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瀛海集团(08668) - 截至2025年9月30日止股份发行人的证券变动月报表
2025-10-03 03:13
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: 瀛海集團控股有限公司 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) | 08668 | 說明 | | | | | | | | | 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 | | | 1,200,000,000 | | | | 1,200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 1,200,000,000 | | 0 | | 1,200,000,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | ...
瀛海集团(08668) - 截至2025年8月31日止股份发行人的证券变动月报表
2025-09-01 03:18
FF301 公司名稱: 瀛海集團控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08668 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | HKD | | 0.01 | HKD | | 120,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 12,000,000,000 | HKD | | 0.01 | HKD | | 120,000,000 | 本月底法定/註冊股本總額: HKD 120,000,000 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 ...
瀛海集团(08668.HK)中期收益约5150万港元 同比增加6.6%
Ge Long Hui· 2025-08-21 13:13
Core Insights - Yinghai Group (08668.HK) reported an unaudited revenue of approximately HKD 51.5 million for the six months ending June 30, 2025, representing a year-on-year increase of 6.6% [1] - The company recorded an unaudited loss attributable to shareholders of approximately HKD 1 million for the same period, a significant improvement compared to an unaudited loss of approximately HKD 5.9 million for the six months ending June 30, 2024 [1] - Basic and diluted loss per share was HKD 0.08, compared to HKD 0.49 for the previous period [1] - The company does not recommend the payment of an interim dividend for the six months ending June 30, 2025, consistent with the previous period where no dividend was declared [1]
瀛海集团(08668)公布中期业绩 净亏损100.8万港元 同比减少82.98%
智通财经网· 2025-08-21 13:05
Core Viewpoint - Yinghai Group (08668) reported a mid-year performance for 2025, showing a revenue of approximately HKD 51.5 million, representing a year-on-year increase of about 6.6% [1] Group 1: Financial Performance - The company recorded a net loss of HKD 1.008 million, which is a significant reduction of 82.98% year-on-year [1] - Basic and diluted loss per share was HKD 0.08 [1] Group 2: Revenue Drivers - The increase in revenue was primarily attributed to higher earnings from the sale and distribution of hotel rooms [1] - The reduction in losses was mainly due to: - Increased earnings from hotel room sales and distribution, as well as car rental services [1] - Growth in other income and earnings [1] - Decrease in employee benefit expenses [1]
瀛海集团公布中期业绩 净亏损100.8万港元 同比减少82.98%
Zhi Tong Cai Jing· 2025-08-21 13:05
Core Viewpoint - Yinghai Group (08668) reported a mid-year performance for 2025, showing a revenue of approximately HKD 51.5 million, representing a year-on-year increase of about 6.6%. The net loss was HKD 1.008 million, a significant reduction of 82.98% compared to the previous year, with basic and diluted loss per share at 0.08 HKD cents [1] Revenue Summary - The increase in revenue was primarily attributed to higher earnings from the sale and distribution of hotel rooms [1] - Other income and earnings also contributed to the revenue growth [1] Loss Reduction Factors - The reduction in net loss was mainly due to: - Increased earnings from hotel room sales and distribution, as well as car rental services [1] - Growth in other income and earnings [1] - Decrease in employee benefit expenses [1]
瀛海集团(08668) - 2025 - 中期财报
2025-08-21 12:56
[Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's revenue increased while its loss for the period significantly narrowed, reflecting improved financial performance Financial Highlights for the Six Months Ended June 30, 2025 | Metric | Six Months Ended June 30, 2025 (thousand HKD) | Six Months Ended June 30, 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 51,500 | 48,300 | | Loss for the period attributable to owners of the Company | (1,000) | (5,900) | | Basic and diluted loss per share | **(0.08) HK cents** | **(0.49) HK cents** | - The Group's revenue increased by approximately **6.6%** year-on-year, and its loss significantly narrowed by approximately **83.1%**[10](index=10&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the Group's financial performance, highlighting revenue, cost of sales, gross profit, and loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 51,490 | 48,302 | 3,188 | 6.6% | | Cost of sales | (44,449) | (43,464) | (985) | 2.3% | | Gross profit | 7,041 | 4,838 | 2,203 | 45.5% | | Other income and gains | 400 | 178 | 222 | 124.7% | | Administrative expenses | (9,601) | (12,039) | 2,438 | -20.2% | | Loss before tax | (1,008) | (5,921) | 4,913 | -83.0% | | Loss for the period | (1,008) | (5,921) | 4,913 | -83.0% | | Basic and diluted loss per share | **(0.08) HK cents** | **(0.49) HK cents** | 0.41港仙 | -83.7% | - The Group's loss for the period significantly narrowed, primarily due to a substantial increase in gross profit and a reduction in administrative expenses[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=6&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This section provides a snapshot of the Group's assets, liabilities, and equity, reflecting its financial health Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 10,946 | 11,929 | (983) | -8.2% | | Current assets | 33,774 | 32,943 | 831 | 2.5% | | Trade receivables | 10,115 | 16,377 | (6,262) | -38.2% | | Deposits, prepayments and other receivables | 16,086 | 10,092 | 5,994 | 59.4% | | Cash and cash equivalents | 4,995 | 3,248 | 1,747 | 53.8% | | Current liabilities | 20,395 | 19,417 | 978 | 5.0% | | Trade and other payables | 15,653 | 13,226 | 2,427 | 18.3% | | Net current assets | 13,379 | 13,526 | (147) | -1.1% | | Net assets | 22,934 | 23,990 | (1,056) | -4.4% | - Trade receivables significantly decreased, while deposits, prepayments, and other receivables substantially increased[15](index=15&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This section outlines changes in the Group's equity during the reporting period, including the impact of loss and exchange differences Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Metric | June 30, 2025 (thousand HKD) | January 1, 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Total equity at beginning of period | 23,990 | 33,672 | (9,682) | | Loss for the period | (1,008) | (5,921) | 4,913 | | Exchange differences | (48) | (92) | 44 | | Total equity at end of period | 22,934 | 27,659 | (4,725) | - Total equity attributable to owners of the Company decreased from **HKD 23,990 thousand** at the beginning of the period to **HKD 22,934 thousand**, primarily due to the loss for the period and a decrease in exchange reserves[16](index=16&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section presents the Group's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 3,284 | (683) | 3,967 | | Net cash generated from/(used in) investing activities | 67 | (10) | 77 | | Net cash used in financing activities | (1,556) | (615) | (941) | | Net increase/(decrease) in cash and cash equivalents | 1,795 | (1,308) | 3,103 | | Cash and cash equivalents at end of period | 4,995 | 5,182 | (187) | - Cash flow from operating activities shifted from a net outflow to a net inflow, indicating improved operating conditions[23](index=23&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the basis and key information for the Group's unaudited condensed consolidated financial statements [1. General Information](index=9&type=page&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Ying Hai Group Holdings Company Limited was incorporated in the Cayman Islands, with its shares listed on GEM of the Stock Exchange - The Company was incorporated in the Cayman Islands on December 18, 2018, and its shares were listed on GEM of the Stock Exchange on September 26, 2019[25](index=25&type=chunk) - The Company is an investment holding company, with subsidiaries primarily engaged in: Macau travel business (hotel room sales and distribution, profit income from air tickets/hotel rooms/travel packages), Macau automobile business (vehicle rental and limousine services), and Asia event and activity business (ticket sales, event organization and investment)[25](index=25&type=chunk) - The Company's functional currency is HKD, and financial statements are presented in **thousand HKD**[26](index=26&type=chunk) [2. Basis of Preparation and Accounting Policies](index=9&type=page&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The interim financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules, using historical cost convention, consistent with annual financial statements, with no significant impact from new HFRS amendments - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the GEM Listing Rules[27](index=27&type=chunk) - The accounting policies adopted are consistent with those applied in the audited consolidated financial statements for the year ended December 31, 2024[27](index=27&type=chunk) - The application of new and revised Hong Kong Financial Reporting Standards had no significant impact on the financial position and performance for the current period[28](index=28&type=chunk)[29](index=29&type=chunk) [3. Financial Risk Management and Financial Instruments](index=10&type=page&id=3.%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7) The Group is exposed to credit, cash flow, fair value interest rate, and liquidity risks, with unchanged risk management policies since December 31, 2024, and current financial instruments' carrying amounts approximating fair values - The Group's operations are exposed to credit risk, cash flow and fair value interest rate risk, and liquidity risk[30](index=30&type=chunk) - Risk management policies remained unchanged since December 31, 2024[31](index=31&type=chunk) - The carrying amounts of current financial assets and liabilities approximate their fair values due to their short-term nature[32](index=32&type=chunk) [4. Critical Accounting Estimates and Judgements](index=11&type=page&id=4.%20%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E4%BC%B0%E8%A8%88%E5%8F%8A%E5%88%A4%E6%96%B7) The preparation of interim financial statements involves management judgments, estimates, and assumptions, consistent with those followed in the audited consolidated financial statements for the year ended December 31, 2024 - The significant judgments made by management in preparing the financial statements and the key sources of estimation uncertainty are consistent with those in the **2024** annual report[34](index=34&type=chunk) [5. Revenue and Segment Information](index=11&type=page&id=5.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily stems from hotel room sales and distribution, limousine services, and event and activity business; for the six months ended June 30, 2025, hotel room sales and distribution revenue significantly increased, while event and activity income decreased, with the Group having three reportable operating segments: travel, automobile, and event and activity businesses Revenue by Source (Six Months Ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hotel room sales and distribution | 39,791 | 33,444 | 6,347 | 19.0% | | Provision of limousine services | 7,987 | 7,374 | 613 | 8.3% | | Event and activity income | 2,168 | 5,202 | (3,034) | -58.3% | | Vehicle rental income | 1,209 | 2,057 | (848) | -41.2% | | **Total Revenue** | **51,490** | **48,302** | **3,188** | **6.6%** | - The Group has three reportable operating segments: travel business, automobile business, and event and activity business[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) Segment Revenue and Results (Six Months Ended June 30, 2025) | Segment | Revenue (thousand HKD) | Results (thousand HKD) | | :--- | :--- | :--- | | Travel business | 39,936 | 1,680 | | Automobile business | 9,196 | 5,065 | | Event and activity business | 2,358 | 296 | | **Total** | **51,490** | **7,041** | Segment Revenue and Results (Six Months Ended June 30, 2024) | Segment | Revenue (thousand HKD) | Results (thousand HKD) | | :--- | :--- | :--- | | Travel business | 34,302 | 1,686 | | Automobile business | 8,792 | 3,352 | | Event and activity business | 5,208 | (200) | | **Total** | **48,302** | **4,838** | [6. Other Income and Gains](index=13&type=page&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, other income and gains increased to **HKD 400 thousand**, primarily due to higher exchange gains and miscellaneous income Other Income and Gains (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest income | 38 | 10 | 28 | 280.0% | | Exchange gains | 186 | 45 | 141 | 313.3% | | Miscellaneous income | 176 | 77 | 99 | 128.6% | | **Total** | **400** | **178** | **222** | **124.7%** | [7. Finance Costs](index=14&type=page&id=7.