[Definitions](index=3&type=section&id=Definitions) This chapter defines key terms and abbreviations used throughout the report for clarity [Corporate Profile](index=7&type=section&id=Corporate%20Profile) The company's board comprises executive and independent non-executive directors, with its registered office in the Cayman Islands and main operations in Guangzhou - The company's board of directors consists of **four executive directors and three independent non-executive directors**, with an audit committee, remuneration committee, and nomination committee[11](index=11&type=chunk) - The company's registered office is in the Cayman Islands, its headquarters and main operating location in China are in Guangzhou, and its main operating location in Hong Kong is in Kowloon[14](index=14&type=chunk) - The company's stock code is **2022**, and its official website is www.gamehollywood.com/company/[17](index=17&type=chunk) [Financial Highlights](index=10&type=section&id=Financial%20Highlights) The financial highlights for the first half of 2025 show a slight revenue increase and a significant reduction in loss attributable to owners 2025 First Half Financial Highlights | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4.6 | 4.5 | +1.3% | | Gross Profit | 2.2 | 2.0 | +7.4% | | Loss Attributable to Owners of the Company | 0.7 | 1.9 | -63.3% | | Non-IFRS Adjusted Loss Attributable to Owners of the Company | 0.7 | 1.9 | -63.3% | [Financial Summary](index=11&type=section&id=Financial%20Summary) The unaudited financial summary for the first half of 2025 details income statement and balance sheet figures, showing improved profitability and stable assets 2025 First Half Financial Summary (Unaudited) | Indicator | 2025 First Half (thousand USD) | 2024 First Half (thousand USD) | | :--- | :--- | :--- | | **Income Statement:** | | | | Revenue | 4,586 | 4,526 | | Gross Profit | 2,171 | 2,023 | | Loss Before Income Tax | (571) | (1,850) | | Income Tax Expense | 132 | 64 | | Loss for the Period | (703) | (1,914) | | Loss Attributable to Owners of the Company | (703) | (1,914) | | Non-IFRS Adjusted Loss Attributable to Owners of the Company | (703) | (1,914) | | **Balance Sheet:** | 2025 June 30 (thousand USD) | 2024 December 31 (thousand USD) | | Total Assets | 31,712 | 32,806 | | Total Liabilities | 7,345 | 7,765 | | Equity Attributable to Owners of the Company | 24,367 | 25,041 | [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's operational performance, strategic initiatives, and future outlook, focusing on global expansion and platform optimization [Business Review and Future Prospects](index=12&type=section&id=Business%20Review%20and%20Future%20Prospects) The group strengthened its global platform operations in the first half of 2025, achieving significant breakthroughs in operating data, with a focus on Latin American markets - In Q1 2025, China's self-developed games generated **$4.8 billion in overseas revenue**, a **17.9% year-on-year increase**, with full-year revenue projected to exceed **$25 billion**[24](index=24&type=chunk)[26](index=26&type=chunk) - In the first half, the group adopted a "develop once, publish across multiple platforms" model, rapidly adapting **17 new game products** for iOS, Android, and H5 channels[25](index=25&type=chunk)[26](index=26&type=chunk) - The company focused on the Latin American market, launching **3 mobile games in Brazil**, and increasing English mobile game products by **5** compared to the same period last year, setting new records for release speed and quantity[25](index=25&type=chunk)[26](index=26&type=chunk) - In the second half, the company will continue to support Chinese small and medium-sized game developers in overseas expansion, steadily advance the "English mobile games + web games + Latin American mobile games" operating model, and accelerate Latin American market expansion[27](index=27&type=chunk)[29](index=29&type=chunk) - The group will continue to increase investment in self-developed technology, cultural adaptation, and compliant operations, with technology-driven, platform-based operations, and localized deep cultivation as core competencies[28](index=28&type=chunk)[29](index=29&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) This section provides a detailed analysis of the group's financial performance, including revenue, costs, and profitability, for the reporting period [Overview](index=14&type=section&id=Overview) During the reporting period, loss attributable to owners significantly decreased by 63.3%, with non-IFRS adjusted loss showing a similar reduction, indicating improved financial health - Loss attributable to owners of the company decreased by approximately **$1.2 million**, or **63.3%**, from approximately **$1.9 million** in the same period of 2024 to approximately **$0.7 million** in the 2025 reporting period[30](index=30&type=chunk)[35](index=35&type=chunk) - Non-IFRS adjusted loss attributable to owners of the company also decreased by approximately **63.3%** to approximately **$0.7 million**[30](index=30&type=chunk)[35](index=35&type=chunk) [Revenue](index=14&type=section&id=Revenue) During the reporting period, group revenue slightly increased by 1.3%, primarily driven by a modest rise in game revenue Revenue Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4.6 | 4.5 | +1.3% | - Revenue growth was primarily due to a slight increase in game revenue[31](index=31&type=chunk)[36](index=36&type=chunk) [Cost of Revenue and Gross Profit Margin](index=14&type=section&id=Cost%20of%20Revenue%20and%20Gross%20Profit%20Margin) Cost of revenue decreased by 3.6%, leading to an increase in gross profit margin from 44.7% in 2024 to 47.4% in 2025 Cost of Revenue and Gross Profit Margin Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Cost of Revenue | 2.4 | 2.5 | -3.6% | | Gross Profit Margin | 47.4% | 44.7% | +2.7 percentage points | [Other Gains, Net](index=14&type=section&id=Other%20Gains%2C%20Net) Other gains, net, increased significantly by 101.7% year-on-year, primarily due to foreign exchange gains from currency fluctuations in the current year Other Gains, Net Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Other Gains, Net | 0.4 | 0.2 | +101.7% | - Other gains primarily resulted from foreign exchange gains due to currency fluctuations this year[33](index=33&type=chunk)[38](index=38&type=chunk) [Selling and Marketing Expenses](index=14&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased by 18.8% year-on-year, mainly due to reduced advertising and promotion costs Selling and Marketing Expenses Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 1.5 | 1.8 | -18.8% | - The decrease in expenses was primarily due to reduced advertising and promotion costs[34](index=34&type=chunk)[39](index=39&type=chunk) [Administrative Expenses](index=15&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 8.8% year-on-year, mainly due to a reduction in impairment losses on financial assets Administrative Expenses Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 1.4 | 1.5 | -8.8% | - The decrease in expenses was primarily due to reduced impairment losses on financial assets[40](index=40&type=chunk)[45](index=45&type=chunk) [Research and Development Expenses](index=15&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by 10.6% year-on-year, primarily due to reduced labor costs Research and Development Expenses Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 0.6 | 0.7 | -10.6% | - The decrease in expenses was primarily due to reduced labor costs[41](index=41&type=chunk)[46](index=46&type=chunk) [Loss Attributable to Owners of the Company](index=15&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Due to the aforementioned factors, loss attributable to owners of the company significantly decreased by 63.3% to approximately $0.7 million for the reporting period Loss Attributable to Owners of the Company Comparison | Indicator | 2025 First Half (million USD) | 2024 First Half (million USD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | 0.7 | 1.9 | -63.3% | [Non-IFRS Accounting Standards Adjusted Loss Attributable to Owners of the Company](index=15&type=section&id=Non-IFRS%20Accounting%20Standards%20Adjusted%20Loss%20Attributable%20to%20Owners%20of%20the%20Company) Non-IFRS adjusted loss was consistent with IFRS loss at $0.7 million, a 63.3% year-on-year decrease, reflecting the removal of non-indicative performance items - Non-IFRS adjusted loss was **$0.7 million**, a **63.3% decrease** compared to the same period in 2024[44](index=44&type=chunk)[48](index=48&type=chunk) - This metric is used to eliminate the impact of items (such as share-based compensation) that we believe are not indicative of business performance[43](index=43&type=chunk)[48](index=48&type=chunk) [Liquidity, Treasury Policy and Source of Funding and Borrowing](index=16&type=section&id=Liquidity%2C%20Treasury%20Policy%20and%20Source%20of%20Funding%20and%20Borrowing) As of June 30, 2025, the group's total bank balances, cash, and short-term deposits were approximately $17.8 million, a 6.5% decrease, with a stable current ratio of 3.4 and no debt Liquidity Status | Indicator | 2025 June 30 (million USD) | 2024 December 31 (million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances, Cash and Short-term Deposits | 17.8 | 19.1 | -6.5% | | Current Assets | 24.4 | 25.3 | -3.6% | | Current Liabilities | 7.3 | 7.5 | -2.7% | | Current Ratio | 3.4 | 3.4 | 0% | | Debt-to-Equity Ratio | 0 | 0 | 0% | - The decrease in bank balances, cash, and short-term deposits was primarily due to an increase in net cash used in operating activities[49](index=49&type=chunk)[53](index=53&type=chunk) - The group has no bank borrowings or other debt financing obligations, a **zero debt-to-equity ratio**, and plans to fund expansion, investments, and business operations with internal resources[51](index=51&type=chunk)[53](index=53&type=chunk) [Significant Investments, Acquisitions and Disposals](index=16&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the group did not undertake any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - The group had no significant investments during the reporting period[52](index=52&type=chunk)[54](index=54&type=chunk) - The group had no significant acquisitions