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)

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。 JINSHANG BANK CO., LTD.* 晉 商 銀 行 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：2558） 截至2025年6月30日止六個月之 中期業績公告 晉商銀行股份有限公司*（「本行」）董事（「董事」）會（「董事會」）欣然宣佈本行及其附屬公司 截至2025年6月30日止六個月之未經審計合併中期業績。本公告列載本行2025年中期報 告全文，並符合《香港聯合交易所有限公司證券上市規則》中有關中期業績初步公告附載 資料的要求。本行2025年中期報告將於2025年9月登載於本行網站(www.jshbank.com)及 香港聯合交易所有限公司網站(www.hkexnews.hk) ，印刷版本將寄發予已表示希望收取本 行公司通訊之印刷版本的本行H股股東。 - 1 - 發佈中期業績公告 本中期業績公告的中英文版本可在本 ...

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。 | (股份代號：617) | | --- | 二零二五年中期業績公佈 | 財務及業務摘要 | | | | | --- | --- | --- | --- | | | 截至二零二五年 | 截至二零二四年 | | | | 六月三十日止六個月 | 六月三十日止六個月 | %轉變 | | | (未經審核) | (未經審核) | | | | 港幣百萬元 | 港幣百萬元 | | | 收入 | 1,186.0 | 1,392.0 | -14.8% | | 毛利 | 403.8 | 414.2 | -2.5% | | 減除折舊、融資成本 | | | | | 及稅項前之經營業務 | | | | | 盈利/(虧損)★ | (24.7) | 78.0 | 不適用 | | 母公司股份持有人 | | | | | 應佔虧損 | (613.4) | (676.3) | -9.3% | | 母公司股份持有人 | | | | | 應佔每股 ...

[Announcement and Company Information](index=1&type=section&id=Announcement%20and%20Company%20Information) [HKEX Disclaimer](index=1&type=section&id=HKEX%20Disclaimer) HKEX and the Stock Exchange are not responsible for the accuracy or completeness of this announcement and disclaim liability for any losses arising from its content - HKEX and the Stock Exchange bear no responsibility for the content of this announcement, make no representation as to its accuracy or completeness, and accept no liability for any loss arising from or in reliance upon its contents[1](index=1&type=chunk) [Company Information](index=1&type=section&id=Company%20Information) BitStrat Holdings Limited (formerly UTS MARKETING SOLUTIONS HOLDINGS LIMITED) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The company name has changed from UTS MARKETING SOLUTIONS HOLDINGS LIMITED to **BitStrat Holdings Limited** (比特策略控股有限公司)[2](index=2&type=chunk) - This announcement presents the unaudited condensed consolidated interim results for the six months ended **June 30, 2025**[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [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 experienced a decrease in both revenue and net profit, leading to a reduction in basic earnings per share Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Revenue | 45,224 | 46,479 | | Other income | 927 | 1,277 | | Other gains and losses | (198) | (127) | | Staff costs | (27,615) | (29,826) | | Depreciation | (2,672) | (2,401) | | Other operating expenses | (8,892) | (5,806) | | Operating profit | 6,774 | 9,596 | | Finance costs | (145) | (165) | | Profit before tax | 6,629 | 9,431 | | Income tax expense | (2,029) | (2,483) | | Profit and total comprehensive income for the period | 4,600 | 6,948 | | Basic earnings per share | 1.15 sen | 1.74 sen | [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and net assets increased, with a rise in net current assets, despite a significant increase in current liabilities primarily due to a loan from the ultimate holding company Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (thousand MYR) | December 31, 2024 (thousand MYR) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 4,699 | 4,530 | | Right-of-use assets | 4,798 | 4,962 | | Sublease receivables | – | 99 | | **Total non-current assets** | **9,497** | **9,591** | | **Current assets** | | | | Trade receivables | 23,815 | 21,290 | | Sublease receivables | 214 | 228 | | Other receivables | 3,168 | 3,100 | | Financial assets measured at amortized cost | 5,917 | 9,525 | | Tax recoverable | 728 | 632 | | Pledged bank deposits | 1,299 | 4,853 | | Bank and cash balances | 48,236 | 14,387 | | **Total current assets** | **83,377** | **54,015** | | **Current liabilities** | | | | Accruals and other payables | 6,007 | 5,630 | | Lease liabilities | 2,579 | 3,011 | | Loan from ultimate holding company | 33,706 | – | | Dividends payable | – | 9,451 | | Current tax liabilities | 606 | 290 | | **Total current liabilities** | **42,898** | **18,382** | | **Net current assets** | **40,479** | **35,633** | | **Total assets less current liabilities** | **49,976** | **45,224** | | **Non-current liabilities** | | | | Lease liabilities | 2,250 | 2,098 | | Deferred tax liabilities | 145 | 145 | | **Total non-current liabilities** | **2,395** | **2,243** | | **Net assets** | **47,581** | **42,981** | | **Total equity** | **47,581** | **42,981** | [Notes to the Condensed Consolidated Financial Statements](index=3&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=3&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, primarily provides outbound telemarketing services and customer contact center facilities for promoting financial products and related activities - The company was incorporated in the Cayman Islands as an exempted company with limited liability on **August 23, 2016**[4](index=4&type=chunk) - The Group is principally engaged in the provision of outbound telemarketing services and customer contact center facilities for the promotion of financial products[5](index=5&type=chunk) [Basis of Preparation](index=3&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual consolidated financial statements - The condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and the Listing Rules of the Stock Exchange[6](index=6&type=chunk) - The accounting policies and methods of computation used in preparing these financial statements are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2024, except for specific amendments[6](index=6&type=chunk) [New and Revised HKFRSs](index=3&type=section&id=New%20and%20Revised%20HKFRSs) The Group first applied HKAS 21 amendments from January 1, 2025, without changing accounting policies or making retrospective adjustments, and did not early adopt other forthcoming standards - The Group first applied the amendments to **HKAS 21 "Lack of Exchangeability"** from January 1, 2025[7](index=7&type=chunk) - The Group did not change its accounting policies or make retrospective adjustments due to the adoption of the aforementioned amendments[7](index=7&type=chunk) - The Group has not early adopted any new or revised standards that have been issued but are not yet effective for the preparation of these condensed interim financial statements[8](index=8&type=chunk) [Fair Value Measurement](index=3&type=section&id=Fair%20Value%20Measurement) The carrying amounts of the Group's financial assets and liabilities approximate their respective fair values - The carrying amounts of the Group’s financial assets and financial liabilities as reflected in the condensed consolidated statement of financial position approximate their respective fair values[9](index=9&type=chunk) [Revenue and Segment Information](index=4&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from telemarketing services in Malaysia, and management considers there to be only one operating segment due to similar business risks - The Group's revenue is derived from telemarketing services in **Malaysia**[10](index=10&type=chunk) - The Group's chief operating decision-maker considers there to be only one operating segment, as it is principally engaged in telemarketing services in Malaysia and faces similar business risks[11](index=11&type=chunk) - All non-current assets and the Group's revenue from external customers during the period are located in Malaysia[12](index=12&type=chunk) [Other Operating Expenses](index=4&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly increased, mainly due to a rise in consulting fees and legal and professional fees Other Operating Expenses (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Auditor's remuneration | 230 | 275 | | Event expenses | 1,290 | 1,329 | | Consulting fees | 3,521 | 608 | | Legal and professional fees | 598 | 143 | | Training expenses | 257 | 277 | | Repair and maintenance expenses | 292 | 273 | | Utilities expenses | 271 | 305 | | Others | 2,433 | 2,596 | | **Total** | **8,892** | **5,806** | [Income Tax Expense](index=5&type=section&id=Income%20Tax%20Expense) The Group calculates income tax in Malaysia at a statutory rate of 24% and makes no provision for profit tax in the Cayman Islands, BVI, and Hong Kong due to no assessable profits - Malaysia income tax is calculated at the statutory rate of **24%** based on the estimated assessable profit[15](index=15&type=chunk) - The Group has no assessable profits in the Cayman Islands, British Virgin Islands, and Hong Kong, thus no provision for profit tax is made[15](index=15&type=chunk) [Profit for the Period](index=5&type=section&id=Profit%20for%20the%20Period) Profit for the period is stated after deducting or including items such as gain on disposal of property, plant and equipment, modification loss on financial assets, impairment loss on financial assets, and staff costs Profit for the Period after Deducting/(Crediting) Items (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | (3) | (3) | | Modification loss on financial assets measured at amortized cost | 78 | 198 | | Impairment loss/(reversal of impairment loss) on financial assets measured at amortized cost | 6 | (99) | | Staff costs (including directors' emoluments) | | | | — Salaries, bonuses and allowances | 24,163 | 26,105 | | — Contributions to retirement benefit schemes | 3,059 | 3,303 | | — Social insurance contributions | 393 | 418 | | **Total staff costs** | **27,615** | **29,826** | - The Group recognized an impairment loss of approximately **MYR6,000** on financial assets measured at amortized cost during the period, compared to a reversal of impairment loss of MYR99,000 in the prior period, mainly due to a deterioration in financial condition and credit rating of loan advances[18](index=18&type=chunk) [Dividends](index=6&type=section&id=Dividends) The Board did not declare an interim dividend for the six months ended June 30, 2025 and 2024, while a special dividend was distributed in the prior period of 2024 Dividends (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Special dividend — HK$0.04 (equivalent to MYR0.024) per ordinary share | – | 9,808 | - The Board did not declare an interim dividend for the six months ended **June 30, 2025 and 2024**[19](index=19&type=chunk) [Earnings Per Share](index=6&type=section&id=Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, decreased to 1.15 sen from 1.74 sen in the prior year, with no diluted earnings per share presented due to the absence of dilutive potential ordinary shares Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic earnings per share | 1.15 sen | 1.74 sen | | Diluted earnings per share | Not applicable | Not applicable | - Basic earnings per share is calculated based on the profit attributable to owners of the company of approximately **MYR4,600,000** (2024: MYR6,948,000) and the weighted average number of ordinary shares in issue of **400,000,000 shares**[20](index=20&type=chunk) - There were no potential ordinary shares with dilutive effect during the period, so diluted earnings per share is not presented[21](index=21&type=chunk) [Property, Plant and Equipment](index=6&type=section&id=Property,%20Plant%20and%20Equipment) The Group's cost of purchasing property, plant and equipment increased during the period, and a gain was recognized from the disposal of assets with zero net book value - For the six months ended June 30, 2025, the Group purchased property, plant and equipment at a cost of approximately **MYR657,000**, an increase from MYR404,000 in the same period of 2024[22](index=22&type=chunk) - A gain on disposal of approximately **MYR3,000** was recognized from the disposal of property, plant and equipment with a net book value of approximately zero[22](index=22&type=chunk) [Right-of-Use Assets](index=6&type=section&id=Right-of-Use%20Assets) The Group entered into new lease agreements for office properties during the period, recognizing right-of-use assets and lease liabilities - The Group entered into several new lease agreements for the use of office properties for a term of **2 to 3 years**[23](index=23&type=chunk) - At the commencement of the leases, the Group recognized right-of-use assets of approximately **MYR2,020,000** and lease liabilities of approximately **MYR2,020,000**[23](index=23&type=chunk) [Trade Receivables](index=7&type=section&id=Trade%20Receivables) The Group's trade receivables typically have a 30-day credit period, with strict monitoring of overdue amounts, and total trade receivables at period-end were MYR23,815 thousand - The credit period for trade receivables is generally **30 days**, and the Group maintains strict control over overdue receivables[24](index=24&type=chunk) Ageing Analysis of Trade Receivables (As of Statement of Financial Position Date) | Ageing | June 30, 2025 (thousand MYR) | December 31, 2024 (thousand MYR) | | :--- | :--- | :--- | | 0 to 30 days | 14,371 | 8,247 | | 31 to 60 days | 4,688 | 6,820 | | 61 to 90 days | 3,110 | 3,068 | | 91 to 120 days | – | 882 | | 121 to 180 days | – | 1,050 | | Over 180 days | 1,646 | 1,223 | | **Total** | **23,815** | **21,290** | [Financial Assets Measured at Amortized Cost](index=7&type=section&id=Financial%20Assets%20Measured%20at%20Amortized%20Cost) The Group's financial assets measured at amortized cost primarily consist of loans advanced to independent third parties, with a decrease in total principal and recognition of impairment losses Financial Assets Measured at Amortized Cost (As of June 30) | Item | June 30, 2025 (thousand MYR) | December 31, 2024 (thousand MYR) | | :--- | :--- | :--- | | Loans receivable | 5,957 | 8,851 | | Interest receivable | – | 708 | | **Subtotal** | **5,957** | **9,559** | | Less: Impairment loss | (40) | (34) | | **Total** | **5,917** | **9,525** | | Analyzed as: Current assets | 5,917 | 9,525 | - The amounts refer to loans advanced to an independent third party, with a total principal amount of **MYR6,000,000** (December 31, 2024: MYR9,000,000)[26](index=26&type=chunk) - The advances are unsecured, bear interest at **12% per annum**, and are repayable on or before September 30, 2025; the second installment repayment date was extended, and the third installment was settled during the period[27](index=27&type=chunk) - An impairment loss of approximately **MYR6,000** was recognized for the six months ended June 30, 2025 (June 30, 2024: reversal of impairment loss of approximately MYR99,000)[28](index=28&type=chunk) [Loan from Ultimate Holding Company](index=8&type=section&id=Loan%20from%20Ultimate%20Holding%20Company) On June 27, 2025, Microhash International Pte Limited, the company's ultimate holding company, granted an unsecured, interest-free loan of approximately MYR33,706,000 to the company, repayable on demand - The ultimate holding company, Microhash International Pte Limited, granted a loan of approximately **MYR33,706,000** (equivalent to USD8,000,000) to the company on June 27, 2025[29](index=29&type=chunk) - The loan is unsecured, interest-free, and repayable on demand[29](index=29&type=chunk) [Share Capital](index=8&type=section&id=Share%20Capital) The company's authorized and issued and fully paid share capital remained unchanged during the reporting period, consisting of ordinary shares at HK$0.01 each Share Capital Structure (As of June 30, 2025) | Item | Number of Shares | Amount (thousand HKD) | Equivalent Amount (thousand MYR) | | :--- | :--- | :--- | :--- | | **Authorized share capital:** | | | | | Ordinary shares of HK$0.01 each | 10,000,000,000 | 100,000 | | | **Issued and fully paid share capital:** | | | | | Ordinary shares of HK$0.01 each | 400,000,000 | 4,000 | 2,199 | - The authorized share capital and issued and fully paid share capital remained unchanged from January 1, 2024, to June 30, 2025[30](index=30&type=chunk) [Related Party Transactions](index=9&type=section&id=Related%20Party%20Transactions) Total remuneration for the Group's key management personnel slightly decreased during the reporting period, comprising short-term employee benefits, retirement benefit scheme contributions, and social insurance contributions Key Management Personnel Remuneration (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Short-term employee benefits | 3,496 | 3,518 | | Contributions to retirement benefit schemes | 500 | 515 | | Social insurance contributions | 10 | 8 | | **Total remuneration paid to key management personnel** | **4,004** | **4,043** | [Share-based Payment Transactions](index=9&type=section&id=Share-based%20Payment%20Transactions) The Group adopted a share option scheme in 2017 to incentivize eligible participants, but no share options have been granted as of the publication date of these interim financial statements - The Group conditionally adopted a share option scheme on **June 14, 2017**, to incentivize eligible participants and enhance their performance efficiency[32](index=32&type=chunk) - The total number of shares that may be issued upon the exercise of all options granted under the scheme shall not exceed **10%** of the total issued shares[33](index=33&type=chunk) - No share options have been granted by the Group as of the publication date of the condensed consolidated financial statements[35](index=35&type=chunk) [Contingent Liabilities](index=9&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of **June 30, 2025** (December 31, 2024: Nil)[36](index=36&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=10&type=section&id=Business%20Review) The Group primarily operates telemarketing services and customer contact centers in Malaysia, with net profit decreasing year-on-year for the six months ended June 30, 2025, due to reduced revenue and increased operating expenses offsetting lower staff costs - The Group is principally engaged in the provision of outbound telemarketing services and customer contact center facilities for the promotion of financial products[37](index=37&type=chunk) - As of June 30, 2025, the Group operated **eight customer contact centers** in Kuala Lumpur, Malaysia, and one branch contact center in Melaka[37](index=37&type=chunk) - Net profit for the six months ended June 30, 2025, was approximately **MYR4.60 million**, a decrease of approximately MYR2.35 million compared to MYR6.95 million in the same period of 2024[37](index=37&type=chunk) - The decrease in net profit was mainly due to a reduction in revenue of approximately MYR1.26 million and an increase in other operating expenses of MYR3.09 million, which offset a decrease in staff costs of approximately MYR2.21 million[37](index=37&type=chunk) [Financial Review](index=10&type=section&id=Financial%20Review) During the reporting period, the Group experienced a slight decline in revenue, reduced other income, and increased other losses, while staff costs decreased due to fewer employees, but depreciation and other operating expenses rose, leading to a decline in both net profit and net profit margin [Revenue](index=10&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue slightly decreased, primarily due to a reduction in the number of service seats booked monthly, though revenue generated per seat remained stable Revenue by Industry Category (Six Months Ended June 30) | Industry Category | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Insurance industry | 27,483 | 27,126 | | Banking and finance industry | 5,100 | 5,728 | | Others | 12,641 | 13,625 | | **Total** | **45,224** | **46,479** | - For the six months ended June 30, 2025, the