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 ...

截 至2025年6月30日止六個月中期業績公告 | 財務摘要 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 截 | | 至6月30日止六個月 | | | | | | | | | | | | | | | | 2025年 | | | 2024年 | | | | | | | | | | | | | （未 | 經 審 | 核） | （未 經 | 審 | 核） | | 收 益 | （人 | 民 | 幣 | 千 | 元） | | | | | | 23,940 | | | 55,949 | | | 毛 利 | （人 | 民 | 幣 | 千 | 元） | | | | | | 2,404 | | | 6,298 | | | 毛利率 | | (%) | | | | | | | | | 10.0 | | | 11.3 | | | 期內虧損淨額 | | | | | （人 | 民 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不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。 Transcenta Holding Limited 創勝集團醫藥有限公司 （以存續方式於開曼群島註冊的有限公司） （股份代號：6628） (1) 截至2025年6月30日止六個月的中期業績公告；及 (2) 變更所得款項用途 創勝集團醫藥有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期間」）的未經 審核綜合業績，及與2024年同期經營業績的比較。該等業績乃基於報告期間的未 經審核綜合中期財務報表，而有關報表乃根據國際財務報告準則會計準則（「國際 財務報告準則」）而編製並已由本公司審計委員會（「審計委員會」）及本公司核數師 德勤•關黃陳方會計師行審閱。 於本公告內，「我們」及「我們的」指本公司（定義見上文）及倘文義另有所指，則 指本集團（定義見上文）。本公告所載若干金額及百分比數字已經約整，或約整至 小數點後一位 ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) This chapter outlines the company's board composition, committee structures, and key registration details [Directors and Committees](index=4&type=section&id=Directors%20and%20Committees) This section lists the board members and key committee compositions of Shenghui Cleanness Group Holdings Limited - The company's Board of Directors consists of three executive directors (Mr Li Chenghua, Mr Wei Dongjin, Mr Chen Liming) and three independent non-executive directors (Ms Zhang Baowen, Ms Qiu Yanhong, Dr Wang Hui)[3](index=3&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - The company has established an Audit Committee (chaired by Dr Wang Hui), a Remuneration Committee (chaired by Ms Zhang Baowen), a Nomination Committee (chaired by Ms Qiu Yanhong), and an Investment Committee (chaired by Dr Wang Hui) to enhance corporate governance[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) [Company Contact and Registration Details](index=5&type=section&id=Company%20Contact%20and%20Registration%20Details) This section provides the company's registered office, business locations, and other essential contact information - The company is registered in the Cayman Islands, with its headquarters and principal place of business in the PRC located in Panyu District, Guangzhou, and its principal place of business in Hong Kong located in Wan Chai[9](index=9&type=chunk)[10](index=10&type=chunk) Company Basic Information | Information Type | Details | | :--- | :--- | | Company Name | Shenghui Cleanness Group Holdings Limited | | Stock Code | 2521 | | Place of Registration | Cayman Islands | | Headquarters & Principal Place of Business in the PRC | 3/F, Office Building, 36 Xinguang Road, Xinzhen Town, Panyu District, Guangzhou | | Principal Place of Business in Hong Kong | 15/F, MassMutual Tower, 38 Gloucester Road, Wan Chai, Hong Kong | | Principal Bankers | Industrial and Commercial Bank of China Limited (Guangzhou Huanan Branch) | | Company Website | www.gzshqj.com | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details business performance, financial status, and future outlook for the six months ended June 30, 2025 [Business Review](index=7&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Group's revenue grew, and gross profit margin improved significantly - The Group is principally engaged in the provision of cleaning and maintenance services in Guangdong Province, China[13](index=13&type=chunk)[16](index=16&type=chunk) Business Performance for H1 2025 | Metric | Six months ended June 30, 2025 (RMB Million) | Six months ended June 30, 2024 (RMB Million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 358.8 | N/A | N/A | | Net Profit | 7.9 | N/A | N/A | | Gross Profit | 60.2 | 32.0 | +88.1% | | Gross Profit Margin | 16.8% | 9.8% | +7.0 p.p. | [Outlook](index=7&type=section&id=Outlook) The Group plans to expand its business in existing and new markets through organic growth and potential acquisitions - The Group plans to replicate its business model in other regions of China with high demand for property cleaning services[15](index=15&type=chunk)[17](index=17&type=chunk) - The Group will explore expanding its customer base and geographical coverage through acquisitions and/or investments in cleaning and maintenance service providers in the Greater Bay Area, and bid for large-scale infrastructure cleaning service projects[15](index=15&type=chunk)[17](index=17&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) Revenue grew due to more projects, but net profit declined due to fair value losses on financial assets Key Financial Indicators for H1 2025 | Metric | Six months ended June 30, 2025 (RMB Million) | Six months ended June 30, 2024 (RMB Million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 358.8 | 325.8 | +10.1% | | Cost of services | 298.6 | 293.7 | +1.7% | | Gross profit | 60.2 | 32.0 | +88.1% | | Gross profit margin | 16.78% | 9.8% | +6.98 p.p. | | Other income, net | 2.6 | 1.2 | +116.7% | | Selling and marketing expenses | 4.3 | 3.5 | +22.9% | | General and administrative expenses | 21.6 | 18.3 | +18.0% | | Finance expenses, net | 0.01 | (0.183) | From expense to income | | Income tax expenses | 4.0 | 1.1 | +263.6% | | Net profit | 7.9 | 10.2 | -22.6% | | Net profit margin | 2.2% | 3.1% | -0.9 p.p. | - The decrease in net profit was primarily due to the recognition of a fair value loss on financial assets at fair value through profit or loss, partially offset by an increase in revenue[35](index=35&type=chunk)[37](index=37&type=chunk) [Revenue](index=8&type=section&id=Revenue) Total revenue for the six months ended June 30, 2025, was RMB 358.8 million, a year-on-year increase of 10.1% - Revenue was primarily derived from property cleaning services (95.8%) and public space cleaning services (4.2%)[18](index=18&type=chunk)[22](index=22&type=chunk) - The **10.1% year-on-year increase in revenue** was mainly driven by an increase in the number of property cleaning service projects[19](index=19&type=chunk)[22](index=22&type=chunk) [Cost of services](index=8&type=section&id=Cost%20of%20services) Cost of services for the six months ended June 30, 2025, increased by 1.7% year-on-year to RMB 298.6 million - The cost of services increased by **1.7% year-on-year to RMB 298.6 million**[20](index=20&type=chunk)[23](index=23&type=chunk) - The increase was mainly due to higher employee benefit expenses and subcontracting labor costs to meet the manpower demand from an increased number of projects[20](index=20&type=chunk)[23](index=23&type=chunk) [Gross profit and gross profit margin](index=8&type=section&id=Gross%20profit%20and%20gross%20profit%20margin) Gross profit for the six months ended June 30, 