2025 INTERIM REPORT 中期報告 INTERIM REPORT 2025 中期報告 Contents 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | DEFINITIONS | 釋義 | 5 | | BUSINESS REVIEW AND OUTLOOK | 業務回顧及展望 | 8 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 23 | | OTHER INFORMATION | 其他資料 | 32 | | REPORT ON REVIEW OF CONDENSED | 簡明綜合財務報表審閱報告 | | | CONSOLIDATED FINANCIAL STATEMENTS | | 47 | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合損益及其他全面收入表 | | | PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | | 49 | | CONDENSED CONSOLIDA ...

Heng Hup Holdings Limited 興合控股有限公司 股份代號: 1891 (於開曼群島註冊成立的有限公司) 中期報告 2025 INTERIM REPORT 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論與分析 | 5 | | 權益披露 | 11 | | 企業管治及其他資料 | 14 | | 簡明綜合全面收益表 | 16 | | 簡明綜合財務狀況表 | 17 | | 簡明綜合權益變動表 | 19 | | 簡明綜合現金流量表 | 20 | | 簡明綜合財務報表附註 | 21 | 公司資料 董事會 執行董事 Sia Kok Chin拿督（董事會主席兼行政總裁） Sia Keng Leong拿督 Sia Kok Chong先生 Sia Kok Seng先生 Sia Kok Heong先生 獨立非執行董事 Sai Shiow Yin女士 Puar Chin Jong先生 Chu Kheh Wee先生 審核及風險管理委員會 Sai Shiow Yin女士（主席） Puar Chin Jong先生 Chu Kheh Wee先生 薪 ...

2025 中期報告 重要提示 公司2025年半年度利潤分配預案為：以本次分紅派息的股權登記日的公司總股本為基數，向分紅派息的股權登記日 登記在冊的A股股東和H股股東，每10股分配現金紅利人民幣1.20元（含稅）。 根據《上海證券交易所上市公司自律監管指引第7號－回購股份》等有關規定，公司回購專用證券賬戶上的本公司A 股股份不參與股息分派。按照公司截至2025年6月30日的總股本8,496,645,292股，扣除公司截至報告披露日回購 專戶股份61,546,481股，以此計算合計擬派發現金紅利總額為人民幣1,012,211,857.32元，佔2025年上半年合併 口徑歸屬於母公司所有者的淨利潤的29.23%。 六、 前瞻性陳述的風險聲明 本報告可能包含前瞻性陳述，包括未來計劃和發展戰略。除歷史事實陳述以外的所有聲明均為或可視為前瞻性陳 述。公司及其任何子公司均不承擔因新數據而公開更新或修訂任何前瞻性陳述的義務。敬請投資者注意此類投資風 險，不要過度依賴前瞻性陳述。 2025年中期報告 東方證券 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在虛假 記載、 ...

目 錄 | 一 | 公司基本情況 | 2 | | --- | --- | --- | | 二 | 按《中國企業會計準則》編製的主要財務數據和財務指標 | 3 | | 三 | 股本變動及股東情況 | 6 | | 四 | 董事、監事、高級管理人員及員工情況 | 10 | | 五 | 董事長報告 | 20 | | 六 | 經營管理研討與分析 | 24 | | 七 | 重要事項 | 32 | | 八 | 公司管治 | 40 | | 九 | 財務報告 | 41 | | 十 | 備查文件 | 212 | 重要提示 本公告分別以中文及英文刊載。如中英文有任何差異，概以中文為準。 公司基本情況 | 本公司中文名稱 | ： | 山東新華製藥股份有限公司 | | --- | --- | --- | | 本公司英文名稱 | ： | SHANDONG XINHUA PHARMACEUTICAL COMPANY LIMITED | | 本公司法定代表人 | ： 賀同慶 | | | 董事會秘書 | ： 曹長求 | | | 聯繫電話 | ： | 86-533-2196024 | | 傳真號碼 | ： | 86-533-2287508 | ...

股份代號：6816 （於開曼群島註冊成立的有限公司） 中期報告 2025 目錄 2 管理層討論及分析 10 中期簡明綜合全面收益表 11 中期簡明綜合資產負債表 13 中期簡明綜合權益變動表 14 中期簡明綜合現金流量表 15 簡明綜合中期財務資料附註 管理層討論及分析 瑞港建設控股有限公司（「本公司」）董事（「董事」）會（「董事會」）呈列本公司及其附屬公司（統稱「本集團」）截至2025 年6月30日止六個月（「本期間」）的未經審核綜合業績，連同2024年同期（「去年同期」）的比較數字。該等資料應與本 公司截至2024年12月31日止年度的年報一併閱覽。 業務回顧 國家政府於去年下半年宣佈了一系列穩定經濟的措施，其中包括優化房地產行業監管政策，預期該等措施將有助於 穩定房地產市場，並提高市場的可預測性。回顧2025年上半年，國內房地產市場已表現回穩。市場數據顯示，新開 發項目的銷售及價格已開始擺脫跌趨，而二手房市場的交易量有所增加，但價格仍然疲弱。整體而言，預期市場需 要更多時間以消化現有的供應以及經濟政策的影響。 為應對市場的不明朗因素，本集團的一般建築業務分部積極擴大其地區覆蓋範圍，並調整其產品及服務以滿 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides essential details about the company's registration, governance structure, and key operational contacts [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) The company's board comprises executive and independent non-executive directors, with audit, remuneration, and nomination committees, experiencing changes during the reporting period - Mr. Zhou Yujun retired as an independent non-executive director on June 20, 2025[3](index=3&type=chunk) - Ms. Ma Yanfen was appointed as an independent non-executive director and Chairman of the Audit Committee on June 20, 2025[3](index=3&type=chunk)[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) The company is registered in Bermuda, headquartered in Hong Kong, listed under stock code 1223, with details on auditors and banks - The company's registered office is in Bermuda, with its headquarters and principal place of business in Hong Kong at 10/F, Harbour Centre, 510 King's Road, North Point[3](index=3&type=chunk) - The company's stock code is **1223**, and its auditor is BDO Limited, Hong Kong[3](index=3&type=chunk)[4](index=4&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) This statement reviews the Group's operational performance in the first half of 2025 and outlines strategic plans for the second half [Operating Review for H1 2025](index=4&type=section&id=Operating%20Review%20for%20H1%202025) In H1 2025, despite global economic challenges, the Group demonstrated resilience through strategic initiatives across its retail, brand, healthcare, sake, and financial segments - Xiamen "Suning Outlets" achieved the "over **RMB100 million** in first month" milestone for four consecutive years, with an upgraded international sports brand flagship store setting a new regional daily sales record[6](index=6&type=chunk) - Retail business digital transformation showed significant results, with AI market analysis systems improving decision accuracy and WeChat video account live streaming boosting member engagement and sales conversion[6](index=6&type=chunk) - Sports compression wear brand SKINS optimized its global strategic layout, focusing resources on core markets and actively participating in industry exhibitions to strengthen its professional positioning[6](index=6&type=chunk) - Healthcare business SBT successfully expanded cross-border e-commerce channels, accelerating penetration into the Southeast Asian market[7](index=7&type=chunk) - Financial services benefited from the capital market recovery in the first half, performing as expected and providing stable income support for the Group[7](index=7&type=chunk) [Outlook and Strategy for H2](index=5&type=section&id=Outlook%20and%20Strategy%20for%20H2) For H2, the Group plans to leverage China's economic stability, focusing on retail upgrades, brand differentiation, and operational efficiency across all business segments - The retail segment will focus on consumer upgrade trends, strengthening its "youthful and diversified" brand portfolio by introducing international luxury brands and emerging local designer brands[8](index=8&type=chunk) - Regarding innovative marketing models, plans include themed shopping festivals and cross-industry collaborations during holiday seasons, alongside deepening omnichannel digital transformation[8](index=8&type=chunk) - SKINS will advance mass-market product line development and innovative regional cooperation models; SBT will focus on developing health management for middle-aged and elderly, and youth wellness niche markets in the Greater Bay Area and Southeast Asia; "Hakuryu" sake will accelerate promotion in key and North American markets[8](index=8&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the Group's financial performance, segment results, liquidity, and other key operational aspects for the reporting period [Financial Review](index=6&type=section&id=Financial%20Review) The Group's total revenue slightly decreased in H1 2025, but EBITDA increased, comprehensive income turned profitable, and net assets grew H1 2025 Financial Overview | Metric | H1 2025 (HK$'000) | H1 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 148,229 | 150,324 | -1.4% | | EBITDA | 73,900 | 72,300 | +2.2% | | Loss for the Period | (12,800) | (26,700) | -52.1% | | Total Comprehensive Income Attributable to Owners of the Company | 45,400 | (83,500) | Turned profitable | | Net Assets (Period-end) | 2,345,200 | 2,319,000 (Dec 31, 2024) | +1.1% | [Segment Information](index=6&type=section&id=Segment%20Information) The Group operates in brand promotion, retail, and financial services; brand promotion revenue decreased, retail revenue slightly increased, and financial services revenue and loss worsened H1 2025 Segment Performance | Segment | Revenue (HK$'000) | Revenue YoY Change (%) | Gross Margin (%) | Reportable Segment (Loss)/Profit (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Brand Promotion | 20,200 | -13.2% | 62.5% (2024: 57.7%) | (2,500) (2024: (800)) | | Retail | 119,800 | +1.4% | - | 11,300 (2024: 13,400) | | Financial Services | 8,300 | -7.2% | - | (1,900) (2024: (400)) | [Analysis of Key Income Statement Items](index=7&type=section&id=Analysis%20of%20Key%20Income%20Statement%20Items) Cost of sales significantly decreased, gross profit slightly increased, other income and gains grew substantially, while distribution, administrative, and income tax expenses rose, and finance costs declined H1 2025 Key Income Statement Items Changes | Metric | H1 2025 (HK$'000) | H1 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | (7,562) | (9,822) | -23.0% | | Gross Profit | 140,667 | 140,502 | +0.1% | | Other Income and Gains | 35,724 | 25,009 | +42.8% | | Distribution and Selling Expenses | (29,726) | (26,774) | +11.0% | | Administrative Expenses | (69,427) | (64,767) | +7.2% | | Finance Costs | (39,687) | (48,945) | -18.9% | | Fair Value Loss on Financial Assets at FVTPL | (2,518) | (571) | +341.0% | | Income Tax Expense | (5,387) | (3,572) | +50.8% | | Loss for the Period Attributable to Owners of the Company | (13,322) | (28,372) | -53.0% | - The reduction in loss for the period was primarily due to increased other income and gains and decreased finance costs resulting from lower HIBOR[25](index=25&type=chunk) [Market Information](index=7&type=section&id=Market%20Information) Over 95% of the Group's revenue is generated from China, Hong Kong, and other Asian countries - During the period, revenue from China, Hong Kong, and