of subsidiaries, associates, or joint ventures during the reporting period[55](index=55&type=chunk)[61](index=61&type=chunk) - The group had no significant disposals of subsidiaries, associates, or joint ventures during the reporting period[56](index=56&type=chunk)[62](index=62&type=chunk) [Pledge of Assets, Contingent Liabilities and Capital Commitment](index=17&type=section&id=Pledge%20of%20Assets%2C%20Contingent%20Liabilities%20and%20Capital%20Commitment) As of June 30, 2025, the group had no pledged assets or significant contingent liabilities, with capital commitments of approximately $0.6 million, consistent with year-end 2024 - The group had no pledged assets as of June 30, 2025 (December 31, 2024: nil)[57](index=57&type=chunk)[63](index=63&type=chunk) - The group had no significant contingent liabilities as of June 30, 2025 (December 31, 2024: nil)[58](index=58&type=chunk)[64](index=64&type=chunk) Capital Commitments | Indicator | 2025 June 30 (million USD) | 2024 December 31 (million USD) | | :--- | :--- | :--- | | Capital Commitments | 0.6 | 0.6 | [Foreign Exchange Exposure](index=17&type=section&id=Foreign%20Exchange%20Exposure) The group operates globally, with most transactions settled in USD, managing foreign exchange risk through regular monitoring, primarily involving RMB, EUR, and HKD, with no significant exposure - The group primarily operates in global markets, with most transactions settled in **USD**[60](index=60&type=chunk)[66](index=66&type=chunk) - The group manages foreign exchange risk through regular monitoring, primarily involving **RMB, EUR, and HKD**[60](index=60&type=chunk)[66](index=66&type=chunk) - As of June 30, 2025, the group did not face significant foreign currency risk from its operations[60](index=60&type=chunk)[66](index=66&type=chunk) [Supplementary Information](index=18&type=section&id=Supplementary%20Information) This section provides additional details on human resources, dividends, legal matters, post-reporting events, and corporate governance practices [Human Resources](index=18&type=section&id=Human%20Resources) As of June 30, 2025, the group had 101 employees, with total staff costs (excluding share-based compensation) of approximately $1.4 million, a 10.8% year-on-year decrease Human Resources Overview | Indicator | 2025 June 30 | 2024 December 31 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 101 | 107 | -5.6% | | Total Staff Costs (million USD) | 1.4 | 1.6 | -10.8% | - Employees are primarily distributed across game development and maintenance (**45**), game operations and offline event coordination (**30**), and administration and corporate management (**26**)[67](index=67&type=chunk)[71](index=71&type=chunk) [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board has resolved not to declare any interim dividend for the reporting period, consistent with the prior year - The Board has resolved not to declare any interim dividend for the reporting period (six months ended June 30, 2025) (same period in 2024: nil)[69](index=69&type=chunk)[72](index=72&type=chunk) [Material Legal Proceedings](index=18&type=section&id=Material%20Legal%20Proceedings) During the reporting period, the group was not involved in any material legal proceedings - During the reporting period, the group was not involved in any material legal proceedings[70](index=70&type=chunk)[73](index=73&type=chunk) [Significant Events Occurred Since the End of the Reporting Period](index=19&type=section&id=Significant%20Events%20Occurred%20Since%20the%20End%20of%20the%20Reporting%20Period) After the reporting period, Hollywood HK and a joint venture partner entered into an agreement on September 8, 2025, to establish a joint venture company with HK$28.5 million capital for game product development - On September 8, 2025, Hollywood HK (an indirect wholly-owned subsidiary of the company) entered into a joint venture agreement with Shaw Brothers Studio Hong Kong Limited[74](index=74&type=chunk)[80](index=80&type=chunk) - Both parties agreed to establish a joint venture company with a share capital of **HK$28.5 million** to engage in game product development[74](index=74&type=chunk)[80](index=80&type=chunk) [Corporate Governance Practices](index=19&type=section&id=Corporate%20Governance%20Practices) The company adopted the Corporate Governance Code and complied with its provisions during the reporting period, with a deviation where Mr. Lu Yuanfeng holds both Chairman and CEO roles - The company has adopted the principles and code provisions set out in the Corporate Governance Code[76](index=76&type=chunk)[82](index=82&type=chunk) - During the reporting period, the company complied with the Corporate Governance Code, with a deviation where Mr. Lu Yuanfeng concurrently holds the roles of Chairman and Chief Executive Officer[77](index=77&type=chunk)[78](index=78&type=chunk)[82](index=82&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer is beneficial for the group's management, and the Board's composition has strong independence[78](index=78&type=chunk)[82](index=82&type=chunk) [Model Code for Securities Transactions](index=20&type=section&id=Model%20Code%20for%20Securities%20Transactions) The company adopted the Model Code for securities transactions by directors and senior management, with all directors confirming compliance during the reporting period - The company has adopted the Model Code as the code of conduct for directors and senior management dealing in the company's securities[84](index=84&type=chunk)[88](index=88&type=chunk) - All directors confirmed compliance with the Model Code during the reporting period, and the company is not aware of any non-compliance by senior management[85](index=85&type=chunk)[88](index=88&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Shares](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Shares) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[86](index=86&type=chunk)[89](index=89&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[86](index=86&type=chunk)[89](index=89&type=chunk) [Review of Financial Information](index=20&type=section&id=Review%20of%20Financial%20Information) The Board's audit committee reviewed the group's unaudited interim condensed consolidated financial information, confirming compliance with accounting principles and proper disclosure - The Board's audit committee discussed with management and reviewed the group's unaudited interim condensed consolidated financial information for the reporting period[87](index=87&type=chunk)[90](index=90&type=chunk) - The committee confirmed compliance with applicable accounting principles, standards, and requirements, and that appropriate disclosures were made[87](index=87&type=chunk)[90](index=90&type=chunk) [Update on Directors' Information Pursuant to Rule 13.51B(1) of the Listing Rules](index=21&type=section&id=Update%20on%20Directors%27%20Information%20Pursuant%20to%20Rule%2013.51B%281%29%20of%20the%20Listing%20Rules) During the reporting period, there were no updates to directors' information pursuant to Rule 13.51B(1) of the Listing Rules - During the reporting period, there were no updates to directors' information pursuant to Rule 13.51B(1) of the Listing Rules[91](index=91&type=chunk)[94](index=94&type=chunk) [Continuing Disclosure Obligations Pursuant to the Listing Rules](index=21&type=section&id=Continuing%20Disclosure%20Obligations%20Pursuant%20to%20the%20Listing%20Rules) The company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules - The company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[92](index=92&type=chunk)[95](index=95&type=chunk) [Interests of Directors and Chief Executive in Securities](index=21&type=section&id=Interests%20of%20Directors%20and%20Chief%20Executive%20in%20Securities) As of June 30, 2025, the company's directors and chief executive held interests in the company's shares and associated corporations, with Mr. Lu Yuanfeng and related parties holding 47.40% Interests of Directors in Company Shares or Related Shares | Director Name | Nature of Interest | Number of Ordinary Shares Interested | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Lu Yuanfeng | Controlled Corporation Interest; Spouse's Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Mr. Huang Guozhan | Controlled Corporation Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Mr. Huang Deqiang | Controlled Corporation Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Ms. Luo Simin | Controlled Corporation Interest; Spouse's Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | Interests of Directors in Associated Corporations | Director Name | Associated Corporation | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Lu Yuanfeng | LYF Digital Holdings Limited | Beneficial Owner | 100 | 100% | | Mr. Huang Guozhan | LXT Digital Holdings Limited | Beneficial Owner | 100 | 100% | | Mr. Huang Deqiang | HDQ Digital Holdings Limited | Beneficial Owner | 100 | 100% | | Ms. Luo Simin | Angel Age Limited | Beneficial Owner | 100 | 100% | [Substantial Shareholders' Interests in Securities](index=25&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Securities) As of June 30, 2025, several substantial shareholders and related entities held 5% or more of the company's issued shares, with Mr. Lu Yuanfeng and parties acting in concert holding 47.40% Substantial Shareholders' Long Positions in Ordinary Shares | Shareholder Name/Designation | Nature of Interest | Number of Ordinary Shares Interested | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Lu Yuanfeng | Controlled Corporation Interest; Spouse's Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | LYF Digital Holdings Limited | Beneficial Owner; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Ms. Luo Simin | Controlled Corporation Interest; Spouse's Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Angel Age Limited | Beneficial Owner; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Mr. Huang Guozhan | Controlled Corporation Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | LXT Digital Holdings Limited | Beneficial Owner; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | Mr. Huang Deqiang | Controlled Corporation Interest; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | HDQ Digital Holdings Limited | Beneficial Owner; Jointly Held Interest with Another Person | 947,958,387 (L) | 47.40% | | 7Road Holdings | Beneficial Owner | 294,144,901 (L) | 14.71% | | The Core Trust Company Limited | Trustee | 140,951,189 (L) | 7.04% | | Epic City Limited | Nominee of Another Person | 140,951,189 (L) | 7.04% | [Post-IPO Share Option Scheme](index=28&type=section&id=Post-IPO%20Share%20Option%20Scheme) The Post-IPO Share Option Scheme, adopted on May 27, 2017, aims to attract and incentivize employees and directors, with 100,501,363 options available for grant and 23,649,722 outstanding as of June 30, 2025 - The Post-IPO Share Option Scheme was adopted on May 27, 2017, to attract, retain, and incentivize employees, directors, and other participants[111](index=111&type=chunk)[114](index=114&type=chunk) - As of January 1, 2025, and June 30, 2025, the number of share options available for grant was **100,501,363**[117](index=117&type=chunk)[120](index=120&type=chunk) Overview of Share Option Movements | Name | Date of Grant | Period During Which Rights are Exercisable | Number of Options Granted | Outstanding as at 2025 January 1 | Outstanding as at 2025 June 30 | Exercise Price | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Employees | 2018 February 15 | 10 years from grant date | 21,419,696 | 6,543,874 | 6,543,874 | HK$0.0074 | | Company Employees | 2018 February 15 | 10 years from grant date | 28,078,914 | 17,105,848 | 17,105,848 | USD0.0074 | | **Total** | | | **49,498,610** | **23,649,722** | **23,649,722** | | - Share options vest over three years in three tranches, with an exercise price no less than the highest of the closing price on the grant date, the average closing price for the preceding five business days, and the nominal value of the shares[122](index=122&type=chunk)[125](index=125&type=chunk)[131](index=131&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the group's unaudited financial performance for the first half of 2025, detailing revenues, expenses, and comprehensive income 2025 First Half Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Revenue | 4,585,679 | 4,525,877 | | Cost | (2,414,218) | (2,503,097) | | Gross Profit | 2,171,461 | 2,022,780 | | Selling and Marketing Expenses | (1,468,992) | (1,809,231) | | Administrative Expenses | (1,353,369) | (1,484,598) | | Research and Development Expenses | (625,906) | (699,854) | | Other Gains, Net | 428,218 | 212,331 | | Operating Loss | (848,588) | (1,758,572) | | Finance Income | 278,983 | 37,668 | | Finance Costs | (16,562) | (133,558) | | Share of Profit of Associates | 15,228 | 4,647 | | Loss Before Income Tax | (570,939) | (1,849,815) | | Income Tax Expense | (132,198) | (64,159) | | Loss for the Period | (703,137) | (1,913,974) | | Total Comprehensive Expense for the Period | (673,965) | (2,059,580) | | Basic Loss Per Share (USD) | (0.04) | (0.10) | | Diluted Loss Per Share (USD) | (0.04) | (0.10) | [Interim Condensed Consolidated Statement of Financial Position](index=35&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides an unaudited snapshot of the group's financial position as of June 30, 2025, outlining assets, equity, and liabilities 2025 June 30 Interim Condensed Consolidated Statement of Financial Position (Unaudited) | Indicator | 2025 June 30 (USD) | 2024 December 31 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 7,316,903 | 7,481,633 | | Current Assets | 24,394,715 | 25,324,019 | | **Total Assets** | **31,711,618** | **32,805,652** | | **Equity and Liabilities** | | | | Share Capital | 2,000,000 | 2,000,000 | | Reserves | 22,366,497 | 23,040,462 | | **Total Equity** | **24,366,497** | **25,040,462** | | Current Liabilities | 7,267,192 | 7,497,936 | | Non-current Liabilities | 77,929 | 267,254 | | **Total Liabilities** | **7,345,121** | **7,765,190** | | **Total Equity and Liabilities** | **31,711,618** | **32,805,652** | [Interim Condensed Consolidated Statement of Changes in Equity](index=37&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the group's equity for the first half of 2025, reflecting movements in share capital, reserves, and accumulated losses 2025 First Half Interim Condensed Consolidated Statement of Changes in Equity (Unaudited) | Indicator | Share Capital (USD) | Shares Held for Share Option Scheme (USD) | Reserves (USD) | Accumulated Losses (USD) | Total (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | | As at 2024 January 1 | 2,000,000 | (138,978) | 36,767,719 | (10,443,924) | 28,184,817 | | Total Comprehensive Expense for the Period | – | – | (145,606) | (1,913,974) | (2,059,580) | | As at 2024 June 30 | 2,000,000 | (138,978) | 36,622,113 | (12,357,898) | 26,125,237 | | As at 2025 January 1 | 2,000,000 | (138,978) | 36,831,475 | (13,652,035) | 25,040,462 | | Total Comprehensive Expense for the Period | – | – | 29,172 | (703,137) | (673,965) | | As at 2025 June 30 | 2,000,000 | (138,978) | 36,860,647 | (14,355,172) | 24,366,497 | [Interim Condensed Consolidated Statement of Cash Flows](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the group's unaudited cash flows for the first half of 2025, categorized into operating, investing, and financing activities 2025 First Half Interim Condensed Consolidated Statement of Cash Flows (Unaudited) | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (1,446,118) | 1,624,811 | | Net Cash Used in Investing Activities | (61,585) | (264,621) | | Net Cash Used in Financing Activities | (203,150) | (203,518) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (1,710,853) | 1,156,672 | | Effect of Foreign Exchange Rate Changes | 463,100 | (257,734) | | Cash and Cash Equivalents at Beginning of Period | 19,077,802 | 22,258,994 | | Cash and Cash Equivalents at End of Period | 17,830,049 | 23,157,932 | [Notes to the Interim Condensed Consolidated Financial Information](index=39&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides explanatory notes and additional details to the interim condensed consolidated financial information, enhancing understanding of the financial statements [1 General Information](index=39&type=section&id=1%20General%20Information) The company was incorporated in the Cayman Islands on November 24, 2014, primarily engaging in the development, operation, and publishing of web and mobile games globally - The company was incorporated as an exempted company in the Cayman Islands on **November 24, 2014**[143](index=143&type=chunk)[147](index=147&type=chunk) - The group primarily engages in the development, operation, and publishing of web games and mobile games in North America, Europe, China, and other regions[144](index=144&type=chunk)[147](index=147&type=chunk) [2 Basis of Preparation](index=39&type=section&id=2%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read with the annual financial statements - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard ("IAS") **34 "Interim Financial Reporting"**[146](index=146&type=chunk)[148](index=148&type=chunk) - This information should be read in conjunction with the annual financial statements for the year ended December 31, 2024, which were prepared in accordance with International Financial Reporting Standards[146](index=146&type=chunk)[148](index=148&type=chunk) [3 Adoption of New and Revised IFRS Accounting Standards](index=40&type=section&id=3%20Adoption%20of%20New%20and%20Revised%20IFRS%20Accounting%20Standards) The group adopted all relevant new and revised IFRS standards, which had no significant impact on accounting policies or financial reporting, and is assessing future standards - The group has adopted all new and revised International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board that are relevant to the group's operations and effective for the accounting period beginning January 1, 2025[149](index=149&type=chunk)[151](index=151&type=chunk) - The adoption of these new and revised IFRS has not resulted in significant changes to the group's accounting policies, the presentation of the group's consolidated financial statements, or the reported figures for the current and prior periods[149](index=149&type=chunk)[151](index=151&type=chunk) - The group has begun assessing the impact of new and revised IFRS that have been issued but are not yet effective, but is not yet able to state whether they will have a significant impact[150](index=150&type=chunk)[151](index=151&type=chunk) [4 Fair Value Measurements](index=41&type=section&id=4%20Fair%20Value%20Measurements) This section outlines the three-level fair value hierarchy and discloses equity investments (Hong Kong listed securities) measured at fair value through other comprehensive income as $248,592 as of June 30, 2025 - Fair value measurements use a three-level hierarchy: Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[152](index=152&type=chunk)[154](index=154&type=chunk) Fair Value Measurements (Level 1) | Description | 2025 June 30 (USD) | 2024 December 31 (USD) | | :--- | :--- | :--- | | Equity investments measured at fair value through other comprehensive income - Hong Kong listed securities | 248,592 | 185,977 | [5 Revenue and Segment Information](index=42&type=section&id=5%20Revenue%20and%20Segment%20Information) The group's revenue primarily derives from online game services, totaling $4,585,677 in the first half of 2025, with management identifying only one operating segment Revenue Details | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Online Game Revenue | 4,585,677 | 4,525,866 | | Advertising Revenue | 2 | 11 | | **Total Revenue** | **4,585,679** | **4,525,877** | - Revenue recognition for all items is "over time"[158](index=158&type=chunk) - For management purposes, the company's executive directors consider the group to have only one segment, which is the provision of online game services[160](index=160&type=chunk)[162](index=162&type=chunk) [6 Other Gains, Net](index=43&type=section&id=6%20Other%20Gains%2C%20Net) Other gains, net, for the first half of 2025 were $428,218, primarily from net foreign exchange gains, contrasting with other gains in the prior year Other Gains, Net Details | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Net Foreign Exchange Gains/(Losses) | 421,741 | (86,699) | | Government Grants | 7,399 | 7,550 | | Others | (922) | 291,480 | | **Total** | **428,218** | **212,331** | [7 