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 等內容而引致之任何損失承擔任何責任。 （ 於 百 慕 達 註 冊 成 立 的 有 限 公 司 ） （股份代號：613） 二零二五年中期業績（未審核） 於二零二五年六月三十日 梧桐國際發展有限公司（「本公司」）之董事（「董事」）會（「董事會」）公 佈本公司及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止 六個月之未審核綜合業績如下： 簡明綜合損益及其他全面收入表 截至二零二五年六月三十日止六個月 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 六月三十日 | 十二月三十一日 | | | 附註 | 千港元 | 千港元 | | | | （未審核） | （經審核） | | 非流動資產 | | | | | 物業及設備 | | 28,345 | 33,390 | | 投資物業 | | 340,500 | 407,500 | | 無形資產 | | 12,592 | 12,617 | | ...

[Company Information and Report Overview](index=1&type=section&id=Company%20Information%20and%20Report%20Overview) This section provides an overview of the company, the basis for financial statement preparation, and changes in accounting policies [Company Profile](index=5&type=section&id=General%20Information) Century Legend (Holdings) Limited is an investment holding company with diverse subsidiaries engaged in property investment, hair salons, hospitality, property project management, lending, and securities investment - The company primarily engages in investment holding, with diversified subsidiary businesses including property investment, hair salons, hotels, property project management, lending, and securities investment[8](index=8&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The unaudited interim financial statements, reviewed by the Audit Committee, are prepared in accordance with HKFRS and HKAS 34, measured at historical cost, and presented in HKD - The interim financial statements are unaudited but reviewed by the Audit Committee, comply with HKAS 34, and are presented in HKD[9](index=9&type=chunk)[10](index=10&type=chunk) [Changes in Accounting Policies and Estimates](index=6&type=section&id=Adoption%20of%20New%2FRevised%20HKFRSs) The Group adopted amendments to HKAS 21 "Lack of Exchangeability" in 2025, which had no impact on performance or financial position, with significant judgments and estimates remaining consistent with 2024 - Amendments to HKAS 21 adopted in 2025 had no impact on the Group's performance or financial position[11](index=11&type=chunk) - Significant judgments and estimates used in preparing the statements are consistent with those applied in the 2024 annual financial statements[12](index=12&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) This section details the Group's financial results, including comprehensive income, financial position, profit before tax, earnings per share, and key account balances [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group achieved a profit of HKD 2,095,000, a significant improvement from the prior year's net loss, primarily due to fair value gains on financial assets Key Data from Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 22,151 | 23,767 | | Cost of sales | (15,310) | (15,556) | | Gross profit | 6,841 | 8,211 | | Other income | 366 | 559 | | Fair value gains/(losses) on financial assets at fair value through profit or loss | 16,405 | (11,980) | | Fair value loss on investment properties | (5,800) | (4,000) | | Administrative expenses | (12,967) | (13,998) | | Finance costs | (2,750) | (3,757) | | Profit/(Loss) before income tax | 2,095 | (24,965) | | Income tax credit | – | 384 | | Profit/(Loss) for the period | 2,095 | (24,581) | - Total comprehensive income for the period turned from a loss of **HKD 24,553,000** in the same period of 2024 to a profit of **HKD 2,095,000** in 2025[5](index=5&type=chunk) [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 total assets slightly increased, non-current assets slightly decreased, while current assets grew, leading to a narrowed net current liabilities and improved net assets and equity attributable to owners Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current assets | 309,575 | 315,685 | | Current assets | 70,558 | 64,146 | | Current liabilities | 146,642 | 146,103 | | Net current liabilities | (76,084) | (81,957) | | Net assets | 222,748 | 220,653 | | Equity attributable to owners of the Company | 223,849 | 221,297 | | Total equity | 222,748 | 220,653 | - Net current liabilities narrowed from **HKD 81,957,000** as of December 31, 2024, to **HKD 76,084,000** as of June 30, 2025[7](index=7&type=chunk) [Profit/(Loss) Before Income Tax](index=11&type=section&id=Profit%2F%28Loss%29%20Before%20Income%20Tax) The period's profit before income tax was primarily influenced by a significant increase in fair value gains on financial assets at fair value through profit or loss (HKD 16,405,000), contrasting with a loss in the prior year, alongside a decrease in finance costs Composition of Profit/(Loss) Before Income Tax (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest expense on bank loans | 2,447 | 3,508 | | Interest expense on lease liabilities | 303 | 249 | | Total finance costs | 2,750 | 3,757 | | Fair value (gains)/losses on financial assets at fair value through profit or loss | (16,405) | 11,980 | | Depreciation | 5,582 | 6,207 | - Total finance costs decreased by **26.8%** year-on-year, from **HKD 3,757,000** to **HKD 2,750,000**[22](index=22&type=chunk) [Income Tax Credit](index=11&type=section&id=Income%20Tax%20Credit) The Group had no assessable profit during the reporting period, resulting in no Hong Kong profits tax provision, and no deferred tax assets were recognized due to uncertainty regarding their realization - The Group had no assessable profit during the reporting period, and no Hong Kong profits tax provision was made[23](index=23&type=chunk) - No deferred tax assets were recognized due to uncertainty regarding their realization[23](index=23&type=chunk) [Earnings/(Loss) Per Share](index=11&type=section&id=Earnings%2F%28Loss%29%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic earnings per share attributable to owners of the Company was **0.78 HK cents**, a significant improvement from the prior year's loss of **7.38 HK cents** per share, primarily due to the period's profit Earnings/(Loss) Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic earnings/(loss) per share | 0.78 HK cents | (7.38) HK cents | | Diluted earnings/(loss) per share | 0.78 HK cents | (7.38) HK cents | - Basic earnings per share turned from a loss of **HKD 24,079,000** in the same period last year to a profit of **HKD 2,552,000** in the current period[25](index=25&type=chunk) [Loans Receivable and Other Receivables, Deposits and Prepayments](index=12&type=section&id=Loans%20Receivable%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, total loans receivable and other receivables, deposits, and prepayments amounted to **HKD 8,638,000**, slightly lower than **HKD 8,896,000** as of December 31, 2024 Loans Receivable and Other Receivables, Deposits and Prepayments (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loans receivable | 1,942 | 2,642 | | Other receivables | 1,676 | 1,304 | | Prepayments | 667 | 601 | | Deposits | 4,353 | 4,349 | | Total | 8,638 | 8,896 | [Trade Payables](index=12&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's total trade payables were **HKD 48,000**, a decrease from **HKD 76,000** as of December 31, 2024 Aging Analysis of Trade Payables (As of June 30) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0-30 days | 37 | 52 | | 31-60 days | 11 | 20 | | 61-90 days | – | 4 | | Total | 48 | 76 | [Business Review and Segment Information](index=6&type=section&id=Business%20Review%20and%20Segment%20Information) This section reviews the Group's overall performance, macroeconomic environment, and detailed performance across its six operating segments, including revenue, results, assets, liabilities, and geographical information [Overall Performance Review](index=13&type=section&id=Overall%20Performance) The Group's turnover decreased by **7%** to **HKD 22,151,000** and gross profit decreased by **17%** to **HKD 