股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 名仕快相集團控股有限公司 呈交日期: 2025年10月3日 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) | 08483 | 說明 | | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 800,000,000 | | 0 | | 800,000,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 800,000,000 | | 0 | | 800,000,000 | 第 2 頁 ...

公司名稱: 名仕快相集團控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08483 | 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 | | 50,000,000 | 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 本月底法 ...

Max Sight Group Holdings Limited 名仕快相集團控股有限公司 Max Sight Photo ⋋ᶓ⺩䖶 (Incorporated in Cayman Islands with limited liability) （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） (Stock Code 股份代號: 8483) NOTIFICATION LETTER 通知信函 To Non-registered Holders Note 1 Dear Sir/Madam, Notification of Publication of 2025 Interim Report (the "Current Corporate Communication") Max Sight Group Holdings Limited (the "Company") hereby notifies you that the Current Corporate Communication, in both English and Chinese versions, is available on the C ...

Max Sight Group Holdings Limited 名仕快相集團控股有限公司 Max Sight Photo ⋋ᶓ⺩䖶 NOTIFICATION LETTER 通知信函 20 August 2025 Dear Shareholders Max Sight Group Holdings Limited (the "Company") — Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") English and Chinese versions of the Current Corporate Communication are available on the Company's website at www.maxsightgroup.com and the HKEXnews' website of The Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk, or where applicable, the ...

[Characteristics of GEM](index=2&type=section&id=Characteristics%20of%20GEM) The GEM market is positioned as a listing platform for small and medium-sized companies, entailing higher investment risks, potential for significant market volatility, and lower liquidity - The GEM market is positioned as a listing platform for small and medium-sized companies, carrying **higher investment risks**, potential for **significant market volatility**, and **lower liquidity**[2](index=2&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange make no statement as to the accuracy or completeness of this interim report and accept no liability whatsoever[2](index=2&type=chunk) [Executive Summary](index=4&type=section&id=Executive%20Summary) This section provides a concise overview of the company's key financial performance for the six months ended June 30, 2025, highlighting revenue and profit trends Key Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 26,148 | 34,574 | -24.49% | | Photography Services Revenue | 14,264 | 23,441 | -39.15% | | Medical Services Revenue | 11,884 | 11,133 | +6.75% | | Gross Profit | 8,218 | 10,839 | -24.18% | | Gross Margin | 31.43% | 31.35% | +0.08% | | Loss Attributable to Equity Holders of the Company | 1,138 | 199 | +471.86% (Loss widened) | - The decrease in photography services revenue was primarily due to a slowdown in demand for identity photos for updated travel documents, intensified price competition, and the increasing popularity of self-service kiosks for personal document applications[7](index=7&type=chunk) - The Directors do not recommend the declaration of any interim dividend for the six months ended June 30, 2025[8](index=8&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) This section details the company's governance structure, including board members, key personnel, and fundamental corporate registration and listing details [Board of Directors and Key Personnel](index=5&type=section&id=Board%20of%20Directors%20and%20Key%20Personnel) This section lists the company's board members, committee compositions, authorized representatives, company secretary, compliance officer, and auditor - The Board of Directors includes executive directors such as Mr Chan Wing Chai (Chairman), Mr Chan Tin Kei (Chief Executive Officer), and Dr Chan Wing Lok, non-executive directors such as Mr Riccardo Costi and Ms Wong Sin Yee, and independent non-executive directors such as Mr Ngai Ah Kak, Mr Hui Che Chun, and Mr Kwok Chun Wah[9](index=9&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee have all been established, with their respective chairmen and members clearly defined[9](index=9&type=chunk) [Company Basic Information](index=6&type=section&id=Company%20Basic%20Information) The company is registered in the Cayman Islands, with its Hong Kong headquarters in Causeway Bay, stock code 8483, and listed on February 28, 2018 - The company's registered office is in the Cayman Islands, with its Hong Kong headquarters and principal place of business located at 14/F, McDonald's Building, 48 Yee Wo Street, Causeway Bay, Hong Kong[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's stock code is **8483**, and its listing date was **February 28, 2018**[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's financial performance, showing a shift from profit to loss for the six months ended June 30, 2025, primarily driven by decreased revenue Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 26,148 | 34,574 | -24.49% | | Cost of Services | (17,930) | (23,735) | -24.46% | | Gross Profit | 8,218 | 10,839 | -24.18% | | Operating (Loss)/Profit | (152) | 739 | Shifted from profit to loss | | (Loss)/Profit Before Tax | (698) | 392 | Shifted from profit to loss | | (Loss)/Profit for the Period | (751) | 252 | Shifted from profit to loss | | (Loss)/Profit Attributable to Equity Holders of the Company | (1,138) | (199) | Loss widened | | Loss Per Share (HK Cents) — Basic and Diluted | (0.14) | (0.02) | Loss widened | [Unaudited Condensed Consolidated Statement of Financial Position](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2025, indicating changes in liquidity and capital structure Key Data from Condensed Consolidated Statement of Financial Position | Metric (HKD Thousands) | 2025年6月30日 | 2024年12月31日 | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 22,435 | 19,032 | +17.88% | | Total Current Assets | 21,203 | 26,778 | -20.82% | | Cash and Bank Balances | 15,246 | 21,320 | -28.49% | | Total Current Liabilities | 14,795 | 13,149 | +12.52% | | Net Assets | 18,467 | 24,163 | -23.58% | | Total Equity Attributable to Equity Holders of the Company | 17,952 | 24,035 | -25.31% | - Right-of-use assets increased from **HKD 13,928 thousand** as of December 31, 2024, to **HKD 17,733 thousand** as of June 30, 2025[13](index=13&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the company's equity attributable to shareholders for the six months ended June 30, 2025, reflecting losses and dividend distributions Key Data from Condensed Consolidated Statement of Changes in Equity | Metric (HKD Thousands) | 2025年6月30日 (Unaudited) | 2024年1月1日 (Audited) | | :--- | :--- | :--- | | Total Equity Attributable to Equity Holders of the Company | 17,952 | 28,686 | | (Loss)/Profit for the Period | (1,138) | (199) | | Dividends | (4,800) | (4,500) | - As of June 30, 2025, the total equity attributable to equity holders of the Company was **HKD 17,952 thousand**, a significant decrease from **HKD 28,686 thousand** as of January 1, 2024[15](index=15&type=chunk) - Dividends of **HKD 4,800 thousand** were distributed in the first half of 2025, compared to **HKD 4,500 thousand** in the first half of 2024[15](index=15&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement details the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025, showing a net decrease in cash Key Data from Condensed Consolidated Statement of Cash Flows | Metric (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 4,684 | 6,292 | -25.56% | | Net Cash Generated from Investing Activities | 62 | 3,833 | -98.38% | | Net Cash Used in Financing Activities | (10,675) | (6,064) | +76.04% (Outflow increased) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (5,929) | 4,061 | Shifted from increase to decrease | | Cash and Cash Equivalents at End of Period | 15,246 | 24,919 | -38.70% | - Net cash generated from investing activities significantly decreased, primarily because **HKD 5,000 thousand** of restricted bank deposits were released in 2024, with no such item in 2025[16](index=16&type=chunk) - Net cash used in financing activities increased, mainly due to the payment of **HKD 4,800 thousand** in dividends in 2025[17](index=17&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanatory notes to the unaudited condensed consolidated financial statements, covering accounting policies, segment information, and other financial disclosures [1. General Information](index=14&type=section&id=1.%20General%20Information) Masterpiece Photo Group Holdings Limited is incorporated in the Cayman Islands, listed on GEM on February 28, 2018, and primarily provides photography and medical services in Hong Kong and mainland China - The Company was incorporated in the Cayman Islands, and its shares were listed on GEM of the Stock Exchange on **February 28, 2018**[18](index=18&type=chunk) - The Group is principally engaged in (i) providing photography services in Hong Kong and mainland China; and (ii) providing medical services in Hong Kong[18](index=18&type=chunk) [2. Basis of Preparation](index=14&type=section&id=2.%20Basis%20of%20Preparation) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules, applying consistent accounting policies with the 2024 annual financial statements - The financial statements are prepared in accordance with **HKAS 34** and the **GEM Listing Rules**[20](index=20&type=chunk) - The accounting policies used in preparation are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024[20](index=20&type=chunk) [3. New and Revised Hong Kong Financial Reporting Standards](index=15&type=section&id=3.%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group first adopted HKAS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025, without resulting in any changes to accounting policies or retrospective adjustments - The Group first adopted **HKAS 21 (Amendment) "Lack of Exchangeability"** from **January 1, 2025**[21](index=21&type=chunk) - The adoption of the new standard did not result in any changes to accounting policies or retrospective adjustments[21](index=21&type=chunk) [4. Revenue and Segment Information](index=15&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from photography and medical services, with photography services experiencing a significant decline while medical services show slight growth [(a) Revenue](index=15&type=section&id=4.