(於開曼群島註冊成立之有限公司) 股份代號: 1 2025 長江和記實業有限公司 2025年中期報告 公司資料 董事會 執行董事 李澤鉅 BSc, MSc, LLD (Hon) Grande Ufficiale dell'Ordine della Stella d'Italia 主 席 霍建寧 BA, DFM, FCA (ANZ) 副主席 陸法蘭 MA, LLL 集團聯席董事總經理兼集團財務董事 黎啟明 BSc, MBA 集團聯席董事總經理 葉德銓 BA, MSc 副董事總經理 甘慶林 BSc, MBA 副董事總經理 施熙德 BSE, MA, MA, EdM, Solicitor, FCG, HKFCG 甄達安 MA, MBA, CA, CPA 非執行董事 周近智 LLM 李業廣 GBM, GBS, OBE, JP 胡慕芳 BSc （別 名 周 胡 慕 芳） 獨立非執行董事 周靜宜 BA, MBA 蓆紀倫 BCom, CA(ANZ), FCPA 斐歷嘉道理 BSc 劉柔芬 GBS, SBS, OBE, JP （別 名 梁 劉 柔 芬） 戴保羅 BSc 詹婧翎 MBA, CPA, CGA, FCA, FCCA, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 內幕消息 截至2025年6月30日止季度的 未經審計財務業績 本文附表一為本公司於2025年8月28日（美國東部時間）刊發的有關第二季度業績 的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告包含根據1995年《美國私人證券訴訟改革法案》的「安全港」條文可能構成 「前瞻性」聲明的陳述。該等前瞻性陳述可以通過諸如「將」、「期望」、「預期」、 「旨在」、「未來」、「擬」、「計劃」、「相信」、「預計」、「目標」、「可能」及「挑戰」 等術語及類似陳述來識別。理想汽車亦可能在其向美國證交會及香港聯合交易 所有限公司（「香港聯交所」）提交的定期報告中、在其提交給股東的年度報告、 新聞稿和其他書面材料以及其高級職員、董事或僱員向第三方所作的口頭陳述中 作出書面或口頭前瞻性陳述。非歷史事實性陳 ...

Part I [Announcement Information](index=1&type=section&id=I.%20Announcement%20Information) This section provides general information about the interim results announcement and disclaimers [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) SINO ICT HOLDINGS LIMITED announced its unaudited interim results for the six months ended June 30, 2025, which were reviewed by the Audit Committee - Company name: **SINO ICT HOLDINGS LIMITED**, stock code: **00365**[2](index=2&type=chunk) - The announcement covers unaudited consolidated results for the six months ended **June 30, 2025**[2](index=2&type=chunk) - The results were reviewed by the Company's Audit Committee on **August 28, 2025**[2](index=2&type=chunk) [Summary of Interim Results Announcement](index=1&type=section&id=1.2%20Summary%20of%20Interim%20Results%20Announcement) This section presents the disclaimer from HKEX and the Stock Exchange, stating no responsibility for the announcement's accuracy or completeness - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, nor do they make any representation as to its accuracy or completeness[1](index=1&type=chunk) Part II [Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section provides an overview of the company's condensed consolidated financial performance and position [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue from continuing operations grew 24.4% to HKD 177,334 thousand, with operating profit turning positive to HKD 8,920 thousand, and profit attributable to owners from continuing operations at HKD 6,309 thousand Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 177,334 | 142,600 | 24.4% | | Operating profit/(loss) | 8,920 | (10,766) | N/A (turned profitable) | | Loss for the period from continuing operations | (3,066) | (26,518) | -88.4% | | Profit/(loss) for the period from continuing operations attributable to owners of the Company | 6,309 | (10,777) | N/A (turned profitable) | | Basic and diluted earnings per share (continuing operations) (HK cents) | 0.43 | (0.74) | N/A (turned profitable) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased to HKD 931,931 thousand, net current assets significantly rose to HKD 194,864 thousand, and equity attributable to owners increased to HKD 232,786 thousand, while non-current liabilities grew due to increased borrowings Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Total assets | 931,931 | 923,846 | 8,085 | | Equity attributable to owners of the Company | 232,786 | 226,126 | 6,660 | | Non-current liabilities | 494,697 | 350,277 | 144,420 | | Current liabilities | 255,086 | 388,648 | (133,562) | | Net current assets | 194,864 | 33,801 | 161,063 | Part III [Notes to the Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the condensed consolidated financial statements [General Information](index=6&type=section&id=3.1%20General%20Information) SINO ICT HOLDINGS LIMITED, a Bermuda-registered company listed on the HKEX, primarily engages in SMT equipment manufacturing and energy businesses in China, having terminated its radar business this period - The Company is incorporated in Bermuda and its shares are listed on the Main Board of the Stock Exchange of Hong Kong[8](index=8&type=chunk) - Principal activities include surface mount technology (SMT) equipment manufacturing and electricity sales, along with providing electricity spot market trading and ancillary services (energy business)[8](index=8&type=chunk) - For the six months ended June 30, 2025, the advanced domestic radar hardware manufacturing, intelligent software development, application, and system integration business (radar business) was discontinued[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=3.2%20Basis%20of%20Preparation) These condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, and the applicable disclosure requirements of the Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) - These statements do not include all the information required for annual consolidated financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024[11](index=11&type=chunk) [Significant Accounting Policies](index=7&type=section&id=3.3%20Significant%20Accounting%20Policies) These interim financial statements are primarily prepared on a historical cost basis, with some assets measured at fair value, and the adoption of several revised HKFRSs this period had no material impact on the consolidated results or financial position - The statements are prepared on a historical cost basis, except for investment properties and financial assets measured at fair value[12](index=12&type=chunk) - Several revised Hong Kong Financial Reporting Standards effective from January 1, 2025, were adopted, including lease liabilities in a sale and leaseback, classification of liabilities, non-current liabilities with covenants, and lack of exchangeability[12](index=12&type=chunk) - The adoption of these revised standards had no material impact on the consolidated results and financial position for the current and prior periods[12](index=12&type=chunk) [Critical Accounting Estimates and Judgments](index=7&type=section&id=3.4%20Critical%20Accounting%20Estimates%20and%20Judgments) The preparation of these financial statements involves management's critical judgments, estimates, and assumptions regarding accounting policies and the carrying amounts of assets and liabilities, consistent with the 2024 annual report - Management made critical judgments, estimates, and assumptions in preparing the statements, consistent with those used in the consolidated financial statements for the year ended December 31, 2024[13](index=13&type=chunk) [Revenue](index=8&type=section&id=3.5%20Revenue) Total revenue for the period was HKD 177,334 thousand, primarily from the production and sale of industrial products (HKD 152,408 thousand) and electricity sales (HKD 24,926 thousand), with all revenue recognized at a point in time Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Production and sale of industrial products | 152,408 | 134,758 | 13.1% | | Electricity sales | 24,926 | 7,842 | 217.8% | | **Total Revenue** | **177,334** | **142,600** | **24.4%** | - All revenue is recognized at a point in time[15](index=15&type=chunk) [Segment Information](index=9&type=section&id=3.6%20Segment%20Information) As of June 30, 2025, the radar business has been discontinued; the industrial product production and sales segment is the primary source of revenue and profit, generating HKD 150,706 thousand in revenue and HKD 74,610 thousand in gross profit, while the energy business saw significant revenue growth to HKD 24,926 thousand but recorded a gross loss of HKD 8,904 thousand and a pre-tax loss of HKD 19,133 thousand - The radar business has been discontinued, and segment information does not include discontinued operations[16](index=16&type=chunk) Segment Results from Continuing Operations (For the six months ended June 30) | Indicator | Industrial Product Production and Sales (HKD thousands) | Energy Business (HKD thousands) | Unallocated Items (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | **2025** | | | | | | Revenue from external customers | 150,706 | 24,926 | 1,702 | 177,334 | | Segment gross profit/(loss) | 74,610 | (8,904) | 1,702 | 67,408 | | Profit/(loss) before income tax | 23,384 | (19,133) | (6,232) | (1,981) | | **2024** | | | | | | Revenue from external customers | 131,709 | 7,842 | 3,049 | 142,600 | | Segment gross profit | 59,835 | 2,044 | 3,049 | 64,928 | | Profit/(loss) before income tax | 16,890 | (31,413) | (13,448) | (27,971) | [Other Income](index=10&type=section&id=3.7%20Other%20Income) Other income for the period was HKD 1,384 thousand, primarily from government grants, representing a significant year-on-year decrease of 72.1% Other Income Composition (For the six months ended June 30) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Scrap sales income | 31 | 294 | -89.5% | | Government grants | 1,353 | 4,656 | -70.9% | | **Total** | **1,384** | **4,950** | **-72.1%** | [Finance Income and Expenses](index=11&type=section&id=3.8%20Finance%20Income%20and%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a 13.8% year-on-year decrease, mainly due to reduced interest expenses on bank and other borrowings Finance Income and Expenses (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 