other Asian countries accounted for approximately **95.2%** of total revenue (H1 2024: 94.7%)[26](index=26&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's bank balances and cash decreased, bank facilities declined, total bank loans slightly increased, but liquidity ratio improved Liquidity and Financial Resources Overview | Metric | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 65,800 | 77,200 | -14.8% | | Bank Facilities | 1,505,600 | 1,720,000 | -12.5% | | Total Bank Loans | 1,151,200 | 1,140,400 | +0.9% | | Floating Rate Bank Loan Annual Interest Rate | 1.79%-6.81% | 1.92%-7.83% | Range narrowed | | Gearing Ratio | 46.3% | 45.8% | +0.5% | | Current Assets | 1,283,500 | 1,274,700 | +0.7% | | Current Liabilities | 1,022,300 | 1,162,600 | -12.1% | | Current Ratio | 1.26 | 1.10 | +14.5% | [Pledge of Assets](index=8&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged various assets, including properties, investment properties, right-of-use assets, and subsidiary shares, to secure bank facilities - Pledged assets include leasehold land and buildings, outlet mall buildings, investment properties, right-of-use assets, and assets classified as held for sale, with a total carrying value of approximately **HK$3.36 billion**[30](index=30&type=chunk) - Additionally, shares of certain subsidiaries, corporate guarantees, and a personal guarantee from a director also served as security for bank facilities[30](index=30&type=chunk) [Capital Commitments](index=8&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's primary capital commitment was for the construction of the Shenyang Outlet mall building in China, which decreased from year-end 2024 Capital Commitments | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Construction Cost of Shenyang Outlet Mall Building | 6,100 | 8,100 | -24.7% | [Capital Expenditure](index=8&type=section&id=Capital%20Expenditure) Capital expenditure during the period significantly increased year-on-year, primarily for property, plant, and equipment purchases and the Shenyang Outlet mall construction Capital Expenditure | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Capital Expenditure | 3,100 | 600 | +416.7% | [Contingent Liabilities](index=8&type=section&id=Contingent%20Liabilities) The Group faces potential tax penalties for overdue corporate income tax filings in China, but management deems the amount immaterial and covered by vendor indemnity - There is a potential tax penalty for overdue corporate income tax filings in China, but the amount cannot be reliably estimated[34](index=34&type=chunk) - Management considers the potential penalty immaterial, and the vendor has undertaken to indemnify related tax liabilities prior to the acquisition completion date[34](index=34&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total employee count and related costs slightly decreased, while offering competitive remuneration, bonuses, and other benefits Employees and Remuneration Overview | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Number of Employees | 249 persons | 265 persons | -6.0% | | Employee Costs (excluding Directors' Emoluments) | 27,100 HK$'000 | 29,300 HK$'000 | -7.5% | - The Group provides discretionary bonuses, employee share options, insurance, medical plans, and retirement schemes to eligible employees[36](index=36&type=chunk) [Treasury Policy](index=9&type=section&id=Treasury%20Policy) The Group is exposed to foreign currency risks from RMB and USD denominated assets and liabilities but did not use derivatives for hedging during the period, continuously monitoring risks - The Group is primarily exposed to foreign currency risks arising from monetary assets and liabilities denominated in RMB and USD[37](index=37&type=chunk) - No financial derivative instruments were entered into for hedging purposes during the period, and management will monitor foreign exchange risks and take appropriate measures from time to time[37](index=37&type=chunk) [Interim Dividend](index=9&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the period, consistent with the prior year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[38](index=38&type=chunk) [Significant Acquisitions, Disposals, Material Investments and Future Plans for Material Investments](index=9&type=section&id=Significant%20Acquisitions%2C%20Disposals%2C%20Material%20Investments%20and%20Future%20Plans%20for%20Material%20Investments) The Group acquired the remaining 15% stake in New Ito Brand Distribution Limited, gaining full control of the "SKINS" business to enhance operational efficiency and expand revenue streams through brand development - On February 25, 2025, the Company acquired the remaining **15%** stake in New Ito Brand Distribution Limited ("New Ito") for **US$0.6 million** (approximately **HK$4.7 million**), making it a wholly-owned subsidiary[39](index=39&type=chunk) - This acquisition aims to gain full control of the New Ito Group, enhancing flexibility in its strategic direction and daily management, thereby improving the Group's operational management efficiency[41](index=41&type=chunk) - Future plans include rebranding, enhancing brand awareness, developing new products, innovating product portfolios, and upgrading the "SKINS" product distribution network to broaden revenue streams[42](index=42&type=chunk)[43](index=43&type=chunk) [Events After Reporting Period](index=10&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after June 30, 2025, up to the report date - No significant events affecting the Group occurred after June 30, 2025, and up to the date of this report[46](index=46&type=chunk) [Other Information](index=11&type=section&id=Other%20Information) This section provides additional disclosures regarding directors' and substantial shareholders' interests, securities transactions, share option schemes, corporate governance, and interim results review [Directors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares](index=11&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, the company's directors and chief executive held long positions in ordinary shares, with Chairman Mr. Zheng Dunni being the largest shareholder Directors' and Chief Executive's Long Positions in the Company's Ordinary Shares (June 30, 2025) | Director | Capacity/Nature of Interest | Total Number of Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Zheng Dunni | Beneficial owner and interest in controlled corporation | 1,316,110,000 | 44.25% | | Chan Ka Lee | Beneficial owner | 11,000,000 | 0.37% | | Li Changming | Beneficial owner and spouse's interest | 93,050,000 | 3.13% | | Fung Kim Wan | Beneficial owner | 99,040,000 | 3.33% | | Sham Pui Kee | Beneficial owner | 10,000,000 | 0.34% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=12&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, besides directors, Goldsilk Capital Limited, Mr. Ko Ching Fai, and his spouse Ms. Wong Lai Ling were substantial shareholders holding 5% or more of the company's shares Substantial Shareholders' Long Positions in the Company's Ordinary Shares (June 30, 2025) | Shareholder | Capacity/Nature of Interest | Total Number of Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Zheng Dunni | Beneficial owner and interest in controlled corporation | 1,316,110,000 | 44.25% | | Goldsilk Capital Limited | Beneficial owner | 1,136,790,000 | 38.22% | | Ko Ching Fai | Beneficial owner and jointly interested with other persons | 470,000,000 | 15.80% | | Wong Lai Ling | Jointly interested with other persons and spouse's interest | 470,000,000 | 15.80% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=12&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[51](index=51&type=chunk) [Share Option Scheme](index=13&type=section&id=Share%20Option%20Scheme) The company adopted a new share option scheme in 2023 to incentivize participants, with no options granted, exercised, cancelled, or lapsed during the period - The Company adopted a new share option scheme ("2023 Scheme") on June 23, 2023, with a **10-year** validity period[53](index=53&type=chunk) - During the period and the corresponding period, no share options were granted, exercised, cancelled, or lapsed under the 2021 Scheme and 2023 Scheme, and there were no outstanding share options[53](index=53&type=chunk) - As of June 30, 2025, the number of share options available for grant under the scheme mandate limit of the 2023 Scheme was **297,422,523**[53](index=53&type=chunk) [Corporate Governance Practices](index=13&type=section&id=Corporate%20Governance%20Practices) The company complied with corporate governance code during the period, with deviations regarding the Chairman/CEO role and independent non-executive directors' tenure, the latter now rectified - The roles of Chairman and Chief Executive Officer are held concurrently by Mr. Zheng Dunni, which the Board believes provides strong and consistent leadership to the Group[55](index=55&type=chunk) - From December 15, 2023, to June 19, 2025, all independent non-executive directors served for over nine years, but compliance with the Corporate