[Unaudited Interim Results Overview](index=1&type=section&id=Unaudited%20Interim%20Results%20Overview) The company achieved a profit for the period, significantly improving from a loss in the prior year, despite a decrease in revenue, while strengthening its financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved a profit of HKD 1,418 thousand, a significant improvement from a loss of HKD 28,663 thousand in the prior year, with revenue decreasing by 16.2% but gross profit margin remaining stable at 32.4% Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 51,060 | 60,932 | -16.2% | | Cost of sales | (34,527) | (41,271) | -16.3% | | Gross profit | 16,533 | 19,661 | -16.0% | | Other income, gains and losses, net | 12,022 | (5,432) | Turnaround to profit | | Selling and distribution expenses | (14,066) | (14,779) | -4.8% | | General and administrative expenses | (7,860) | (18,069) | -56.5% | | Finance costs | (6,768) | (4,658) | +45.3% | | Reversal of expected credit losses / (impairment losses), net | 3,115 | (5,557) | Turnaround to profit | | Impairment loss on right-of-use assets | (1,444) | – | New | | Profit / (loss) before income tax | 1,532 | (28,834) | Turnaround to profit | | Income tax (expense) / credit | (114) | 171 | Turned to expense | | Profit / (loss) for the period | 1,418 | (28,663) | Turnaround to profit | | Basic and diluted earnings / (loss) per share | 0.18 HKD cents | (3.72) HKD cents | Turnaround to profit | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net current assets increased to HKD 43,930 thousand, with total assets less current liabilities rising to HKD 54,025 thousand, indicating an improved net liability position and capital deficit Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 10,095 | 8,796 | +14.8% | | Current assets | 100,807 | 113,250 | -11.0% | | Current liabilities | 56,877 | 72,998 | -22.1% | | Net current assets | 43,930 | 40,252 | +9.1% | | Total assets less current liabilities | 54,025 | 49,048 | +10.1% | | Non-current liabilities | 70,986 | 67,428 | +5.3% | | Net liabilities | (16,961) | (18,380) | Decreased by 8.0% | | Share capital | 7,705 | 7,705 | 0% | | Reserves | (24,666) | (26,085) | Decreased by 5.4% | | Capital deficit | (16,961) | (18,380) | Decreased by 8.0% | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=5&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section details the accounting policies, significant judgments, and specific financial statement items, providing context for the interim financial results [Basis of Preparation and Going Concern](index=5&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) The financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, presented in HKD, with the Board affirming the Group's ability to continue as a going concern despite net liabilities - The Group had **net liabilities of HKD 16,961 thousand** as of June 30, 2025[9](index=9&type=chunk) - The Board has thoroughly reviewed cash flow forecasts covering a period of no less than **12 months** into the future[9](index=9&type=chunk) - To improve its financial position, the Board is implementing measures including actively recovering loans receivable, considering the realization of financial assets at fair value through profit or loss, and implementing aggressive cost-saving initiatives[10](index=10&type=chunk) - The Board considers it appropriate to prepare the financial statements on a going concern basis[11](index=11&type=chunk) [Principal Accounting Policies and Judgements](index=6&type=section&id=Principal%20Accounting%20Policies%20and%20Judgements) The financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value, and the application of new HKFRS amendments had no significant impact - The financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[12](index=12&type=chunk) - Amendments to Hong Kong Financial Reporting Standards (e.g., HKAS 21 and HKFRS 1 amendments) were first applied during the period but had no significant impact[13](index=13&type=chunk) - Significant judgments and sources of estimation uncertainty made by management in preparing the statements are consistent with those in the 2024 annual financial statements[14](index=14&type=chunk) [Revenue, Other Income, Gains and Losses, Net and Segment Information](index=7&type=section&id=Revenue%2C%20Other%20Income%2C%20Gains%20and%20Losses%2C%20Net%20and%20Segment%20Information) The Group's total revenue for the period was HKD 51,060 thousand, a 16.2% decrease year-on-year, primarily from Chinese herbal health products, money lending, and investment in financial instruments, with the latter achieving significant profit - The Group's principal businesses are the sale of Chinese herbal health products, money lending, and investment in financial instruments[15](index=15&type=chunk) Revenue Composition (HKD thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers - Trading of Chinese herbal health products | 50,975 | 60,426 | -15.6% | | Interest income | 323 | 611 | -47.1% | | Loss on disposal of financial instruments, net | (238) | (105) | +126.7% | | **Total Revenue** | **51,060** | **60,932** | **-16.2%** | - Other income, gains and losses, net: primarily fair value gains on financial assets at fair value through profit or loss of **HKD 12,410 thousand** (2024: loss of HKD 5,431 thousand)[15](index=15&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) This section details the revenue and pre-tax profit or loss for each operating segment, including Chinese herbal health products, money lending, and investment in financial instruments Segment Revenue and Profit/(Loss) Before Income Tax (HKD thousands) | Segment | Six Months Ended June 30, 2025 Revenue | Six Months Ended June 30, 2025 Profit/(Loss) | Six Months Ended June 30, 2024 Revenue | Six Months Ended June 30, 2024 Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Chinese Herbal Health Products | 50,975 | (4,399) | 60,426 | (1,996) | | Money Lending Business | 323 | 869 | 611 | (13,739) | | Investment in Financial Instruments | (238) | 11,369 | (105) | (6,415) | | **Total Reportable Segments** | **51,060** | **7,839** | **60,932** | **(22,150)** | - Company revenue and expenses are not included in the segment profit/(loss) measure used by the chief operating decision maker to assess segment performance[16](index=16&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) This section presents the breakdown of assets and liabilities by operating segment, showing changes in each segment's financial position Segment Assets (HKD thousands) | Segment | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Chinese Herbal Health Products | 55,349 | 75,206 | -26.4% | | Money Lending Business | 10,177 | 8,760 | +16.2% | | Investment in Financial Instruments | 43,520 | 35,591 | +22.3% | | **Total Segment Assets** | **109,046** | **119,557** | **-8.8%** | Segment Liabilities (HKD thousands) | Segment | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Chinese Herbal Health Products | 34,154 | 45,314 | -24.6% | | Money Lending Business | 2,570 | 806 | +218.9% | | Investment in Financial Instruments | 18,295 | 20,586 | -11.2% | | **Total Segment Liabilities** | **55,019** | **66,706** | **-17.5%** | [Geographical Information](index=10&type=section&id=Geographical%20Information) This section provides a geographical breakdown of the Group's revenue, indicating the primary regions contributing to sales Revenue by Geographical Area (HKD thousands) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Hong Kong | 51,060 | 60,932 | [Major Customers Information](index=10&type=section&id=Major%20Customers%20Information) This section discloses information regarding the Group's major customers, specifically whether any single external customer contributes 10% or more to total revenue - For the six months ended June 30, 2025 and 2024, no external customer contributed **10% or more** to the Group's revenue[22](index=22&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs increased to HKD 6,768 thousand, primarily due to higher interest on bonds issued in 2024 Finance Costs (HKD thousands) | Type of Finance Cost | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Interest on borrowings | 1,692 | 1,535 | +10.2% | | Interest on lease liabilities | 347 | 334 | +3.9% | | Interest on convertible loan notes | 1,061 | 2,789 | -62.0% | | Interest on bonds payable | 3,668 | – | New | | **Total** | **6,768** | **4,658** | **+45.3%** | [Income Tax (Expense)/Credit](index=11&type=section&id=Income%20Tax%20%28Expense%29%2FCredit) For the six months ended June 30, 2025, the Group recorded an income tax expense of HKD 114 thousand, a shift from a credit of HKD 171 thousand in the prior year, with no tax provision for Hong Kong or PRC subsidiaries due to lack of taxable profit - Income tax (expense)/credit: **HKD (114) thousand** expense in 2025, compared to **HKD 171 thousand** credit in 2024[23](index=23&type=chunk) - Hong Kong subsidiaries did not generate taxable profits, so no Hong Kong profits tax provision was made[23](index=23&type=chunk) - PRC subsidiaries did not generate taxable profits, so no enterprise income tax provision was made[24](index=24&type=chunk) [Profit/(Loss) for the Period](index=12&type=section&id=Profit%2F%28Loss%29%20for%20the%20Period) The Group's profit for the period was influenced by factors such as cost of goods sold, depreciation, and staff costs Profit/(Loss) for the Period Components (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cost of goods sold | 31,666 | 41,271 | | Depreciation of right-of-use assets | 2,975 | 3,357 | | Depreciation of property, plant and equipment | 183 | 132 | | Staff costs (including directors' emoluments) | 11,936 | 21,743 | [Dividends](index=12&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend is recommended for the first half of 2025[27](index=27&type=chunk) [Earnings/(Loss) Per Share](index=12&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were HKD 0.18 cents, a significant improvement from a loss of HKD 3.72 cents in the prior year, primarily due to the period's profit Earnings/(Loss) Per Share Calculation Data (HKD thousands) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit/(loss) for the purpose of calculating basic and diluted earnings/(loss) per share | 1,418 | (28,663) | | Weighted average number of ordinary shares | 770,480,836 | 770,480,836 | - The convertible loan notes were not assumed to be converted for calculating diluted earnings/(loss) per share, as they would result in an increase/decrease in earnings/(loss) per share[30](index=30&type=chunk) [Property, Plant and Equipment and Right-of-use Assets](index=13&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Right-of-use%20Assets) For the six months ended June 30, 2025, the Group acquired property, plant and equipment costing HKD 84 thousand and recognized additional right-of-use assets of approximately HKD 5,948 thousand, with an impairment loss of HKD 1,444 thousand recognized for right-of-use assets due to loss-making stores - Cost of property, plant and equipment acquired: **HKD 84 thousand** (2024: HKD 141 thousand)[31](index=31&type=chunk) - Additional right-of-use assets recognized: **HKD 5,948 thousand** (2024: HKD 1,552 thousand), primarily for retail stores and office leases in Hong Kong[31](index=31&type=chunk) - Impairment loss on right-of-use assets recognized: **HKD 1,444 thousand** (2024: nil), mainly due to certain loss-making stores in the Chinese herbal health products segment[34](index=34&type=chunk) - Impairment assessment was based on the value-in-use calculation of cash-generating units, using a five-year financial budget and a pre-tax discount rate of **14%**[33](index=33&type=chunk) [Loans Receivable](index=14&type=section&id=Loans%20Receivable) As of June 30, 2025, net loans receivable from the money lending business increased to HKD 10,139 thousand, with all loans unsecured and bearing interest rates between 8% and 13%, including a significant loan to a major shareholder's ultimate holding company Loans Receivable (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross loans receivable from money lending business | 307,111 | 308,655 | -0.5% | | Less: Net provision for expected credit losses | (296,972) | (300,087) | -1.0% | | **Net Loans Receivable** | **10,139** | **8,568** | **+18.3%** | - All loans are unsecured, with annual interest rates ranging from **8% to 13%**[35](index=35&type=chunk) - Loans receivable include a **HKD 6,268 thousand** loan to the ultimate holding company of a major shareholder[35](index=35&type=chunk) Loans Receivable Maturity Profile (HKD thousands) | Maturity Date | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 9,609 | 7,719 | | Over one year | 530 | 849 | [Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss increased to HKD 43,520 thousand, primarily comprising Hong Kong-listed equity securities Financial Assets at Fair Value Through Profit or Loss (HKD thousands) | Type | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Listed equity securities in Hong Kong — Current | 42,807 | 35,015 | +22.2% | | Unlisted equity securities — Non-current | 713 | 576 | +23.8% | | **Total** | **43,520** | **35,591** | **+22.3%** | - The fair value of listed equity securities is determined based on quotations from the Stock Exchange, while unlisted equity securities are valued using the asset-based approach[36](index=36&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=15&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, total trade and other receivables, deposits, and prepayments decreased to HKD 6,550 thousand, mainly due to a reduction in trade receivables Trade and Other Receivables, Deposits and Prepayments (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade receivables (net of allowance) | 1,595 | 4,064 | -60.7% | | Deposits and other receivables | 3,247 | 3,434 | -5.4% | | Prepayments | 1,708 | 1,347 | +26.8% | | **Total** | **6,550** | **8,845** | **-26.0%** | - Trade receivables aging analysis: **HKD 1,591 thousand** for 0-90 days, and **HKD 4 thousand** for over 365 days[37](index=37&type=chunk) - The normal credit period ranges from **30 to 90 days**[37](index=37&type=chunk) [Trade and Other Payables and Accruals](index=15&type=section&id=Trade%20and%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total trade and other payables and accruals significantly decreased to HKD 16,622 thousand, primarily driven by a substantial reduction in trade payables Trade and Other Payables and Accruals (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Trade payables | 4,486 | 18,069 | -75.2% | | Other payables and accruals | 12,136 | 15,421 | -21.3% | | **Total** | **16,622** | **33,490** | **-50.3%** | - Trade payables aging analysis: **HKD 4,347 thousand** for 0-90 days, and **HKD 139 thousand** for over 365 days[39](index=39&type=chunk) [Borrowings](index=16&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings were HKD 32,391 thousand, slightly lower than December 31, 2024, primarily consisting of margin loans from securities brokers and other loans, all classified as current liabilities Borrowings (HKD thousands) | Type | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Margin loans from securities brokers | 16,581 | 18,872 | -12.1% | | Other loans | 15,810 | 13,700 | +15.4% | | **Total** | **32,391** | **32,572** | **-0.6%** | - Margin loans bear interest at **8%-10% per annum** and are secured by a portfolio of listed equity securities valued at **HKD 42,807 thousand**[39](index=39&type=chunk) - Other loans bear interest at **12% per annum**, are secured by a share charge over issued shares of a subsidiary, and guaranteed by the Company[40](index=40&type=chunk) - All borrowings are classified as current liabilities due to the inclusion of a repayment on demand clause[40](index=40&type=chunk) [Share Capital](index=17&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital remained unchanged at HKD 7,705 thousand, comprising 770,481 thousand ordinary shares with a par value of HKD 0.01 each - Issued and fully paid ordinary shares: **770,481 thousand shares**, par value **HKD 0.01 per share**, totaling **HKD 7,705 thousand**[42](index=42&type=chunk) - Authorized share capital includes **USD 40 thousand** in convertible redeemable cumulative preference shares with a par value of USD 100,000 per share, and **150,000,000 thousand** ordinary shares with a par value of HKD 0.01 per share[42](index=42&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The Group adopted a new share option scheme on August 15, 2024, to recognize contributions from eligible participants, with a total of 77,048,083 