2025, grew significantly by 88.1% to RMB 60.2 million - **Gross profit increased by 88.1%** year-on-year to RMB 60.2 million[21](index=21&type=chunk)[24](index=24&type=chunk) - **Gross profit margin improved from 9.8% to 16.78%**, primarily due to the increase in revenue[21](index=21&type=chunk)[24](index=24&type=chunk) [Other income, net](index=9&type=section&id=Other%20income%2C%20net) Net other income for the six months ended June 30, 2025, increased by 116.7% year-on-year to RMB 2.6 million - **Net other income increased by 116.7%** year-on-year to RMB 2.6 million[25](index=25&type=chunk)[30](index=30&type=chunk) - The growth was mainly driven by an increase in rental income[25](index=25&type=chunk)[30](index=30&type=chunk) [Selling and marketing expenses](index=9&type=section&id=Selling%20and%20marketing%20expenses) Selling and marketing expenses for the six months ended June 30, 2025, rose by 22.9% year-on-year to RMB 4.3 million - **Selling and marketing expenses increased by 22.9%** year-on-year to RMB 4.3 million[26](index=26&type=chunk)[31](index=31&type=chunk) - The increase was in line with higher marketing and entertainment expenses and bidding expenses related to business expansion[26](index=26&type=chunk)[31](index=31&type=chunk) [General and administrative expenses](index=9&type=section&id=General%20and%20administrative%20expenses) General and administrative expenses for the six months ended June 30, 2025, grew by 18.0% year-on-year to RMB 21.6 million - **General and administrative expenses increased by 18.0%** year-on-year to RMB 21.6 million[27](index=27&type=chunk)[32](index=32&type=chunk) - The growth was primarily due to increased staff costs and office expenses[27](index=27&type=chunk)[32](index=32&type=chunk) [Finance expenses, net](index=9&type=section&id=Finance%20expenses%2C%20net) Net finance expenses for the six months ended June 30, 2025, shifted from an expense to net income - Net finance expenses shifted from a net expense of RMB 183,000 in the prior-year period to **net income of RMB 10,000**[28](index=28&type=chunk)[33](index=33&type=chunk) - The change was mainly due to an increase in interest income[28](index=28&type=chunk)[33](index=33&type=chunk) [Income tax expenses](index=9&type=section&id=Income%20tax%20expenses) Income tax expenses for the six months ended June 30, 2025, increased by 263.6% year-on-year to RMB 4.0 million - **Income tax expenses increased by 263.6%** year-on-year to RMB 4.0 million[29](index=29&type=chunk)[34](index=34&type=chunk) - The increase was mainly due to higher assessable profits[29](index=29&type=chunk)[34](index=34&type=chunk) [Net profit and net profit margin](index=10&type=section&id=Net%20profit%20and%20net%20profit%20margin) Net profit for the six months ended June 30, 2025, decreased by 22.6% year-on-year to RMB 7.9 million - **Net profit decreased by 22.6%** year-on-year to RMB 7.9 million[35](index=35&type=chunk)[37](index=37&type=chunk) - **Net profit margin decreased from 3.1% to 2.2%**[35](index=35&type=chunk)[37](index=37&type=chunk) - The decrease in net profit was primarily due to the recognition of a fair value loss on financial assets at fair value through profit or loss, partially offset by an increase in revenue[35](index=35&type=chunk)[37](index=37&type=chunk) [Capital structure](index=10&type=section&id=Capital%20structure) The Group successfully raised approximately HKD 47.60 million in net proceeds from a placement of new shares - The Group successfully placed **193,755,000 new shares** at a price of HKD 0.250 per share on June 16, 2025[36](index=36&type=chunk)[38](index=38&type=chunk) - The **net proceeds from the placement were approximately HKD 47.60 million**[36](index=36&type=chunk)[38](index=38&type=chunk) - The proceeds are intended for developing the waste recycling business (50%), investing in or acquiring cleaning and maintenance service providers (10%), and for general working capital (40%)[36](index=36&type=chunk)[38](index=38&type=chunk) - As of the reporting date, 50% of the proceeds remained unutilized and are expected to be fully used by May 19, 2027[36](index=36&type=chunk)[38](index=38&type=chunk) [Liquidity and financial resources](index=11&type=section&id=Liquidity%20and%20financial%20resources) As of June 30, 2025, the Group maintained a healthy liquidity position with improved gearing and net debt-to-equity ratios Overview of Liquidity and Financial Resources | Metric | As of June 30, 2025 (RMB Million) | As of December 31, 2024 (RMB Million) | | :--- | :--- | :--- | | Net assets | 436.6 | 384.9 | | Cash, bank balances and restricted bank deposits | 106.4 | 92.5 | | Total borrowings (lease liabilities and bank borrowings) | 50.0 | 52.0 | | Current ratio (times) | 2.6 | 2.3 | | Gearing ratio (%) | 11.5 | 15.5 | | Net debt-to-equity ratio (%) | Net cash | Net cash | [Capital expenditure and commitments](index=12&type=section&id=Capital%20expenditure%20and%20commitments) Capital expenditure for the six months ended June 30, 2025, was approximately RMB 1.0 million - For the six months ended June 30, 2025, capital expenditure was approximately **RMB 1.0 million** (H1 2024: RMB 4.6 million), mainly for the purchase of property, plant and equipment[43](index=43&type=chunk)[47](index=47&type=chunk) - As of June 30, 2025, there were no capital commitments (December 31, 2024: Nil)[43](index=43&type=chunk)[47](index=47&type=chunk) [Pledge of assets](index=12&type=section&id=Pledge%20of%20assets) As of June 30, 2025, the Group had not pledged any assets as security for financing - As of June 30, 2025, the Group had not pledged any assets (December 31, 2024: Nil) as security for any financing granted to the Group[44](index=44&type=chunk)[48](index=48&type=chunk) [Contingent liabilities](index=12&type=section&id=Contingent%20liabilities) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group did not have any significant contingent liabilities[45](index=45&type=chunk)[49](index=49&type=chunk) [Treasury policies](index=12&type=section&id=Treasury%20policies) The Group adopts a prudent treasury policy to manage its liquidity and funding requirements effectively - The Group adopts a prudent treasury policy[46](index=46&type=chunk)[50](index=50&type=chunk) - Management closely monitors the liquidity position to ensure that the liquidity structure of the Group’s assets, liabilities and commitments can meet its funding requirements[46](index=46&type=chunk)[50](index=50&type=chunk) [Foreign exchange exposure](index=13&type=section&id=Foreign%20exchange%20exposure) The Group's foreign exchange risk is insignificant as most financial assets and liabilities are denominated in RMB - The vast majority of the Group's financial assets