Governance Code was restored upon Ms. Ma Yanfen's appointment on June 20, 2025[55](index=55&type=chunk) [Review of Interim Results](index=14&type=section&id=Review%20of%20Interim%20Results) The company's audit committee reviewed the Group's accounting policies, internal controls, financial reporting, and the interim results announcement and report - The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting policies, practices, internal controls, and financial reporting matters[57](index=57&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported a loss for the period of HK$12,750 thousand, a significant reduction from HK$26,681 thousand in the prior year Condensed Consolidated Statement of Profit or Loss Summary | Metric | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 148,229 | 150,324 | | Gross Profit | 140,667 | 140,502 | | Other Income and Gains | 35,724 | 25,009 | | Loss Before Income Tax Expense | (7,363) | (23,109) | | Loss for the Period | (12,750) | (26,681) | | Loss for the Period Attributable to Owners of the Company | (13,322) | (28,372) | | Basic and Diluted Loss Per Share | (0.45) HK cents | (0.95) HK cents | [Condensed Consolidated Statement of Comprehensive Income](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group achieved a total comprehensive income of HK$45,829 thousand, a significant improvement from a loss of HK$82,275 thousand in the prior year Condensed Consolidated Statement of Comprehensive Income Summary | Metric | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Loss for the Period | (12,750) | (26,681) | | Exchange differences arising from translation of overseas operations | 57,612 | (54,628) | | Other comprehensive income for the period, net of tax | 58,579 | (55,594) | | Total comprehensive income for the period | 45,829 | (82,275) | | Total comprehensive income for the period attributable to owners of the Company | 45,405 | (83,537) | [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly increased, net current assets significantly improved, total liabilities slightly decreased, and both net assets and total equity grew Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Total Non-current Assets | 3,156,927 | 3,141,257 | | Total Current Assets | 1,283,537 | 1,274,704 | | Total Current Liabilities | 1,022,345 | 1,162,630 | | Net Current Assets | 261,192 | 112,074 | | Total Non-current Liabilities | 1,072,876 | 934,370 | | Net Assets | 2,345,243 | 2,318,961 | | Total Equity | 2,345,243 | 2,318,961 | [Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company increased to HK$2,334,862 thousand, driven by positive comprehensive income despite dividends and subsidiary acquisition Condensed Consolidated Statement of Changes in Equity Summary | Metric | June 30, 2025 (HK$'000) | Jan 1, 2025 (HK$'000) | | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | 2,334,862 | 2,313,016 | | Total comprehensive income for the period | 45,405 | - | | Acquisition of further interest in a subsidiary | (8,688) | - | | Dividends declared | (14,871) | - | [Condensed Consolidated Statement of Cash Flows](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities decreased, net cash from investing activities turned positive, and net cash outflow from financing activities significantly reduced Condensed Consolidated Statement of Cash Flows Summary | Metric | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 33,441 | 75,687 | | Net Cash From Investing Activities | 342 | (23,910) | | Net Cash From Financing Activities | (39,021) | (127,626) | | Net Decrease in Cash and Cash Equivalents | (5,238) | (75,849) | | Cash and Cash Equivalents at End of Period | 65,838 | 55,801 | [Notes to the Condensed Consolidated Interim Financial Statements](index=23&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanatory notes to the condensed consolidated interim financial statements, covering general information, accounting policies, segment data, and specific financial instrument disclosures [1. General Information](index=23&type=section&id=1.%20General%20Information) This note outlines New Frontier Group Limited's registration, listing status, ultimate controlling party, and principal business activities across brand promotion, retail, and financial services - The Company was incorporated in Bermuda on November 24, 1993, and its shares have been listed on the Main Board of the Hong Kong Stock Exchange since March 1, 1995[75](index=75&type=chunk) - The ultimate controlling party is Mr. Zheng Dunni, the Chairman and Director of the Company[75](index=75&type=chunk) - The Group's principal activities include brand promotion (SKINS, healthcare products, Japanese sake), retail (outlet malls, property investment), and financial services[78](index=78&type=chunk) [2. Basis of Preparation](index=23&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies with the 2024 annual financial statements, presented in HKD - The condensed consolidated 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 applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[76](index=76&type=chunk) - The statements are presented in Hong Kong dollars and should be read in conjunction with the 2024 annual financial statements[77](index=77&type=chunk) [3. Changes in Accounting Policies](index=24&type=section&id=3.%20Changes%20in%20Accounting%20Policies) The Group adopted HKFRS amendments effective January 1, 2025, with no material impact on current or prior period financial performance, and no significant impact expected from new standards yet to be effective - The Group adopted amendments to HKAS 21 and HKFRS 1 "Lack of Exchangeability," but with no material impact[80](index=80&type=chunk) - The Directors expect that the adoption of new and revised HKFRSs that have been issued but are not yet effective will not have any material impact on the condensed consolidated interim financial statements[81](index=81&type=chunk) [4. Segment Information](index=25&type=section&id=4.%20Segment%20Information) This note details the Group's operating segments (brand promotion, retail, financial services), including revenue, results, assets, and liabilities, with revenue data further disaggregated by geographical markets and product/service lines H1 2025 Segment Revenue and Results | Segment | Revenue from External Customers (HK$'000) | Reportable Segment (Loss)/Profit (HK$'000) | | :--- | :--- | :--- | | Brand Promotion | 20,166 | (2,503) | | Retail | 119,793 | 11,317 | | Financial Services | 8,270 | (1,863) | | Consolidated Total | 148,229 | 6,951 (Segment Total) | H1 2025 Revenue from Contracts with Customers by Major Geographical Markets | Region | Brand Promotion (HK$'000) | Retail (HK$'000) | Financial Services (HK$'000) | Consolidated (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | China | 495 | 94,825 | – | 95,320 | | Hong Kong | 9,845 | – | 2,674 | 12,519 | | USA | 1,806 | – | – | 1,806 | | Other Asian Countries | 2,740 | – | – | 2,740 | | Others | 5,280 | – | – | 5,280 | Segment Assets and Liabilities as of June 30, 2025 | Segment | Total Assets (HK$'000) | Total Liabilities (HK$'000) | | :--- | :--- | :--- | | Brand Promotion | 243,511 | 43,008 | | Retail | 2,977,017 | 452,212 | | Financial Services | 324,243 | 25,731 | | Total Reportable Segments | 3,544,771 | 520,951 | [5. Other Income and Gains](index=32&type=section&id=5.%20Other%20Income%20and%20Gains) Total other income and gains for the period amounted to HK$35,724 thousand, a significant increase year-on-year, mainly due to tax provision reversals, outlet mall reimbursement income, and government grants Details of Other Income and Gains | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Tax provision reversed | 19,249 | – | | Operating outlet mall reimbursement income | 8,059 | 7,531 | | Government grants | 4,130 | 11,810 | | Interest income | 1,758 | 2,326 | | Foreign exchange gain | – | 1,331 | | Total | 35,724 | 25,009 | [6. Finance Costs](index=32&type=section&id=6.%20Finance%20Costs) Total finance costs for the period were HK$39,687 thousand, a decrease from the prior year, primarily due to reduced interest expenses on bank loans Details of Finance Costs | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Interest expense on bank loans | 32,222 | 41,546 | | Interest expense on lease liabilities | 6,098 | 6,323 | | Interest expense on amounts due to directors | 1,367 | 1,076 | | Total | 39,687 | 48,945 | [7. Loss Before Income Tax Expense](index=33&type=section&id=7.