6,841,000** year-on-year, but the period saw a turnaround from net loss to a net profit of **HKD 2,095,000**, driven by fair value gains from securities investments and reduced administrative and finance costs Overall Performance Overview (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Turnover | 22,151 | 23,767 | -7% | | Gross profit | 6,841 | 8,211 | -17% | | Profit/(Loss) for the period | 2,095 | (24,581) | Turned from loss to profit | | Fair value gains/(losses) on financial assets at fair value through profit or loss | 16,405 | (11,980) | Significant improvement | | Reduction in administrative expenses and finance costs | 2,038 | - | - | [Macroeconomic Environment](index=13&type=section&id=Macroeconomic%20Environment) The first half of 2025 presented a challenging global economic landscape with geopolitical tensions and US trade policies impacting the outlook, while Hong Kong and Macau faced retail and real estate challenges, but saw moderate GDP growth and a rebound in Macau's GDP, respectively, with strong securities market performance and declining finance costs - The global economic environment remains challenging, with ongoing geopolitical tensions and impacts from US trade policies[29](index=29&type=chunk) - Hong Kong's GDP grew by **3%** and **3.1%** year-on-year in Q1 and Q2 respectively; Macau's GDP decreased by **1.3%** in Q1 but rebounded to **5.1%** in Q2[29](index=29&type=chunk) - Securities investments showed significant valuation gains, with strong trading volumes in Hong Kong's capital market and outstanding performance in the US stock market[30](index=30&type=chunk) - Finance costs decreased by approximately **27%**, mainly due to the federal funds rate stabilizing from **5.25%-5.5%** to **4.25%-4.5%**[30](index=30&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group's business is divided into six operating segments: hair salons, hotel and hospitality services, property investment, securities investment, property project management, and lending, with significant variations in revenue and performance, notably the securities investment segment turning from loss to profit and contributing most to overall Group performance - The Group identifies six operating segments: hair salons, hotel and hospitality services, property investment, securities investment, property project management, and lending[14](index=14&type=chunk) [Segment Revenue and Results](index=8&type=section&id=Segment%20Revenue%20and%20Results) The Group's total revenue for the period was **HKD 22,151,000**, a **7%** year-on-year decrease, with the securities investment segment's performance turning from a loss of **HKD 10,544,000** in the prior year to a profit of **HKD 17,431,000**, serving as the primary driver for the Group's overall positive performance Segment Revenue and Results (Six Months Ended June 30) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 Results (HKD thousands) | 2024 Results (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Hair Salon | 6,174 | 6,520 | 34 | 8 | | Hotel and Hospitality Services | 13,439 | 14,200 | (204) | (547) | | Property Investment | 1,473 | 1,578 | (8,512) | (6,609) | | Securities Investment | 1,027 | 1,428 | 17,431 | (10,544) | | Property Project Management | – | – | (3) | (5) | | Lending | 38 | 41 | (8) | (6) | | Total | 22,151 | 23,767 | 8,738 | (17,703) | - The securities investment segment's performance turned from a loss of **HKD 10,544,000** in the first half of 2024 to a profit of **HKD 17,431,000** in the first half of 2025[15](index=15&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the Group's total consolidated assets slightly increased to **HKD 380,133,000**, with hotel and hospitality services and property investment segments accounting for a significant portion of assets, while total consolidated liabilities slightly decreased Segment Assets and Liabilities (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total segment assets | 372,867 | 369,316 | | Total consolidated assets | 380,133 | 379,831 | | Total segment liabilities | 51,700 | 52,156 | | Total consolidated liabilities | 157,385 | 159,178 | - Assets for the hotel and hospitality services segment were **HKD 226,180,000**, and for the property investment segment were **HKD 85,363,000**, together accounting for the majority of total segment assets[17](index=17&type=chunk) [Other Segment Information](index=10&type=section&id=Other%20Segment%20Information) For the period, total interest income was **HKD 36,000**, fair value loss on investment properties was **HKD 5,800,000**, total finance costs were **HKD 2,750,000**, and total depreciation was **HKD 5,582,000** Other Segment Information (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 36 | 56 | | Fair value loss on investment properties | 5,800 | 4,000 | | Finance costs | 2,750 | 3,757 | | Additions to specified non-current assets | 9 | 64 | | Depreciation | 5,582 | 6,207 | [Geographical Information](index=10&type=section&id=Geographical%20Information) The Group's specified non-current assets are primarily located in Hong Kong (**HKD 235,088,000**) and Macau (**HKD 73,521,000**), with revenue from external customers also mainly derived from Hong Kong (**HKD 20,933,000**) and Macau (**HKD 1,218,000**) Specified Non-Current Assets and Revenue from External Customers (By Geographical Area) | Region | Specified Non-Current Assets as of June 30, 2025 (HKD thousands) | Revenue from External Customers in 2025 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 235,088 | 20,933 | | Macau | 73,521 | 1,218 | | Total | 308,609 | 22,151 | [Performance of Each Business Segment](index=14&type=section&id=Performance%20of%20Each%20Business%20Segment) The Group's business segments showed varied performance: property investment saw decreased rental income and valuation losses; hair salon business had lower turnover but increased segment profit; hotel and hospitality services experienced reduced turnover but narrowed losses; securities investment recorded significant fair value gains due to favorable market conditions; property project management had no revenue; and lending business saw slight decreases in interest income and operating loss [Property Investment Business](index=14&type=section&id=Property%20Investment%20Business) The property investment business contributed **HKD 1,473,000** in rental income for the first half, a **7%** year-on-year decrease primarily due to the sale of a Taikoo Shing property, while investment properties in Hong Kong and Macau recorded a valuation loss of **HKD 5,800,000**, with retail shops accounting for approximately **70%** of the loss, and Macau's residential leasing market showing positive performance - Rental income was **HKD 1,473,000**, a **7%** year-on-year decrease, mainly due to the sale of a Taikoo Shing property[31](index=31&type=chunk) - Investment properties recorded a valuation loss of **HKD 5,800,000**, with retail shop losses accounting for approximately **70%**[31](index=31&type=chunk) - Macau's residential leasing market performed positively, with new lease rents increasing by approximately **5%**[33](index=33&type=chunk) [Hair Salon Business](index=15&type=section&id=Hair%20Salon%20Business) The hair salon business generated **HKD 6,174,000** in turnover, a **5%** year-on-year decrease, but segment profit increased to **HKD 34,000**, mainly due to reduced interest expenses and staff long service payment provisions, as the business addresses talent outflow, northbound consumption, and emigration impacts through digital marketing and expanding hair extension and scalp care services Hair Salon Business Performance (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Turnover | 6,174 | 6,520 | | Segment profit | 34 | 8 | - Segment profit increased by approximately **three