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, finance costs decreased from **HKD 69 thousand** in the prior period to **HKD 33 thousand**, mainly due to lower interest on lease liabilities and bank borrowings Finance Costs (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 12 | 40 | (28) | -70.0% | | Interest on bank borrowings | 21 | 29 | (8) | -27.6% | | **Total** | **33** | **69** | **(36)** | **-52.2%** | [8. Loss Before Tax](index=14&type=page&id=8.%20%E9%99%A4%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, loss before tax was **HKD 1,008 thousand**, primarily impacted by depreciation, lease payments, and employee benefit expenses, with the latter decreasing year-on-year Loss Before Tax Major Components (Six Months Ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,093 | 887 | 206 | 23.2% | | Lease payments relating to leased assets under operating leases | 452 | 526 | (74) | -14.1% | | Employee benefit expenses (including directors' emoluments) | 8,818 | 10,278 | (1,460) | -14.2% | [9. Income Tax Expense](index=14&type=page&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the Group had no income tax expense due to the absence of assessable profits - For the six months ended June 30, 2025, and 2024, the Group had no income tax expense due to the absence of assessable profits[49](index=49&type=chunk) - The Macau Complementary Tax rate is **12%**, and the China Enterprise Income Tax rate is **25%**[49](index=49&type=chunk) [10. Loss Per Share](index=15&type=page&id=10.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, basic and diluted loss per share was **0.08 HK cents**, a significant narrowing from **0.49 HK cents** in the prior period, mainly due to reduced loss for the period Loss Per Share (Six Months Ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (1,008) | (5,921) | | Weighted average number of shares (thousand shares) | 1,200,000 | 1,200,000 | | Basic and diluted loss per share | **(0.08) HK cents** | **(0.49) HK cents** | - As the Company had no potential dilutive ordinary shares during the reporting period, diluted loss per share was the same as basic loss per share[50](index=50&type=chunk) [11. Dividends](index=15&type=page&id=11.%20%E8%82%A1%E6%81%AF) The Board does not recommend the distribution of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend or propose an interim dividend for the six months ended June 30, 2025 (2024: **nil**)[51](index=51&type=chunk) [12. Property, Plant and Equipment](index=15&type=page&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group acquired property, plant and equipment of approximately **HKD 94 thousand**, a significant decrease compared to the prior period - For the six months ended June 30, 2025, property, plant and equipment acquired amounted to approximately **HKD 94 thousand** (2024: approximately **HKD 1,396 thousand**)[52](index=52&type=chunk) [13. Trade Receivables](index=15&type=page&id=13.%20%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As at June 30, 2025, total trade receivables were **HKD 12,085 thousand**, with a net amount of **HKD 10,115 thousand** after provisions, a significant decrease from the end of 2024; credit terms generally range from **30 to 45 days**, and receivables overdue by more than **90 days** substantially increased Trade Receivables (As at June 30) | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables, gross | 12,085 | 19,566 | (7,481) | -38.2% | | Less: Provision for expected credit losses | (1,970) | (3,189) | 1,219 | -38.2% | | **Net** | **10,115** | **16,377** | **(6,262)** | **-38.2%** | - Credit terms granted to major customers generally range from **30 to 45 days**[54](index=54&type=chunk) Trade Receivables Aging Analysis (As at June 30) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | 0 to 30 days | 4,801 | 13,220 | (8,419) | -63.7% | | 31 to 60 days | 1,647 | 1,569 | 78 | 5.0% | | 61 to 90 days | 235 | 1,578 | (1,343) | -85.1% | | Over 90 days | 3,432 | 10 | 3,422 | 34220.0% | [14. Deposits, Prepayments and Other Receivables](index=16&type=page&id=14.%20%E6%8C%89%E9%87%91%E3%80%81%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As at June 30, 2025, total deposits, prepayments, and other receivables increased to **HKD 16,086 thousand**, primarily due to increases in prepayments and other receivables Deposits, Prepayments and Other Receivables (As at June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Deposits paid | 4,518 | 4,752 | (234) | -4.9% | | Prepayments | 7,130 | 3,285 | 3,845 | 117.0% | | Other receivables | 4,438 | 2,055 | 2,383 | 115.9% | | **Total** | **16,086** | **10,092** | **5,994** | **59.4%** | [15. Trade and Other Payables](index=17&type=page&id=15.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As at June 30, 2025, total trade and other payables increased to **HKD 15,653 thousand**, primarily driven by significant increases in accruals and other payables and contract liabilities, while trade payables decreased Trade and Other Payables (As at June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 7,239 | 8,933 | (1,694) | -19.0% | | Accruals and other payables | 4,620 | 4,023 | 597 | 14.8% | | Contract liabilities | 3,724 | 14 | 3,710 | 26500.0% | | **Total** | **15,653** | **13,226** | **2,427** | **18.3%** | - The average credit period granted by suppliers is **30 days**[60](index=60&type=chunk) Trade Payables Aging Analysis (As at June 30) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | 0 to 30 days | 2,578 | 2,805 | (227) | -8.1% | | 31 to 60 days | 2,664 | 2,398 | 266 | 11.1% | | 61 to 90 days | 1,907 | 1,919 | (12) | -0.6% | | Over 90 days | 90 | 1,811 | (1,721) | -95.0% | [16. Share Capital](index=18&type=page&id=16.%20%E8%82%A1%E6%9C%AC) As at June 30, 2025, there were no significant changes in the Company's share capital structure, with both authorised and issued and fully paid share capital remaining unchanged Share Capital Structure (As at June 30) | Metric | Number of Ordinary Shares as at June 30, 2025 (thousand shares) | Carrying Amount as at June 30, 2025 (thousand HKD) | Number of Ordinary Shares as at December 31, 2024 (thousand shares) | Carrying Amount as at December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Authorised share capital | 12,000,000 | 120,000 | 12,000,000 | 120,000 | | Issued and fully paid share capital | 1,200,000 | 12,000 | 1,200,000 | 12,000 | - For the six months ended June 30, 2025, there were no significant changes in the Company's share capital structure[92](index=92&type=chunk) [17. Significant Related Party Transactions](index=18&type=page&id=17.%20%E9%87%8D%E5%A4%A7%E9%97%9C%E9%80%A3%E6%96%B9%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, the Group paid **HKD 117 thousand** in software maintenance fees to associated company Gold Faith Information Technology Limited, consistent with the prior period - Software maintenance fees of **HKD 117 thousand** were paid to associated company Gold Faith Information Technology Limited (2024: **HKD 117 thousand**)[64](index=64&type=chunk) - Gold Faith Information Technology Limited is beneficially owned by Ms. Chau Shu Yee, an executive Director of the Company[64](index=64&type=chunk) [18. Events After the Reporting Period](index=18&type=page&id=18.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As at the date of this report, the Board is not aware of any significant events after the reporting period that require disclosure - As at the date of this report, the Board is not aware of any significant events after the reporting period that require disclosure[65](index=65&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section discusses the Group's business performance, financial position, future outlook, and key risks and uncertainties [Business Review and Prospects](index=19&type=page&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) The Group, as a licensed travel agent and car rental service provider in Macau, operates across tourism, automobile, and event activities; its strategic goals include consolidating its market position in Macau, expanding cooperation for mid-to-high-end hotel rooms, considering extending its tourism business to China, and diversifying revenue through event activities - The Group primarily provides travel services and car rental services in Macau, China, and Hong Kong[66](index=66&type=chunk) - Business scope includes: travel business (hotel room sales and distribution, profit income from air tickets/hotel rooms/travel packages), automobile business (vehicle rental and limousine services), and event and activity business (ticket sales, event organization and investment)[66](index=66&type=chunk) - Strategic objectives: consolidate market position in Macau's tourism industry, seek cooperation with more Macau hotel operators, travel agents, and corporate clients, increase the number and variety of mid-to-high-end hotel rooms, and attract business travelers and high-spending customers[67](index=67&type=chunk) - Plans to expand travel business to China and diversify revenue streams through event and activity business, creating synergies with existing operations[67](index=67&type=chunk) - For the six months ended June 30, 2025, the Group participated in and organized several events and activities, such as the 'Kamen Rider **50th** Anniversary Exhibition' in Malaysia, the 'Chainsaw Man Anime Exhibition' in Hong Kong, and the 'POOHPAVEL Macau Fan Meeting' in Macau[68](index=68&type=chunk) [Financial Review](index=20&type=page&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's revenue increased by **6.6%** year-on-year to **HKD 51.5 million**, primarily driven by growth in hotel room sales and distribution; gross profit surged by **45.8%**, administrative expenses decreased by **20.0%**, leading to a significant **83.0%** narrowing of loss for the period to **HKD 1.0 million** [Revenue](index=20&type=page&id=%E6%94%B6%E7%9B%8A) Group revenue increased by **6.6%** year-on-year, primarily due to growth in hotel room sales and distribution - The Group's revenue increased by approximately **6.6%** from approximately **HKD 48.3 million** for the six months ended June 30, 2024, to approximately **HKD 51.5 million** for the six months ended June 30, 2025[69](index=69&type=chunk) - The increase in revenue was primarily due to increased revenue generated from the sales and distribution of hotel rooms[69](index=69&type=chunk) [Cost of Sales](index=20&type=page&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by **2.1%** year-on-year, mainly driven by increased sales of hotel rooms, event tickets, and car rental services - Cost of sales increased by approximately **2.1%** from approximately **HKD 43.5 million** to approximately **HKD 44.4 million**[70](index=70&type=chunk) - The increase was mainly driven by higher sales related to hotel room sales and distribution, event ticket sales, and provision of car rental services[70](index=70&type=chunk) [Gross Profit](index=20&type=page&id=%E6%AF%9B%E5%88%A9) Gross profit significantly increased by **45.8%**, primarily due to higher gross margins from increased revenue in car rental services - Gross profit increased by approximately **45.8%** from approximately **HKD 4.8 million** to approximately **HKD 7.0 million**[71](index=71&type=chunk) - The increase in gross profit was primarily due to increased revenue from providing car rental services, which generate higher gross margins for the Group[71](index=71&type=chunk) [Other Income and Gains](index=20&type=page&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains increased year-on-year, primarily due to higher exchange gains - Other income and gains increased from approximately **HKD 0.2 million** to approximately **HKD 0.4 million**[72](index=72&type=chunk) - The increase was mainly due to higher exchange gains for the six months ended June 30, 2025[72](index=72&type=chunk) [Administrative Expenses](index=20&type=page&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by **20.0%** year-on-year, primarily due to a reduction in employee benefit expenses - Administrative expenses decreased by approximately **20.0%** from approximately **HKD 12.0 million** to approximately **HKD 9.6 million**[73](index=73&type=chunk) - The decrease in administrative expenses was primarily due to a reduction in employee benefit expenses[73](index=73&type=chunk) [Income Tax Expense](index=20&type=page&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) The Group had no income tax expense during the reporting period due to the absence of assessable profits - The Group had no income tax expense for the six months ended June 30, 2025, and 2024[74](index=74&type=chunk) [Finance Costs](index=20&type=page&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs decreased year-on-year, reflecting