%20Loss%20Before%20Income%20Tax%20Expense) Loss before income tax expense for the period significantly narrowed to HK$7,363 thousand from HK$23,109 thousand in the prior year, influenced by increased other income and reduced finance costs Key Items Affecting Loss Before Income Tax Expense | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 33,454 | 38,421 | | Employee costs (excluding directors' emoluments) | 27,149 | 29,272 | | Foreign exchange loss/(gain) | 2,223 | (1,331) | | Fair value loss on financial assets at FVTPL | 2,518 | 571 | | Operating outlet mall reimbursement income | (8,059) | (7,531) | [8. Income Tax Expense](index=34&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense for the period increased by 50.8% to HK$5,387 thousand, comprising Hong Kong profits tax, China corporate income tax, and deferred tax, with potential immaterial tax penalties in China Details of Income Tax Expense | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Hong Kong profits tax | 82 | 216 | | China corporate income tax | 4,471 | 2,721 | | Overseas tax | (30) | 18 | | Deferred tax | 864 | 617 | | Total | 5,387 | 3,572 | - The China property investment business faces potential tax penalties for overdue tax filings, but management considers the amount immaterial and covered by vendor indemnity[108](index=108&type=chunk) [9. Dividends](index=36&type=section&id=9.%20Dividends) The Board resolved not to declare an interim dividend for the period, while the 2024 final dividend was approved and will be paid in September 2025 - For the six months ended June 30, 2025, and 2024, the Board resolved not to declare any interim dividend to shareholders[111](index=111&type=chunk) - The 2024 final dividend of **HK$0.005** per ordinary share, totaling approximately **HK$14,871,000**, was approved and will be paid in September 2025[111](index=111&type=chunk) [10. Loss Per Share](index=36&type=section&id=10.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was **HK0.45 cents**, a significant reduction from **HK0.95 cents** in the prior year Loss Per Share Overview | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (HK$'000) | (13,322) | (28,372) | | Weighted average number of ordinary shares (thousands) | 2,974,225 | 2,974,225 | | Basic and diluted loss per share (HK cents) | (0.45) | (0.95) | - There were no potentially dilutive ordinary shares during the period, thus diluted loss per share was the same as basic loss per share[114](index=114&type=chunk) [11. Property, Plant and Equipment/Investment Properties/Right-of-Use Assets](index=37&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment%2FInvestment%20Properties%2FRight-of-Use%20Assets) Property, plant, and equipment acquisitions increased, with some assets written off; various properties, investment properties, and right-of-use assets in Hong Kong and China are pledged for bank financing Property, Plant and Equipment Acquisitions and Write-offs | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Acquisition cost | 3,059 | 591 | | Write-offs | 5 | 29 | - As of June 30, 2025, property, plant and equipment with a carrying value of approximately **HK$1,730,436 thousand** were pledged to banks[117](index=117&type=chunk) - Investment properties (including those held for sale) with a carrying value of approximately **HK$1,226,938 thousand** and right-of-use assets of approximately **HK$406,367 thousand** were also pledged to banks[118](index=118&type=chunk)[119](index=119&type=chunk) [12. Inventories](index=37&type=section&id=12.%20Inventories) For the six months ended June 30, 2025, the Group recognized a net provision for inventory write-downs of HK$170 thousand, a decrease from the prior year Net Provision for Inventory Write-downs | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Net provision for inventory write-downs | 170 | 394 | [13. Trade and Other Receivables](index=38&type=section&id=13.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables were HK$132,343 thousand, a slight increase from year-end 2024, with a reduction in loss allowance for trade receivables Trade and Other Receivables Overview | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Gross carrying amount of trade receivables | 27,751 | 31,424 | | Loss allowance for trade receivables | (5,179) | (5,611) | | Gross carrying amount of prepayments, deposits and other receivables | 119,217 | 110,677 | | Total trade and other receivables | 132,343 | 127,231 | Ageing Analysis of Trade Receivables (net of loss allowance) | Ageing | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | 0 to 30 days | 11,819 | 15,218 | | 31 to 60 days | 1,986 | 1,045 | | 61 to 90 days | 586 | 631 | | Over 90 days | 8,181 | 8,919 | | Total | 22,572 | 25,813 | [14. Advances to Margin Financing Clients](index=39&type=section&id=14.%20Advances%20to%20Margin%20Financing%20Clients) As of June 30, 2025, total advances to margin financing clients slightly decreased to HK$123,657 thousand, collateralized by listed equity securities, with no loss allowance recognized Advances to Margin Financing Clients | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Directors and their associates | 26,793 | 26,033 | | Other margin clients | 96,864 | 100,577 | | Total | 123,657 | 126,610 | - Advances are collateralized by listed equity securities, with average annual interest rates ranging from HKD Prime Rate to Prime Rate plus **3%**, repayable on demand[125](index=125&type=chunk) - Given sufficient collateral and no significant default events, no loss allowance was recognized for the current and prior years[126](index=126&type=chunk) [15. Loans Receivable](index=40&type=section&id=15.%20Loans%20Receivable) As of June 30, 2025, total loans receivable increased to HK$50,360 thousand, collateralized by property mortgages and listed equity securities, with classification and provisions based on credit risk stages Loans Receivable Overview | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Gross carrying amount of secured loans receivable | 55,016 | 51,187 | | Less: Loss allowance | (4,656) | (5,453) | | Net carrying amount | 50,360 | 45,734 | - Loans receivable are collateralized by borrowers' property mortgages and Hong Kong listed equity securities, with annual interest rates ranging from **5%** to **18%**[128](index=128&type=chunk) - Approximately **HK$12,425 thousand** of loans are classified as Stage 1 (limited credit risk), and approximately **HK$42,561 thousand** as Stage 3 (credit-impaired), with a loss allowance reversal of **HK$797 thousand** recognized during the period[128](index=128&type=chunk)[129](index=129&type=chunk) [16. Financial Assets at Fair Value Through Profit or Loss](index=40&type=section&id=16.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss were HK$80,304 thousand, primarily comprising Hong Kong listed equity securities, China listed investments, and unlisted investments, with a fair value loss of HK$2,518 thousand recognized Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Hong Kong listed equity securities | 10,184 | 12,602 | | China listed investments | 1,113 | – | | Unlisted investments | 69,007 | 69,107 | | Total | 80,304 | 81,709 | - Fair value loss on financial assets at fair value through profit or loss for the period was **HK$2,518 thousand**, an increase from **HK$571 thousand** in the prior year[131](index=131&type=chunk) [17. Assets Classified as Held for Sale](index=41&type=section&id=17.%20Assets%20Classified%20as%20Held%20for%20Sale) As of June 30, 2025, the Group held investment properties classified as held for sale totaling HK$735,414 thousand, including properties in Hong Kong and Beijing, actively marketed at reduced prices, but not yet sold Assets Classified as Held for Sale | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Hong Kong investment properties | 231,000 | 231,000 | | Beijing investment properties | 504,414 | 489,866 | | Total | 735,414 | 720,866 | - The Group has committed to a plan to sell investment properties located in Hong Kong and Beijing, actively marketing them at reduced prices, but the sale has not yet been completed[133](index=133&type=chunk) [18. Trade and Other Payables](index=42&type=section&id=18.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HK$349,199 thousand, largely consistent with year-end 2024, with most trade payables outside the financial services segment due within 30 days Trade and Other Payables Overview | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Total trade payables | 192,544 | 192,643 | | Accruals, receipts in advance, temporary receipts and other payables | 156,655 | 156,816 | | Total | 349,199 | 349,459 | Ageing Analysis of Trade Payables (excluding financial services segment) | Ageing | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | 0 to 30 days | 135,715 | 136,600 | | 31 to 60 days | 24,847 | 31,792 | | 61 to 90 days | 7,591 | 3,310 | | Over 90 days | 463 | 717 | | Total | 168,616 | 172,419 | [19. Lease Liabilities](index=43&type=section&id=19.%20Lease%20Liabilities) For the six months ended June 30, 2025, total cash outflow for leases was HK$4,529 thousand, including principal and interest payments on lease liabilities and short-term lease payments Lease-Related Cash Outflows and Interest Expenses | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Total cash outflow for leases | 4,529 | 6,631 | | Principal and interest payments on lease liabilities | 3,882 | 5,306 | | Short-term lease payments | 647 | 1,325 | | Interest expense on lease liabilities | 6,098 | 6,323 | [20. Bank Loans](index=43&type=section&id=20.