options available for grant, representing 10% of issued shares, and no options were granted or exercised during the period - The 2012 Share Option Scheme expired on September 14, 2022, with no outstanding options as of June 30, 2025[41](index=41&type=chunk) - A new share option scheme was adopted on **August 15, 2024**, to acknowledge and recognize contributions from eligible participants to the Group[43](index=43&type=chunk) - Eligible participants include directors, employees, suppliers, contractors, distributors, agents, consultants, and advisors[43](index=43&type=chunk) - The total number of options available for grant under the new scheme is **77,048,083**, representing **10%** of the issued shares[43](index=43&type=chunk)[44](index=44&type=chunk) - Maximum entitlement for each participant: the total number of shares after exercise shall not exceed **1%** of the issued shares within any 12-month period[44](index=44&type=chunk) - Grants to a substantial shareholder or independent non-executive director and their associates exceeding **0.1%** require shareholder approval[45](index=45&type=chunk) - The exercise period for share options is determined by the Board, not exceeding **ten years** from the date of grant[46](index=46&type=chunk) - Grantees must hold the options for at least **12 months** before they can be exercised[46](index=46&type=chunk) - The exercise price shall not be less than the highest of the closing price on the grant date, the average closing price for the preceding five days, and the nominal value[46](index=46&type=chunk) - The new share option scheme will terminate on **August 15, 2034**[46](index=46&type=chunk) - As of June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the new scheme[47](index=47&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no contingent liabilities - The Group had no contingent liabilities at the end of the reporting period[48](index=48&type=chunk) [Related Party Transactions](index=20&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group with related parties (primarily the ultimate holding company of a major shareholder) engaged in short-term lease expenses and interest income transactions, and maintained outstanding loan balances Related Party Transactions (HKD thousands) | Type of Transaction | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Short-term lease expenses | 180 | 796 | | Interest income | 270 | 380 | Related Party Balances (HKD thousands) | Type of Balance | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Loans receivable (ultimate holding company of a major shareholder) | 6,268 | 7,092 | [Comparative Figures](index=20&type=section&id=Comparative%20Figures) Certain comparative figures have been reclassified to ensure consistency with the current period's presentation - Some comparative figures have been reclassified for consistency[51](index=51&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's financial performance, business operations, and future outlook, including strategies for growth and risk management [Interim Dividend](index=21&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend is recommended for the first half of 2025[52](index=52&type=chunk) [Results, Business Review and Prospects](index=21&type=section&id=Results%2C%20Business%20Review%20and%20Prospects) The Group's revenue declined due to reduced contributions from Chinese herbal health products and money lending, but effective cost control, expected credit loss reversals, and fair value gains on financial assets led to a turnaround to profit [Results Overview](index=21&type=section&id=Results%20Overview) This section provides a high-level summary of the Group's financial performance, highlighting key changes in revenue, gross profit margin, and profit attributable to owners - Revenue decreased by approximately **16%** year-on-year to approximately **HKD 51 million**[53](index=53&type=chunk) - Gross profit margin remained stable at approximately **32%**[53](index=53&type=chunk) - Profit attributable to owners was approximately **HKD 1 million**, compared to a loss of approximately **HKD 29 million** in the prior year[53](index=53&type=chunk) [Business Review](index=21&type=section&id=Business%20Review) This section reviews the performance of the Group's core business segments, including Chinese herbal health products, money lending, and investment in financial instruments - Revenue decreased by approximately **16%**, primarily due to reduced revenue from Chinese herbal health products (from approximately **HKD 60 million** to approximately **HKD 51 million**) and money lending business (from approximately **HKD 1 million** to approximately **HKD 0.3 million**)[54](index=54&type=chunk) - Gross profit margin remained stable at approximately **32%**[54](index=54&type=chunk) - Other income, gains and losses, net, turned from a loss of **HKD 5 million** in 2024 to a net gain of **HKD 12 million** in 2025, mainly from fair value gains on financial assets[55](index=55&type=chunk) - Selling and distribution expenses remained stable at approximately **HKD 14 million**, reflecting effective cost control measures[55](index=55&type=chunk) - General and administrative expenses significantly decreased by **56.5%** to approximately **HKD 8 million**, primarily due to streamlined management team structure and salary adjustments[56](index=56&type=chunk) - Finance costs increased by approximately **45.3%** to approximately **HKD 7 million**, mainly due to changes in the calculation method for bond interest in 2024[57](index=57&type=chunk) - Net reversal of impairment losses under the expected credit loss model was approximately **HKD 3 million**, compared to an impairment loss of approximately **HKD 6 million** in the prior year, reflecting improved customer credit risk and repayment of some impaired loans[58](index=58&type=chunk) - Impairment loss on right-of-use assets was approximately **HKD 1 million**, due to certain loss-making stores in the Chinese herbal health products segment[59](index=59&type=chunk) - The turnaround to profit was primarily driven by the reversal of expected credit losses, a significant reduction in general and administrative expenses, and unrealized fair value gains on financial assets[60](index=60&type=chunk) [Chinese Herbal Health Products](index=23&type=section&id=Chinese%20Herbal%20Health%20Products) The Chinese herbal health products segment experienced a decrease in revenue and an increase in loss due to a challenging retail environment in Hong Kong, despite the "Nam Pei Hong" brand's recognition - Segment revenue was approximately **HKD 51 million** (2024: HKD 60 million), with a segment loss (pre-tax) of approximately **HKD 4 million** (2024: HKD 2 million)[62](index=62&type=chunk) - The decrease in revenue and increase in loss were mainly due to the challenging economic environment in Hong Kong's local retail sector, with consumers being more budget-conscious and tending to spend in mainland China[62](index=62&type=chunk) - The "Nam Pei Hong" brand is widely recognized in Hong Kong and Southern mainland China, with **10 retail stores** as of June 30, 2025[61](index=61&type=chunk) [Money Lending Business](index=23&type=section&id=Money%20Lending%20Business) The money lending business saw a decrease in interest income but achieved a segment profit due to a net reversal of expected credit loss impairment, with ongoing efforts to recover outstanding loans - Loan interest income was approximately **HKD 0.3 million** (2024: HKD 1 million), with a segment profit (pre-tax) of approximately **HKD 1 million** (2024: loss of HKD 14 million)[63](index=63&type=chunk) - The decrease in interest income was mainly because loans receivable previously classified as Stage 3 (credit-impaired) no longer generated interest income[63](index=63&type=chunk) - The segment's turnaround to profit was primarily due to a reduction in impairment losses on loans receivable under the expected credit loss model, with a net reversal of impairment losses of approximately **HKD 3 million** recognized during the period[63](index=63&type=chunk) - No new loans were granted during the period, but the repayment date for a revolving loan of approximately **HKD 9 million** provided to the ultimate holding company of a major shareholder was extended[64](index=64&type=chunk) - Customers