Group's revenue was approximately **MYR45.22 million**, a decrease of approximately **2.71%** compared to MYR46.48 million in the same period of 2024[38](index=38&type=chunk) - The overall average number of service seats booked monthly decreased by **4.05%** to approximately **1,066 seats**, but the revenue generated per seat per month remained relatively stable at **MYR7,071** (2024: MYR6,972)[39](index=39&type=chunk)[40](index=40&type=chunk) [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income decreased, mainly due to a reduction in imputed and accrued interest income from loan advances - Other income decreased by approximately **MYR0.35 million**, primarily due to a reduction in imputed and accrued interest income from loan advances[41](index=41&type=chunk) [Other Gains and Losses](index=11&type=section&id=Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, other losses increased by approximately MYR71,000 compared to the same period last year - Other losses increased by approximately **MYR71,000** compared to the same period in 2024[42](index=42&type=chunk) [Staff Costs](index=11&type=section&id=Staff%20Costs) For the six months ended June 30, 2025, staff costs decreased due to a reduction in the average number of employees, while the total monthly cost per employee remained stable - Staff costs decreased by approximately **MYR2.21 million (7.41%)** from approximately MYR29.83 million to approximately MYR27.62 million[43](index=43&type=chunk) - The average number of employees per month decreased from **1,330 to 1,233**[43](index=43&type=chunk) - The total staff cost per employee per month remained relatively stable at approximately **MYR3,733** (2024: MYR3,738)[43](index=43&type=chunk) [Depreciation](index=11&type=section&id=Depreciation) For the six months ended June 30, 2025, depreciation expense increased, primarily due to the renewal of new lease agreements for office properties - Depreciation expense increased by approximately **MYR0.27 million (11.25%)** to approximately MYR2.67 million[44](index=44&type=chunk) - The increase was mainly due to the renewal of new lease agreements for the use of office properties during the review period[44](index=44&type=chunk) [Other Operating Expenses](index=12&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly increased, mainly due to higher consulting costs incurred to improve telemarketing service performance - Other operating expenses increased by approximately **MYR3.08 million (53.01%)** to approximately MYR8.89 million[45](index=45&type=chunk) - The increase was mainly due to higher consulting costs related to analytical reviews aimed at improving the Group's telemarketing service performance and manpower deployment[45](index=45&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased, primarily due to reduced utilization of overdraft facilities - Finance costs decreased by approximately **MYR20,000** to approximately MYR0.14 million[46](index=46&type=chunk) - The decrease was due to reduced utilization of overdraft facilities[46](index=46&type=chunk) [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) The Group recorded a provision for income tax expense during the reporting period, which was lower than in the prior year Provision for Income Tax Expense (Six Months Ended June 30) | Year | Provision for Income Tax Expense (million MYR) | | :--- | :--- | | 2025 | 2.03 | | 2024 | 2.48 | [Profit and Net Profit Margin](index=12&type=section&id=Profit%20and%20Net%20Profit%20Margin) Affected by the aforementioned factors, the Group's net profit and net profit margin both declined during the period Profit and Net Profit Margin (Six Months Ended June 30) | Year | Profit After Tax (million MYR) | Net Profit Margin | | :--- | :--- | :--- | | 2025 | 4.60 | 10.17% | | 2024 | 6.95 | 14.95% | [Liquidity, Financial Resources and Capital Structure](index=12&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group primarily relies on internal funds for operational needs, maintaining a sound liquidity position, though effective interest rates for bank facilities and lease liabilities have fluctuated [Financial Resources](index=12&type=section&id=Financial%20Resources) The Group primarily uses internally generated funds to meet working capital requirements, with net cash inflow from operating activities decreasing during the period, but still able to fulfill repayment obligations - The Group generally meets its working capital requirements and capital expenditures for plant and equipment with its internally generated funds[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group generated net cash inflow from operating activities of approximately **MYR4.60 million** (2024: MYR6.58 million)[49](index=49&type=chunk) - The Group is able to meet its repayment obligations when debts fall due and has not experienced any significant difficulties in rolling over existing bank facilities[49](index=49&type=chunk) [Bank Facilities and Lease Liabilities](index=13&type=section&id=Bank%20Facilities%20and%20Lease%20Liabilities) The Group's available and unutilized bank facilities significantly decreased, with a lower average effective interest rate; total lease liabilities slightly decreased, with a marginal increase in the average effective interest rate - As of June 30, 2025, the Group's available and unutilized bank facilities were approximately **MYR1.37 million** (December 31, 2024: MYR16.1 million)[50](index=50&type=chunk) - The average effective interest rate for the Group's bank facilities was **2.85%** (December 31, 2024: 9.02%)[50](index=50&type=chunk) - As of June 30, 2025, the Group's current and non-current lease commitments totaled approximately **MYR4.83 million** (December 31, 2024: MYR5.11 million)[50](index=50&type=chunk) - The average effective interest rate for leases was **4.86%** (December 31, 2024: 4.81%)[50](index=50&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) The Group's bank facilities are secured by pledged bank deposits, with the pledged amount significantly reduced compared to the end of last year - As of June 30, 2025, the Group's bank facilities were secured by pledged bank deposits of approximately **MYR1.30 million** (December 31, 2024: MYR4.85 million)[51](index=51&type=chunk) [Gearing Ratio](index=13&type=section&id=Gearing%20Ratio) The Group's gearing ratio decreased, indicating a sound liquidity position - The Group's gearing ratio as of June 30, 2025, was approximately **10.1%** (December 31, 2024: 11.9%)[52](index=52&type=chunk) - The Group maintains a sound liquidity position to meet its operational needs[52](index=52&type=chunk) [Factors Affecting Operating Results and Financial Position](index=14&type=section&id=Factors%20Affecting%20Operating%20Results%20and%20Financial%20Position) The Group faces risks related to labor cost control and delayed settlement of accounts by major customers, and has implemented measures to manage these risks [Ability to Obtain Sufficient Labor and Control Staff Costs](index=14&type=section&id=Ability%20to%20Obtain%20Sufficient%20Labor%20and%20Control%20Staff%20Costs) As a labor-intensive business, the Group's staff costs represent a high proportion of revenue, and it attracts and retains employees through performance-linked commissions and training - The customer contact services industry is a service-based and labor-intensive business[53](index=53&type=chunk) - For the six months ended June 30, 2025, total staff costs were approximately **MYR27.62 million**, accounting for **61.1% of revenue** (2024: 64.2%)[53](index=53&type=chunk) - The Group attracts and retains employees and improves service quality through performance-linked commissions, incentives, and regular training[54](index=54&type=chunk) [Delayed Settlement of Accounts by Top Five Customers](index=14&type=section&id=Delayed%20Settlement%20of%20Accounts%20by%20Top%20Five%20Customers) The Group's revenue is highly dependent on a few major customers, posing a risk of delayed payments, which is managed through strict monitoring of trade receivables collection - Sales to the top five customers accounted for approximately **69.7%** of total revenue for the six months ended June 30, 2025 (2024: 73.7%), all of whom are insurance companies and charitable organizations[55](index=55&type=chunk) - The Group may be exposed to the risk of delayed payments from customers and has monitored the recovery of trade receivables from time to time[55](index=55&type=chunk) - As of June 30, 2025, the Group recorded trade receivables of approximately **MYR23.8 million**, of which approximately **MYR14.7 million (61.3%)** was settled after the period-end[55](index=55&type=chunk) [Capital Commitments](index=15&type=section&id=Capital%20Commitments) As of June 30, 2025, and December 31, 2024, the Group had no significant capital commitments contracted but not yet incurred - As of **June 30, 2025, and December 31, 2024**, the Group had no significant capital commitments contracted but not yet incurred[56](index=56&type=chunk) [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of **June 30, 2025**[57](index=57&type=chunk) [Advances to an Entity](index=15&type=section&id=Advances%20to%20an%20Entity) The Group advanced MYR12,000,000 to Mightyprop, of which MYR6,000,000 has been repaid, with the remaining MYR6,000,000 due by September 30, 2025, accruing interest at 12% per annum - UTSM, a wholly-owned subsidiary of the Group, advanced **MYR12,000,000** to Mightyprop, originally for the acquisition of a 2% equity interest in Mightyprop, but the acquisition did not proceed[58](index=58&type=chunk) - Mightyprop repaid **MYR3,000,000** each in December 2024 and June 2025, with the remaining **MYR6,000,000** due on or before September 30, 2025, accruing interest at **12% per annum**[59](index=59&type=chunk) - As of June 30, 2025, the total principal amount of the Group's advances to Mightyprop was **MYR6 million**[60](index=60&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count decreased, and its remuneration policy includes fixed salaries, performance-linked commissions, allowances, and annual bonuses, increments, and promotions based on performance evaluations - As of June 30, 2025, the Group had **1,228 employees** (June 30, 2024: 1,326 employees)[61](index=61&type=chunk) - Total staff costs for the six months ended June 30, 2025, were approximately **MYR27.62 million** (2024: MYR29.83 million)[61](index=61&type=chunk) - The remuneration policy includes fixed salaries, performance-linked commissions and allowances, and annual discretionary performance bonuses, salary increments, and promotions based on performance evaluations[61](index=61&type=chunk) [Foreign Exchange Risk](index=16&type=section&id=Foreign%20Exchange%20Risk) The Group primarily conducts business transactions in Malaysian Ringgit, exposing it to minor foreign exchange risk, with no current hedging policy, but management closely monitors the risk - The Group primarily conducts business transactions, assets, and liabilities in **Malaysian Ringgit**, exposing it to minor foreign exchange risk[62](index=62&type=chunk) - The Group currently has no hedging policy for foreign exchange transactions, assets, and liabilities, but management closely monitors foreign exchange risk from time to time[62](index=62&type=chunk) [Material Investments Held](index=16&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the Group held no material investments - As of **June 30, 2025**, the Group held no material investments[63](index=63&type=chunk) [Future Plans for Material Investments or Capital Assets](index=16&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Except as disclosed in this announcement, there are no other specific plans for material investments or capital assets as of June 30, 2025 - As of **June 30, 2025**, there are no other specific plans for material investments or capital assets, except as disclosed in this announcement[64](index=64&type=chunk) [Material Acquisitions or Disposals](index=16&type=section&id=Material%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals - For the six months ended **June 30, 2025**, the Group had no material acquisitions or disposals[65](index=65&type=chunk) [Recent Developments and No Material Adverse Changes](index=17&type=section&id=Recent%20Developments%20and%20No%20Material%20Adverse%20Changes) The company's name change became effective on July 2, 2025, and there have been no material adverse changes in business operations since December 31, 2024 - The company passed a special resolution on June 26, 2025, to change its English name to **BitStrat Holdings Limited** and adopt the Chinese dual foreign name 比特策略控股有限公司, effective **July 2, 2025**[66](index=66&type=chunk) - There have been no material adverse changes in the Group's business operations since **December 31, 2024**[66](index=66&type=chunk) [Outlook and Future Prospects](index=17&type=section&id=Outlook%20and%20Future%20Prospects) The Group anticipates a robust overall outlook for the second half of 2025, continuing efforts to enhance productivity and actively seeking new collaboration opportunities and digital currency-related business ventures for long-term development - The Group expects the overall outlook for the second half of 2025 to remain **sound and resilient**, provided there are no significant changes in existing outbound telemarketing service seats[67](index=67&type=chunk) - The Group continues to identify potential opportunities to increase the number of service seats through collaboration with new database owners, new insurance companies, or Islamic banks[67](index=67&type=chunk) - The Group is also actively exploring business opportunities and investments related to **digital currencies** to improve long-term development[67](index=67&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025** (June 30, 2024: Nil)[68](index=68&type=chunk) [Events After Reporting Period](index=17&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after June 30, 2025, and up to the date of this announcement, other than those disclosed herein - No significant events occurred after **June 30, 2025**, and up to the date of this announcement[69](index=69&type=chunk) [Purchase, Sale or Redemption of Shares](index=17&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Shares) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[70](index=70&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) [Competing Interests](index=18&type=section&id=Competing%20Interests) For the six months ended June 30, 2025, no director, controlling shareholder, or their close associates held any business or interest that directly or indirectly competes with the Group's business - For the six months ended June 30, 2025, none of the Directors, controlling shareholders of the company, or any of their respective close associates owned any business or interest that competes or may compete, directly or indirectly, with the Group's business[71](index=71&type=chunk) [Sufficiency of Public Float](index=18&type=section&id=Sufficiency%20of%20Public%20Float) The company has restored the minimum public float of 25% required by the Listing Rules through a private placement, after it was previously insufficient due to a mandatory cash offer - Immediately following the close of the offer on June 13, 2025, the public held approximately **16.24%** of the issued share capital, which was below the minimum requirement[72](index=72&type=chunk) - Through a private placement of **35,028,000 shares**, the company has restored the minimum public float of **25%** as required by Rule 8.08(1)(a) of the Listing Rules[73](index=73&type=chunk) [Standard Code for Securities Transactions](index=19&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in **Appendix C3** of the Listing Rules[75](index=75&type=chunk) - Following specific enquiries made to all Directors, they have confirmed that they have complied with the required standards set out in the Model Code for the six months ended **June 30, 2025**[75](index=75&type=chunk) [Corporate Governance Code](index=19&type=section&id=Corporate%20Governance%20Code) The company is committed to maintaining good corporate governance standards, with deviations from code provisions regarding the combined roles of Chairman and Chief Executive and the lack of an independent internal audit function, which the Board believes are effective arrangements - The company has complied with the code provisions of the Corporate Governance Code as set out in **Appendix C1** of the Listing Rules, with two deviations[76](index=76&type=chunk) - Deviation one: The roles of Chairman and Chief Executive are not segregated, both held by Mr. Lo Cho Chun, but the Board believes this structure does not impair the balance of power[76](index=76&type=chunk) - Deviation two: The company does not have an independent internal audit function, but the Board believes the existing financial team's regular reviews and risk management system are effective[76](index=76&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The company's Audit Committee, comprising three independent non-executive directors, has reviewed the interim results for the six months ended June 30, 2025, without raising any objections - The company established an Audit Committee on **June 14, 2017**, comprising three independent non-executive directors, with Mr. Cheuk Ho Kan as Chairman[77](index=77&type=chunk) - The Audit Committee has reviewed the interim results for the six months ended **June 30, 2025**, and has not raised any objections regarding the accounting treatments adopted by the Group[77](index=77&type=chunk) - These interim results have been reviewed by the company's auditor, RSM Hong Kong, in accordance with **Hong Kong Standard on Review Engagements 2410**[78](index=78&type=chunk) [Publication of Financial Information](index=20&type=section&id=Publication%20of%20Financial%20Information) This interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to relevant shareholders and published on the aforementioned websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.bitstrat.hk)[79](index=79&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to relevant shareholders who have requested it and published on the aforementioned websites in due course[79](index=79&type=chunk) [Board Information](index=20&type=section&id=Board%20Information) As of the announcement date, the Board comprises three executive directors and three independent non-executive directors, with Mr. Lo Cho Chun serving as Chairman and Executive Director - As of the date of this announcement, the Board includes three executive directors (Mr. Lo Cho Chun, Mr. Chan Ka Chun, and Mr. Lee Koon Yew) and three independent non-executive directors (Ms. Lau Mei, Mr. Cheuk Ho Kan, and Mr. Choi Yun Kai)[81](index=81&type=chunk) - Mr. Lo Cho Chun serves as the **Chairman and Executive Director**[80](index=80&type=chunk)[81](index=81&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。 和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 截至二零二五年六月三十日止半年度的 中期業績公告 和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至二零二五年六月三十日止半年度（「報告 期」）的未經審核綜合業績。該等業績已由本公司的審核委員會審閱（「審核委員 會」）。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 1 | | 截至六月三十日止半年度 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 千美元 | 千美元 | | | （未經審核） | （未經審核） | | 收入 | 101,315 | 23,701 | | 銷售成本 | (4,855) | (1,185) | | 其他收入及收益 | 6,1 ...

