智慧 燃展未來 公司資料 2025 中期報告 （股份代號：3） 董事會 非執行董事 李家傑（主席） 李家誠（主席） 林高演 馮孝忠 獨立非執行董事 李國寶 潘宗光 鄭慕智 黃慧群 執行董事 黃維義（常務董事） 楊磊明（首席財務總裁） 陳英龍（首席投資總裁） 公司秘書 黃麗堅 審核及風險委員會 李國寶（主席） 潘宗光 鄭慕智 黃慧群 薪酬委員會 李國寶（主席） 李家傑 李家誠 潘宗光 鄭慕智 黃慧群 提名委員會 李家傑（主席） 李家誠（主席） 李國寶 潘宗光 鄭慕智 黃慧群 環境、社會及管治委員會 黃維義（主席） 鄭慕智 黃慧群 楊磊明 註冊辦事處 香港北角 渣華道363 號23 樓 公司網址 www.towngas.com 股份登記處 香港中央證券登記有限公司 香港灣仔皇后大道東183 號 合和中心17 樓1712-1716 舖 電話號碼： 2862 8555 傳真號碼： 2865 0990 核數師 羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師 香港中環 太子大廈22 樓 投資者關係 集團投資者關係部 電話號碼： 2963 2739 傳真號碼： 2911 9005 電郵地址： invrelati ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section details the company's governance structure, including board and committee compositions, and provides essential contact and financial information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This chapter outlines the composition of the company's Board of Directors and its committees (Audit, Remuneration, Nomination), along with changes in director appointments - Ms. Ding Shuchun was appointed CEO on January 18, 2025, while Mr. Yang Guang resigned on the same day[4](index=4&type=chunk) - Ms. Xu Jianying resigned as Executive Director and ceased to be a member of the Remuneration Committee on June 17, 2025[4](index=4&type=chunk)[5](index=5&type=chunk) - Mr. Zhong Chuangxin chairs the Audit Committee, Mr. Liang Xinjun chairs the Remuneration Committee, and Mr. Shi Zhong'an chairs the Nomination Committee[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Contact and Financial Details](index=3&type=section&id=Company%20Contact%20and%20Financial%20Details) This section provides essential contact and financial information, including the company's registered office, headquarters, stock code, website, and auditors - The company's stock code is **2271**, and its website is www.zazhsh.com[9](index=9&type=chunk)[10](index=10&type=chunk) - Key relationship banks include Bank of China (Hong Kong) Limited, Xiaoshan Rural Commercial Bank, and Agricultural Bank of China[10](index=10&type=chunk)[11](index=11&type=chunk) - The auditor is Ernst & Young, a registered public interest entity auditor[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report to ensure clarity and consistent understanding [Key Terms and Abbreviations](index=5&type=section&id=Key%20Terms%20and%20Abbreviations) This section defines key terms and abbreviations used in the report, such as "2024 Interim Period," "the Company," "the Group," "Listing Date," and "RMB," for clear understanding - "2024 Interim Period" refers to the six months ended June 30, 2024[13](index=13&type=chunk) - "The Company" refers to Zhong An Smart Living Services Limited, incorporated in the Cayman Islands on November 16, 2020, with shares listed on the Main Board of the Stock Exchange (Stock Code: 2271)[13](index=13&type=chunk) - "Reporting Period" refers to the six months ended June 30, 2025[15](index=15&type=chunk) [Management Discussion And Analysis](index=7&type=section&id=Management%20Discussion%20And%20Analysis) This section provides an overview of the Group's operational performance, strategic outlook, and detailed financial review for the reporting period [Business Review](index=7&type=section&id=Business%20Review) The Group, a comprehensive property management service provider established in 1998, has grown into a regional leader in Zhejiang Province and the Yangtze River Delta, managing approximately **20.69 million square meters** as of June 30, 2025, with significant progress in service upgrades, business innovation, and cost optimization - The Group has been listed among China's Top 100 Property Service Enterprises since 2016, rising from **82nd in 2016 to 36th in 2025**[19](index=19&type=chunk)[22](index=22&type=chunk) - As of June 30, 2025, the Group had **146 contracted projects**, covering approximately **22.39 million square meters** across **22 cities and eight provinces** in China[21](index=21&type=chunk)[23](index=23&type=chunk) - As of June 30, 2025, the Group managed **138 projects**, covering approximately **20.69 million square meters** across **22 cities and seven provinces** in China[21](index=21&type=chunk)[23](index=23&type=chunk) - In 2025, the Group successfully bid for the Deqing Moganshan General Airport property service project, extending non-residential services to the aviation hub sector[27](index=27&type=chunk)[28](index=28&type=chunk) - The information platform achieved an overall coverage rate of approximately **85%**, with usage rates of **100%** for billing, approximately **94.6%** for inspection, and approximately **92.3%** for work order modules, significantly enhancing management efficiency[31](index=31&type=chunk)[33](index=33&type=chunk) [Future Outlook](index=10&type=section&id=Future%20Outlook) The Group will adhere to its core philosophy of "service creates value," focusing on "returning to service essence and reshaping the quality-price matching system" through strategic expansion, quality enhancement, technological empowerment, and social responsibility to drive sustainable development and build a leading smart living service brand - The Group will continue to deepen its strategic layout in the Yangtze River Delta region, enhancing service density and quality across its three core business segments: residential, commercial office, and public buildings[36](index=36&type=chunk)[38](index=38&type=chunk) - Actively promote the implementation of services in non-residential sectors such as transportation hubs, industrial parks, and commercial complexes to enhance the resilience and revenue diversification of the business portfolio[36](index=36&type=chunk)[38](index=38&type=chunk) - Fully implement the "Service Quality Leap Plan" to enhance service quality across three dimensions: demand response, service standards, and personnel training[37](index=37&type=chunk)[39](index=39&type=chunk) - Increase investment in smart IoT platform construction and data middle-ground capabilities, promoting intelligent upgrades for scenarios such as fire safety, parking, and equipment management to build 24-hour online service capabilities[41](index=41&type=chunk)[43](index=43&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) During the reporting period, the Group's revenue increased by **17.8%** to **RMB 214.5 million**, driven primarily by strong growth in property management services; however, gross profit margin and net profit declined due to reduced value-added services for property developers and increased operating costs Revenue Breakdown (Six Months Ended June 30) | Business Segment | 2025 (RMB '000) | 2025 Share | 2024 (RMB '000) | 2024 Share | | :--- | :--- | :--- | :--- | :--- | | Property management services | 186,521 | 87.0% | 153,423 | 84.2% | | Value-added services primarily for property developers | 14,259 | 6.6% | 18,099 | 10.0% | | Community value-added services | 13,705 | 6.4% | 10,623 | 5.8% | | **Total** | **214,485** | **100.0%** | **182,145** | **100.0%** | - Property management service revenue reached approximately **RMB 186.5 million**, an increase of approximately **21.6%** compared to the 2024 interim period[49](index=49&type=chunk)[51](index=51&type=chunk) - As of June 30, 2025, the Group's total GFA under management was approximately **20.7 million square meters**, an increase of approximately **2.7 million square meters** or **15.0%** compared to the 2024 interim period[49](index=49&type=chunk)[51](index=51&type=chunk) - Revenue from value-added services primarily for property developers was approximately **RMB 14.3 million**, a decrease of approximately **21.0%** compared to the 2024 interim period, mainly due to reduced sales office management services[67](index=67&type=chunk)[70](index=70&type=chunk) - Community value-added service revenue was approximately **RMB 13.7 million**, an increase of approximately **29.2%** compared to the 2024 interim period, primarily due to increased public area management services and parking space co-sales revenue[69](index=69&type=chunk)[71](index=71&type=chunk) Gross Profit Margin (Six Months Ended June 30) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Property management services | 29.1% | 30.0% | | Value-added services primarily for property developers | 40.9% | 41.2% | | Community value-added services | 39.5% | 40.1% | | **Total** | **30.5%** | **31.7%** | - Net profit for the reporting period was approximately **RMB 10.9 million**, a decrease of approximately **23.5%** compared to the 2024 interim period, with net profit margin at **5.1%**, down **2.7%** from **7.8%** in the 2024 interim period[83](index=83&type=chunk)[89](index=89&type=chunk) - Basic and diluted earnings per share attributable to ordinary equity holders of the parent was **RMB 2.21 cents** per share (2024 interim period: **RMB 2.77 cents** per share)[84](index=84&type=chunk)[89](index=89&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains a prudent treasury management policy, with liquidity primarily derived from business operations; as of June 30, 2025, cash and cash equivalents were approximately **RMB 164.1 million**, with a current ratio of **2.6 times** and a low gearing ratio of **9.3%** - As of June 30, 2025, cash and cash equivalents amounted to approximately **RMB 164.1 million**, an increase of approximately **19.6%** compared to December 31, 2024[93](index=93&type=chunk)[100](index=100&type=chunk) - As of June 30, 2025, the Group's current ratio was **2.6 times** (December 31, 2024: **2.8 times**)[94](index=94&type=chunk)[100](index=100&type=chunk) - As of June 30, 2025, the Group's bank borrowings amounted to **RMB 28.0 million**, with a low gearing ratio of **9.3%**[94](index=94&type=chunk)[100](index=100&type=chunk) - The vast majority of the Group's income and expenditures are denominated in RMB, with no hedging transactions entered into, and foreign exchange risk is managed by closely monitoring exchange rate fluctuations[95](index=95&type=chunk)[101](index=101&type=chunk) [Capital Commitments](index=18&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments[96](index=96&type=chunk)[102](index=102&type=chunk) [Contingent Liabilities and Pledge of Assets](index=18&type=section&id=Contingent%20Liabilities%20and%20Pledge%20of%20Assets) As of June 30, 2025, the Company, its subsidiaries, and associates had no financial guarantees, loan guarantees, mortgages, or other significant contingent liabilities - As of June 30, 2025, the Company, its subsidiaries, and associates had no financial guarantees, loan guarantees, mortgages, or other significant contingent liabilities[97](index=97&type=chunk)[103](index=103&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=18&type=section&id=Significant%20Investments%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the reporting period, the Group made no significant investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group made no significant investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures[98](index=98&type=chunk)[104](index=104&type=chunk) [Future Plans for Material Investments](index=18&type=section&id=Future%20Plans%20for%20Material%20Investments) The Group plans to use a portion of its net proceeds from the listing for acquisitions or investments in other property management companies to expand its business scale and market share, with no other future plans for material investments or capital asset acquisitions - The Group intends to use a portion of the net proceeds from its listing to acquire or invest in other property management companies to expand its business scale and market share[99](index=99&type=chunk)[105](index=105&type=chunk) - As