repaid approximately **HKD 3 million** in loan principal and interest, while the ultimate holding company of a major shareholder drew down approximately **HKD 1 million**[64](index=64&type=chunk) - As of June 30, 2025, out of **11 outstanding loans**, **2 loans** (approximately **HKD 8 million**) were classified as Stage 1, and **9 loans** (approximately **HKD 299 million**) were classified as Stage 3[65](index=65&type=chunk) - The cumulative net provision for expected credit losses was approximately **HKD 297 million**, a decrease of approximately **HKD 3 million** from December 31, 2024, mainly due to improved credit risk profiles of certain customers and repayment of some impaired loans[67](index=67&type=chunk)[68](index=68&type=chunk) - Customer E has sold properties and parking spaces, with the Group receiving net proceeds of **HKD 3.5 million** and actively pursuing the remaining balance[70](index=70&type=chunk) - Customer I: Discussions are ongoing with a third party to acquire the loans receivable through the transfer of properties in Guangzhou and mainland China[71](index=71&type=chunk) - Customers J, G, F, and K have settled part of their outstanding debts, and the Group is negotiating settlement arrangements[72](index=72&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk) - Customer L entered into a deed of settlement in May 2024 and has partially repaid the amounts in installments[81](index=81&type=chunk) [Investment in Financial Instruments](index=28&type=section&id=Investment%20in%20Financial%20Instruments) The investment in financial instruments segment generated a pre-tax profit, primarily driven by fair value gains on financial assets at fair value through profit or loss, with active portfolio management to enhance performance - Segment gain (pre-tax) was approximately **HKD 11 million** (2024: loss of HKD 6 million)[82](index=82&type=chunk) - Key influencing factors: net fair value gains on financial assets at fair value through profit or loss of approximately **HKD 12 million** (2024: loss of HKD 5 million), and realized losses on disposal of financial assets of approximately **HKD 0.2 million** (2024: HKD 0.1 million)[82](index=82&type=chunk) Equity Investment Changes (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Beginning/End of period | 35,591 | 40,420 | | Acquisitions | – | 1,866 | | Gains/(losses) from fair value changes | 12,410 | (4,187) | | Disposals | (4,481) | (2,508) | | **End/Beginning of period** | **43,520** | **35,591** | - Significant listed equity investments include Huanxi Media Group, Grand Harbour Development, Yunfeng Financial Group, and Geowave Technology Holdings, with Yunfeng Financial Group contributing **HKD 9,008 thousand** in fair value gains[83](index=83&type=chunk) - The Group's investment objective is to achieve capital gains and dividend income, actively adjusting its investment portfolio to enhance performance[83](index=83&type=chunk) [Prospects](index=30&type=section&id=Prospects) This section outlines the future outlook and strategic initiatives for each of the Group's business segments, addressing challenges and opportunities [Chinese Herbal Health Products Prospects](index=30&type=section&id=Chinese%20Herbal%20Health%20Products%20Prospects) The Chinese herbal health products segment faces challenges from a weak retail market and changing consumer behavior, but plans to counter this with product innovation, targeted promotions, strategic partnerships, and stringent cost management - Challenges faced: sluggish retail market, weak consumer sentiment, mainland economic downturn, changing spending patterns of visitors to Hong Kong, local residents' preference for mainland shopping, price competition, customs regulations, labor shortages, and rising operating costs[84](index=84&type=chunk) - Strategies: prioritize promotion of seasonal health products like soup packs, launch trial packs for Lingzhi capsules, Platycodon Grandiflorum soothing throat lozenges, and black and white immune essence extracts, and expand own-brand portable health products[85](index=85&type=chunk) - Marketing: participate in SOGO and YATA VIP day promotions, launch an official account on Xiaohongshu, and introduce "Tuesday Senior Discounts" and member package discount coupons[86](index=86&type=chunk) - Strategic cooperation: partner with MAME LAB to launch pre-natal and post-natal care packages[86](index=86&type=chunk) - Cost management: strengthen overseas procurement, optimize supply chain, strictly control headcount and staff costs, and optimize sales incentive mechanisms[87](index=87&type=chunk) - Future outlook: continue strong promotional activities, launch innovative products and tailored promotional campaigns to maintain and strengthen market position[87](index=87&type=chunk) [Money Lending Business Prospects](index=31&type=section&id=Money%20Lending%20Business%20Prospects) The money lending business anticipates a challenging operating environment due to economic uncertainty, requiring close monitoring of repayment habits, proactive recovery plans, and enhanced credit risk management - Operating environment faces challenges: gloomy economic conditions, cautious potential borrowers, increased default risks, and geopolitical tensions affecting borrower demand[89](index=89&type=chunk) - Strategies: closely monitor customer repayment habits, develop action plans for recovery (revising repayment terms, increasing collateral/guarantees, reaching settlements, legal actions, enforcing collateral/guarantees)[89](index=89&type=chunk) - Strengthen credit policies and risk management[89](index=89&type=chunk) [Investment in Financial Instruments Prospects](index=31&type=section&id=Investment%20in%20Financial%20Instruments%20Prospects) The investment in financial instruments segment will focus on closely monitoring global economic conditions and investment sentiment, actively adjusting its portfolio to improve performance and realize gains - Strategies: closely monitor global economy, investment sentiment, investor base, and future outlook[90](index=90&type=chunk) - Actively adjust investment portfolio to improve performance and realize equity holdings in a timely manner[90](index=90&type=chunk) [Portfolio Management](index=32&type=section&id=Portfolio%20Management) The Group's business strategy aims to optimize resource utilization, enhance overall performance, and diversify its investment portfolio by actively seeking opportunities for investment or acquisition in promising ventures to create shareholder value - Strategy: optimize resource utilization, improve overall performance, and promote portfolio diversification[91](index=91&type=chunk) - Actively seek business opportunities to diversify income sources through investment/acquisition of promising businesses or projects to create shareholder value[91](index=91&type=chunk) [Group Resources and Liquidity](index=32&type=section&id=Group%20Resources%20and%20Liquidity) As of June 30, 2025, the Group had cash and bank balances of approximately HKD 4 million, with total borrowings, convertible loan notes, and bonds payable totaling approximately HKD 97 million, an improved liquidity ratio of 1.8, and a reduced net liability position, affirming sufficient working capital for the next 12 months Resources and Liquidity (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances | 4,000 | 10,000 | -60.0% | | Total borrowings | 32,000 | 33,000 | -3.0% | | Convertible loan notes | 15,000 | 14,000 | +7.1% | | Bonds payable | 50,000 | 49,000 | +2.0% | | **Total Borrowings, Convertible Loan Notes, and Bonds Payable** | **97,000** | **96,000** | **+1.0%** | - Some financial assets (approximately **HKD 43 million**) have been pledged as collateral for borrowings of approximately **HKD 17 million**[93](index=93&type=chunk) - Approximately **HKD 15 million** in borrowings are secured by a share charge over subsidiary shares and guaranteed by the Company[93](index=93&type=chunk) - All borrowings (HKD 32 million) are classified as current liabilities[94](index=94&type=chunk) - The 2024 bonds (approximately **HKD 55 million** in ordinary bonds and approximately **HKD 17 million** in convertible bonds) were issued to offset the outstanding principal of the 2018 convertible bonds[95](index=95&type=chunk) - Inventories