lower interest on lease liabilities and bank borrowings - The Group's finance costs for the six months ended June 30, 2024, and 2025 were approximately **HKD 69 thousand** and **HKD 33 thousand**, respectively[75](index=75&type=chunk) [Loss for the Period](index=21&type=page&id=%E6%9C%9F%E5%85%A7%E8%99%A7%E6%90%8D) The Group's loss for the period significantly narrowed, primarily due to increased revenue, higher other income, and reduced administrative expenses - For the six months ended June 30, 2025, the Group recorded a loss of approximately **HKD 1.0 million**, compared to a loss of approximately **HKD 5.9 million** for the six months ended June 30, 2024[77](index=77&type=chunk) - The reduction in loss was primarily due to (i) increased revenue from hotel room sales and distribution and provision of car rental services; (ii) increased other income and gains; and (iii) reduced employee benefit expenses[77](index=77&type=chunk) [Use of Net Proceeds from Listing](index=21&type=page&id=%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E6%B7%A8%E9%A1%8D%E7%94%A8%E9%80%94) Net proceeds from the listing were approximately **HKD 39.3 million**; as at June 30, 2025, **HKD 36.954 million** had been utilized, with the remaining **HKD 2.342 million** primarily allocated for cooperation with more hotel operators, expected to be utilized by December 2025; the use of proceeds was adjusted due to the pandemic's impact - Net proceeds from the listing were approximately **HKD 39.3 million**[78](index=78&type=chunk) Use of Net Proceeds from Listing (As at June 30, 2025) | Intended Use | Adjusted Net Proceeds (thousand HKD) | Actual Utilized as at December 31, 2024 (thousand HKD) | Utilized for the Six Months Ended June 30, 2025 (thousand HKD) | Actual Utilized as at June 30, 2025 (thousand HKD) | Unutilized Amount as at June 30, 2025 (thousand HKD) | Expected Timeline for Intended Use | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion of fleet | 3,965 | 3,965 | — | 3,965 | — | — | | Cooperation with more hotel operators | 6,480 | 4,138 | — | 4,138 | 2,342 | 2025年12月 | | Increase marketing and expand sales channels | 2,319 | 2,319 | — | 2,319 | — | — | | Improve our operational efficiency | 1,485 | 1,485 | — | 1,485 | — | — | | Expand our workforce | 824 | 824 | — | 824 | — | — | | General working capital | 1,080 | 1,080 | — | 1,080 | — | — | | Cooperation with event organizers | 22,186 | 22,186 | — | 22,186 | — | — | | Expansion of travel business to China | 957 | 957 | — | 957 | — | — | | **Total** | **39,296** | **36,954** | **—** | **36,954** | **2,342** | | - The use of proceeds was adjusted due to the adverse impact of the COVID-19 pandemic on the Group's business[78](index=78&type=chunk) [Comparison of Business Strategies with Actual Business Progress](index=22&type=page&id=%E6%A5%AD%E5%8B%99%E7%AD%96%E7%95%A5%E8%88%87%E5%AF%A6%E9%9A%9B%E6%A5%AD%E5%8B%99%E9%80%B2%E5%B1%95%E7%9A%84%E6%AF%94%E8%BC%83) The Group has purchased **19 new vehicles** for fleet expansion, but is still identifying opportunities for cooperation with more hotel operators, event organizers, and expanding its tourism business into China Business Strategies and Actual Business Progress | Business Strategies as Stated in Prospectus and 2021 Announcement | Actual Business Progress as at the Date of this Report | | :--- | :--- | | Expansion of fleet | Purchased **19** new vehicles to provide point-to-point cross-border transportation services and car rental services in Macau | | Cooperation with more hotel operators | Identifying suitable hotel operators for cooperation | | Cooperation with event organizers | Will cooperate with event organizers to sponsor performances and events by renowned celebrities and artists in China, Macau, and Asia, subject to market demand | | Expansion of travel business to China | Identifying business opportunities in the tourism industry in China and Hong Kong | [Key Risks and Uncertainties in Achieving Our Business Strategies](index=22&type=page&id=%E5%AF%A6%E7%8F%BE%E6%88%91%E5%80%91%E6%A5%AD%E5%8B%99%E7%AD%96%E7%95%A5%E6%99%82%E7%9A%84%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) The Group faces multiple risks in achieving its business strategies, including potential resurgence of pandemics, travel restrictions, failure to secure suitable hotel partners, difficulties in market timing, and changes in consumer behavior amidst intense competition - A resurgence of the pandemic or other infectious diseases could lead to travel restrictions and lockdown measures, significantly impacting business operations[82](index=82&type=chunk) - Failure to find suitable hotel operators for cooperation with attractive terms could hinder expansion plans[82](index=82&type=chunk) - Difficulties in grasping business trends and market timing exist[82](index=82&type=chunk) - Facing changes in consumer behavior and intense competition in a volatile business environment[82](index=82&type=chunk) [Key Risks and Uncertainties](index=23&type=page&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) Key risks faced by the Group include the ongoing impact of the pandemic on tourism, reliance on Macau and China's policy and economic environment, delayed or defaulted customer payments, direct dealings between suppliers and customers, termination or unfavorable renewal of hotel cooperation agreements, and inability to secure sufficient parking spaces at reasonable costs - The severe impact of the pandemic on Macau and China's tourism industry, with potential future travel restrictions adversely affecting business again[84](index=84&type=chunk) - Revenue primarily derived from Macau, making it susceptible to changes in Macau and China's policies and economic environment[84](index=84&type=chunk) - Customers may delay or default on payments, while the Group still needs to pay hotel room fees and bear costs[84](index=84&type=chunk) - Key suppliers may deal directly with customers, or travel agent customers may procure hotel rooms from each other, bypassing the Group[84](index=84&type=chunk) - Hotel operators may terminate or refuse to renew cooperation agreements, or renewal terms may be unfavorable[84](index=84&type=chunk) - Failure to sell or distribute guaranteed quantities of hotel rooms at high prices, or reduced supply from hotel operators, could lead to reduced profits or losses[84](index=84&type=chunk) - Failure to obtain and maintain sufficient parking spaces at reasonable costs could impact growth opportunities[84](index=84&type=chunk) [Employees and Remuneration Policy](index=23&type=page&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As at June 30, 2025, the Group had **62 employees** with staff costs of approximately **HKD 8.8 million**, a year-on-year decrease primarily due to the cancellation of a one-off bonus scheme and a reduction in headcount; remuneration packages are determined based on individual performance, experience, and market levels - As at June 30, 2025, the Group had **62 employees** (June 30, 2024: **83 employees**)[83](index=83&type=chunk) - For the six months ended June 30, 2025, the Group's staff costs (including directors' emoluments) were approximately **HKD 8.8 million** (June 30, 2024: approximately **HKD 10.3 million**)[83](index=83&type=chunk) - The decrease in staff costs was mainly due to the introduction of a one-off staff bonus scheme for the six months ended June 30, 2024, and a reduction in the number of employees[83](index=83&type=chunk) - Remuneration packages are determined with reference to individual performance, work experience, and prevailing market salary levels, including basic salary, mandatory provident fund contributions, medical insurance plans, and potential share options[83](index=83&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=24&type=page&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) For the six months ended June 30, 2025, and up to the date of this report, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, and up to the date of this report, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[85](index=85&type=chunk) [Significant Investments Held](index=24&type=page&id=%E6%8C%81%E6%9C%89%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group's significant investments include financial assets at fair value through profit or loss (primarily event activity investments) and investment properties (Macau parking spaces); as at June 30, 2025, financial assets were settled, and investment properties' fair value remained unchanged, generating rental income - The Group's significant investments include financial assets at fair value through profit or loss and investment properties[86](index=86&type=chunk) Financial Assets at Fair Value Through Profit or Loss Movement (Six Months Ended June 30, 2025) | Metric | Investment Cost (thousand HKD) | Fair Value at Beginning of Year (thousand HKD) | Fair Value Gains Recognized (thousand HKD) | Settlement (thousand HKD) | Fair Value at End of Period (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 1,411 | 525 | 190 | 715 | — | - Financial assets at fair value through profit or loss refer to investments in various activities (such as the 'Kamen Rider **50th** Anniversary Exhibition' and 'Chainsaw Man Anime Exhibition'), where the Group is entitled to **20%** of the profits, and these activities were completed during the period[86](index=86&type=chunk) Investment Property Movement (Six Months Ended June 30, 2025) | Investment Property | Usage | Fair Value at Beginning of Year (thousand HKD) | Change in Fair Value (thousand HKD) | Fair Value at End of Period (thousand HKD) | Fair Value at End of Period as % of Total Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Parking Space No. 374, 1st Floor, Edificio Fu Tat Fa Yuen, No. 68 Rua de Paris, Macau | Parking space | 922 | — | 922 | 2.2% | | Parking Spaces Nos. 339 and 340, Mezzanine Floor, Dynasty Plaza, No. 463 Rua de Xangai, Macau | Parking space | 1,750 | — | 1,750 | 4.1% | | **Total** | | **2,672** | **—** | **2,672** | **6.3%** | - Investment properties refer to the Group's investments in parking spaces in Macau, which were leased out for rental income of approximately **HKD 28 thousand** for the six months ended June 30, 2025[88](index=88&type=chunk) [The Company's Investment Strategy for Investment Activities](index=26&type=page&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%B0%8D%E6%8A%95%E8%B3%87%E6%B4%BB%E5%8B%95%E7%9A%84%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5) The Company aims to diversify revenue streams by organizing and participating in renowned performances and events, leveraging Group resources - The Group's strategy is to identify opportunities, organize, and participate in renowned performances and events to diversify its revenue streams by leveraging its resources[90](index=90&type=chunk) [The Company's Investment Strategy for Investment Properties](index=26&type=page&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%B0%B1%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E7%9A%84%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5) The Company aims to generate cash inflows and capital appreciation from parking spaces, with no current plans to strategically increase its investment property portfolio - The Group's strategy is to utilize parking spaces to generate cash inflows and capital appreciation[91](index=91&type=chunk) - Currently, the Group has no plans to strategically increase its investment property portfolio; additional investment properties will only be acquired if suitable investment opportunities arise and the Group has surplus funds[91](index=91&type=chunk) [Liquidity and Financial Resources](index=26&type=page&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's total cash and bank deposits increased to **HKD 7.6 million**, while total borrowings and lease liabilities decreased to **HKD 1.7 million**; the gearing ratio fell to **7.6%**, indicating reduced financial leverage; the Group has no significant commitments or contingent liabilities and closely monitors foreign exchange risks [Capital Structure](index=26&type=page&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As at June 30, 2025, there were no significant changes in the Company's share capital structure, and no treasury shares were held or disposed of - For the six months ended June 30, 2025, there were no significant changes in the Company's share capital structure[92](index=92&type=chunk) - For the six months ended June 30, 2025, the Group did not hold or dispose of any treasury shares[92](index=92&type=chunk) [Cash Position](index=26&type=page&id=%E7%8F%BE%E9%87%91%E7%8B%80%E6%B3%81) The Group's total cash and bank deposits increased to **HKD 7.6 million**, primarily