%20Bank%20Loans) As of June 30, 2025, total bank loans were HK$1,151,202 thousand, with a floating annual interest rate ranging from 1.79% to 6.81% and a weighted average of 3.47% Bank Loans Overview | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Current portion (repayable within one year) | 570,721 | 704,534 | | Non-current portion (repayable after one year) | 580,481 | 435,870 | | Total bank loans | 1,151,202 | 1,140,404 | - The annual interest rate for floating rate bank loans ranged from approximately **1.79% to 6.81%** (H1 2024: 1.92% to 7.83%)[138](index=138&type=chunk) - The effective weighted average annual interest rate for the period was approximately **3.47%** (H1 2024: 6.21%)[138](index=138&type=chunk) [21. Share Capital](index=44&type=section&id=21.%20Share%20Capital) As of June 30, 2025, the company's authorized share capital was HK$2,000,000 thousand, with issued and fully paid share capital of HK$297,422 thousand, at a par value of HK$0.10 per share Share Capital Overview | Item | Number of Shares (thousands) | Par Value (HK$'000) | | :--- | :--- | :--- | | Authorized share capital (par value HK$0.10 per share) | 20,000,000 | 2,000,000 | | Issued and fully paid share capital (par value HK$0.10 per share) | 2,974,225 | 297,422 | [22. Capital Commitments](index=44&type=section&id=22.%20Capital%20Commitments) As of June 30, 2025, the Group's significant contractual capital commitment was primarily for the construction cost of the Shenyang Outlet mall building in China, amounting to HK$6,105 thousand Details of Capital Commitments | Item | June 30, 2025 (HK$'000) | Dec 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Construction cost of Shenyang Outlet mall building | 6,105 | 8,113 | [23. Related Party Disclosures](index=45&type=section&id=23.%20Related%20Party%20Disclosures) This note discloses transactions between the Group and Chairman Mr. Zheng Dunni, Director Mr. Li Changming, other related parties, and key management personnel compensation Transactions with Mr. Zheng Dunni and his associates | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from securities brokerage | 11 | 9 | | Interest income from margin financing | 599 | 323 | | Total amount granted for margin financing arrangements | 17,000 | 17,000 | | Maximum outstanding balance of margin loans granted | 14,730 | 16,596 | Transactions with Mr. Li Changming | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Interest income from margin financing | 503 | 473 | | Total amount granted for margin financing arrangements | 15,000 | 15,000 | | Maximum outstanding balance of margin loans granted | 12,063 | 11,285 | Key Management Personnel Compensation | Item | H1 2025 (HK$'000) | H1 2024 (HK$'000) | | :--- | :--- | :--- | | Salaries, benefits and other expenses | 9,993 | 6,072 | | Contributions to defined contribution retirement plans | 110 | 102 | | Total | 10,103 | 6,174 | [24. Contingent Assets and Liabilities](index=46&type=section&id=24.%20Contingent%20Assets%20and%20Liabilities) Except for potential tax penalties disclosed in Note 8, the Group had no other material contingent assets or liabilities requiring recognition or disclosure as of June 30, 2025, and December 31, 2024 - Except for potential tax penalties, the Group had no other material contingent assets or liabilities at the end of the reporting period[148](index=148&type=chunk) [25. Financial Instruments](index=47&type=section&id=25.%20Financial%20Instruments) This note details the Group's financial instruments by category, carrying value, and fair value, classified by fair value hierarchy, including sensitivity analysis for unlisted investments using unobservable inputs Overview of Financial Assets and Liabilities (June 30, 2025) | Item | Carrying Value (HK$'000) | Fair Value (HK$'000) | | :--- | :--- | :--- | | **Financial Assets:** | | | | At fair value through profit or loss | 80,304 | 80,304 | | At amortized cost | 416,833 | (Note) | | **Financial Liabilities:** | | | | At amortized cost | 1,566,474 | (Note) | | Lease liabilities | 171,761 | (Note) | Analysis of Financial Instruments Measured at Fair Value (June 30, 2025) | Level | Financial Instruments (HK$'000) | | :--- | :--- | | Level 1 | 11,297 | | Level 3 | 69,007 | - Fair value measurement of unlisted investments used significant unobservable inputs such as risk-free rates and illiquidity discounts; a **5%** increase in default probability would result in an approximate **HK$3,450 thousand** decrease in investment fair value[157](index=157&type=chunk) [26. Approval of Condensed Consolidated Interim Financial Statements](index=49&type=section&id=26.%20Approval%20of%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025 - The condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025[159](index=159&type=chunk)

[Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=3&type=section&id=Financial%20Review) Revenue slightly decreased to RMB 21.4 million, but gross profit increased by 49.2% to RMB 8.8 million, with gross margin rising to 41.1%, and other income turned profitable Revenue Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21.4 | 22.1 | -3.2% | - Revenue decrease was primarily due to intense industry competition leading to fewer sales orders, partially offset by increased exhibition income and higher average selling prices for the Group's branded watches[5](index=5&type=chunk) Cost of Sales Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 12.6 | 16.1 | -21.7% | - The decrease in cost of sales is consistent with the reduction in revenue from branded watch sales during the period[6](index=6&type=chunk) Gross Profit and Gross Margin Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 8.8 | 5.9 | +49.2% | | Gross Margin | 41.1% | 26.9% | +14.2pp | - The increase in gross profit was primarily due to higher average selling prices for the Group's branded watches for the six months ended June 30, 2025[7](index=7&type=chunk) Other Income and Losses Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Other Income and Losses | 1.2 (Income) | (5.7) (Loss) | +6.9 | - The turnaround from loss to profit was mainly due to the unrealized fair value changes of financial assets at fair value through profit or loss[8](index=8&type=chunk) Administrative Expenses Changes | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 11.4 | 6.7 | +4.7 | - The increase in administrative expenses was primarily due to higher depreciation and staff costs[10](index=10&type=chunk) [Loss Before Tax](index=4&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the company's loss before tax narrowed to approximately RMB 5.6 million from RMB 10.7 million in the prior year Loss Before Tax | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss Before Tax | (5.6) | (10.7) | +5.1 | - Loss before tax narrowed[13](index=13&type=chunk) [Loss for the Period](index=4&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, loss for the period decreased to approximately RMB 5.6 million from RMB 10.7 million, driven by increased gross profit, higher administrative expenses, and a turnaround in other income and losses Loss for the Period | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Loss for the Period | (5.6) | (10.7) | +5.1 | - The decrease was mainly due to the net effect of increased gross profit, higher administrative expenses, and the turnaround in other income and losses[14](index=14&type=chunk) [Prospects and Future Outlook](index=4&type=section&id=Prospects%20and%20Future%20Outlook) The Group plans to enhance watch and jewelry design capabilities by strengthening its design team and recruiting talent to navigate the challenging economic environment in 2025, focusing on luxury high-end markets and potential collaborations to meet growing demand from the middle class and female consumers - The Group aims to provide quality products by enhancing its core competitiveness through strengthening the design and artistic literacy of its design team and recruiting more talent to improve watch and jewelry design and development capabilities[15](index=15&type=chunk) - The Group will closely monitor market reactions and re-strategize its business and product portfolio to adapt to market demands, including but not limited to designing, producing, and selling luxury high-end watches and jewelry while maintaining competitiveness[15](index=15&type=chunk) - The Group believes that in the long term, luxury high-end watches and jewelry and accessories consumption has strong potential, given (i) the rise of the middle class, (ii) increasing disposable income, especially among Chinese women, and (iii) higher female labor force participation rates[15](index=15&type=chunk) - The Group will allocate more resources and effort to its design team, considering collaborations with renowned designers to offer fashionable and reasonably priced watches and jewelry suitable for professional wear[15](index=15&type=chunk) [Financial Position](index=4&type=section&id=Financial%20Position) As of June 30, 2025, the Group's cash and bank balances increased to RMB 2.4 million, with the current ratio significantly rising to 15.5 times and the debt-to-equity ratio decreasing to 52.0%, indicating improved liquidity and a more