decreased by approximately **28%** to approximately **HKD 36 million**, mainly due to winter being the traditional peak season for the industry[96](index=96&type=chunk) - Trade receivables decreased to approximately **HKD 2 million**, consistent with reduced revenue from Chinese herbal health products and improved collection management[97](index=97&type=chunk) - Trade payables significantly decreased to approximately **HKD 4 million**, due to subsequent settlements and reduced procurement[97](index=97&type=chunk) - Gearing ratio: **88%** (December 31, 2024: **79%**)[98](index=98&type=chunk) - Current ratio: **1.8** (December 31, 2024: **1.6**)[98](index=98&type=chunk) - Net liability position decreased from approximately **HKD 18 million** to approximately **HKD 17 million**, primarily due to operating profit during the period[98](index=98&type=chunk) - The Board believes the Group has sufficient working capital for the next **12 months**[99](index=99&type=chunk) - The Group will continue to review existing businesses, improve operational and financial performance, and identify potential business and investment opportunities[100](index=100&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to currency risk primarily from receivables, payables, and bank balances denominated in non-functional currencies, with management monitoring and considering hedging significant exposures despite no current foreign currency hedging policy - Currency risk primarily arises from receivables/payables and bank balances denominated in non-functional currencies[101](index=101&type=chunk) - There is currently no foreign currency hedging policy, but management will monitor and consider hedging significant risks[101](index=101&type=chunk) [Share Capital Structure](index=34&type=section&id=Share%20Capital%20Structure) There were no changes to the Group's share capital structure during the period - No changes to the share capital structure occurred during the period[102](index=102&type=chunk) [Significant Investments and Acquisitions](index=34&type=section&id=Significant%20Investments%20and%20Acquisitions) The Group did not undertake any significant investments, acquisitions, or disposals of subsidiaries during the period - No significant investments, acquisitions, or disposals of subsidiaries occurred during the period[103](index=103&type=chunk) [Employees](index=34&type=section&id=Employees) As of June 30, 2025, the Group employed approximately 77 staff and contract workers, with staff costs of approximately HKD 12 million, and compensation determined by experience, performance, and market conditions, including discretionary bonuses, MPF, and training - Approximately **77 employees** and contract workers were employed[104](index=104&type=chunk) - Staff costs (including directors' emoluments) were approximately **HKD 12 million** (2024: HKD 22 million)[105](index=105&type=chunk) - Remuneration is determined based on experience, performance, market conditions, industry practices, and applicable labor laws[105](index=105&type=chunk) - Discretionary bonuses, MPF contribution schemes, insurance, and various training programs are provided[105](index=105&type=chunk) [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme_MD%26A) The Group's new share option scheme, adopted on August 15, 2024, complies with the requirements of Rule 17.03 of the Listing Rules - The new share option scheme was approved and adopted on **August 15, 2024**, complying with Rule 17.03 of the Listing Rules[106](index=106&type=chunk) - Details are provided in Note 17 to the financial statements[106](index=106&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the six months ended June 30, 2025 - No purchase, redemption, or sale of the company's listed securities occurred during the period[107](index=107&type=chunk) [Contingent Liabilities](index=35&type=section&id=Contingent%20Liabilities_MD%26A) As of June 30, 2025, the Group had no other significant contingent liabilities or guarantees beyond those already disclosed - As of the end of the reporting period, the Group had no other significant contingent liabilities or guarantees[108](index=108&type=chunk) [Corporate Governance Code](index=35&type=section&id=Corporate%20Governance%20Code) The Board confirms that the company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The company complied with all provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[109](index=109&type=chunk) [Standard Code for Securities Transactions by Directors](index=35&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted a code of conduct for directors' securities transactions no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the period - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance[110](index=110&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements, risk management, and internal control systems for the six months ended June 30, 2025, and concurred with the accounting policies and practices adopted by the company - The Audit Committee reviewed the interim financial statements, risk management, and internal control systems, and concurred with the accounting policies and practices[111](index=111&type=chunk) [By Order of the Board](index=36&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Li Xiongwei, Chairman and Executive Director, on behalf of the Board of Directors - Mr. Li Xiongwei, Chairman and Executive Director, issued the announcement on behalf of the Board[112](index=112&type=chunk) - Executive Directors include Li Xiongwei, Zhang Guowei, Liang Yixi, Lao Mingyun, Yuan Huixia, Yang Qiangsheng; Independent Non-executive Directors include Li Xuejian, Zeng Zhanpeng[113](index=113&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CMGE Technology Group Limited 中手游科技集 團 有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0302） 截 至 2025 年 6 月 30 日止六個月 中期業績公告 中手游科技集團有限公司（「本公司」，連同其附屬公司及在中華人民共和國（「中 國」）的合併營運實體，統稱「本集團」）董事（「董事」）會（「董事會」）欣然公佈本集團 截至2025年6月30日止六個月（「報告期間」）的未經審核綜合中期業績。本報告期間 之中期業績已由本公司之審核委員會（「審核委員會」）審閱。 財務摘要 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | 收益 | 763,034 | 1,233,336 | | 期內虧損 | (644,2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：750） 截至二零二五年六月三十日止六個月的中期業績公告 中 國 水 發 興 業 能 源 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（統 稱「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 （「報告期」）的 未 經 審 核 中 期 業 績。 財務摘要 | | 截至六月三十日止六個月 | | | | | --- | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | | 人民 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 馬鞍山鋼鐵股份有限公司 Maanshan Iron & Steel Company Limited （在中華人民共和國註冊成立之股份有限公司） （股票代號：00323） 2025年半年度業績公告 一. 重要提示 – 1 – 1 本 半 年 度 業 績 公 告 來 自 半 年 度 報 告 全 文，為 全 面 了 解 本 公 司 的 經 營 成 果、財 務 狀 況 及 未 來 發 展 規 劃，投 資 者 應 當 仔 細 閱 讀 同 時刊載 於香港 聯合交易所有限公司網站及上海證券交易所網 站 等 中 國 證 監 會 指 定 網 站 上 的 半 年 度 報 告 全 文。 2 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、準 確、完 整，不 存 在 虛 假 記 載 ...

瑞 浦 蘭 鈞能源 股 份 有 限 公 司 REP T B ATTE RO Energy Co., L t d . （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股 份 代 號 ： 066 6 2 0 2 5 中 期 報 告 瑞 浦 限 公 司 REP T B ATTE 蘭 鈞能源 股 份 有 RO Energy Co., L t d . (A j o i nt s t o c k c o mpa ny in c o r p o rat e d in t h e P e opl e ' s R e p u b l i c of C hin a w i th limi t ed l i abi l i t y ) S t o c k C o d e: 066 6 2 0 2 5 Interim R e p o r t 瑞浦蘭鈞能源股份有限公司 REPT BATTERO Energy Co., Ltd. 2025 中期報告 Interim Report 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 管理層討論及分析 | 5 | | ...