561 | 913 | -38.6% | | Interest expenses on bank and other borrowings | (11,328) | (13,410) | -15.5% | | **Net finance expenses** | **(10,767)** | **(12,497)** | **-13.8%** | [Income Tax Expense](index=11&type=section&id=3.9%20Income%20Tax%20Expense) Income tax expense from continuing operations for the period was HKD 1,085 thousand, compared to an income tax credit of HKD 1,453 thousand in the prior period, primarily related to China corporate income tax Income Tax Expense/(Credit) from Continuing Operations (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | China corporate income tax expense/(credit) | 1,085 | (1,453) | [Discontinued Operations](index=12&type=section&id=3.10%20Discontinued%20Operations) Discontinued operations (radar business) recorded a loss of HKD 187 thousand for the period, primarily administrative expenses, with a loss attributable to owners of HKD 129 thousand Loss from Discontinued Operations (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | — | — | | Administrative expenses | (187) | — | | Loss before income tax from discontinued operations | (187) | — | | **Loss for the period from discontinued operations** | **(187)** | **—** | | Loss attributable to owners of the Company | (129) | — | [Earnings/(Loss) Per Share](index=13&type=section&id=3.11%20Earnings%2F%28Loss%29%20Per%20Share) Basic and diluted earnings per share from continuing operations for the period were 0.43 HK cents, with a loss per share from discontinued operations of 0.01 HK cents, totaling 0.42 HK cents earnings per share, reversing previous losses Earnings/(Loss) Per Share (For the six months ended June 30) | Item | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Continuing operations | 0.43 | (0.74) | | Discontinued operations | (0.01) | — | | **Basic and diluted earnings/(loss)** | **0.42** | **(0.74)** | - The weighted average number of ordinary shares for basic and diluted earnings/(loss) per share was **1,455,000 thousand shares**, consistent with the prior period[21](index=21&type=chunk) [Dividends](index=13&type=section&id=3.12%20Dividends) For the six months ended June 30, 2025, the Company neither declared nor proposed any dividends - For the six months ended June 30, 2025, the Company neither declared nor proposed any dividends (2024: nil)[22](index=22&type=chunk) [Trade and Other Receivables](index=14&type=section&id=3.13%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to HKD 105,564 thousand, a significant increase from December 31, 2024, with notable increases in receivables aged 91-180 days and over 180 days Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 48,379 | 58,476 | (10,097) | | 91 to 180 days | 28,658 | 11,779 | 16,879 | | Over 180 days | 28,527 | 1,881 | 26,646 | | **Total** | **105,564** | **72,136** | **33,428** | [Trade and Other Payables](index=14&type=section&id=3.14%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and bills payables were HKD 45,693 thousand, a slight decrease from December 31, 2024 Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 40,141 | 43,702 | (3,561) | | 91 to 120 days | 447 | 253 | 194 | | Over 120 days | 5,105 | 5,679 | (574) | | **Total** | **45,693** | **49,634** | **(3,941)** | [Assets Classified as Held for Sale](index=14&type=section&id=3.15%20Assets%20Classified%20as%20Held%20for%20Sale) As of June 30, 2025, certain equipment, intangible assets, and inventories of the radar business, totaling HKD 6,434 thousand, were classified as assets held for sale - Equipment, intangible assets, and inventories of the radar business are classified as "assets classified as held for sale"[25](index=25&type=chunk) Composition of Assets Classified as Held for Sale (June 30, 2025) | Asset Type | Amount (HKD thousands) | | :--- | :--- | | Equipment | 2,127 | | Intangible assets | 1,062 | | Inventories | 3,245 | | **Total** | **6,434** | Part IV [Performance Review and Business Outlook](index=15&type=section&id=IV.