times** year-on-year, primarily due to reduced revenue, lower interest expenses on right-of-use assets, and decreased provisions for staff long service payments[34](index=34&type=chunk) - Addressing declining turnover through digital marketing, social media promotion, and expanding hair extension and scalp care services[35](index=35&type=chunk)[36](index=36&type=chunk) [Hotel and Hospitality Services Business](index=17&type=section&id=Hotel%20and%20Hospitality%20Services%20Business) The hotel and hospitality services business recorded **HKD 13,439,000** in turnover, a **5%** year-on-year decrease, but net loss narrowed by **63%** to **HKD 204,000**, mainly due to reduced depreciation of right-of-use assets for the North Point hostel, as Hong Kong's tourism recovers amidst challenges of declining average room rates and increased accommodation tax Hotel and Hospitality Services Business Performance (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Turnover | 13,439 | 14,200 | | Net loss | (204) | (547) | - Net loss narrowed by **63%**, primarily due to a significant reduction in depreciation of right-of-use assets for the North Point hostel[38](index=38&type=chunk) - Hong Kong's tourism industry shows strong momentum, receiving approximately **23.6 million** visitors in the first half, a **11.7%** year-on-year increase[39](index=39&type=chunk) - The hotel industry faces challenges of increased occupancy rates but declining average room rates, with the re-imposition of hotel accommodation tax adding cost pressure[40](index=40&type=chunk) [Securities Investment Business](index=18&type=section&id=Securities%20Investment%20Business) As of June 30, 2025, the securities investment business held financial assets of approximately **HKD 53,635,000**, recording a fair value gain of **HKD 16,405,000** for the period, a significant improvement from the prior year's loss of **HKD 11,980,000**, primarily driven by substantial increases in the market value of Hong Kong and US listed securities, with the Group divesting underperforming securities and investing in high-growth US technology and innovation stocks for diversification Key Data from Securities Investment Business (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Fair value gains/(losses) on financial assets at fair value through profit or loss | 16,405 | (11,980) | | Total dividend income from this segment | 1,473 | - | | Fair value of Link Real Estate Investment Trust | 29,377 | - | | Fair value of Palantir Technologies Inc. | 24,084 | - | - The Hong Kong Hang Seng Index rose over **20%** from the beginning of the year, reaching a three-and-a-half-year high, with Hong Kong becoming one of the world's largest IPO markets[43](index=43&type=chunk) - The Group divested some underperforming securities and invested in US stocks in high-growth sectors like technology and innovation to diversify its investment portfolio[43](index=43&type=chunk)[44](index=44&type=chunk) [Property Project Management Business](index=20&type=section&id=Property%20Project%20Business) The property project management business generated no revenue for the period, incurring a segment loss of **HKD 3,000**, with the Group planning to revitalize this business by collaborating with local renowned architects/interior designers to explore new projects - No revenue for the period, with a segment loss of **HKD 3,000**[46](index=46&type=chunk) - Plans to revitalize this business segment by seeking collaborations with local renowned architects/interior designers to explore more new projects[46](index=46&type=chunk) [Other Business Segment (Lending)](index=20&type=section&id=Other%20Business%20Segment) The lending business generated **HKD 38,000** in interest income and incurred an operating loss of **HKD 8,000**, with a new short-term loan initiated and completed during the period, and no impairment recognized on outstanding loans receivable, as the Group adopts a prudent approach to managing its loan portfolio and diversifying credit risk Lending Business Performance (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income | 38 | 41 | | Operating loss | (8) | (6) | - A new short-term loan was initiated and completed during the period, with no impairment recognized on outstanding loans receivable[47](index=47&type=chunk) [Financial Position and Management](index=21&type=section&id=Financial%20Position%20and%20Management) This section covers the Group's liquidity, financial resources, treasury policies, foreign exchange risk, asset pledges, contingent liabilities, capital commitments, material investments, capital structure, and employee remuneration policies [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and bank balances were **HKD 8,417,000**, with net current liabilities of **HKD 76,084,000**, and the current ratio improved to approximately **0.48** from the end of last year Liquidity and Financial Resources (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and bank balances | 8,417 | 12,410 | | Net current liabilities | (76,084) | (81,957) | | Current ratio | 0.48 | 0.44 | - The current ratio improved from **0.44** as of December 31, 2024, to **0.48** as of June 30, 2025, indicating improved liquidity[50](index=50&type=chunk) [Financial Management, Treasury Policy and Foreign Exchange Risk](index=21&type=section&id=Financial%20Management%2C%20Treasury%20Policy%20and%20Foreign%20Exchange%20Risk) There were no significant changes in the Group's financial management, treasury policies, and foreign exchange risk compared to the information disclosed in the 2024 annual report - No significant changes in financial management, treasury policy, and foreign exchange risk compared to the 2024 annual report[51](index=51&type=chunk) [Pledge of Assets](index=21&type=section&id=Pledge%20of%20Assets) During the period, certain investment properties of the Group were pledged to banks to secure bank borrowings of approximately **HKD 118,543,000**, which bear interest at floating rates - Certain investment properties were pledged to banks to secure bank borrowings of approximately **HKD 118,543,000**[52](index=52&type=chunk) [Contingent Liabilities and Capital Commitments](index=21&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) As of June 30, 2025, neither the Company nor the Group had any significant contingent liabilities or material capital commitments - As of June 30, 2025, neither the Company nor the Group had any significant contingent liabilities or capital commitments[53](index=53&type=chunk) [Material Investments](index=22&type=section&id=Material%20Investments) Apart from the securities investments disclosed in this announcement, the Group had no other material investments or future plans for material investments or capital assets as of June 30, 2025 - No other material investments or future plans apart from the disclosed securities investments[54](index=54&type=chunk) [Capital Structure](index=22&type=section&id=The%20Group%27s%20Capital%20Structure) The Group's total equity was **HKD 222,748,000**, with fixed-rate liabilities, floating-rate liabilities, and interest-free liabilities accounting for **5%**, **53%**, and **12%** of total equity, respectively, and the debt-to-asset ratio decreased to approximately **4%** from the end of last year Capital Structure (As of June 30) | Liability Type | Amount (HKD thousands) | Percentage of Total Equity | | :--- | :--- | :--- | | Fixed-rate liabilities | 11,614 | 5% | | Floating-rate liabilities | 118,543 | 53% | | Interest-free liabilities | 27,228 | 12% | | Debt-to-asset ratio | - | 4% | - The debt-to-asset ratio decreased from **5%** as of December 31, 2024, to **4%** as of June 30, 2025[55](index=55&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=Employees%20and%20Remuneration%20Policy) As of the period end, the Group employed