（於中華人民共和國註冊成立的股份有限公司） 股份代號：06660 中 期 報 告 2025 目 錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 5 | | 其他資料 | 30 | | 獨立審閱報告 | 41 | | 中期簡明綜合損益及其他全面收益表 | 42 | | 中期簡明綜合財務狀況表 | 43 | | 中期簡明綜合權益變動表 | 45 | | 中期簡明綜合現金流量表 | 46 | | 中期簡明綜合財務資料附註 | 48 | | 釋義 | 62 | 艾美疫苗股份有限公司 二零二五年中期報告 公司資料 執行董事 周延先生 周欣先生 賈紹君先生 關文先生 周杰先生 非執行董事 趙繼臣先生 王愛軍女士 （於2025年4月13日辭任） 獨立非執行董事 Ker Wei PEI教授 文潔女士 郭曉光先生 歐陽輝先生 (於2025年4月13日辭任） 監事 （自2025年5月20日起卸任） 宋廷鋒先生 （監事會主席） 馬倫先生 宋嘉帥先生 審計委員會 Ker Wei PEI教授 （主席） 歐陽輝先生 （於2025年4月13日辭任） 郭曉光先生 文潔女士 （於2025年4月17日獲委任為 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截至二零二五年六月三十日止 六個月之中期業績公告 中 國 玻 璃 控 股 有 限 公 司（「本公司」）董 事 會（分 別 為「董 事」及「董事會」） 謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 之 比 較 數 字。 1 綜合損益表 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月－未 經 審 核 （以 人 民 幣（「人民幣」）呈 列） | 截至六月三十日止六個月 | 二零二五年 | 二零二四年 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company reported a significant reduction in losses across all key metrics, driven by revenue growth and a shift from gross loss to gross profit Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 38,872 | 32,449 | +19.8% | | Gross Profit/(Loss) | 2,542 | (3,107) | Turned from loss to profit | | Operating Loss | (19,308) | (124,588) | Loss narrowed by 84.5% | | Loss Before Tax | (37,159) | (126,258) | Loss narrowed by 70.6% | | Loss for the Period | (36,753) | (125,731) | Loss narrowed by 70.8% | | Loss Attributable to Owners of the Company | (32,006) | (79,917) | Loss narrowed by 60.0% | | Basic and Diluted Loss Per Share (HKD) | (0.033) | (0.083) | Loss narrowed by 60.2% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The company's total assets increased slightly, while current assets decreased and total liabilities rose, leading to a decline in total equity Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 538,426 | 529,955 | +1.6% | | Total Non-Current Assets | 502,598 | 466,860 | +7.6% | | Total Current Assets | 35,828 | 63,095 | -43.2% | | Total Equity | 211,886 | 242,388 | -12.6% | | Total Liabilities | 326,540 | 287,567 | +13.5% | | Total Non-Current Liabilities | 130,849 | 94,953 | +37.8% | | Total Current Liabilities | 195,691 | 192,614 | +1.6% | - Property, plant and equipment increased to **HKD 248,508 thousand** (December 31, 2024: **HKD 219,341 thousand**), primarily due to additions to construction in progress[5](index=5&type=chunk) - Bank and cash balances decreased to **HKD 11,290 thousand** (December 31, 2024: **HKD 18,913 thousand**), reflecting the use of funds for operations and the construction of the BNCT center[5](index=5&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the Group's business, accounting policies, and financial performance, highlighting going concern uncertainties and mitigation efforts [1. General Information](index=6&type=section&id=1.%20General%20Information) The company is a GEM-listed entity with diverse healthcare businesses in Hong Kong and mainland China, including medical testing, immunotherapy, and BNCT services - The company's main businesses include medical laboratory testing, health checks, and insurance brokerage services in Hong Kong, as well as oncology immune cell therapy, health management, BNCT services, and sales of healthcare pharmaceutical products in mainland China[7](index=7&type=chunk) - The company is listed on GEM of The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) [2. Basis of Preparation and Accounting Policies](index=6&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared under HKAS 34, with significant going concern uncertainties due to losses and current liabilities exceeding current assets, addressed by cost control and financing efforts - For the six months ended **June 30, 2025**, the Group recorded a loss of approximately **36,753 thousand HKD**, with current liabilities exceeding current assets by approximately **159,863 thousand HKD**, indicating significant uncertainty about its ability to continue as a going concern[11](index=11&type=chunk) - To alleviate liquidity pressure, the Group is implementing operational plans to control costs, optimize resource allocation, reduce staff costs, and actively seeking alternative financing, borrowings, and fundraising solutions (such as placing shares and issuing convertible bonds)[13](index=13&type=chunk) - The Group is exploring the realization of financial assets measured at fair value through other comprehensive income to support operations and growth[13](index=13&type=chunk) [3. Revenue](index=8&type=section&id=3.%20Revenue) The Group's revenue increased by **19.8%**, primarily driven by a substantial rise in insurance brokerage services, partially offset by a decline in medical laboratory testing and health check services Segment Revenue by Service Category | Service Category | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Medical Laboratory Testing and Health Check Services | 16,164 | 19,729 | -18.1% | | Insurance Brokerage Services | 22,640 | 12,255 | +84.7% | | Sales and Distribution of Healthcare-related and Pharmaceutical Products and Other Services | – | 437 | -100% | | Logistics Services | 68 | 28 | +142.9% | | **Total Revenue** | **38,872** | **32,449** | **+19.8%** | [4. Segment Information](index=8&type=section&id=4.%20Segment%20Information) The Group operates six segments, with significant growth in insurance brokerage and BNCT profitability, with capital expenditure focused on BNCT and medical/healthcare and immunotherapy segments remain in loss Segment Revenue and (Loss)/Profit **Segment Revenue (For the six months ended June 30):** | Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Medical Laboratory Testing and Healthcare-related Services | 16,164 | 19,729 | | Insurance Brokerage | 22,640 | 12,255 | | Pharmaceutical Products | – | 437 | | Other | 68 | 28 | | **Total** | **38,872** | **32,449** | **Segment (Loss)/Profit (For the six months ended June 30):** | Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Medical Laboratory Testing and Healthcare-related Services | (14,788) | (71,707) | | Immunotherapy | (13,118) | (25,206) | | Boron Neutron Capture Therapy | 8,776 | (3,147) | | Insurance Brokerage | 1,870 | (62) | | Pharmaceutical Products | (720) | (485) | | Other | (340) | (342) | | **Total** | **(18,320)** | **(100,949)** | - Total capital expenditure in **2025** amounted to **22,700 thousand HKD**, with **22,692 thousand HKD** allocated to Boron Neutron Capture Therapy[21](index=21&type=chunk) - Impairment loss on right-of-use assets in **2025** was **3,524 thousand HKD**[21](index=21&type=chunk) [5. Other Income and Gains/(Losses), Net](index=12&type=section&id=5.%20Other%20Income%20and%20Gains%2F%28Losses%29%2C%20Net) Net other income and gains for the period significantly turned from a loss in **2024** to a gain, primarily due to storm damage compensation and exchange gains Other Income and Gains/(Losses), Net | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Compensation Income | 13,695 | – | | Exchange Gains/(Losses), Net | 6,576 | (12,504) | | Loss on Derecognition of Property, Plant and Equipment | – | (15,901) | | **Total** | **21,728** | **(26,460)** | - Compensation income of **13,695 thousand HKD** relates to insurance claims for storm damage at a Hainan construction site in **2024**[23](index=23&type=chunk) [6. Finance Costs](index=12&type=section&id=6.%20Finance%20Costs) Finance costs substantially increased due to higher interest on convertible bonds, put option liabilities, and other borrowings Finance Costs Breakdown | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 523 | 814 | | Interest on Other Borrowings | 4,191 | 1,115 | | Interest on Loans from Controlling Shareholder | 1,291 | 205 | | Interest on Convertible Bonds and Put Option Liabilities | 6,294 | 2,158 | | Interest on Lease Liabilities | 237 | 394 | | **Total** | **12,536** | **4,686** | [7. Loss Before Tax](index=13&type=section&id=7.%20Loss%20Before%20Tax) Loss before tax significantly narrowed, driven by reduced research and development, staff costs, and inventory write-downs, partially offset by impairment loss on right-of-use assets Loss Before Tax Components | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Research and Development Costs | 5,965 | 17,593 | | Staff Costs (Salaries, Bonuses and Allowances) | 25,021 | 38,985 | | Write-down of Inventories | 194 | 5,089 | | Derecognition of Property, Plant and Equipment | – | 15,901 | | Impairment Loss on Right-of-Use Assets | 3,524 | – | [8. Income Tax Credit](index=13&type=section&id=8.%20Income%20Tax%20Credit) Income tax credit for the period was slightly lower than the prior year, primarily derived from deferred income tax Income Tax Credit Breakdown | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Income Tax | (195) | (78) | | Deferred Income Tax | 601 | 605 | | **Total** | **406** | **527** | [9. Dividends](index=14&type=section&id=9.%20Dividends) The Board does not recommend any dividend payment for the current interim period, consistent with the prior year - The Board does not recommend the payment of any dividend for the period[27](index=27&type=chunk) [10. Loss Per Share](index=14&type=section&id=10.