robust financial structure Cash and Bank Balances | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 2.4 | 1.0 | +1.4 | - Most cash and bank balances are held in HKD[17](index=17&type=chunk) Current Ratio | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 15.5 times | 5.7 times | +9.8 times | - The current ratio is defined as current assets divided by current liabilities[17](index=17&type=chunk) Debt-to-Equity Ratio | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Debt-to-Equity Ratio | 52.0% | 86.2% | -34.2pp | - The debt-to-equity ratio is defined as total interest-bearing borrowings divided by shareholders' equity[17](index=17&type=chunk) [Debts and Asset Pledges](index=4&type=section&id=Debts%20and%20Asset%20Pledges) As of June 30, 2025, the Group had no assets pledged to secure any loans - As of June 30, 2025, the Group had no assets pledged to secure any loans granted to the Group[18](index=18&type=chunk) [Capital Commitments](index=5&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: RMB zero)[20](index=20&type=chunk) [Foreign Exchange Risk](index=5&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in China and is exposed to foreign exchange risk related to RMB and USD, with no hedging activities during the reporting period, but management will continue to monitor and implement hedging measures as appropriate - The Group primarily operates in China and is exposed to foreign exchange risk arising from various currencies, mainly related to RMB and USD[21](index=21&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any hedging arrangements; however, management will continue to closely monitor its foreign currency exposure and needs, and will make hedging arrangements when necessary[21](index=21&type=chunk) [Capital Structure](index=5&type=section&id=Capital%20Structure) Details of changes in the company's share capital for the six months ended June 30, 2025, are presented in Note 12 to the condensed consolidated interim financial statements - Details of changes in the company's share capital for the six months ended June 30, 2025, are set out in Note 12 to the condensed consolidated interim financial statements[22](index=22&type=chunk) [Contingent Liabilities](index=5&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024[23](index=23&type=chunk) [Dividend Payment](index=5&type=section&id=Dividend%20Payment) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[24](index=24&type=chunk) [Significant Acquisitions or Disposals](index=5&type=section&id=Significant%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries and associates by the Group - For the six months ended June 30, 2025, there were no significant acquisitions or disposals of subsidiaries and associates[25](index=25&type=chunk) [Significant Investments](index=5&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held equity interests in Caixin Media Group Limited and Juntai Holdings Limited, along with other listed securities, totaling RMB 15.853 million in fair value, representing 22.7% of total assets, with an investment strategy focused on building a diversified and flexible portfolio for sustainable long-term returns Significant Investment Overview | Investee Company Name | Fair Value Gain/(Loss) (RMB thousand) | Fair Value as of June 30, 2025 (RMB thousand) | Percentage of Group's Total Audited Assets as of June 30, 2025 (%) | | :--- | :--- | :--- | :--- | | Caixin Media Group Limited | 2,278 | 4,437 | 6.4% | | Juntai Holdings Limited | 4,076 | 7,337 | 10.5% | | Other Listed Securities | (5,204) | 4,079 | 5.8% | | **Total** | **1,150** | **15,853** | **22.7%** | - The Group's investment strategy aims to build a diversified and flexible investment portfolio to maximize sustainable long-term returns and strive for high growth[26](index=26&type=chunk)[27](index=27&type=chunk) - Caixin Media Group Limited is primarily engaged in providing advertising agency services and distributing books and magazines in China, as well as securities brokerage, money lending, and e-commerce platform services and sales of high-tech products in Hong Kong; the Group holds a 1.58% equity interest and received no dividends[27](index=27&type=chunk) - Juntai Holdings Limited is primarily engaged in medical product sales, plastic injection molding product sales, loan services, and securities investment; the Group holds a 3.09% equity interest and received no dividends[27](index=27&type=chunk) [Employees and Remuneration Policy](index=6&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group maintained 56 employees, with total staff costs increasing to RMB 4.7 million, and the company uses annual performance reviews to attract and retain talent - As of June 30, 2025, the Group employed a total of 56 employees (December 31, 2024: 56 employees)[29](index=29&type=chunk) Total Staff Costs | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total Staff Costs | 4.7 | 3.5 | +1.2 | - Employee performance is assessed annually, and the results are used to determine annual salaries and promotion reviews to attract and retain valuable employees[29](index=29&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=6&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[30](index=30&type=chunk) [Directors' and Chief Executive's Interests in Shares, Underlying Shares and Debentures](index=6&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, no directors or chief executives of the company had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation - As of June 30, 2025, no directors or chief executives of the company had any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that were required to be recorded in the register kept by the company under Section 352 of the Securities and Futures Ordinance, or otherwise notified to the company and the Stock Exchange under the Model Code[31](index=31&type=chunk)[33](index=33&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=7&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, apart from the company's directors and chief executives, no other persons held any disclosable interests or short positions in the shares or underlying shares - To the best knowledge of the company's directors and chief executives, as of June 30, 2025, no other persons (other than the company's directors and chief executives) held or were deemed to hold any interests or short positions in the shares or underlying shares that were required to be disclosed to the company and the Stock Exchange under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance[34](index=34&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=7&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries was involved in any arrangements enabling directors or their associates to acquire benefits by purchasing shares or debt securities of the company or an associated corporation - Save as disclosed in the section "Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company" above, neither the company nor any of its subsidiaries was involved in any arrangements at any time during the six months ended June 30, 2025, that would enable the company's directors or chief executives or their respective associates to acquire benefits by purchasing shares or debt securities of the company or any associated corporation[35](index=35&type=chunk) [Directors' Interests in Competing Businesses](index=7&type=section&id=Directors'%20Interests%20in%20Competing%20Businesses) For the six months ended June 30, 2025, the directors were unaware of any business or interest of any director or their associates that competed or might compete with the Group's business, or any other conflicts of interest - For the six months ended June 30, 2025, the directors were unaware of any business or interest of any director of the company and their respective associates (as defined in the Listing Rules) that competed or might compete with the Group's business, or any other conflicts of interest that such persons had or might have with the Group[36](index=36&type=chunk) [Corporate Governance Code](index=8&type=section&id=Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Group adopted and complied with the code provisions set out in the Corporate Governance Code and Corporate Governance Report in Appendix 14 to the Listing Rules - For the six months ended June 30, 2025, the Group adopted and complied with the code provisions ("Code Provisions") set out in the Corporate Governance Code and Corporate Governance Report in Appendix 14 to the Listing Rules[37](index=37&type=chunk) [Standard of Dealings by Directors in Securities](index=8&type=section&id=Standard%20of%20Dealings%20by%20Directors%20in%20Securities) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules, and all directors confirmed compliance during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers ("Model Code") as set out in Appendix 10 to the Listing Rules as its code of conduct for directors' securities transactions[38](index=38&type=chunk) - Following specific inquiries with all directors, all directors confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[38](index=38&type=chunk) [Audit