(a)%20Revenue) This section details the Group's revenue breakdown by major service lines, showing a significant decrease in photography services revenue and a modest increase in medical services revenue Revenue from Contracts with Customers by Major Service Line | Service Line | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Photography Services Revenue | 14,264 | 23,441 | -39.15% | | Medical Services Revenue | 11,884 | 11,133 | +6.75% | | **Total Revenue** | **26,148** | **34,574** | **-24.49%** | [(b) Segment Reporting](index=16&type=section&id=4.(b)%20Segment%20Reporting) The Group operates three reportable segments: Hong Kong photography services, mainland China photography services, and Hong Kong medical services, with varying performance across each - The Group has three reportable segments: Hong Kong photography services, mainland China photography services, and Hong Kong medical services[25](index=25&type=chunk) Segment Revenue and Profit/(Loss) | Segment (HKD Thousands) | 2025年6月30日 (Revenue) | 2024年6月30日 (Revenue) | 2025年6月30日 (Profit/(Loss)) | 2024年6月30日 (Profit/(Loss)) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Photography Services | 14,255 | 22,887 | 3,964 | 6,908 | | Mainland China Photography Services | 9 | 554 | (151) | (2) | | Hong Kong Medical Services | 11,884 | 11,133 | 1,282 | 456 | | **Consolidated Total** | **26,148** | **34,574** | **5,095** | **7,362** | - For the six months ended June 30, 2025, revenue from external customers in Hong Kong was **HKD 26,139 thousand**, and in mainland China was **HKD 9 thousand**[29](index=29&type=chunk) [5. Finance Costs](index=18&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs primarily consisted of interest on lease liabilities, which increased to HKD 546 thousand from HKD 347 thousand in the prior year Composition of Finance Costs | Cost Type (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | | :--- | :--- | :--- | | Interest on Lease Liabilities | 546 | 345 | | Interest on Bank Loans | – | 2 | | **Total** | **546** | **347** | [6. (Loss)/Profit Before Tax](index=19&type=section&id=6.%20(Loss)%2FProfit%20Before%20Tax) For the six months ended June 30, 2025, the Group recorded a loss before tax of HKD 698 thousand, a shift from a profit of HKD 392 thousand in the prior period, influenced by depreciation and staff costs Composition of Loss/Profit Before Tax | Item (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 745 | 891 | | Depreciation of Right-of-Use Assets | 4,344 | 4,130 | | Total Staff Costs | 7,137 | 9,135 | | Variable Lease Payments Not Included in the Measurement of Lease Liabilities | 4,423 | 9,290 | [7. Income Tax](index=20&type=section&id=7.%20Income%20Tax) Income tax expense for the six months ended June 30, 2025, decreased to HKD 53 thousand, with no provision for mainland China income tax due to losses incurred by subsidiaries Income Tax Expense | Item (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | | :--- | :--- | :--- | | Current tax Hong Kong Profits Tax | 176 | 157 | | Deferred tax | (123) | (17) | | **Total** | **53** | **140** | - No provision for mainland China income tax was made for mainland China subsidiaries due to losses incurred[32](index=32&type=chunk) [8. Dividends](index=21&type=section&id=8.%20Dividends) Directors approved a special dividend of HKD 4,800 thousand for the year ended December 31, 2024, but do not recommend any interim dividend for the six months ended June 30, 2025 - On **May 22, 2025**, the Directors approved the payment of a special dividend of **HKD 4,800 thousand** for the year ended December 31, 2024[34](index=34&type=chunk) - The Directors do not recommend the declaration of any interim dividend for the six months ended June 30, 2025[34](index=34&type=chunk) [9. Loss Per Share](index=21&type=section&id=9.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share widened to 0.14 HK cents, with no potential dilutive shares outstanding during the period Loss Per Share | Metric | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | | :--- | :--- | :--- | | Loss Attributable to Equity Holders of the Company (HKD Thousands) | 1,138 | 199 | | Weighted Average Number of Ordinary Shares in Issue (Shares) | 800,000,000 | 800,000,000 | | Basic and Diluted Loss Per Share (HK Cents) | (0.14) | (0.02) | [10. Property, Plant and Equipment](index=21&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group made no additions to property, plant, and equipment and disposed of fully depreciated assets - For the six months ended June 30, 2025, the Group made no additions to property, plant and equipment[36](index=36&type=chunk) - The Group disposed of property, plant and equipment with a carrying amount of zero[36](index=36&type=chunk) [11. Right-of-Use Assets](index=22&type=section&id=11.%20Right-of-Use%20Assets) For the six months ended June 30, 2025, the Group recognized approximately HKD 8,062 thousand in right-of-use assets and lease liabilities, primarily for self-service identity photo booth locations - The Group recognized right-of-use assets and lease liabilities of approximately **HKD 8,062 thousand** for leasing premises for the installation of self-service identity photo booths[37](index=37&type=chunk) [12. Trade Receivables](index=22&type=section&id=12.%20Trade%20Receivables) As of June 30, 2025, total trade receivables decreased to HKD 1,933 thousand from HKD 2,630 thousand as of December 31, 2024, with most balances within 0-30 days Ageing Analysis of Trade Receivables | Ageing | 2025年6月30日 (HKD Thousands) | 2024年12月31日 (HKD Thousands) | | :--- | :--- | :--- | | 0 to 30 days | 848 | 1,829 | | 31 to 60 days | 454 | 510 | | Over 60 days | 631 | 291 | | **Total** | **1,933** | **2,630** | - Medical service payments are typically settled within **60 days**, and lessors of self-service photo booth locations are granted credit terms of **0 to 20 days**[38](index=38&type=chunk) [13. Other Receivables, Deposits and Prepayments](index=23&type=section&id=13.%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, total other receivables, deposits, and prepayments increased to HKD 4,677 thousand, primarily driven by deposits for rent and utilities and prepayments Composition of Other Receivables, Deposits and Prepayments | Item (HKD Thousands) | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | Deposits for Rent and Utilities | 3,070 | 2,922 | | Prepayments | 1,266 | 428 | | Other Receivables | 341 | 116 | | **Total** | **4,677** | **3,466** | [14. Trade Payables](index=23&type=section&id=14.%20Trade%20Payables) As of June 30, 2025, total trade payables decreased to HKD 164 thousand from HKD 316 thousand as of December 31, 2024, with all balances within 0-30 days Ageing Analysis of Trade Payables | Ageing | 2025年6月30日 (HKD Thousands) | 2024年12月31日 (HKD Thousands) | | :--- | :--- | :--- | | 0 to 30 days | 164 | 316 | [15. Other Payables and Accruals](index=24&type=section&id=15.%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total other payables and accruals increased to HKD 3,668 thousand, primarily due to accrued expenses, salaries, and bonus provisions Composition of Other Payables and Accruals | Item (HKD Thousands) | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | Accrued Expenses | 2,437 | 1,933 | | Provision for Salaries and Bonuses Payable | 576 | 635 | | Other Lease and License Fees Payable | 574 | 376 | | Other Payables | 81 | 19 | | **Total** | **3,668** | **2,963** | [16. Share Capital](index=24&type=section&id=16.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was HKD 50,000 thousand, with issued and fully paid share capital of HKD 8,000 thousand, unchanged since listing Share Capital Structure | Item | Number of Shares | HKD Thousands | | :--- | :--- | :--- | | Authorized Share Capital (Ordinary Shares of HKD 0.01 each) | 5,000,000,000 | 50,000 | | Issued and Fully Paid Ordinary Shares (of HKD 0.01 each) | 800,000,000 | 8,000 | - The Company's share capital has remained unchanged since its listing date (**February 28, 2018**)[42](index=42&type=chunk) [17. Capital Commitments](index=25&type=section&id=17.%20Capital%20Commitments) As of June 30, 2025, the Group's capital commitments primarily related to property, plant, and equipment, amounting to HKD 219 thousand, similar to the prior year-end Capital Commitments | Item (HKD Thousands) | 2025年6月30日 | 2024年12月31日 | | :--- | :--- | :--- | | Property, Plant and Equipment | 219 | 213 | [18. Related Party Transactions](index=25&type=section&id=18.%20Related%20Party%20Transactions) The Group engaged in various related party transactions during the period, including purchases from ME Group, lease payments to director-owned companies, and consulting fees to non-controlling shareholders Summary of Related Party Transactions | Transaction Type (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | | :--- | :--- | :--- | | Purchase of Consumables (ME Group) | – | 3 | | Lease Payments (Director-owned Company) | 437 | 436 | | Salaries and Other Benefits (Ms. Au Yeung Ying Ho) | 76 | 88 | | Consulting Fees (Non-controlling Shareholder) | 1,885 | 1,699 | | Consulting Fees (Dr. Chan Wing Lok-owned Company) | 383 | 376 | Directors' and Key Management's Remuneration | Remuneration Type (HKD Thousands) | 2025年6月30日 (6 months) | 2024年6月30日 (6 months) | | :--- | :--- | :--- | | Short-term Benefits | 3,241 | 3,976 | | Post-employment Benefits | 54 | 61 | | **Total** | **3,295** | **4,037** | [19. Events After Reporting Period](index=26&type=section&id=19.