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 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。 雅居投資控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：08426） 截 至2025年6月30日 止 六 個 月 之 中 期 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 主 板 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 普 遍 為 中 小 型 ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Key Personnel and Committees](index=3&type=section&id=Key%20Personnel%20and%20Committees) This section details the company's key personnel, including executive and independent non-executive directors, and outlines the composition and chairpersons of its main committees - Executive Directors include Mr. Li Chenghua (Co-Chairman and CEO), Mr. Wei Dongjin (Co-Chairman), and Mr. Chen Liming[4](index=4&type=chunk)[5](index=5&type=chunk) - Independent Non-Executive Directors are Ms. Zhang Baowen, Ms. Qiu Yanhong, and Dr. Wang Hui[4](index=4&type=chunk)[5](index=5&type=chunk) - Key committee chairpersons are: Audit Committee (**Dr. Wang Hui**), Remuneration Committee (**Ms. Zhang Baowen**), Nomination Committee (**Ms. Qiu Yanhong**), and Investment Committee (**Dr. Wang Hui**)[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) [Company Details and Contact Information](index=4&type=section&id=Company%20Details%20and%20Contact%20Information) This section provides essential company details, including registered office, principal business locations, share registrar, key bankers, website, and stock code - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in China located in Panyu District, Guangzhou[6](index=6&type=chunk)[7](index=7&type=chunk) - The principal place of business in Hong Kong is located at MassMutual Tower, Gloucester Road, Wan Chai[7](index=7&type=chunk) - The company's stock code is **2521**, and its website is **www.gzshqj.com**[9](index=9&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=6&type=section&id=Business%20Review) The Group, a cleaning and maintenance service provider in Guangdong, reported **RMB 358.8 million** in revenue and **RMB 7.9 million** in profit for H1 2025, with gross profit margin improving from **9.8% to 16.8%** due to increased revenue - The Group is a cleaning and maintenance service provider in Guangdong Province, China[10](index=10&type=chunk)[13](index=13&type=chunk) Key Financial Data Comparison for H1 2025 (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Revenue | 358.8 | N/A | | Profit for the Period | 7.9 | N/A | | Gross Profit | 60.2 | 32.0 | | Gross Profit Margin | 16.8% | 9.8% | - The increase in gross profit margin was primarily due to increased revenue[11](index=11&type=chunk)[13](index=13&type=chunk) [Outlook](index=6&type=section&id=Outlook) Leveraging China's economic and urbanization growth, the Group plans to expand its cleaning and maintenance services into new high-demand regions, particularly the Greater Bay Area, through organic growth and strategic acquisitions to secure large infrastructure projects - The Group plans to replicate its business model in other regions of China with high demand for property cleaning services[12](index=12&type=chunk)[14](index=14&type=chunk) - Expansion will occur through organic growth and potential acquisitions/investments in cleaning and maintenance service providers within the Greater Bay Area to broaden customer base and geographical coverage[12](index=12&type=chunk)[14](index=14&type=chunk) - The goal is to provide cleaning services for future large-scale infrastructure projects[12](index=12&type=chunk)[14](index=14&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) The Group saw revenue growth and improved gross profit margins in H1 2025, driven by more property cleaning projects, but net profit and margin declined due to fair value losses on financial assets [Revenue](index=7&type=section&id=Revenue) For H1 2025, the Group's revenue grew by **10.1%** to **RMB 358.8 million**, with property cleaning services contributing **95.8%** of the total, driven by an increase in project numbers Revenue Composition for H1 2025 | Service Type | Percentage | | :--- | :--- | | Property Cleaning Services | 95.8% | | Public Space Cleaning Services | 4.2% | Revenue Year-on-Year Growth (RMB million) | Metric | H1 2025 | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 358.8 | 325.8 | 10.1% | - The increase in revenue was primarily due to an increase in the number of property cleaning service projects[16](index=16&type=chunk)[19](index=19&type=chunk) [Cost of services](index=7&type=section&id=Cost%20of%20services) Cost of services rose by **1.7%** to **RMB 298.6 million**, mainly due to higher employee benefits and subcontracting labor costs to support increased project volume Cost of Services Year-on-Year Growth (RMB million) | Metric | H1 2025 | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Cost of Services | 298.6 | 293.7 | 1.7% | - The increase in cost of services was primarily due to higher employee benefit expenses and subcontracting labor costs, consistent with the increased manpower required for a greater number of projects[17](index=17&type=chunk)[20](index=20&type=chunk) [Gross profit and gross profit margin](index=7&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Gross profit surged by **88.1%** to **RMB 60.2 million**, and gross profit margin improved from **9.8% to 16.78%**, primarily driven by increased revenue Gross Profit and Gross Profit Margin Year-on-Year Change | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Gross Profit | 60.2 | 32.0 | +88.1% | | Gross Profit Margin | 16.78% | 9.8% | +6.98 pp | - The increase in gross profit and gross profit margin was primarily due to increased revenue[18](index=18&type=chunk)[21](index=21&type=chunk) [Other income, net](index=8&type=section&id=Other%20income%2C%20net) Other income, net, increased by **116.7%** to **RMB 2.6 million**, primarily driven by higher rental income Other Income, Net Year-on-Year Growth (RMB million) | Metric | H1 2025 | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Other Income, Net | 2.6 | 1.2 | 116.7% | - The increase in other income was primarily due to increased rental income[22](index=22&type=chunk)[27](index=27&type=chunk) [Selling and marketing expenses](index=8&type=section&id=Selling%20and%20marketing%20expenses) Selling and marketing expenses rose by **22.9%** to **RMB 4.3 million**, reflecting increased marketing and bidding costs aligned with the Group's business expansion Selling and Marketing Expenses Year-on-Year Growth (RMB million) | Metric | H1 2025 | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 4.3 | 3.5 | 22.9% | - The increase was due to higher marketing and entertainment expenses, as well as bidding expenses, consistent with the Group's business expansion[23](index=23&type=chunk)[28](index=28&type=chunk) [General and administrative expenses](index=8&type=section&id=General%20and%20administrative%20expenses) General and administrative expenses increased by **18.0%** to **RMB 21.6 million**, mainly due to higher staff and office costs General and Administrative Expenses Year-on-Year Growth (RMB million) | Metric | H1 2025 | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 21.6 | 18.3 | 18.0% | - The increase was primarily due to higher staff costs and office expenses[24](index=24&type=chunk)[29](index=29&type=chunk) [Finance expenses, net](index=8&type=section&id=Finance%20expenses%2C%20net) Net finance expenses improved from an **RMB 183 thousand** expense in H1 2024 to an **RMB 10 thousand** income in H1 2025, driven by increased interest income Net Finance Expenses Year-on-Year Change (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Finance Expenses | 10 (Income) | (183) (Expense) | - The change was due to increased interest income[25](index=25&type=chunk)[30](index=30&type=chunk) [Income tax expenses](index=8&type=section&id=Income%20tax%20expenses) Income tax expenses significantly increased to **RMB 4.0 million**, primarily due to higher taxable profit Income Tax Expenses Year-on-Year Growth (RMB million) | Metric | H1 2025 | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Income Tax Expenses | 4.0 | 1.1 | +263.6% | - The increase in income tax expenses was due to higher taxable profit[26](index=26&type=chunk)[31](index=31&type=chunk) [Net profit and net profit margin](index=9&type=section&id=Net%20profit%20and%20net%20profit%20margin) Net profit decreased by **22.5%** to **RMB 7.9 million**, with net profit margin falling from **3.1% to 2.2%**, mainly due to fair value losses on financial assets, partially offset by revenue growth Net Profit and Net Profit Margin Year-on-Year Change | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Profit | 7.9 | 10.2 | -22.5% | | Net Profit Margin | 2.2% | 3.1% | -0.9 pp | - The decrease was due to fair value losses recognized on financial assets at fair value through profit or loss, partially offset by increased revenue[32](index=32&type=chunk)[34](index=34&type=chunk) [Capital structure](index=9&type=section&id=Capital%20structure) The Group successfully placed **193,755,000** new shares on June 16, 2025, raising **HK$ 47.60 million** net, allocated for waste recycling, acquisitions, and general working capital - On June 16, 2025, **193,755,000** new shares were successfully placed at **HK$0.250** per share[33](index=33&type=chunk)[35](index=35&type=chunk) - The net proceeds from the placement amounted to approximately **HK$47.60 million**[33](index=33&type=chunk)[35](index=35&type=chunk) - The proceeds are intended for: (1) **50%** capital injection into Tianyou Shenghui for waste recycling business development; (2) **10%** for investment or acquisition of potential cleaning and maintenance service providers in China and Hong Kong; and (3) **40%** for general working capital[33](index=33&type=chunk)[35](index=35&type=chunk) - The proceeds are expected to be fully utilized by or before May 19, 2027[33](index=33&type=chunk)[35](index=35&type=chunk) [Liquidity and financial resources](index=10&type=section&id=Liquidity%20and%20financial%20resources) As of June 30, 2025, the Group reported **RMB 436.6 million** in net assets, **RMB 106.4 million** in cash and equivalents, and **RMB 50.0 million** in total borrowings, indicating a sound liquidity position Liquidity and Financial Resources Comparison (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Assets | 436.6 | 384.9 | | Cash, Bank Balances, and Restricted Bank Deposits | 106.4 | 92.5 | | Total Borrowings (including lease liabilities and bank borrowings) | 50.0 | 52.0 | Key Financial Ratios Comparison | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio (times) | 2.6 | 2.3 | | Debt-to-Asset Ratio (%) | 11.5 | 15.5 | | Net Debt-to-Equity Ratio (%) | Net Cash | Net Cash | [Capital expenditure and commitments](index=11&type=section&id=Capital%20expenditure%20and%20commitments) Capital expenditure for H1 2025 was approximately **RMB 1.0 million**, mainly for property, plant, and equipment, a significant decrease year-on-year, with no capital commitments at period-end Capital Expenditure Comparison (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Capital Expenditure | 1.0 | 4.6 | - Capital expenditure primarily included expenses for the purchase of property, plant, and equipment[40](index=40&type=chunk)[44](index=44&type=chunk) - As of June 30, 2025, no capital commitments were incurred[40](index=40&type=chunk)[44](index=44&type=chunk) [Pledge of assets](index=11&type=section&id=Pledge%20of%20assets) As of June 30, 2025, the Group had not pledged any assets as collateral for any financing - As of June 30, 2025, the Group had not pledged any assets as collateral for any financing granted to the Group[41](index=41&type=chunk)[45](index=45&type=chunk) [Contingent liabilities](index=11&type=section&id=Contingent%20liabilities) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024[42](index=42&type=chunk)[46](index=46&type=chunk) [Treasury policies](index=11&type=section&id=Treasury%20policies) The Group maintains a prudent treasury policy, with management actively monitoring liquidity to ensure its financial structure meets funding requirements - The Group adopts a prudent treasury policy[43](index=43&type=chunk)[47](index=47&type=chunk) - Management closely monitors liquidity to ensure the liquidity structure can meet funding requirements[43](index=43&type=chunk)[47](index=47&type=chunk) [Foreign exchange exposure](index=12&type=section&id=Foreign%20exchange%20exposure) With most financial assets and liabilities denominated in RMB, the Group's foreign exchange risk is negligible, though management monitors and may consider hedging if risks become significant, subject to Chinese government regulations - The vast majority of the Group's financial assets and liabilities are primarily denominated in RMB[48](index=48&type=chunk)[52](index=52&type=chunk) - Foreign exchange risk is negligible for the Group, and no foreign currency hedging is currently undertaken[48](index=48&type=chunk)[52](index=52&type=chunk) - Management will closely monitor foreign exchange exposure and consider hedging if it becomes significant[48](index=48&type=chunk)[52](index=52&type=chunk) - RMB conversion to foreign currencies is subject to government-enforced foreign exchange control regulations and rules[49](index=49&type=chunk)[53](index=53&type=chunk) [Interest rate exposure](index=12&type=section&id=Interest%20rate%20exposure) The Group's interest rate risk stems from floating-rate bank deposits and fixed-rate bank borrowings, with management monitoring and considering hedging significant exposures as needed - Interest rate risk primarily arises from cash flow interest rate risk associated with floating-rate restricted bank deposits and bank balances, as well as fixed-rate bank borrowings[50](index=50&type=chunk)[54](index=54&type=chunk) - Management monitors interest rate risk and will consider hedging significant exposures when necessary[50](index=50&type=chunk)[54](index=54&type=chunk) [Use of proceeds from the global offering](index=12&type=section&id=Use%20of%20proceeds%20from%20the%20global%20offering) The company's November 2023 global offering yielded **HK$ 73.5 million** net proceeds; as of June 30, 2025, **HK$ 23.7 million** was utilized, with **HK$ 49.8 million** remaining for new offices and service enhancements, expected to be fully used by December 2026 - The net proceeds from the global offering amounted to approximately **HK$73.5 million**[51](index=51&type=chunk)[55](index=55&type=chunk) Planned Use and Utilization of Global Offering Proceeds (As of June 30, 2025) | Intended Use | Planned Allocation (HK$ million) | Amount Utilized (HK$ million) | Amount Unutilized (HK$ million) | Expected Full Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | | New Branch Offices | 36.0 | – | 36.0 | December 2026 | | Acquisition or Investment in Environmental Cleaning and Maintenance Service Providers | 15.7 | 15.7 | – | December 2026 | | Strengthening Service Capabilities in the Public Space Cleaning Sector | 14.3 | 5.8 | 8.5 | December 2026 | | Adopting Technological Reforms and Upgrading IT Systems | 5.6 | 1.3 | 4.3 | December 2026 | | Expanding Marketing Department | 1.8 | 0.8 | 1.0 | December 2026 | | General Working Capital | 0.1 | 0.1 | – | | | **Total** | **73.5** | **23.7** | **49.8** | | [Significant