approximately **46** employees, with staff costs of **HKD 6,580,000**, and its remuneration policy is market-competitive, reviewed annually based on employee and Group performance, with a share option scheme available for directors and employees Employee and Remuneration Information (As of June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 46 | 48 | | Staff costs (HKD thousands) | 6,580 | 6,453 | - Remuneration policy is market-competitive and determined based on individual employee performance[56](index=56&type=chunk) [Future Outlook](index=23&type=section&id=Future%20Outlook) This section outlines the Group's overall outlook for the remainder of 2025, including specific prospects for the hotel and hospitality services and hair salon businesses, emphasizing continuous improvement, financial strengthening, debt reduction, and strategic asset realization [Overall Outlook](index=23&type=section&id=Outlook%20for%20the%20Remainder%20of%202025) The outlook for the remainder of 2025 is uncertain, influenced by the global economic environment, geopolitical risks, and US trade policies, prompting the Group to continuously improve, strengthen its financial position, explore debt reduction plans, and strategically realize underperforming assets to increase revenue, reduce costs, and enhance efficiency - Future outlook is affected by global economic uncertainty, geopolitical tensions, and US trade policies[57](index=57&type=chunk) - The Group will strengthen its financial position, explore debt reduction plans, and strategically realize underperforming assets to generate cash inflows[57](index=57&type=chunk) [Hotel and Hospitality Services Business Outlook](index=23&type=section&id=Short-Term%20Outlook%20for%20the%20Hotel%20Industry) The short-term outlook for the hotel industry is mixed, but the Group remains cautiously optimistic about the long-term prospects for Hong Kong's tourism and hotel sector, with the HKSAR Government's "Hong Kong Tourism Development Blueprint 2.0" and the opening of Kai Tak Sports Park expected to solidify Hong Kong's position as a world-class tourist destination, offering recovery potential for the Group's mid-range hostels - The Group remains cautiously optimistic about the long-term prospects for Hong Kong's tourism and hotel industry[58](index=58&type=chunk) - The HKSAR Government's "Hong Kong Tourism Development Blueprint 2.0" and the opening of Kai Tak Sports Park are expected to boost tourism development[58](index=58&type=chunk) - The Group's mid-range hostel brands' recognition and customer base are expected to provide resilience and recovery potential[58](index=58&type=chunk) [Hair Salon Business Outlook](index=24&type=section&id=Hair%20Salon%20Business) The hair salon business will continue to focus on customer service standards and seek growth opportunities by understanding customer needs and embracing technological innovation, with AI-driven personalized hair care recommendations and digital consultation platforms expected to reshape the salon experience and enhance customer engagement and retention - The hair salon business will continue to focus on customer service standards and embrace technological innovation[59](index=59&type=chunk) - Introducing technological innovations such as AI-driven personalized hair care recommendations and digital consultation platforms is expected to reshape the salon experience, increasing customer engagement and retention[59](index=59&type=chunk) [Corporate Governance and Others](index=21&type=section&id=Corporate%20Governance%20and%20Others) This section covers the Group's corporate social responsibility initiatives, interim dividend policy, share transactions, corporate governance practices, audit committee review, directors' securities trading, publication of results, and board composition [Corporate Social Responsibility](index=21&type=section&id=Corporate%20Social%20Responsibility) The Group has received the "Caring Company" award for seventeen consecutive years from The Hong Kong Council of Social Service, along with other recognitions like "Good MPF Employer" and "Manpower Developer," demonstrating its firm commitment to social responsibility - Received the "Caring Company" award for **seventeen consecutive years** and multiple other corporate social responsibility recognitions[49](index=49&type=chunk) [Interim Dividend](index=11&type=section&id=Interim%20Dividend) The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025[24](index=24&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the period - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares during the period[61](index=61&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The Company generally complied with the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules during the review period, with the Board believing the combined roles of Chairman and Chief Executive Officer serve the best interests of the Company and its shareholders, and the Audit Committee has reviewed the interim financial statements, with all directors confirming compliance with the standard code for securities transactions [Compliance with Listing Rules Best Practice Guide](index=24&type=section&id=Compliance%20with%20Listing%20Rules%20Best%20Practice%20Guide) The Company generally complied with the Corporate Governance Code, although the roles of Chairman and Chief Executive Officer are held by Mr. Tsang Chiu Wu, an arrangement the Board believes is in the best overall interests of the Company and its shareholders - The Company generally complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are held by Mr. Tsang Chiu Wu[62](index=62&type=chunk) [Audit Committee and Review of Interim Financial Statements](index=25&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Financial%20Statements) The Audit Committee, comprising all independent non-executive directors, has discussed with management and reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[63](index=63&type=chunk) [Standard Code for Directors' Securities Transactions](index=25&type=section&id=Standard%20Code%20for%20Directors%27%20Securities%20Transactions) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with this code during the review period - All Directors confirmed compliance with the Standard Code as set out in Appendix C3 of the Listing Rules during the review period[64](index=64&type=chunk) [Publication of Unaudited Interim Results and Interim Report](index=25&type=section&id=Publication%20of%20Unaudited%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the HKEXnews website and the Company's website, with the interim report to be dispatched to shareholders and made available for inspection in due course - The interim results announcement has been published on the HKEXnews website and the Company's website[65](index=65&type=chunk) [Board of Directors](index=25&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Company's Board of Directors comprises seven directors, including three executive directors (Mr. Tsang Chiu Wu, Ms. Tsang Chiu Wun, and Ms. Chu Ming Tak) and four independent non-executive directors (Mr. Hui Yan Kit, Mr. Lau Pui Wing, Ms. Ho Ting Mei, and Mr. Ng Bun Kuen) - The Board of Directors consists of three executive directors and four independent non-executive directors[66](index=66&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 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Ye Xing Group Holdings Limited 燁星集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1941） 截至二零二五年六月三十日止六個月 中期業績公告 中期業績摘要 – 1 – • 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 的 總 收 益 約 為 人 民 幣173.1 百 萬 元，較 二 零 二 四 年 同 期 的 約 人 民 幣186.9百萬元減少約人民幣13.8百 萬元或約7.4%。截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，物 業 管 理 服 務、 物業開發商相關服務及增值服務產生的收益分別約佔總收益的91.0%、 0.9%及8.1%。 • 物業管理服務分部產生的收益約人民幣157.5百 ...