%20Events%20After%20Reporting%20Period) The memorandum of understanding and its supplement between Causeway Treasure and the potential buyer regarding a possible disposal of the company's shares expired on July 4, 2025 - The memorandum of understanding between Causeway Treasure and the potential buyer regarding a possible disposal of the Company's shares expired on **July 4, 2025**[46](index=46&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's operational and financial performance, strategic initiatives, and risk management for the reporting period [Business Review](index=27&type=section&id=Business%20Review) The Group's business review covers photography services facing competition and digital kiosk impact, and medical services expanding with strategic recruitment and facility upgrades [Photography Services Business](index=27&type=section&id=Photography%20Services%20Business) The photography services business faces intense price competition and increasing adoption of electronic identity document services, prompting the company to upgrade equipment and diversify its business model - The photography services business faces intensified price competition from traditional suppliers and the increasing popularity of electronic identity photo services provided by the HKSAR Government's self-service kiosks for personal document applications[48](index=48&type=chunk) - The Company is reallocating resources for upgrading and maintaining self-service identity photo booths, media advertising and promotion, and exploring upgrading its business model to diversify core operations by allocating more funds and resources to IT infrastructure[49](index=49&type=chunk) [Medical Services Business](index=28&type=section&id=Medical%20Services%20Business) The Group is actively expanding its medical services business by recruiting professionals, acquiring equipment, securing venues, and pursuing related opportunities, aligning with Hong Kong's primary healthcare blueprint - The Group is actively seeking to recruit and identify suitable medical practitioners, equipment, venues, and related business opportunities to further expand its medical services business[50](index=50&type=chunk) - With the Hong Kong Government's release of the Primary Healthcare Blueprint and increasing public health awareness, the Company believes that medical and related healthcare services have **enormous expansion potential** and are a core strategy for business diversification[50](index=50&type=chunk) - The Company will reallocate resources to develop its medical business, including purchasing equipment, upgrading computer equipment and software, and establishing or acquiring new clinics, medical, and related businesses[50](index=50&type=chunk) [Financial Review](index=29&type=section&id=Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, detailing changes in revenue, costs, gross profit, and net loss [Revenue](index=29&type=section&id=Revenue) Total revenue decreased by 24.49%, primarily due to a significant decline in photography services, partially offset by growth in medical services Revenue Changes | Business Type | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 26,148 | 34,574 | -24.49% | | Photography Services | 14,264 | 23,441 | -39.15% | | Medical Services | 11,884 | 11,133 | +6.75% | - The decrease in photography services revenue was primarily due to a slowdown in demand for travel document photos, intensified price competition, and the increasing popularity of electronic document service kiosks[52](index=52&type=chunk) [Cost of Services](index=29&type=section&id=Cost%20of%20Services) Cost of services decreased by 24.46% for the six months ended June 30, 2025, aligning with the reduction in overall revenue Cost of Services Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Cost of Services | 17,930 | 23,735 | -24.46% | [Gross Profit and Gross Margin](index=29&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 24.18%, while gross margin slightly increased by 0.08 percentage points, indicating cost efficiency despite lower revenue Gross Profit and Gross Margin Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 8,218 | 10,839 | -24.18% | | Gross Margin | 31.43% | 31.35% | +0.08% | [Other Income](index=29&type=section&id=Other%20Income) Other income significantly decreased by 85.23%, primarily due to a reduction in bank interest income Other Income Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Other Income | 35 | 237 | -85.23% | - The decrease in other income was primarily due to a reduction in bank interest income[55](index=55&type=chunk) [Other Gains/(Losses) Net](index=30&type=section&id=Other%20Gains%2F(Losses)%20Net) Other gains/(losses) net shifted from a loss of HKD 149 thousand to a gain of HKD 348 thousand, driven by foreign exchange gains and gains from asset disposals Other Gains/(Losses) Net Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Other Gains/(Losses) Net | 348 | (149) | Shifted from loss to gain | - Other net gains primarily included foreign exchange gains, gains on disposal of property, plant and equipment, and gains on early termination of leases[56](index=56&type=chunk) [Administrative Expenses](index=30&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 14.09%, mainly attributable to reduced staff costs and directors' remuneration Administrative Expenses Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 8,753 | 10,188 | -14.09% | - The decrease in administrative expenses was primarily due to reduced staff costs and directors' remuneration[57](index=57&type=chunk) [Finance Costs](index=30&type=section&id=Finance%20Costs) Finance costs increased by 57.35%, primarily driven by higher interest on lease liabilities Finance Costs Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Finance Costs | 546 | 347 | +57.35% | - Finance costs primarily refer to interest on lease liabilities[58](index=58&type=chunk) [Income Tax](index=30&type=section&id=Income%20Tax) Income tax expense decreased by 62.14% for the six months ended June 30, 2025, reflecting the overall financial performance Income Tax Expense Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 53 | 140 | -62.14% | [Loss Attributable to Equity Holders of the Company](index=30&type=section&id=Loss%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) The loss attributable to equity holders of the company widened, primarily due to decreased photography services revenue impacted by reduced demand and increased competition Loss Attributable to Equity Holders of the Company Changes | Metric | 2025年6月30日 (HKD Thousands) | 2024年6月30日 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Equity Holders of the Company | 1,138 | 199 | Loss widened | - The widening loss was primarily due to decreased photography services revenue, affected by slowing demand, intensified price competition, and the increasing popularity of electronic document service kiosks[60](index=60&type=chunk) [Segment Reporting](index=30&type=section&id=Segment%20Reporting) A detailed analysis of the Group's segment performance is provided in Note 4 to the unaudited condensed consolidated financial statements - Analysis of the Group's segment performance is detailed in Note 4 to the unaudited condensed consolidated financial statements[61](index=61&type=chunk) [Share Capital](index=31&type=section&id=Share%20Capital) The company's share capital has remained unchanged since its listing on February 28, 2018, with an authorized capital of HKD 50,000 thousand and issued capital of HKD 8,000 thousand - The Company's share capital has remained unchanged since its listing date of **February 28, 2018**[62](index=62&type=chunk) - The authorized share capital is **HKD 50,000 thousand**, and the issued share capital is **HKD 8,000 thousand**[62](index=62&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 61 employees, a decrease from the prior year, with the Remuneration Committee responsible for reviewing executive compensation policies Number of Employees | Date | Number of Employees | | :--- | :--- | | 2025年6月30日 | 61 | | 2024年6月30日 | 69 | - The Remuneration Committee is responsible for reviewing the remuneration policies and structure for directors and senior management[63](index=63&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the Group maintained a sound financial position, but experienced decreases in total cash and equity, alongside changes in liquidity and gearing ratios Key Liquidity and Capital Resources Metrics | Metric | 2025年6月30日 | 2024年6月30日 | Change | | :--- | :--- | :--- | :--- | | Total Equity (HKD Thousands) | 18,467 | 23,879 | -22.66% | | Total Cash and Cash Equivalents (HKD Thousands) | 15,246 | 24,919 | -38.70% | | Current Ratio | 1.43 | 1.75 | -0.32 | | Quick Ratio | 1.32 | 1.68 | -0.36 | | Gearing Ratio | 57.68% | 52.20% | +5.48% | - The Group primarily funds its operations through cash flows generated from operating activities and has established an appropriate liquidity risk management framework[65](index=65&type=chunk) [Foreign Exchange Risk Management](index=32&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group's currency risk primarily stems from USD-denominated cash balances held by Hong Kong entities, which is minimal due to the HKD-USD peg, and is managed through close monitoring without a hedging policy - The Group faces currency risk primarily arising from USD-denominated cash and bank balances held by its Hong Kong entities[66](index=66&type=chunk) - As the Hong Kong Dollar is pegged to the US Dollar, foreign exchange risk in respect of the US Dollar is negligible[66](index=66&type=chunk) - The Group currently has no foreign exchange hedging policy and manages foreign exchange risk by closely monitoring exchange rate fluctuations[66](index=66&type=chunk) [Significant Investments Held and Future Plans for Significant Investments and Capital Assets](index=32&type=section&id=Significant%20Investments%20Held%20and%20Future%20Plans%20for%20Significant%20Investments%20and%20Capital%20Assets) As of June 30, 2025, and 2024, the Group held no significant investments and had no future plans for significant investments or capital assets - As of **June 30, 2025, and 2024**, the Group held no significant investments and had no future plans regarding significant investments or capital assets[67](index=67&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=32&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) As of June 30, 2025, and 2024, the Group had not undertaken any material acquisitions or disposals of subsidiaries, associates, or joint ventures - As of **June 30, 2025, and 2024**, the Group had not undertaken any material acquisitions or disposals of subsidiaries, associates, or joint ventures[68](index=68&type=chunk) [Pledge of Assets](index=32&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, and 2024, no assets of the Group were pledged as security for bank facilities - As of **June 30, 2025, and 2024**, no assets of the Group were pledged as security for bank facilities[69](index=69&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and 2024, the Group had no significant contingent liabilities - As of **June 30, 