and liabilities are denominated in RMB, resulting in insignificant foreign exchange risk[51](index=51&type=chunk)[55](index=55&type=chunk) - The Group currently does not engage in any foreign currency hedging or use any financial instruments for hedging purposes, but management will monitor exposure and consider hedging if it becomes significant[51](index=51&type=chunk)[55](index=55&type=chunk) - The conversion of RMB into foreign currencies is subject to government-imposed foreign exchange control rules and regulations[52](index=52&type=chunk)[56](index=56&type=chunk) [Interest rate exposure](index=13&type=section&id=Interest%20rate%20exposure) The Group's interest rate risk arises mainly from floating-rate bank deposits and fixed-rate bank borrowings - The Group's interest rate risk primarily arises from cash flow interest rate risk related to floating-rate restricted bank deposits and bank balances, as well as fixed-rate bank borrowings[53](index=53&type=chunk)[57](index=57&type=chunk) - Management monitors interest rate risk and will consider hedging significant exposure when necessary[53](index=53&type=chunk)[57](index=57&type=chunk) [Use of proceeds from the global offering](index=13&type=section&id=Use%20of%20proceeds%20from%20the%20global%20offering) As of June 30, 2025, HKD 49.8 million of the net proceeds from the 2023 global offering remained unutilized - The net proceeds from the 2023 global offering (after deducting underwriting fees, commissions, and other listing expenses) were approximately **HKD 73.5 million**[54](index=54&type=chunk)[58](index=58&type=chunk) Use and Allocation of Proceeds from the Global Offering | Intended Use | Planned Allocation (HKD Million) | Amount Utilized as of June 30, 2025 (HKD Million) | Unutilized Amount as of June 30, 2025 (HKD Million) | Expected Full Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | | Establishing new branch offices | 36.0 | – | 36.0 | December 2026 | | Acquiring or investing in cleaning and maintenance service providers | 15.7 | 15.7 | – | December 2026 | | Strengthening public space cleaning service capabilities | 14.3 | 5.8 | 8.5 | December 2026 | | Adopting technological reforms and upgrading IT systems | 5.6 | 1.3 | 4.3 | December 2026 | | Expanding the 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=15&type=section&id=Significant%20investments%20held%20and%20material%20acquisitions%20and%20disposals) The Group completed acquisitions of two Hong Kong property management companies and increased its stake in BTI - On April 28, 2025, the company agreed to acquire 100% of the issued share capital of Fook Yu Property Management Limited and Fook Wai Property Management Limited for **HKD 15 million** (approximately RMB 13.7 million), which was completed on June 30, 2025[61](index=61&type=chunk)[65](index=65&type=chunk) - The target companies are principally engaged in providing property management services in Hong Kong[61](index=61&type=chunk)[65](index=65&type=chunk) - The Group further acquired 4,375,425 shares of Shenzhen BTI Excellence Technology Co, Ltd (BTI) for a consideration of approximately **RMB 15,752,000**[63](index=63&type=chunk)[67](index=67&type=chunk) - As of June 30, 2025, the Group held **25% of the total issued shares of BTI**, and the investment is classified as an interest in an associate[64](index=64&type=chunk)[67](index=67&type=chunk) - BTI is principally engaged in the business of recycling waste materials for packaging material production, and the design, manufacturing, and sale of environmentally friendly biodegradable materials[63](index=63&type=chunk)[67](index=67&type=chunk) [Acquisition of Target Companies](index=15&type=section&id=Acquisition%20of%20Target%20Companies) The Group acquired two Hong Kong property management service providers for HKD 15 million on June 30, 2025 - On April 28, 2025, the Company entered into a sale and purchase agreement to conditionally acquire 100% of the issued share capital of Fook Yu Property Management Limited and Fook Wai Property Management Limited (the "Target Companies") for a consideration of **HKD 15 million** (equivalent to approximately RMB 13.7 million)[61](index=61&type=chunk)[65](index=65&type=chunk) - The acquisition was completed on June 30, 2025, after which the Target Companies became indirect wholly-owned subsidiaries of the Company[61](index=61&type=chunk)[65](index=65&type=chunk) - The Target Companies are principally engaged in the provision of property management services in Hong Kong[61](index=61&type=chunk)[65](index=65&type=chunk) [Acquisition of BTI](index=15&type=section&id=Acquisition%20of%20BTI) The Group increased its shareholding in BTI to 25%, classifying it as an interest in an associate - During the six months ended June 30, 2025, the Group further acquired 4,375,425 shares of Shenzhen BTI Excellence Technology Co, Ltd ("BTI"), a company listed on the National Equities Exchange and Quotations (NEEQ), for a consideration of approximately **RMB 15,752,000**[63](index=63&type=chunk)[67](index=67&type=chunk) - BTI is principally engaged in the business of recycling waste materials for packaging material production, and the design, manufacturing, and sale of biodegradable and environmentally friendly materials[63](index=63&type=chunk)[67](index=67&type=chunk) - As of June 30, 2025, the Group held **25% of the total issued shares of BTI**, and this investment is classified as an interest in an associate[64](index=64&type=chunk)[67](index=67&type=chunk) [Future plans for material investments or capital assets](index=16&type=section&id=Future%20plans%20for%20material%20investments%20or%20capital%20assets) As of June 30, 2025, the Group had no specific plans for other material investments or capital assets - Save as disclosed in the Prospectus and this report, there were no specific plans for material investments or capital assets as of June 30, 2025[68](index=68&type=chunk)[71](index=71&type=chunk) [Human resources](index=16&type=section&id=Human%20resources) Total employee benefit expenses amounted to RMB 186.1 million for the six months ended June 30, 2025 Human Resources Overview | Metric | Six months ended June 30, 2025 (RMB Million) | Six months ended June 30, 2024 (RMB Million) | | :--- | :--- | :--- | | Total employee benefit expenses | 186.1 | 178.0 | | Total number of employees | 8,068 | 7,169 | - Remuneration for each employee is determined based on individual responsibilities, capabilities, skills, experience, performance, and market salary levels[69](index=69&type=chunk)[72](index=72&type=chunk) - All employees of the Group participate in China's employee social insurance schemes, and the Group regularly provides or arranges training