%20Performance%20Review%20and%20Business%20Outlook) This section reviews the company's financial performance and provides an outlook on industry trends and future business strategies [Overall Performance Review](index=15&type=section&id=4.1%20Overall%20Performance%20Review) The Company's revenue increased by 24.4% year-on-year to HKD 177,334 thousand, with profit attributable to owners of approximately HKD 6,180 thousand, reversing losses, primarily due to stable energy business operations and reduced administrative expenses - Revenue was approximately **HKD 177,334,000**, a year-on-year increase of **24.4%**[26](index=26&type=chunk) - Profit attributable to owners of the Company was approximately **HKD 6,180,000**, and total comprehensive income attributable to owners of the Company was approximately **HKD 6,660,000**, both increasing from the prior period and reversing losses[26](index=26&type=chunk) - Performance improvement is mainly attributed to the energy business gradually entering stable operation, reduced one-off expenses, and lower daily management costs, leading to a decrease in administrative expenses[26](index=26&type=chunk) [Industry and Macroeconomic Outlook](index=15&type=section&id=4.2%20Industry%20and%20Macroeconomic%20Outlook) China's advanced manufacturing and new energy storage industries have broad prospects driven by "Made in China 2025" and "14th Five-Year Plan" policies, providing business opportunities despite external challenges and stable national economic operation - "Made in China 2025" policy continues to deepen, prioritizing advanced manufacturing; the "14th Five-Year Plan" for new energy storage development is vigorously promoted, accelerating energy structure transformation[27](index=27&type=chunk) - The PMI generally shows a marginal rebound, driving rapid development of the new energy storage industry, with significant increases in project numbers and installed capacity[27](index=27&type=chunk) - Despite challenges such as escalating US chip export controls against China and local government debt pressure, the national economy remains stable overall[27](index=27&type=chunk) [SMT and Semiconductor Equipment Manufacturing Business](index=16&type=section&id=4.3%20SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Business) The SMT and semiconductor equipment manufacturing business revenue increased by 14.4% year-on-year to HKD 150,706 thousand, with significant growth in segment gross profit and pre-tax profit, making it the company's primary revenue and profit source, benefiting from market demand for Mini LED, new energy vehicles, and domestic semiconductor equipment substitution - SMT and semiconductor equipment manufacturing business revenue was approximately **HKD 150,706,000**, a year-on-year increase of **14.4%**; segment gross profit was approximately **HKD 74,610,000**, a year-on-year increase of **24.7%**; segment profit before income tax was approximately **HKD 23,384,000**, a year-on-year increase of **38.4%**[28](index=28&type=chunk) - Wholly-owned subsidiary Nitto Intelligent Equipment Technology (Shenzhen) Co., Ltd. actively promotes its market presence, including launching the e-commerce platform "Nitto Technology Mall" and participating in domestic and international industry exhibitions to deepen its overseas market strategic layout[28](index=28&type=chunk) - Mini LED technology and demand for ultra-large display panels are growing rapidly, with China's Mini LED shipments projected to increase by **3.2%**[29](index=29&type=chunk) - Domestic chip production and sales are increasing, while semiconductor equipment imports are decreasing, demonstrating the effectiveness of domestic substitution, and the Group's core business will continue to benefit from the electronic manufacturing upgrade wave[30](index=30&type=chunk) [Energy Business](index=17&type=section&id=4.4%20Energy%20Business) The energy business segment generated approximately HKD 24,926 thousand in revenue but recorded a gross loss and pre-tax loss; the Herong New Energy Storage Power Station has commenced commercial operation, participating in spot market trading, passing secondary and primary frequency regulation tests, and launching new energy leasing services, now contributing stable positive cash flow despite temporary losses from initial costs - The energy business segment generated revenue of approximately **HKD 24,926,000**, with a segment gross loss of approximately **HKD 8,904,000** and a segment loss before income tax of approximately **HKD 19,133,000**[31](index=31&type=chunk) - The Herong New Energy Storage Power Station, invested and constructed by joint venture Zhongxin Dianlian (Zhuhai Hengqin) Energy Technology Co., Ltd., was completed in 2023 and commenced commercial operation and spot market trading in October of the same year[31](index=31&type=chunk) - The Herong Power Station passed secondary frequency regulation (AGC) and primary frequency regulation (PFR) technical tests and officially entered market operation, with its K-value reaching the highest level in the industry, and indicators such as charge-discharge conversion rate and response to frequency regulation command output efficiency ranking among the top in the industry[32](index=32&type=chunk) - The Herong Power Station launched new energy leasing services in April this year, signing contracts with three photovoltaic companies, enhancing energy storage asset utilization, and beginning to contribute stable positive cash flow[32](index=32&type=chunk) - Despite its revenue-generating potential, the segment shows temporary losses due to initial depreciation, amortization, financing costs, and operation and maintenance expenses[32](index=32&type=chunk) Part V [Financial Performance Analysis](index=19&type=section&id=V.