（股份代號：6958） 截至二零二五年六月三十日止六個月 之中期業績公告 中期業績及經營摘要 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 ZHENRO SERVICES GROUP LIMITED 正榮服務集團有限公司 （於開曼群島註冊成立的有限公司） 1 1. 報告期內，本集團收入約人民幣523.3百萬元，較二零二四年同期收入約人 民幣548.1百萬元而言減少約4.5%。 2. 本集團收入主要來自四大業務：(i)物業管理服務；(ii)非業主增值服務； (iii)社區增值服務；及(iv)商業運營管理服務。報告期內，(i)物業管理服 務依然是本集團最大的收入來源，物業管理服務收入達約人民幣404.0百 萬元，佔整體收入的約77.2%，相較於二零二四年同期約人民幣411.8百萬 元，同比減少約1.9%；(ii)非業主增值服務收入達約人民幣18.3百萬元，佔 整體收入的約3.5%，相較於二零二四年同期約人民幣32.3百萬元，同比減 少約43.4%；(i ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 Legion Consortium Limited （於開曼群島註冊成立的有限公司） （股份代號：2129） 截 至 2025 年 6月 30 日止六個月之 中期業績公告 Legion Consortium Limited（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月的未經審核簡明綜合業 績，連同於2024年相應期間的比較數字如下： 簡明綜合損益及其他全面收益表 截至2025年6月30日止六個月 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 6月30日 | 6月30日 | | | | （未經審核）（未經審核） | | | | | 新加坡元 | 新加坡元 | | 收入 | 4 | 29,638,378 | 31,443,294 | | 服務成本 | | (19,8 ...

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。 New Ray Medicine International Holding Limited （於百慕達註冊成立之有限公司） （股份代號：6108） 截至二零二五年六月三十日止六個月之 中期業績公告 財務概要 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月： 於 二 零 二 五 年 六 月 三 十 日： • 本 集 團 於 二 零 二 五 年 六 月 三 十 日 的 資 產 負 債 比 率（界 定 為 銀 行 及 其 他 借 款 總 額 除 以 總 權 益）為 零（二 零 二 四 年 十 二 月 三 十 一 日：零）。 – 1 – • 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 錄 得 收 益 約44,701,000港 元，較 二 零 二 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部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。 CASH FINANCIAL SERVICES GROUP LIMITED 時富金融服務集團有限公司* （於百慕達註冊成立之有限公司） （股份編號：510） 中期業績 截至二零二五年六月三十日止六個月 簡明綜合損益及其他全面收益表 CASH Financial Services Group Limited（時富金融服務集團有限公司）（「本公司」或「時富金融」）及其附屬公 司（「本集團」）截至二零二五年六月三十日止六個月之未經審核綜合業績，連同去年同期之比較數字如下： | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收益 | (3) | | | | 費用及佣金收入 | | 16,359 | 9,394 | | 利息收入 | | ...

[Company Information and Interim Performance Overview](index=1&type=section&id=Company%20Information%20and%20Interim%20Performance%20Overview) This section provides an overview of the company's basic information and a summary of its interim financial results for the six months ended June 30, 2025 [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) This report details the interim results of CELESTIAL ASIA SECURITIES HOLDINGS LIMITED, incorporated in Bermuda with stock code 1049, for the six months ended June 30, 2025 - Company Name: **CELESTIAL ASIA SECURITIES HOLDINGS LIMITED**[2](index=2&type=chunk) - Reporting Period: Six months ended **June 30, 2025**[2](index=2&type=chunk) - Place of Incorporation: **Bermuda**[2](index=2&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded revenue of HKD 351,022 thousand, a 23.5% year-on-year decrease, with loss for the period expanding to HKD 48,827 thousand, and loss attributable to owners of the Company at HKD 36,666 thousand, resulting in basic and diluted loss per share of HKD 45.4 cents Key Financial Performance Indicators (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 351,022 | 458,894 | -23.5% | | Cost of inventories | (188,570) | (247,729) | -23.9% | | Other income | 8,142 | 10,610 | -23.3% | | Other gains and losses | 6,288 | 8,182 | -23.1% | | Salaries, allowances and related benefits | (70,901) | (90,351) | -21.5% | | Other operating, administrative and selling expenses | (100,676) | (107,194) | -6.1% | | Depreciation of property and equipment | (5,327) | (7,082) | -24.8% | | Depreciation of right-of-use assets | (39,300) | (46,363) | -15.2% | | Finance costs | (9,505) | (12,218) | -22.2% | | Loss before tax | (48,827) | (33,251) | 46.8% | | Loss for the period | (48,827) | (33,251) | 46.8% | | Loss attributable to owners of the Company | (36,666) | (27,104) | 35.3% | | Loss attributable to non-controlling interests | (12,161) | (6,147) | 97.8% | | Basic and diluted loss per share (HK cents) | (45.4) | (33.6) | 35.1% | - Total comprehensive expense increased from **HKD 33,319 thousand** in 2024 to **HKD 48,719 thousand** in 2025, primarily due to the expanded loss[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 1,104,719 thousand, a decrease from December 31, 2024, with non-current assets slightly down and current assets up, while total equity significantly decreased to HKD 47,411 thousand Consolidated Financial Position (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 195,495 | 204,138 | -4.3% | | Current assets | 909,224 | 827,539 | 9.9% | | **Total assets** | **1,104,719** | **1,031,677** | **7.1%** | | **Liabilities** | | | | | Current liabilities | 901,247 | 813,786 | 10.7% | | Non-current liabilities | 156,061 | 121,761 | 28.2% | | **Total