investments held and material acquisitions and disposals](index=14&type=section&id=Significant%20investments%20held%20and%20material%20acquisitions%20and%20disposals) In H1 2025, the Group made two significant investments: acquiring two Hong Kong property management companies for **HK$ 15 million** and increasing its stake in BTI to **25%** for **RMB 15.752 million**, entering waste recycling and environmental materials [Acquisition of Target Companies](index=14&type=section&id=Acquisition%20of%20Target%20Companies) On April 28, 2025, the Company agreed to acquire 100% of Fuyu and Fuhui Property Management for **HK$ 15 million** (approx. **RMB 13.7 million**), completing the acquisition on June 30, 2025, to expand Hong Kong property management services - On April 28, 2025, the acquisition of **100%** of the issued share capital of Fuyu Property Management Co., Ltd. and Fuhui Property Management Co., Ltd. ("Target Companies") was agreed upon[58](index=58&type=chunk)[62](index=62&type=chunk) - The acquisition consideration was **HK$15 million** (equivalent to approximately **RMB13.7 million**)[58](index=58&type=chunk)[62](index=62&type=chunk) - The acquisition was completed on June 30, 2025, with the Target Companies primarily engaged in providing property management services in Hong Kong[58](index=58&type=chunk)[62](index=62&type=chunk) [Acquisition of BTI](index=14&type=section&id=Acquisition%20of%20BTI) In H1 2025, the Group acquired an additional **4,375,425** shares in BTI for approximately **RMB 15.752 million**, increasing its stake to **25%** and classifying it as an interest in an associate, focusing on waste recycling and biodegradable materials - During H1 2025, the Group further acquired **4,375,425** shares of Shenzhen Bestar Excellent Technology Co., Ltd. ("Bestar") for approximately **RMB15,752,000**[60](index=60&type=chunk)[64](index=64&type=chunk) - As of June 30, 2025, the Group held a **25%** stake in Bestar's total issued shares, with this investment classified as an interest in an associate[61](index=61&type=chunk)[64](index=64&type=chunk) - Bestar primarily engages in recycling waste materials for packaging production, and the design, manufacture, and sale of biodegradable environmental materials[60](index=60&type=chunk)[64](index=64&type=chunk) [Future plans for material investments or capital assets](index=15&type=section&id=Future%20plans%20for%20material%20investments%20or%20capital%20assets) As of June 30, 2025, the Group had no specific future plans for material investments or capital assets beyond those already disclosed - As of June 30, 2025, there were no specific plans for material investments or capital assets, other than those disclosed in the prospectus and this report[65](index=65&type=chunk)[68](index=68&type=chunk) [Human resources](index=15&type=section&id=Human%20resources) For H1 2025, total employee benefit expenses were **RMB 186.1 million**, with staff increasing to **8,068**; remuneration is performance-based, supported by social insurance, training, and a share option scheme Employee Benefit Expenses and Headcount Comparison | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Employee Benefit Expenses (RMB million) | 186.1 | 178.0 | | Employee Headcount (as of June 30) | 8,068 | 7,169 | - Remuneration for each employee is determined based on individual responsibilities, capabilities and skills, experience and performance, and market compensation levels[66](index=66&type=chunk)[69](index=69&type=chunk) - All Group employees participate in China's employee social insurance scheme, are provided with or arranged for regular training programs, and a share option scheme has been adopted to provide incentives and rewards to employees[66](index=66&type=chunk)[69](index=69&type=chunk) [Events after reporting period](index=15&type=section&id=Events%20after%20reporting%20period) No other significant events that could affect the Group have occurred since the end of the six months ended June 30, 2025 - Other than those disclosed in this report, no other significant events that could affect the Group have occurred since the end of the six months ended June 30, 2025[67](index=67&type=chunk)[70](index=70&type=chunk) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=16&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement presents the Group's H1 2025 unaudited financial performance, showing **RMB 358.8 million** revenue, **RMB 60.2 million** gross profit, and **RMB 7.9 million** profit for the period, with basic and diluted EPS of **RMB 0.45 cents**, impacted by fair value losses on financial assets Unaudited Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 358,829 | 325,779 | | Cost of Services | (298,629) | (293,741) | | Gross Profit | 60,200 | 32,038 | | Selling and Marketing Expenses | (4,319) | (3,537) | | General and Administrative Expenses | (21,589) | (18,257) | | Fair value loss on financial assets at fair value through profit or loss | (25,394) | – | | Share of results of an associate | 443 | – | | Other income, net | 2,560 | 1,207 | | Finance expenses, net | 10 | (183) | | Profit before income tax | 11,911 | 11,268 | | Income tax expenses | (3,968) | (1,113) | | **Profit and total comprehensive income for the period** | **7,943** | **10,155** | | Basic and diluted earnings per share (RMB cents) | 0.45 | 0.62 | [Unaudited Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement outlines the Group's unaudited financial position as of June 30, 2025, with total assets of **RMB 635.9 million**, total equity of **RMB 436.4 million**, and total liabilities of **RMB 199.6 million**, noting the addition of interests in associates and the reclassification of financial assets Unaudited Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 180,197 | 189,822 | | Property, plant and equipment | 34,661 | 36,200 | | Investment properties | 854 | 905 | | Interest in an associate | 91,961 | – | | Right-of-use assets | 17,756 | 17,908 | | Financial assets at fair value through profit or loss | – | 101,160 | | Deferred income tax assets | 7,442 | 6,653 | | Deposits and prepayments (non-current) | 27,523 | 26,996 | | Current assets | 455,771 | 380,501 | | Trade and other receivables and prepayments | 349,399 | 287,969 | | Restricted bank deposits | 1,423 | 1,423 | | Cash and cash equivalents | 104,949 | 91,109 | | **Total assets** | **635,968** | **570,323** | | **Equity** | | | | Equity attributable to owners of the Company | 436,386 | 384,902 | | Share capital | 17,721 | 15,953 | | Reserves | 418,665 | 368,949 | | **Total equity** | **436,386** | **384,902** | | **Liabilities** | | | | Non-current liabilities | 23,410 | 20,818 | | Deferred tax liabilities | 9,018 | 6,538 | | Lease liabilities (non-current) | 14,392 | 14,280 | | Current liabilities | 176,172 | 164,603 | | Trade and other payables | 122,549 | 102,869 | | Current income tax payable | 18,014 | 16,265 | | Bank borrowings | 30,120 | 39,174 | | Lease liabilities (current) | 5,489 | 5,755 | | **Total liabilities** | **199,582** | **185,421** | | **Total equity and liabilities** | **635,968** | **570,323** | - Non-current assets saw the addition of **RMB91,961 thousand** in interest in an associate, while financial assets at fair value through profit or loss decreased from **RMB101,160 thousand** to zero[76](index=76&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Equity](index=19&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) This statement summarizes the Group's equity changes for H1 2025, with total equity increasing from **RMB 384.9 million** to **RMB 436.4 million**, primarily driven by profit for the period and proceeds from new share placements Unaudited Condensed Consolidated Statements of Changes in Equity (For the six months ended June 30, 2025) | Metric | Share Capital (RMB'000) | Reserves (RMB'000) | Total (RMB'000) | | :--- | :--- | :--- | :--- | | Balance at January 1, 2025 | 15,953 | 368,949 | 384,902 | | Profit for the period | – | 7,943 | 7,943 | | Placement of new shares | 1,768 | 41,773 | 43,541 | | **Balance at June 30, 2025** | **17,721** | **418,665** | **436,386** | - The increase in total equity was primarily driven by profit for the period (**RMB7,943 thousand**) and proceeds from the placement of new shares (**RMB43,541 thousand**)[81](index=81&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=20&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement shows the Group's H1 2025 unaudited cash flows, with net cash outflows from operating and investing activities offset by significant net cash inflows from financing, primarily share issuance, resulting in a **RMB 13.8 million** net increase in cash and cash equivalents Unaudited Condensed Consolidated Statements of Cash Flows (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash used in operating activities | (2,569) | (55,722) | | Net cash used in investing activities | (15,919) | (4,553) | | Net cash generated from financing activities | 32,328 | 10,938 | | **Net increase/(decrease) in cash and cash equivalents** | **13,840** | **(49,337)** | | Cash and cash equivalents at end of period | 104,949 | 99,236 | - Net cash generated from financing activities significantly increased, primarily due to proceeds from the issuance of shares[83](index=83&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=21&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1 Corporate Information](index=21&type=section&id=1%20Corporate%20Information) Shenghui Cleaning Group Holdings Limited, incorporated in the Cayman Islands in 2021 and listed on the HKEX in December 2023, is an investment holding company primarily providing cleaning and maintenance services in China, jointly controlled by Mr. Li Chenghua and Mr. Chen Liming, with financial statements presented in RMB - The Company was incorporated in the Cayman Islands on January 4, 2021, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on December 5, 2023[85](index=85&type=chunk)[87](index=87&type=chunk) - The Group is principally engaged in providing cleaning and maintenance services in China[86](index=86&type=chunk)[87](index=87&type=chunk) - The controlling shareholders of the Company are Mr. Li Chenghua and Mr. Chen Liming[86](index=86&type=chunk)[87](index=87&type=chunk) [2 Principal Accounting Policies](index=22&type=section&id=2%20Principal%20Accounting%20Policies) The Group's unaudited condensed consolidated financial statements adhere to HKAS 34 and Listing Rules, with accounting policies consistent with 2024, incorporating new HFRS effective January 1, 2025, which are not expected to materially impact the statements - The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[88](index=88&type=chunk)[91](index=91&type=chunk) - The accounting policies and methods of computation used are consistent with those followed in the preparation of the Group's annual financial statements for the year ended December 31, 2024, except for the adoption of new and revised Hong Kong Financial Reporting Standards issued by the HKICPA that are mandatorily effective for annual periods beginning on or after January 1, 2025[89](index=89&type=chunk)[91](index=91&type=chunk) - All new and revised Hong Kong Financial Reporting Standards are not expected to have a significant impact on the Group's condensed consolidated interim financial statements[93](index=93&type=chunk)[95](index=95&type=chunk) [3 Revenue and Segment Information](index=24&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group operates as a single segment, providing cleaning and maintenance services entirely within China, with revenue recognized over time based on service progress, and no significant contract assets or liabilities recognized as of June 30, 2025 - The Group is principally engaged in providing cleaning and maintenance services in China, and the chief operating decision maker reviews the operating results of the business as a single operating segment[97](index=97&type=chunk)[98](index=98&type=chunk) - For the period ended June 30, 2025, all of the Group's revenue was derived from China[102](index=102&type=chunk)[108](index=108&type=chunk) - Revenue is recognized at the amount of consideration the Group expects to be entitled to, and when control of services is transferred over time, revenue is recognized over the contract period with reference to the progress towards complete satisfaction of the performance obligation[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - No significant contract assets or liabilities were recognized at the end of each reporting period ended June 30, 2025[104](index=104&type=chunk)[105](index=105&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) [4 Expenses by Nature](index=28&type=section&id=4%20Expenses%20by%20Nature) This section details the Group's expenses for H1 2025, including employee benefits, subcontracting labor, cleaning materials, depreciation, and short-term lease expenses Expenses by Nature (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Employee benefit expenses (including directors' emoluments) | | | | – Salaries, wages and bonuses | 178,281 | 169,899 | | – Social insurance and housing provident fund contributions | 7,264 | 7,559 | | – Other employee benefits | 551 | 499 | | Subcontracting labor costs | 97,265 | 99,733 | | Cost of cleaning materials consumed | 7,893 | 8,137 | | Depreciation | 1,906 | 1,757 | | Short-term lease expenses | 2,827 | 1,234 | [5 Other Income, Net](index=29&type=section&id=5%20Other%20Income%2C%20Net) For H1 2025, the Group's other income, net, was **RMB 2.560 million**, mainly from rental income recognized on a straight-line basis over the lease term Composition of Other Income, Net (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Rental income | 2,532 | 1,324 | | VAT refunds | – | 751 | | Donations | – | (900) | | Others | 28 | 32 | | **Total** | **2,560** | **1,207** | - Rental income from investment properties and leased shops is recognized on a straight-line basis over the term of the lease agreements; rental income from leased car parks is recognized over the lease period[127](index=127&type=chunk) [6 Finance Income/(Expenses), Net](index=29&type=section&id=6%20Finance%20Income%2F%28Expenses%29%2C%20Net) For H1 2025, the Group reported net finance income of **RMB 10 thousand**, an improvement from a **RMB 183 thousand** net expense in H1 2024, primarily due to increased interest income Finance Income/(Expenses), Net (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Finance income - Interest income | 876 | 80 | | Finance expenses - Interest expense on bank borrowings | (607) | (59) | | Finance expenses - Interest expense on lease liabilities | (259) | (204) | | **Finance income/(expenses), net** | **10** | **(183)** | - The improvement in net finance income was primarily due to increased interest income[126](index=126&type=chunk) [7 Income Tax Expenses](index=30&type=section&id=7%20Income%20Tax%20Expenses) Income tax expenses rose to **RMB 3.968 million**, including current and deferred tax, with China operations subject to a 25% rate, though Guangzhou Shenghui benefits from a **15%** preferential rate and **100%** R&D super deduction Composition of Income Tax Expenses (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Current income tax | 2,278 | 1,083 | | Deferred income tax | 1,690 | 30 | | **Total** | **3,968** | **1,113** | - Income