2025, and 2024**, the Group had no significant contingent liabilities[70](index=70&type=chunk) [Events After Reporting Period](index=32&type=section&id=Events%20After%20Reporting%20Period) Events after the reporting period are detailed in Note 19 to the unaudited condensed consolidated financial statements - Events after the reporting period are detailed in Note 19 to the unaudited condensed consolidated financial statements[71](index=71&type=chunk) [Dividends](index=32&type=section&id=Dividends) Dividend information is provided in Note 8 to the unaudited condensed consolidated financial statements - Dividend information is detailed in Note 8 to the unaudited condensed consolidated financial statements[72](index=72&type=chunk) [Corporate Governance and Other Information](index=33&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's adherence to corporate governance standards, directors' and major shareholders' interests, and the use of proceeds from the share offer [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The company maintains high corporate governance standards, adhering to the GEM Listing Rules' Corporate Governance Code throughout the six months ended June 30, 2025 - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules and has complied with all applicable code provisions during the reporting period[73](index=73&type=chunk) [Compliance with Required Standard of Dealings by Directors in Securities Transactions](index=33&type=section&id=Compliance%20with%20Required%20Standard%20of%20Dealings%20by%20Directors%20in%20Securities%20Transactions) The company has adopted the required standard of dealings for directors' securities transactions as per GEM Listing Rules 5.48 to 5.67, with all directors confirming compliance during the reporting period - The Company has adopted the required standard of dealings set out in Rules **5.48 to 5.67** of the GEM Listing Rules, and all Directors have confirmed compliance with this standard during the reporting period[74](index=74&type=chunk) [Changes in Directors' Information](index=33&type=section&id=Changes%20in%20Directors'%20Information) The directors confirm that there have been no changes in their information requiring disclosure under GEM Listing Rule 17.50A(1) - The Directors confirm that there have been no changes in information requiring disclosure under **Rule 17.50A(1)** of the GEM Listing Rules[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended **June 30, 2025**, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[76](index=76&type=chunk) [Interim Dividend](index=33&type=section&id=Interim%20Dividend) The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the declaration of an interim dividend for the six months ended **June 30, 2025**[77](index=77&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=34&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, executive directors Mr. Chan Wing Chai and Mr. Chan Tin Kei held a 53.45% long position in the company's shares through their controlled corporation, Causeway Treasure Directors' Interests in the Company's Shares | Name of Director | Capacity/Nature of Interest | Number of Shares | Long/Short Position | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Chan Wing Chai | Interest in a controlled corporation | 427,600,560 | Long Position | 53.45% | | Mr. Chan Tin Kei | Interest in a controlled corporation | 427,600,560 | Long Position | 53.45% | - Mr. Chan Wing Chai and Mr. Chan Tin Kei each hold approximately **47.25%** interest in Causeway Treasure[79](index=79&type=chunk)[81](index=81&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=36&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Causeway Treasure was the largest shareholder with 53.45% of the company's shares, alongside other substantial shareholders including Ms. Au Yeung Ying Ho, ME Group International Plc., and Mr. Cheung Kam Ting Substantial Shareholders' Interests in the Company's Shares | Name/Designation | Capacity/Nature of Interest | Number of Shares | Long/Short Position | Approximate Percentage of the Company's Shareholding | | :--- | :--- | :--- | :--- | :--- | | Causeway Treasure | Beneficial owner | 427,600,560 | Long Position | 53.45% | | Ms. Au Yeung Ying Ho | Interest in a controlled corporation | 427,600,560 | Long Position | 53.45% | | ME Group International Plc. | Beneficial owner | 109,972,500 | Long Position | 13.75% | | Mr. Cheung Kam Ting | Beneficial owner | 62,426,940 | Long Position | 7.80% | - Mr. Chan Wing Chai, Ms. Au Yeung Ying Ho, and Mr. Chan Tin Kei have entered into a confirmation deed, confirming their past acting in concert and their intention to continue consolidating control over the Group[82](index=82&type=chunk) [Share Option Scheme](index=37&type=section&id=Share%20Option%20Scheme) The company's share option scheme, adopted on February 8, 2018, allows for the grant of up to 10% of issued shares, with no options granted, lapsed, exercised, or cancelled during the six months ended June 30, 2025 - The share option scheme was adopted on **February 8, 2018**, with a maximum number of shares that may be granted not exceeding **80,000,000 shares** (**10%** of the issued shares)[84](index=84&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted, lapsed, exercised, or cancelled under the share option scheme, and there were no outstanding share options[84](index=84&type=chunk) [Directors', Controlling Shareholders' and Substantial Shareholders' Interests in Competing Business](index=37&type=section&id=Directors'%2C%20Controlling%20Shareholders'%20and%20Substantial%20Shareholders'%20Interests%20in%20Competing%20Business) Non-executive director Mr. Riccardo Costi's associates hold interests in Dedem S.P.A., a European self-service photo booth operator, which may compete with the Group, though the Board ensures independent operation - Associates of non-executive director Mr. Riccardo Costi hold interests in Dedem S.P.A. and its subsidiaries, which operate self-service identity photo booths in Europe and may constitute a competing business with the Group[86](index=86&type=chunk) - The Board comprises eight directors, including three independent non-executive directors, to properly safeguard shareholders' interests and ensure the Company operates independently from competing businesses on an arm's length basis[86](index=86&type=chunk) [Audit Committee and Review of Accounts](index=38&type=section&id=Audit%20Committee%20and%20Review%20of%20Accounts) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated results and interim report for the six months ended June 30, 2025, confirming compliance with applicable standards - The Audit Committee has been established in accordance with the GEM Listing Rules and comprises three independent non-executive directors (Mr. Ngai Ah Kak, Mr. Hui Che Chun, and Mr. Kwok Chun Wah)[88](index=88&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated results and interim report for the six months ended **June 30, 2025**, and is of the opinion that they comply with applicable accounting standards, the GEM Listing Rules, and legal requirements[88](index=88&type=chunk) [Use of Proceeds from the Company's Share Offer](index=38&type=section&id=Use%20of%20Proceeds%20from%20the%20Company's%20Share%20Offer) Of the net proceeds of approximately HKD 31,852 thousand from the share offer, HKD 20,868 thousand has been utilized as of June 30, 2025, with remaining funds reallocated due to mainland China market challenges Use of Proceeds from Share Offer | Purpose | Net Proceeds Actually Utilized as of 2025年6月30日 (HKD Thousands) | Net Unutilized Proceeds as of 2025年6月30日 (HKD Thousands) | Adjusted Use of Net Proceeds as Stated in Relevant Announcements (HKD Thousands) | Expected Timeframe for Full Utilization of Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Expansion of Self-service Identity Photo Booth Network — Guangdong Province | 6,652 | – | 6,652 | – | | Expansion of Self-service Identity Photo Booth Network — Hong Kong | 282 | – | 282 | – | | Business Development of Hong Kong Self-service Identity Photo Booth Business | 904 | 5,196 | 6,100 | 2025年12月31日 | | Purchase of Equipment for Developing Medical and Related Services | 137 | 4,463 | 4,600 | 2025年12月31日 | | Establishment or Acquisition of New Clinics, Medical and Related Businesses | 987 | 1,013 | 2,000 | 2025年12月31日 | | Upgrading of Verification Centers and IT Infrastructure | 1,688 | 312 | 2,000 | 2025年12月31日 | | General Working Capital | 10,218 | – | 10,218 | – | | **Total** | **20,868** | **10,984** | **31,852** | | - Due to mainland China market challenges and the impact of the pandemic, the original plan to expand the self-service identity photo booth network in Guangdong Province has been delayed, and some proceeds have been reallocated[91](index=91&type=chunk)[92](index=92&type=chunk) - The unutilized net proceeds have been reallocated to the business development of Hong Kong self-service identity photo booth business, purchase of equipment for medical and related services, establishment or acquisition of new clinics, and general working capital[92](index=92&type=chunk) [Language](index=41&type=section&id=Language) In case of any discrepancy between the English and Chinese versions of this interim report, the English version shall prevail - In case of any discrepancy between the English version and the Chinese translation of this interim report, the English version shall prevail[95](index=95&type=chunk) [By Order of the Board](index=41&type=section&id=By%20Order%20of%20the%20Board) This interim report is presented by Mr. Chan Wing Chai, Chairman and Executive Director, on behalf of the Board of Directors on August 8, 2025 - This interim report is presented by Mr. Chan Wing Chai, Chairman and Executive Director, on behalf of the Board of Directors on **August 8, 2025**[96](index=96&type=chunk)

Core Viewpoint - The company reported a significant decline in revenue and a substantial increase in losses for the six months ending June 30, 2025, indicating financial challenges ahead [1]. Financial Performance - Revenue for the period was HKD 26.148 million, representing a year-on-year decrease of 24.37% [1]. - The loss attributable to equity shareholders was HKD 1.138 million, which is a dramatic increase of 471.86% compared to the previous year [1]. - The basic loss per share was HKD 0.14 cents [1].