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 不對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。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 截 至2025年6月30日止六個月之中期業績公告 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本公司及其附屬公司截至2025年6月30日 止 六 個 月 之 未 經 審 計 中 期 業 績。 本 公 告 符 合 香 港 聯 合 交 易 所 有 限 公 司（「香港聯交所」）證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。 刊登中期業績公告及中期報告 本業績公告分別在香港聯交所披露易網站(w ...

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 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。 京投軌道交通科技控股有限公司 BII Railway Transportation Technology Holdings Company Limited （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1522） 截 至2025年6月30日止六個月的中期業績公告 京投軌道交通科技控股有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然宣 佈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（「期 內」）的 未 經 審 核 簡 明 綜 合 業 績。 – 1 – 簡明綜合損益表 截 至2025年6月30日止六個月 （以 港 幣 為 單 位） | | | | | | | | | | | | | | | | | | | | | | 截 | | | | | | | 至6月30日止六個月 | | ...

（股份代號：2597) 截至2025年6月30日止六個月之中期業績公告 財務摘要 香港交易及結算所有限公司及香港聯合交易所有限公司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。 Beijing Xunzhong Communication Technology Co., Ltd. 北京訊眾通信技術股份有限公司 （於中華人民共合國註冊成立的股份有限公司） 項目 董事會欣然宣佈本集團截至2025年6月30日止六個月之未經審核合併中期業績， 連同2024年同期的比較數字。該業績乃按照《企業會計準則》以及上市規則的披露 要求而編製。 （除另有指明外，以下資料披露乃基於按照《企業會計準則》編製的未經審核合併 財務報表，金額單位為人民幣元。） 1 | 項目 | 附註 | 2025年6月30日 | 2024年12月31日 | | --- | --- | --- | --- | | 流動負債： | | | | | 短期借款 | | 247,189,695.27 | 255,292,974.25 | | 交易性金融 ...

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。 Fangzhou Inc. 方舟云康控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6086） 截 至2025年6月30日止六個月的 中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審核簡明 綜合中期業績，連同2024年同期的比較數字如下。該等中期業績已由 審核委員會及本公司核數師畢馬威會計師事務所審閱。 於本公告中，「我們」指本公司，倘文義另有所指，則指本集團。本公告 所載若干金額及百分比數字已經約整，或約整至小數點後一位或兩位 數。任何表格、圖表或其他地方所列總額與當中所列各數字總和之間 的差異乃因約整所致。 – 1 – 此job內 文size和heading size 已加大2pt，leading不 變 此job內 文size和heading size 已加大2pt，leading不 變 財務及業務亮點 我們在2025年上半年的強勁財務業績，反映出我們戰略規劃的堅 ...

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佈之內容概不負責，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佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 - 1 - - 2 - ➢ 於截至二零二五年六月三十日止六個月，本集團錄得股東應佔綜合虧損 港幣382,700,000元，而於二零二四年同期錄得之虧損為港幣422,600,000 元。 ➢ 物業及酒店為本集團兩大主要業務。本集團主要在香港及內地從事物業 業務，由於兩地房地產市況低迷，導致自物業分部產生之收入較二零二 四年同期減少。 ➢ 然而，透過本公司之主要上市附屬公司Regal Hotels International Holdings Limited富豪酒店國際控股有限公司進行之酒店業務繼續表現 穩定，所貢獻之收入較上一比較期間增加。 ➢ 於回顧期間內，本集團之毛利為港幣403,300,000元。經主要計及投資物 業之公平值虧損及待售物業之減值虧損港幣200,800,000元以及各項行政 及其他費用後，本集團錄得減除折舊、融資成本及稅項前之經營業務虧 損為港幣14,500,000元。 ➢ 本集團於香港 ...

簡明綜合損益及其他全面收益表 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佈的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 世 界（ 集 團 ）有限公 司 WORLD HOUSEWARE (HOLDINGS) LIMITED （於開曼群島註冊成立之有限公司） （股份代號：713） 二零二五年中期業績公佈 世界（集團）有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬 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如下： 截至二零二五年六月三十日止六個月 | | | 截至該日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） （未經審核） | | | 營業額 | 3 | 116,135 | 159,263 | | 銷售成本 | | (102,149) | ( ...

