during the reporting period, which represents approximately 5.35% of the weighted average number of shares issued during the period (400,000,000 shares) [6] - The total number of shares available for issuance under all share option and incentive plans is capped at 40,000,000 shares, accounting for 10% of the company's issued share capital at the time of adoption [4] - As of January 1, 2023, the total number of options and incentives available for grant was 39,100,000 shares, which decreased to 18,585,000 shares by December 31, 2023 [4]

Financial Performance - In 2023, the company's revenue was approximately HKD 178.6 million, a decrease of about 6.1% compared to the previous year[14] - The group's revenue for the reporting period was approximately HKD 178.6 million, a decrease of about 6.1% compared to approximately HKD 190.3 million for the year ended December 31, 2022[20] - The gross profit decreased from approximately HKD 68.5 million for the year ended December 31, 2022, to approximately HKD 62.8 million, a reduction of about 8.4%[24] - The net profit after tax decreased from approximately HKD 7.1 million for the year ended December 31, 2022, to approximately HKD 6.5 million, with net profit margins of approximately 3.6% and 3.8% respectively[31] - The company reported a significant increase in revenue during the reporting period, with a year-on-year growth of 15%[70] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[71] Operational Metrics - The number of jobs decreased from 9,334 in the previous year to 8,822, representing a reduction of 5.5%[14] - The number of completed projects in 2023 and 2022 was 8,822 and 9,334 respectively, representing a decrease of 5.5%[20] - The total employee cost for the reporting period was approximately HKD 71.1 million, up from HKD 69.8 million in 2022[37] - The group employed 130 employees in Hong Kong as of December 31, 2023, down from 142 in 2022[37] Strategic Initiatives - The company aims to diversify its products and services while providing high-quality solutions to meet customer needs[14] - The company is actively seeking opportunities to collaborate with local business partners, particularly in the technology sector, to strengthen existing operations[14] - The company plans to continue integrating acquisitions and expanding its business into 2024[12] - The group plans to strengthen its core competitiveness and explore new business opportunities in response to economic uncertainties[21] Risk Management - The company recognizes the potential adverse impacts of geopolitical risks on its operations and is committed to monitoring and assessing these risks[12] - Financial risks have been identified, with a focus on currency fluctuations and market volatility[71] - The company has established a risk management policy that identifies, assesses, and manages key risks affecting its business[199] - The risk management framework, along with internal control measures, ensures that risks across different business units are within the company's risk tolerance and are effectively monitored[200] Corporate Governance - The company has complied with all provisions of the corporate governance code during the reporting period[163] - The board consists of three executive directors and three independent non-executive directors, ensuring effective governance and oversight[166] - The independent auditor, Guo Wei CPA Limited, will be proposed for reappointment at the upcoming annual general meeting[160] - The company has adopted trading standards for directors buying and selling company securities, ensuring compliance with GEM listing rules[179] Shareholder Information - As of December 31, 2023, the company's distributable reserves for dividends amounted to approximately HKD 53.2 million, down from HKD 59.6 million in 2022[81] - The company reported a final dividend of HKD 0.02 per share for the reporting period, an increase from HKD 0.015 per share in 2022, pending shareholder approval on May 9, 2024[77] - The company has no major contracts with its controlling shareholders or their subsidiaries during the reporting period[139] Sustainability and Social Responsibility - The company emphasized its commitment to sustainability, with plans to reduce carbon emissions by K% over the next five years[56] - The company has been actively participating in sustainable development and social responsibility initiatives, as detailed in its environmental, social, and governance report[75] Acquisitions and Investments - The group acquired a 51% stake in into23 Limited in May 2023, which integrates AI-supported technology and a large domestic translation partner network[20] - The group sold approximately 22.85% of its issued shares in Wordbee S.à r.l. in October 2023, as part of resource integration efforts[20] Employee and Board Diversity - The company is committed to promoting gender diversity within its board and aims for gender equality in senior management within a mid-term timeframe[167] - The board consists of 5 males (83%) and 1 female (17%), maintaining gender diversity as per GEM listing rules[167] Internal Controls and Audit - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed matters related to audit, internal control, and financial reporting[154] - The audit committee met four times during the reporting period to discuss significant financial reporting and compliance issues[185]