due to net cash inflow from operating activities - Cash and cash equivalents and bank deposits with maturities over three months ('Total Bank Balances') increased from approximately **HKD 5.9 million** as at December 31, 2024, to approximately **HKD 7.6 million** as at June 30, 2025[93](index=93&type=chunk) - The increase in cash and cash equivalents and bank deposits was primarily due to net cash inflow from operating activities for the six months ended June 30, 2025[93](index=93&type=chunk) - As at June 30, 2025, out of the **HKD 7.6 million** Total Bank Balances: approximately **HKD 5.0 million** represented the Group's cash and cash equivalents; and approximately **HKD 2.6 million** represented the Group's bank deposits with maturities over three months[93](index=93&type=chunk) [Borrowings and Lease Liabilities](index=26&type=page&id=%E5%80%9F%E6%AC%BE%E5%8F%8A%E7%A7%9F%E8%B3%83%E8%B2%A0%E5%82%B5) The Group's total borrowings and lease liabilities decreased to **HKD 1.7 million**, primarily comprising bank borrowings and lease liabilities - As at June 30, 2025, the Group's total borrowings and lease liabilities were approximately **HKD 1.7 million** (December 31, 2024: approximately **HKD 2.3 million**)[93](index=93&type=chunk) - Of this, approximately **HKD 1.5 million** represented bank borrowings with a fixed annual interest rate of **2.75%**[93](index=93&type=chunk) - Approximately **HKD 0.2 million** represented the Group's lease liabilities for right-of-use leases, with annual interest rates ranging from **4.3%** to **8.0%**[93](index=93&type=chunk) [Pledge of Assets](index=27&type=page&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) The Group has pledged bank deposits and certain properties to secure bank financing, trade guarantees, and travel agency license guarantees - As at June 30, 2025, the Group pledged bank deposits amounting to approximately **HKD 2.6 million** with maturities over three months as collateral for general banking facilities granted to the Group, as general trade deposit guarantees issued to the Group's suppliers, and as guarantees issued to the Macau government for obtaining travel agency licenses[94](index=94&type=chunk) - As at June 30, 2025, the Group pledged properties (parking spaces in Macau) with a carrying amount of approximately **HKD 1.8 million** to secure bank borrowings with a carrying amount of approximately **HKD 1.5 million**[94](index=94&type=chunk) [Gearing Ratio](index=27&type=page&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group's gearing ratio decreased to **7.6%**, reflecting reduced financial leverage - As at June 30, 2025, the Group's gearing ratio was approximately **7.6%** (December 31, 2024: approximately **9.4%**)[95](index=95&type=chunk) - The gearing ratio is calculated as total borrowings and lease liabilities divided by equity attributable to owners of the Company at the end of each period or year[95](index=95&type=chunk) [Dividends](index=27&type=page&id=%E8%82%A1%E6%81%AF) The Company did not declare or propose any interim dividend during the reporting period - For the six months ended June 30, 2025, the Company did not declare or propose any interim dividend (six months ended June 30, 2024: **nil**)[96](index=96&type=chunk) [Commitments](index=27&type=page&id=%E6%89%BF%E6%93%94) As at June 30, 2025, the Group had no significant capital commitments - As at June 30, 2025, the Group had no significant capital commitments (December 31, 2024: **nil**)[97](index=97&type=chunk) [Contingent Liabilities](index=27&type=page&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As at June 30, 2025, the Group had no significant contingent liabilities - As at June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: **nil**)[98](index=98&type=chunk) [Foreign Exchange Risk](index=27&type=page&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group operates in Macau, Hong Kong, and China, with transactions involving multiple currencies, and closely monitors foreign exchange risks - The Group operates in Macau, Hong Kong, and China, with most transactions settled in MOP, HKD, USD, SGD, TWD, and RMB[99](index=99&type=chunk) - As long as the HKD remains pegged to the MOP and USD, the Group is not exposed to significant foreign exchange risk related to HKD against MOP and USD[100](index=100&type=chunk) - Transactions and monetary assets and liabilities denominated in RMB are minimal, thus the Group considers there is no significant foreign exchange risk related to RMB[101](index=101&type=chunk) - The Group currently has no foreign exchange hedging policy for assets and liabilities denominated in foreign currencies; it will closely monitor foreign exchange risks and consider hedging significant exposures when necessary[101](index=101&type=chunk) [Treasury and Risk Management](index=28&type=page&id=%E5%BA%AB%E5%8B%99%E5%8F%8A%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Board continues to follow a prudent policy to manage cash and maintain liquidity to seize growth opportunities; the Group's credit risk primarily stems from trade receivables, deposits paid and other receivables, bank deposits, and cash and cash equivalents - The Directors will continue to follow a prudent policy to manage the Group's cash and maintain robust and sufficient liquidity, ensuring the Group can seize opportunities for future growth[102](index=102&type=chunk) - As at June 30, 2025, the Group's credit risk primarily arose from trade receivables, deposits paid and other receivables, bank deposits with original maturities over three months, and cash and cash equivalents[102](index=102&type=chunk) [Future Plans for Material Investments and Capital Assets](index=28&type=page&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As at June 30, 2025, the Group had no other significant investment and capital asset plans - Save as disclosed in this report, as at June 30, 2025, the Group had no other significant investment and capital asset plans[103](index=103&type=chunk) [Corporate Governance Practices](index=28&type=page&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, and complied with the code in all material respects during the reporting period, except for the combined roles of Chairman and Chief Executive Officer - The Company has adopted the Corporate Governance Code as set out in Appendix C1 to the GEM Listing Rules[104](index=104&type=chunk) - The Board believes that, save for the deviation from Code Provision C.2.1 of Part **2** of the Corporate Governance Code (where the roles of Chairman and Chief Executive Officer are combined), the Company has complied in all material respects with the Corporate Governance Code for the six months ended June 30, 2025[104](index=104&type=chunk) [Chairman and Chief Executive Officer](index=28&type=page&id=%E4%B8%BB%E5%B8%AD%E8%88%87%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81) Mr. Choi Wai Chun serves as both the Company's Chairman and Chief Executive Officer, an arrangement the Board believes is in the Group's best interest - Mr. Choi Wai Chun is currently the Chairman and Chief Executive Officer of the Company[105](index=105&type=chunk) - The Board believes that Mr. Choi's dual role is in the best interests of the Group, given his expertise in the tourism industry and the collective discussion of all major decisions by the Board, Board committees, and senior management[105](index=105&type=chunk) [Directors' Interests in Competing Businesses](index=28&type=page&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E7%9A%84%E6%AC%8A%E7%9B%8A) As at the date of this report, no Director or controlling shareholder held any interest in businesses competing with the Group's operations - For the six months ended June 30, 2025, and up to the date of this report, no Director, controlling shareholder, or their close associates had any interest in a business that competes or is likely to compete, directly or indirectly, with the Group's business[106](index=106&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=page&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) As at the date of this report, 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, and up to the date of this report, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[107](index=107&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=29&type=page&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E5%9C%A8%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As at June 30, 2025, Mr. Choi Wai Chun held a **75.0%** long position in the Company's shares through his wholly-owned Silver Esteem Limited, and a **100.0%** beneficial interest in Silver Esteem Limited Directors' Long Positions in Shares (As at June 30, 2025) | Director's Name | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Choi Wai Chun | Interest of controlled corporation | 900,000,000 | 75.0% | - These **900,000,000** shares are held by Silver Esteem Limited, a company wholly-owned by Mr. Choi Wai Chun[110](index=110&type=chunk) Directors' Long Positions in Shares of Associated Corporations (As at June 30, 2025) | Director's Name | Name of Associated Corporation | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Choi Wai Chun | Silver Esteem Limited | Beneficial owner | 1 | 100.0% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company](index=30&type=page&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E5%9C%A8%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As at June 30, 2025, substantial shareholder Silver Esteem Limited held a **75.0%** long position in the Company's shares, and Ms. Wong Pui King, Mr. Choi Wai Chun's spouse, is also deemed to hold the same percentage of shares due to spousal interest Substantial Shareholders' Long Positions in Shares (As at June 30, 2025) | Shareholder's Name | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Silver Esteem Limited | Beneficial owner | 900,000,000 | 75.0% | | Ms. Wong Pui King | Interest of spouse | 900,000,000 | 75.0% | - Silver Esteem Limited is wholly-owned by Mr. Choi Wai Chun[115](index=115&type=chunk) - Ms. Wong Pui King, being the spouse of Mr. Choi Wai Chun, is deemed to be interested in all the shares held by Mr. Choi Wai Chun for the purpose of the Securities and Futures Ordinance[115](index=115&type=chunk) [Share Option Scheme](index=30&type=page&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company adopted a share option scheme on September 3, 2019, but as at the date of this report, no share options have been granted, exercised, cancelled, forfeited, or lapsed under the scheme - The Company adopted a share option scheme on September 3, 2019[113](index=113&type=chunk) - No share options were granted, agreed to be granted, exercised, cancelled, lapsed, or forfeited under the scheme for the six months ended June 30, 2025, and up to the date of this report[113](index=113&type=chunk) [Standard of Dealings by Directors in Securities](index=30&type=page&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Group has adopted the required standard of dealings set out in the GEM Listing Rules, and all Directors confirmed compliance with the code during the reporting period - The Group has adopted the required standard of dealings set out in Rules **5.48** to **5.67** of the GEM Listing Rules as the code of conduct for directors' dealings in securities[114](index=114&type=chunk) - Following specific enquiries with all Directors, all Directors confirmed that they have complied with the required standard of dealings and the code of conduct for directors' dealings in securities for the six months ended June 30, 2025, and up to the date of this report[114](index=114&type=chunk) [Events After the Reporting Period](index=31&type=page&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) As at the date of this report, no significant events requiring disclosure occurred after the reporting period - No significant events requiring disclosure occurred after June 30, 2025, and up to the date of this report[116](index=116&type=chunk) [Audit Committee](index=31&type=page&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive Directors with Mr. Wu Chung Ming as Chairman, has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and found them compliant with applicable accounting standards and GEM Listing Rules - The Audit Committee comprises three independent non-executive Directors, namely Mr. Wu Chung Ming (Chairman), Mr. So Siu Kei, and Mr. Sze Lik Tao[117](index=117&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that they were prepared in accordance with applicable accounting standards and the GEM Listing Rules, and that adequate disclosures have been made[117](index=117&type=chunk)
瀛海集团(08668) - 2025 - 中期业绩
2025-08-21 12:55