of the date of this report, the Group has no other future plans for material investments or acquisitions of capital assets[99](index=99&type=chunk)[105](index=105&type=chunk) [Corporate Governance and Other Information](index=19&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, use of global offering proceeds, director and shareholder interests, and other compliance-related disclosures [Use of Proceeds from the Global Offering](index=19&type=section&id=Use%20of%20Proceeds%20from%20the%20Global%20Offering) The company's global offering generated net proceeds of approximately **HK$104 million**, primarily allocated for strategic acquisitions, software and hardware upgrades for community development, and expanding community value-added services; as of June 30, 2025, **HK$4.8 million** was utilized, with the remaining **HK$94.0 million** expected to be fully used by December 2025 - The total net proceeds from the global offering amounted to approximately **HK$104 million**[107](index=107&type=chunk)[109](index=109&type=chunk) Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Percentage | Available as of December 31, 2024 (HK$ million) | Utilized for Six Months Ended June 30, 2025 (HK$ million) | Unutilized as of June 30, 2025 (HK$ million) | Expected Time for Full Utilization of Remaining Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Strategic acquisitions and investments | 55.0% | 57.2 | – | 57.2 | By December 2025 | | Investment and upgrade of software and hardware for community development of the Company's managed projects | 30.0% | 27.7 | 3.7 | 24.0 | By December 2025 | | Expansion of service types, scope, and efficiency of the Group's community value-added services | 15.0% | 13.9 | 1.1 | 12.8 | By December 2025 | | **Total** | **100%** | **98.8** | **4.8** | **94.0** | | [Change of Directors' Information](index=20&type=section&id=Change%20of%20Directors'%20Information) During the reporting period, there were no changes in directors' information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules - During the reporting period, there were no changes in directors' information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules[111](index=111&type=chunk)[114](index=114&type=chunk) [Continuing Disclosure Obligation Pursuant to the Listing Rules](index=20&type=section&id=Continuing%20Disclosure%20Obligation%20Pursuant%20to%20the%20Listing%20Rules) Except as disclosed in this report, the Company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules - Except as disclosed in this report, the Company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[112](index=112&type=chunk)[115](index=115&type=chunk) [Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares and Debentures of the Company and Its Associated Corporations](index=20&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20Its%20Associated%20Corporations) As of June 30, 2025, Mr. Shi Zhong'an held approximately **73.4%** equity interest in the Company through controlled corporations and significant interests in associated corporations such as Zhong An and China New City Directors' Interests in Shares of the Company (As of June 30, 2025) | Name of Director | Nature of Interest | Number of Shares Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Shi Zhong'an | Interest in controlled corporation | 380,000,000(L) | 73.4% | - Mr. Shi Zhong'an indirectly holds approximately **57.89%** interest in Zhong An through wholly-owned Whole Good, and is thus deemed to have an interest in the Company's shares held by Zhong An BVI[117](index=117&type=chunk) Directors' Interests in Associated Corporations of the Company (As of June 30, 2025) | Name of Director | Name of Associated Corporation | Nature of Interest | Number of Shares Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Shi Zhong'an | Zhong An | Interest in controlled corporation | 3,262,411,200(L) | 57.89% | | Mr. Shi Zhong'an | China New City | Interest in controlled corporation | 1,358,859,594(L) | 67.58% | | Mr. Shi Zhong'an | Whole Good | Beneficial owner | 1(L) | 100% | [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=22&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Zhong An BVI, Zhong An, Whole Good, and Mr. Shi Zhong'an were all deemed substantial shareholders of the Company, each holding approximately **73.4%** equity interest in the Company Substantial Shareholders' Interests in Shares of the Company (As of June 30, 2025) | Name of Corporation/Person | Nature of Interest | Number of Shares Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Zhong An BVI | Beneficial owner | 380,000,000(L) | 73.4% | | Zhong An | Interest in controlled corporation | 380,000,000(L) | 73.4% | | Whole Good | Interest in controlled corporation | 380,000,000(L) | 73.4% | | Mr. Shi Zhong'an | Interest in controlled corporation | 380,000,000(L) | 73.4% | - Zhong An BVI is wholly-owned by Zhong An, approximately **57.89%** of Zhong An's interest is owned by Whole Good, and Whole Good is directly wholly-owned by Mr. Shi Zhong'an; therefore, Zhong An BVI, Zhong An, Whole Good, and Mr. Shi Zhong'an are each deemed to have an interest in the shares held by Zhong An BVI[125](index=125&type=chunk) [Significant Events After the End of the Reporting Period](index=23&type=section&id=Significant%20Events%20After%20the%20End%20of%20the%20Reporting%20Period) No significant events occurred from the end of the reporting period up to the date of this report - No significant events occurred from the end of the reporting period up to the date of this report[128](index=128&type=chunk)[135](index=135&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **2,866 employees** and adopted a performance-based remuneration system, offering competitive compensation including basic salary, performance-based incentives, and year-end bonuses, along with social insurance and systematic training - As of June 30, 2025, the Group had a total of **2,866 employees** (June 30, 2024: **2,991 employees**)[129](index=129&type=chunk)[136](index=136&type=chunk) - The Group adopts a system to determine employee remuneration based on performance, offering competitive compensation packages including basic salary, performance-based incentives, and year-end bonuses[129](index=129&type=chunk)[136](index=136&type=chunk) - The Group contributes to social insurance for employees (medical, work injury, pension, maternity, unemployment insurance, and housing provident fund) and provides continuous and systematic training[129](index=129&type=chunk)[136](index=136&type=chunk) [Sufficiency of Public Float](index=23&type=section&id=Sufficiency%20of%20Public%20Float) The Company confirms that throughout the reporting period and up to the date of this report, at least **25%** of its total issued shares were held by the public, complying with the Stock Exchange's minimum public float requirement - At all times during the reporting period and up to the date of this report, at least **25%** of the Company's total issued shares were held by the public, in compliance with the minimum public float percentage approved by the Stock Exchange and permitted by the Listing Rules[130](index=130&type=chunk)[137](index=137&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the reporting period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[131](index=131&type=chunk)[138](index=138&type=chunk) [Interim Dividends](index=23&type=section&id=Interim%20Dividends) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period (2024 interim period: nil)[132](index=132&type=chunk)[139](index=139&type=chunk) [Compliance with the CG Code](index=23&type=section&id=Compliance%20with%20the%20CG%20Code) The Company has adopted the Corporate Governance Code provisions in Appendix C1 of the Listing Rules and complied with all applicable code provisions throughout the reporting period - The Company has adopted the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with all applicable code provisions throughout the reporting period[133](index=133&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk) [Compliance with the Model Code](index=24&type=section&id=Compliance%20with%20the%20Model%20Code) The Company has adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the Company's securities, with all directors confirming compliance during the reporting period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the Company's securities[141](index=141&type=chunk)[144](index=144&type=chunk) - All directors have confirmed compliance with the required standards set out in the Model Code during the reporting period[141](index=141&type=chunk)[144](index=144&type=chunk) [Audit Committee and Review of Interim Results](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviewed and discussed the unaudited interim condensed consolidated financial information for the reporting period, deeming the company's risk management and internal control systems effective and adequate - Mr. Zhong Chuangxin chairs the Audit Committee, with Mr. Liang Xinjun and Mr. Zhao Yan as members, all of whom are independent non-executive directors[142](index=142&type=chunk)[145](index=145&type=chunk) - The Audit Committee has reviewed and discussed with management the unaudited interim condensed consolidated financial information for the reporting period, including accounting principles and practices[142](index=142&type=chunk)[145](index=145&type=chunk) - The Audit Committee considers the company's risk management and internal control systems to be effective and adequate[142](index=142&type=chunk)[145](index=145&type=chunk) [Approval of the Interim Condensed Financial Information](index=24&type=section&id=Approval%20of%20the%20Interim%20Condensed%20Financial%20Information) The interim condensed financial information was approved and authorized for issue by the Board on August 22, 2025 - The interim condensed financial information was approved and authorized for issue by the Board on August 22, 2025[143](index=143&type=chunk)[146](index=146&type=chunk) [Independent Review Report](index=25&type=section&id=Independent%20Review%20Report) This section presents the independent review report on the interim financial information, outlining the scope and conclusion of the review conducted by Ernst & Young [Review Scope and Conclusion](index=25&type=section&id=Review%20Scope%20and%20Conclusion) Ernst & Young reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410, concluding that nothing came to their attention to suggest the interim financial information was not prepared, in all material respects, in accordance with IAS 34, noting that the scope of review is less than an audit, thus no audit opinion is expressed - Ernst & Young reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[150](index=150&type=chunk)[152](index=152&type=chunk) - The scope of review is substantially less than an audit, and therefore no audit opinion is expressed[150](index=150&type=chunk)[152](index=152&type=chunk) - Nothing came to our attention that causes us to believe the accompanying interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34[151](index=151&type=chunk)[153](index=153&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's financial performance, including revenue, gross profit, profit for the period, and earnings per share for the six months ended June 30, 2025 [Consolidated Financial Performance](index=27&type=section&id=Consolidated%20Financial%20Performance) For the six months ended June 30, 2025, the Group reported revenue of **RMB 214,485 thousand**, gross profit of **RMB 65,484 thousand**, profit for the period of **RMB 10,904 thousand**, and basic and diluted earnings per share attributable to owners of the parent of **RMB 2.21 cents** Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 214,485 | 182,145 | | Cost of sales | (149,001) | (124,434) | | Gross profit | 65,484 | 57,711 | | Profit before tax | 15,965 | 19,077 | | Income tax expense | (5,061) | (4,817) | | Profit for the period | 10,904 | 14,260 | | Profit attributable to owners of the parent | 11,419 | 14,354 | | Profit attributable to non-controlling interests | (515) | (94) | | Basic and diluted earnings per share attributable to ordinary equity holders of the parent | RMB 2.21 cents | RMB 2.77 cents | [Interim Condensed Consolidated Statement of Financial Position](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's financial position, detailing non-current assets, current assets, current liabilities, and total equity as of June 30, 2025 [Consolidated Financial Position](index=28&type=section&id=Consolidated%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were **RMB 12,052 thousand**, total current assets were **RMB 502,078 thousand**, net current assets were **RMB 312,317 thousand**, and total equity was **RMB 300,278 thousand** Summary of Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property and equipment | 4,455 | 4,348 | | Intangible assets | 52 | 70 | | Investment in an associate | 87 | 57 | | Deferred tax assets | 7,458 | 5,051 | | **Total non-current assets** | **12,052** | **9,526** | | **Current assets** | | | | Inventories | 702 | 719 | | Trade receivables | 195,359 | 153,294 | | Amounts due from related companies | 81,316 | 104,625 | | Prepayments, other receivables and other assets | 60,650 | 61,602 | | Cash and cash equivalents | 164,051 | 137,178 | | Pledged deposits | – | 2,902 | | **Total current assets** | **502,078** | **460,320** | | **Current liabilities** | | | | Trade payables | 20,227 | 24,530 | | Other payables, deposits received and accrued charges | 72,832 | 57,433 | | Contract liabilities | 48,523 | 49,950 | | Tax payable | 27,866 | 32,980 | | Dividends payable | 9,779 | – | | Deferred tax liabilities | 2,534 | 2,241 | | Interest-bearing bank borrowings | 8,000 | – | | **Total current liabilities** | **189,761** | **167,134** | | **Net current assets** | **312,317** | **293,186** | | **Total assets less current liabilities** | **324,369** | **302,712** | | **Non-current liabilities** | | | | Contract liabilities | 4,091 | 3,369 | | Interest-bearing bank borrowings | 20,000 | – | | **Total non-current liabilities** | **24,091** | **3,369** | | **Net assets** | **300,278** | **299,343** | | **Total equity** | **300,278** | **299,343** | [Interim Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the Group's total equity, including profit for the period, transfers to statutory reserves, and dividends declared, for the six months ended June 30, 2025 [Consolidated Equity Movements](index=30&type=section&id=Consolidated%20Equity%20Movements) For the six months ended June 30, 2025, the Group's total equity increased from **RMB 299,343 thousand** at the beginning of the period to **RMB 300,278 thousand** at the end, primarily reflecting the impact of profit for the period, transfers from retained earnings, and dividends declared Summary of Interim Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Metric | Share Capital (RMB '000) | Share Premium (RMB '000) | Statutory Reserve (RMB '000) | Retained Earnings (RMB '000) | Total Attributable to Owners of the Parent (RMB '000) | Non-controlling Interests (RMB '000) | Total Equity (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (Audited) | 4,731 | 65,512 | 19,786 | 208,193 | 298,222 | 1,121 | 299,343 | | Profit and total comprehensive income for the period | – | – | – | 11,419 | 11,419 | (515) | 10,904 | | Transfer from retained earnings | – | – | 290 | (290) | – | – | – | | Dividends paid to non-controlling shareholders | – | – | – | (190) | (190) | – | (190) | | Dividends declared | – | – | – | (9,779) | (9,779) | – | (9,779) | | As of June 30, 2025 (Unaudited) | 4,731 | 65,512 | 20,076 | 209,353 | 299,672 | 606 | 300,278 | | As of January 1, 2024 (Audited) | 4,731 | 65,512 | 17,951 | 184,715 | 272,909 | 1,847 | 274,756 | | Profit and total comprehensive income for the period | – | – | – | 14,354 | 14,354 | (94) | 14,260 | | Transfer from retained earnings | – | – | 429 | (429) | – | – | – | | Dividends declared | – | – | – | (12,653) | (12,653) | – | (12,653) | | As of June 30, 2024 (Unaudited) | 4,731 | 65,512 | 18,380 | 185,987 | 274,610 | 1,753 | 276,363 | [Interim Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement details the Group's cash flows from operating, investing, and financing activities, and the resulting change in cash and cash equivalents for the six months ended June 30, 2025 [Consolidated Cash Flow Activities](index=31&type=section&id=Consolidated%20Cash%20Flow%20Activities) For the six months ended June 30, 2025, the Group generated **RMB 39 thousand** in net cash from operating activities, used **RMB 585 thousand** in net cash for investing activities, generated **RMB 27,420 thousand** in net cash from financing activities, with cash and cash equivalents totaling **RMB 164,051 thousand** at period-end Summary of Interim Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Source of Cash Flow | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net cash flows generated from/(used in) operating activities | 39 | (28,578) | | Net cash flows used in investing activities | (585) | (505) | | Net cash flows generated from financing activities | 27,420 | – | | Net increase/(decrease) in cash and cash equivalents | 26,874 | (29,083) | | Cash and cash equivalents at beginning of period | 137,178 | 177,306 | | Net effect of foreign exchange rate changes | (1) | – | | Cash and cash equivalents at end of period | 164,051 | 148,223 | [Notes to Interim Condensed Consolidated Financial Information](index=33&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanatory notes to the interim condensed consolidated financial information, covering company details, accounting policies, segment information, and specific financial line items [Corporate Information (Note 1)](index=33&type=section&id=Corporate%20Information%20(Note%201)) The Company, an investment holding company, was incorporated in the Cayman Islands on November 16, 2020, with the Group primarily providing property management, value-added services for property developers, and community value-added services in China - The Company was incorporated in the Cayman Islands on November 16, 2020, and is an investment holding company[164](index=164&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk) - The Group primarily provides property management services, value-added services mainly for property developers, and community value-added services in the People's Republic of China[166](index=166&type=chunk)[169](index=169&type=chunk) [Basis of Preparation and Changes in Accounting Policies (Note 2)](index=33&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies%20(Note%202)) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and is consistent with the accounting policies adopted in the annual consolidated financial statements for the year ended December 31, 2024, with amendments to IAS 21 having no significant impact on the Group's financial information - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[167](index=167&type=chunk)[170](index=170&type=chunk) - The accounting policies are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024[171](index=171&type=chunk)[174](index=174&type=chunk) - Amendments to International Accounting Standard 21 "Lack of Exchangeability" had no impact on the interim condensed consolidated financial information[172](index=172&type=chunk)[174](index=174&type=chunk) [Operating Segment Information (Note 3)](index=34&type=section&id=Operating%20Segment%20Information%20(Note%203)) Management views the Group's business as a single operating segment, with all revenue derived from mainland China and no non-current assets located outside mainland China; revenue from the remaining Zhong An Group accounted for **16.92%** of the Group's total revenue - Management reviews the operating results of the Group's business as one operating segment to make decisions about resource allocation and performance assessment[173](index=173&type=chunk)[175](index=175&type=chunk) - All of the Group's revenue from external customers is derived from mainland China operations, with no non-current assets located outside mainland China[176](index=176&type=chunk)[178](index=176&type=chunk) - For the six months ended June 30, 2025, revenue from Zhong An and its subsidiaries (collectively, the "Remaining Zhong An Group"), excluding the Group, accounted for **16.92%** of the Group's revenue (2024: **14.02%**)[177](index=177&type=chunk)[179](index=179&type=chunk) [Revenue (Note 4)](index=35&type=section&id=Revenue%20(Note%204)) The Group's revenue primarily stems from property management services, value-added services for property developers, and community value-added services, all generated from mainland China; most revenue is recognized over time, while some community value-added service revenue is recognized at a point in time Analysis of Revenue from Contracts with Customers (Six Months Ended June 30) | Type of Service | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Property management services | 186,521 | 153,423 | | Value-added services primarily for property developers | 14,259 | 18,099 | | Community value-added services | 13,705 | 10,623 | | **Total** | **214,485** | **182,145** | - All revenue is derived from the mainland China market[183](index=183&type=chunk) - For the six months ended June 30, 2025, revenue recognized over time was **RMB 208,879 thousand**, and revenue recognized at a point in time was **RMB 5,606 thousand**[183](index=183&type=chunk) [Profit Before Tax (Note 5)](index=37&type=section&id=Profit%20Before%20Tax%20(Note%205)) The Group's profit before tax is stated after deducting items such as cost of services provided, impairment of trade receivables, depreciation of property and equipment, amortization of intangible assets, and staff costs; for the six months ended June 30, 2025, total staff costs amounted to **RMB 105,817 thousand** Summary of Deductions from Profit Before Tax (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of services provided | 149,001 | 124,434 | | Impairment of trade receivables | 10,503 | 3,862 | | Depreciation of property and equipment items | 478 | 460 | | Amortisation of intangible assets | 18 | 18 | | Total staff costs | 105,817 | 122,147 | [Income Tax (Note 6)](index=38&type=section&id=Income%20Tax%20(Note%206)) The Group is subject to income tax on profits arising in or derived from the tax jurisdictions on an entity basis, with mainland China corporate income tax provided at a rate of **25%**; for the six months ended June 30, 2025, total tax expense for the period was **RMB 5,061 thousand** - Mainland China corporate income tax has been provided at a rate of **25%** on the assessable profits of the Group's subsidiaries in China[187](index=187&type=chunk)[188](index=188&type=chunk) Analysis of Income Tax Expense (Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax—Mainland China | 7,175 | 5,416 | | Deferred tax | (2,114) | (599) | | **Total tax expense for the period** | **5,061** | **4,817** | [Dividend (Note 7)](index=38&type=section&id=Dividend%20(Note%207)) On June 5, 2025, shareholders approved a final dividend of **RMB 1.89 cents** per