%20Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's revenue, costs, and profitability metrics [Revenue Analysis](index=19&type=section&id=5.1%20Revenue%20Analysis) Total revenue for the period was HKD 177,334 thousand, with SMT equipment manufacturing and related businesses accounting for 85%, and electricity sales revenue significantly increasing by 217.8% year-on-year Revenue by Business Segment (For the six months ended June 30) | Business Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | Proportion (2025) | | :--- | :--- | :--- | :--- | :--- | | SMT equipment manufacturing and related businesses | 150,706 | 131,709 | 14.4% | 85.0% | | Electricity sales | 24,926 | 7,842 | 217.8% | 14.1% | | Integrated services | 1,702 | 3,049 | -44.2% | 1.0% | | **Total** | **177,334** | **142,600** | **24.4%** | **100.0%** | [Other Income Analysis](index=19&type=section&id=5.2%20Other%20Income%20Analysis) Other income for the period was approximately HKD 1,384 thousand, primarily government grants, representing a significant decrease from the prior period - Other income for the period was approximately **HKD 1,384,000**, mainly from government grants[34](index=34&type=chunk) [Distribution Costs Analysis](index=19&type=section&id=5.3%20Distribution%20Costs%20Analysis) Distribution costs for the period were approximately HKD 26,563 thousand, an increase of approximately HKD 5,950 thousand year-on-year, primarily due to increased sales revenue - Distribution costs were approximately **HKD 26,563,000**, an increase of approximately **HKD 5,950,000** compared to the same period last year, mainly due to increased sales revenue[35](index=35&type=chunk) [Administrative Expenses Analysis](index=19&type=section&id=5.4%20Administrative%20Expenses%20Analysis) Administrative expenses for the period were approximately HKD 34,570 thousand, a decrease of approximately HKD 24,954 thousand year-on-year, mainly due to the reclassification of depreciation in the electricity sales segment to cost of sales - Administrative expenses were approximately **HKD 34,570,000**, a decrease of approximately **HKD 24,954,000** compared to the same period last year, mainly due to the reclassification of depreciation in the electricity sales segment to cost of sales[36](index=36&type=chunk) [Net Finance Costs Analysis](index=20&type=section&id=5.5%20Net%20Finance%20Costs%20Analysis) Net finance costs for the period were approximately HKD 10,767 thousand, a decrease of approximately HKD 1,730 thousand year-on-year, primarily due to reduced interest expenses - Net finance costs were approximately **HKD 10,767,000**, a decrease of approximately **HKD 1,730,000** compared to the same period last year, mainly due to reduced interest expenses[37](index=37&type=chunk) [Profit for the Period](index=20&type=section&id=5.6%20Profit%20for%20the%20Period) Profit attributable to owners of the Company for the period was approximately HKD 6,180 thousand, reversing previous losses - Profit attributable to owners of the Company for the period was approximately **HKD 6,180,000**, reversing previous losses[38](index=38&type=chunk) [Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)](index=20&type=section&id=5.7%20Earnings%20Before%20Interest,%20Tax,%20Depreciation%20and%20Amortization%20%28EBITDA%29) EBITDA for the period was HKD 21,750 thousand, with an EBITDA margin of approximately 12.26% Earnings Before Interest, Tax, Depreciation and Amortization (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company for the period | 6,180 | (10,777) | | Net finance costs | 10,767 | 12,497 | | Income tax expense/(credit) | 1,085 | (1,453) | | Depreciation and amortization | 3,718 | 23,649 | | **EBITDA** | **21,750** | **23,916** | - The EBITDA margin for the period was approximately **12.26%**[39](index=39&type=chunk) Part VI [Liquidity and Financial Resources](index=20&type=section&id=VI.