tax provision for the Group's China operations is calculated at the applicable tax rate of **25%**, but Guangzhou Shenghui, as a high-tech enterprise, enjoys a preferential income tax rate of **15%**, valid until December 28, 2026[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - Guangzhou Shenghui has been eligible for a **100%** "super deduction" for research and development expenses since the 2023 financial year[136](index=136&type=chunk)[139](index=139&type=chunk) - The Group has not recognized deferred income tax assets for tax losses carried forward, as they can be carried forward for a maximum of five years[137](index=137&type=chunk)[139](index=139&type=chunk) [8 Dividend](index=31&type=section&id=8%20Dividend) For the periods ended June 30, 2025, and 2024, the Company neither paid nor declared any dividends - For the periods ended June 30, 2025, and 2024, the Company did not pay or declare any dividends[138](index=138&type=chunk)[140](index=140&type=chunk) [9 Earnings Per Share](index=32&type=section&id=9%20Earnings%20Per%20Share) For H1 2025, basic earnings per share attributable to owners was **RMB 0.45 cents**, down from **RMB 0.62 cents** in H1 2024, with diluted EPS being identical due to no potential dilutive ordinary shares Basic Earnings Per Share (For the six months ended June 30, 2025) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB'000) | 7,943 | 10,155 | | Weighted average number of ordinary shares in issue (thousand shares) | 1,772,037 | 1,625,000 | | **Basic earnings per share (RMB cents)** | **0.45** | **0.62** | - The weighted average number of ordinary shares in issue for H1 2025 has accounted for the placement of **193,755,000** shares completed on June 16, 2025[143](index=143&type=chunk) - As there were no potential dilutive ordinary shares outstanding for the periods ended June 30, 2025, and 2024, diluted earnings per share was the same as basic earnings per share[144](index=144&type=chunk)[145](index=145&type=chunk) [10 Property, Plant and Equipment](index=33&type=section&id=10%20Property%2C%20Plant%20and%20Equipment) For H1 2025, capital expenditure for property, plant, and equipment was approximately **RMB 1.043 million**, mainly for plant and machinery, a significant decrease from **RMB 4.633 million** in H1 2024 Purchase of Property, Plant and Equipment (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Purchase of property, plant and equipment | 1,043 | 4,633 | - Primarily expenses for plant and machinery[147](index=147&type=chunk)[149](index=149&type=chunk) [11 Trade and Other Receivables and Prepayments](index=33&type=section&id=11%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, net trade and other receivables and prepayments totaled **RMB 376.746 million**, with total trade receivables at **RMB 345.251 million**, of which **RMB 198.670 million** were aged within 60 days Trade and Other Receivables and Prepayments, Net (As of June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables (net) | 321,662 | 268,074 | | Deposits (current portion) | 5,100 | 3,648 | | Other receivables | 14,086 | 8,791 | | Prepayments | 8,375 | 7,456 | | **Trade and other receivables and prepayments, net** | **376,746** | **314,965** | Trade Receivables Aging Analysis by Invoice Date (As of June 30, 2025) | Aging | Amount (RMB'000) | | :--- | :--- | | 0 – 60 days | 198,670 | | 61 – 180 days | 53,772 | | 181 – 365 days | 42,988 | | Over 1 year | 49,821 | | **Total** | **345,251** | - The carrying amounts of trade and other receivables are all denominated in RMB and approximate their fair values[157](index=157&type=chunk)[158](index=158&type=chunk) [12 Bank Borrowing](index=34&type=section&id=12%20Bank%20Borrowing) As of June 30, 2025, bank borrowings decreased to **RMB 30.120 million** from **RMB 39.714 million** at December 31, 2024 Bank Borrowings (As of June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Bank loans | 30,120 | 39,714 | [13 Share Capital](index=35&type=section&id=13%20Share%20Capital) The Company's issued and paid-up share capital increased due to the June 16, 2025, placement of **193,755,000** new shares, raising net proceeds of approximately **RMB 43.541 million** (approx. **HK$ 47.600 million**) Share Capital Movement (As of June 30, 2025) | Metric | Number of ordinary shares | Equivalent par value of shares (RMB) | | :--- | :--- | :--- | | January 1, 2025 | 1,755,980,000 | 15,952,605 | | Placement of new shares | 193,755,000 | 1,768,154 | | **June 30, 2025** | **1,949,735,000** | **17,720,759** | - On June 16, 2025, a total of **193,755,000** shares were placed at a placing price of **HK$0.250** per share, with net proceeds of approximately **RMB43,541,000** (equivalent to approximately **HK$47,600,000**)[162](index=162&type=chunk) [14 Trade and Other Payables](index=36&type=section&id=14%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased to **RMB 88.457 million** from **RMB 107.030 million** at December 31, 2024, with most trade payables (**RMB 25.201 million**) aged within 60 days Trade and Other Payables (As of June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade payables | 33,793 | 28,810 | | Other payables | 54,664 | 78,220 | | **Total trade and other payables** | **88,457** | **107,030** | Trade Payables Aging Analysis by Invoice Date (As of June 30, 2025) | Aging | Amount (RMB'000) | | :--- | :--- | | 0 – 60 days | 25,201 | | 61 – 180 days | 4,926 | | 181 – 365 days | 1,539 | | Over 1 year | 2,127 | | **Total** | **33,793** | - The carrying amounts of trade and other payables are denominated in RMB and approximate their fair values[166](index=166&type=chunk) [15 Interest in Associate](index=37&type=section&id=15%20Interest%20in%20Associate) As of June 30, 2025, the Group's **25%** interest in associate BTI was **RMB 91.961 million**, with BTI focusing on waste recycling and biodegradable materials, and the Company's Co-Chairman also serving as a BTI director and major shareholder Interest in an Associate (As of June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Investment cost in an associate | 91,518 | – | | Share of post-acquisition results | 443 | – | | **Total** | **91,961** | **–** | - Bestar primarily engages in the business of recycling waste materials for packaging material production, and the design, manufacture, and sale of biodegradable environmental materials[171](index=171&type=chunk) - As of June 30, 2025, the Group held a **25%** beneficial interest in Bestar (December 31, 2024: **19.51%**)[172](index=172&type=chunk) - Mr. Wei Dongjin, the Company's Co-Chairman and Executive Director, is also a director and major shareholder of Bestar[173](index=173&type=chunk) [16 Commitments](index=37&type=section&id=16%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, no capital commitments were incurred (December 31, 2024: nil)[172](index=172&type=chunk) [17 Related Party Transactions](index=38&type=section&id=17%20Related%20Party%20Transactions) This section discloses the Group's related party transactions and balances, including advances from controlling shareholders and key management remuneration Transactions with Controlling Shareholders (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Advances from controlling shareholders during the year | – | 4,614 | Balances Due to Controlling Shareholders (As of June 30, 2025) | Metric | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Amounts due to Mr. Li | 21,025 | 21,025 | | Amounts due to Mr. Chen | 1,125 | 1,125 | Key Management Remuneration (For the six months ended June 30, 2025) | Metric | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Salaries and wages | 1,247 | 1,103 | | Social insurance and housing provident fund contributions | 102 | 226 | | **Total** | **1,349** | **1,329** | [18 Financial Risk Management](index=40&type=section&id=18%20Financial%20Risk%20Management) Some of the Group's financial assets and liabilities are measured at fair value; as of June 30, 2025, listed equity shares classified as financial assets at fair value through profit or loss were zero, down from **RMB 101.160 million** at December 31, 2024 - Some of the Group's financial assets and liabilities are measured at fair value at the end of each reporting period[183](index=183&type=chunk)[184](index=184&type=chunk) Listed Equity Shares Classified as Financial Assets at Fair Value Through Profit or Loss (RMB'000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed equity shares classified as financial assets at fair value through profit or loss | – | 101,160 | - The fair value of shares is estimated based on quoted prices available in active markets (Level 1)[185](index=185&type=chunk) [19 Subsequent Events](index=40&type=section&id=19%20Subsequent%20Events) No significant events requiring adjustments or additional disclosures in these consolidated financial statements have occurred after June 30, 2025 - No significant events have occurred after the period ended June 30, 2025, that would require adjustments to or additional disclosures in these consolidated financial statements[186](index=186&type=chunk)[187](index=187&type=chunk) [Other Information](index=41&type=section&id=Other%20Information) [Directors' and Chief Executives' Interests and Short Positions](index=41&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions) As of June 30, 2025, Executive Directors Mr. Li Chenghua and Mr. Chen Liming each held a **30.08%** long position in the Company's shares through controlled corporations and a **100%** beneficial interest in their wholly-owned associated corporations, with no other significant interests or short positions disclosed [Long positions in the shares of the Company](index=41&type=section&id=Long%20positions%20in%20the%20shares%20of%20the%20Company) As of June 30, 2025, Mr. Li Chenghua and Mr. Chen Liming each held **586,543,750** shares, representing **30.08%** of the issued share capital, through their wholly-owned entities, and are considered a group of controlling shareholders Directors' Long Positions in the Shares of the Company (As of June 30, 2025) | Name of Director | Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Li Chenghua | Interest in controlled corporation | 586,543,750 | 30.08% | | Mr. Chen Liming | Interest in controlled corporation | 586,543,750 | 30.08% | - Mr. Li and Mr. Chen are deemed to be interested in **1,173,087,500** shares, of which **586,543,750** shares are held by Fengsheng Cleaning and **586,543,750** shares are held by Sunrise Cleaning[192](index=192&type=chunk) [Long positions in the shares of associated corporations](index=43&type=section&id=Long%20positions%20in%20the%20shares%20of%20associated%20corporations) Mr. Li Chenghua wholly owns Fengsheng Cleaning, and Mr. Chen Liming wholly owns Sunrise Cleaning, both associated corporations of the Company, each holding **1** share, representing **100%** interest Directors' Long Positions in the Shares of Associated Corporations (As of June 30, 2025) | Name of Director | Name of Associated Corporation | Nature of Interest | Number of Shares Held | Percentage of Interest in Associated Corporation | | :--- | :--- | :--- | :--- | :--- | | Mr. Li | Fengsheng Cleaning | Beneficial owner | 1 | 100% | | Mr. Chen | Sunrise Cleaning | Beneficial owner | 1 | 100% | [Substantial Shareholders' Interests and Short Positions](index=44&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions) As of June 30, 2025, Fengsheng Cleaning and Sunrise Cleaning each held a **30.08%** long position in the Company's shares; Mr. Li Chenghua, Mr. Chen Liming, and Mr. Li's spouse, Ms. Tang Yongzhen, are deemed to have interests, with no short positions disclosed Substantial Shareholders' Long Positions in the Shares of the Company (As of June 30, 2025) | Name of Shareholder/Entity | Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Fengsheng Cleaning | Beneficial owner / Other (Controlling shareholder interest) | 586,543,750 | 30.08% | | Mr. Li | Interest in controlled corporation / Interest in controlled corporation | 586,543,750 | 30.08% | | Ms. Tang Yongzhen | Spouse's interest | 586,543,750 | 30.08% | | Sunrise Cleaning | Beneficial owner / Other (Controlling shareholder interest) | 586,543,750 | 30.08% | | Mr. Chen | Interest in controlled corporation / Interest in controlled corporation | 586,543,750 | 30.08% | - Mr. Li and Mr. Chen are deemed to be interested through their wholly-owned Fengsheng Cleaning and Sunrise Cleaning. Ms. Tang Yongzhen (Mr. Li's spouse) is deemed to be interested in the shares in which Mr. Li is interested under the Securities and Futures Ordinance[204](index=204&type=chunk) [Disclosure of Information on Directors](index=46&type=section&id=Disclosure%20of%20Information%20on%20Directors) This section updates the biographical details of the Company's executive and independent non-executive directors, highlighting their industry experience, academic backgrounds, and leadership roles [Executive Director](index=46&type=section&id=Executive%20Director) This section provides detailed biographies of Mr. Li Chenghua (Co-Chairman and CEO), Mr. Wei Dongjin (Co-Chairman), and Mr. Chen Liming (Executive Director), emphasizing their extensive industry experience, academic backgrounds, and key leadership roles - **Mr. Li Chenghua** (52 years old): Co-Chairman and Chief Executive Officer, one of the Group's founders, with over **26 years** of experience in cleaning service industry management and operations, formerly President of Guangzhou Panyu District Environmental Sanitation Industry Association, currently President of Guangzhou Environmental Sanitation Industry Association[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - **Mr. Wei Dongjin** (47 years old): Co-Chairman, holds an Executive Master of Business Administration degree from City University of Hong Kong, with over **20 years** of experience in oil transportation, bio-based agriculture, and agricultural and forestry waste recycling related industries, currently founder, chairman, general manager, and legal representative of Shenzhen Bestar Excellent Technology Co., Ltd. (BTI)[210](index=210&type=chunk)[211](index=211&type=chunk) - **Mr. Chen Liming** (55 years old): Executive Director, one of the Group's founders, with over **24 years** of experience in cleaning service industry management and operations, responsible for the Group's strategic management and business strategy formulation, having completed several in-service courses at Sun Yat-sen University[212](index=212&type=chunk)[213](index=213&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) [Independent non-executive Director](index=50&type=section&id=Independent%20non-executive%20Director) This section details the biographies of Dr. Wang Hui, Ms. Zhang Baowen, and Ms. Qiu Yanhong, highlighting their professional backgrounds in corporate finance, law, and banking, academic qualifications, and committee roles - **Dr. Wang Hui** (46 years old): Independent Non-Executive Director, with over **25 years** of experience in corporate finance and accounting, project investment and decision-making, and risk management and control, currently Chairman of the Audit Committee and Investment Committee[219](index=219&type=chunk)[220](index=220&type=chunk)[222](index=222&type=chunk) - **Ms. Zhang Baowen** (37 years old): Independent Non-Executive