ordinary share for the year ended December 31, 2024, totaling approximately **RMB 9,779,000** - On June 5, 2025, the Company's shareholders approved at the annual general meeting a final dividend of **RMB 1.89 cents** per ordinary share for the year ended December 31, 2024, totaling approximately **RMB 9,779,000**[190](index=190&type=chunk)[191](index=191&type=chunk) [Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (Note 8)](index=39&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent%20(Note%208)) For the six months ended June 30, 2025, basic earnings per share attributable to ordinary equity holders of the parent was **RMB 2.21 cents**, calculated based on profit for the period of **RMB 11,419,000** and a weighted average of **517,414,000** ordinary shares Calculation of Basic Earnings Per Share (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent (RMB '000) | 11,419 | 14,354 | | Weighted average number of ordinary shares in issue during the period | 517,414,000 | 517,414,000 | | Basic earnings per share | RMB 2.21 cents | RMB 2.77 cents | - The Group had no potentially dilutive ordinary shares in issue during the period ended June 30, 2025[194](index=194&type=chunk)[196](index=196&type=chunk) [Property and Equipment (Note 9)](index=39&type=section&id=Property%20and%20Equipment%20(Note%209)) For the six months ended June 30, 2025, the Group's cost of purchasing property and equipment was **RMB 585,000** - For the six months ended June 30, 2025, the Group's cost of purchasing property and equipment was **RMB 585,000** (2024: **RMB 505,000**)[195](index=195&type=chunk)[197](index=197&type=chunk) [Trade Receivables (Note 10)](index=40&type=section&id=Trade%20Receivables%20(Note%2010)) As of June 30, 2025, total trade receivables amounted to **RMB 195,359 thousand**, with the largest proportion due within six months Ageing Analysis of Trade Receivables (As of End of Reporting Period) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 6 months | 81,478 | 71,555 | | Over 6 months but within 1 year | 32,567 | 28,601 | | Over 1 year but within 2 years | 61,645 | 42,514 | | Over 2 years but within 3 years | 19,669 | 10,624 | | **Total** | **195,359** | **153,294** | [Cash and Cash Equivalents (Note 11)](index=40&type=section&id=Cash%20and%20Cash%20Equivalents%20(Note%2011)) As of June 30, 2025, total cash and cash equivalents amounted to **RMB 164,051 thousand**, primarily denominated in RMB Analysis of Cash and Cash Equivalents Balance (As of End of Reporting Period) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash and bank balances | 164,051 | 137,178 | | Pledged deposits | – | 2,902 | | **Total** | **164,051** | **140,080** | | **Denominated in:** | | | | RMB | 164,008 | 140,053 | | HKD | 43 | 27 | | **Total** | **164,051** | **140,080** | [Trade Payables (Note 12)](index=41&type=section&id=Trade%20Payables%20(Note%2012)) As of June 30, 2025, total trade payables amounted to **RMB 20,227 thousand**, with the largest proportion due within three months Ageing Analysis of Trade Payables (As of End of Reporting Period) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 17,670 | 22,822 | | 3 to 12 months | 1,982 | 1,532 | | 12 to 24 months | 478 | 170 | | Over 24 months | 97 | 6 | | **Total** | **20,227** | **24,530** | [Share Capital (Note 13)](index=41&type=section&id=Share%20Capital%20(Note%2013)) As of June 30, 2025, the Company's authorized share capital comprised **1,000,000,000** ordinary shares of **HK$0.01** each, with **517,414,000** issued and fully paid shares, amounting to **RMB 4,731 thousand** in share capital Overview of Share Capital Movements (As of June 30, 2025) | Item | Number of Shares Issued | Share Capital (HK$) | Share Capital (RMB '000) | | :--- | :--- | :--- | :--- | | As of January 1, 2024, December 31, 2024, and June 30, 2025 | 517,414,000 | 5,174,140 | 4,731 | [Related Party Transactions (Note 14)](index=43&type=section&id=Related%20Party%20Transactions%20(Note%2014)) The Group engaged in various related party transactions, including property management revenue, value-added services revenue for property developers, and community value-added services revenue; as of June 30, 2025, amounts due from related parties totaled **RMB 81,316 thousand** Summary of Significant Related Party Transactions (Six Months Ended June 30) | Type of Transaction | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Property management income from related parties | 21,980 | 10,238 | | Value-added services income from related parties for property developers | 10,996 | 15,864 | | Community value-added services income from related parties | 5,044 | 2,136 | | Lease expenses | 153 | – | Amounts Due from Related Parties (As of End of Reporting Period) | Type of Related Party | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Fellow subsidiaries of the Group | 77,176 | 99,875 | | Associates of fellow subsidiaries of the Group | 2,876 | 2,807 | | Joint ventures of fellow subsidiaries of the Group | 1,264 | 1,943 | | **Total** | **81,316** | **104,625** | - Total remuneration for the Group's key management personnel amounted to **RMB 1,560 thousand** (2024: **RMB 2,276 thousand**)[213](index=213&type=chunk) [Contingent Liabilities (Note 15)](index=45&type=section&id=Contingent%20Liabilities%20(Note%2015)) 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 had no significant contingent liabilities[214](index=214&type=chunk)[215](index=215&type=chunk) [Events After the Reporting Period (Note 16)](index=45&type=section&id=Events%20After%20the%20Reporting%20Period%20(Note%2016)) No significant events requiring additional disclosure or adjustment occurred after the end of the reporting period - No significant events requiring additional disclosure or adjustment occurred after the end of the reporting period[214](index=214&type=chunk)[216](index=216&type=chunk)

Hong Kong 香港 • Macau 澳門 （於開曼群島註冊成立的有限公司） (股份代號 : 2266) 黎氏企業控股有限公司 2025 中期報告 I 中國 I China I 澳門 I Macau I 香港 I Hong Kong I 新加坡 I Singapore I 泰國 I Thailand I 公司資料 董事會 執行董事 黎英萬先生 （主席） 黎鳴山先生 （行政總裁） 黎盈惠女士 張穎思女士 獨立非執行董事 蕭永禧先生 陳玉泉先生 劉丁己博士 審核委員會 蕭永禧先生 （主席） 陳玉泉先生 劉丁己博士 薪酬委員會 劉丁己博士 （主席） 黎英萬先生 黎鳴山先生 蕭永禧先生 陳玉泉先生 提名委員會 黎英萬先生 （主席） 黎盈惠女士 蕭永禧先生 陳玉泉先生 劉丁己博士 公司秘書 盧漢傑先生，會計師 授權代表 黎鳴山先生 盧漢傑先生，會計師 註冊辦事處 Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands 澳門總部 澳門 沙梨頭海邊街54 ...

順泰控股集團有限公司 Sheen Tai Holdings Group Company Limited (incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司) Stock Code 股份代號：1335 2025 INTERIM REPORT 中 期 報 告 Contents 目錄 財務摘要 3 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論與分析 9 Corporate Governance and Other Information 企業管治及其他資料 17 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 18 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 19 Condensed Consolidated S ...

目 | 公司資料 | 2 | | --- | --- | | 獎項及榮譽 | 4 | | 釋義 | 5 | | 主席報告 | 9 | | 管理層討論及分析 | 15 | | 企業管治及其他資料 | 38 | | 簡明綜合財務報表審閱報告 | 46 | | 簡明綜合損益及其他全面收益表 | 47 | | 簡明綜合財務狀況表 | 48 | | 簡明綜合權益變動表 | 50 | | 簡明綜合現金流量表 | 52 | | 簡明綜合財務報表附註 | 54 | 錄 公司資料 董事會 執行董事 林中先生 （主席） 周洪斌先生 周迪先生 非執行董事 崔曉青女士 林祝波先生（於2025年6月27日獲委任） 獨立非執行董事 馬永義先生 俞鐵成先生 張偉聰先生 公司秘書 陳燕華女士 授權代表 林中先生 陳燕華女士 戰略委員會 中國上海市閔行區 申虹路1088弄 恒基旭輝中心39號樓5層 林中先生 （主席） 崔曉青女士 周洪斌先生 周迪先生 審核委員會 張偉聰先生 （主席） 馬永義先生 俞鐵成先生 薪酬委員會 俞鐵成先生 （主席） 林中先生 馬永義先生 提名委員會 林中先生 （主席） 崔曉青女士（於2025年6月27日獲委任） 俞鐵 ...

Financial Performance - Haidilao reported a revenue of HK$3.5 billion for the first half of 2025, representing a year-on-year increase of 15%[4]. - The company achieved a net profit of HK$500 million, up 20% compared to the same period last year[4]. - The Group achieved operating revenue of RMB20,703.3 million for the first half of 2025, a decrease of 3.7% compared to the same period in 2024[21]. - Core operating profit (non-IFRS measure) was RMB2,408.1 million, representing a decrease of 14.0% year-over-year[21]. - Profit for the period was RMB1,754.6 million, down 13.7% from the previous year[21]. - The revenue for the six months ended June 30, 2025, decreased by 3.7% to RMB20,703.3 million from RMB21,490.9 million in the same period of 2024[42][43]. - Revenue from Haidilao restaurant operations accounted for 89.8% of total revenue, decreasing by 9.0% to RMB18,580.2 million due to a decline in table turnover rate, which averaged 3.8 times per day[47]. - Same store sales for Haidilao restaurants decreased to RMB17,016.2 million for the six months ended June 30, 2025, from RMB18,884.9 million in the same period of 2024, representing a decline of approximately 9.9%[56]. Customer Engagement and Expansion - User data indicated that the total number of customers served increased by 12% to 15 million during the reporting period[4]. - Haidilao plans to open 50 new restaurants in 2025, expanding its footprint in both domestic and international markets[4]. - The overall market expansion strategy includes targeting key cities in Southeast Asia, with plans to enter two new countries by 2026[4]. - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, including 1,299 self-operated in mainland China and 41 franchised restaurants[23]. - The company opened 25 new self-operated restaurants and 3 franchised restaurants in the first half of 2025, while closing a total of 33 under-performing restaurants[23]. Product Development and Innovation - Haidilao is focusing on developing a new line of vegetarian dishes, aiming to attract health-conscious consumers[4]. - Haidilao is actively exploring and innovating hot pot scenarios and developing distinctive products to optimize offerings[20]. - Revenue from other restaurant operations surged by 227.0% to RMB596.5 million, attributed to the launch of innovative dining brands under the "Pomegranate plan" and various dining scenarios[49]. - The company plans to integrate multi-brand and multi-category resources to build a Haidilao Delivery Super Kitchen and explore a new satellite restaurant model[31]. Operational Efficiency and Cost Management - The company is investing HK$200 million in new technology for kitchen automation to enhance operational efficiency[4]. - The implementation of the "Woodpecker plan" aims to improve performance by shutting down under-performing restaurants and adjusting organizational structure[24]. - The average table turnover rate for Haidilao restaurants was 3.8 times per day for the six months ended June 30, 2025, down from 4.2 times per day in the same period of 2024[53]. - Staff costs decreased by 2.3% from RMB7,155.7 million for the six months ended June 30, 2024, to RMB6,988.0 million for the corresponding period in 2025, with the percentage of revenue rising from 33.3% to 33.8%[65]. Financial Position and Liquidity - Total assets as of June 30, 2025, were RMB21,115.1 million, down from RMB22,781.3 million at the end of 2024[18]. - Cash and cash equivalents decreased from RMB6,406.9 million as of December 31, 2024, to RMB4,756.1 million as of June 30, 2025, a reduction of approximately 25.7%[100]. - The Group's debt-to-equity ratio as of June 30, 2025, was 22.4%[119]. - The company funded its operations and expansion primarily through cash generated from operations, maintaining optimum liquidity to support business growth[99]. Shareholder Information and Corporate Governance - The Board has declared an interim dividend of HK$0.338 (equivalent to RMB0.309) per Share for the six months ended June 30, 2025[180]. - The company declared an interim dividend of HKD 0.338 per share for the six months ended June 30, 2025[183]. - The company has complied with the Corporate Governance Code during the six months ended June 30, 2025[165]. - As of June 30, 2025, the total number of issued shares is 5,574,000,000[140].