liabilities** | **1,057,308** | **935,547** | **13.0%** | | **Equity** | | | | | Equity attributable to owners of the Company | 16,478 | 53,036 | -68.9% | | Non-controlling interests | 30,933 | 43,094 | -28.2% | | **Total equity** | **47,411** | **96,130** | **-50.7%** | - Net current liabilities decreased from **HKD 13,753 thousand** as of December 31, 2024, to **HKD 7,977 thousand** as of June 30, 2025[6](index=6&type=chunk) - Non-current liabilities significantly increased, primarily due to new convertible bonds of **HKD 20,000 thousand**[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company significantly decreased from HKD 53,036 thousand at the beginning of the period to HKD 16,478 thousand, primarily due to a loss for the period of HKD 36,666 thousand Consolidated Equity Changes (HKD thousands) | Indicator | As at January 1, 2025 (HKD thousands) | Loss for the period (HKD thousands) | Exchange differences (HKD thousands) | As at June 30, 2025 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 53,036 | (36,666) | 108 | 16,478 | | Non-controlling interests | 47,499 | (12,161) | - | 35,338 | | **Total equity** | **96,130** | **(48,827)** | **108** | **47,411** | - In the corresponding period of 2024, equity attributable to owners of the Company decreased from **HKD 115,965 thousand** at the beginning of the period to **HKD 88,793 thousand**, with a loss for the period of **HKD 27,104 thousand**[8](index=8&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group recorded a net cash outflow from operating activities of HKD 70,103 thousand, compared to a net inflow of HKD 82,044 thousand in the prior year, resulting in a net decrease in cash and cash equivalents of HKD 21,952 thousand Consolidated Cash Flow Summary (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash (used in) from operating activities | (70,103) | 82,044 | (152,147) | | Net cash from (used in) investing activities | 6,118 | (78,275) | 84,393 | | Net cash from (used in) financing activities | 42,033 | (69,707) | 111,740 | | Net decrease in cash and cash equivalents | (21,952) | (65,938) | 43,986 | | Cash and cash equivalents at beginning of period | 136,038 | 233,362 | (97,324) | | Cash and cash equivalents at end of period | 114,086 | 167,424 | (53,338) | - Cash flow from investing activities turned from a net outflow in the prior year to a net inflow, primarily reflecting adjustments in investment activities[9](index=9&type=chunk) - Cash flow from financing activities turned from a net outflow in the prior year to a net inflow, indicating the company undertook fundraising activities during the period[9](index=9&type=chunk) [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, accounting policies, and specific breakdowns of revenue, segments, tax, loss per share, receivables, payables, share capital, related party transactions, and capital management [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, using the historical cost convention, and the first-time application of amendments to HKFRS had no significant impact on financial position - Basis of preparation: Hong Kong Accounting Standard 34 and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - Accounting policies: Prepared on a **historical cost basis**, with certain financial instruments measured at fair value[11](index=11&type=chunk) - New standards applied: First-time application of amendments to HKAS 21 "Lack of Exchangeability" had **no significant impact** on financial position or performance[12](index=12&type=chunk) [Revenue Breakdown](index=8&type=section&id=Revenue%20Breakdown) The Group's revenue primarily comes from the retail segment, with sales of furniture and household goods being the largest contributor, though revenue in this category significantly decreased year-on-year, while financial services revenue increased, with Hong Kong remaining the primary market Revenue by Type of Goods or Services (HKD thousands) | Type of Goods or Services | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of furniture and household goods | 290,177 | 386,524 | -24.9% | | Sales of electrical appliances | 24,382 | 34,726 | -29.8% | | Sales of custom-made furniture | 16,622 | 20,533 | -19.0% | | Total retail segment revenue | 331,181 | 441,783 | -25.0% | | Management fees from asset management services | 1,959 | 1,643 | 19.2% | | Other financial services | 17,882 | 15,468 | 15.6% | | **Total revenue** | **351,022** | **458,894** | **-23.5%** | | **Revenue Recognition Timing** | | | | | At a point in time | 309,540 | 406,266 | -23.8% | | Over time | 41,482 | 52,628 | -21.2% | | **Geographical Markets** | | | | | Hong