%20Liquidity%20and%20Financial%20Resources) This section examines the company's liquidity position, asset pledges, and changes in equity and liabilities [Liquidity Position](index=20&type=section&id=6.1%20Liquidity%20Position) The Group maintains ample working capital, with net current assets of approximately HKD 194,864 thousand and a current ratio of approximately 176.39%; cash and bank balances decreased, while average days for trade receivables, trade payables, and inventories all significantly increased - Net current assets were approximately **HKD 194,864,000**, with a current ratio of approximately **176.39%**, sufficient to meet daily operational needs[41](index=41&type=chunk) - Cash and bank balances were approximately **HKD 171,945,000**, a decrease of **HKD 33,356,000** from approximately **HKD 205,301,000** at the beginning of the period[42](index=42&type=chunk) Key Turnover Days Data | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Average trade receivables turnover days | 180 days | 95 days | Increased by 85 days | | Average trade payables turnover days | 156 days | 72 days | Increased by 84 days | | Average inventory turnover days | 80 days | 44 days | Increased by 36 days | [Pledge of Assets](index=21&type=section&id=6.2%20Pledge%20of%20Assets) As of June 30, 2025, the Group's bank facilities are secured by first legal charges over certain land and buildings with a total net book value of approximately HKD 70,873 thousand - Bank facilities are secured by first legal charges over certain land and buildings with a total net book value of approximately **HKD 70,873,000**[43](index=43&type=chunk) [Equity and Liabilities](index=21&type=section&id=6.3%20Equity%20and%20Liabilities) As of June 30, 2025, net assets attributable to owners of the Company were approximately HKD 232,786 thousand, with an increase in equity of approximately HKD 6,660 thousand during the period - Net assets attributable to owners of the Company were approximately **HKD 232,786,000** (December 31, 2024: HKD 226,126,000), with an increase in equity of approximately **HKD 6,660,000** during the period[44](index=44&type=chunk) Part VII [Human Resources](index=21&type=section&id=VII.%20Human%20Resources) This section outlines the company's human resources profile, including employee numbers, training, and compensation policies [Human Resources Overview](index=21&type=section&id=7.1%20Human%20Resources%20Overview) As of June 30, 2025, the Group employed approximately 285 full-time staff and workers in mainland China and 24 staff in Hong Kong, maintaining and enhancing employee capabilities through regular training, staff benefits, and performance-linked bonuses - As of June 30, 2025, the Group employed approximately **285 full-time employees and workers** in mainland China and approximately **24 staff** in Hong Kong[45](index=45&type=chunk) - The Company maintains and enhances employee work capabilities through regular training and provides remuneration in line with industry practice[45](index=45&type=chunk) - Employee benefits and bonuses are provided in mainland China, while a provident fund scheme and performance-linked bonuses are offered in Hong Kong[45](index=45&type=chunk) Part VIII [Risk Management](index=22&type=section&id=VIII.%20Risk%20Management) This section details the company's approach to managing operational and financial risks, including credit, liquidity, and foreign exchange exposures [Operational Risks](index=22&type=section&id=8.1%20Operational%20Risks) The Group faces operational risks related to its various business segments, which are monitored, assessed, and managed by segment management through risk management policies and procedures, including whistleblowing mechanisms to prevent fraud and bribery, with directors deeming these risks effectively mitigated - Management of each business segment is responsible for monitoring business operations, assessing operational risks, and implementing risk management policies and procedures[46](index=46&type=chunk) - A whistleblowing procedure is established, including communication with other departments and business segments/units, to report any non-compliance and prevent fraud and bribery[46](index=46&type=chunk) - The Directors believe that the Group's operational risks have been effectively mitigated[46](index=46&type=chunk) [Financial Risks](index=22&type=section&id=8.2%20Financial%20Risks) The Group is exposed to credit risk, liquidity risk, and foreign exchange risk, which are managed through close monitoring, credit approval, collection procedures, and maintaining adequate cash levels - The Group is exposed to credit risk, liquidity risk, and foreign exchange risk[47](index=47&type=chunk) [Credit Risk](index=22&type=section&id=8.2.1%20Credit%20Risk) Directors closely monitor credit risk levels, with management responsible for