2025 中期報告 INTERIM REPORT SJM HO LDINGS LIMITED 企業簡介 目 錄 澳門博彩控股有限公司（「本公司」）及 其附屬公司（統稱「本集團」）為中華人 民共和國澳門特別行政區（「澳門」）娛 樂場及綜合娛樂度假村的領先擁有 者、經營者和發展商。本公司的主要 附屬公司澳娛綜合度假股份有限公司 （「澳娛綜合」）是澳門六家獲授博彩經 營批給合同的公司之一，獲澳門政府 授權經營娛樂場及博彩區域。澳娛綜 合亦是唯一植根澳門的娛樂博彩承批 公司。 澳娛綜合擁有和經營上葡京綜合度假 村、新葡京酒店及娛樂場，以及其他 位處澳門重要據點的娛樂場。其營運 涵蓋娛樂場博彩以及多元的休閒設施 及酒店服務，包括酒店住宿、高級和 休 閒 餐 飲、購 物、健 康 和 水 療 設 施， 以及可供會議、活動及文化展覽的場 地，以迎合廣泛賓客的需求。 本集團位於路氹的上葡京綜合度假村 設有三座酒店大樓 — 澳 門 上 葡 京、 THE KARL LAGERFELD 及 Palazzo Versace 澳門，提供豪華酒店客房和套房，以 及多元的酒店服務。 澳門博彩控股有限公司 中期報告 INTERIM REPOR ...

(於開曼群島註冊成立的有限公司) 股份代號: 3603 2025 中期報告 目錄 目錄 | 2 2 | 公司資料 公司資料 | | --- | --- | | 4 4 | 財務摘要 財務摘要 | | 5 5 | 管理層討論及分析 管理層討論及分析 | | 14 14 | 其他資料及企業管治 其他資料及企業管治 | | 20 20 | 簡明綜合收益表 簡明綜合收益表 | | 21 21 | 簡明綜合全面收益表 簡明綜合全面收益表 | | 22 22 | 簡明綜合資產負債表 簡明綜合資產負債表 | | 24 24 | 簡明綜合權益變動表 簡明綜合權益變動表 | | 26 26 | 簡明綜合現金流量表 簡明綜合現金流量表 | | 27 27 | 簡明綜合財務報表附註 簡明綜合財務報表附註 | | 58 58 | 釋義 釋義 | 2025年中報 | 信基沙溪集團 2 公司資料 執行董事 張漢泉先生， 董事會主席兼首席執行官 梅佐挺先生 張偉新先生 非執行董事 林烈先生 王藝雪女士 趙暉先生 獨立非執行董事 曾昭武博士 譚鎮山先生 鄭德珵博士 替任董事 張偉泉先生 （張漢泉先生的替任董事，於2025年8月29日獲 委任 ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Sheng Yuan Holdings Limited's essential corporate details, including board, committees, key contacts, and financial service providers [Board of Directors](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) Lists the executive, non-executive, and independent non-executive directors of Sheng Yuan Holdings Limited - Executive Directors include **Mr. Zhou Quan (Chairman)** and **Mr. Zhao Yun**[5](index=5&type=chunk) - Non-Executive Director is **Mr. Huang Shuanggang**[5](index=5&type=chunk) - Independent Non-Executive Directors are **Mr. Zhang Jinfan**, **Ms. Huang Qin**, and **Mr. Guo Yaoli**[5](index=5&type=chunk) [Audit Committee](index=3&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee comprises Ms. Huang Qin (Chairperson), Mr. Zhang Jinfan, and Mr. Huang Shuanggang - The Audit Committee Chairperson is **Ms. Huang Qin**[5](index=5&type=chunk) [Remuneration Committee](index=3&type=section&id=%E8%96%AA%E9%85%AC%E5%A7%94%E5%93%A1%E6%9C%83) The Remuneration Committee consists of Mr. Zhang Jinfan (Chairman), Ms. Huang Qin, and Mr. Guo Yaoli - The Remuneration Committee Chairman is **Mr. Zhang Jinfan**[5](index=5&type=chunk) [Nomination Committee](index=3&type=section&id=%E6%8F%90%E5%90%8D%E5%A7%94%E5%93%A1%E6%9C%83) The Nomination Committee is composed of Mr. Guo Yaoli (Chairman), Mr. Zhang Jinfan, and Ms. Huang Qin - The Nomination Committee Chairman is **Mr. Guo Yaoli**[5](index=5&type=chunk) [Company Secretary](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8) The Company Secretary is Mr. Zhao Mingjing - The Company Secretary is **Mr. Zhao Mingjing (FCG HKFCG (PE))**[5](index=5&type=chunk) [Stock Code](index=3&type=section&id=%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F) The company's stock code is 851 - Stock Code: **851**[5](index=5&type=chunk) [Website](index=3&type=section&id=%E7%B6%B2%E5%9D%80) The company's official website is www.shengyuanhk.com - Website: **www.shengyuanhk.com**[6](index=6&type=chunk) [Share Registrar](index=3&type=section&id=%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E8%99%95) The Share Registrar is Tricor Investor Services Limited - Share Registrar: **Tricor Investor Services Limited**[7](index=7&type=chunk) [Registered Office](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E8%BE%A6%E4%BA%8B%E8%99%95) The company's registered office is located in Bermuda - Registered Office: **Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda**[7](index=7&type=chunk) [Principal Hong Kong Office](index=3&type=section&id=%E9%A6%99%E6%B8%AF%E4%B8%BB%E8%A6%81%E8%BE%A6%E4%BA%8B%E8%99%95) The company's principal Hong Kong office is located on Queen's Road Central - Principal Hong Kong Office: **Rooms 3208–9, 32nd Floor, Cosco Tower, Grand Millennium Plaza, 183 Queen's Road Central, Hong Kong**[7](index=7&type=chunk) [Auditor](index=3&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB) The company's auditor is Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd - Auditor: **Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd**[7](index=7&type=chunk) [Principal Bankers](index=3&type=section&id=%E4%B8%BB%E8%A6%81%E5%BE%80%E4%BE%86%E9%8A%80%E8%A1%8C) The company's principal bankers are The Hongkong and Shanghai Banking Corporation Limited and Bank of China (Hong Kong) Limited - Principal Bankers: **The Hongkong and Shanghai Banking Corporation Limited, Bank of China (Hong Kong) Limited**[7](index=7&type=chunk) [Interim Condensed Consolidated Financial Information Review Report](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) The auditor reviewed Sheng Yuan Holdings Limited's interim condensed consolidated financial information for the six months ended June 30, 2025, finding no material discrepancies under HKSRS 2410 [Introduction](index=4&type=section&id=%E7%B7%92%E8%A8%80) The auditor reviewed Sheng Yuan Holdings Limited's interim condensed consolidated financial information for the six months ended June 30, 2025, confirming directors' responsibility for its preparation - The auditor has reviewed the interim condensed consolidated financial information for the six months ended **June 30, 2025**[9](index=9&type=chunk) - The company's directors are responsible for preparing and presenting the interim condensed consolidated financial information in accordance with **HKAS 34 "Interim Financial Reporting"** issued by the HKICPA[9](index=9&type=chunk) [Scope of Review](index=5&type=section&id=%E5%AF%A9%E9%96%B1%E7%AF%84%E5%9C%8D) The review, conducted under HKSRS 2410, involved inquiries and analytical procedures, with a scope narrower than an audit, thus no audit opinion is expressed - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"** issued by the HKICPA[11](index=11&type=chunk) - The scope of the review is substantially less than an audit conducted in accordance with Hong Kong Standards on Auditing, and therefore no audit opinion is expressed[11](index=11&type=chunk) [Conclusion](index=5&type=section&id=%E7%B8%BD%E7%B5%90) The auditor found no matters suggesting the Group's interim condensed consolidated financial information was not prepared in all material respects according to HKAS 34 - The auditor found no matters that cause them to believe the Group's interim condensed consolidated financial information is not prepared, in all material respects, in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[12](index=12&type=chunk) - The report was issued by **Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd** on **August 21, 2025**[13](index=13&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Sheng Yuan Holdings Limited's interim condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, shows significant year-on-year decreases in revenue, profit for the period, and earnings per share [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Six Months Ended June 30, 2025](index=6&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E4%B8%AA%E6%9C%88%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) | Indicator | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 12,098 | 14,410 | -16.04% | | Other gains and losses | 1,172 | 17,476 | -93.29% | | Other income | 1,569 | 1,660 | -5.54% | | Staff costs | (3,852) | (4,284) | 10.08% | | Depreciation | (792) | (843) | 6.05% | | Finance costs | (68) | (114) | 40.35% | | Net (provision for) / reversal of impairment losses on financial assets | (27) | 5,315 | -100.51% | | Other expenses | (3,116) | (3,236) | 3.71% | | Profit before income tax | 6,984 | 30,384 | -77.04% | | Income tax expense | (1,652) | (581) | -184.34% | | Profit for the period | 5,332 | 29,803 | -82.11% | | Total comprehensive income for the period | 5,333 | 29,806 | -82.11% | | Basic earnings per share (HK cents) | 0.60 | 3.38 | -82.25% | | Diluted earnings per share (HK cents) | 0.60 | 3.38 | -82.25% | [Interim Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, Sheng Yuan Holdings Limited's net assets and total equity increased, while non-current assets and current liabilities decreased, and current assets slightly reduced [Interim Condensed Consolidated Statement of Financial Position as of June 30, 2025](index=7&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) | Indicator | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 177 | 228 | -22.4% | | Right-of-use assets | 1,730 | 2,471 | -30.0% | | Long-term deposits | 510 | 510 | 0.0% | | **Current assets** | | | | | Trade and other receivables, deposits and prepayments | 28,773 | 5,995 | 379.9% | | Investments held for trading | 15,155 | 14,000 | 8.25% | | Trust bank balances held on behalf of clients | 12,709 | 22,336 | -43.0% | | Cash and cash equivalents | 25,776 | 44,043 | -41.5% | | **Current liabilities** | | | | | Trade and other payables and accrued expenses | 13,793 | 24,827 | -44.4% | | Current tax liabilities | 3,904 | 2,252 | 73.3% | | Lease liabilities (current) | 1,682 | 1,633 | 3.0% | | **Non-current liabilities** | | | | | Lease liabilities (non-current) | 145 | 998 | -85.5% | | **Equity** | | | | | Share capital | 88,197 | 88,197 | 0.0% | | Reserves | 33,722 | 28,389 | 18.8% | | **Total** | | | | | Total assets less current liabilities | 122,064 | 117,584 | 3.8% | | Net assets | 121,919 | 116,586 | 4.6% | | Total equity | 121,919 | 116,586 | 4.6% | [Interim Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, Sheng Yuan Holdings Limited's total equity increased from HKD 116,586 thousand on January 1, 2025, to HKD 121,919 thousand, primarily due to a profit of HKD 5,332 thousand for the period [Interim Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2025](index=9&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E4%B8%AA%E6%9C%88%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) | Indicator | 2025 June 30 (HKD '000) | 2025 Jan 1 (HKD '000) | Change (HKD '000) | | :--- | :--- | :--- | :--- | | Share capital | 88,197 | 88,197 | 0 | | Share premium | 434,797 | 434,797 | 0 | | Capital contribution by shareholders | 7,834 | 7,834 | 0 | | Redemption reserve | 477 | 477 | 0 | | Currency translation reserve | (1,353) | (1,354) | 1 | | Contributed surplus | 152,788 | 152,788 | 0 | | Accumulated losses | (560,821) | (566,153) | 5,332 | | **Total equity** | **121,919** | **116,586** | **5,333** | - **Profit for the period** of **HKD 5,332 thousand** was the primary reason for the increase in equity[19](index=19&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, Sheng Yuan Holdings Limited's net cash outflow from operating activities was HKD 17,395 thousand, a significant decrease from the HKD 20,462 thousand inflow in the prior period, leading to a substantial reduction in cash and cash equivalents at period-end [Interim Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2025](index=10&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E4%B8%AA%E6%9C%88%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) | Indicator | 2025 (HKD '000) | 2024 (HKD '000) | Change (HKD '000) | | :--- | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (17,395) | 20,462 | -37,857 | | Net cash generated from investing activities | – | 21,825 | -21,825 | | Net cash used in financing activities | (873) | (873) | 0 | | Net (decrease) / increase in cash and cash equivalents | (18,268) | 41,414 | -59,682 | | Cash and cash equivalents at beginning of period | 44,043 | 47,166 | -3,123 | | Effect of exchange rate changes on cash held | 1 | 3 | -2 | | Cash and cash equivalents at end of period | 25,776 | 88,583 | -62,807 | - Net cash flow from operating activities shifted from a net inflow in the prior period to a **net outflow**, primarily due to changes in working capital, especially an increase in trade and other receivables[20](index=20&type=chunk) - Investing activities cash flow was **zero** in the first half of 2025, compared to a **net inflow of HKD 21,825 thousand** in the prior period, mainly due to proceeds received from debt instrument arrangements last year[22](index=22&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=12&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section details the basis of preparation, accounting policies, segment information, revenue and expense components, balance sheet items, and fair value measurements for Sheng Yuan Holdings Limited's interim condensed consolidated financial information for the six months ended June 30, 2025 [1. General Information](index=12&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Sheng Yuan Holdings Limited is a Bermuda-registered investment holding company listed on the HKEX, primarily engaged in securities brokerage, financial services, asset management, proprietary trading, and trading businesses through its subsidiaries - The Company is an investment holding company, and its subsidiaries are principally engaged in **securities brokerage and financial services, asset management services, proprietary trading, and trading businesses**[23](index=23&type=chunk) - The interim condensed consolidated financial information was approved for publication by the Board of Directors on **August 21, 2025**[23](index=23&type=chunk) [2. Adoption of New or Revised Hong Kong Financial Reporting Standards](index=12&type=section&id=2.