programs, including environmental protection, quality, occupational safety and health, emergency and rescue, specialized cleaning skills, and management skills training[69](index=69&type=chunk)[72](index=72&type=chunk) - The Company has adopted a share option scheme to provide incentives and rewards to its employees[69](index=69&type=chunk)[72](index=72&type=chunk) [Events after reporting period](index=16&type=section&id=Events%20after%20reporting%20period) No other significant events that could affect the Group have occurred since the end of the reporting period - Save as 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[70](index=70&type=chunk)[73](index=73&type=chunk) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement shows the Group's revenue growth and the impact of fair value losses on profit for the period Unaudited Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Metric | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 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 FVTPL | (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 attributable to owners of the Company | 7,943 | 10,155 | | Basic and diluted earnings per share (RMB cents) | 0.45 | 0.62 | [Unaudited Condensed Consolidated Statement of Financial Position](index=18&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement shows growth in the Group's total assets and equity as of June 30, 2025 Unaudited Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | As of June 30, 2025 (RMB'000) | As of 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 FVTPL | – | 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 payables | 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** | [Unaudited Condensed Consolidated Statements of Changes in Equity](index=20&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) This statement shows that total equity increased due to profit for the period and the placement of new shares 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) | | :--- | :--- | :--- | :--- | | At January 1, 2024 | 14,726 | 284,092 | 298,818 | | Profit for the period (2024) | – | 10,155 | 10,155 | | Balance at June 30, 2024 | 14,726 | 294,247 | 308,973 | | At January 1, 2025 | 15,953 | 368,949 | 384,902 | | Profit for the period (2025) | – | 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 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=21&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement shows a net increase in cash and cash equivalents, driven by financing activities Unaudited Condensed Consolidated Statements of Cash Flows (For the six months ended June 30, 2025) | Metric | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 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 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 | [Notes to the Condensed Consolidated Interim Financial Statements](index=22&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This chapter provides detailed explanations of the company's accounting policies and key financial information [Corporate Information](index=22&type=section&id=Corporate%20Information_Note) This section reiterates the basic information of Shenghui Cleanness Group Holdings Limited - The Company was incorporated in the Cayman Islands on January 4, 2021, and was listed on the Main Board of The Stock Exchange of Hong Kong Limited on December 5, 2023[88](index=88&type=chunk)[90](index=90&type=chunk) - The Group is principally engaged in the provision of cleaning and maintenance services in the PRC[89](index=89&type=chunk)[90](index=90&type=chunk) - The controlling shareholders are Mr Li Chenghua and Mr Chen Liming[89](index=89&type=chunk)[90](index=90&type=chunk) [Principal Accounting Policies](index=23&type=section&id=Principal%20Accounting%20Policies) The financial statements are prepared in accordance with HKAS 34, with consistent accounting policies - The financial statements have been prepared in accordance with Hong Kong Accounting Standard (HKAS) 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (HKICPA)[91](index=91&type=chunk)[94](index=94&type=chunk) - The accounting policies are consistent with those used in the 2024 annual financial statements, except for the adoption of new and revised HKFRSs that are effective for the annual period beginning on January 1, 2025[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - The adoption of all new and revised HKFRSs is not expected to have a material impact on the Group's condensed consolidated interim financial statements[96](index=96&type=chunk)[98](index=98&type=chunk) [Revenue and Segment Information](index=25&type=section&id=Revenue%20and%20Segment%20Information) The Group operates as a single segment providing cleaning and maintenance services in China - The Group is principally engaged in providing cleaning and maintenance services in the PRC, and all revenue is derived from the PRC[100](index=100&type=chunk)[105](index=105&type=chunk)[111](index=111&type=chunk) - Management reviews the operating results of the business as one operating segment to make decisions about resource allocation[100](index=100&type=chunk)[101](index=101&type=chunk) - Revenue is recognised when control of the services is transferred to the customer, either over time or at a point in time[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - No significant contract assets or liabilities were recognised, and there were no significant incremental costs during the period ended June 30, 2025[107](index=107&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Accounting policies for revenue recognition](index=27&type=section&id=Accounting%20policies%20for%20revenue%20recognition) Revenue is recognized when control of services is transferred to the customer for the consideration expected - Revenue is recognised when control of the services is transferred to the customer for an amount that reflects the consideration to which the Group expects to be entitled[115](index=115&type=chunk)[117](index=117&type=chunk) - Control of services may be transferred over time or at a point in time, depending on whether the customer simultaneously receives and consumes all benefits, controls the asset, or if the asset has no alternative use and there is an enforceable right to payment[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - A contract asset is the Group's right to consideration for services transferred to a customer; a contract liability arises when a customer pays consideration or the Group has an unconditional right to receive it[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [Expenses by Nature](index=29&type=section&id=Expenses%20by%20Nature) This section details the breakdown of expenses by nature for the