credit approval and collection procedures, and ensuring adequate impairment provisions for irrecoverable amounts to mitigate credit risk - Directors closely monitor the overall level of credit risk, and management is responsible for credit approval and monitoring collection procedures[48](index=48&type=chunk) - The recoverability of individual trade debts is reviewed to ensure adequate impairment provisions are made for irrecoverable amounts[48](index=48&type=chunk) - The Directors believe that the Group's credit risk has been significantly reduced[48](index=48&type=chunk) [Liquidity Risk](index=22&type=section&id=8.2.2%20Liquidity%20Risk) Directors have established an appropriate liquidity risk management framework, effectively managing liquidity risk by monitoring cash and cash equivalents, ensuring sufficient working capital, and mitigating cash flow fluctuations - Directors have established an appropriate liquidity risk management framework to meet short-term, medium-term, and long-term financing and liquidity management requirements[49](index=49&type=chunk) - The Group monitors its levels of cash and cash equivalents, maintains sufficient working capital, and mitigates cash flow fluctuations[49](index=49&type=chunk) - The Directors believe that the Group's liquidity risk has been effectively managed[49](index=49&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=8.2.3%20Foreign%20Exchange%20Risk) The Group faces foreign exchange risk due to business transactions denominated in RMB, HKD, USD, and other currencies; no financial instruments were used for hedging this period, but the Group will continue to monitor and take appropriate hedging measures as needed - The Group is exposed to foreign exchange risk due to business transactions, assets, and liabilities denominated in RMB, HKD, USD, and other currencies[50](index=50&type=chunk) - No financial instruments were used for hedging purposes during the period, but the Group will continue to closely monitor and take appropriate hedging measures as needed[50](index=50&type=chunk) Part IX [Other Information](index=23&type=section&id=IX.%20Other%20Information) This section covers additional disclosures including securities transactions, dividend policy, corporate governance, and forward-looking statements [Repurchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=9.1%20Repurchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[51](index=51&type=chunk) [Dividend Policy](index=23&type=section&id=9.2%20Dividend%20Policy) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[52](index=52&type=chunk) [Standard Code for Securities Transactions by Directors](index=23&type=section&id=9.3%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all Directors complied with the code during the period - The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules[53](index=53&type=chunk) - Following enquiry, all Directors confirmed that they have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[53](index=53&type=chunk) [Corporate Governance](index=24&type=section&id=9.4%20Corporate%20Governance) The Company is committed to good corporate governance, adopting and regularly reviewing the Corporate Governance Code in Appendix C1 of the Listing Rules to ensure compliance, and acted in accordance with the code during the period - The Company understands the importance of good corporate governance practices and procedures and is committed to ensuring its business complies with relevant rules and regulations[54](index=54&type=chunk) - The Corporate Governance Code as set out in Appendix C1 of the Listing Rules is adopted and regularly reviewed to ensure compliance[54](index=54&type=chunk) - For the six months ended June 30, 2025, the Company acted in accordance with the Code[54](index=54&type=chunk) [Audit Committee](index=24&type=section&id=9.5%20Audit%20Committee) The Audit Committee has reviewed the Group's interim financial results for the six months ended June 30, 2025, and found them to be in compliance with applicable accounting standards, laws, and HKEX requirements - The Audit Committee has reviewed the Group's interim financial results for the six months ended June 30, 2025[55](index=55&type=chunk) - The Committee believes that these statements comply with applicable accounting standards, laws, and the requirements of the Stock Exchange, and that adequate disclosures have been made[55](index=55&type=chunk) [Publication of Interim Report](index=24&type=section&id=9.6%20Publication%20of%20Interim%20Report) The Company's interim report will be published on the HKEX website and the Company's website, and dispatched