Group 1 - The company reported a revenue of HKD 26.148 million for the six months ending June 30, 2025, representing a year-on-year decrease of 24.37% [1] - The loss attributable to equity shareholders was HKD 1.138 million, which expanded by 471.86% compared to the previous year [1] - The basic loss per share was HKD 0.14 [1]

Company Profile and GEM Characteristics [General Information & Directors' Responsibilities](index=1&type=section&id=General%20Information%20%26%20Directors'%20Responsibilities) This announcement complies with the GEM Listing Rules, providing information on Max Sight Group Holdings Limited and its subsidiaries (the "Group") - This announcement is made in accordance with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited to provide information on Max Sight Group Holdings Limited (the "Company") and its subsidiaries (collectively, the "Group")[2](index=2&type=chunk) - The directors of the Company collectively and individually accept full responsibility for this announcement and confirm that the information is accurate and complete in all material respects, and not misleading or deceptive[2](index=2&type=chunk) [Characteristics of the GEM Market](index=1&type=section&id=Characteristics%20of%20the%20GEM%20Market) The GEM market is positioned for small and mid-sized companies, which are associated with higher investment risks and potential market volatility - GEM is positioned as a market for small and mid-sized companies, which entail a **higher investment risk**[3](index=3&type=chunk) - Securities traded on GEM may experience **greater market volatility**, and a highly liquid market is not guaranteed[3](index=3&type=chunk) Interim Results Summary [Financial Performance Overview](index=2&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, the Group's revenue decreased by 24.37% year-on-year, primarily due to a significant decline in the photography services business Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | 26,148 | 34,574 | -24.37% | | Revenue from photography services | 14,264 | 23,441 | -39.15% | | Revenue from medical services | 11,884 | 11,133 | +6.75% | | **Gross Profit** | 8,218 | 10,839 | -24.18% | | Gross Profit Margin | 31.43% | 31.35% | +0.08pp | | **Loss attributable to equity holders of the Company** | (1,138) | (199) | +471.86% | | **Interim Dividend** | Not proposed | Nil | - | - The loss attributable to equity holders of the Company was mainly due to the decrease in revenue from the photography services business, resulting from: (i) a slowdown in demand for ID photos for travel document renewals; (ii) intensified price competition from traditional photography service providers; and (iii) the increasing adoption of services from personal document application service stations[4](index=4&type=chunk) Unaudited Condensed Consolidated Financial Statements [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a loss for the period of HK$751,000, compared to a profit of HK$252,000 in the prior-year period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Revenue | 26,148 | 34,574 | | Cost of services | (17,930) | (23,735) | | Gross profit | 8,218 | 10,839 | | Other income | 35 | 237 | | Other gains/(losses), net | 348 | (149) | | Administrative expenses | (8,753) | (10,188) | | Operating (loss)/profit | (152) | 739 | | Finance costs | (546) | (347) | | (Loss)/profit before tax | (698) | 392 | | Income tax | (53) | (140) | | (Loss)/profit for the period | (751) | 252 | | (Loss)/profit attributable to equity holders of the Company | (1,138) | (199) | | Profit attributable to non-controlling interests | 387 | 451 | | Total comprehensive income for the period | (896) | 434 | | Loss per share (HK cents) — Basic and diluted | (0.14) | (0.02) | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets decreased to HK$18,467,000, with a notable increase in net current assets driven by higher cash balances Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HK$ thousands) | December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 2,883 | 2,138 | | Right-of-use assets | 13,928 | 17,733 | | Total non-current assets | 19,032 | 22,435 | | **Current assets** | | | | Inventories | 1,516 | 1,721 | | Trade receivables | 2,630 | 1,933 | | Cash and bank balances | 21,320 | 15,246 | | Total current assets | 26,778 | 21,203 | | **Current liabilities** | | | | Trade payables | 164 | 316 | | Other payables and accruals | 2,963 | 3,668 | | Total current liabilities | 13,149 | 14,795 | | **Net current assets** | 13,629 | 6,408 | | **Total assets less current liabilities** | 32,661 | 28,843 | | **Non-current liabilities** | | | | Lease liabilities | 8,073 | 9,951 | | Total non-current liabilities | 8,498 | 10,376 | | **Net assets** | 24,163 | 18,467 | | **Total equity** | 24,163 | 18,467 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to the Company's equity holders decreased, primarily due to the period's loss and dividend payments Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | June 30, 2025 (HK$ thousands) | June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | **Total equity attributable to equity holders of the Company** | 17,952 | 24,169 | | (Loss)/profit for the period | (1,138) | (199) | | Other comprehensive income | (145) | 182 | | Dividends | (4,800) | (4,500) | | **Non-controlling interests** | 515 | (290) | | **Total equity** | 18,467 | 23,879 | - On June 14, 2024, the credit balance of approximately HK$45,583,000 in the share premium account was fully written off to offset all accumulated losses as of December 31, 2023, with the remainder transferred to the distributable reserve account[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities decreased, while net cash used in financing activities increased significantly Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | **Net cash from operating activities** | 4,684 | 6,292 | | **Net cash from investing activities** | 62 | 3,833 | | **Net cash used in financing activities** | (10,675) | (6,064) | | **Net (decrease)/increase in cash and cash equivalents** | (5,929) | 4,061 | | Cash and cash equivalents at end of period | 15,246 | 24,919 | - The increase in net cash used in financing activities was mainly due to payments for the capital portion of leases, lease interest, repayment of amounts due to non-controlling shareholders, and dividends paid to the Company's owners[15](index=15&type=chunk) Notes to the Unaudited Condensed Consolidated Financial Statements [1. General Information](index=10&type=section&id=1.%20General%20Information) Max Sight Group Holdings Limited, incorporated in the Cayman Islands, is listed on the GEM of the Stock Exchange and primarily engages in photography and medical services - The Company was incorporated in the Cayman Islands, and its shares were listed on the GEM of the Stock Exchange on February 28, 2018[16](index=16&type=chunk) - The Group is principally engaged in (i) providing photography services through self-service ID photo booths in Hong Kong and Guangdong Province, China; and (ii) providing medical services through medical centers in Hong Kong[17](index=17&type=chunk) - The unaudited condensed consolidated financial statements are presented in Hong Kong dollars (HK$), which is also the functional currency of the Company[18](index=18&type=chunk) [2. Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) The financial statements are prepared in accordance with HKAS 34 and the applicable disclosure requirements of the GEM Listing Rules, and have been reviewed by the Audit Committee - The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited[19](index=19&type=chunk) - The unaudited condensed consolidated financial statements have not been audited by the Company's auditor but have been reviewed by the Company's audit committee[20](index=20&type=chunk) [3. New and Amended Hong Kong Financial Reporting Standards](index=11&type=section&id=3.%20New%20and%20Amended%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted the amendment to HKAS 21 "Lack of Exchangeability" from January 1, 2025, which did not result in any changes to its accounting policies - The Group has adopted the amendment to HKAS 21 "Lack of Exchangeability" for the first time from January 1, 2025[21](index=21&type=chunk) - The adoption of the above amended standard did not result in any changes to the Group's accounting policies or require retrospective adjustments[21](index=21&type=chunk) [4. Revenue and Segment Information](index=11&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group's revenue, primarily from photography and medical services, declined by 24.37% year-on-year due to a significant drop in photography services [4.1 Revenue](index=11&type=section&id=4.1%20Revenue) The Group's revenue represents the fair value of amounts received and receivable for photography and medical services provided to external customers - The Group's principal activities are (i) providing photography services through self-service ID photo booths in Hong Kong and Guangdong Province, China; and (ii) providing medical services through medical centers in Hong Kong[22](index=22&type=chunk) Disaggregation of Revenue from Contracts with Customers by Major Service Line (For the six months ended June 30) | Service Line | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Revenue from photography services | 14,264 | 23,441 | | Revenue from medical services | 11,884 | 11,133 | | **Total** | **26,148** | **34,574** | [4.2 Segment Reporting](index=12&type=section&id=4.2%20Segment%20Reporting) The Group manages its business by service and geography, with three reportable segments: photography services in Hong Kong, photography services in Mainland China, and medical services in Hong Kong - The Group has identified the following three reportable segments: provision of photography services in Hong Kong, provision of photography services in Mainland China, and provision of medical services in Hong Kong[25](index=25&type=chunk)[27](index=27&type=chunk) Segment Results (For the six months ended June 30) | Segment | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | **Revenue** | | | | Photography services in Hong Kong | 14,255 | 22,887 | | Photography services in Mainland China | 9 | 554 | | Medical services in Hong Kong | 11,884 | 11,133 | | **Total Revenue** | **26,148** | **34,574** | | **Reportable segment profit/(loss)** | | | | Photography services in Hong Kong | 3,964 | 6,908 | | Photography services in Mainland China | (151) | (2) | | Medical services in Hong Kong | 1,282 | 456 | | **Total reportable segment profit** | **5,095** | **7,362** | Geographical Information (For the six months ended June 30) | Region | 2025 Revenue (HK$ thousands) | 2024 Revenue (HK$ thousands) | 2025 Non-current Assets (HK$ thousands) | 2024 Non-current Assets (HK$ thousands) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 26,139 | 34,020 | 19,871 | 17,818 | | Mainland China | 9 | 554 | – | – | | **Total** | **26,148** | **34,574** | **19,871** | **17,818** | [5. Finance Costs](index=13&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs of HK$546,000 were entirely attributable to interest on lease liabilities Finance Costs (For the six months ended June 30) | Finance Cost Item | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Interest on lease liabilities | 546 | 345 | | Interest on bank loans | – | 2 | | **Total** | **546** | **347** | [6. (Loss)/Profit Before Tax](index=14&type=section&id=6.