[Financial Highlights](index=4&type=section&id=Financial%20Highlights) This section provides an overview of key financial data, including revenue, loss attributable to owners, and EPS, showing significant loss reduction Key Financial Data Overview | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 51,500 | 48,300 | 3,200 | 6.6% | | Loss for the period attributable to owners of the Company | (1,000) | (5,900) | 4,900 (narrowed) | -83.1% | | Basic and diluted loss per share | (0.08) HK cents | (0.49) HK cents | 0.41 HK cents (improved) | -83.7% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the group's financial performance for the six months, showing revenue growth and a reduced loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 51,490 | 48,302 | 3,188 | 6.6% | | Cost of sales | (44,449) | (43,464) | (985) | 2.3% | | Gross profit | 7,041 | 4,838 | 2,203 | 45.5% | | Other income and gains | 400 | 178 | 222 | 124.7% | | Administrative expenses | (9,601) | (12,039) | 2,438 | -20.2% | | Loss before tax | (1,008) | (5,921) | 4,913 | -83.0% | | Loss for the period | (1,008) | (5,921) | 4,913 | -83.0% | | Basic and diluted loss per share | (0.08) HK cents | (0.49) HK cents | 0.41 HK cents | -83.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement details the group's assets, liabilities, and equity as of June 30, 2025, indicating changes in financial position Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | | Property, plant and equipment | 7,561 | 8,560 | (999) | -11.7% | | Investment properties | 2,672 | 2,672 | 0 | 0.0% | | Investment in an associate | 713 | 697 | 16 | 2.3% | | **Total non-current assets** | **10,946** | **11,929** | **(983)** | **-8.2%** | | **Current assets** | | | | | | Trade receivables | 10,115 | 16,377 | (6,262) | -38.2% | | Deposits, prepayments and other receivables | 16,086 | 10,092 | 5,994 | 59.4% | | Cash and cash equivalents | 4,995 | 3,248 | 1,747 | 53.8% | | **Total current assets** | **33,774** | **32,943** | **831** | **2.5%** | | **Current liabilities** | | | | | | Trade and other payables | 15,653 | 13,226 | 2,427 | 18.3% | | Borrowings | 139 | 139 | 0 | 0.0% | | Lease liabilities | 218 | 658 | (440) | -66.9% | | **Total current liabilities** | **20,395** | **19,417** | **978** | **5.0%** | | **Net assets** | **22,934** | **23,990** | **(1,056)** | **-4.4%** | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines changes in the group's equity attributable to owners, primarily due to the period's loss and exchange reserve movements Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30, 2025) | Indicator | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 23,990 | 22,934 | (1,056) | -4.4% | - The **loss for the period of HKD 1,008 thousand** and a **decrease in exchange reserve of HKD 48 thousand** were the primary reasons for the decrease in total equity[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes cash flows from operating, investing, and financing activities, showing a positive shift in operating cash flow Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 3,284 | (683) | 3,967 | | Net cash generated from/(used in) investing activities | 67 | (10) | 77 | | Net cash used in financing activities | (1,556) | (615) | (941) | | Net increase/(decrease) in cash and cash equivalents | 1,795 | (1,308) | 3,103 | | Cash and cash equivalents at end of period | 4,995 | 5,182 | (187) | - Operating cash flow shifted from a net outflow to a **net inflow of HKD 3,284 thousand**, indicating improved operational efficiency[25](index=25&type=chunk) - Cash outflow from financing activities increased, primarily due to repayment of borrowings and lease liabilities[25](index=25&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. General Information](index=9&type=section&id=1.%20General%20Information) This section introduces the company's incorporation, listing, and primary business segments in Macau, China, and Hong Kong - The Company was incorporated in the Cayman Islands on **December 18, 2018**, and listed on GEM of the Stock Exchange on **September 26, 2019**[27](index=27&type=chunk) - Principal business activities include **tourism business** (Macau hotel room sales and distribution, air ticket, hotel room, and travel package related product profit income), **automobile business** (Macau vehicle rental and limousine services), and **performance and event business** (ticket sales, organization, and related support services for performances and events in Asia, and event investments)[27](index=27&type=chunk) - Silver Esteem Limited is the direct and ultimate holding company, wholly owned by Mr. Choi Wai Chun, an executive Director[27](index=27&type=chunk) [2. Basis of Preparation and Accounting Policies](index=9&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This section explains the basis of preparing interim financial statements and the adoption of new accounting standards - The financial statements are 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 GEM Listing Rules[29](index=29&type=chunk) - All new and revised Hong Kong Financial Reporting Standards effective for financial years beginning on or after **January 1, 2025**, including HKAS 21 (Amendment) "Lack of Exchangeability," have been applied[30](index=30&type=chunk)[31](index=31&type=chunk) - The application of new and revised standards has no significant impact on the amounts reported and disclosures made in these financial statements for the current period[31](index=31&type=chunk) [3. Financial Risk Management and Financial Instruments](index=10&type=section&id=3.%20Financial%20Risk%20Management%20and%20Financial%20Instruments) This section addresses the group's exposure to credit, interest rate, and liquidity risks, with unchanged risk management policies [3.1 Financial Risk Factors](index=10&type=section&id=3.1%20Financial%20Risk%20Factors) This section identifies the primary financial risks faced by the group and confirms consistent risk management policies - The Group's operations are exposed to various financial risks: **credit risk, cash flow and fair value interest rate risk, and liquidity risk**[32](index=32&type=chunk) - The risk management policies have remained unchanged since **December 31, 2024**[33](index=33&type=chunk) [3.2 Fair Value Estimation](index=10&type=section&id=3.2%20Fair%20Value%20Estimation) This section states that the carrying amounts of liquid financial instruments approximate their fair values - The carrying amounts of the Group's liquid financial assets and liabilities at the reporting date approximate their fair values[34](index=34&type=chunk) - The carrying amounts of non-current lease liabilities are assumed to approximate their fair values because these amounts are interest-bearing at commercial rates[34](index=34&type=chunk) [4. Critical Accounting Estimates and Judgements](index=11&type=section&id=4.%20Critical%20Accounting%20Estimates%20and%20Judgements) This section highlights the management's use of judgments and estimates in financial reporting, consistent with prior annual statements - The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses[36](index=36&type=chunk) - The significant judgments made by management and the key sources of estimation uncertainty are consistent with those followed in the Company's audited consolidated financial statements for the year ended **December 31, 2024**[36](index=36&type=chunk) [5. Revenue and Segment Information](index=11&type=section&id=5.%20Revenue%20and%20Segment%20Information) This section details the group's revenue sources and segment performance, with tourism and auto businesses being key contributors Revenue Composition (Six Months Ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Hotel room sales and distribution | 39,791 | 33,444 | 6,347 | 19.0% | | Provision of limousine services | 7,987 | 7,374 | 613 | 8.3% | | Performance and event income | 2,168 | 5,202 | (3,034) | -58.3% | | Gain on financial assets at fair value through profit or loss | 190 | — | 190 | N/A | | Vehicle rental income | 1,209 | 2,057 | (848) | -41.2% | | **Total Revenue** | **51,490** | **48,302** | **3,188** | **6.6%** | - The Group has three reportable operating segments: **tourism business, automobile business, and performance and event business**[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Segment Revenue and Results](index=12&type=section&id=Segment%20Revenue%20and%20Results) Segment Revenue and Results (Six Months Ended June 30, 2025) | Segment | Revenue (HKD thousands) | Results (HKD thousands) | | :--- | :--- | :--- | | Tourism business | 39,936 | 1,680 | | Automobile business | 9,196 | 5,065 | | Performance and event business | 2,358 | 296 | | **Total** | **51,490** | **7,041** | Segment Revenue and Results (Six Months Ended June 30, 2024) | Segment | Revenue (HKD thousands) | Results (HKD thousands) | | :--- | :--- | :--- | | Tourism business | 34,302 | 1,686 | | Automobile business | 8,792 | 3,352 | | Performance and event business | 5,208 | (200) | | **Total** | **48,302** | **4,838** | - The **automobile business results increased by 51.1%** from HKD 3,352 thousand in the same period of 2024 to **HKD 5,065 thousand** in the same period of 2025[43](index=43&type=chunk)[45](index=45&type=chunk) - Revenue from the performance and event business decreased from HKD 5,208 thousand in the same period of 2024 to **HKD 2,358 thousand** in the same period of 2025, while results turned from a loss of HKD 200 thousand to a **profit of HKD 296 thousand**[43](index=43&type=chunk)[45](index=45&type=chunk) [6. Other Income and Gains](index=13&type=section&id=6.%20Other%20Income%20and%20Gains) This section explains the increase in other income and gains, primarily driven by exchange and miscellaneous income Other Income and Gains Composition (Six Months Ended June 30) | Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest income | 38 | 10 | 28 | 280.0% | | Exchange gains | 186 | 45 | 141 | 313.3% | | Miscellaneous income | 176 | 77 | 99 | 128.6% | | **Total** | **400** | **178** | **222** | **124.7%** | [7. Finance Costs](index=14&type=section&id=7.%20Finance%20Costs) This section reports a decrease in finance costs due to reduced interest on lease liabilities and bank borrowings Finance Costs Composition (Six Months Ended June 30) | Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 12 | 40 | (28) | -70.0% | | Interest on bank borrowings | 21 | 29 | (8) | -27.6% | | **Total** | **33** | **69** | **(36)** | **-52.2%** | [8. Loss Before Tax](index=14&type=section&id=8.%20Loss%20Before%20Tax) This section shows a significant reduction in loss before tax, mainly attributed to lower administrative expenses Key Deductions for Loss Before Tax (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,093 | 887 | 206 | 23.2% | | Lease payments under operating leases for leased assets | 452 | 526 | (74) | -14.1% | | Employee benefits expense (including Directors' emoluments) | 8,633 | 10,093 | (1,460) | -14.5% | | Contributions to retirement benefit schemes | 185 | 185 | 0 | 0.0% | - **Employee benefits expense decreased by HKD 1,460 thousand**, which is a significant factor in the narrowed loss[50](index=50&type=chunk) [9. Income Tax Expense](index=14&type=section&id=9.%20Income%20Tax%20Expense) This section states no income tax expense incurred due to the absence of taxable profits, outlining applicable tax rates - The Group had no income tax expense for the six months ended June 30, 2025 and 2024, as it did not generate any taxable profits[51](index=51&type=chunk) - Macau Complementary Tax is calculated at a rate of **12%**, and Chinese subsidiaries are subject to China Enterprise Income Tax at a rate of **25%**[51](index=51&type=chunk) [10. Loss Per Share](index=15&type=section&id=10.%20Loss%20Per%20Share) This section reports a significant improvement in basic and diluted loss per share due to the reduced period loss Loss Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | (0.08) HK cents | (0.49) HK cents | - The weighted average number of shares used to calculate basic and diluted loss per share is **1,200,000 thousand shares**[52](index=52&type=chunk) - Diluted loss per share is the same as basic loss per share because the Company had no potential dilutive ordinary shares during the reporting period[52](index=52&type=chunk) [11. Dividends](index=15&type=section&id=11.%20Dividends) This section confirms that the board does not recommend an interim dividend for the period - The Directors do not recommend or propose an interim dividend for the six months ended June 30, 2025[53](index=53&type=chunk) [12. Property, Plant and Equipment](index=15&type=section&id=12.