Finance Income](index=44&type=section&id=7%20Finance%20Income) Finance income significantly increased to $278,983 in the first half of 2025, mainly from net foreign exchange gains, compared to bank interest income in the prior year Finance Income Details | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Interest Income from Bank Balances | 8,532 | 37,668 | | Net Foreign Exchange Gains | 270,451 | – | | **Total** | **278,983** | **37,668** | [8 Finance Costs](index=44&type=section&id=8%20Finance%20Costs) Finance costs significantly decreased to $16,562 in the first half of 2025, primarily due to a substantial reduction in net foreign exchange losses, while lease interest remained stable Finance Costs Details | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Lease Interest | 16,263 | 26,740 | | Net Foreign Exchange Losses | – | 106,818 | | Others | 299 | – | | **Total** | **16,562** | **133,558** | [9 Income Tax Expense](index=45&type=section&id=9%20Income%20Tax%20Expense) Income tax expense for the first half of 2025 was $132,198, mainly from overseas withholding tax, with certain Chinese subsidiaries enjoying preferential tax rates Income Tax Expense | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Overseas Withholding Income Tax | 132,198 | 64,159 | - The company is exempt from or has not generated taxable profits in the Cayman Islands, British Virgin Islands, and Hong Kong[170](index=170&type=chunk) - Chinese subsidiaries enjoy preferential income tax rates, such as Guangzhou Youlai Information Technology Co., Ltd. at **15%**, and Guangzhou Suiyue Niandai Software Technology Co., Ltd. and Guangzhou Dingzhang Information Technology Co., Ltd. as small and micro-profit enterprises, taxed at **5%** on the first **RMB3 million** of profit[170](index=170&type=chunk) - The group's operations in Vietnam and Brazil are subject to **10% withholding tax** and **10% remittance tax plus 15% income tax**, respectively[174](index=174&type=chunk)[175](index=175&type=chunk) [10 Loss for the Period](index=47&type=section&id=10%20Loss%20for%20the%20Period) The group's loss for the period is accounted for after deducting expenses such as amortization of intangible assets, depreciation of property, plant, and equipment, and directors' remuneration Loss for the Period Deductions | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Amortization of Intangible Assets | 67,399 | 63,864 | | Depreciation of Property, Plant and Equipment | 135,473 | 139,390 | | Directors' Remuneration | 145,939 | 111,341 | [11 Dividend](index=47&type=section&id=11%20Dividend) The Board does not recommend the payment of any dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[179](index=179&type=chunk)[180](index=180&type=chunk) [12 Loss Per Share](index=47&type=section&id=12%20Loss%20Per%20Share) Basic and diluted loss per share for the six months ended June 30, 2025, was $0.04, an improvement from $0.10 in the prior year, with all potential shares having an anti-dilutive effect Loss Per Share | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share | (703,137) | (1,913,974) | | Basic Loss Per Share | (0.04) | (0.10) | | Diluted Loss Per Share | (0.04) | (0.10) | - For the six months ended June 30, 2025 and 2024, all potential shares had an anti-dilutive effect[183](index=183&type=chunk)[185](index=185&type=chunk) [13 Property, Plant and Equipment](index=48&type=section&id=13%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the group purchased $2,139 in property and equipment, a slight increase from the prior year Property, Plant and Equipment Acquisitions | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Acquisitions of Property, Plant and Equipment | 2,139 | 1,827 | [14 Trade Receivables](index=49&type=section&id=14%20Trade%20Receivables) As of June 30, 2025, total trade receivables were $1,116,602, an increase from year-end 2024, with the largest portion aged 0-30 days Trade Receivables Aging Analysis | Aging | 2025 June 30 (USD) | 2024 December 31 (USD) | | :--- | :--- | :--- | | 0 to 30 days | 571,332 | 473,849 | | 31 to 90 days | 122,372 | 263,730 | | 91 to 180 days | 197,196 | 78,861 | | Over 180 days | 225,702 | 77,235 | | **Total** | **1,116,602** | **893,675** | [15 Trade Payables](index=49&type=section&id=15%20Trade%20Payables) As of June 30, 2025, total trade payables were $2,406,353, a significant increase from year-end 2024, primarily concentrated in the 0-90 day aging category Trade Payables Aging Analysis | Aging | 2025 June 30 (USD) | 2024 December 31 (USD) | | :--- | :--- | :--- | | 0 to 90 days | 2,100,096 | 317,928 | | 91 to 180 days | 30,012 | 111,098 | | 181 to 360 days | 107,543 | 47,945 | | Over 360 days | 168,702 | 155,959 | | **Total** | **2,406,353** | **632,930** | [16 Share Capital and Shares Held for the Share Option Scheme](index=50&type=section&id=16%20Share%20Capital%20and%20Shares%20Held%20for%20the%20Share%20Option%20Scheme) As of June 30, 2025, the company's authorized share capital was 4,000,000,000 shares at $0.001 par value each, with 2,000,000,000 shares issued, totaling $2,000,000 in share capital Share Capital and Shares Held for Share Option Scheme | Indicator | Number of Ordinary Shares | Amount (USD) | | :--- | :--- | :--- | | Authorized Share Capital (US$0.001 per share) | 4,000,000,000 | 4,000,000 | | Number of Issued Shares | 2,000,000,000 | 2,000,000 | | Shares Held for Share Option Scheme | | (138,978) | [17 Reserves](index=51&type=section&id=17%20Reserves) As of June 30, 2025, the group's total reserves were $36,860,647, including share premium, currency translation reserve, and other reserves Reserves Details | Indicator | Share Premium (USD) | Share-based Payment Reserve (USD) | Statutory Reserve (USD) | Currency Translation Reserve (USD) | Other Reserves (USD) | Total (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As at 2024 January 1 | 36,924,962 | 3,365,342 | 945,312 | (1,287,481) | (3,180,416) | 36,767,719 | | As at 2024 June 30 | 36,924,962 | 3,365,342 | 945,312 | (1,431,587) | (3,181,916) | 36,622,113 | | As at 2025 January 1 | 36,924,962 | 3,365,342 | 945,312 | (1,288,179) | (3,115,962) | 36,831,475 | | As at 2025 June 30 | 36,924,962 | 3,365,342 | 945,312 | (1,324,762) | (3,050,207) | 36,860,647 | - In the first half of 2025, changes in fair value of financial assets measured at fair value through other comprehensive income resulted in a gain of **$65,755**, and currency translation differences resulted in a loss of **$36,583**[194](index=194&type=chunk) [18 Contingent Liabilities](index=52&type=section&id=18%20Contingent%20Liabilities) As of June 30, 2025, the group had no significant contingent liabilities - The group had no significant contingent liabilities as of June 30, 2025 (December 31, 2024: nil)[195](index=195&type=chunk)[196](index=196&type=chunk) [19 Related Party Transactions](index=52&type=section&id=19%20Related%20Party%20Transactions) In the first half of 2025, total compensation for key management personnel (including directors and the chief executive) was $145,939, an increase from the prior year Key Management Personnel Compensation | Indicator | 2025 First Half (USD) | 2024 First Half (USD) | | :--- | :--- | :--- | | Wages, Salaries and Bonuses | 135,362 | 101,135 | | Pension Costs - Defined Contribution Plans | 6,169 | 5,603 | | Other Social Security Costs, Housing Benefits and Other Employee Benefits | 4,408 | 4,603 | | **Total** | **145,939** | **111,341** | [20 Capital Commitments](index=53&type=section&id=20%20Capital%20Commitments) As of June 30, 2025, the group's capital commitments primarily related to intangible assets, with $552,000 contracted but not paid, consistent with year-end 2024 Capital Commitments | Indicator | 2025 June 30 (USD) | 2024 December 31 (USD) | | :--- | :--- | :--- | | Intangible Assets - Contracted but not paid | 552,000 | 552,000 | [21 Events After the Reporting Period](index=53&type=section&id=21%20Events%20After%20the%20Reporting%20Period) No significant post-reporting events occurred between July 1, 2025, and August 29, 2025, the date the Board approved the condensed consolidated financial report - No significant post-reporting events occurred between July 1, 2025, and August 29, 2025, the date the Board approved the condensed consolidated financial report[201](index=201&type=chunk) [22 Approval of the Condensed Consolidated Financial Statements](index=53&type=section&id=22%20Approval%20of%20the%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements were approved and authorized for issue by the Board on August 29, 2025 - The condensed consolidated financial statements were approved and authorized for issue by the Board on August 29, 2025[203](index=203&type=chunk)

此年報（「年報」）備有英文及中文版。已收取英文或中文版年報之股東，均可向本公司主要股票登記處卓佳證券 登記有限公司（地址為香港夏慤道16號遠東金融中心17樓）提出書面要求，索取以另一種語言編製的年報版本。 年報（英文及中文版）已於本公司網站www.sino.com登載。凡選擇以本公司網站瀏覽所登載之公司通訊 （其中包括但不限於年報、財務摘要報告（如適用）、中期報告、中期摘要報告（如適用）、會議通告、上市文件、 通函及代表委任表格）以代替任何或所有印刷本之股東，均可要求索取年報之印刷本。 凡選擇或被視為已同意以透過本公司網站之電子方式收取公司通訊之股東，如在本公司網站收取或瀏覽年報時 遇有困難，可於提出要求下即獲免費發送年報印刷本。 股東可隨時發出書面通知予本公司主要股票登記處，卓佳證券登記有限公司，郵寄地址為香港夏慤道16號 遠東金融中心17樓，或透過電郵地址sinohotels1221-ecom@vistra.com，要求更改所選擇收取公司通訊的 語言版本及收取方式（印刷方式或以透過本公司網站之電子方式）。 目 錄 2 公司資料 二零二五年年報 信和酒店（集團）有限公司 1 3 主席報告 11 環境、社會及 ...

02 公司資料 03 管理層討論與分析 15 其他資料 21 簡明綜合損益及其他全面收益表 23 簡明綜合財務狀況表 25 簡明綜合權益變動表 26 簡明綜合現金流量表 27 未經審核中期財務報告附註 公司資料 董事會 執行董事 姬光先生 （主席） 姬玲女士 （副主席兼行政總裁） 周楓先生 崔美堅女士（於2025年1月17日辭任） 獨立非執行董事 目 錄 公司秘書 周玉燕女士 授權代表 姬玲女士 周玉燕女士 盛宇宏先生 王忠華先生 鄭健鵬博士 審核委員會 鄭健鵬博士 （主席） 王忠華先生 盛宇宏先生 薪酬委員會 王忠華先生 （主席） 鄭健鵬博士 盛宇宏先生 提名委員會 盛宇宏先生 （主席） 鄭健鵬博士 王忠華先生 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 中華人民共和國總部 中國廣州 天河區海安路13號 財富世紀廣場 A1座3103室 香港主要營業地點 香港九龍尖沙咀 廣東道33號中港城 3座11層1115室 開曼群島股份過戶登記總處 Conyers Trust Company ...

EEKA Fashion Holdings Limited 贏家時尚控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3709） EEKA Fashion Holdings Limited 贏家時尚控股有限公司 使命 融匯時尚美學， 臻享品質生活。 2025 中期報告 願景 成為享譽全球的中國 輕奢品牌管理集團。 價值觀 卓越、開放、創新、責任。 | 目錄 | | --- | | 公司簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 財務摘要 | 4 | | 二零二五年里程碑 | 6 | | 主席報告 | 8 | | 我們的商業模式 | 11 | | 管理層討論及分析 | 12 | | 投資者資料 | 36 | | 其他資料 | 37 | | 綜合損益表 | 41 | | 綜合全面收益表 | 42 | | 綜合財務狀況表 | 43 | | 綜合權益變動表 | 45 | | 簡明綜合現金流量表 | 47 | | 未經審核中期財務報告附註 | 48 | 公司簡介 關於贏家時尚 我們是一家領先且快速增長的中華人民共和國（「中國」）輕奢時尚集團，我們擁有獨特的品牌文化理念、先進的研 ...