Director, a practicing solicitor in Hong Kong, with over **12 years** of experience in the legal industry, currently Chairman of the Remuneration Committee[221](index=221&type=chunk)[223](index=223&type=chunk)[222](index=222&type=chunk) - **Ms. Qiu Yanhong** (38 years old): Independent Non-Executive Director, with approximately **13 years** of banking experience, specializing in securities and asset management services, currently Chairman of the Nomination Committee[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) [Securities Transactions by Directors](index=52&type=section&id=Securities%20Transactions%20by%20Directors) All directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the six months ended June 30, 2025 - All directors confirmed full compliance with the Standard Code and its code of conduct regarding directors' securities transactions for the six months ended June 30, 2025[232](index=232&type=chunk) [Corporate Governance](index=53&type=section&id=Corporate%20Governance) For H1 2025, the Company complied with the Corporate Governance Code, except for Mr. Li Chenghua's dual role as Co-Chairman and CEO, which the Board believes provides strong, consistent leadership in the Group's best interest - The Company complied with the Corporate Governance Code for the six months ended June 30, 2025, with the following exception[233](index=233&type=chunk)[234](index=234&type=chunk) - Deviation: Mr. Li Chenghua concurrently serves as Co-Chairman of the Board and Chief Executive Officer (Code Provision C.2.1)[233](index=233&type=chunk)[234](index=234&type=chunk) - The Directors (including the independent non-executive Directors) believe that Mr. Li is the most suitable person to hold both positions, and the current structure facilitates strong and consistent leadership, aligning with the best overall interests of the Group and the Company's shareholders[233](index=233&type=chunk)[234](index=234&type=chunk) [Share Option Scheme](index=54&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on November 14, 2023, to attract and incentivize talent, with exercise prices determined by the Board and limits on total shares and individual participation; as of June 30, 2025, no options were outstanding or active - The Company adopted a share option scheme on November 14, 2023[235](index=235&type=chunk)[236](index=236&type=chunk) - The scheme aims to attract and retain the most competent personnel and provide additional incentives to the Group's employees, directors, consultants, advisors, distributors, contractors, suppliers, agents, and service providers[235](index=235&type=chunk)[236](index=236&type=chunk) - The exercise price is determined by the Board at its sole discretion and shall not be less than the higher of the closing price of the shares as stated in the daily quotation sheet of the Stock Exchange on the offer date, the average closing price as stated in the daily quotation sheet of the Stock Exchange for the five business days immediately preceding the offer date, and the nominal value of the shares on the offer date[238](index=238&type=chunk)[241](index=241&type=chunk) - The total number of shares that may be issued upon exercise of all options granted under the Share Option Scheme and any other share option schemes and share award schemes of the Company shall not exceed **10%** of the total number of shares in issue on the Listing Date (i.e., a maximum of **162,500,000** shares as of December 31, 2023)[239](index=239&type=chunk)[241](index=241&type=chunk) - The Share Option Scheme will remain valid for **10 years** from November 14, 2023[243](index=243&type=chunk)[247](index=247&type=chunk) - As of June 30, 2025, no share options were outstanding, granted, cancelled, exercised, or lapsed[243](index=243&type=chunk)[248](index=248&type=chunk) [Management Contracts](index=56&type=section&id=Management%20Contracts) During the reporting period, the Company had no management or administration contracts for its business, in whole or in any substantial part - During the reporting period, the Company had not entered into or had any contracts concerning the management and administration of the whole or any substantial part of its business[244](index=244&type=chunk)[249](index=249&type=chunk) [Purchase, Sale or Redemption of the Listed Securities of the Company](index=56&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Listed%20Securities%20of%20the%20Company) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[245](index=245&type=chunk)[250](index=250&type=chunk) [Audit Committee](index=57&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's unaudited condensed financial results for H1 2025, discussed accounting principles with management, and raised no objections to the financial statements or interim report - The Audit Committee has reviewed the Group's unaudited condensed financial results for the six months ended June 30, 2025, and discussed the accounting principles and practices adopted by the Group with the Company's management[251](index=251&type=chunk)[252](index=252&type=chunk) - The Audit Committee had no objections[251](index=251&type=chunk)[252](index=252&type=chunk)

截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | （未經審計） | （未經審計） | | 研發成本 | (46,621) | (38,917) | | 行政開支 | (60,045) | (43,643) | | 期內虧損 | (118,020) | (83,471) | | | 截至2025年 | 截至2024年 | | | 6月30日 | 12月31日 | | | 人民幣千元 | 人民幣千元 | | | （未經審計） | （經審計） | | 現金及現金等價物 | 805,909 | 203,587 | 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，並明確表示不會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。 VISEN Pharmaceuticals 維昇藥業 （於開曼群島註冊成立的有限公司） （股份代號：2561） (1)截至2025年6月30日止六個月中期業績公告； (2)非執行董事辭任及委任獨立非執行 ...

[I. Executive Summary](index=1&type=section&id=I.%20Executive%20Summary) [1.1 Financial Highlights](index=1&type=section&id=1.1%20Financial%20Highlights) The Group achieved revenue growth and stable gross profit in the first half of 2025, turning operating business from loss to profit, significantly narrowing loss attributable to shareholders, and reducing basic loss per share, though net asset value per share decreased Key Financial Data for H1 2025 (Consolidated Statement) | Indicator | For the six months ended June 30, 2025 (HKD million) | For the six months ended June 30, 2024 (HKD million) | % Change | | :--- | :--- | :--- | :--- | | Revenue | 905.6 | 863.4 | +4.9% | | Gross Profit | 311.9 | 311.0 | +0.3% | | Operating Profit/(Loss) before Depreciation, Finance Costs and Tax | 85.4 | (734.8) | N/A | | Loss Attributable to Owners of the Parent | (677.6) | (1,599.2) | -57.6% | | Basic Loss Per Ordinary Share Attributable to Owners of the Parent | HKD (0.82) | HKD (1.84) | -55.4% | | Book Value of Net Asset Value Per Ordinary Share Attributable to Owners of the Parent (at period end) | HKD 6.46 | HKD 7.16 | -9.8% | | Adjusted Net Asset Value Per Ordinary Share Attributable to Owners of the Parent (at period end) | HKD 17.20 | HKD 18.07 | -4.8% | [1.2 Business Highlights](index=2&type=section&id=1.2%20Business%20Highlights) The Group's significant loss reduction is primarily due to a fair value turnaround in financial assets and decreased finance costs, with stable hotel performance, improved occupancy and RevPAR for Regala Skycity Hotel, strong property sales, especially for The Upper Queen, and active non-core asset divestment to reduce debt - The Group's loss reduction is primarily due to a fair value turnaround in financial assets from a loss of **HKD 932.6 million** to a gain of **HKD 6.6 million**, coupled with lower finance costs resulting from a decrease in HIBOR[3](index=3&type=chunk) - Operating profit before interest, tax, depreciation, and amortization (EBITDA) turned profitable at **HKD 85.4 million**, compared to a loss of **HKD 734.8 million** in the same period last year[3](index=3&type=chunk) - Regala Skycity Hotel's business remains stable, with improved occupancy and average revenue per available room (RevPAR), anticipating further enhancement with the commissioning of Terminal 2[3](index=3&type=chunk) - The Upper Queen project on Queen's Road West relaunched **123 residential units**, with **120 units** sold or under agreement to sell to date, generating significant sales proceeds[4](index=4&type=chunk) - The Group has entered into agreements to dispose of non-core properties in Lisbon and London to reduce debt levels and strengthen overall financial position[4](index=4&type=chunk) [II. Financial Performance](index=4&type=section&id=II.%20Financial%20Performance) [2.1 Consolidated Income Statement](index=4&type=section&id=2.1%20Consolidated%20Income%20Statement) The Group significantly narrowed its consolidated loss attributable to shareholders in the first half of 2025, primarily due to a fair value turnaround in financial assets and reduced finance costs - For the six months ended June 30, 2025, the Group recorded a consolidated loss attributable to shareholders of **HKD 677.6 million**, a significant reduction from **HKD 1,599.2 million** in the same period of 2024[5](index=5&type=chunk) - The loss reduction is mainly attributed to a fair value gain of **HKD 6.6 million** on financial assets at fair value through profit or loss during the review period, compared to a fair value loss of **HKD 932.6 million** in the corresponding period of 2024[5](index=5&type=chunk) - Lower finance costs in the first six months of 2025, driven by a decrease in HIBOR, also contributed to the reduced loss[5](index=5&type=chunk) - Operating profit before interest, tax, depreciation, and amortization (EBITDA) turned profitable at **HKD 85.4 million**, compared to a loss of **HKD 734.8 million** in the same period of 2024[5](index=5&type=chunk) [2.2 Analysis of Key Financial Metrics](index=4&type=section&id=2.2%20Analysis%20of%20Key%20Financial%20Metrics) The Group's hotel property depreciation negatively impacted financial performance but had no immediate cash flow effect, with an adjusted net asset value per share provided for a more accurate asset valuation reference - Total depreciation expenses for the Hong Kong hotel portfolio amounted to **HKD 290.2 million** in H1 2025 (2024: **HKD 291.3 million**), negatively impacting financial performance but with no immediate cash flow effect[6](index=6&type=chunk) - As of June 30, 2025, the adjusted net asset value per ordinary share was **HKD 17.20**, based on a market revaluation of the Hong Kong hotel property portfolio[6](index=6&type=chunk) [III. Business Review](index=5&type=section&id=III.%20Business%20Review) [3.1 Hotel Operations](index=5&type=section&id=3.1%20Hotel%20Operations) Hong Kong's tourism steadily recovered with increased visitor arrivals, yet average room rates and RevPAR declined; the Group's Regala Skycity Hotel performed stably and completed refinancing, while Regal REIT's loss widened due to investment property fair value losses, though core operating profit turned positive, and the Group's hotel operating and management businesses continued to contribute revenue [3.1.1 Market Overview](index=5&type=section&id=3.1.1%20Market%20Overview) Global economic growth slowed, China's GDP grew steadily, and Hong Kong's economy expanded with export and local demand support; Hong Kong visitor arrivals significantly increased year-on-year, but average hotel room rates and RevPAR declined - Global economic growth slowed in H1 2025, projected to decrease to **2.3%**, the slowest pace since 2008[7](index=7&type=chunk) - China's GDP increased by **5.3%** year-on-year in H1 2025[7](index=7&type=chunk) - Hong Kong welcomed approximately **23.6 million** visitors in H1 2025, an **11.7%** year-on-year increase, with **17.8 million** from mainland China[7](index=7&type=chunk) - Hong Kong's average hotel occupancy rate rose from **83.0%** in 2024 to **85.0%** in H1 2025, but the actual average room rate fell by **10.8%**, leading to an **8.6%** year-on-year decrease in RevPAR[8](index=8&type=chunk) [3.1.2 Hotel Ownership Business](index=5&type=section&id=3.1.2%20Hotel%20Ownership%20Business) The Group's Regala Skycity Hotel maintained stable operations with improved occupancy and RevPAR, completing **HKD 2.95 billion** in refinancing, while its Barcelona hotel in Spain continued to generate satisfactory rental income - Regala Skycity Hotel's business remains stable, with further improvements in occupancy and RevPAR compared to the same period last year, expected to significantly enhance performance in the coming years[9](index=9&type=chunk) - Regala Skycity Hotel has completed a three-year refinancing of **HKD 2,950 million**[9](index=9&type=chunk) - The Group owns a **186-room** hotel in Barcelona, Spain, leased to a third-party operator, which continues to generate satisfactory rental income[10](index=10&type=chunk) - Regala Skycity Hotel officially opened in April 2023, featuring **1,208 rooms and suites**, and has achieved BEAM Plus Gold and EarthCheck Design Gold certifications[24](index=24&type=chunk) [3.1.3 Regal REIT](index=6&type=section&id=3.1.3%20Regal%20REIT) The Group holds approximately **74.9%** of Regal REIT's fund units; the trust's consolidated loss increased due to fair value losses on investment properties, but core operating profit turned positive excluding fair value changes, primarily benefiting from reduced finance costs due to lower HIBOR - As of June 30, 2025, the Group held approximately **74.9%** of the total issued fund units of Regal REIT[11](index=11&type=chunk) - Regal REIT recorded a consolidated loss before distribution to unitholders of **HKD 508.1 million** (H1 2024: loss of **HKD 19.8 million**), primarily due to a fair value loss of **HKD 517.1 million** on its investment property portfolio[11](index=11&type=chunk) - Excluding fair value changes, Regal REIT recorded a core operating profit before distribution to unitholders of **HKD 9.0 million** during the interim period (H1 2024: loss of **HKD 36.3 million**), mainly attributable to reduced finance costs due to lower HIBOR[11](index=11&type=chunk) - All nine of the Group's other hotels, except Regala Skycity Hotel, are owned through Regal REIT[12](index=12&type=chunk) [3.1.4 Hotel Operating Business](index=6&type=section&id=3.1.4%20Hotel%20Operating%20Business) Favour Link International Limited, a wholly-owned subsidiary of the Group, operates eight Regal REIT hotels as a lessee, maintaining stable operations in a competitive tourism market, with increased total net property income still below the total basic rent paid to the trust - Favour Link International Limited, a wholly-owned subsidiary of the Group, leases and operates eight hotels from Regal REIT[13](index=13&type=chunk) - Despite challenging operating conditions in Hong Kong's tourism sector, the total net property income from leased hotels increased compared to 2024, but remained below the total basic rent paid[13](index=13&type=chunk) [3.1.5 Hotel Management Business](index=7&type=section&id=3.1.5%20Hotel%20Management%20Business) Regal Hotels International Limited, a wholly-owned subsidiary, manages Regala Skycity Hotel and Regal REIT's hotels, provides management services for iclub Mong Kok Hotel and iclub AMTD Sheung Wan Hotel under the P&R joint venture, and offers hotel management services in Shanghai and Dezhou, China - Regal Hotels International Limited manages Regala Skycity Hotel and nine hotels under Regal