Committee](index=8&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the company's accounting principles and practices, discussed audit, internal control, and financial reporting matters, and reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The company's Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the company and discussed matters relating to audit, internal control, and financial reporting[39](index=39&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[39](index=39&type=chunk) [Board of Directors](index=8&type=section&id=Board%20of%20Directors) As of June 30, 2025, the Board of Directors comprised two executive directors and three independent non-executive directors - As of June 30, 2025, the Board of Directors comprised the following two executive directors and three independent non-executive directors: Executive Directors Mr. Liang Yanhuan, Mr. Yang Xi; Independent Non-executive Directors Mr. Yu Junmin, Ms. Duan Baili, Mr. Zhong Weili[41](index=41&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue slightly decreased to RMB 21.366 million, but gross profit significantly grew by 49.2% to RMB 8.789 million due to a substantial decrease in cost of sales, and other income and losses turned profitable, leading to a narrowed loss for the period of RMB 5.591 million, with basic and diluted loss per share significantly improving to RMB 3.5 cents from 9.6 cents in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,366 | 22,090 | -3.28% | | Cost of Sales | (12,577) | (16,144) | -22.10% | | Gross Profit | 8,789 | 5,946 | +47.81% | | Other Income and Losses | 1,150 | (5,733) | Turned profitable | | Selling and Distribution Expenses | (2,785) | (2,762) | +0.83% | | Administrative Expenses | (11,442) | (6,680) | +71.29% | | Finance Costs | (1,303) | (1,500) | -13.13% | | Loss Before Tax | (5,591) | (10,729) | -47.90% | | Loss for the Period | (5,591) | (10,729) | -47.90% | | Total Comprehensive Loss for the Period | (7,727) | (10,593) | -27.06% | | Basic and Diluted Loss Per Share (RMB cents) | (3.5) | (9.6) | -63.54% | [Condensed Consolidated Statement of Financial Position](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased to RMB 41.161 million from RMB 33.896 million at the end of 2024, with non-current assets decreasing and current assets slightly increasing, notably a significant rise in cash and bank balances, while current liabilities substantially decreased due to a reduction in bonds payable, leading to improved net current assets and overall financial health Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 9,198 | 13,877 | -33.72% | | Current Assets | 60,572 | 59,874 | +1.17% | | **Liabilities** | | | | | Current Liabilities | 3,898 | 10,569 | -63.10% | | Non-current Liabilities | 24,711 | 29,286 | -15.69% | | **Equity** | | | | | Net Assets | 41,161 | 33,896 | +21.43% | | Share Capital | 1,911 | 45,286 | -95.78% | | Reserves | 39,250 | (11,390) | Turned profitable | - Within current assets, inventories increased, trade receivables, deposits, prepayments, and other receivables decreased, financial assets at fair value through profit or loss increased, and cash and bank balances significantly increased[45](index=45&type=chunk) - Within current liabilities, lease liabilities slightly increased, accrued expenses and other payables significantly decreased, and bonds payable decreased from RMB 5.146 million to zero[45](index=45&type=chunk) - Within non-current liabilities, both lease liabilities and bonds payable decreased[45](index=45&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 33.896 million as of January 1, 2025, to RMB 41.161 million, primarily due to the net effect of loss for the period, a decrease in foreign currency translation reserve, share capital reduction, and shares issued from rights issue Total Equity Changes | Metric | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Equity | 41,161 | 33,896 | +7,265 | - Key changes include loss for the period (-5,591 thousand), other comprehensive income for the period (foreign currency translation reserve, -2,136 thousand), share capital reduction (-44,381 thousand), and shares issued from rights issue (+14,992 thousand)[48](index=48&type=chunk) - Accumulated losses decreased from (499,472) thousand to (460,682) thousand, mainly impacted by the share capital reduction[48](index=48&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased to RMB 2.824 million, net cash from investing activities was zero, and net cash from financing activities was RMB 4.233 million, resulting in an increase in cash and cash equivalents to RMB 2.382 million at period-end Condensed Consolidated Statement of Cash Flows Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (2,824) | (235) | -2,589 | | Net Cash Used in Investing Activities | – | – | – | | Net Cash From/(Used in) Financing Activities | 4,233 | (410) | +4,643 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 1,409 | (645) | +2,054 | | Cash and Cash Equivalents at End of Period | 2,382 | 1,381 | +1,001 | [Notes to the Condensed Consolidated Interim Financial Statements](index=13&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1. Basis of Preparation](index=13&type=section&id=1.%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with HKAS 34 and Appendix 16 of the Listing Rules, with the company operating as an investment company primarily engaged in branded watch and jewelry, OEM watch manufacturing, sales, and exhibition assistance, using HKD as its functional currency and RMB as its presentation currency - The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[55](index=55&type=chunk) - The company is an investment company; the Group is principally engaged in the manufacturing and sale of self-owned brand watches and jewelry (including but not limited to diamond watches, tourbillon watches, and luxury jewelry watches), OEM watches, and third-party watches, as well as assisting clients in organizing exhibitions[55](index=55&type=chunk) - The functional currency of the company is HKD; for the purpose of presenting these consolidated financial statements, the Group adopts RMB as its presentation currency[55](index=55&type=chunk) [2. Application of New and Revised HKFRS](index=13&type=section&id=2.%20Application%20of%20New%20and%20Revised%20HKFRS) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, and the first-time application of HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability" is not expected to have a significant impact on operating results or financial position - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[56](index=56&type=chunk) - During the current interim period, the Group has first applied the amendment to Hong Kong Accounting Standard 21, "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," issued by the Hong Kong Institute of Certified Public Accountants[57](index=57&type=chunk) - Currently, the Group believes that the adoption of the above new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the Group's operating results and financial position[57](index=57&type=chunk) [3. Operating Segments](index=14&type=section&id=3.%20Operating%20Segments) The Group operates two business segments: watch manufacturing, trading, and retail, and assisting clients in organizing exhibitions; however, due to a single management team overseeing the entire business, there are no separately reportable segments, with branded watch turnover decreasing while exhibition income increased, and revenue primarily originating from China (excluding Hong Kong) - The Group currently operates two business segments: watch manufacturing, trading, and retail business, and assisting clients in organizing exhibitions; the Group has no separately reportable segments[59](index=59&type=chunk) Major Product Turnover | Product | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Branded Watches | 16,655 | 19,080 | -12.71% | | Exhibition Income | 4,711 | 3,010 | +56.51% | | **Total** | **21,366** | **22,090** | **-3.28%** | Geographical Information | Region | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Hong Kong, China | 4,711 | 3,010 | | China (excluding Hong Kong) | 16,655 | 19,080 | | **Total** | **21,366** | **22,090** | - No major customer information is presented as no individual customer contributed more than 10% of the Group's total revenue for the six months ended June 30, 2025, and 2024[63](index=63&type=chunk) [4. Other Income and Losses](index=15&type=section&id=4.%20Other%20Income%20and%20Losses) For the six months ended June 30, 2025, other income and losses turned from a loss of RMB 5.733 million in the prior year to an income of RMB 1.150 million, primarily due to the reversal of unrealized fair value losses on financial assets at fair value through profit or loss Other Income and Losses | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Unrealized fair value loss on financial assets at fair value through profit or loss | 1,150 | (5,733) | +6,883 | [5. Finance Costs](index=15&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased to RMB 1.303 million from RMB 1.500 million in the prior year, mainly comprising interest generated from bonds payable and lease liabilities Finance Costs | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest generated from bonds payable and lease liabilities | 1,303 | 1,500 | -13.13% | [6. Taxation](index=15&type=section&id=6.