%20Property,%20Plant%20and%20Equipment) This section notes a substantial decrease in property, plant, and equipment acquisitions compared to the prior year Property, Plant and Equipment Acquired (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Property, plant and equipment acquired | 94 | 1,396 | (1,302) | -93.3% | [13. Trade Receivables](index=15&type=section&id=13.%20Trade%20Receivables) This section details a significant decrease in net trade receivables, with credit terms typically 30-45 days Trade Receivables (As at June 30, 2025) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables, gross | 12,085 | 19,566 | (7,481) | -38.2% | | Less: Provision for expected credit losses | (1,970) | (3,189) | 1,219 | -38.2% | | **Net** | **10,115** | **16,377** | **(6,262)** | **-38.2%** | - The credit period granted to major customers generally ranges from **30 to 45 days**[56](index=56&type=chunk) - Trade receivables over 90 days significantly increased from **HKD 10 thousand** at the end of 2024 to **HKD 3,432 thousand** as of June 30, 2025[57](index=57&type=chunk) [14. Deposits, Prepayments and Other Receivables](index=16&type=section&id=14.%20Deposits,%20Prepayments%20and%20Other%20Receivables) This section reports a notable increase in deposits, prepayments, and other receivables, driven by prepayments and other receivables Deposits, Prepayments and Other Receivables (As at June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Deposits paid | 4,518 | 4,752 | (234) | -4.9% | | Prepayments | 7,130 | 3,285 | 3,845 | 117.0% | | Other receivables | 4,438 | 2,055 | 2,383 | 115.9% | | **Total** | **16,086** | **10,092** | **5,994** | **59.4%** | [15. Trade and Other Payables](index=17&type=section&id=15.%20Trade%20and%20Other%20Payables) This section shows an increase in trade and other payables, primarily due to accrued expenses and contract liabilities Trade and Other Payables (As at June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 7,239 | 8,933 | (1,694) | -19.0% | | Accrued expenses and other payables | 4,620 | 4,023 | 597 | 14.8% | | Deposits received | 70 | 256 | (186) | -72.7% | | Contract liabilities | 3,724 | 14 | 3,710 | 26500.0% | | **Total** | **15,653** | **13,226** | **2,427** | **18.3%** | - The average credit period granted by suppliers is **30 days**[62](index=62&type=chunk) - Contract liabilities significantly increased from **HKD 14 thousand** at the end of 2024 to **HKD 3,724 thousand** as of June 30, 2025[61](index=61&type=chunk) [16. Share Capital](index=18&type=section&id=16.%20Share%20Capital) This section states that the company's authorized and issued share capital remained unchanged during the period - Both authorized and issued and fully paid share capital remained unchanged during the reporting period, at **HKD 120,000 thousand** and **HKD 12,000 thousand**, respectively[65](index=65&type=chunk) - The number of issued and fully paid ordinary shares is **1,200,000 thousand shares**[65](index=65&type=chunk) [17. Significant Related Party Transactions](index=18&type=section&id=17.%20Significant%20Related%20Party%20Transactions) This section discloses software maintenance fees paid to an associated company beneficially owned by an executive director Significant Related Party Transactions (Six Months Ended June 30) | Transaction Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Software maintenance fees paid to an associated company (Kam Shun Information Technology Limited) | 117 | 117 | - Kam Shun Information Technology Limited is beneficially owned by Ms. Zou Shu Er, an executive Director of the Company[66](index=66&type=chunk) [18. Events After the Reporting Period](index=18&type=section&id=18.%20Events%20After%20the%20Reporting%20Period) This section confirms no significant disclosable events occurred after the reporting period - The Board is not aware of any significant disclosable events after the reporting period from June 30, 2025, up to the date of this report[67](index=67&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's business performance, financial position, and future strategies [Business Review and Prospects](index=19&type=section&id=Business%20Review%20and%20Prospects) This section reviews the group's diversified business in tourism, auto, and events, outlining expansion plans in Hong Kong and China - The Group is primarily a tourism service and car rental service provider focusing on Macau, China, and Hong Kong, with businesses covering tourism, automobile, and performance and events[68](index=68&type=chunk) - On **March 22, 2023**, Ying Hoi Travel Agency Limited, a subsidiary of the Company, was granted a Hong Kong Travel Agent License by the Travel Industry Authority, expanding its business to Hong Kong[68](index=68&type=chunk) - The Group strategically plans to seek cooperation with more hotel operators, other travel agents, and corporate clients in Macau, and considers expanding its tourism business to China to consolidate its market position and diversify revenue streams[69](index=69&type=chunk) - For the six months ended June 30, 2025, the Group completed and participated in several activities and organized certain events, aiming to broaden revenue sources and create synergies with its existing tourism business[70](index=70&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section summarizes the group's financial performance, highlighting revenue growth, increased gross profit, and reduced loss - The Group's revenue increased by approximately **6.6%** from approximately **HKD 48.3 million** for the six months ended June 30, 2024, to approximately **HKD 51.5 million** for the six months ended June 30, 2025, primarily due to increased revenue from sales and distribution of hotel rooms[71](index=71&type=chunk) - Gross profit increased by approximately **45.8% to HKD 7.0 million**, mainly due to increased revenue from providing car rental services, which generates higher gross profit margins for the Group[73](index=73&type=chunk) - Administrative expenses decreased by approximately **20.0% to HKD 9.6 million**, primarily due to a reduction in employee benefits expense[75](index=75&type=chunk) - Loss for the period significantly narrowed to **HKD 1.0 million**, mainly due to increased revenue from hotel room sales and distribution and car rental services, increased other income and gains, and reduced employee benefits expense[79](index=79&type=chunk) [Use of Net Proceeds from Listing](index=21&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) This section details the utilization of listing proceeds, with a portion remaining for future strategic collaborations - The net proceeds from the listing were approximately **HKD 39.3 million**[80](index=80&type=chunk) Use of Net Proceeds from Listing (As at June 30, 2025) | Intended Use | Adjusted Net Proceeds (HKD thousands) | Actual Utilized as at Dec 31, 2024 (HKD thousands) | Utilized for Six Months Ended June 30, 2025 (HKD thousands) | Actual Utilized as at June 30, 2025 (HKD thousands) | Unutilized Amount as at June 30, 2025 (HKD thousands) | Expected Timeline for Intended Use | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expanding our fleet | 3,965 | 3,965 | — | 3,965 | — | — | | Collaborating with more hotel operators | 6,480 | 4,138 | — | 4,138 | 2,342 | December 2025 | | Increasing marketing and expanding sales channels | 2,319 | 2,319 | — | 2,319 | — | — | | Improving our operational efficiency | 1,485 | 1,485 | — | 1,485 | — | — | | Expanding our workforce | 824 | 824 | — | 824 | — | — | | General working capital | 1,080 | 1,080 | — | 1,080 | — | — | | Collaborating with performance and event organizers | 22,186 | 22,186 | — | 22,186 | — | — | | Expanding tourism business to China | 957 | 957 | — | 957 | — | — | | **Total** | **39,296** | **36,954** | **—** | **36,954** | **2,342** | | - In view of the adverse impact of the pandemic on the Group's business, the Board resolved on **May 3, 2021**, to revise the intended use of proceeds to diversify business operational risks[80](index=80&type=chunk) [Comparison of Business Strategies with Actual Business Progress](index=22&type=section&id=Comparison%20of%20Business%20Strategies%20with%20Actual%20Business%20Progress) This section compares planned business strategies with actual progress, noting achievements in fleet expansion and ongoing efforts in other areas - **Expanding our fleet**: As of the date of this report, the Group has purchased **19 new vehicles** to provide point-to-point cross-border transportation services and car rental services in Macau[82](index=82&type=chunk) - **Collaborating with more hotel operators**: The Group is identifying suitable hotel operators for cooperation[82](index=82&type=chunk) - **Collaborating with performance and event organizers**: The Group will collaborate with performance and event organizers to sponsor performances and events by renowned celebrities and artists in China, Macau, and Asia, subject to market demand[82](index=82&type=chunk) - **Expanding tourism business to China**: The Group plans to expand its tourism business to China and Hong Kong to diversify its business and is currently identifying business opportunities[82](index=82&type=chunk) [Key Risks and Uncertainties in Achieving Our Business Strategies](index=22&type=section&id=Key%20Risks%20and%20Uncertainties%20in%20Achieving%20Our%20Business%20Strategies) This section identifies key risks to strategy implementation, including pandemic impact, partnership challenges, market timing, and competition - A resurgence of the pandemic or other infectious diseases, and future travel restrictions and lockdown measures, may have a significant adverse impact on the tourism industry and the Group's business[84](index=84&type=chunk) - The Group may not be able to find suitable hotel operators to cooperate with and offer attractive terms to achieve its expansion plans[84](index=84&type=chunk) - Timing is crucial for implementing business plans, and the Group may not be able to grasp business trends to determine the best time to enter markets or expand new sales channels[84](index=84&type=chunk) - In an increasingly volatile and complex business environment, the Group may face changes in consumer behavior and intense competition when implementing its business plans[84](index=84&type=chunk) - To mitigate risks, the Group will ensure its business plans are as flexible as possible and will carefully monitor business trends[83](index=83&type=chunk) [Key Risks and Uncertainties](index=23&type=section&id=Key%20Risks%20and%20Uncertainties) This section outlines the primary risks, such as pandemic impact, reliance on Macau revenue, payment defaults, and supplier/customer bypass - The pandemic has severely impacted the Group's business and operations following travel restrictions imposed by the Macau and Chinese governments, with future uncertainties remaining[86](index=86&type=chunk) - The Group's revenue primarily originates from Macau, making its sales performance susceptible to changes in Macau and China's policies and economic environment[86](index=86&type=chunk) - Customers may delay or default on payments, while the Group may still be required to pay hotel room fees and incur costs[86](index=86&type=chunk) - The Group's major suppliers may choose to deal directly with the Group's customers, and the Group's travel agent customers may obtain hotel rooms from each other, thereby bypassing the Group[86](index=86&type=chunk) - If the Group fails to sell and distribute hotel rooms at prices higher than their respective predetermined room rates, or if hotel operators reduce the number of hotel rooms sold to the Group, the Group may suffer reduced profits or incur losses from the sales and distribution of guaranteed hotel rooms[86](index=86&type=chunk) [Employees and Remuneration Policies](index=23&type=section&id=Employees%20and%20Remuneration%20Policies) This section reports a decrease in employee numbers and staff costs, with remuneration based on performance and market levels - As of June 30, 2025, the Group had **62 employees** (June 30, 2024: 83 employees)[85](index=85&type=chunk) Staff Costs (Six Months Ended June 30) | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (HKD millions) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Staff costs (including Directors' emoluments) | 8.8 | 10.3 | (1.5) | -14.6% | - The decrease in staff costs was mainly due to the introduction of a one-off staff bonus scheme for the six months ended June 30, 2024, and a reduction in the number of employees[85](index=85&type=chunk) - The Group's remuneration packages are determined with reference to individual performance, work experience, and prevailing market remuneration levels, and are reviewed regularly[85](index=85&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=24&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) This section confirms