six months ended June 30, 2025 Expenses by Nature (For the six months ended June 30, 2025) | Expense Type | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Employee benefit expenses (including directors' remuneration) | | | | – 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 labour 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 | [Other Income, Net](index=30&type=section&id=Other%20Income%2C%20Net_Note) Net other income for the six months ended June 30, 2025, was RMB 2,560,000, mainly from rental income Other Income, Net (For the six months ended June 30, 2025) | Income Type | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Rental income | 2,532 | 1,324 | | VAT refund | – | 751 | | Donation | – | (900) | | Others | 28 | 32 | | **Total** | **2,560** | **1,207** | - Rental income (including from investment properties and leased shops) is recognised on a straight-line basis over the term of the lease agreement[130](index=130&type=chunk) [Finance Income/(Expenses), Net](index=30&type=section&id=Finance%20Income%2F(Expenses)%2C%20Net) The Group recorded net finance income of RMB 10,000 for the six months ended June 30, 2025 Finance Income/(Expenses), Net (For the six months ended June 30, 2025) | Type | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 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)** | [Income Tax Expenses](index=31&type=section&id=Income%20Tax%20Expenses) Income tax expense for the six months ended June 30, 2025, was RMB 3,968,000, a significant increase Income Tax Expenses (For the six months ended June 30, 2025) | Type | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Current income tax | 2,278 | 1,083 | | Deferred income tax | 1,690 | 30 | | **Total** | **3,968** | **1,113** | - Provision for income tax on the Group's operations in China is calculated at the applicable rate of 25%, except for Guangzhou Shenghui, which qualified as a High and New Technology Enterprise since 2020 and enjoys a preferential income tax rate of 15%, valid until December 28, 2026[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - Guangzhou Shenghui was eligible for super deduction on research and development expenses for the periods ended June 30, 2025 and 2024, with the additional tax deduction rate increased to 100% from the 2023 fiscal year[139](index=139&type=chunk)[142](index=142&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had not recognised deferred income tax assets for tax losses carried forward, as tax losses of group companies in China can only be carried forward for a maximum of five years[140](index=140&type=chunk)[142](index=142&type=chunk) [Dividend](index=32&type=section&id=Dividend) No dividend was paid or declared by the Company during the six months ended June 30, 2025, and the same period in 2024 - No dividend was paid or declared by the Company during the periods ended June 30, 2025 and 2024[141](index=141&type=chunk)[143](index=143&type=chunk) [Earnings Per Share](index=33&type=section&id=Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, was RMB 0.45 cents Earnings Per Share (For the six months ended June 30, 2025) | Metric | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB'000) | 7,943 | 10,155 | | Weighted average number of ordinary shares in issue ('000) | 1,772,037 | 1,625,000 | | Basic earnings per share (RMB cents) | 0.45 | 0.62 | - The calculation of basic earnings per share for 2025 has taken into account the placement of 193,755,000 new shares completed on June 16, 2025[146](index=146&type=chunk)[148](index=148&type=chunk) - Diluted earnings per share is the same as basic earnings per share as there were no potential dilutive ordinary shares outstanding during the periods ended June 30, 2025 and 2024[147](index=147&type=chunk)[148](index=148&type=chunk) [Property, Plant and Equipment](index=34&type=section&id=Property%2C%20Plant%20and%20Equipment) The Group acquired approximately RMB 1,043,000 of property, plant and equipment during the period - During the six months ended June 30, 2025, the Group acquired property, plant and equipment of **RMB 1,043,000** (2024: RMB 4,633,000), mainly comprising plant and machinery[150](index=150&type=chunk)[152](index=152&type=chunk) [Trade and Other Receivables and Prepayments](index=34&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, net trade and other receivables and prepayments amounted to RMB 376,746,000 Trade and Other Receivables and Prepayments (As of June 30, 2025) | Metric | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables | 345,251 | 292,599 | | Less: Provision for impairment | (23,589) | (24,525) | | **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** | Ageing Analysis of Trade Receivables (by invoice date) | Ageing of Trade Receivables (by invoice date) | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 0 – 60 days | 198,670 | 174,987 | | 61 – 180 days | 53,772 | 46,371 | | 181 – 365 days | 42,988 | 32,880 | | Over 1 year | 49,821 | 38,361 | | **Total** | **345,251** | **292,599** | - The carrying amounts of trade and other receivables are all denominated in RMB and approximate their fair values[159](index=159&type=chunk)[160](index=160&type=chunk) [Bank Borrowing](index=35&type=section&id=Bank%20Borrowing) As of June 30, 2025, total bank borrowings amounted to RMB 30,120,000 Bank Borrowing (As of June 30, 2025) | Metric | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Bank loans | 30,120 | 39,714 | [Share Capital](index=36&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital was 1,949,735,000 shares Share Capital Movement (As of June 30, 2025) | Metric | Number of ordinary shares | Par value of shares (HK$) | Equivalent par value of shares (RMB) | | :--- | :--- | :--- | :--- | | Issued and fully paid at January 1, 2025 | 1,755,980,000 | 17,559,800 | 15,952,605 | | Placement of new shares | 193,755,000 | 1,937,550 | 1,768,154 | | Issued and fully paid at June 30, 2025 | 1,949,735,000 | 19,497,350 | 17,720,759 | - On June 16, 2025, the Company placed 193,755,000 new shares at a placing price of HKD 0.250 per share, with net proceeds of approximately **RMB 43,541,000** (approximately HKD 47,600,000)[164](index=164&type=chunk) [Trade and Other Payables](index=37&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to RMB 88,457,000 Trade and Other Payables (As of June 30, 2025) | Metric | As of June 30, 2025 (RMB'000) | As of 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** | Ageing Analysis of Trade Payables (by invoice date) | Ageing of Trade Payables (by invoice date) | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 0 – 60 days | 25,201 | 23,036 | | 61 – 180 days | 4,926 | 3,472 | | 181 – 365 days | 1,539 | 1,089 | | Over 1 year | 2,127 | 1,213 | | **Total** | **33,793** | **28,810** | - The carrying amounts of trade and other payables are denominated in RMB and approximate their fair values[168](index=168&type=chunk) [Interest in Associate](index=38&type=section&id=Interest%20in%20Associate) As of June 30, 2025, the Group's interest in an associate was RMB 91,961,000, primarily its investment in BTI Interest in Associate (As of June 30, 2025) | Metric | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of investment in an associate | 91,518 | – | | Share of post-acquisition results | 443 | – | | **Total** | **91,961** | **–** | - The Group's associate is accounted for using the equity method[173](index=173&type=chunk)[175](index=175&type=chunk) - BTI is principally engaged in the business of recycling waste materials for packaging material production, and the design, manufacturing, and sale of biodegradable and environmentally friendly materials[175](index=175&type=chunk) - As of June 30, 2025, the Group held a **25% beneficial interest in BTI** (December 31, 2024: 19.51%)[175](index=175&type=chunk) - Mr Wei Dongjin, the co-chairman and an executive Director of the Company, is also a director and a substantial shareholder of BTI[175](index=175&type=chunk) [Commitments](index=38&type=section&id=Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, there were no capital commitments (December 31, 2024: Nil)[174](index=174&type=chunk) [Related Party Transactions](index=39&type=section&id=Related%20Party%20Transactions) This section discloses transactions with controlling shareholders, including fund advances and outstanding balances Transactions with Controlling Shareholders (For the six months ended June 30, 2025) | Transaction Type | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Fund advances from controlling shareholders during the year | – | 4,614 | Balances with Controlling Shareholders (As of June 30, 2025) | Balance Type | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Amount due to Mr Li | 21,025 | 21,025 | | Amount due to Mr Chen | 1,125 | 1,125 | - The balances with controlling shareholders are non-trade in nature, unsecured, denominated in RMB, interest-free and repayable on demand[181](index=181&type=chunk) Key Management Compensation (For the six months ended June 30, 2025) | Key Management Compensation | Six months ended June 30, 2025 (RMB'000) | Six months ended June 30, 2024 (RMB'000) | | :--- | :--- | :--- | | Salaries and wages | 1,247 | 1,103 | | Social insurance and housing provident fund contributions | 102 | 226 | | **Total** | **1,349** | **1,329** | [Financial Risk Management](index=41&type=section&id=Financial%20Risk%20Management) This section discloses fair value measurement information for the Group's financial assets and liabilities Fair Value Measurement of Financial Assets (As of June 30, 2025) | Financial Asset | As of June 30, 2025 (RMB'000) | As of December 31, 2024 (RMB'000) | Fair Value Hierarchy | Basis of Fair Value Measurement | Significant Unobservable Inputs | | :--- | :--- | :--- | :--- | :--- | :--- | | Listed shares classified as financial assets at FVTPL | – | 101,160 | Level 1 | Quoted prices available in an active market | Not applicable | [Subsequent Events](index=41&type=section&id=Subsequent%20Events) No significant events requiring adjustment or disclosure have occurred after the reporting period - The Group has had no significant events after the period ended June 30, 2025, that would require adjustment or additional disclosure in these consolidated financial statements[188](index=188&type=chunk)[189](index=189&type=chunk) [Other Information](index=42&type=section&id=Other%20Information) This chapter provides additional information on shareholdings, director details, and corporate governance practices [Directors' and Chief Executives' Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=42&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20the%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, directors held long positions in the Company's shares, primarily through controlled corporations Long positions in the shares of the Company (As of June 30, 2025) | Director Name | Nature of interest | Number of shares held | Percentage of issued share capital | | :--- | :--- | :--- | :--- | | Mr Li Chenghua | Interest in a controlled corporation | 586,543,750 | 30.08% | | Mr Chen Liming | Interest in a controlled corporation | 586,543,750 | 30.08% | - Mr Li Chenghua holds his shares through Rich Cleanness Investment Holdings Limited, which is wholly-owned by him, and Mr Chen Liming holds his shares through Sunrise Cleanness Investment Holdings Limited, which is wholly-owned by him[194](index=194&type=chunk)[196](index=196&type=chunk)[199](index=199&type=chunk) - Mr Li Chenghua and Mr Chen Liming are deemed a group of controlling shareholders, and each is deemed to be interested in 1,173,087,500 shares[194](index=194&type=chunk)[196](index=196&type=chunk) [Long positions in the shares of HK$0.01 each of the Company](index=42&type=section&id=Long%20positions%20in%20the%20shares%20of%20HK$0.01%20each%20of%20the%20Company) Mr Li Chenghua and Mr Chen Liming each held a 30.08% interest in the Company's issued share capital Long positions in the shares of the Company (As of June 30, 2025) | Director Name | Nature of interest | Number of shares held | Percentage of issued share capital | | :--- | :--- | :--- | :--- | | Mr Li Chenghua | Interest in a controlled corporation | 586,543,750 | 30.08% | | Mr Chen Liming | Interest in a controlled corporation | 586,543,750 | 30.08% | - The 586,543,750 shares are held by Rich Cleanness Investment Holdings Limited, which is wholly-owned by Mr Li, who is therefore deemed to be interested in all the shares held by Rich Cleanness under the SFO[194](index=194&type=chunk) - Mr Li and Mr Chen have confirmed they are a group of controlling shareholders of the Company under the Listing Rules, and thus, Mr Li, Rich Cleanness, Mr Chen, and Sunrise Cleanness are each deemed to be interested in 1,173,087,500 shares[194](index=194&type=chunk) [Long positions in the shares of associated corporations](index=44&type=section&id=Long%20positions%20in%20the%20shares%20of%20associated%20corporations) Mr Li Chenghua and Mr Chen Liming each beneficially own 100% of their respective investment holding companies Long positions in the shares of associated corporations (As of June 30, 2025) | Director Name | Name of associated corporation | Nature of interest | Number of shares held | Percentage of interest in the associated corporation | | :--- | :--- | :--- | :--- | | Mr Li | Rich Cleanness | Beneficial owner | 1 | 100% | | Mr Chen | Sunrise Cleanness | Beneficial owner | 1 | 