%20Taxation) For the six months ended June 30, 2025, and 2024, Hong Kong profits tax and deferred tax were nil due to no assessable profits in Hong Kong, while Chinese subsidiaries are subject to a corporate income tax rate of 25% - For the six months ended June 30, 2025, and 2024, no Hong Kong profits tax was provided as there were no estimated assessable profits arising in or derived from Hong Kong[67](index=67&type=chunk)[68](index=68&type=chunk) - In accordance with the PRC Enterprise Income Tax Law and its implementation regulations, the tax rate for PRC subsidiaries is 25% effective from January 1, 2008[69](index=69&type=chunk) [7. Loss for the Period](index=16&type=section&id=7.%20Loss%20for%20the%20Period) For the six months ended June 30, 2025, the loss for the period was RMB 5.591 million, primarily after deducting employee expenses, advertising expenses, cost of inventories, and depreciation, with both employee and advertising expenses increasing Loss for the Period and Key Deductions | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (5,591) | (10,729) | -47.90% | | Total Employee Expenses (including directors' emoluments) | 4,716 | 3,530 | +33.59% | | Advertising Expenses | 2,785 | 962 | +189.50% | | Cost of Inventories Recognized as Expense | 12,577 | 16,144 | -22.10% | | Depreciation | 4,291 | 3,870 | +10.88% | [8. Loss Per Share Attributable to Owners of the Company](index=16&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the company significantly improved to RMB 3.5 cents from 9.6 cents in the prior year, mainly due to a reduction in loss for the period and an increase in the weighted average number of ordinary shares outstanding (affected by capital reorganization and rights issue) Basic and Diluted Loss Per Share | Metric | Six Months Ended June 30, 2025 (RMB cents) | Six Months Ended June 30, 2024 (RMB cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (3.5) | (9.6) | -63.54% | - The loss used for calculating basic and diluted loss per share is the loss for the period attributable to owners of the company (5,591 thousand)[73](index=73&type=chunk) Weighted Average Number of Ordinary Shares | Metric | Six Months Ended June 30, 2025 (thousand shares) | Six Months Ended June 30, 2024 (thousand shares) | Change (%) | | :--- | :--- | :--- | :--- | | Weighted Average Number of Ordinary Shares | 158,580 | 111,305 | +42.48% | - The increase in the weighted average number of ordinary shares is derived from the shares in issue as of January 1, 2025, and has accounted for the share consolidation under the capital reorganization effective March 14, 2025, and the impact of the rights issue completed on April 30, 2025[73](index=73&type=chunk) - As the exercise of share options had an anti-dilutive effect, the diluted loss per share for the six months ended June 30, 2025, and 2024, was the same as the basic loss per share, assuming no potential dilutive ordinary shares existed[78](index=78&type=chunk) [9. Interim Dividend](index=17&type=section&id=9.%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[75](index=75&type=chunk) [10. Property, Plant and Equipment](index=17&type=section&id=10.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment - For the six months ended June 30, 2025, the Group did not acquire any property, plant, and equipment (2024: nil)[76](index=76&type=chunk) [11. Trade Receivables](index=17&type=section&id=11.%20Trade%20Receivables) As of June 30, 2025, net trade receivables decreased to RMB 11.682 million from RMB 13.986 million at the end of 2024, with a significant reduction in receivables over 180 days, indicating improved collection efficiency Net Trade Receivables | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 61,298 | 65,317 | -6.00% | | Less: Provision for Expected Credit Losses | (49,616) | (51,331) | -3.34% | | **Net Amount** | **11,682** | **13,986** | **-16.50%** | - The Group generally grants its trade customers a credit period of 0 to 180 days[77](index=77&type=chunk) Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 3,091 | 1,083 | +2,008 | | 31 to 60 days | 3,026 | 735 | +2,291 | | 61 to 90 days | – | 553 | -553 | | 91 to 180 days | 1,838 | 498 | +1,340 | | Over 180 days | 3,727 | 11,117 | -7,390 | | **Total** | **11,682** | **13,986** | **-2,304** | [12. Share Capital](index=18&type=section&id=12.%20Share%20Capital) As of June 30, 2025, issued and fully paid share capital significantly decreased to RMB 1.911 million from RMB 45.286 million as of January 1, 2025, primarily due to a capital reorganization completed on March 14, 2025, including share consolidation, capital reduction, and share subdivision, as well as a rights issue completed on April 30, 2025 Issued and Fully Paid Share Capital | Metric | June 30, 2025 (RMB thousand) | January 1, 2025 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 1,911 | 45,286 | -43,375 | - On March 14, 2025, the company completed a capital reorganization involving share consolidation (every five (5) issued and unissued existing shares of HKD 0.10 each were consolidated into one (1) consolidated share of HKD 0.50 each), capital reduction (the par value of each issued consolidated share was reduced from HKD 0.50 to HKD 0.01, with the credit arising used to offset the company's accumulated losses as of the effective date of the capital reduction), and share subdivision (each authorized but unissued consolidated share of HKD 0.50 each was subdivided into fifty (50) authorized but unissued adjusted shares of HKD 0.01 each)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - On April 30, 2025, the company allotted and issued 107,827,200 ordinary shares of HKD 0.15 each by way of a rights issue, increasing the company's issued share capital to 215,654,400 shares[82](index=82&type=chunk) [13. Share Option Scheme](index=19&type=section&id=13.%20Share%20Option%20Scheme) The company has a share option scheme effective from December 19, 2014, for 10 years, with no share options granted during the six months ended June 30, 2025, and 6,065 thousand outstanding share options at period-end - The company has a share option scheme adopted on December 19, 2014; the share option scheme will be valid for 10 years from the adoption date[83](index=83&type=chunk) - For the six months ended June 30, 2025, no share options were granted under the share option scheme (2024: nil)[83](index=83&type=chunk) Details of Movements in Number of Share Options Under Share Option Scheme | Grant Date | Exercise Price | Exercise Period | Vesting Period | Outstanding as of January 1, 2025 (thousand options) | Granted During Period (thousand options) | Exercised During Period (thousand options) | Adjusted During Period (thousand options) | Outstanding as of June 30, 2025 (thousand options) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 11, 2019 | HKD 1.99 | April 11, 2019 to April 10, 2029 | None | 29,376 | – | – | (23,311) | 6,065 | [14. Events After the Reporting Period](index=19&type=section&id=14.%20Events%20After%20the%20Reporting%20Period) No significant events affecting the Group have occurred since the end of the reporting period - No significant events affecting the Group have occurred since the end of the reporting period[84](index=84&type=chunk)

Executive Directors Chen Xiaodong (Vice Chairman and Chief Executive Officer) Yu Qingrui Wang Jinsong Pang Min Quan Muk Shau Meng Foo Seck Chyn Independent Non-Executive Directors Chan Ngai Fan Wu Ming Li Meifeng Audit Committee (Formerly known as Central Wealth Group Holdings Limited 中達集團控股有限公司 ) (Incorporated in Bermuda with limited liability) （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） (Stock Code 股份代號 : 139) 2025 INTERIM REPORT 中期報告 Corporate Information 公司資料 執行董事 Nomination Co ...

Cocoon Holdings Limited 中國天弓控股有限公司 (Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability) （ 在 開 曼 群 島 註 冊 成 立 並 在 百 慕 達 存 續 之 有 限 公 司 ） (Stock Code 股份代號 : 428) 中期報告 | | Page 頁次 | | --- | --- | | CORPORATE INFORMATION 公司資料 | 2 | | | | | FINANCIAL HIGHLIGHTS 財務摘要 | 4 | | | | | MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 | 5 | | | | | 其他資料 OTHER INFORMATION | 16 | | | | | 簡明綜合損益及其他全面收益表 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR | 26 | | LOSS AND OTHER CO ...

大方廣瑞德集團有限公司 中期報告二零二五年 目錄 | 董事會及委員會 | 1 | | --- | --- | | 中期簡明綜合財務報表 | | | 中期簡明綜合收益表 | 3 | | 中期簡明綜合全面收益表 | 5 | | 中期簡明綜合資產負債表 | 7 | | 中期簡明綜合權益變動表 | 9 | | 中期簡明綜合現金流量表 | 10 | | 中期簡明綜合財務報表附註 | 11 | | 管理層討論與分析 | 25 | 1 大方廣瑞德集團有限公司 中期報告二零二五年 董事會及委員會 董事會 執行董事 李珍女士 （主席及行政總裁） 龍天宇先生 皮敏捷先生 黃裕輝先生 （二零二五年六月二十五日辭�） 王樂天先生 （二零二五年六月二十七日退�） 非執行董事 鄒洋先生 王崢女士 （二零二五年六月二十七日退�） 郭浩淼先生 （二零二五年六月二十七日退�） 獨立非執行董事 關浣非博士 曹海良先生 林芯竹博士 王禹洲先生 委員會 審核委員會 王禹洲先生 （主席） 關浣非博士 曹海良先生 林芯竹博士 薪酬委員會 曹海良先生 （主席） 李珍女士 林芯竹博士 王禹洲先生 王樂天先生 （二零二五年六月二十七日退�） 提名委員會 李珍 ...