%20%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E6%88%96%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87) The Group has applied new and revised HKFRS effective from January 1, 2025, with no significant impact on the interim condensed consolidated financial information - The Group has applied new and revised standards and interpretations effective for annual periods beginning on or after **January 1, 2025**[24](index=24&type=chunk) - The adoption of amendments to **HKAS 21** and **HKFRS 1** had no significant impact on the Group's interim condensed consolidated financial information[24](index=24&type=chunk) [3. Basis of Preparation](index=13&type=section&id=3.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and HKEX Listing Rules Appendix D2, using consistent accounting policies with the 2024 annual financial statements - The financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"** issued by the HKICPA and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange[25](index=25&type=chunk) - The accounting policies adopted in preparing these interim condensed financial information are consistent with those applied in the annual financial statements for the year ended **December 31, 2024**[25](index=25&type=chunk) [4. Segment Information](index=13&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operating segments include securities brokerage and financial services, asset management, proprietary trading, and trading businesses, each managed independently with consistent measurement methods for segment results and assets/liabilities - The Group's operating segments include: (a) **securities brokerage and financial services**; (b) **asset management services**; (c) **proprietary trading**; and (d) **trading businesses**[26](index=26&type=chunk) - For the six months ended June 30, 2025, total segment revenue was **HKD 12,098 thousand**, with **securities brokerage and financial services** contributing **HKD 7,427 thousand** and **asset management services** contributing **HKD 4,671 thousand**[28](index=28&type=chunk) [Reportable Segment Revenue and Results (For the six months ended June 30)](index=13&type=section&id=%E5%8F%AF%E7%94%B3%E5%A0%B1%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Segment | 2025 Revenue (HKD '000) | 2024 Revenue (HKD '000) | 2025 Results (HKD '000) | 2024 Results (HKD '000) | | :--- | :--- | :--- | :--- | :--- | | Securities brokerage and financial services | 7,427 | 9,929 | 6,202 | 5,140 | | Asset management services | 4,671 | 4,309 | 4,098 | 10,522 | | Proprietary trading | – | – | 2,078 | 19,678 | | Trading business | – | 172 | (3) | 300 | | **Total** | **12,098** | **14,410** | **12,375** | **35,640** | [5. Revenue](index=16&type=section&id=5.%20%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's total revenue was HKD 12,098 thousand, primarily from fees and commission income from customer contracts, with corporate finance services and fund/portfolio management being key contributors [Revenue Components (For the six months ended June 30)](index=16&type=section&id=%E6%94%B6%E7%9B%8A%E6%A7%8B%E6%88%90%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Revenue Source | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Securities and futures brokerage | 164 | 1,157 | -85.8% | | Corporate finance services income | 6,000 | 6,480 | -7.56% | | Advisory fee income | 83 | 127 | -34.6% | | Custodian fees | 1,180 | 2,165 | -45.5% | | Fund and portfolio management and investment advisory | 4,671 | 4,309 | 8.40% | | Financing services interest income | – | 172 | -100% | | **Total** | **12,098** | **14,410** | **-16.04%** | [6. Other Gains and Losses](index=17&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, the Group's other gains and losses significantly decreased to HKD 1,172 thousand, primarily due to the absence of a non-recurring gain of HKD 17,326 thousand from the disposal of debt investments at fair value through profit or loss in the prior period [Other Gains and Losses (For the six months ended June 30)](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Net gain on disposal of debt investments at fair value through profit or loss | – | 17,326 | -100% | | Fair value changes of investments held for trading | 1,155 | 15 | 7600% | | Net foreign exchange gain | 17 | 135 | -87.4% | | **Total** | **1,172** | **17,476** | **-93.29%** | - A non-recurring gain of **HKD 17,326 thousand** from the disposal of Atta notes-related debt instruments was recognized in 2024, with no such gain in 2025[32](index=32&type=chunk)[35](index=35&type=chunk) [7. Other Income](index=19&type=section&id=7.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's other income was HKD 1,569 thousand, slightly lower than HKD 1,660 thousand in the prior period, mainly comprising bank and other interest income and dividend income [Other Income Components (For the six months ended June 30)](index=19&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E6%A7%8B%E6%88%90%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Bank and other interest income | 1,087 | 1,048 | 3.72% | | Dividend income | 482 | 451 | 6.87% | | Miscellaneous income | – | 161 | -100% | | **Total** | **1,569** | **1,660** | **-5.48%** | [8. Profit Before Income Tax](index=19&type=section&id=8.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, the Group's profit before income tax was HKD 6,984 thousand, a significant decrease from HKD 30,384 thousand in the prior period, mainly impacted by finance costs, auditor's remuneration, and staff costs [Profit Before Income Tax Deductions (For the six months ended June 30)](index=19&type=section&id=%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9%E6%89%A3%E9%99%A4%E9%A0%85%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 68 | 114 | -40.35% | | Auditor's remuneration | 200 | 340 | -41.18% | | Staff costs (including directors' emoluments) | 3,852 | 4,284 | -10.08% | [9. Income Tax Expense](index=20&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the Group's income tax expense significantly increased to HKD 1,652 thousand from HKD 581 thousand in the prior period, primarily calculated under Hong Kong's two-tiered profits tax regime - Hong Kong profits tax is calculated under the **two-tiered profits tax regime**, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[38](index=38&type=chunk) [Current Tax - Hong Kong Profits Tax (For the six months ended June 30)](index=20&type=section&id=%E5%8D%B3%E6%9C%9F%E7%A8%85%E9%A0%85%EF%BC%8D%E9%A6%99%E6%B8%AF%E5%88%A9%E5%BE%97%E7%A8%85%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Provision for the period | 1,652 | 581 | 184.34% | [10. Dividends](index=20&type=section&id=10.%20%E8%82%A1%E6%81%AF) No dividends were proposed or paid by the Company for the six months ended June 30, 2025, or 2024 - No dividends were proposed or paid for the six months ended **June 30, 2025**, or **2024**[40](index=40&type=chunk) [11. Earnings Per Share](index=20&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share were both 0.60 HK cents, a significant decrease from 3.38 HK cents in the prior period, mainly due to reduced profit for the period [Earnings Per Share (For the six months ended June 30)](index=20&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Indicator | 2025 (HK cents) | 2024 (HK cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share | 0.60 | 3.38 | -82.25% | | Diluted earnings per share | 0.60 | 3.38 | -82.25% | - Basic earnings per share are calculated based on profit attributable to owners of the Company of approximately **HKD 5,332,000** (2024: HKD 29,803,000) and the weighted average number of ordinary shares in issue of **881,970,541** shares during the period[41](index=41&type=chunk) [12. Property, Plant and Equipment](index=21&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, and 2024, the Group neither purchased nor disposed of any property, plant, and equipment - For the six months ended **June 30, 2025**, and **2024**, the Group neither purchased nor disposed of any property, plant, and equipment[42](index=42&type=chunk) [13. Leases](index=21&type=section&id=13.%20%E7%A7%9F%E8%B3%83) As of June 30, 2025, the Group's right-of-use assets and lease liabilities both decreased, with no new lease agreements entered into or renewed during the period [Lease-Related Carrying Amounts (As of June 30)](index=21&type=section&id=%E7%A7%9F%E8%B3%83%E7%9B%B8%E9%97%9C%E8%B3%B4%E9%9D%A2%E5%80%BC%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Item | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Carrying amount of right-of-use assets | 1,730 | 2,471 | -30.0% | | Carrying amount of lease liabilities | 1,827 | 2,631 | -30.6% | [Lease-Related Expenses Recognized in Profit or Loss (For the six months ended June 30)](index=21&type=section&id=%E6%90%8D%E7%9B%8A%E4%B8%AD%E7%A2%BA%E8%AA%8D%E7%9A%84%E7%A7%9F%E8%B3%83%E7%9B%B8%E9%97%9C%E9%96%8B%E6%94%AF%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Item | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation expense of right-of-use assets | 741 | 741 | 0.0% | | Interest on lease liabilities | 68 | 114 | -40.35% | | Expenses relating to short-term leases | 68 | 71 | -4.23% | [14. Trade and Other Receivables, Deposits and Prepayments](index=22&type=section&id=14.