%20Loss%20Per%20Share) Basic and diluted loss per share attributable to owners of the Company significantly improved, reflecting a reduction in per-share losses Basic and Diluted Loss Per Share | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (0.033) | (0.083) | - The weighted average number of ordinary shares used for calculating basic and diluted loss per share increased from **963,231 thousand** in **2024** to **975,731 thousand** in **2025**[29](index=29&type=chunk) [11. Property, Plant and Equipment](index=14&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) The primary addition to property, plant and equipment for the period was significant investment in construction in progress - Main addition was **22,692 thousand HKD** for construction in progress[30](index=30&type=chunk) [12. Goodwill](index=15&type=section&id=12.%20Goodwill) The carrying amount of goodwill increased, primarily influenced by exchange differences during the period Goodwill Carrying Amount | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Carrying Amount | 107,225 | 104,792 | | Exchange Differences | 3,331 | (2,389) | [13. Intangible Assets](index=15&type=section&id=13.%20Intangible%20Assets) The net carrying amount of intangible assets decreased, mainly due to amortisation expense, partially offset by exchange differences Intangible Assets Net Carrying Amount | Metric | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Carrying Amount at End of Period | 32,013 | 52,623 | | Amortisation Expense | (4,005) | (4,036) | | Exchange Differences | 1,074 | (985) | [14. Trade and Other Receivables, Deposits and Prepayments](index=16&type=section&id=14.%20Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) Net trade receivables increased, with a significant portion of deposits allocated to purchasing BNCT drugs from a Japanese pharmaceutical company Trade and Other Receivables, Deposits and Prepayments | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Trade Receivables | 7,988 | 7,033 | | Rental and Other Deposits | 56,799 | 51,822 | | Other Receivables | 8,246 | 14,012 | | Prepayments | 3,490 | 1,991 | | **Total** | **76,547** | **74,872** | - Rental and other deposits include **54,559 thousand HKD** (equivalent to **1,000,000,000 JPY**) as a deposit paid to a Japanese pharmaceutical company for Boron Neutron Capture Therapy drugs to be used at the Hainan BNCT Cancer Treatment Centre[32](index=32&type=chunk) [15. Trade Payables](index=17&type=section&id=15.%20Trade%20Payables) Total trade payables increased as of **June 30, 2025**, compared to **December 31, 2024** Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 90 days | 4,440 | 4,883 | | 91 to 180 days | 1,278 | 1,549 | | 181 to 365 days | 1,610 | 166 | | Over 365 days | 770 | 755 | | **Total** | **8,098** | **7,353** | [16. Convertible Bonds and Derivative Financial Liabilities](index=17&type=section&id=16.%20Convertible%20Bonds%20and%20Derivative%20Financial%20Liabilities) The Group's convertible bonds and related derivative financial liabilities, including written put option liabilities, saw increases in their fair values - In **December 2024**, convertible bonds with a principal amount of **6,000,000 USD** (approximately **47,100 thousand HKD**) were issued at an annual interest rate of **8.25%** and an initial conversion price of **1.20 HKD** per share[35](index=35&type=chunk) Convertible Bonds and Derivative Financial Liabilities | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Convertible Bonds - Liability Component | 42,919 | 41,635 | | Convertible Bonds - Fair Value of Derivative Component | 11,317 | 6,002 | | Written Put Option Liabilities | 45,065 | 40,480 | - The effective interest rate applied to the convertible bonds' liability component was **15.0%** (**2024**: **8.62%**)[36](index=36&type=chunk) [17. Borrowings](index=19&type=section&id=17.%20Borrowings) Total borrowings increased, primarily for working capital and BNCT center development, secured by various assets, with the Group complying with all financial covenants Total Borrowings and Analysis **Total Borrowings (HKD thousands):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Borrowings | 33,981 | 25,981 | | Other Borrowings | 99,041 | 87,940 | | Loans from Controlling Shareholder | 28,074 | 24,772 | | **Total** | **161,096** | **138,693** | **Borrowings Analysis (HKD thousands):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Portion | 139,179 | 138,693 | | Non-Current Portion | 21,917 | – | - Borrowing interest rates range from **LPR minus 0.45% or 3.45%–3.85%** for bank borrowings, **6%–18%** for other borrowings, and **10%** for controlling shareholder loans[39](index=39&type=chunk) - Borrowings are primarily secured by construction in progress (**233,866 thousand HKD**), China land use rights (**11,799 thousand HKD**), property, plant and equipment (**10,743 thousand HKD**), other receivables (**1,864 thousand HKD**), intangible assets (**30,689 thousand HKD**), and a **47%** equity interest in a subsidiary[40](index=40&type=chunk)[41](index=41&type=chunk) - The Group has complied with the financial covenants of its borrowing facilities[42](index=42&type=chunk) [18. Contingent Liabilities](index=20&type=section&id=18.%20Contingent%20Liabilities) The Group reported no material contingent liabilities as of **June 30, 2025** - The Group had no material contingent liabilities[43](index=43&type=chunk) [19. Related Party Transactions](index=20&type=section&id=19.%20Related%20Party%20Transactions) Related party transactions for the period primarily included interest expenses paid to the controlling shareholder and key management personnel remuneration Related Party Transactions Summary | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest Expenses Paid to Controlling Shareholder | 1,291 | 205 | | Key Management Personnel Remuneration | 2,589 | 3,615 | [20. Events After Reporting Period](index=21&type=section&id=20.%20Events%20After%20Reporting%20Period) Post-reporting period events include a strategic financing agreement where BGI-Songhe will provide a loan to Pengbo (Hainan), convertible into Dynamic Healthcare shares - BGI-Songhe will provide a **30 million RMB** loan to Pengbo (Hainan), which will be converted into shares of Dynamic Healthcare Holdings Limited[46](index=46&type=chunk) - BGI-Songhe will hold up to **6.25%** of Dynamic Healthcare's enlarged issued share capital[46](index=46&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) The financial review highlights a significant reduction in net loss, improved gross margin, and reduced operating expenses, despite increased finance costs - Revenue for the period was approximately **38.9 million HKD**, an increase of **19.8%** year-on-year, primarily driven by growth in the insurance brokerage services segment, partially offset by a decline in the medical laboratory testing and health check services segment[48](index=48&type=chunk) - Gross profit turned from a loss of approximately **3.1 million HKD** in the prior year to a profit of approximately **2.5 million HKD**, with gross margin improving to **6.5%**, mainly due to a significant reduction in inventory write-downs[49](index=49&type=chunk) - Selling and distribution expenses decreased by **44.6%** to **3.6 million HKD**, administrative expenses decreased by **52.0%** to **34.0 million HKD**, and research and development costs decreased by **66.1%** to **6.0 million HKD**, primarily due to reduced staff costs, fewer one-off legal claims, and lower late-stage clinical trial expenses[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - Finance costs increased to **12.5 million HKD**, mainly due to additional bank and other borrowings for working capital and the construction of the BNCT Cancer Treatment Centre[53](index=53&type=chunk) - Net loss attributable to owners of the Company decreased by **60.0%** to **32.0 million HKD**, primarily due to cost control measures, improved gross margin, reduced administrative expenses, and **13.7 million HKD** in insurance compensation income[54](index=54&type=chunk) [Business Review](index=24&type=section&id=Business%20Review) The business review covers strategic financing, progress on the BNCT center, expanded drug cooperation, new insurance products, and advancements in CAR-T clinical trials - Pengbo (Hainan) secured **30 million RMB** in strategic financing from BGI-Songhe to strengthen its development