Announcement Overview [Disclaimer and Company Information](index=1&type=section&id=1.1%20Disclaimer%20and%20Company%20Information) This announcement presents the unaudited condensed consolidated interim results of Jia Ge Peng You Holdings Limited for the six months ended June 30, 2025, reviewed by the audit committee - This announcement is issued by Hong Kong Exchanges and Clearing Limited, presenting the unaudited condensed consolidated interim results of **Jia Ge Peng You Holdings Limited (Stock Code: 1450)** for the six months ended June 30, 2025[1](index=1&type=chunk)[2](index=2&type=chunk) [Key Financial Highlights](index=1&type=section&id=1.2%20Key%20Financial%20Highlights) For the six months ended June 30, 2025, continuing operations generated **RMB 618,861 thousand** revenue and **RMB 55,367 thousand** profit, with adjusted net profit decreasing to **RMB 72,262 thousand** Key Financial Highlights (thousand RMB) | Indicator | Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 618,861 | 563,645 | | Gross Profit | 270,687 | 303,186 | | Profit for the Period | 55,367 | 88,418 | | **Discontinued Operations** | | | | Revenue | 57,459 | 58,418 | | Gross Profit | 25,257 | 17,412 | | Profit (Loss) for the Period | 983 | (4,605) | | **Consolidated Total** | | | | Revenue | 676,320 | 622,063 | | Gross Profit | 295,944 | 320,598 | | Profit for the Period | 56,350 | 83,813 | | **Non-HKFRS Measures** | | | | Adjusted Net Profit (Loss) | 72,262 | 110,707 | Management Discussion and Analysis [Business Review](index=2&type=section&id=2.1%20Business%20Review) In H1 2025, the Group's new media services revenue grew by **9.8%**, but net profit declined **37.4%** due to rising traffic costs and R&D, while traditional broadcasting business was divested for asset optimization [Macroeconomic and Industry Environment](index=2&type=section&id=2.1.1%20Macroeconomic%20and%20Industry%20Environment) In H1 2025, China's economy recovered steadily, but the live e-commerce industry faced rising traffic acquisition costs and slowing user growth, pressuring average profit margins - In H1 2025, China's economy saw steady recovery, but the live e-commerce industry faced challenges of rising traffic acquisition costs and slowing user growth, leading to pressure on average industry profit margins[4](index=4&type=chunk) [New Media Services Business Performance](index=2&type=section&id=2.1.2%20New%20Media%20Services%20Business%20Performance) New media services revenue grew **9.8%** to approximately **RMB 620 million**, driven by matrix live streaming, but net profit declined **37.4%** to **RMB 55.4 million** due to rising traffic costs and R&D investment - New media services business revenue reached approximately **RMB 620 million**, a year-on-year increase of approximately **9.8%**, primarily benefiting from matrix live streaming room development and multi-platform layout[5](index=5&type=chunk) - New media services business net profit was approximately **RMB 55.4 million**, a year-on-year decrease of approximately **37.4%**, primarily due to increased platform traffic acquisition costs and R&D and operation investment in the 'Friend Cloud' intelligent system[5](index=5&type=chunk) - The company optimizes live e-commerce business using the 'Friend Cloud' intelligent system, enhancing traffic efficiency and replicability through differentiated operational strategies and a matrix model (main and vertical accounts synergy)[6](index=6&type=chunk)[7](index=7&type=chunk) [Strategy and Operational Optimization](index=3&type=section&id=2.1.3%20Strategy%20and%20Operational%20Optimization) The Group strengthened its leading position by integrating supply chains and collaborating with local governments on 'export-to-domestic' initiatives, while also enhancing compliance, risk control, and employee welfare - The Group consolidated its leading industry position, strengthening the supply chain closed-loop via the 'industrial belt + brand + live streaming room' model, and collaborated with local governments on the 'export-quality goods to domestic sales' program, serving over a thousand foreign trade enterprises[7](index=7&type=chunk) - The company signed the **'Shanghai Live E-commerce Industry Self-Regulation Convention'**, built a multi-dimensional risk control system, and launched an **'employee care fund'**, strengthening corporate social responsibility and talent competitiveness[8](index=8&type=chunk) [Corporate Social Responsibility and Honors](index=3&type=section&id=2.1.4%20Corporate%20Social%20Responsibility%20and%20Honors) The company received prestigious awards like 'Hangzhou Credit Management Demonstration Enterprise' and 'Ecological Value Creation MCN', affirming its compliant governance and social value creation - The Group received awards such as **'Hangzhou Credit Management Demonstration Enterprise'** and **'Ecological Value Creation MCN'**, demonstrating its compliant governance and social value creation capabilities[8](index=8&type=chunk) [Divestment of Traditional Broadcasting Business](index=3&type=section&id=2.1.5%20Divestment%20of%20Traditional%20Broadcasting%20Business) The Group divested its traditional broadcasting business subsidiary on July 31, 2025, to optimize asset structure, release cash flow, and reallocate resources to high-potential new media areas - The Group signed an agreement on **March 28, 2025**, to sell **100% equity** of its traditional broadcasting business subsidiary, with the transaction completed on **July 31, 2025**, to optimize asset structure, release cash flow, and concentrate resources on high-potential areas[9](index=9&type=chunk)[10](index=10&type=chunk) [Future Outlook](index=4&type=section&id=2.2%20Future%20Outlook) The Group will focus on intelligent transformation, refined operations, professionalizing vertical live streaming, deepening 'Friend Cloud' system application, and strengthening data-driven decisions and regional industrial collaboration - Future focus will be on intelligent and technological transformation and refined operations, accelerating the professionalization of vertical live streaming rooms, and precisely matching users through algorithm recommendations[11](index=11&type=chunk) - Deepen the application of the **'Friend Cloud' intelligent system**, optimizing efficiency and costs in core links such as supply chain management and tiered traffic operations[11](index=11&type=chunk) - Accelerate strategic collaboration with regional industrial belts, integrate and optimize supply chain resources, and continuously improve the systematic governance structure, establishing a full-cycle risk control system[11](index=11&type=chunk) Financial Performance Analysis [Key Items of Consolidated Income Statement](index=5&type=section&id=3.1%20Key%20Items%20of%20Consolidated%20Income%20Statement) Continuing operations revenue grew **9.8%**, but gross profit and margin declined due to rising traffic costs; sales and administrative expenses optimized, while net finance costs shifted to expense, leading to a decrease in profit for the period, though discontinued operations turned profitable [Revenue](index=5&type=section&id=3.1.1%20Revenue) New media services revenue grew **9.8%** year-on-year to approximately **RMB 618.9 million**, driven by matrix live streaming and multi-platform expansion New Media Services Business Revenue (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 618,861 | 563,645 | 9.8% | [Cost of Sales and Gross Profit](index=5&type=section&id=3.1.2%20Cost%20of%20Sales%20and%20Gross%20Profit) New media