%20%E6%87%89%E6%94%B6%E8%B3%B4%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other receivables, deposits, and prepayments significantly increased to HKD 29,283 thousand, mainly due to higher prepayments and corporate finance service receivables [Trade and Other Receivables, Deposits and Prepayments (As of June 30)](index=22&type=section&id=%E6%87%89%E6%94%B6%E8%B3%B4%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Item | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (net of impairment allowance) | 7,738 | 4,669 | 65.7% | | Prepayments | 19,134 | 615 | 3011.2% | | Other receivables and deposits | 1,901 | 711 | 167.4% | | Lease deposits | 510 | 510 | 0.0% | | **Total** | **29,283** | **6,505** | **350.2%** | [Trade Receivables Analysis (As of June 30)](index=22&type=section&id=%E6%87%89%E6%94%B6%E8%B3%B4%E6%AC%BE%E5%88%86%E6%9E%90%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Source | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Asset management services | 5,317 | 5,305 | 0.23% | | Underwriting and placement services | 8,000 | 8,000 | 0.0% | | Advisory services | 4,656 | 4,656 | 0.0% | | Corporate finance services | 3,283 | 200 | 1541.5% | | **Total** | **21,256** | **18,161** | **17.04%** | - Trade receivables overdue for more than **365 days** amounted to **HKD 13,480 thousand**, representing a significant portion of total trade receivables[49](index=49&type=chunk) [15. Investments Held for Trading](index=24&type=section&id=15.%20%E6%8C%81%E4%BD%9C%E8%B2%B7%E8%B3%A3%E7%94%A8%E9%80%94%E6%8A%95%E8%B3%87) As of June 30, 2025, the Group's investments in listed equity securities held for trading increased to HKD 15,155 thousand [Investments Held for Trading (As of June 30)](index=24&type=section&id=%E6%8C%81%E4%BD%9C%E8%B2%B7%E8%B3%A3%E7%94%A8%E9%80%94%E6%8A%95%E8%B3%87%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Item | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Listed equity securities | 15,155 | 14,000 | 8.25% | [16. Trade and Other Payables and Accrued Expenses](index=25&type=section&id=16.%20%E6%87%89%E4%BB%98%E8%B3%B4%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E4%BB%A5%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) As of June 30, 2025, the Group's total trade and other payables and accrued expenses decreased to HKD 13,793 thousand, mainly due to a significant reduction in cash client payables from securities and futures trading businesses [Trade and Other Payables and Accrued Expenses (As of June 30)](index=25&type=section&id=%E6%87%89%E4%BB%98%E8%B3%B4%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E4%BB%A5%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Item | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables from securities and futures trading business - cash clients | 10,400 | 20,029 | -48.08% | | Trade payables from securities and futures trading business - margin clients | 2,309 | 2,307 | 0.09% | | Other payables | 144 | 793 | -81.84% | | Accrued expenses | 940 | 1,698 | -44.64% | | **Total** | **13,793** | **24,827** | **-44.44%** | - The Directors believe that an aging analysis of trade payables would not provide additional usefulness given the nature of the business, and thus it is not disclosed[51](index=51&type=chunk) [17. Share Capital](index=26&type=section&id=17.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's authorized and issued and fully paid share capital remained unchanged, with all issued shares enjoying equal rights [Share Capital Structure (As of June 30)](index=26&type=section&id=%E8%82%A1%E6%9C%AC%E7%B5%90%E6%A7%8B%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Item | 2025 June 30 | 2024 Jan 1 | | :--- | :--- | :--- | | Number of authorized ordinary shares (par value HKD 0.1 per share) | 6,000,000,000 | 6,000,000,000 | | Authorized share capital par value (HKD '000) | 600,000 | 600,000 | | Number of issued and fully paid ordinary shares | 881,970,541 | 881,970,541 | | Issued and fully paid share capital par value (HKD '000) | 88,197 | 88,197 | - All issued shares carry equal rights in respect of **dividends, voting, and return of capital**[52](index=52&type=chunk) [18. Related Party Transactions](index=27&type=section&id=18.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) During the reporting period, the Group engaged in custodian fee and corporate finance service fee transactions with related party Yuan Yin Financial Credit Limited and had amounts due from Yuan Yin Holdings Limited [Significant Related Party Transactions (For the six months ended June 30)](index=27&type=section&id=%E8%88%87%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E7%9A%84%E9%87%8D%E5%A4%A7%E4%BA%A4%E6%98%93%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Transacting Party | Transaction Type | 2025 (HKD '000) | 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Yuan Yin Financial Credit Limited | Custodian fee income | 900 | 900 | 0.0% | | Yuan Yin Financial Credit Limited | Corporate finance service fee income | 6,000 | 6,480 | -7.41% | [Amounts Due from Related Parties to the Group (As of June 30)](index=27&type=section&id=%E7%B5%90%E6%AC%A0%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E6%AC%BE%E9%A0%85%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Related Party | 2025 June 30 (HKD '000) | 2024 Dec 31 (HKD '000) | | :--- | :--- | :--- | | Yuan Yin Holdings Limited | 3,000 | – | - Amounts due from the Group (Yuan Yin Holdings Limited) are **unsecured, interest-free, and without a credit period**[54](index=54&type=chunk) [Key Management Personnel Remuneration (For the six months ended June 30)](index=27&type=section&id=%E4%B8%BB%E8%A6%81%E7%AE%A1%E7%90%86%E5%B1%A4%E4%BA%BA%E5%93%A1%E8%96%AA%E9%85%AC%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88)) | Item | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Salaries and allowances | 840 | 840 | | Contributions to retirement benefit schemes | 18 | 18 | | **Total** | **858** | **858** | [19. Fair Value Measurement](index=29&type=section&id=19.%20%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Group's financial instruments are categorized into three levels based on fair value hierarchy; as of June 30, 2025, listed equity securities held for trading are all Level 1, with fair values based on market quotations [Financial Instruments Measured at Fair Value (As of June 30)](index=29&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E5%B7%B7%E5%85%B7%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Item | Level 1 (HKD '000) | Level 2 (HKD '000) | Level 3 (HKD '000) | Total (HKD '000) | | :--- | :--- | :--- | :--- | :--- | | 2025 June 30 Listed equity securities | 15,155 | – | – | 15,155 | | 2024 Dec 31 Listed equity securities | 14,000 | – | – | 14,000 | - The fair value hierarchy categorizes financial instruments into **three levels**: Level 1 for active market quotes, Level 2 for observable inputs, and Level 3 for unobservable inputs[57](index=57&type=chunk) - The fair value of listed equity securities is based on **market quotations** at the reporting date, using current market bid prices[59](index=59&type=chunk) [20. Events After the Reporting Period](index=30&type=section&id=20.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events occurred after June 30, 2025, up to the date of publication of the interim condensed consolidated financial information - No significant events related to the Group occurred after **June 30, 2025**, and up to the date of publication of the interim condensed consolidated financial information[61](index=61&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews the Group's financial performance and business operations for the reporting period, including reasons for decreased revenue and net profit, and outlines future development strategies emphasizing cross-border cooperation and diversified revenue streams [Interim Dividend](index=31&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended **June 30, 2025** (2024 corresponding period: nil)[63](index=63&type=chunk) [Business and Financial Review](index=31&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's fees and commission income decreased by 14.8% year-on-year, and net profit significantly dropped by 82.11%, mainly due to the absence of non-recurring gains from the prior period; operations of various business segments are also reviewed [Financial Summary](index=31&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the Group's fees and commission income was approximately HKD 12.1 million, a 14.8% year-on-year decrease; profit for the period was approximately HKD 5.3 million, a significant 82.11% year-on-year decrease, mainly due to the non-recognition of non-recurring gains from the prior period - Fees and commission income was approximately **HKD 12.1 million**, a **14.8% decrease** compared to the prior period, mainly due to reduced financial advisory services and general custodian services[64](index=64&type=chunk) - Profit for the period was approximately **HKD 5.3 million**, compared to **HKD 29.8 million** in the prior period, with the net profit decrease primarily attributed to the non-recognition of non-recurring gains from the disposal of debt instruments at fair value through profit or loss in 2024[64](index=64&type=chunk) - Basic and diluted earnings per share for the first half of 2025 were both approximately **0.6 HK cents**, compared to **3.38 HK cents** in the prior period[64](index=64&type=chunk) [Operations of Business Segments - Securities Brokerage and Financial Services](index=31&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%AD%89%E5%88%B8%E7%B6%93%E7%B4%80%E5%8F%8A%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8B%99) The Group provides securities brokerage and financial services through Sheng Yuan Securities and Sheng Yuan Capital, including securities and futures brokerage, underwriting and placement, margin financing, and corporate finance advisory; client trust bank balances decreased by 43.0% year-on-year - Sheng Yuan Securities is licensed for **Type 1 (dealing in securities), Type 2 (dealing in futures contracts), and Type 4 (advising on securities)** regulated activities[65](index=65&type=chunk) - Sheng Yuan Capital is licensed for **Type 6 (advising on corporate finance)** regulated activities, providing corporate advisory services[66](index=66&type=chunk) - Client trust bank accounts held approximately **HKD 12.7 million**, a **43.0% decrease** from **HKD 22.3 million** as of December 31, 2024, mainly due to client withdrawals[65](index=65&type=chunk) [Operations of Business Segments - Asset Management](index=32&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86) Sheng Yuan Asset Management provides fund management and investment advisory services; as of June 30, 2025, total assets under management were HKD 0.15 million, a significant decrease from the prior period, mainly due to the termination of an overseas fund in July 2024 - Sheng Yuan Asset Management is licensed for **Type 4 (advising on securities)** and **Type 9 (asset management)** regulated activities[67](index=67&type=chunk) - As of June 30, 2025, total assets under management were **HKD 0.15 million** (June 30, 2024: HKD 658.9 million), primarily due to the termination of an overseas fund in **July 2024**[68](index=68&type=chunk)[69](index=69&type=chunk) [Operations of Business Segments - Proprietary Trading](index=32&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%87%AA%E7%87%9F%E8%B2%B7%E8%B3%A3) Proprietary trading business primarily invests in listed shares, corporate bonds, and private equity funds in the Hong Kong market, recording a profit of approximately HKD 2.1 million for the six months ended June 30, 2025, a significant decrease from the prior period - Proprietary trading business primarily invests in **listed shares, corporate bonds, and private equity funds** in the Hong Kong market[70](index=70&type=chunk) - For the six months ended June 30, 2025, proprietary trading recorded a profit of