to shareholders - The Company's interim report will be published on the HKEX website (www.hkex.com.hk) and the Company's website (www.sino-ict.com), and dispatched to shareholders[56](index=56&type=chunk) [Investment Risk Warning and Forward-Looking Statements](index=25&type=section&id=9.7%20Investment%20Risk%20Warning%20and%20Forward-Looking%20Statements) The Board advises investors that unaudited interim financial results and operating data are based on internal information, and inappropriate reliance may pose investment risks; the announcement contains forward-looking statements that are not guarantees of future performance, actual results may vary due to various factors, and the Company has no obligation to update them - Unaudited interim financial results and operating data are based on the Group's internal information, and investors should be aware that inappropriate reliance or use of this information may pose investment risks[57](index=57&type=chunk) - The announcement contains forward-looking statements, which are not guarantees of future performance, and actual results may differ materially due to factors such as industry, economy, customer demand, and government policies[57](index=57&type=chunk) - The Group has no obligation to update or revise any forward-looking statements to reflect events or circumstances after the reporting date[57](index=57&type=chunk) [Board of Directors](index=25&type=section&id=9.8%20Board%20of%20Directors) As of the announcement date, the Board of Directors includes Executive Directors Mr. Yuan Yipei and Mr. Xia Yuan, Non-executive Directors Mr. Meng Deqing and Ms. Bai Yu, and Independent Non-executive Directors Mr. Cui Yuzhi, Mr. Bao Yi, and Mr. Fan Ping - As of the announcement date, the Board of Directors includes Executive Directors Mr. Yuan Yipei and Mr. Xia Yuan, Non-executive Directors Mr. Meng Deqing and Ms. Bai Yu, and Independent Non-executive Directors Mr. Cui Yuzhi, Mr. Bao Yi, and Mr. Fan Ping[58](index=58&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 中期業績公告 截至2025年6月30日止六個月 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2025年6月30日止六個月（「報告期間」）的 業績連同截至2024年6月30日止六個月的比較數字。除另有界定者外，本公告所 用詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定 者具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 財務摘要 1 • 我們的收入由截至2024年6月30日止六個月的人民幣6,878.5百萬元增加至 截至2025年6月30日止六個月的人民幣10,236.0百萬元，增長48.8%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於英屬維爾京群島註冊成立並於百慕達存續之獲豁免有限責任公司） 股份代號 636 截至二零二五年六月三十日止六個月業績 董事會欣然公布，本集團截至二零二五年六月三十日止六個月之未經審核中期業績，連同截 至二零二四年六月三十日止六個月之比較數字。 集團財務摘要 * 僅就持續經營業務而言 1 • 收入按年增長7%至272.11億港元（二零二四年上半年*：254.32億港元）。 • 核心經營溢利增長12%至13.48億港元（二零二四年上半年*：12.00億港元）。 • 核心純利亦按年增長12%至6.81億港元（二零二四年上半年*：6.06億港元）。 • 撇除於二零二四年上半年之分派╱終止本集團快遞業務之一次性收益，股東應佔溢利 於二零二五年上半年增長34%，金額為6.48億港元（二零二四年上半年：4.85億港元）。 • 綜合物流業務錄得分部溢利7.13億港元（二零二四年上半年*：6.81億港元）， 增長5%。 ...

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

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發 表聲明，並明確表示概不會對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 截至二零二五年六月三十日止六個月之中期業績 財務摘要 （於百慕達註冊成立之有限公司） （截至二零二五年六月三十日止六個月） 業務回顧 （股份代號：754） 網址：http://www.irasia.com/listco/hk/hopson 行業概覽 二零二五年上半年，國際形勢更趨複雜多變，單邊主義、保護主義抬升，全球經濟和跨境 貿易增長動能減弱，世界經濟復甦乏力及國際經貿秩序的不確定性對中國經濟平穩運行 造成一定壓力。面對急劇變化的外部環境，中央政府加緊實施更加積極有為的逆周期調控 政策，著力擴大國內需求，因地制宜發展新質生產力，國民經濟頂壓前行，經濟運行總體 穩中向好。據國家統計局公布的數據顯示，二零二五上半年國內生產總值實現同比增長為 5.3%，高於「兩會」制定的全年增長5%左右的目標，展現出強大韌性和活力。 * 僅作識別之用 – 1 – All amount million/ 人民幣/港幣etc in ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 截至二零二五年六月三十日止六個月 的中期業績公告 中升集團控股有限公司（「本公司」或「我們」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核綜合業績 如下： | 重點摘要 | | | | | --- | --- | --- | --- | | 財務概要 | | | | | | 未經審核 | | | | | 截至 | 截至 | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 止六個月 | 止六個月 | 同比變動 | | | | （人民幣百萬元，特別說明除外） | | | 收入 | | | | | 汽車銷售 | 63,945.6 | 69,0 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2005） 截至二零二五年六月三十日止六個月 中期業績公佈 主席報告 本人謹代表石四藥集團有限公司（「公司」）董事局（「董事局」），呈報公司及其附屬公司（簡稱 「集團」）截至二零二五年六月三十日止六個月（「上半年」）的未經審核中期業績。 等6個產品准入省份均超20個，醋酸鈉林格葡萄糖注射液、伏立康唑乾混懸劑等4 個產品准入省份均超15個，產品的市場准入覆蓋率持續提升，為後續業績增長奠 定了堅實基礎。 一、業績及派息 2025年上半年，外部環境更趨複雜嚴峻，集團經營面臨國內外需求增長動力不足、產品 價格持續下滑、產業政策不斷深化調整等挑戰。面對業績階段性承壓，集團堅定信心、 攻堅克難，持續深化創新驅動戰略，優化產品結構，鞏固並拓展市場份額，努力夯實經 濟回升向好基礎，以發展的確定性應對外部環境的不確定性。 今年上半年實現銷售收入以人民幣計約19.76億元，同比 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 第 一 太 平 有 限 公 司 （根據百慕達法例註冊成立之有限公司） 網 址：www.rstpacic.com （股份代號：00142） 2025年 中 期 業 績－未 經 審 核 財務摘要 母公司擁有人應佔權益由2024年12月31日 之39.262億 美 元（306.244億 港 元）增 加10.0%至2025年6月30日 之43.172億 美 元（336.743億 港 元）。 簡略中期綜合財務報表 簡 略 綜 合 收 益 表－未 經 審 核 | 截 至6月30日 止6個 月 | | 2025 | 2024 | 2025 | 2024 | | --- | --- | --- | --- | --- | --- | | | ...