%20(Loss)%2FProfit%20Before%20Tax) The Group recorded a pre-tax loss of HK$698,000 for the six months ended June 30, 2025, a reversal from a profit in the prior-year period (Loss)/Profit Before Tax Composition (For the six months ended June 30) | Item | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | **Depreciation** | | | | Property, plant and equipment | 745 | 891 | | Right-of-use assets | 4,344 | 4,130 | | **Total staff costs** | 7,137 | 9,135 | | Directors' remuneration | 2,392 | 3,025 | | Other staff costs | 4,531 | 5,795 | | Contributions to defined contribution retirement plans | 214 | 315 | | Short-term lease payments | 22 | 353 | | Variable lease payments | 4,423 | 9,290 | | Cost of inventories | 1,926 | 2,020 | [7. Income Tax](index=14&type=section&id=7.%20Income%20Tax) Income tax expense for the six months ended June 30, 2025, decreased to HK$53,000 from HK$140,000 in the prior-year period Income Tax (For the six months ended June 30) | Item | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 176 | 157 | | Deferred tax - Origination and reversal of temporary differences | (123) | (17) | | **Total** | **53** | **140** | - The subsidiaries in Mainland China are subject to a tax rate of 25% for the relevant periods, but no provision for Mainland China income tax was made as the Group incurred tax losses for the six months ended June 30, 2025 and 2024[34](index=34&type=chunk) - The Group has recognized withholding tax provisions for declared dividends and deferred tax liabilities for dividends to be declared in the foreseeable future, with no withholding tax recognized during the relevant periods[35](index=35&type=chunk) [8. Dividends](index=15&type=section&id=8.%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, but a special dividend for the year ended December 31, 2024 was paid - On May 22, 2025, the directors approved the declaration and payment of a special dividend of HK$0.006 per ordinary share for the year ended December 31, 2024, totaling HK$4,800,000, which was paid on June 23, 2025[36](index=36&type=chunk) - The directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[37](index=37&type=chunk) [9. Loss Per Share](index=15&type=section&id=9.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share widened to HK$0.14 cents from HK$0.02 cents in the prior-year period Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (0.14) | (0.02) | - The calculation of basic earnings per share is based on the loss attributable to equity holders of the Company of approximately HK$1,138,000 and HK$199,000 for the six months ended June 30, 2025 and 2024, respectively, and the weighted average number of 800,000,000 ordinary shares in issue[38](index=38&type=chunk) - There were no potential dilutive shares in existence during the six months ended June 30, 2025 and 2024[39](index=39&type=chunk) [10. Property, Plant and Equipment](index=16&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) During the six months ended June 30, 2025, the Group made no additions to property, plant and equipment, compared to additions of approximately HK$1,378,000 in the prior-year period - During the six months ended June 30, 2025, the Group did not acquire any property, plant and equipment (six months ended June 30, 2024: approximately HK$1,378,000)[40](index=40&type=chunk) - The Group disposed of property, plant and equipment with a carrying amount of nil (six months ended June 30, 2024: Nil)[40](index=40&type=chunk) [11. Right-of-use Assets](index=16&type=section&id=11.%20Right-of-use%20Assets) The Group recognized right-of-use assets and lease liabilities of approximately HK$8,062,000 for the six months ended June 30, 2025, a significant increase from the prior-year period - The Group entered into several lease agreements for the installation of self-service ID photo booths, which include variable lease payment terms[41](index=41&type=chunk) - For the six months ended June 30, 2025, the Group recognized right-of-use assets and lease liabilities of approximately **HK$8,062,000** at the commencement of the leases (six months ended June 30, 2024: approximately HK$1,525,000)[41](index=41&type=chunk) [12. Trade Receivables](index=16&type=section&id=12.%20Trade%20Receivables) The Group's transactions are mainly settled in cash and smart cards, with medical service payments typically cleared within 60 days - The Group's trading terms with its customers are mainly on a cash and smart card basis, except for payments arising from patients' use of medical cards and vouchers, which are generally settled within 60 days by medical network intermediaries and the HKSAR Government[42](index=42&type=chunk) Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (HK$ thousands) | December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | 0 to 30 days | 848 | 1,829 | | 31 to 60 days | 454 | 510 | | Over 60 days | 631 | 291 | | **Total** | **2,630** | **1,933** | [13. Other Receivables, Deposits and Prepayments](index=17&type=section&id=13.%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, other receivables, deposits and prepayments increased to HK$4,677,000, primarily driven by higher prepayments Other Receivables, Deposits and Prepayments (As of June 30) | Item | June 30, 2025 (HK$ thousands) | December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Rental and utilities deposits | 3,070 | 2,922 | | Prepayments | 1,266 | 428 | | Other receivables | 341 | 116 | | **Total** | **4,677** | **3,466** | | **Analysed as:** | | | | Current assets | 2,303 | 1,312 | | Non-current assets | 2,374 | 2,154 | [14. Trade Payables](index=17&type=section&id=14.%20Trade%20Payables) As of June 30, 2025, total trade payables decreased to HK$164,000, all of which were aged within 0 to 30 days Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (HK$ thousands) | December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | 0 to 30 days | 164 | 316 | [15. Other Payables and Accruals](index=18&type=section&id=15.%20Other%20Payables%20and%20Accruals) As of June 30, 2025, other payables and accruals decreased to HK$2,963,000, mainly comprising accrued expenses and provisions for salaries and bonuses Other Payables and Accruals (As of June 30) | Item | June 30, 2025 (HK$ thousands) | December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Accrued expenses | 2,437 | 1,933 | | Provision for salaries and bonus | 576 | 635 | | Other lease and license fees payable | 574 | 376 | | Other payables | 81 | 19 | | **Total** | **3,668** | **2,963** | [16. Share Capital](index=18&type=section&id=16.%20Share%20Capital) The Company's authorized share capital is HK$50,000,000, and its issued and fully paid-up share capital is HK$8,000,000, with no changes since its listing date - The Company's authorized share capital is **HK$50,000,000**, divided into 5,000,000,000 ordinary shares of HK$0.01 each[45](index=45&type=chunk) - The issued and fully paid-up ordinary shares amount to 800,000,000, with a share capital of **HK$8,000,000**[45](index=45&type=chunk) - There has been **no change** in the Company's share capital since its listing date[45](index=45&type=chunk) [17. Capital Commitments](index=18&type=section&id=17.%20Capital%20Commitments) As of June 30, 2025, and December 31, 2024, the Group had no outstanding capital commitments that were not provided for in the consolidated financial statements - There were **zero** capital commitments outstanding as at June 30, 2025 and December 31, 2024 that were not provided for in the consolidated financial statements[46](index=46&type=chunk)[47](index=47&type=chunk) [18. Related Party Transactions](index=19&type=section&id=18.%20Related%20Party%20Transactions) During the reporting period, the Group engaged in several transactions with related parties, including purchases, lease payments, and consulting fees Related Party Transactions (For the six months ended June 30) | Transaction Type | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Purchase of consumables (subsidiary of ME Group International Plc.) | – | 3 | | Lease payments (company owned by Mr. Chan Tin Kei and Ms. Au Yeung Ying Ho) | 437 | 436 | | Salaries and other benefits (Ms. Au Yeung Ying Ho) | 76 | 88 | | Consultation fees (non-controlling shareholders) | 1,885 | 1,699 | | Consultation fees (company owned by Dr. Chan Wing Lok) | 383 | 376 | Compensation of Directors and Other Key Management Personnel (For the six months ended June 30) | Compensation Type | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Short-term benefits | 3,241 | 3,976 | | Post-employment benefits | 54 | 61 | | **Total** | **3,295** | **4,037** | [19. Events After the Reporting Period](index=19&type=section&id=19.%20Events%20After%20the%20Reporting%20Period) The memorandum of understanding between Causeway Treasure and a potential purchaser regarding a possible sale of the Company's shares lapsed on July 4, 2025 - The memorandum of understanding and its supplemental memorandum entered into between Causeway Treasure and a potential purchaser regarding the possible sale of some or all of the Company's shares held by Causeway Treasure lapsed on July 4, 2025[49](index=49&type=chunk) Management Discussion and Analysis [Business Review](index=20&type=section&id=Business%20Review) The Group's photography business faces challenges while its medical services business shows growth, prompting strategic resource reallocation to adapt to market changes [Photography Services Business](index=20&type=section&id=Photography%20Services%20Business) The photography services business faces intensified price competition and challenges from the popularization of electronic ID photo services provided by government service stations - The photography services business faces **increasingly fierce price competition** from traditional photography service providers[51](index=51&type=chunk) - The growing popularity of electronic ID photo services offered at personal document application service stations has also **reduced customers' incentive** to use our self-service ID photo booths[51](index=51&type=chunk) - The Company is reallocating resources to (i) upgrade and maintain self-service ID photo booths; and (ii) enhance media advertising and promotional activities, while exploring business diversification through IT infrastructure upgrades[52](index=52&type=chunk)[53](index=53&type=chunk) [Medical Services Business](index=21&type=section&id=Medical%20Services%20Business) The medical services business continues to develop, benefiting from the Hong Kong Government's Primary Healthcare Blueprint and increased public health awareness - The Group is actively seeking to recruit and identify suitable medical practitioners, equipment, premises, and related business opportunities to further expand its medical services business[54](index=54&type=chunk) - The Hong Kong Government's Primary Healthcare Blueprint and heightened public health awareness post-pandemic are expected to sustain strong demand for medical and related healthcare services in Hong Kong[54](index=54&type=chunk) - The Company is reallocating resources to develop its medical services business by (i) purchasing equipment and upgrading computer hardware and software; and (ii) establishing or acquiring new clinics and related medical businesses[55](index=55&type=chunk) [Future Prospects](index=21&type=section&id=Future%20Prospects) The Group is committed to strengthening its existing core businesses while actively exploring new