REIT[14](index=14&type=chunk) - Regal Hotels International also manages iclub Mong Kok Hotel and iclub AMTD Sheung Wan Hotel, owned by the P&R joint venture[14](index=14&type=chunk) - The Group provides management services for hotels operating under the Regal brand in Shanghai and Dezhou, China[15](index=15&type=chunk) [3.2 Property Development and Investment](index=7&type=section&id=3.2%20Property%20Development%20and%20Investment) Hong Kong's residential property market demand remains relatively stable with rising transaction volumes, yet property prices face pressure; the Group actively advances multiple residential and commercial projects through wholly-owned properties and joint ventures P&R and Cosmopolitan International Holdings Limited, while continuing non-core asset divestment to optimize its financial structure [3.2.1 Hong Kong Property Market Overview](index=7&type=section&id=3.2.1%20Hong%20Kong%20Property%20Market%20Overview) Hong Kong property developers adopted aggressive pricing strategies, but residential property demand remained relatively stable, influenced by mainland buyers, talent schemes, lower HIBOR, and capital market wealth effects; total transaction volume rose, price declines narrowed, and the market may be entering an upward cycle - Hong Kong's residential property market saw aggressive pricing strategies from developers due to tight liquidity and substantial inventory[16](index=16&type=chunk) - Overall demand for Hong Kong residential properties remained relatively stable, influenced by mainland buyers, talent schemes, lower HIBOR, and a buoyant capital market[16](index=16&type=chunk) - Total transaction volume for Hong Kong residential properties continued to rise in the first six months of 2025, with a narrowing downward trend in property prices, suggesting the market may be entering an upward cycle[16](index=16&type=chunk) [3.2.2 Wholly-owned Properties](index=7&type=section&id=3.2.2%20Wholly-owned%20Properties) The Group's wholly-owned properties include The Upper Queen on Queen's Road West, the Hai Tan Street redevelopment project in Sham Shui Po, and luxury houses at Regalia Bay in Stanley; The Upper Queen project achieved strong sales, with **120 residential units** sold or under agreement, and the Group is actively divesting non-core overseas properties in London and Lisbon - The Upper Queen project on Queen's Road West was completed by the end of 2022, comprising **130 residential units**[18](index=18&type=chunk)[25](index=25&type=chunk) - The remaining **123 residential units** at The Upper Queen were relaunched in June this year, with **120 units** sold or under agreement to sell to date, generating total sales of **HKD 898.7 million**[18](index=18&type=chunk)[25](index=25&type=chunk) - The Group still retains **8 garden houses** at Regalia Bay in Stanley and will continue to dispose of some of them[18](index=18&type=chunk)[27](index=27&type=chunk) - The Group has entered into an agreement to sell a property in London, UK, for a purchase price of **GBP 19.5 million** (approximately **HKD 204.1 million**), with the transaction pending approval from the shareholders of the ultimate listed parent company[18](index=18&type=chunk)[29](index=29&type=chunk) - The Group has entered into an agreement to sell a renovation project in Lisbon, Portugal, for a cash consideration of **EUR 9.3 million** (approximately **HKD 83.9 million**), expected to be completed by May 2026[18](index=18&type=chunk)[30](index=30&type=chunk) - The land acquisition for the project at 227-227C Hai Tan Street, Sham Shui Po, Kowloon, intended for commercial/residential development, has been completed, with demolition of existing structures and site works finished[26](index=26&type=chunk) [3.2.3 Joint Venture - P&R Holdings Limited](index=7&type=section&id=3.2.3%20Joint%20Venture%20-%20P%26R%20Holdings%20Limited) P&R Joint Venture (50% owned by the Group and Paliburg each) holds a diversified property portfolio in Hong Kong, including the sold-out The Reach, Regalia Villa with **7 retained houses**, We Go MALL for rental income, remaining shops and parking spaces at The Amour, and the luxury residential project Mount Regalia; Mount Regalia has sold or agreed to sell **21 houses** and **77 apartment units**, with profits recognized in this period's results. P&R also owns and operates iclub Mong Kok Hotel and iclub AMTD Sheung Wan Hotel, and is advancing projects at Kam Wa Street, Shau Kei Wan, and Castle Peak Road, Cheung Sha Wan - P&R Joint Venture (50% owned by the Group and Paliburg each) encompasses real estate development, investment, and financing activities[31](index=31&type=chunk) - The Mount Regalia project in Kau To, Sha Tin, has sold or agreed to sell **21 garden houses** and **77 apartment units**, totaling **HKD 5,218.5 million** in sales; in 2025, **18 apartment units** and **1 house** were agreed to be sold, totaling **HKD 735.4 million** in sales[16](index=16&type=chunk)[35](index=35&type=chunk) - Sales transactions completed for the Mount Regalia project during this period included **1 house** and **4 apartment units**, totaling **HKD 200.7 million** in sales, with related profits recognized in the review period's results[35](index=35&type=chunk) - P&R currently retains **3 houses** and **59 apartment units** at Mount Regalia, which will continue to be offered for sale (excluding **1 retained house**)[35](index=35&type=chunk) - The Reach apartment building in Yuen Long is sold out, while Regalia Villa still retains **7 houses** for sale[31](index=31&type=chunk) - We Go MALL shopping mall in Ma On Shan maintains stable occupancy and is held for rental income[32](index=32&type=chunk) - The Amour project in Sham Shui Po has sold all residential units and some shops and parking spaces, with the remaining **2 shops** and **5 parking spaces** continuing to be offered for sale[33](index=33&type=chunk) - P&R self-operates and the Group manages iclub Mong Kok Hotel (**288 rooms**) and iclub AMTD Sheung Wan Hotel (**98 rooms**)[36](index=36&type=chunk)[37](index=37&type=chunk) - The Castle Peak Road project in Cheung Sha Wan has successfully consolidated **100%** ownership and is in discussions with the government regarding a development and conservation proposal, including preserving the historic arcade portion[39](index=39&type=chunk) [3.2.4 Cosmopolitan International Holdings Limited](index=14&type=section&id=3.2.4%20Cosmopolitan%20International%20Holdings%20Limited) Cosmopolitan International Holdings Limited (a listed subsidiary held by Paliburg through P&R) owns multiple property projects in China; residential units at Regal International City Chengdu are sold out, with ongoing sales of shops and parking spaces, hotel interior construction completed and certified, and active re-planning for the sale of remaining commercial and office components. All residential units at Regal New Kai Men Tianjin are sold, with ongoing shop sales, but the office market is weak; the Xinjiang project, involving afforestation for land development rights, maintains valid legal interests - Cosmopolitan International Holdings Limited is a listed subsidiary held by Paliburg through P&R[40](index=40&type=chunk) - Phase 3 residential units at Regal International City Chengdu are sold out, with ongoing sales of shops and parking spaces[41](index=41&type=chunk) - Interior construction for the **325-room** hotel at the Chengdu project has been completed, obtaining the completion certificate in January 2024 and the property ownership certificate in January 2025[41](index=41&type=chunk) - Sales progress for the remaining commercial complex and office building at the Chengdu project has been relatively slow, with active re-planning of the sales strategy underway[42](index=42&type=chunk)[43](index=43&type=chunk) - All residential units at Regal New Kai Men Tianjin are sold, with ongoing shop sales, but the overall real estate market in Tianjin, particularly for commercial properties, remains weak[45](index=45&type=chunk) - The Xinjiang project involves afforestation on approximately **4,300 mu** of land to obtain real estate development rights for about **1,843 mu**, with Cosmopolitan Group entitled to participate in bidding and receive compensation for afforestation costs, maintaining valid legal interests[46](index=46&type=chunk) [3.3 Aircraft Ownership and Leasing](index=8&type=section&id=3.3%20Aircraft%20Ownership%20and%20Leasing) The Group divested all remaining investment interests in this business segment in 2024 and may consider reinvesting under suitable circumstances in the future - The Group further divested all its remaining investment interests in the aircraft ownership and leasing business segment in 2024[20](index=20&type=chunk) - The Group may consider reinvesting in this business segment when deemed appropriate[20](index=20&type=chunk) [3.4 Financial Assets and Other Investments](index=16&type=section&id=3.4%20Financial%20Assets%20and%20Other%20Investments) The Group holds a substantial investment portfolio including listed securities, investment funds, private equity, bonds, and treasury products, recording a net gain during the review period - The Group holds a substantial investment portfolio, including listed securities, investment funds, private equity, bonds, and treasury products[47](index=47&type=chunk) - During the review period, the Group recorded a net gain from its financial asset investment business[47](index=47&type=chunk) [IV. Outlook](index=9&type=section&id=IV.%20Outlook) Hong Kong's business outlook remains challenging amidst macroeconomic uncertainties and geopolitical tensions; tourism is recovering, but mainland visitor spending patterns are shifting, prompting the Hong Kong government to actively promote tourism development. Lower HIBOR and potential Fed rate cuts will positively impact Hong Kong's interest rate environment, and the Group will continue its asset divestment plan to reduce debt and strengthen financial resilience - Hong Kong's overall business outlook remains challenging amidst complex macroeconomic conditions and geopolitical tensions[21](index=21&type=chunk) - Total visitor arrivals in Hong Kong's tourism sector are steadily rising, but mainland visitors' spending habits are shifting towards cultural and in-depth experiences, leading to a decrease in per capita expenditure[21](index=21&type=chunk) - The Hong Kong Tourism Board is actively promoting the 'Hong Kong Everywhere' concept and implementing the 'Hong Kong Tourism Development Blueprint 2.0,' with the government also launching nine new tourist attractions[21](index=21&type=chunk) - HIBOR remains at a lower level, and the general expectation of potential Fed rate cuts in the second half of this year could positively impact Hong Kong's interest rate environment[22](index=22&type=chunk) - The Group will continue its asset divestment plan to reduce debt levels and strengthen overall financial resilience[22](index=22&type=chunk) [V. Financial Review](index=17&type=section&id=V.%20Financial%20Review) [5.1 Asset Valuation](index=17&type=section&id=5.1%20Asset%20Valuation) The Group's Hong Kong hotel properties are accounted for at historical cost plus capital appreciation less depreciation in financial statements, not fully reflecting significant market valuation appreciation; for reference, the company provides an adjusted net asset value per share based on market revaluation - The Group's Hong Kong hotel properties are not fully reflected at their significantly appreciated market valuation in the financial statements[48](index=48&type=chunk) Unaudited Adjusted Net Asset Value Attributable to Owners of the Parent (As of June 30, 2025) | Indicator | HKD million | Per Ordinary Share HKD | | :--- | :--- | :--- | | Book Net Asset Value Attributable to Owners of the Parent | 5,807.7 | 6.46 | | Adjustment for Revaluation of the Group's Hong Kong Hotel Property Portfolio to Market Value and Reversal of Related Deferred Tax Liabilities | 9,648.7 | 10.74 | | Unaudited Adjusted Net Asset Value Attributable to Owners of the Parent | 15,456.4 | 17.20 | [5.2 Capital Resources and Funding](index=17&type=section&id=5.2%20Capital%20Resources%20and%20Funding) The Group adopts prudent funding and financial policies, primarily financing Hong Kong and overseas projects through internal funds and bank loans; bank financing is predominantly in HKD, with interest rates determined by HIBOR, and the Group considers using interest rate and exchange rate hedging instruments - The Group adopts prudent funding and financial policies, with cash balances primarily held as bank deposits and invested in treasury and yield-enhancing products[49](index=49&type=chunk) - Hong Kong and overseas projects are partly funded by internal resources, with the remainder provided by bank loans, and repayment periods are determined by projected project completion dates or sales forecasts[50](index=50&type=chunk) - The vast majority of bank financing loans are denominated in HKD, with interest rates primarily determined by HIBOR, and the Group considers using interest rate and exchange rate hedging instruments[50](index=50&type=chunk) [5.3 Cash Flow](index=18&type=section&id=5.3%20Cash%20Flow) Net cash flow from operating activities increased in H1 2025, while net interest expenses decreased Net Cash Flow (For the six months ended June 30, 2025) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 181.6 | 124.3 | | Net Interest Expenses | (373.3) | (449.9) | [5.4 Debt and Gearing Ratio](index=18&type=section&id=5.4%20Debt%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's cash and bank balances decreased, and net debt after deducting cash increased, leading to a higher gearing ratio; the adjusted gearing ratio also slightly increased when hotel properties were revalued at market prices Debt and Gearing Ratio (As of June 30, 2025) | Indicator | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Cash and Bank Balances with Time Deposits | 788.3 | 1,093.8 | | Debt after Deducting Cash and Bank Balances with Time Deposits | 14,701.1 | 14,500.6 | | Gearing Ratio (Based on Book Total Assets) | 60.5% | 58.1% | | Gearing Ratio (Based on Adjusted Total Assets) | 40.1% | 38.6% | [5.5 Lease Liabilities](index=19&type=section&id=5.5%20Lease%20Liabilities) As of June 30, 2025, the Group's lease liabilities amounted to **HKD 9.0 million**, a decrease from the end of 2024 Lease Liabilities (As of June 30, 2025) | Indicator | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Lease Liabilities | 9.0 | 10.6 | [5.6 Pledge of Assets](index=19&type=section&id=5.6%20Pledge%20of%20Assets) As of June 30, 2025, the Group's assets totaling **HKD 19,484.3 million** were pledged to secure bank loans and lease guarantees - As of June 30, 2025, the Group's assets totaling **HKD 19,484.3 million** (including properties under development, property, plant and equipment, investment properties, right-of-use assets, properties held for sale, time deposits, and bank balances) were pledged to secure bank loans and lease guarantees[55](index=55&type=chunk) - A pledged equity interest in a property development project holding company as of December 31, 2024, was released during the period[55](index=55&type=chunk) [5.7 Capital Commitments](index=19&type=section&id=5.7%20Capital%20Commitments) Details of the Group's capital commitments as of June 30, 2025, will be presented in the interim financial statements - Details of the Group's capital commitments as of June 30, 2025, will be presented in the interim financial statements[56](index=56&type=chunk) [5.8 Contingent Liabilities](index=19&type=section&id=5.8%20Contingent%20Liabilities) Details of the Group's contingent liabilities as of June 30, 2025, will be presented in the interim financial statements - Details of the Group's contingent liabilities as of June 30, 2025, will be presented in the interim financial statements[57](index=57&type=chunk) [5.9 Dividends](index=19&type=section&id=5.9%20Dividends) The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025 - The Board resolved not to declare an interim dividend for the financial year ending December 31, 2025 (2024: nil)[58](index=58&type=chunk) [VI. Interim Financial Statements](index=20&type=section&id=VI.