foundation[55](index=55&type=chunk) - The BNCT Cancer Treatment Centre is under construction in Hainan, targeting opening and operation by **end of 2025**, having obtained medical institution practice license and medical device import approval[57](index=57&type=chunk) - Signed an MOU with STELLA PHARMA CORPORATION to expand cooperation for BNCT drug STEBORONINE® in China, including exclusive manufacturing and sales rights, with plans for localized production[58](index=58&type=chunk) - Collaborated with AXA Insurance (Bermuda) Limited to develop comprehensive medical insurance products covering BNCT cancer treatment costs and related services[59](index=59&type=chunk) - Shanghai Longyao's LY007 cell injection (China's first clinically approved CD20-targeted CAR-T therapy) has completed Phase I clinical trials, with Phase II trials planned to commence by **end of 2025**[61](index=61&type=chunk) - Phase I clinical results for LY007 cell injection have been presented at international conferences like ASCO and ASH, and invited for presentation at ICML and EHA[64](index=64&type=chunk) [Outlook](index=27&type=section&id=Outlook) The Group's outlook focuses on laboratory upgrades, expanding healthcare services, commercializing CAR-T products, operationalizing the BNCT center, and developing integrated treatment models and insurance products - The Group has upgraded its laboratory with Hong Kong's first customized virtual biochemistry immunoassay automation system, collaborating with institutions for contract research services and public health screening/vaccination programs[66](index=66&type=chunk) - Demand for health checks and related medical services is expected to continue growing due to increased public health awareness, an aging population, and rising demand for private healthcare services[67](index=67&type=chunk) - The Group aims to advance the commercialization of its CAR-T product LY007 cell injection, pushing for domestic Phase II clinical trials and commercial partnerships, including international patenting, with Phase II trials expected to start by **end of 2025**[68](index=68&type=chunk) - The Group is committed to ensuring the BNCT Cancer Treatment Centre is operational by **end of 2025**, planning a China-wide treatment network, developing franchised hospitals, and generating new revenue from equipment sales and related services[69](index=69&type=chunk) - Deepen industry-academic research integration with leading hospitals to explore a new "diagnosis-treatment integrated" BNCT model[70](index=70&type=chunk) - Strengthen cooperation with insurance companies to develop inclusive BNCT medical insurance products and establish patient referral partnerships with domestic hospitals to enhance accessibility and reduce financial burden[71](index=71&type=chunk) [Events After Reporting Period](index=29&type=section&id=Events%20After%20Reporting%20Period) Details of events after the reporting period are set out in Note 20 to the unaudited condensed consolidated financial statements - Details of events after the reporting period are set out in Note 20 to the unaudited condensed consolidated financial statements[73](index=73&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's liquidity shows decreased cash balances and increased borrowings, with capital commitments for property, plant and equipment, and secured loans - Cash and bank balances decreased to **11,290 thousand HKD** (December 31, 2024: **18,913 thousand HKD**), primarily used for operating activities and the construction of the BNCT Cancer Treatment Centre[75](index=75&type=chunk) - Outstanding convertible bonds amounted to approximately **42,919 thousand HKD**, with an annual interest rate of **8.25%**, maturing on **December 27, 2026**[75](index=75&type=chunk) - Total borrowings increased to **161,096 thousand HKD** (December 31, 2024: **138,693 thousand HKD**), mainly due to additional borrowings for working capital and the development of the BNCT Cancer Treatment Centre[76](index=76&type=chunk) Financial Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt-to-Equity Ratio | 60.6% | 54.3% | | Current Ratio | **0.18 times** | **0.33 times** | - Capital commitments for property, plant and equipment increased to **153,210 thousand HKD** (December 31, 2024: **122,560 thousand HKD**)[79](index=79&type=chunk) - Borrowings are secured by Pengbo (Hainan)'s land use rights, construction in progress, property, plant and equipment, other receivables, intangible assets, and equity interest in a subsidiary[80](index=80&type=chunk)[81](index=81&type=chunk) - The Group has no material contingent liabilities and uses hedging instruments to manage foreign exchange and interest rate risks[82](index=82&type=chunk)[83](index=83&type=chunk) [Material Investments Held and Performance](index=33&type=section&id=Material%20Investments%20Held%20and%20Performance) The Group holds significant investments in precision cancer diagnostics companies, with strategic collaborations expected to generate synergies with its medical testing services - The Group holds investments in Pillar Biosciences, Inc and Zhengu Diagnostics Holdings Limited (precision cancer diagnostics companies) with a fair value of approximately **43,703 thousand HKD**, representing **8.12%** of total assets[84](index=84&type=chunk) - Pillar Biosciences, Inc recorded an unaudited loss of approximately **17,000,000 USD** in **2024**, and the Group received no dividend income from Pillar during the period[85](index=85&type=chunk) - Strategic cooperation with Pillar led to the establishment of Asia Molecular Diagnostics Laboratory Limited in Hong Kong, offering next-generation sequencing precision cancer diagnostic services, expected to generate synergies with the Group's medical testing services[85](index=85&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associates](index=34&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) The Group did not engage in any material acquisitions or disposals of subsidiaries and associates during the reporting period - The Group did not undertake any material acquisitions or disposals of subsidiaries and associates during the period[86](index=86&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count slightly decreased, with remuneration policies based on performance, experience, and market rates, including various benefits and incentive schemes - As of **June 30, 2025**, the Group employed **133** full-time employees (**June 30, 2024**: **142**)[87](index=87&type=chunk) - Remuneration is determined based on performance, experience, and market rates, including discretionary bonuses, MPF scheme, retirement benefit scheme contributions, insurance and medical, training, and participation in share option and share award schemes[87](index=87&type=chunk) [Share Option Scheme](index=34&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in **2024**, but no options were granted during the current reporting period - The company adopted a share option scheme on **June 6, 2024**, but no share options were granted during the period[88](index=88&type=chunk) [Share Award Scheme](index=34&type=section&id=Share%20Award%20Scheme) The company adopted a share award scheme in **2021**, but no shares were subscribed for, received, purchased, or granted under the scheme during the current period - The company adopted a share award scheme on **August 18, 2021**, but the trustee neither subscribed for, received, nor purchased any company shares, nor did the company grant any shares under the scheme during the period[89](index=89&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=35&

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 截 至2025年6月30日止六個月 中期業績公告 2025年中期業績摘要註 註： 一、財務報告（按 照 企 業 會 計 準 則 編 製 的 財 務 報 表） – 1 – 本 公 告 中，除 內 容 特 別 指 明 外，貨 幣 皆 為 人 民 幣。 • 報 告 期 內，本 集 團 實 現 營 業 收 入 人 民 幣56,765.90百 萬 元，同 比 增 長 約 24.01%； • 報 告 期 內，本 集 團 實 現 稅 前 利 潤 人 民 幣5,483.38百 萬 元，同 比 增 長 約 95.23%； • 報 告 期 內，本 集 團 歸 屬 於 母 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Jenscare Scientific Co., Ltd. 寧波健世科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：9877） 截至二零二五年六月三十日止六個月的 中期業績公告 董事會欣然宣佈本集團於截至二零二五年六月三十日止六個月的未經審核綜 合 中 期 業 績，連 同 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 比 較 數 字 如 下。本 集 團於報告期間的未經審核綜合財務報表已由本公司管理層及審核委員會審閱。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | (%) | | | （未 ...