opportunities to achieve diversified and sustainable growth for its shareholders - The Group is committed to strengthening its existing core businesses and will continue to seize market opportunities[56](index=56&type=chunk) - The Company will continue to explore and identify new business opportunities for future development and expansion, aiming to diversify its business, broaden its revenue streams, and achieve sustainable growth to create value for shareholders[56](index=56&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The Group's financial performance for the six months ended June 30, 2025, reflects an overall revenue decline, primarily driven by challenges in the photography services business [Revenue](index=21&type=section&id=Revenue) The Group's total revenue decreased by 24.37% to HK$26,148,000, driven by a 39.15% decline in photography services revenue, while medical services revenue grew by 6.75% Revenue Comparison (For the six months ended June 30) | Business Type | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Photography services business | 14,264 | 23,441 | -39.15% | | Medical services business | 11,884 | 11,133 | +6.75% | | **Total Revenue** | **26,148** | **34,574** | **-24.37%** | - The decrease in revenue from the photography services business was mainly due to (i) a slowdown in demand for ID photos for travel document renewals; (ii) intensified price competition from traditional photography service providers; and (iii) the increasing adoption of services from personal document application service stations[58](index=58&type=chunk) [Cost of Services](index=22&type=section&id=Cost%20of%20Services) The Group's cost of services decreased by 24.49% to HK$17,930,000, in line with the reduction in revenue from the photography services business Cost of Services Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of services | 17,930 | 23,735 | -24.49% | - The decrease in the cost of services was in line with the decrease in revenue generated from the photography services business[59](index=59&type=chunk) [Gross Profit and Gross Profit Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's gross profit decreased by 24.18% to HK$8,218,000, while the gross profit margin remained relatively stable at 31.43% Gross Profit and Gross Profit Margin Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 8,218 | 10,839 | -24.18% | | Gross Profit Margin | 31.43% | 31.35% | +0.08pp | - The decrease in gross profit was in line with the decrease in revenue generated from the photography services business[60](index=60&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) Other income decreased by 85.23% to HK$35,000, primarily due to a reduction in bank interest income Other Income Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 35 | 237 | -85.23% | - The decrease in other income was mainly due to a decrease in bank interest income[61](index=61&type=chunk) [Other Gains/(Losses), Net](index=22&type=section&id=Other%20Gains%2F(Losses)%2C%20Net) The Group recorded net other gains of HK$348,000, a reversal from a net loss in the prior-year period, mainly due to foreign exchange gains and gains on disposal of assets Other Gains/(Losses), Net Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | | :--- | :--- | :--- | | Other gains/(losses), net | 348 | (149) | - Other gains/(losses), net primarily represent foreign exchange gains, gains on disposal of property, plant and equipment, and gains on early termination of leases for the six months ended June 30, 2025[62](index=62&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 14.08% to HK$8,753,000, mainly due to reduced staff costs and directors' remuneration Administrative Expenses Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 8,753 | 10,188 | -14.08% | - The decrease in administrative expenses was mainly due to a decrease in staff costs and directors' remuneration[63](index=63&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs increased to HK$546,000, consisting entirely of interest on lease liabilities for the period Finance Costs Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 546 | 347 | +57.35% | - Finance costs represent the interest on lease liabilities of approximately HK$546,000 for the six months ended June 30, 2025[64](index=64&type=chunk) [Income Tax](index=23&type=section&id=Income%20Tax) Income tax expense decreased by 62.14% to HK$53,000 for the six months ended June 30, 2025 Income Tax Expense Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 53 | 140 | -62.14% | [Loss Attributable to Equity Holders of the Company](index=23&type=section&id=Loss%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) The loss attributable to equity holders of the Company widened significantly to HK$1,138,000, primarily due to the decline in revenue from the photography services business Loss Attributable to Equity Holders of the Company Comparison (For the six months ended June 30) | Indicator | 2025 (HK$ thousands) | 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss attributable to equity holders of the Company | 1,138 | 199 | +471.86% | - The loss attributable to equity holders of the Company was mainly due to the decrease in revenue from the photography services business, influenced by factors including: (i) a slowdown in demand for ID photos for travel document renewals; (ii) intensified price competition from traditional photography service providers; and (iii) the increasing adoption of services from personal document application service stations[66](index=66&type=chunk) [Segment Reporting](index=23&type=section&id=Segment%20Reporting) An analysis of the Group's segment performance is detailed in Note 4 to the unaudited condensed consolidated financial statements - An analysis of the Group's segment performance is set out in Note 4 to the unaudited condensed consolidated financial statements in this announcement[67](index=67&type=chunk) [Share Capital](index=23&type=section&id=Share%20Capital) The Company's authorized share capital is HK$50,000,000, and its issued share capital is HK$8,000,000, with no changes since its listing date - The authorized share capital of the Company is **HK$50,000,000**, divided into 5,000,000,000 shares of HK$0.01 each[68](index=68&type=chunk) - The issued share capital of the Company is **HK$8,000,000**, divided into 800,000,000 shares of HK$0.01 each[68](index=68&type=chunk) - There has been **no change** in the Company's share capital since its listing date[68](index=68&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) The Group has established a Remuneration Committee to review the remuneration policies for directors and senior management, and its employee count decreased to 61 as of June 30, 2025 - The Group has established a remuneration committee to review the Group's remuneration policy and structure for all directors and senior management of the Group[69](index=69&type=chunk) Employee Headcount Comparison | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 61 | | June 30, 2024 | 69 | [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains a sound financial position, funding its operations primarily through cash flow from operations, with a gearing ratio of 57.68% as of June 30, 2025 - The Group primarily funds its operations with cash flow generated from its operations[70](index=70&type=chunk) Liquidity and Capital Resources Comparison (As of June 30) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total equity | HK$18,467,000 | HK$23,879,000 | | Total cash and cash equivalents | HK$15,246,000 | HK$24,919,000 | | Current ratio | 1.43 | 1.75 | | Quick ratio | 1.32 | 1.68 | | Gearing ratio | 57.68% | 52.20% | - The Group has established an appropriate liquidity risk management framework and manages its liquidity risk by maintaining adequate financial resources[72](index=72&type=chunk) [Foreign Exchange Risk Management](index=25&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group's currency risk is minimal, primarily arising from US dollar-denominated cash balances held by Hong Kong entities, and it does not currently use a hedging policy - The Group is exposed to currency risk primarily from cash and bank balances denominated in US dollars held by its Hong Kong entities[73](index=73&type=chunk) - As the Hong Kong dollar is pegged to the US dollar, the foreign exchange risk in respect of the US dollar is **insignificant**[73](index=73&type=chunk) - The Group currently **does not have a foreign currency hedging policy** and manages its foreign exchange risk by closely monitoring exchange rate movements[73](index=73&type=chunk) [Material Investments Held and Future Plans for Material Investments and Capital Assets](index=25&type=section&id=Material%20Investments%20Held%20and%20Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, and June 30, 2024, the Group held no material investments and had no future plans for such investments or capital assets - As at June 30, 2025 and 2024, the Group **did not hold any material investments** and had no future plans for material investments and capital assets[74](index=74&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) As of June 30, 2025, and June 30, 2024, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - As at June 30, 2025 and 2024, the Group **did not have any material acquisitions and disposals** of subsidiaries, associates and joint ventures[75](index=75&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, and June 30, 2024, the Group had no assets pledged as security for banking facilities - As at June 30, 2025 and 2024, the Group **had no assets pledged** as security for banking facilities[76](index=76&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and June 30, 2024, the Group had no significant contingent liabilities - As at June 30, 2025 and 2024, the Group **did not have any significant contingent liabilities**[77](index=77&type=chunk) [Events After the Reporting Period](index=25&type=section&id=Events%20After%20the%20Reporting%20Period) Information regarding events after the reporting period is set out in Note 19 to the unaudited condensed consolidated financial statements - Relevant information is set out in Note 19 to the unaudited condensed consolidated financial statements in this announcement[78](index=78&type=chunk) [Dividends](index=25&type=section&id=Dividends) Information regarding dividends is set out in Note 8 to the unaudited condensed consolidated financial statements - Relevant information is set out in Note 8 to the unaudited condensed consolidated financial statements in this announcement[79](index=79&type=chunk) Corporate Governance and Other Information [Corporate Governance](index=26&type=section&id=Corporate%20Governance) The Company is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code - The Company is committed to maintaining a high standard of corporate governance to safeguard the interests of shareholders and enhance corporate value and accountability[80](index=80&type=chunk) - The Company has adopted the Corporate Governance Code contained in Appendix C1 to the GEM Listing Rules as its own code of corporate governance[80](index=80&type=chunk) - During the six months ended June 30, 2025, the Company has **complied with all applicable code provisions** of the Corporate Governance Code[80](index=80&type=chunk) [Compliance with the Required Standard of Dealings for Securities Transactions by Directors](index=26&type=section&id=Compliance%20with%20the%20Required%20Standard%20of%20Dealings%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the required standard of dealings set out in the GEM Listing Rules, and all directors have confirmed their compliance for the period - The Company has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for securities transactions by its directors[81](index=81&type=chunk) - Each director has confirmed their compliance with the required standard of dealings during the six months ended June 30, 2025[81](index=81&type=chunk) [Changes in Directors' Information](index=26&type=section&id=Changes%20in%20Directors'%20Information) The directors have confirmed that there are no changes to their information that require disclosure under Rule 17.50A(1) of the GEM Listing Rules - The directors have confirmed that there is **no information required to be disclosed** pursuant to Rule 17.50A(1) of the GEM Listing Rules[82](index=82&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities (including treasury shares)[83](index=83&type=chunk) [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[84](index=84&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=26&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr Chan Wing Chi and Mr Chan Tin Chi held a 53.45% long position in the Company's shares through the controlled corporation Causeway Treasure [1. Interests/Short Positions in the Shares of the Company](index=27&type=section&id=1.