中期報告 Interim Report 2025 2025 目錄 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益及其他全面收益表 | 3 | | 簡明綜合財務狀況表 | 4 | | 簡明綜合權益變動表 | 6 | | 簡明綜合現金流量表 | 7 | | 簡明綜合財務報表附註 | 8 | | 簡明綜合財務報表之審閱報告 | 23 | | 管理層討論及分析 | 25 | | 其他資料 | 30 | 1 世界（集團）有限公司 中期報告2025 公司資料 董事會 執行董事 李達興先生 （主席） 馮美寶女士 （行政總裁） 李振聲先生 李國聲先生 梁祖威先生 徐志遠先生 李漢聲先生 非執行董事 崔志謙先生 何德基先生 許志權先生 曾詠儀女士 項婷女士 合資格會計師 梁祖威先生， FCCA, CPA 公司秘書 徐志遠先生， CPA 主要辦事處 香港 新界 葵涌 華星街16-18 號 保盈工業大廈 18 樓 A 座 註冊辦事處 P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands 主要往來銀行 張子文先生 李家儀女士 獨立非執行董 ...

2025 中期報告 2025 Interim Report 中期報告 摘要 中國旭陽集團有限公司 02 • 於報告期內，焦炭及精細化工產品的產╱加工量分別為10.9百萬噸及2.9百萬噸，較去年同比增加25.3%及11.5%。 • 於報告期內，高純氫的產量為11.1百萬Nm3，較去年同比增加16.8%。 • 於報告期內，收益為人民幣20,548.6百萬元，較去年同比減少18.5%。 • 於報告期內，溢利為人民幣86.9百萬元，較去年同比減少約34.9%。 • 於報告期內，每股基本盈利為人民幣0.66分，較去年同比減少約74.0%。 • 董事會就報告期宣派中期股息每股人民幣0.20分（相當於每股0.22港仙）（上個期間：每股人民幣0.78分或每股0.85港 仙），股息總額為人民幣8,561,000元（相當於9,417,000港元）（上個期間：人民幣33,948,000元或37,430,000港元）。 有權獲發中期股息的合資格股東的記錄日期為2025年9月18日（星期四），而中期股息預計於2025年9月30日（星期二） 或之前派付。 公司資料 公司名稱 中國旭陽集團有限公司 股份代號 目錄 01 2025 中期報告 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,989,654, a decrease of 16.5% compared to RMB 2,381,880 in 2024[7] - Gross profit decreased by 30.1% to RMB 528,670 from RMB 756,439 year-on-year[7] - Operating profit fell by 32.9% to RMB 344,477 compared to RMB 513,662 in the previous year[7] - Net profit for the period was RMB 245,820, down 36.2% from RMB 385,174 in 2024[7] - EBITDA for the same period was RMB 461.3 million, down 28.7% year-on-year, but up 0.5% compared to the second half of 2024[13] - The group's hospital business revenue, including inpatient and outpatient services, was RMB 1,942.2 million, a decrease of 15.8% year-on-year[14] - The group's other income increased by 63.5% to RMB 35.8 million compared to the same period in 2024[50] - The group reported a profit of RMB 247,066,000 for the six months ended June 30, 2025, compared to a profit of RMB 384,571,000 for the same period in 2024, reflecting a decrease of 35.7%[123] - The total comprehensive income for the six months ended June 30, 2025, was RMB 245,820,000, down from RMB 385,174,000 in the same period of 2024, indicating a decline of 36.3%[123] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 1,747,314, a decrease of 4.3% from RMB 1,825,749 at the end of 2024[8] - Total non-current assets increased by 1.0% to RMB 9,197,338 from RMB 9,103,506[8] - Total assets as of June 30, 2025, were RMB 10,944.7 million, an increase of 0.1% from December 31, 2024[64] - Total liabilities as of June 30, 2025, were RMB 4,043.8 million, a decrease of RMB 211.0 million or 5.0% from December 31, 2024[64] - The interest-bearing debt ratio as of June 30, 2025, was 24.1%, a decrease of 1.3 percentage points from December 31, 2024[75] - The asset-liability ratio as of June 30, 2025, was 29.2%, a decrease of 7.1 percentage points from December 31, 2024[76] Cash Flow and Investments - The net cash inflow from operating activities for the six months ended June 30, 2025, was RMB 455.7 million, an increase of 29.9% compared to the same period in 2024[59] - The group's free cash flow for the same period was RMB 213.9 million, an increase of 1,611.2% compared to the same period in 2024[59] - The net cash used in investment activities for the six months ended June 30, 2025, was RMB 46 million, a decrease of 99.3% compared to the same period in 2024[60] - The net cash used in financing activities for the six months ended June 30, 2025, was RMB 212.9 million, an increase of 406.9% compared to the same period in 2024[61] Employee and Management - The group currently has 8,017 full-time employees, a decrease from 8,169 in the previous year[83] - Employee welfare expenses for the six months ended June 30, 2025, were approximately RMB 680.9 million, down from RMB 765.9 million for the same period in 2024[84] - The total remuneration for key management personnel was RMB 2,377,000 for the six months ended June 30, 2025, down 16.9% from RMB 2,862,000 in the same period of 2024[172] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with accounting policies and financial reporting procedures[88] - The group has appointed Deloitte as the new auditor effective June 27, 2025, following the resignation of PwC due to a disagreement over audit fees[89] - The company is committed to timely disclosures regarding its financial performance and governance changes[90] Market and Growth Strategy - The company achieved a market size of RMB 768.7 billion in the oncology medical service sector by 2026, projected to grow to RMB 1,121.4 billion by 2030, with a compound annual growth rate of 17.4% for private oncology services[41] - The elderly population in China is expected to reach 310 million by the end of 2024, accounting for 22.0% of the total population, leading to increased demand for oncology-related medical services[41] - The company aims to strengthen its brand building and talent cultivation systems to enhance the core competitiveness of its hospitals[42] Research and Development - The group has published a total of 859 academic papers in renowned domestic and international journals since its listing[25] - The group has actively engaged in national and provincial key research projects, obtaining several national utility model and invention patents[25] - The group is involved in the development of new technologies in cancer treatment, specifically through advanced radiotherapy methods[186] Social Responsibility and ESG - The group has been recognized for its ESG performance, receiving an "A" rating from Wind and being included in various social responsibility indices[18] - The company has received an "A" rating in ESG performance from authoritative institutions, positioning it as a leader among Hong Kong-listed medical service companies[37] - The group has set environmental goals for 2030, focusing on improving resource usage and compliance with environmental regulations[36]

此年報（「年報」）備有英文及中文版。已收取英文或中文版年報之股東，均可向本公司股票登記處卓佳證券 登記有限公司（地址為香港夏慤道16號遠東金融中心17樓）提出書面要求，索取以另一種語言編製的年報版本。 年報（英文及中文版）已於本公司網站www.sino.com登載。凡選擇以本公司網站瀏覽所登載之公司通訊 （其中包括但不限於年報、財務摘要報告（如適用）、中期報告、中期摘要報告（如適用）、會議通告、 上市文件、通函及代表委任表格）以代替任何或所有印刷本之股東，均可要求索取年報之印刷本。 凡選擇或被視為已同意以透過本公司網站之電子方式收取公司通訊之股東，如在本公司網站收取或瀏覽 年報時遇有困難，可於提出要求下即獲免費發送年報印刷本。 股東可隨時發出書面通知予本公司股票登記處，卓佳證券登記有限公司，郵寄地址為香港夏慤道16號 遠東金融中心17樓，或透過電郵地址tst247-ecom@vistra.com，要求更改所選擇收取公司通訊的 語言版本及收取方式（印刷方式或以透過本公司網站之電子方式）。 目 錄 二零二五年年報 尖沙咀置業集團有限公司 1 2 公司資料 3 集團財務摘要 7 主席報告 21 可持續發展 30 企 ...