services cost of sales increased **33.7%** to **RMB 348.2 million**, leading to a gross profit decrease to **RMB 270.7 million** and a **10.1 percentage point** drop in gross margin to **43.7%** New Media Services Business Cost of Sales and Gross Profit (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 348,174 | 260,459 | Increased 33.7% | | Gross Profit | 270,687 | 303,186 | Decreased 10.7% | | Gross Margin | 43.7% | 53.8% | Decreased 10.1 percentage points | [Selling and Administrative Expenses](index=5&type=section&id=3.1.3%20Selling%20and%20Administrative%20Expenses) Selling expenses slightly increased to **RMB 153.6 million** but optimized to **24.8%** of revenue, while administrative expenses decreased by **RMB 2.8 million** to **RMB 61.9 million**, optimizing to **10.0%** of revenue Selling and Administrative Expenses (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 153,641 | 151,072 | Increased 2.5 million RMB | | Selling Expenses as % of Revenue | 24.8% | 26.8% | Decreased 2.0 percentage points | | Administrative Expenses | 61,920 | 64,700 | Decreased 2.8 million RMB | | Administrative Expenses as % of Revenue | 10.0% | 11.5% | Decreased 1.5 percentage points | [Other Income and Finance Costs](index=6&type=section&id=3.1.4%20Other%20Income%20and%20Finance%20Costs) Net other income increased to **RMB 16.0 million** due to government grants, while net finance costs shifted from income to an expense of approximately **RMB 0.8 million**, driven by higher borrowing interest and lower deposit interest Other Income and Finance Costs (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Other Income | 15,969 | 15,139 | Increased 0.8 million RMB | | Net Finance (Costs) Income | (800) | 866 | Decreased 1.7 million RMB (shifted from income to expense) | [Income Tax Expense](index=6&type=section&id=3.1.5%20Income%20Tax%20Expense) New media services income tax expense was approximately **RMB 14.9 million**, consistent with the prior period, with China's corporate tax rates varying for high-tech and small low-profit enterprises New Media Services Business Income Tax Expense (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Income Tax Expense | 14,928 | 15,001 | - China's standard corporate income tax rate is **25%**, with high-tech enterprises enjoying a **15%** preferential rate, and small low-profit enterprises receiving tax benefits[66](index=66&type=chunk)[67](index=67&type=chunk) [Profit for the Period from Continuing Operations](index=6&type=section&id=3.1.6%20Profit%20for%20the%20Period%20from%20Continuing%20Operations) Profit for the period from continuing operations decreased to approximately **RMB 55.4 million**, primarily due to lower gross profit driven by rising platform traffic acquisition costs Profit for the Period from Continuing Operations (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 55,367 | 88,418 | Decreased 37.4% | [Profit from Discontinued Operations](index=12&type=section&id=3.1.7%20Profit%20from%20Discontinued%20Operations) Discontinued operations (broadcasting business) achieved a turnaround, recording a profit of **RMB 983 thousand** for the interim period, compared to a **RMB 4,605 thousand** loss in the prior period Profit from Discontinued Operations (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit (Loss) from Discontinued Operations | 983 | (4,605) | [Non-HKFRS Measures](index=7&type=section&id=3.2%20Non-HKFRS%20Measures) Adjusted net profit, a non-HKFRS measure, helps compare operating results by excluding non-indicative items; for continuing operations, it decreased to **RMB 71,279 thousand** for the six months ended June 30, 2025 - The company uses adjusted net profit as a supplementary financial measure to eliminate the impact of non-cash, one-off, or non-operating items, aiding in the comparison of operating results[21](index=21&type=chunk)[22](index=22&type=chunk) Non-HKFRS Measures Reconciliation (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period from Continuing Operations | 55,367 | 88,418 | | Adjustment for: Share-based Payment Expenses | 15,912 | 26,894 | | Adjusted Net Profit from Continuing Operations | 71,279 | 115,312 | [Earnings Per Share](index=14&type=section&id=3.3%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted EPS from continuing and discontinued operations were **RMB 4.24 cents** and **RMB 4.20 cents**, respectively, while continuing operations EPS were **RMB 4.26 cents** and **RMB 4.23 cents** Earnings Per Share (RMB cents) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Continuing and Discontinued Operations** | | | | Basic Earnings Per Share | 4.24 | 6.35 | | Diluted Earnings Per Share | 4.20 | 6.17 | | **Continuing Operations** | | | | Basic Earnings Per Share | 4.26 | 6.62 | | Diluted Earnings Per Share | 4.23 | 6.43 | Financial Position and Liquidity [Cash Flow](index=8&type=section&id=4.1%20Cash%20Flow) Net cash inflow from operating activities significantly increased to **RMB 138.5 million**, while investing activities shifted to a **RMB 24.3 million** net inflow, and financing activities resulted in a **RMB 38.2 million** net outflow due to loan repayments Cash Flow (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 138,509 | 20,263 | Increased 583.5% | | Net Cash Inflow (Outflow) from Investing Activities | 24,280 | (10,925) | Shifted from outflow to inflow | | Net Cash Outflow (Inflow) from Financing Activities | (38,170) | 49,683 | Shifted from inflow to outflow | | Cash and Cash Equivalents at End of Period | 238,963 | 208,244 | Increased 14.7% | [Key Items of Statement of Financial Position](index=8&type=section&id=4.2%20Key%20Items%20of%20Statement%20of%20Financial%20Position) As of June 30, 2025, total bank and other borrowings significantly decreased to **RMB 20.0 million**, with current assets at **RMB 573.4 million** and liabilities at **RMB 233.5 million**, improving the current ratio to **2.46** and reducing the gearing ratio to **-39.8%** [Bank and Other Borrowings](index=8&type=section&id=4.2.1%20Bank%20and%20Other%20Borrowings) Total bank and other borrowings significantly decreased from **RMB 212.1 million** to **RMB 20.0 million** by June 30, 2025, mainly due to reclassification of liabilities related to assets held for sale Bank and Other Borrowings (thousand RMB) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Bank and Other Borrowings | 20,000 | 212,057 | Decreased 90.6% | [Current Assets and Liabilities](index=8&type=section&id=4.2.2%20Current%20Assets%20and%20Liabilities) As of June 30, 2025, current assets were approximately **RMB 573.4 million** and liabilities **RMB 233.5 million**, with the current ratio improving from **1.50** to **2.46**, indicating significant liquidity enhancement Current Assets and Liabilities (thousand RMB) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Assets | 573,395 | 704,241 | Decreased 18.5% | | Current Liabilities | 233,492 | 470,902 | Decreased 50.4% | | Current Ratio | 2.46 | 1.50 | Increased 0.96 | [Gearing Ratio](index=10&type=section&id=4.2.3%20Gearing%20Ratio) The gearing ratio significantly decreased from **17.0%** to **-39.8%** by June 30, 2025, primarily due to increased bank balances and cash, and reclassification of liabilities related to assets held for sale Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | -39.8% | 17.0% | Decreased 56.8 percentage points | [Risk Management](index=9&type=section&id=4.3%20Risk%20Management) The Group faces minimal foreign exchange risk in HKD, USD, and JPY, with no hedging used, and interest rate risk from floating-rate