%20Interests%2FShort%20Positions%20in%20the%20Shares%20of%20the%20Company) As of June 30, 2025, Mr Chan Wing Chi and Mr Chan Tin Chi each held a long position of 427,600,560 shares in the Company through a controlled corporation Directors'/Chief Executive's Interests/Short Positions in the Shares of the Company (As of June 30) | Name | Capacity/Nature of interest | Number of shares | Long/Short position | Approximate percentage of total issued shares | | :--- | :--- | :--- | :--- | :--- | | Mr Chan Wing Chi | Interest in a controlled corporation | 427,600,560 | Long | 53.45% | | Mr Chan Tin Chi | Interest in a controlled corporation | 427,600,560 | Long | 53.45% | - The disclosed interest refers to the interest held by Causeway Treasure in the Company, which is owned approximately 47.25% by Mr Chan Wing Chi, 47.25% by Mr Chan Tin Chi, and 5.5% by Ms Au Yeung Ying Ho[86](index=86&type=chunk) [2. Interests/Short Positions in the Shares or Debentures of Associated Corporations of the Company](index=27&type=section&id=2.%20Interests%2FShort%20Positions%20in%20the%20Shares%20or%20Debentures%20of%20Associated%20Corporations%20of%20the%20Company) As of June 30, 2025, Mr Chan Wing Chi and Mr Chan Tin Chi each beneficially owned approximately 47.25% of the associated corporation Causeway Treasure Directors' Interests/Short Positions in the Shares or Debentures of Associated Corporations of the Company (As of June 30) | Name of Director | Name of associated corporation | Capacity/Nature of interest | Number of shares | Long/Short position | Approximate percentage of shareholding in the relevant shares of the associated corporation | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr Chan Wing Chi | Causeway Treasure | Beneficial owner | 427,600,560 | Long | 47.25% | | Mr Chan Tin Chi | Causeway Treasure | Beneficial owner | 427,600,560 | Long | 47.25% | - The disclosed interest refers to the interest in Causeway Treasure, an associated corporation, which is owned approximately 47.25% by Mr Chan Wing Chi, 47.25% by Mr Chan Tin Chi, and the remaining 5.5% by Ms Au Yeung Ying Ho[88](index=88&type=chunk) [Substantial Shareholders' Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company](index=28&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20the%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) As of June 30, 2025, substantial shareholders included Causeway Treasure (53.45%), Ms Au Yeung Ying Ho (53.45% via controlled corporation), ME Group International Plc (13.75%), and Mr Cheung Kam Ting (7.80%) Substantial Shareholders' Interests and Short Positions in the Shares of the Company (As of June 30) | Name | Capacity/Nature of interest | Number of shares | Long/Short position | Approximate percentage of shareholding in the Company | | :--- | :--- | :--- | :--- | :--- | | Causeway Treasure | Beneficial owner | 427,600,560 | Long | 53.45% | | Ms Au Yeung Ying Ho | Interest in a controlled corporation | 427,600,560 | Long | 53.45% | | ME Group International Plc. | Beneficial owner | 109,972,500 | Long | 13.75% | | Mr Cheung Kam Ting | Beneficial owner | 62,426,940 | Long | 7.80% | - Ms Au Yeung Ying Ho, Mr Chan Wing Chi, and Mr Chan Tin Chi have entered into a confirmation deed, affirming their past and future intention to act in concert to consolidate their control over the Group[90](index=90&type=chunk) [Share Scheme](index=29&type=section&id=Share%20Scheme) The Company's share option scheme was adopted in 2018, and no options were granted, lapsed, exercised, or cancelled during the six months ended June 30, 2025 - The Company's share option scheme was adopted by shareholders pursuant to a written resolution on February 8, 2018[92](index=92&type=chunk) - The maximum number of shares that may be granted under the share option scheme as of January 1 and June 30, 2025, shall not exceed 80,000,000 shares, representing 10% of the shares in issue on the listing date[92](index=92&type=chunk) - During the six months ended June 30, 2025, **no share options** of the Company were granted, lapsed, exercised, or cancelled under the share option scheme, and there were no outstanding share options as of June 30, 2025, and the date of this announcement[92](index=92&type=chunk) [Interests of Directors, Controlling Shareholders and Substantial Shareholders in Competing Business](index=29&type=section&id=Interests%20of%20Directors%2C%20Controlling%20Shareholders%20and%20Substantial%20Shareholders%20in%20Competing%20Business) Non-executive Director Mr Riccardo Costi is deemed to have an interest in a competing business due to his associate's interest in Dedem S.P.A., which operates in a similar industry in Europe - An associate of Mr Riccardo Costi, a non-executive Director, has an interest in Dedem S.P.A. and its subsidiaries, which are principally engaged in the operation of self-service ID photo booths in Europe[94](index=94&type=chunk) - Mr Riccardo Costi is considered to have an interest in a business that competes or is likely to compete, either directly or indirectly, with the business of the Group[94](index=94&type=chunk) - The Board comprises eight directors, including three independent non-executive directors who are members of the Audit Committee, ensuring that the interests of shareholders are adequately safeguarded[95](index=95&type=chunk) [Audit Committee and Review of Accounts](index=30&type=section&id=Audit%20Committee%20and%20Review%20of%20Accounts) The Audit Committee has reviewed the Group's unaudited interim results and report, confirming compliance with applicable accounting standards and regulatory requirements - The Company has established an audit committee in compliance with Rules 5.28, 5.29 and 5.33 of the GEM Listing Rules and the Corporate Governance Code[97](index=97&type=chunk) - The Audit Committee reviews the Group's financial information, its relationship with the external auditor, and its financial reporting, risk management, and internal control systems[97](index=97&type=chunk) - The Audit Committee considers that the Group's unaudited consolidated results for the six months ended June 30, 2025, comply with applicable accounting standards, the GEM Listing Rules, and legal requirements, and that adequate disclosures have been made[97](index=97&type=chunk) [Use of Proceeds from the Share Offer of the Company](index=30&type=section&id=Use%20of%20Proceeds%20from%20the%20Share%20Offer%20of%20the%20Company) As of June 30, 2025, approximately HK$20,868,000 of the net proceeds from the 2018 share offer has been utilized, with unutilized funds reallocated due to market changes Use of Net Proceeds from the Share Offer (As of June 30) | Use | Actual amount utilised (HK$ thousands) | Unutilised net proceeds as at 30 June 2025 (HK$ thousands) | Adjusted use of net proceeds as stated in the Announcements (HK$ thousands) | | :--- | :--- | :--- | :--- | | Expansion of self-service ID photo booth network — Guangdong Province | 6,652 | – | 6,652 | | Expansion of self-service ID photo booth network — Hong Kong | 282 | – | 282 | | Business development of self-service ID photo booth business in Hong Kong | 904 | 5,196 | 6,100 | | Purchase of equipment for development of medical and related services | 137 | 4,463 | 4,600 | | Establishment or acquisition of new clinics, medical and related businesses | 987 | 1,013 | 2,000 | | Upgrading of validation centre and information technology infrastructure | 1,688 | 312 | 2,000 | | General working capital | 10,218 | – | 10,218 | | **Total** | **20,868** | **10,984** | **31,852** | - The planned expansion of the self-service ID photo booth network in Guangdong Province has been delayed and become increasingly challenging, mainly due to the popularization of online official document application systems and facial recognition systems in Mainland China[99](index=99&type=chunk) - The unutilized net proceeds have been reallocated to (i) business development of the self-service ID photo booth business in Hong Kong; (ii) purchase of equipment for medical and related services; (iii) establishment or acquisition of new clinics and related businesses; and (iv) general working capital[101](index=101&type=chunk) [Language](index=32&type=section&id=Language) In case of any discrepancy between the English and Chinese versions of this announcement, the English version shall prevail - In the event of any inconsistency between the English version and the Chinese translation of this announcement, the English version of this announcement shall prevail[103](index=103&type=chunk) [By Order of the Board](index=32&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr Chan Wing Chi, Chairman and Executive Director of Max Sight Group Holdings Limited, on August 8, 2025 - This announcement is issued by Mr Chan Wing Chi, Chairman and Executive Director of Max Sight Group Holdings Limited, on August 8, 2025[104](index=104&type=chunk) - As at the date of this announcement, the executive Directors are Mr Chan Wing Chi, Mr Chan Tin Chi and Dr Chan Wing Lok; the non-executive Directors are Mr Riccardo Costi and Ms Wong Sin Yue; and the independent non-executive Directors are Mr Ng Ngar Kok, Mr Hui Chi Kwan and Mr Kwok Chun Wah[104](index=104&type=chunk)

Group 1 - The company, Ming Shi Kuai Xiang (08483), announced the appointment of non-executive director Huang Qian'er and independent non-executive director Xu Ci Jun as additional members of the board nomination committee, effective from August 8, 2025 [1] - The board has appointed independent non-executive director Ni Ya Ge as the chief independent non-executive director, effective from August 8, 2025 [1]

Core Points - The company Ming Shi Kuai Xiang (08483) announced the appointment of non-executive director Huang Qian'er and independent non-executive director Xu Cijun as additional members of the board nomination committee, effective from August 8, 2025 [1] - The company has appointed independent non-executive director Ni Yage as the chief independent non-executive director, also effective from August 8, 2025 [1]