%20Interim%20Financial%20Statements) [6.1 Condensed Consolidated Income Statement](index=20&type=section&id=6.1%20Condensed%20Consolidated%20Income%20Statement) The Group achieved revenue growth and stable gross profit in H1 2025, turning operating business from loss to profit, but still recorded a loss, albeit significantly narrowed compared to the same period last year Condensed Consolidated Income Statement (For the six months ended June 30, 2025) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Revenue | 905.6 | 863.4 | | Gross Profit | 311.9 | 311.0 | | Fair Value Gains/(Losses) on Financial Assets at Fair Value Through Profit or Loss (Net) | 6.6 | (932.6) | | Operating Profit/(Loss) before Depreciation | 85.4 | (734.8) | | Operating Loss | (212.0) | (1,037.0) | | Finance Costs | (410.5) | (511.8) | | Loss Before Tax | (716.5) | (1,666.8) | | Loss Attributable to Owners of the Parent | (677.6) | (1,599.2) | [6.2 Condensed Consolidated Statement of Comprehensive Income](index=22&type=section&id=6.2%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive loss significantly narrowed in H1 2025, primarily due to a reduction in loss for the period, despite fluctuations in other comprehensive income/loss items Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Loss for the Period | (732.1) | (1,665.0) | | Fair Value Changes on Cash Flow Hedges | (50.1) | 10.5 | | Exchange Differences on Translation of Foreign Operations | 53.2 | (19.8) | | Total Comprehensive Loss for the Period | (708.9) | (1,695.9) | | Attributable to Owners of the Parent | (642.5) | (1,631.7) | [6.3 Condensed Consolidated Statement of Financial Position](index=23&type=section&id=6.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current and current assets both decreased, and net current liabilities increased, resulting in a reduction in net assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total Non-Current Assets | 21,861.9 | 22,507.6 | | Total Current Assets | 2,419.4 | 2,466.1 | | Total Current Liabilities | (5,545.1) | (5,468.7) | | Net Current Liabilities | (3,125.7) | (3,002.6) | | Net Assets | 7,523.4 | 8,214.9 | | Equity Attributable to Owners of the Parent | 5,807.7 | 6,432.8 | [VII. Notes to Condensed Consolidated Financial Statements](index=25&type=section&id=VII.%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [7.1 Accounting Policies and Basis of Preparation](index=25&type=section&id=7.1%20Accounting%20Policies%20and%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and incorporate newly adopted revised HKFRSs, with amendments to HKAS 21 having no impact on the Group; the Group prepares financial statements on a going concern basis, believing it has sufficient working capital for the next 12 months - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants[66](index=66&type=chunk) - The initial adoption of the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability' had no impact on the condensed consolidated financial statements[67](index=67&type=chunk) - The Group prepares its financial statements on a going concern basis, believing it has sufficient working capital to support its operations for the next 12 months, considering factors such as cash flows, contracted property sales, non-core asset disposal plans, and bank loan refinancing[69](index=69&type=chunk)[71](index=71&type=chunk) [7.2 Segment Information](index=26&type=section&id=7.2%20Segment%20Information) The Group's business is divided into six segments: hotel operation and management and hotel ownership, asset management, property development and investment, financial asset investment, aircraft ownership and leasing, and others; management independently monitors each segment's performance, with inter-segment sales conducted at market prices - The Group's business is divided into six segments: hotel operation and management and hotel ownership, asset management, property development and investment, financial asset investment, aircraft ownership and leasing, and others[71](index=71&type=chunk) - Management independently monitors the performance of each business segment to make decisions on resource allocation and performance assessment[69](index=69&type=chunk) Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | 2025 Revenue (HKD million) | 2024 Revenue (HKD million) | 2025 Segment Operating Results (HKD million) | 2024 Segment Operating Results (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Hotel Operation and Management and Hotel Ownership | 850.0 | 814.8 | (59.1) | (60.4) | | Asset Management | 46.3 | 46.7 | (6.6) | (6.5) | | Property Development and Investment | 12.7 | 10.2 | (124.4) | (85.4) | | Financial Asset Investment | (0.5) | 1.3 | 4.7 | (928.8) | | Aircraft Ownership and Leasing | – | 11.8 | – | 76.0 | | Others | 134.9 | 113.7 | 0.1 | 0.7 | | Elimination | (137.8) | (135.1) | – | – | | **Total** | **905.6** | **863.4** | **(185.3)** | **(1,004.4)** | [7.3 Analysis of Revenue, Other Income and Gains (Net)](index=28&type=section&id=7.3%20Analysis%20of%20Revenue%2C%20Other%20Income%20and%20Gains%20%28Net%29) The Group's revenue primarily stems from hotel operation and management services, with a significant increase in construction and related business revenue; net other income and gains mainly comprise bank and other interest income, and unlisted investment dividend income, but recorded a loss from the disposal of unlisted investments Revenue Sources (For the six months ended June 30, 2025) | Revenue Source | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Hotel Operation and Management Services | 819.8 | 782.3 | | Construction and Construction-Related Business Revenue | 11.0 | – | | Other Businesses | 36.0 | 28.9 | | Hotel Property Rental Income | 20.5 | 21.1 | | Investment Property Rental Income | 17.4 | 16.6 | | Aircraft Rental Income | – | 11.8 | | **Total Revenue** | **905.6** | **863.4** | Other Income and Gains (Net) (For the six months ended June 30, 2025) | Source | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Bank Interest Income | 5.2 | 9.6 | | Other Interest Income | 28.9 | 69.3 | | Dividend Income from Unlisted Investments | 4.7 | 8.5 | | Loss on Disposal of Unlisted Investments | (5.5) | – | | Gain on Disposal of Property, Plant and Equipment | – | 69.2 | | **Total** | **33.8** | **157.6** | [7.4 Analysis of Depreciation](index=29&type=section&id=7.4%20Analysis%20of%20Depreciation) The Group's total depreciation for H1 2025 amounted to **HKD 297.4 million**, primarily from property, plant and equipment, and right-of-use assets Depreciation Analysis (For the six months ended June 30, 2025) | Category | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 158.2 | 161.6 | | Depreciation of Right-of-Use Assets | 139.2 | 140.6 | | **Total Depreciation** | **297.4** | **302.2** | [7.5 Finance Costs](index=30&type=section&id=7.5%20Finance%20Costs) The Group's total finance costs for H1 2025 amounted to **HKD 410.5 million**, a decrease from the same period last year, primarily due to reduced interest on bank loans Finance Costs (For the six months ended June 30, 2025) | Category | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Interest on Bank Loans | 386.2 | 493.2 | | Amortization of Debt Establishment Costs | 20.1 | 20.7 | | Fair Value Changes on Derivative Financial Instruments | 2.9 | (3.9) | | **Total Finance Costs** | **410.5** | **511.8** | [7.6 Income Tax Expense/(Credit)](index=30&type=section&id=7.6%20Income%20Tax%20Expense%2F%28Credit%29) The Group's income tax expense for H1 2025 was **HKD 15.6 million**, compared to a credit in the same period last year; Hong Kong profits tax is calculated at **16.5%**, and overseas subsidiaries are taxed at local rates Income Tax Expense/(Credit) (For the six months ended June 30, 2025) | Category | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Current - Hong Kong | 12.5 | 8.5 | | Current - Overseas | – | 1.2 | | Deferred Tax | 3.1 | (11.5) | | **Total Tax Expense/(Credit)** | **15.6** | **(1.8)** | - Hong Kong profits tax is calculated at the applicable rate of **16.5%**[76](index=76&type=chunk) - Tax credit from a joint venture was **HKD 1.9 million** (2024: tax expense of **HKD 46.8 million**)[76](index=76&type=chunk) [7.7 Dividends](index=31&type=section&id=7.7%20Dividends) No dividends were paid or declared by the Group for the six months ended June 30, 2025 - No dividends were paid or declared by the Group for the six months ended June 30, 2025 (2024: nil)[77](index=77&type=chunk) [7.8 Basic Loss Per Share](index=31&type=section&id=7.8%20Basic%20Loss%20Per%20Share) The Group's basic loss per ordinary share for H1 2025 was **HKD (0.82)**, a significant reduction from the same period last year, with no dilution adjustment made due to the absence of potentially dilutive ordinary shares Basic Loss Per Ordinary Share (For the six months ended June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Parent (HKD million) | (677.6) | (1,599.2) | | Accrued Distribution on Perpetual Securities (HKD million) | 56.9 | 57.2 | | Weighted Average Number of Ordinary Shares in Issue (Shares) | 898,800,000 | 898,800,000 | | **Basic Loss Per Ordinary Share** | **HKD (0.82)** | **HKD (1.84)** | - No diluted adjustment was made to the basic loss per ordinary share due to the absence of issued ordinary shares that could potentially have a dilutive effect[77](index=77&type=chunk) [7.9 Trade and Other Receivables, Deposits and Prepayments](index=32&type=section&id=7.9%20Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, the Group's net trade and other receivables from customers amounted to **HKD 109.9 million**, with most balances within three months; the Group maintains strict control over outstanding amounts, with no excessive concentration of credit risk Ageing Analysis of Trade and Other Receivables from Customers (As of June 30, 2025) | Ageing | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Within 3 months | 92.7 | 88.3 | | 4 to 6 months | 7.1 | 6.5 | | 7 to 12 months | 7.0 | 7.6 | | Over 1 year | 12.0 | 15.5 | | **Total** | **118.8** | **117.9** | | Impairment | (8.9) | (12.0) | | **Net** | **109.9** | **105.9** | - Credit terms for trade and other receivables from customers are generally **30 to 90 days**[78](index=78&type=chunk) - The Group maintains strict control over outstanding amounts, with no excessive concentration of credit risk[79](index=79&type=chunk) [7.10 Trade and Other Payables, Deposits Received and Accruals](index=33&type=section&id=7.10%20Trade%20and%20Other%20Payables%2C%20Deposits%20Received%20and%20Accruals) As of June 30, 2025, the Group's trade and other payables to debtors amounted to **HKD 38.7 million**, a significant decrease from the end of 2024, primarily concentrated within three months Ageing Analysis of Trade and Other Payables to Debtors (As of June 30, 2025) | Ageing | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Within 3 months | 35.4 | 68.6 | | 4 to 6 months | 1.2 | 3.2 | | 7 to 12 months | 1.9 | – | | Over 1 year | 0.2 | 0.4 | | **Total** | **38.7** | **72.2** | - Trade and other payables to debtors are non-interest bearing, with repayment terms generally within **90 days**[80](index=80&type=chunk) [7.11 Events After Reporting Period](index=33&type=section&id=7.11%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, on July 29, 2025, the Group entered into an agreement to dispose of its entire equity interest in Waterman House Investments Limited, involving a property in London, for a purchase price of **GBP 19.5 million** - On July 29, 2025, the Group entered into an agreement to dispose of its entire equity interest in Waterman House Investments Limited, involving a property at 41 Kingsway, London, for a purchase price of **GBP 19.5 million** (approximately **HKD 204.1 million**)[81](index=81&type=chunk) - This transaction is subject to the passing of relevant resolutions by shareholders of the ultimate listed parent company, Century City International Holdings Limited[81](index=81&type=chunk) [VIII. Other Information](index=33&type=section&id=VIII.%20Other%20Information) [8.1 Repurchase, Sale or Redemption of Listed Securities](index=33&type=section&id=8.1%20Repurchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[82](index=82&type=chunk) [8.2 Review of Interim Results](index=33&type=section&id=8.2%20Review%20of%20Interim%20Results) The Group's condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by external auditor Ernst & Young; the Audit Committee has reviewed the financial statements with the auditor - The Group's condensed consolidated financial statements are unaudited but have been reviewed by external auditor Ernst & Young[83](index=83&type=chunk) - The Audit Committee has reviewed the financial statements with the external auditor, including the accounting principles and practices adopted[84](index=84&type=chunk) [8.3 Corporate Governance](index=34&type=section&id=8.3%20Corporate%20Governance) The Group complied with the Corporate Governance Code in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited during the review period, except for the non-segregation of roles between Chairman and Chief Executive Officer, held by one individual - The Group complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited[85](index=85&type=chunk) - The roles of Chairman and Chief Executive Officer are not segregated, with Mr. Lo Yuk Sui holding both positions[85](index=85&type=chunk)[86](index=86&type=chunk) [8.4 Board of Directors](index=34&type=section&id=8.4%20Board%20of%20Directors) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Lo Yuk Sui serving as Chairman and Chief Executive Officer - The Board of Directors includes executive directors such as Mr. Lo Yuk Sui (Chairman and Chief Executive Officer) and Ms. Lo Po Man (Vice Chairman and Managing Director), non-executive directors such as Dr. Choi Chee Ming (Vice Chairman), and independent non-executive directors such as Ms. Ng Wing Mui[86](index=86&type=chunk)[87](index=87&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。 (股份代號：120) 二零二五年中期業績公佈 | 財務及業務摘要 | | | | | --- | --- | --- | --- | | | 截至二零二五年 | 截至二零二四年 | | | 六月三十日止六個月 | | 六月三十日止六個月 | %轉變 | | | (未經審核) | (未經審核) | | | | 港幣百萬元 | 港幣百萬元 | | | 收入 | 16.0 | 314.3 | -94.9% | | 毛利 | 2.3 | 1.4 | +64.3% | | 減除折舊、融資成本及 | | | | | 稅項前之經營業務虧損 | (20.9) | (35.4) | -41.0% | | 母公司股份持有人 | | | | | 應佔虧損 | (56.5) | (169.0) | -66.6% | | 母公司股份持有人應佔 | | | | | 每股股份(包括普通股及 | | | | | 可換股優先股)基本虧損 ...