100% | - The Company is 30.08% owned by Rich Cleanness, which is wholly-owned by Mr Li, and 30.08% owned by Sunrise Cleanness, which is wholly-owned by Mr Chen[199](index=199&type=chunk) [Substantial Shareholders' Interests and Short Positions in the Shares and Underlying Shares of the Company](index=45&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20the%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Rich Cleanness and Sunrise Cleanness each held 30.08% of the Company's shares Long positions in the shares of the Company (As of June 30, 2025) | Shareholder Name | Nature of interest | Number of shares held | Percentage of issued share capital | | :--- | :--- | :--- | :--- | | Rich Cleanness | Beneficial owner / Other (Interest of controlling shareholder) | 586,543,750 | 30.08% | | Mr Li | Interest in a controlled corporation / Interest in a controlled corporation | 586,543,750 | 30.08% | | Ms Tang Yongzhen | Interest of spouse | 586,543,750 | 30.08% | | Sunrise Cleanness | Beneficial owner / Other (Interest of controlling shareholder) | 586,543,750 | 30.08% | | Mr Chen | Interest in a controlled corporation / Interest in a controlled corporation | 586,543,750 | 30.08% | - Rich Cleanness is wholly-owned by Mr Li, and Sunrise Cleanness is wholly-owned by Mr Chen[206](index=206&type=chunk) - Mr Li and Mr Chen have confirmed they are a group of controlling shareholders of the Company under the Listing Rules, and thus, Mr Li, Rich Cleanness, Mr Chen, and Sunrise Cleanness are each deemed to be interested in 1,173,087,500 shares[206](index=206&type=chunk) - Ms Tang Yongzhen is the spouse of Mr Li and is deemed to be interested in the shares in which Mr Li has an interest under the SFO[206](index=206&type=chunk) [Long positions in the Shares](index=45&type=section&id=Long%20positions%20in%20the%20Shares_Substantial) Rich Cleanness and Sunrise Cleanness each held 30.08% of the Company's shares as of June 30, 2025 Long positions in the shares of the Company (As of June 30, 2025) | Shareholder Name | Nature of interest | Number of shares held | Percentage of issued share capital | | :--- | :--- | :--- | :--- | | Rich Cleanness | Beneficial owner / Other (Interest of controlling shareholder) | 586,543,750 | 30.08% | | Mr Li | Interest in a controlled corporation / Interest in a controlled corporation | 586,543,750 | 30.08% | | Ms Tang Yongzhen | Interest of spouse | 586,543,750 | 30.08% | | Sunrise Cleanness | Beneficial owner / Other (Interest of controlling shareholder) | 586,543,750 | 30.08% | | Mr Chen | Interest in a controlled corporation / Interest in a controlled corporation | 586,543,750 | 30.08% | - Rich Cleanness is wholly-owned by Mr Li, and Sunrise Cleanness is wholly-owned by Mr Chen[206](index=206&type=chunk) - Mr Li and Mr Chen have confirmed they are a group of controlling shareholders of the Company under the Listing Rules, and thus, Mr Li, Rich Cleanness, Mr Chen, and Sunrise Cleanness are each deemed to be interested in 1,173,087,500 shares[206](index=206&type=chunk) - Ms Tang Yongzhen is the spouse of Mr Li and is deemed to be interested in the shares in which Mr Li has an interest under the SFO[206](index=206&type=chunk) [Disclosure of Information on Directors](index=47&type=section&id=Disclosure%20of%20Information%20on%20Directors) This section provides detailed biographical information for the company's executive and independent non-executive directors - **Mr Li Chenghua (52)**, co-chairman and chief executive officer, is responsible for the Group's overall strategic planning, management, operations, and business development, with over 26 years of experience in the cleaning service industry[207](index=207&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - **Mr Wei Dongjin (47)**, co-chairman, has over 20 years of experience in oil transportation, bio-based agriculture, and agricultural and forestry waste recycling, and is the founder, chairman, general manager, and legal representative of Shenzhen BTI Excellence Technology Co, Ltd (BTI)[212](index=212&type=chunk)[213](index=213&type=chunk) - **Mr Chen Liming (55)**, an executive director, is responsible for providing industry advice, strategic management, and formulating business strategies, with over 24 years of experience in the cleaning service industry and is one of the Group's founders[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - **Dr Wang Hui (46)**, an independent non-executive director, has over 25 years of experience in corporate finance and accounting, project investment and decision-making, and risk management and control, and serves as the chairman of the Audit Committee and Investment Committee[221](index=221&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) - **Ms Zhang Baowen (37)**, an independent non-executive director, is a practicing solicitor in Hong Kong with over 12 years of experience in the legal industry and serves as the chairwoman of the Remuneration Committee[223](index=223&type=chunk)[225](index=225&type=chunk)[228](index=228&type=chunk) - **Ms Qiu Yanhong (38)**, an independent non-executive director, has approximately 13 years of experience in the banking industry, focusing on securities and asset management services, and serves as the chairwoman of the Nomination Committee[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) [Executive Director](index=47&type=section&id=Executive%20Director) This section details the backgrounds of the three executive directors: Li Chenghua, Wei Dongjin, and Chen Liming - **Mr Li Chenghua (52)**, co-chairman and chief executive officer, is responsible for the Group's overall strategic planning, management, operations, and business development, with over 26 years of experience in the cleaning service industry[207](index=207&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - **Mr Wei Dongjin (47)** has over 20 years of experience in oil transportation, bio-based agriculture, and agricultural and forestry waste recycling, and is currently the founder, chairman, general manager, and legal representative of Shenzhen BTI Excellence Technology Co, Ltd (BTI)[212](index=212&type=chunk)[213](index=213&type=chunk) - **Mr Chen Liming (55)**, an executive director, is responsible for providing industry advice, strategic management, and formulating business strategies, with over 24 years of experience in the cleaning service industry and is one of the Group's founders[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) [Independent non-executive Director](index=51&type=section&id=Independent%20non-executive%20Director) This section introduces the backgrounds of the three independent non-executive directors: Dr Wang Hui, Ms Zhang Baowen, and Ms Qiu Yanhong - **Dr Wang