borrowings is largely offset by cash, with no significant impact expected [Foreign Exchange Risk](index=9&type=section&id=4.3.1%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk exposure to HKD, USD, and JPY is considered minimal by management, with no material adverse impact on operations and no hedging instruments used - The Group is primarily exposed to foreign exchange risk in **HKD, USD, and JPY**, but management considers the impact minimal, with no material adverse effect on normal operations[29](index=29&type=chunk) - During the interim period, the Group did not use any financial instruments to hedge foreign exchange risk[29](index=29&type=chunk) [Interest Rate Risk](index=9&type=section&id=4.3.2%20Interest%20Rate%20Risk) Interest rate risk from floating-rate borrowings is largely offset by cash, with no significant impact expected; new media services had no secured borrowings, while broadcasting business had some loans secured by buildings - Interest rate risk primarily arises from floating-rate borrowings, partially offset by floating-rate cash, and management expects interest rate changes to have no significant impact on interest-bearing assets[30](index=30&type=chunk) - As of **June 30, 2025**, the new media services segment had no secured borrowings; the broadcasting business had **RMB 12,000,000** bank borrowings secured by buildings[31](index=31&type=chunk) Significant Events and Corporate Governance [Significant Investments, Acquisitions and Disposals](index=10&type=section&id=5.1%20Significant%20Investments,%20Acquisitions%20and%20Disposals) The Group made no significant investments during the interim period but divested its traditional broadcasting business subsidiary on July 31, 2025, to optimize asset structure and reallocate resources - The Group had no significant investments during the interim period[33](index=33&type=chunk) - The company signed an agreement on **March 28, 2025**, to sell **100% equity** of its traditional broadcasting business subsidiary, with the transaction completed on **July 31, 2025**, to optimize asset structure, release cash flow, and concentrate resources on high-potential areas[33](index=33&type=chunk) [Post Balance Sheet Events](index=11&type=section&id=5.2%20Post%20Balance%20Sheet%20Events) On August 5, 2025, the Group agreed to acquire **100% equity** of Hangzhou Jia Ge Peng You Education Technology Co., Ltd. to enhance new media services, integrate customer resources, and expand revenue streams - On **August 5, 2025**, the Group signed an agreement to conditionally acquire **100% equity** of Hangzhou Jia Ge Peng You Education Technology Co., Ltd., aiming to enhance new media services and live e-commerce capabilities, integrate customer resources, and expand revenue streams[38](index=38&type=chunk) [Dividends](index=10&type=section&id=5.3%20Dividends) The Board does not recommend the payment of any interim dividend for the current interim period - The Board does not recommend the payment of any interim dividend for the interim period[35](index=35&type=chunk)[70](index=70&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=5.4%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count decreased to **1,279**, with a remuneration policy covering salary, benefits, share awards, and social security contributions Employee Headcount | Date | Employee Headcount | | :--- | :--- | | June 30, 2025 | 1,279 | | December 31, 2024 | 1,475 | - The company has formulated a remuneration policy, including basic salary, allowances, benefits, and share awards, and contributes to social insurance, medical insurance, housing provident fund, and mandatory provident fund for employees[37](index=37&type=chunk) [Share Award Scheme](index=11&type=section&id=5.5%20Share%20Award%20Scheme) The company adopted a share award scheme in 2022 to recognize employee contributions, granting **10,473,300** award shares to selected participants on April 10, 2025 - The company adopted a share award scheme in **2022**, aiming to recognize and reward employee contributions[39](index=39&type=chunk)[77](index=77&type=chunk) - On **April 10, 2025**, the Board resolved to grant a total of **10,473,300** award shares to certain selected participants[39](index=39&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk) [Contingent Liabilities](index=10&type=section&id=5.6%20Contingent%20Liabilities) As of June 30, 2025, the Directors were unaware of any significant matters that might result in material contingent liabilities - As of **June 30, 2025**, the Directors were unaware of any significant matters that might give rise to material contingent liabilities[34](index=34&type=chunk)[87](index=87&type=chunk) [Corporate Governance and Directors' Information](index=35&type=section&id=5.7%20Corporate%20Governance%20and%20Directors'%20Information) The Group complied with the Corporate Governance Code, with Board changes including new appointments and resignations, and all Directors confirmed compliance with the Securities Trading Code, while the Audit Committee reviewed key financial and governance matters [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=5.7.1%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93](index=93&type=chunk) [Compliance with Corporate Governance Code](index=35&type=section&id=5.7.2%20Compliance%20with%20Corporate%20Governance%20Code) The Company complied with the applicable code provisions of the Corporate Governance Code during the interim period - The Company complied with the applicable code provisions of the Corporate Governance Code during the interim period[94](index=94&type=chunk) [Changes in Directors' Information](index=35&type=section&id=5.7.3%20Changes%20in%20Directors'%20Information) Board changes included Mr. Li Jun's resignation and Ms. Zhao Huili's appointment to the Nomination Committee, Mr. Kong Huawei's appointment as Chief Independent Non-executive Director, and Mr. Lu Zhisen's resignation as Executive Director - **Mr. Li Jun** resigned as a member of the Nomination Committee, **Ms. Zhao Huili** was appointed as a member of the Nomination Committee, **Mr. Kong Huawei** was appointed as Chief Independent Non-executive Director, and **Mr. Lu Zhisen** resigned as Executive Director[95](index=95&type=chunk) [Standard Code for Securities Transactions by Directors](index=36&type=section&id=5.7.4%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a securities trading code, no less exacting than the Listing Rules' Standard Code, and all Directors confirmed compliance during the interim period - The Company adopted a securities trading code, and all Directors confirmed compliance with this code during the interim period[96](index=96&type=chunk) [Audit Committee](index=36&type=section&id=5.7.5%20Audit%20Committee) The Audit Committee, composed of three independent non-executive Directors, reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters without disagreement - The Audit Committee, comprising three independent non-executive Directors, reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, with no disagreements[97](index=97&type=chunk) [Publication](index=36&type=section&id=5.7.6%20Publication) This interim results announcement is available on the HKEX and Company websites, with the 2025 interim report to be provided to shareholders in due course - This interim results announcement has been published on the **HKEX website** and the **Company's website**, and the **2025 interim report** will be made available to shareholders at the appropriate time[98](index=98&type=chunk)