Annual Performance Overview [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended June 30, 2025, Khoon Group Limited reported significant changes in revenue, gross profit, and loss for the year compared to the prior period Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Revenue | 77,663,858 | 69,506,635 | | Cost of services | (72,516,420) | (63,615,918) | | Gross profit | 5,147,438 | 5,890,717 | | Other income | 682,908 | 283,128 | | Other gains and losses | (410,354) | (662,856) | | Impairment losses on financial assets and contract assets | (1,949,377) | (790,663) | | Administrative expenses | (5,442,812) | (4,415,795) | | Finance costs | (26,810) | (10,116) | | Loss / (profit) before tax | (1,999,007) | 294,415 | | Income tax expense | (110,155) | (303,311) | | Loss for the year attributable to owners of the Company | (2,109,162) | (8,896) | | Other comprehensive income / (loss) for the year | 189,850 | (226,015) | | Total comprehensive loss for the year attributable to owners of the Company | (1,919,312) | (234,911) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets slightly decreased, primarily due to reduced net current assets, alongside a decrease in non-current liabilities Key Data from Consolidated Statement of Financial Position | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 762,585 | 914,310 | | Total current assets | 47,261,911 | 51,512,969 | | **LIABILITIES** | | | | Total current liabilities | 13,559,782 | 15,897,856 | | Total non-current liabilities | 209,988 | 355,385 | | **EQUITY** | | | | Net assets | 34,254,726 | 36,174,038 | | Equity attributable to owners of the Company | 34,254,726 | 36,174,038 | [Loss Per Share](index=2&type=section&id=Loss%20Per%20Share) For the year ended June 30, 2025, the company's basic and diluted loss per share significantly widened compared to the prior year Loss Per Share | Metric | 2025 (Singapore Cents) | 2024 (Singapore Cents) | | :--- | :--- | :--- | | Basic loss per share | (0.21) | –* | | Diluted loss per share | (0.21) | –* | * Refers to less than (0.01) Singapore Cents - Diluted loss per share is the same as basic loss per share because the Group had no dilutive potential ordinary shares during the reporting year[34](index=34&type=chunk) [Dividends](index=11&type=section&id=Dividends) For the year ended June 30, 2025, the company did not pay, declare, or propose any dividends, consistent with the prior year - As of the year ended June 30, 2025, no dividends were paid, declared, or proposed to the owners of the Company or Group entities (2024: **zero SGD**)[32](index=32&type=chunk) Notes to the Consolidated Financial Statements [General Information](index=5&type=section&id=General%20Information) Khoon Group Limited, registered in the Cayman Islands in 2018 and listed on the HKEX in 2019, primarily provides electrical engineering services, with Southern Heritage Limited as its ultimate holding company - Khoon Group Limited was incorporated in the Cayman Islands on July 24, 2018, and listed on the Main Board of the HKEX from July 5, 2019[6](index=6&type=chunk) - The Company is an investment holding company, and its Singapore operating subsidiary, Khoon Engineering Contractor Pte. Ltd., primarily provides electrical engineering services[7](index=7&type=chunk) - The Company's ultimate holding company is Southern Heritage Limited, wholly owned by Mr. Tan Chee[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with applicable International Financial Reporting Standards and comply with HKEX Listing Rules and Companies Ordinance disclosure requirements - The consolidated financial statements are prepared in accordance with all applicable International Financial Reporting Standards issued by the International Accounting Standards Board[9](index=9&type=chunk) - The financial statements also comply with the applicable disclosure provisions of the HKEX Listing Rules and the disclosure requirements of the Companies Ordinance[9](index=9&type=chunk) [Adoption of New and Revised International Financial Reporting Standards](index=6&type=section&id=Adoption%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) The Group adopted several IFRS amendments effective July 1, 2024, with no significant impact on prior periods, while IFRS 18 on financial statement presentation is being evaluated for its potential impact - The Group has initially applied a number of amendments to International Financial Reporting Standards that are mandatorily effective for annual periods beginning on or after July 1, 2024[10](index=10&type=chunk) - Issued but not yet effective International Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will replace IAS 1, making significant adjustments to the presentation of financial statements, focusing on financial performance information presented in the statement of profit or loss[14](index=14&type=chunk) - The Directors are evaluating the impact of applying International Financial Reporting Standard 18 on the presentation and disclosure of the Group's consolidated financial statements[15](index=15&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from electrical engineering services in Singapore, totaling SGD 77,663,858 in 2025, mainly from public sector clients, with significant remaining performance obligations - Revenue refers to the fair value of consideration received and receivable for providing electrical engineering services recognized over time, primarily including assistance in obtaining statutory approvals, customization and/or installation of electrical systems, and testing and commissioning services[16](index=16&type=chunk) Revenue Analysis | Revenue Source | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Contract revenue recognized over time from electrical engineering services | 77,663,858 | 69,506,635 | | Of which from public sector clients | 77,519,079 | 68,720,958 | | Of which from private sector clients | 144,779 | 785,677 | Transaction Price Allocated to Remaining Performance Obligations | Period | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within one year | 66,504,220 | 81,571,189 | | More than one year but not more than two years | 32,856,159 | 29,365,753 | | More than two years but not more than five years | 30,104,771 | 5,908,624 | | More than five years | 2,642,447 | – | | **Total** | **132,107,597** | **116,845,566** | - The Group primarily operates in Singapore, with 100% of its revenue derived from Singapore for the year ended June 30, 2025 (2024: **100%**)[24](index=24&type=chunk) [Major Customer Information](index=8&type=section&id=Major%20Customer%20Information) In 2025, Clients I, II, and III were the Group's major customers, with Client I's revenue contribution significantly increasing, while Client IV was no longer a major customer Major Customer Revenue Contribution | Client | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Client I | 15,634,730 | 8,864,073 | | Client II | 14,612,896 | N/A* | | Client III | 8,311,134 | N/A* | | Client IV | N/A* | 9,430,019 | * Revenue from this client did not account for 10% or more of the Group's total revenue [Other Income, Gains and Losses](index=9&type=section&id=Other%20Income%2C%20Gains%20and%20Losses) Other income significantly increased in 2025 due to direct material sales and government grants, while other losses decreased, but impairment losses on financial and contract assets substantially rose Other Income | Income Source | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Bank interest income | 125,078 | 98,444 | | Government grants | 205,072 | 34,471 | | Training income | 5,781 | 30,660 | | Direct material sales | 322,484 | 114,868 | | Others | 24,493 | 4,685 | | **Total** | **682,908** | **283,128** | - Government grants in 2025 primarily included Career Transition Programme grants from the Singapore Workforce Development Agency, supporting entities to reskill Singaporean employees[25](index=25&type=chunk) Other Gains and Losses | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | – | 60,617 | | Write-off of trade receivables | – | (537,198) | | Write-off of contract assets | – | (433,563) | | Net foreign exchange (loss) / gain | (410,354) | 247,288 | | **Total** | **(410,354)** | **(662,856)** | Impairment Losses on Financial Assets and Contract Assets | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade receivables | (185,959) | (730,663) | | Contract assets | (1,763,418) | (60,000) | | **Total** | **(1,949,377)** | **(790,663)** | [Finance Costs and Income Tax Expense](index=10&type=section&id=Finance%20Costs%20and%20Income%20Tax%20Expense) Finance costs increased in 2025 due to higher lease liabilities, while income tax expense decreased due to reduced taxable profit Finance Costs | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Interest on lease liabilities | 26,810 | 10,116 | Income Tax Expense | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Provision for corporate income tax for the year | 110,155 | 303,311 | - Corporate income tax is calculated at **17%** of estimated taxable profit, with partial exemptions for Singapore-registered companies[29](index=29&type=chunk) - No income tax was recognized for British Virgin Islands and Hong Kong-registered subsidiaries as they had no taxable profit during the reporting year[30](index=30&type=chunk) [Components of Loss for the Year](index=11&type=section&id=Components%20of%20Loss%20for%20the%20Year) The Group's loss for the year was primarily influenced by depreciation of property, plant and equipment, right-of-use assets, impairment losses on trade and contract assets, auditor's remuneration, material costs, and subcontracting costs Items Deducted in Loss for the Year | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 88,366 | 105,480 | | Depreciation of right-of-use assets | 442,302 | 208,429 | | Impairment loss on trade receivables | 185,959 | 730,663 | | Impairment loss on contract assets | 1,763,418 | 60,000 | | Auditor's remuneration | 166,000 | 166,000 | | Material costs recognized as cost of services | 37,365,841 | 32,861,263 | | Subcontracting costs recognized as cost of services | 25,936,530 | 22,424,163 | [Trade and Other Receivables](index=12&type=section&id=Trade%20and%20Other%20Receivables) Total trade receivables decreased to SGD 7,493,166 in 2025, with a typical credit period of 30 to 35 days, and impairment loss provisions increased to SGD 969,991 Trade Receivables | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade receivables | 8,463,157 | 10,406,559 | | Less: Provision for impairment losses | (969,991) | (784,032) | | **Net** | **7,493,166** | **9,622,527** | - The Group typically grants credit terms of **30 to 35 days** from the invoice date for trade receivables due from all customers[36](index=36&type=chunk) Aging Analysis of Trade Receivables (Net of Impairment Loss Provisions) | Aging | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 4,610,462 | 7,724,045 | | 31 to 60 days | 1,500,931 | 503,823 | | 61 to 90 days | 556,129 | 806,451 | | 91 to 120 days | 168,542 | 22,815 | | Over 120 days | 657,102 | 565,393 | | **Total** | **7,493,166** | **9,622,527** | Movement in Provision for Impairment Losses on Trade Receivables | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Balance at beginning of year | 784,032 | 53,369 | | Impairment losses recognized during the year | 185,959 | 730,663 | | Balance at end of year | 969,991 | 784,032 | [Contract Assets and Liabilities](index=14&type=section&id=Contract%20Assets%20and%20Liabilities) Net contract assets decreased to SGD 28,845,345 in 2025, primarily due to reduced retention receivables and unbilled revenue, with a significant increase in impairment losses for specific customers, while contract liabilities increased Analysis of Contract Assets and Liabilities Balances | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Contract assets | 30,791,162 | 33,950,755 | | Less: Provision for impairment losses | (1,945,817) | (182,399) | | **Net contract assets** | **28,845,345** | **33,768,356** | | Contract liabilities | (258,746) | (51,846) | | **Total** | **28,586,599** | **33,716,510** | Composition of Contract Assets | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Retention receivables | 12,584,486 | 9,112,975 | | Others (unbilled revenue) | 18,290,697 | 24,928,982 | | Less: Provision for impairment losses | (1,945,817) | (182,399) | | **Total** | **28,929,366** | **33,859,558** | - Changes in contract assets are primarily driven by the amount of retention receivables and the scale and quantity of completed but uncertified contract works[45](index=45&type=chunk) Movement in Provision for Impairment Losses on Contract Assets | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Balance at beginning of year | 182,399 | 822,399 | | Impairment losses recognized during the year | 1,763,418 | 60,000 | | Impairment provision written off | – | (700,000) | | Balance at end of year | 1,945,817 | 182,399 | - For the year ended June 30, 2025, the loss provision significantly increased, mainly due to a substantial increase in credit risk for three specific customers, resulting in an impairment provision expense of **SGD 1,763,418**[49](index=49&type=chunk) Contract Liabilities Analysis | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Total contract liabilities | 342,767 | 143,048 | | Revenue recognized in contract liabilities balance at beginning of year | 143,048 | 342,562 | [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased to SGD 12,571,551 in 2025, with trade payables typically having a 30 to 90-day credit period, and retention payables to subcontractors being interest-free Composition of Trade and Other Payables | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Trade payables | 6,628,767 | 8,623,132 | | Trade accruals | 1,602,276 | 2,261,331 | | Retention payables | 3,485,416 | 3,343,394 | | Salaries, CPF and MPF payables | 368,731 | 336,024 | | Goods and services tax payables | 288,235 | 214,247 | | Accrued audit fees | 166,000 | 166,000 | | Other payables | 32,126 | 65,583 | | **Total** | **12,571,551** | **15,009,711** | - Retention payables to subcontractors are interest-free and are paid upon the expiry of the warranty period or according to the terms of the relevant contracts (generally within **12 months** after the completion of the relevant works)[52](index=52&type=chunk) Aging Analysis of Trade Payables | Aging | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 2,840,879 | 3,671,211 | | 31 to 60 days | 2,919,793 | 2,974,373 | | 61 to 90 days | 521,149 | 1,482,970 | | 91 to 120 days | 84,993 | 345,641 | | Over 120 days | 261,953 | 148,937 | | **Total** | **6,628,767** | **8,623,132** | [Share Capital](index=17&type=section&id=Share%20Capital) The company's authorized share capital is 1,500,000,000 shares at HKD 0.01 each, with 1,000,000,000 issued and fully paid shares amounting to SGD 1,742,143, and management regularly reviews the capital structure Share Capital Information | Item | 2025 | 2024 | | :--- | :--- | :--- | | Authorized share capital (number of shares) | 1,500,000,000 | 1,500,000,000 | | Authorized share capital (HKD) | 15,000,000 | 15,000,000 | | Issued and fully paid share capital (number of shares) | 1,000,000,000 | 1,000,000,000 | | Issued and fully paid share capital (SGD) | 1,742,143 | 1,742,143 | - The Group's capital structure comprises equity attributable to owners of the Group, including issued share capital, reserves, and accumulated profits[55](index=55&type=chunk) - Management regularly reviews the capital structure, considering the cost of capital and associated risks, and balances the overall capital structure through dividend payments, new share issues, and new debt[55](index=55&type=chunk) Management Discussion and Analysis [Business Review](index=18&type=section&id=Business%20Review) Khoon Group, a Singaporean M&E contractor with over 30 years of experience, saw 2025 revenue grow 11.7% to SGD 77.7 million, but gross profit declined 12.6% to SGD 5.1 million, and net loss widened to SGD 2.1 million - The Group is a Singaporean M&E engineering contractor specializing in providing electrical engineering solutions, with services including customization and/or installation of electrical systems, assistance in obtaining statutory approvals, and testing and commissioning[56](index=56&type=chunk) - The Group has a solid track record in undertaking electrical engineering works for public residential development projects initiated by the Housing & Development Board[56](index=56&type=chunk) Business Review Key Financial Data | Metric | 2025 (million SGD) | 2024 (million SGD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 77.7 | 69.5 | 11.7% | | Gross profit | 5.1 | 5.9 | -12.6% | | Gross margin | 6.6% | 8.5% | -1.9 percentage points | | Loss for the year | (2.1) | –* | N/A | * Refers to less than (0.1) million SGD [Outlook](index=18&type=section&id=Outlook) Singapore's construction demand is projected to be SGD 47-53 billion in 2025 and SGD 39-46 billion annually from 2026-2029, with the Group holding 28 projects valued at SGD 235.5 million, positioning it to capitalize on future demand - The Building and Construction Authority of Singapore forecasts construction demand between **SGD 47 billion** and **SGD 53 billion** in 2025, and an annual total construction demand of **SGD 39 billion** to **SGD 46 billion** from 2026 to 2029[58](index=58&type=chunk) - As of June 30, 2025, the Group had **28 projects** on hand with a nominal or estimated contract value of approximately **SGD 235.5 million**[59](index=59&type=chunk) - The Board believes that, given the Group's expertise in public sector projects, it is well-positioned to capitalize on the increasing construction demand in the coming years[58](index=58&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) This section details the Group's financial performance, including revenue growth, decreased gross profit and margin, increased other income, higher impairment losses, increased administrative and finance costs, and an expanded loss for the year [Revenue](index=19&type=section&id=Revenue) Total revenue increased by 11.7% to SGD 77.7 million in 2025, driven by increased construction demand in Singapore, with public sector projects contributing the majority of revenue - The Group's operating activities involve providing electrical engineering services for public and private sector projects, primarily new building developments, redevelopment, additions and alterations, and upgrading projects[61](index=61&type=chunk) Revenue Contribution by Project Type | Project Type | 2025 Project Count | 2025 Revenue (million SGD) | 2025 % of Total Revenue | 2024 Project Count | 2024 Revenue (million SGD) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Public sector projects | 89 | 77.5 | 99.8 | 64 | 68.7 | 98.9 | | Private sector projects | 8 | 0.2 | 0.2 | 56 | 0.8 | 1.1 | | **Total** | **97** | **77.7** | **100.0** | **120** | **69.5** | **100.0** | - Total revenue increased by approximately **SGD 8.2 million** or **11.7%**, mainly due to increased construction demand in Singapore[63](index=63&type=chunk) [Cost of Services](index=20&type=section&id=Cost%20of%20Services) Cost of services increased by 14.0% to SGD 72.5 million in 2025, primarily due to higher labor, material, and subcontracting costs - Cost of services increased by approximately **SGD 8.9 million** or **14.0%**, primarily due to higher labor and material costs and subcontracting costs[64](index=64&type=chunk) [Gross Profit and Gross Margin](index=20&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 12.6% to SGD 5.1 million, and the gross margin fell by 1.9 percentage points to 6.6%, mainly due to increased cost of services Gross Profit and Gross Margin Analysis | Project Type | 2025 Revenue (million SGD) | 2025 Gross Profit (million SGD) | 2025 Gross Margin (%) | 2024 Revenue (million SGD) | 2024 Gross Profit (million SGD) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Public sector projects | 77.5 | 5.5 | 7.2 | 68.7 | 5.8 | 8.5 | | Private sector projects | 0.2 | (0.4) | N/A | 0.8 | 0.1 | 9.5 | | **Total** | **77.7** | **5.1** | **6.6** | **69.5** | **5.9** | **8.5** | - Gross profit decreased by approximately **12.6%**, and gross margin declined by **1.9 percentage points**, mainly due to increased cost of services[65](index=65&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) Other income increased to SGD 0.7 million in 2025, primarily driven by higher direct material sales revenue - Other income primarily includes direct material sales revenue, bank interest income, government grants, training income, and miscellaneous income[66](index=66&type=chunk) - The increase in other income is attributable to higher revenue from direct material sales for the year ended June 30, 2025[66](index=66&type=chunk) [Other Gains and Losses](index=21&type=section&id=Other%20Gains%20and%20Losses) Other losses decreased to SGD 0.4 million in 2025, mainly due to no write-offs of trade and contract assets, though partially offset by foreign exchange losses - Other gains and losses include write-offs of trade receivables and contract assets, as well as net foreign exchange gains and losses[67](index=67&type=chunk) - The decrease in other losses was mainly due to no write-offs of trade receivables and contract assets in 2025 (2024: approximately **SGD 1.0 million**), but this effect was mitigated by foreign exchange losses of approximately **SGD 0.4 million** recognized in 2025 (2024: foreign exchange gains of approximately **SGD 0.2 million**)[67](index=67&type=chunk) [Impairment Losses on Financial Assets and Contract Assets](index=21&type=section&id=Impairment%20Losses%20on%20Financial%20Assets%20and%20Contract%20Assets) Impairment loss provisions increased to SGD 1.9 million in 2025, primarily due to additional provisions made based on expected credit loss assessments - The increase in impairment loss provisions was primarily due to additional provisions made for impairment losses on financial assets and contract assets arising from expected credit loss assessments[68](index=68&type=chunk) [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) Administrative expenses increased to SGD 5.4 million in 2025, mainly due to higher staff costs - Administrative expenses increased by approximately **SGD 1.0 million**, mainly due to higher staff costs for the year ended June 30, 2025[69](index=69&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) Finance costs increased to SGD 27,000 in 2025, primarily due to an increase in lease liabilities during the year - The increase in finance costs was due to an increase in lease liabilities during the year, leading to higher finance costs[70](index=70&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) Income tax expense decreased to SGD 0.1 million in 2025, primarily due to a reduction in taxable profit - The change in income tax expense was primarily due to a decrease in taxable profit for the year ended June 30, 2025[71](index=71&type=chunk) [Loss for the Year](index=22&type=section&id=Loss%20for%20the%20Year) The loss for the year expanded to SGD 2.1 million in 2025, mainly due to increased impairment losses on financial and contract assets, higher staff costs, and a decline in gross margin - The change in loss for the year was primarily due to increased impairment losses on financial assets and contract assets, as well as higher staff costs[72](index=72&type=chunk) - A decline in gross margin also contributed to the change in net loss for the year[72](index=72&type=chunk) [Trade Receivables](index=22&type=section&id=Trade%20Receivables) Trade receivables amounted to SGD 7.5 million in 2025, with approximately 76.6% settled as of the announcement date - As of June 30, 2025, the Group's trade receivables were approximately **SGD 7.5 million**, of which approximately **SGD 5.7 million** (i.e., approximately **76.6%**) had been settled as of the announcement date[73](index=73&type=chunk) [Contract Assets](index=22&type=section&id=Contract%20Assets) Contract assets (excluding retention receivables) were SGD 16.3 million in 2025, with approximately 54.6% billed as of the announcement date, reflecting lengthy certification and billing processes for ongoing projects - As of June 30, 2025, the Group's contract assets (excluding retention receivables) were approximately **SGD 16.3 million**, of which approximately **SGD 8.9 million** (i.e., approximately **54.6%**) had been billed as of the announcement date[74](index=74&type=chunk) - The certification and billing process for ongoing projects may take a long time (**6 months to 1 year**) as the Group requires additional time to perform extra procedures to verify the functionality of certain electrical engineering works[74](index=74&type=chunk) [Final Dividend](index=22&type=section&id=Final%20Dividend) The Board does not recommend paying a final dividend for the year ended June 30, 2025, consistent with the prior year - The Board does not recommend paying a final dividend for the year ended June 30, 2025 (2024: **zero SGD**)[75](index=75&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group funds its operations, capital expenditures, and liquidity needs through cash, operating cash flows, and net proceeds from share offers, holding approximately SGD 10.0 million in cash with no bank borrowings as of June 30, 2025 - The Group funds its working capital, capital expenditures, and other liquidity needs through its cash and cash equivalents, cash flows generated from operations, and net proceeds from the share offer[76](index=76&type=chunk) - As of June 30, 2025, the Group had total bank balances and cash of approximately **SGD 10.0 million** (2024: approximately **SGD 7.1 million**)[77](index=77&type=chunk) - The Group had no bank borrowings as of June 30, 2025, and June 30, 2024[77](index=77&type=chunk) [Pledge of Assets](index=23&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had approximately SGD 74,000 in pledged deposits serving as collateral for performance guarantees - As of June 30, 2025, the Group had pledged deposits of approximately **SGD 74,000** as part of collateral for performance guarantees in favor of the Group's clients[78](index=78&type=chunk) [Financial Policies](index=23&type=section&id=Financial%20Policies) The Group adopts a prudent financial management approach, maintaining a sound financial position throughout the year, with the Board closely monitoring liquidity to meet funding requirements - The Group adopts a prudent financial management approach for its financial policies, thereby maintaining a sound financial position throughout the year[79](index=79&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of its assets, liabilities, and other commitments can always meet its funding requirements[79](index=79&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in Singapore with most transactions in SGD, the Group faces foreign exchange risk from HKD-denominated bank balances, but this is not expected to significantly impact operating results, thus no hedging instruments are used - The Group primarily operates in Singapore, with most operating transactions and revenue settled in SGD[80](index=80&type=chunk) - As of June 30, 2025, the Group had certain HKD-denominated bank balances of approximately **SGD 2.5 million**, which may expose the Group to foreign exchange risk[80](index=80&type=chunk) - The Group does not expect this risk to have a significant impact on its operating results; therefore, no hedging instruments have been utilized[80](index=80&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio remained at zero, consistent with the prior year - As of June 30, 2025, the Group's gearing ratio was **zero** (as of June 30, 2024: **zero**)[81](index=81&type=chunk) [Material Investments, Acquisitions and Disposals](index=24&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the year ended June 30, 2025, the Group had no material investments in, or acquisitions or disposals of, subsidiaries, associates, or joint ventures - For the year ended June 30, 2025, the Group had no material investments in, or material acquisitions or disposals of, subsidiaries, associates, or joint ventures[82](index=82&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no future plans for material investments or capital assets beyond those disclosed in the prospectus - Except for those disclosed in the Company's prospectus dated June 20, 2019, as of June 30, 2025, the Group had no other future plans for material investments or capital assets[83](index=83&type=chunk) [Employees and Remuneration Policies](index=24&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group employed 208 staff with total staff costs of approximately SGD 10.0 million, and its remuneration policy is regularly reviewed to attract and retain high-quality talent - As of June 30, 2025, the Group employed a total of **208 employees** (2024: **197 employees**)[84](index=84&type=chunk) - Total staff costs for the year ended June 30, 2025, were approximately **SGD 10.0 million** (2024: approximately **SGD 8.7 million**)[84](index=84&type=chunk) - The Group's remuneration policies and benefits are regularly reviewed to attract and retain high-quality staff, offering on-the-job training, salary increments, and discretionary bonuses[84](index=84&type=chunk) [Environmental Policies and Compliance](index=24&type=section&id=Environmental%20Policies%20and%20Compliance) Details regarding the Group's environmental policies, performance, and compliance will be provided in the 'Environmental, Social and Governance Report' within the upcoming 2024/2025 Annual Report - Details regarding environmental policies, performance, and compliance with laws and regulations will be included in the 'Environmental, Social and Governance Report' within the Company's forthcoming 2024/2025 Annual Report[85](index=85&type=chunk) Other Information [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) The Group faces contingent liabilities including performance bonds of SGD 1.9 million and an arbitration dispute with a client for approximately SGD 13.8 million, which the Group intends to defend and counterclaim - As of June 30, 2025, the Group had performance bonds of approximately **SGD 1.9 million** granted by insurance companies in favor of the Group's clients[86](index=86&type=chunk) - The Group is a respondent in an arbitration dispute with a client regarding a subcontracting agreement, with the client claiming a total of approximately **SGD 13.8 million**[87](index=87&type=chunk) - The Group intends to defend against the claim and file a counterclaim against the client, as the Directors believe the claim lacks merit[88](index=88&type=chunk) [Capital Expenditure and Commitments](index=25&type=section&id=Capital%20Expenditure%20and%20Commitments) For the year ended June 30, 2025, the Group acquired property, plant, and equipment totaling approximately SGD 110,000, with no significant capital commitments as of the reporting date - For the year ended June 30, 2025, the Group acquired property, plant and equipment items totaling approximately **SGD 110,000** (2024: approximately **SGD 36,000**)[89](index=89&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments[90](index=90&type=chunk) [Use of Net Proceeds from Share Offer](index=25&type=section&id=Use%20of%20Net%20Proceeds%20from%20Share%20Offer) Net proceeds from the share offer, approximately SGD 16.6 million, were fully utilized by December 31, 2024, for purposes including strengthening manpower, upfront costs and working capital, equipment acquisition, and ERP system upgrades - Net proceeds from the share offer, approximately **HKD 95.0 million** (equivalent to approximately **SGD 16.6 million**), were fully utilized by December 31, 2024[91](index=91&type=chunk)[92](index=92&type=chunk) Use of Net Proceeds from Share Offer Details | Planned Use | Disclosed in Prospectus (million SGD) | Utilized as of June 30, 2025 (million SGD) | | :--- | :--- | :--- | | Acquisition of ME01 workhead | 7.1 | – | | Strengthening manpower | 2.5 | 1.0 | | Expansion of premises | 1.8 | – | | Upfront costs and working capital for existing projects | 1.7 | 5.2 | | Upfront costs and working capital for potential new projects | – | 7.1 | | Acquisition of additional machinery and equipment | 1.4 | 0.2 | | Purchase of BIM software and upgrade of ERP system | 0.9 | 0.5 | | Acquisition of additional lorries | 0.3 | 0.2 | | General working capital | 0.9 | 2.4 | | **Total** | **16.6** | **16.6** | [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after June 30, 2025, up to the announcement date, other than those disclosed under 'Contingent Liabilities' - Except for those disclosed in the 'Contingent Liabilities' section, no significant events affecting the Group occurred after the year ended June 30, 2025, up to the announcement date[94](index=94&type=chunk) Corporate Governance and Other Disclosures [Corporate Governance](index=27&type=section&id=Corporate%20Governance) For the year ended June 30, 2025, the company complied with the Corporate Governance Code provisions in Appendix C1 Part 2 of the HKEX Listing Rules and continues to enhance its practices - For the year ended June 30, 2025, the Company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules[95](index=95&type=chunk) - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the new Corporate Governance Code and align with the latest developments[95](index=95&type=chunk) [Directors' Securities Transactions](index=27&type=section&id=Directors%27%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed full compliance for the 2025 financial year - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as the code of conduct for securities transactions by Directors and relevant employees of the Group[96](index=96&type=chunk) - Following specific enquiries by the Company, all Directors confirmed their full compliance with the Model Code for the year ended June 30, 2025[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of the Company's Treasury Shares](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities%20or%20Sale%20of%20the%20Company%27s%20Treasury%20Shares) For the year ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities or treasury shares, and no treasury shares were held as of June 30, 2025 - For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities or sold any of its treasury shares[97](index=97&type=chunk) - As of June 30, 2025, the Company held no treasury shares[97](index=97&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's audited financial results for the year ended June 30, 2025, discussing accounting principles and practices with management and auditors, with no disagreements - The Company's Audit Committee reviewed the Group's audited financial results for the year ended June 30, 2025, and discussed the accounting principles and practices adopted by the Group with the Company's management and auditors, with no disagreements from the Audit Committee or the auditors[98](index=98&type=chunk) [Board Composition](index=28&type=section&id=Board%20Composition) As of the announcement date, the Board comprises two executive directors (Mr. Ang Wee Keng, Mr. Ang Kok Kwang) and three independent non-executive directors (Ms. Leong Wing Chee, Mr. Fok Wai Hung, Mr. So Chi Kai) - As of the announcement date, the Board comprises two executive directors (Mr. Ang Wee Keng and Mr. Ang Kok Kwang) and three independent non-executive directors (Ms. Leong Wing Chee, Mr. Fok Wai Hung, and Mr. So Chi Kai)[98](index=98&type=chunk)

新界 沙田安耀街3號 匯達大廈15樓1501至02室 公司網站 http://www.anchorstone.com.hk 目錄 頁次 2 公司資料 3 管理層討論與分析 7 董事、最高行政人員及主要股東的權益 9 企業管治及其他資料 11 簡明綜合中期損益及其他全面收益表 12 簡明綜合中期財務狀況表 14 簡明綜合中期權益變動表 15 簡明綜合中期現金流量表 16 簡明綜合中期財務資料附註 公司資料 註冊辦事處 Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 香港主要營業地點 公司電郵 info@anchorstone.com.hk 董事會 執行董事 雷雨潤先生 （主席） 雷寶蔚女士 馮偉恒先生（於2025年2月28日辭任） 獨立非執行董事 高子健先生 黃裕暉先生 程韻華女士 嚴建國先生（於2025年8月27日辭任） 董事委員會 審核委員會 高子健先生 （主席） 黃裕暉先生 嚴建國先生（於2025年8月27日辭任） 薪酬委員會 黃裕暉先生 （主席） 高子健先生 雷雨潤先生 提名委員會 雷雨潤先生 ...