Hui (46)**, appointed as an independent non-executive director on July 26, 2024, has over 25 years of experience in corporate finance and accounting, project investment and decision-making, and risk management and control, and serves as the chairman of the Audit Committee and Investment Committee[221](index=221&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) - **Ms Zhang Baowen (37)**, appointed as an independent non-executive director on November 14, 2023, is a practicing solicitor in Hong Kong with over 12 years of experience in the legal industry and serves as the chairwoman of the Remuneration Committee[223](index=223&type=chunk)[225](index=225&type=chunk)[228](index=228&type=chunk) - **Ms Qiu Yanhong (38)**, appointed as an independent non-executive director on November 14, 2023, has approximately 13 years of experience in the banking industry, focusing on securities and asset management services, and serves as the chairwoman of the Nomination Committee[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) [Securities Transactions by Directors](index=53&type=section&id=Securities%20Transactions%20by%20Directors) All directors have confirmed full compliance with the Model Code for securities transactions during the period - The Company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as its code of conduct for securities transactions by Directors and relevant employees of the Group[234](index=234&type=chunk) - Specific enquiry has been made to all Directors who were in office during the six months ended June 30, 2025, and all of them have confirmed that they have fully complied with the Model Code and its code of conduct for securities transactions by Directors during the period[234](index=234&type=chunk) [Corporate Governance](index=54&type=section&id=Corporate%20Governance) The Company has complied with the Corporate Governance Code, except for the combined role of Chairman and CEO - During the six months ended June 30, 2025, the Company has complied with the code provisions set out in Part 2 of the Corporate Governance Code in Appendix C1 to the Listing Rules, with the exception that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual[235](index=235&type=chunk)[236](index=236&type=chunk) - The Directors (including the independent non-executive Directors) consider that Mr Li is the best candidate for both positions and that the current structure is conducive to strong and consistent leadership, enabling the Group to make and implement decisions effectively, thus being in the best overall interests of the Group and the Company's shareholders[235](index=235&type=chunk)[236](index=236&type=chunk) [Share Option Scheme](index=55&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on November 14, 2023, to attract and retain talent - The Company adopted a share option scheme on November 14, 2023, to attract and retain the most qualified personnel, provide additional incentives to employees, directors, consultants, advisors, distributors, contractors, suppliers, agents, and service providers of the Group, and to promote the business success of the Group[237](index=237&type=chunk)[238](index=238&type=chunk) - Participants include directors and employees of the Company or any of its subsidiaries, as well as independent contractors who provide continuous and regular services to the Group[239](index=239&type=chunk) - The exercise price is determined at the sole discretion of the Board and shall not be less than the higher of the closing price of the shares on the daily quotation sheet of the Stock Exchange on the offer date, the average closing price on the five business days immediately preceding the offer date, and the nominal value of the shares on the offer date[240](index=240&type=chunk)[243](index=243&type=chunk) - The total number of shares that may be issued under the share option scheme shall not exceed **10% of the total number of issued shares on the Listing Date** (i.e., a maximum of 162,500,000 shares as of December 31, 2023), and the total number of shares granted to service providers shall not exceed 1% of the total issued shares[241](index=241&type=chunk)[243](index=243&type=chunk) - The vesting period for the options shall be no less than 12 months from the offer date, and the scheme is valid for 10 years from November 14, 2023[244](index=244&type=chunk)[245](index=245&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - As of June 30, 2025, no share options were outstanding, granted, cancelled, exercised, or lapsed[245](index=245&type=chunk)[250](index=250&type=chunk) [Management Contracts](index=57&type=section&id=Management%20Contracts) No management contracts concerning the whole or any substantial part of the business were entered into during the period - During the reporting period, the Company did not enter into or have any contracts concerning the management and administration of the whole or any substantial part of its business[246](index=246&type=chunk)[251](index=251&type=chunk) [Purchase, Sale or Redemption of the Listed Securities of the Company](index=57&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Listed%20Securities%20of%20the%20Company) Neither the Company nor its subsidiaries purchased, 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 purchased, sold, or redeemed any of the Company's listed securities (including the sale of the Company's treasury shares)[247](index=247&type=chunk)[252](index=252&type=chunk) [Audit Committee](index=58&type=section&id=Audit%20Committee) The Audit Committee has reviewed the unaudited condensed financial results for the six months ended June 30, 2025 - The Audit Committee has reviewed the Group's unaudited condensed financial results for the six months ended June 30, 2025[253](index=253&type=chunk)[254](index=254&type=chunk) - The Audit Committee has discussed with the Company's management the accounting principles and practices adopted by the Group (including a review of the Company's unaudited condensed consolidated financial statements and interim report for the six months ended June 30, 2025), and the Audit Committee had no objections[253](index=253&type=chunk)[254](index=254&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，概不對因本公佈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。 ESPRIT HOLDINGS LIMITED （於百慕達註冊成立之有限公司） 股份代號：00330 截至二零二五年六月三十日止六個月之中期業績公佈 中期業績 3 思捷環球控股有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司 （「本集團」）截至二零二五年六月三十日止六個月（「本期間」）之未經審核簡明綜合 中期財務資料連同經挑選的附註如下： 1 簡明綜合中期財務資料 簡明綜合損益表 | | | 未經審核 | 未經審核 | | --- | --- | --- | --- | | | | 截至 | 截至 | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | 附註 | 止六個月 | 止六個月 | | | | | （經重列） | | | | 千港元 | 千港元 | | 持續經營業務 | | | | | 收入 | 2 | 6,595 | 26,070 | ...