no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures for the six months ended June 30, 2025, and up to the date of this report[87](index=87&type=chunk) [Material Investments Held](index=24&type=section&id=Material%20Investments%20Held) This section describes the group's material investments, including financial assets at fair value through profit or loss and investment properties - The Group's material investments include **financial assets at fair value through profit or loss** and **investment properties**[88](index=88&type=chunk) - Financial assets at fair value through profit or loss refer to investments in various activities, such as the "Kamen Rider 50th Anniversary Exhibition" in Malaysia and the "Chainsaw Man Anime Exhibition" in Hong Kong, where the Group is entitled to **20% of the profits** from these activities, which were completed during the reporting period[88](index=88&type=chunk) - Investment properties refer to the Group's investment in parking spaces in Macau, from which the Group earned approximately **HKD 28,000** in rental income for the six months ended June 30, 2025[90](index=90&type=chunk) [The Company's Investment Strategy for Investment Activities](index=26&type=section&id=The%20Company's%20Investment%20Strategy%20for%20Investment%20Activities) The group's strategy is to identify and participate in prominent events to diversify revenue streams - The Group's strategy is to identify opportunities to organize and participate in renowned performances and events, with the aim of utilizing the Group's resources to diversify its income streams[92](index=92&type=chunk) [The Company's Investment Strategy for Investment Properties](index=26&type=section&id=The%20Company's%20Investment%20Strategy%20for%20Investment%20Properties) The group aims to generate cash flow and capital appreciation from parking spaces, with no immediate plans for further expansion - The Group's strategy is to utilize parking spaces to generate cash inflow and capital appreciation[93](index=93&type=chunk) - Currently, the Group has no plans to strategically increase its investment property portfolio and will only invest in additional investment properties when suitable investment opportunities arise and the Group has surplus funds[93](index=93&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) This section discusses the group's capital structure, cash position, borrowings, and risk management, showing a stable financial position [Capital Structure](index=26&type=section&id=Capital%20Structure) This section states no significant changes in the company's capital structure or treasury shares during the period - There were no significant changes in the Company's capital structure for the six months ended June 30, 2025[94](index=94&type=chunk) - The Group did not hold or dispose of any treasury shares for the six months ended June 30, 2025[94](index=94&type=chunk) [Cash Position](index=26&type=section&id=Cash%20Position) This section reports an increase in total bank balances, primarily due to net cash inflow from operating activities - Cash and cash equivalents and bank deposits with maturity dates over three months (collectively, "total bank balances") increased from approximately **HKD 5.9 million** as of December 31, 2024, to approximately **HKD 7.6 million** as of June 30, 2025[95](index=95&type=chunk) - The increase in cash and cash equivalents and bank deposits was primarily due to net cash inflow from operating activities for the six months ended June 30, 2025[95](index=95&type=chunk) [Borrowings and Lease Liabilities](index=26&type=section&id=Borrowings%20and%20Lease%20Liabilities) This section details the group's borrowings and lease liabilities, including their interest rates Borrowings and Lease Liabilities (As at June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total borrowings and lease liabilities | 1,700 | 2,300 | (600) | -26.1% | | Bank borrowings | 1,500 | 1,600 | (100) | -6.3% | | Lease liabilities | 200 | 700 | (500) | -71.4% | - Bank borrowings bear a fixed annual interest rate of **2.75%**, while lease liabilities bear annual interest rates ranging from **4.3% to 8.0%**[95](index=95&type=chunk) [Pledge of Assets](index=27&type=section&id=Pledge%20of%20Assets) This section describes the assets pledged as collateral for bank financing, trade deposits, and a travel agency license - As of June 30, 2025, the Group had pledged bank deposits amounting to approximately **HKD 2.6 million** with maturity dates over three months as collateral for general banking facilities granted to the Group, as general trade deposit guarantees issued to the Group's suppliers, and as a guarantee to the Macau government for obtaining a Macau travel agency license[96](index=96&type=chunk) - As of June 30, 2025, the Group had pledged properties (parking spaces in Macau) with a carrying value of approximately **HKD 1.8 million** to secure bank borrowings with a carrying value of approximately **HKD 1.5 million**[96](index=96&type=chunk) [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) This section presents the gearing ratio, which decreased, calculated as borrowings and lease liabilities over equity Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing ratio | 7.6% | 9.4% | -1.8 percentage points | - The gearing ratio is calculated as borrowings and lease liabilities divided by equity attributable to owners of the Company at the end of each period or year[97](index=97&type=chunk) [Dividends](index=27&type=section&id=Dividends) This section confirms no interim dividend was declared or proposed for the period - The Company did not declare or propose an interim dividend for the six months ended June 30, 2025[98](index=98&type=chunk) [Commitments](index=27&type=section&id=Commitments) This section states that the group had no significant capital commitments at the reporting date - As of June 30, 2025, the Group had no significant capital commitments[99](index=99&type=chunk) [Contingent Liabilities](index=27&type=section&id=Contingent%20Liabilities) This section confirms the absence of significant contingent liabilities at the reporting date - As of June 30, 2025, the Group had no significant contingent liabilities[100](index=100&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) This section discusses the group's exposure to foreign exchange risk, primarily from transactions in various currencies, and its hedging policy - The Group operates in Macau, Hong Kong, and China, with most transactions settled in **Macanese Pataca, Hong Kong Dollars, US Dollars, Singapore Dollars, New Taiwan Dollars, and Renminbi**[101](index=101&type=chunk) - As long as the Hong Kong Dollar remains pegged to the Macanese Pataca and the US Dollar, the Group is not exposed to significant foreign exchange risk related to the Hong Kong Dollar against the Macanese Pataca and the US Dollar[102](index=102&type=chunk) - Transactions and monetary assets and liabilities denominated in Renminbi are minimal, thus the Group considers there is no significant foreign exchange risk related to Renminbi[103](index=103&type=chunk) - The Group currently has no foreign exchange hedging policy for assets and liabilities denominated in foreign currencies but will closely monitor and consider hedging significant foreign exchange risks[103](index=103&type=chunk) [Treasury and Risk Management](index=28&type=section&id=Treasury%20and%20Risk%20Management) This section outlines the board's prudent policy for cash and liquidity management and identifies key credit risk sources - The Directors will continue to follow a prudent policy to manage the Group's cash and maintain robust and adequate liquidity, ensuring the Group can seize opportunities for future growth[104](index=104&type=chunk) - As of June 30, 2025, the Group's credit risk primarily arose from trade receivables, deposits paid and other receivables, bank deposits with original maturity dates over three months, and cash and cash equivalents[104](index=104&type=chunk) [Future Plans for Material Investments and Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) This section states that the group has no other significant future plans for investments or capital assets beyond those disclosed - Except as disclosed in this report, as of June 30, 2025, the Group had no other significant future plans for material investments and capital assets[105](index=105&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) This section affirms the company's commitment to high corporate governance standards, generally complying with the GEM Listing Rules - The Company is committed to maintaining high standards of corporate governance to ensure the transparency of the Group and safeguard shareholders' interests[106](index=106&type=chunk) - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[106](index=106&type=chunk) - Except for the deviation from Code Provision C.2.1 of the Corporate Governance Code (combined roles of Chairman and Chief Executive Officer), the Company has complied with the Corporate Governance Code in all material aspects during the reporting period[106](index=106&type=chunk) [Chairman and Chief Executive Officer](index=28&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) This section addresses the combined roles of Chairman and CEO, noting the board's view on its benefit and balance of power - Mr. Choi Wai Chun currently serves as both the Chairman and Chief Executive Officer of the Company, which deviates from Code Provision C.2.1 of the Corporate Governance Code[107](index=107&type=chunk) - The Board believes that Mr. Choi's dual role is in the best interests of the Group, and with competent independent non-executive Directors, it does not impair the balance of power and authority between the Board and its management in the Group's business[107](index=107&type=chunk) [Directors' Interests in Competing Business](index=28&type=section&id=Directors'%20Interests%20in%20Competing%20Business) This section confirms no directors or controlling shareholders had interests in competing businesses during the period - For the six months ended June 30, 2025, and up to the date of this report, no Director or controlling shareholder or their close associates had any interests in businesses that compete or may compete, directly or indirectly, with the Group's business[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) This section states that neither the company nor its subsidiaries purchased, sold, or redeemed listed securities during the period - For the six months ended June 30, 2025, and up to the date of this report, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[109](index=109&type=chunk) - The Company did not hold any treasury shares for the six months ended June 30, 2025[109](index=109&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=29&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20the%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section discloses the interests of directors and chief executives in the company's shares and associated corporations [Long Positions in Shares](index=29&type=section&id=Long%20Positions%20in%20Shares) This section details the long position of Mr. Choi Wai Chun through his controlled corporation Directors' Long Positions in Shares (As at June 30, 2025) | Director's Name | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Choi Wai Chun | Interest in controlled corporation | 900,000,000 | 75.0% | - The **900,000,000 shares** are held by Silver Esteem Limited, a company wholly owned by Mr. Choi Wai Chun, who is deemed to have an interest in all these shares[112](index=112&type=chunk) [Long Positions in Shares of Associated Corporations](index=29&type=section&id=Long%20Positions%20in%20Shares%20of%20Associated%20Corporations) This section shows Mr. Choi Wai Chun's 100% beneficial ownership in Silver Esteem Limited Directors' Long Positions in Shares of Associated Corporations (As at June 30, 2025) | Director's Name | Name of Associated Corporation | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Choi Wai Chun | Silver Esteem Limited | Beneficial owner | 1 | 100.0% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company](index=30&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20the%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) This section discloses the long positions of substantial shareholders and other persons in the company's shares [Long Positions in Shares](index=30&type=section&id=Long%20Positions%20in%20Shares) This section details the long positions of Silver Esteem Limited and Ms. Wong Pui King Substantial Shareholders' Long Positions in Shares (As at June 30, 2025) | Shareholder Name/Name | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Silver Esteem Limited | Beneficial