approximately **HKD 2.1 million** (2024 corresponding period: HKD 19.7 million)[70](index=70&type=chunk) [Outlook and Future Plans](index=33&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A6%8F%E5%8A%83) The Group remains cautiously optimistic for the second half of 2025 and beyond, planning to strengthen cross-border cooperation, expand securities brokerage, asset management, and corporate finance services, enhance its fund management platform, and develop innovative financial advisory and margin financing solutions to diversify revenue and achieve sustainable returns - The Hong Kong financial market showed a **moderate recovery** in the first half of 2025, with the Hang Seng Index rising approximately **21%** year-to-date and improved equity fundraising[72](index=72&type=chunk) - The Group will continue to pursue a **prudent strategy**, closely monitor macroeconomic developments, and leverage Hong Kong's position in the Greater Bay Area to strengthen cross-border cooperation and explore new partnerships[72](index=72&type=chunk) - The management team is committed to enhancing the **fund management platform**, expanding **discretionary account services**, and developing innovative **financial advisory and margin financing solutions** to diversify revenue, enhance resilience, and deliver sustainable returns to shareholders[72](index=72&type=chunk) [Acquisitions and Disposals](index=34&type=section&id=%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, and joint ventures - For the six months ended **June 30, 2025**, there were no significant acquisitions or disposals of subsidiaries, associates, and joint ventures[73](index=73&type=chunk) [Liquidity and Financial Resources](index=34&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's cash and bank balances decreased to HKD 25.8 million, but net assets increased, with no borrowings and a net current asset position of HKD 119.4 million - Cash and bank balances (general accounts) were approximately **HKD 25.8 million**, a decrease of approximately **HKD 18.2 million** from December 31, 2024[74](index=74&type=chunk) - Net current assets were **HKD 119.4 million** (December 31, 2024: HKD 114.2 million)[16](index=16&type=chunk)[74](index=74&type=chunk) - The Group has **no borrowings** or other debt, so the gearing ratio is not applicable[75](index=75&type=chunk) - Net assets were approximately **HKD 121.9 million** (December 31, 2024: HKD 116.6 million)[75](index=75&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group's transactions are primarily denominated in HKD, USD, and RMB; currently, no foreign currency hedging policy is in place, but management monitors exchange rate fluctuations to mitigate risks - The Group's transactions are primarily denominated in **HKD, USD, and RMB**[76](index=76&type=chunk) - The Group does not have any foreign currency hedging policy in place, but management will closely monitor exchange rate fluctuations and take appropriate actions to mitigate risks[76](index=76&type=chunk) [Capital Structure](index=34&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Group's capital structure comprises issued share capital and reserves attributable to shareholders; the Board monitors capital structure by reviewing cash flow needs and financial obligations, with no changes during the reporting period - The Group's capital structure comprises **issued share capital** and **reserves attributable to the Company's shareholders**[77](index=77&type=chunk) - There were no changes in the capital structure for the six months ended **June 30, 2025**[77](index=77&type=chunk) [Funding and Treasury Policy](index=35&type=section&id=%E8%B3%87%E9%87%91%E5%8F%8A%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group adopts a conservative cash management and investment strategy for unallocated funds, primarily holding cash and cash equivalents as short-term deposits with authorized institutions in Hong Kong - The Group adopts a **conservative cash management and investment strategy** for funds not designated for specific purposes[79](index=79&type=chunk) - Cash and cash equivalents are primarily held in **HKD, USD, and RMB** as short-term deposits with authorized institutions in Hong Kong[79](index=79&type=chunk) [Contingent Liabilities](index=35&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had no significant contingent liabilities[80](index=80&type=chunk) [Events After Reporting Period](index=35&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No significant events concerning the Group occurred after the reporting period and up to the date of this report - No significant events concerning the Group occurred after the reporting period and up to the date of this report[81](index=81&type=chunk) [Pledged Assets](index=35&type=section&id=%E6%8A%B5%E6%8A%BC%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group had no pledged assets - As of **June 30, 2025**, the Group had no pledged assets[82](index=82&type=chunk) [Human Resources](index=35&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed 19 staff, maintaining market-level remuneration policies and providing regular training to enhance employee capabilities - As of **June 30, 2025**, the Group employed **19 staff**[83](index=83&type=chunk) - Remuneration policies and benefits are maintained at market levels, with regular training and various development programs provided[83](index=83&type=chunk) [Corporate Governance and Other Information](index=35&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section discloses the company's corporate governance practices, including directors' and major shareholders' interests, share option schemes, listed securities transactions, interim report review, audit committee composition, and compliance with the Corporate Governance Code [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company](index=36&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no directors or chief executives held any disclosable interests or short positions in the Company's or its associated corporations' shares, underlying shares, or debentures - As of **June 30, 2025**, no directors or chief executives held any interests in the shares, underlying shares, or debentures of the Company or any of its associated corporations that are required to be recorded in the register or otherwise notified to the Company and the Stock Exchange[84](index=84&type=chunk) [Major Shareholders' Interests](index=36&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2025, Yuan Yin Holdings Limited is the Company's major shareholder, holding 68.15% of the issued share capital [Major Shareholders' Long Positions (As of June 30)](index=36&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%A5%BD%E5%80%89%20(%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5)) | Shareholder Name | Capacity | Number of Shares Held | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Yuan Yin Holdings Limited | Beneficial owner | 601,100,000 | 68.15% | | Yuan Yin Holdings Limited | Interest in controlled corporation | 1,917,000 | 0.22% | - Yuan Yin Holdings Limited is deemed to have an interest in **1,917,000 shares** of the Company beneficially owned by Yuan Yin International Limited, a wholly-owned subsidiary of Yuan Yin Holdings Limited[86](index=86&type=chunk) [Share Options](index=37&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A) The Company adopted the 2014 Share Option Scheme to incentivize or reward eligible participants, but no share options were granted under the scheme for the six months ended June 30, 2025 - The Company adopted a new share option scheme ("2014 Scheme") on **October 15, 2014**, to incentivize or reward eligible participants[88](index=88&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted under the 2014 Scheme, and no shares remained unexercised[88](index=88&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - For the six months ended **June 30, 2025**, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[89](index=89&type=chunk) - As of **June 30, 2025**, the Company held no treasury shares[89](index=89&type=chunk) [Review of Interim Report](index=38&type=section&id=%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A%E4%B9%8B%E5%AF%A9%E9%96%B1) The Group's interim report for the six months ended June 30, 2025, has been reviewed by Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd and complies with the disclosure requirements of the Listing Rules - The interim report has been reviewed by **Beijing Xinghua Dingfeng Certified Public Accountants Co., Ltd** in accordance with Hong Kong Standard on Review Engagements 2410[90](index=90&type=chunk) - The interim report contains all relevant information required by **Appendix D2** of the Listing Rules[90](index=90&type=chunk) [Audit Committee](index=38&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising Ms. Huang Qin (Chairperson), Mr. Zhang Jinfan, and Mr. Huang Shuanggang, has reviewed the Group's accounting principles, internal controls, and interim results - The Audit Committee comprises **Ms. Huang Qin (Chairperson), Mr. Zhang Jinfan, and Mr. Huang Shuanggang**, all possessing appropriate professional qualifications and financial experience[91](index=91&type=chunk) - The Audit Committee has reviewed the interim results and unaudited financial statements for the six months ended **June 30, 2025**[91](index=91&type=chunk) [Corporate Governance](index=38&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to maintaining high corporate governance standards and has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company is committed to maintaining high standards of corporate governance and procedures to safeguard the interests of all shareholders[92](index=92&type=chunk) - The Company has complied with the Corporate Governance Code set out in **Appendix C1** of the Listing Rules for the six months ended **June 30, 2025**[92](index=92&type=chunk) [Standard Code for Securities Transactions by Directors](index=39&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard Code as its code of conduct for directors' securities transactions and confirms that directors have complied with it during the reporting period - The Company has adopted the **Standard Code** as its own code of conduct for directors' securities transactions[93](index=93&type=chunk) - The directors have complied with the required standards set out in the Standard Code for the six months ended **June 30, 2025**[93](index=93&type=chunk) [Board of Directors](index=39&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the date of this report, the Board of Directors comprises two executive directors, one non-executive director, and three independent non-executive directors - The Board of Directors comprises Executive Directors **Mr. Zhou Quan** and **Mr. Zhao Yun**, Non-Executive Director **Mr. Huang Shuanggang**, and Independent Non-Executive Directors **Mr. Zhang Jinfan, Ms. Huang Qin, and Mr. Guo Yaoli**[94](index=94&type=chunk)

2025 中期報告 二零二五年中報 目 錄 頁次 2 公司資料 未經審核中期財務資料 76 中期財務資料審閱報告 4 財務摘要 5 管理層討論及分析 23 董事和高級管理人員 25 其他資料 41 未經審核中期簡明綜合資產負債表 43 未經審核中期簡明綜合利潤表 44 未經審核中期簡明綜合全面收益表 45 未經審核中期簡明綜合權益變動表 47 未經審核中期簡明綜合現金流量表 48 未經審核中期簡明綜合財務資料附註 公司資料 | 一 、 | 本公司資訊 | | --- | --- | | 中文名稱 | 中遠海運控股股份有限公司（「本公司」、「公司」或「中遠海控」） | | 中文名稱簡稱 | 中遠海控 | | 外文名稱 | COSCO SHIPPING Holdings Co., Ltd. | | 外文名稱縮寫 | COSCO SHIP HOLD | | 法定代表人 | 萬敏 | | 註冊地址 | 中華人民共和國（「中國」）天津自貿試驗區（空港經濟區）中心大道與東七道交口遠 | | | 航商務中心12號樓二層 | | 註冊地址的郵政編碼 | 300461 | | 辦公地址 | 中國上海市東大名路658號8樓 | ...