owner | 900,000,000 | 75.0% | | Ms. Wong Pui King | Interest of spouse | 900,000,000 | 75.0% | - Silver Esteem Limited is wholly owned by Mr. Choi Wai Chun, and Ms. Wong Pui King, being the spouse of Mr. Choi Wai Chun, is deemed to have an interest in all shares held by Mr. Choi Wai Chun[117](index=117&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) This section mentions the adoption of a share option scheme but confirms no options were granted, exercised, or lapsed during the period - The Company adopted a share option scheme on **September 3, 2019**[115](index=115&type=chunk) - For the six months ended June 30, 2025, and up to the date of this report, no share options were granted, agreed to be granted, exercised, cancelled, forfeited, or lapsed under the scheme[115](index=115&type=chunk) [Standard of Dealings in Securities by Directors](index=30&type=section&id=Standard%20of%20Dealings%20in%20Securities%20by%20Directors) This section states the company's adoption of the required standard for directors' securities dealings and confirms compliance - The Group has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for Directors' dealings in securities of the Company[116](index=116&type=chunk) - Following specific enquiries made to all Directors, all Directors confirmed that they have complied with the required standard of dealings and the code of conduct for Directors' dealings in securities for the six months ended June 30, 2025, and up to the date of this report[116](index=116&type=chunk) [Events After the Reporting Period](index=31&type=section&id=Events%20After%20the%20Reporting%20Period) This section confirms no significant disclosable events occurred after the reporting period - No significant disclosable events occurred after June 30, 2025, and up to the date of this report[118](index=118&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) This section describes the composition and responsibilities of the Audit Committee, confirming its review of the interim financial statements - The Audit Committee comprises three independent non-executive Directors: Mr. Wu Chung Ming (Chairman), Mr. So Siu Kei, and Mr. Sze Lik Tao[119](index=119&type=chunk) - The primary responsibilities of the Audit Committee are to provide recommendations to the Board on the appointment, re-appointment, and removal of external auditors; review the Company's financial statements and judgments related to financial reporting; and oversee the effectiveness of the Group's internal control procedures[119](index=119&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that they were prepared in accordance with applicable accounting standards, the GEM Listing Rules, and contain sufficient disclosures[119](index=119&type=chunk) [By Order of the Board](index=31&type=section&id=By%20Order%20of%20the%20Board) This section states the report's issuance by the Chairman, CEO, and Executive Director on behalf of the Board - This report was issued by Mr. Choi Wai Chun, Chairman, Chief Executive Officer, and Executive Director of Ying Hai Group Holdings Company Limited, in Hong Kong, on **August 21, 2025**[120](index=120&type=chunk)
瀛海集团(08668) - 董事会会议通告
2025-08-06 09:49
承董事會命 瀛海集團控股有限公司 (股份代號:8668) 董事會會議通告 瀛海集團控股有限公司(「本公司」)董事(「董事」)會(「董事會」)謹此宣佈,董事會將 於二零二五年八月二十一日(星期四)舉行董事會會議,藉以(其中包括)(1)考慮及批 准本公司及其附屬公司截至二零二五年六月三十日止六個月的未經審核綜合中期業 績(「中期業績」)及分別於聯交所網站及本公司網站上發佈其有關中期業績的公佈; (2)考慮中期股息建議(如有);(3)考慮暫停辦理本公司股份過戶登記手續(如有需 要)。 香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本公佈的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示概不就因本公佈全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 YING HAI GROUP HOLDINGS COMPANY LIMITED 瀛海集團控股有限公司 (於開曼群島註冊成立的有限公司) 主席、行政總裁兼執行董事 本公佈的資料乃遵照GEM上市規則而刊載,旨在提供有關本公司的資料;本公司董事願就本公佈的 資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後,確認就其 ...
瀛海集团(08668) - 截至2025年7月31日止股份发行人的证券变动月报表
2025-08-04 04:14
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 瀛海集團控股有限公司 呈交日期: 2025年8月4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) | 08668 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | HKD | | 0.01 | HKD | | 120,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 12,000,000,000 | HKD | | 0.01 | HKD | | 120,000,000 | 第 1 頁 ...
瀛海集团(08668) - 2024 - 年度财报
2025-04-17 13:10
Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased to HKD 104,991,000, up from HKD 94,709,000 in 2023, representing a growth of approximately 10.7%[14] - The company reported a pre-tax loss of HKD 9,514,000 for 2024, compared to a loss of HKD 2,546,000 in 2023, indicating a significant decline in profitability[14] - Total assets decreased to HKD 44,872,000 in 2024 from HKD 58,753,000 in 2023, reflecting a reduction of approximately 23.6%[15] - The total equity of the company fell to HKD 23,990,000 in 2024, down from HKD 33,672,000 in 2023, a decrease of about 28.8%[15] - The net current assets decreased to HKD 13,526,000 in 2024 from HKD 24,286,000 in 2023, a decline of approximately 44.3%[15] - The group's revenue increased from approximately HKD 94.7 million for the year ended December 31, 2023, to approximately HKD 105.0 million for the year ended December 31, 2024, representing an increase of about HKD 10.3 million[21] - The group's cost of sales rose from approximately HKD 81.4 million to approximately HKD 91.9 million, an increase of about HKD 10.5 million, primarily due to higher sales from hotel room distribution and car rental services[22] - The group's gross profit remained stable at approximately HKD 13.3 million for the year ended December 31, 2023, and approximately HKD 13.1 million for the year ended December 31, 2024, with a gross profit margin of about 12.5% for the latter year[23] - Administrative expenses increased from approximately HKD 14.5 million to approximately HKD 18.9 million, mainly due to rising salary expenses[25] - Other operating expenses rose from approximately HKD 0.9 million to approximately HKD 2.2 million, primarily due to increased sponsorship costs[26] - The annual loss increased significantly from approximately HKD 2.5 million for the year ended December 31, 2023, to approximately HKD 9.5 million for the year ended December 31, 2024, attributed to higher salary expenses and impairment losses[33] Business Operations and Strategy - The company is optimistic about the tourism market in Macau and Asia, driven by a significant increase in visitors, particularly from China, following the easing of COVID-19 restrictions[9][17] - The company plans to strengthen its existing business operations to provide stable returns and growth prospects for shareholders[10] - The company has expanded its operations into Hong Kong, obtaining a travel agency license from the Travel Industry Authority in March 2023[18] - The company operates in three main segments: tourism services, car rental services, and event management, with a focus on Macau, China, and Hong Kong[9][18] - The group plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to expand its market share and service offerings[19] - The group is considering expanding its tourism business into mainland China and diversifying its revenue sources through event ticket sales and related services[19] - The group has completed four performances of the "Australian Thunder Show" in Macau, Taiwan, and South Korea, and organized various concerts and events in Macau[20] - The company has purchased 19 new vehicles for point-to-point cross-border transport services and car rental services in Macau[38] - The company is currently seeking suitable hotel operators for collaboration, which has been delayed due to the need for more time[38] - The company plans to expand its tourism business into mainland China and Hong Kong, actively looking for opportunities in these markets[38] Risk Management and Governance - The company emphasizes the importance of understanding the risks associated with investing in GEM-listed companies, which typically have higher investment risks[4] - The company has no significant changes in its capital structure as of December 31, 2024[43] - The company has not proposed a final dividend for the year ended December 31, 2024, consistent with the previous year[50] - The company has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2024[52] - The company has pledged bank deposits of approximately HKD 2.7 million as collateral for general banking facilities as of December 31, 2024, unchanged from the previous year[45] - The company has a total of approximately HKD 1.6 million in bank borrowings as of December 31, 2024, with a fair value of approximately HKD 1.8 million for the pledged properties[48] - The board believes that the risk management and internal control systems are adequate and effective as of December 31, 2024[138] - The audit committee has reviewed the adequacy of resources and the qualifications of employees involved in accounting and financial reporting functions[138] - The board conducts annual reviews of the risk management and internal control systems to minimize risks faced by the group[137] - The company has engaged independent external consultants for an internal control review, which is expected to be completed by March 26, 2025[137] Corporate Governance - The company has adopted a corporate governance code in compliance with GEM listing rules, maintaining high levels of transparency and accountability[89] - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of the company for effective management[90] - All directors confirmed compliance with the trading standards set forth in the company's code of conduct for securities transactions during the fiscal year ending December 31, 2024[91] - The company has established service agreements for executive directors with an initial term of three years, automatically renewing unless terminated with prior notice[98] - Independent non-executive directors have a fixed term of one year from the listing date, also subject to automatic renewal unless terminated with prior notice[98] - The board is responsible for overall management and strategic direction, ensuring decisions are made in the best interest of the company[94] - The company has received annual independence confirmations from all independent non-executive directors, affirming their compliance with independence guidelines[95] - The board regularly reviews its functions and responsibilities to maintain high standards of corporate governance[94] - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[93] - The company has established three committees: the audit committee, the remuneration committee, and the nomination committee, ensuring adequate resources for their responsibilities[101] Human Resources - The employee costs for the year ending December 31, 2024, amounted to approximately HKD 19.5 million, an increase from HKD 12.8 million in the previous year[70] - The group had a total of 84 employees as of December 31, 2024, down from 88 employees in the previous year[70] - The board believes that the quality of employees is crucial for maintaining business growth and improving profitability[70] - The company emphasizes continuous professional development for directors, ensuring they are aware of governance and regulatory updates[131] - The company has a gender composition of approximately 65.5% male and 34.5% female among its 84 employees[128] Environmental, Social, and Governance (ESG) - The company has presented its sixth Environmental, Social, and Governance (ESG) report covering the period from January 1, 2024, to December 31, 2024[161] - The ESG report is prepared in accordance with the GEM Listing Rules and follows principles of materiality, quantification, balance, and consistency[161] - The company emphasizes the importance of sustainable development as a key driver for creating long-term value for stakeholders[166] - The board is committed to enhancing corporate image and reducing ESG risks through focused resource management and compliance with relevant laws and regulations[164] - The company has adopted the Hong Kong Stock Exchange's ESG Reporting Guidelines to enhance its sustainability efforts in environmental protection and employee welfare[166] - The company aims to provide substantial returns to investors while ensuring a healthy and safe working environment for employees[167] - The company has implemented a "Green Environmental Policy and Procedures" to balance business returns with environmental protection[182] - The company has committed to using only high-quality fuel and environmentally friendly vehicles to minimize emissions[193] - The company has implemented energy-saving measures, including replacing traditional lighting with LED lights[193] - The company has not reported any non-compliance issues regarding waste disposal or emissions in the 2024 reporting period[190]