Kong | 349,638 | 457,599 | -23.5% | | China | 1,384 | 1,295 | 6.9% | - Retail segment revenue decreased by **25.0%** year-on-year, which is the primary reason for the total revenue decline[13](index=13&type=chunk) - Management fees from asset management services and other financial services revenue both achieved growth[13](index=13&type=chunk) [Business and Geographical Segments](index=8&type=section&id=Business%20and%20Geographical%20Segments) The Group's operations are divided into retail, investment management, and other financial services segments, with all segments recording losses in the first half of 2025, and Hong Kong remaining the primary geographical market - Business segments include: **Retail** (sales of furniture, household goods, electrical appliances), **Investment Management** (asset management services), and **Other Financial Services** (provided by Celestial Finance)[15](index=15&type=chunk) Segment Revenue and Results (HKD thousands) | Segment | June 30, 2025 Revenue (HKD thousands) | June 30, 2025 Results (HKD thousands) | June 30, 2024 Revenue (HKD thousands) | June 30, 2024 Results (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Retail | 331,181 | (20,641) | 441,783 | (7,356) | | Investment Management | 1,959 | (11,175) | 1,643 | 3,840 | | Other Financial Services | 17,882 | (8,598) | 15,468 | (22,760) | | **Consolidated** | **351,022** | **(40,414)** | **458,894** | **(26,276)** | - Retail segment results expanded from a loss of **HKD 7,356 thousand** in 2024 to a loss of **HKD 20,641 thousand** in 2025[16](index=16&type=chunk) - Investment management segment turned from a profit of **HKD 3,840 thousand** in 2024 to a loss of **HKD 11,175 thousand** in 2025[16](index=16&type=chunk) - Other financial services segment loss significantly narrowed from **HKD 22,760 thousand** in 2024 to **HKD 8,598 thousand** in 2025[16](index=16&type=chunk) - The Group's principal operations are located in Hong Kong, with revenue from outside Hong Kong being immaterial[17](index=17&type=chunk) [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) The Group incurred no income tax expense during the reporting period, with Hong Kong profits tax calculated under a two-tiered tax rate system and PRC subsidiaries taxed at 25% Income Tax Expense (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Income tax expense | – | – | - Hong Kong profits tax is calculated at **8.25%** on the first **HKD 2,000,000** of assessable profits and **16.5%** on the remainder[19](index=19&type=chunk) - PRC subsidiaries are taxed at **25%**[19](index=19&type=chunk) [Loss Per Share](index=10&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was HKD 45.4 cents, an increase from HKD 33.6 cents in the prior year Loss Per Share Calculation (HKD thousands, except per share data) | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share | (36,666) | (27,104) | | Weighted average number of ordinary shares (thousands) | 80,720 | 80,720 | | Basic and diluted loss per share (HK cents) | (45.4) | (33.6) | - The increase in loss per share is consistent with the expanded loss attributable to owners of the Company[20](index=20&type=chunk) [Trade and Other Receivables and Loans Receivable](index=11&type=section&id=Trade%20and%20Other%20Receivables%20and%20Loans%20Receivable) As of June 30, 2025, total trade and other receivables increased to HKD 145,117 thousand, primarily driven by receivables from securities trading and margin financing businesses, while loans receivable decreased and were subject to impairment assessment Trade and Other Receivables (HKD thousands) | Trade and Other Receivables Category | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Retail business | 1,043 | 1,013 | 3.0% | | Securities trading business | 57,288 | 42,434 | 35.0% | | Margin financing business | 122,011 | 114,506 | 6.6% | | Futures and options trading business | 20,018 | 15,469 | 29.4% | | Less: Impairment allowance | (55,243) | (55,243) | 0.0% | | **Total trade and other receivables** | **145,117** | **118,179** | **22.8%** | Loans Receivable (HKD thousands) | Loans Receivable Category | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | HKD revolving loans | 6,423 | 12,139 | -47.1% | | USD revolving loans | 54 | 54 | 0.0% | | Less: Impairment allowance | (1,307) | (1,307) | 0.0% | | **Total loans receivable** | **5,170** | **10,886** | **-52.5%** | - Credit terms for retail business trade receivables average **30 to 60 days**[21](index=21&type=chunk) - Loans receivable have been individually assessed for impairment and bear interest at floating rates[23](index=23&type=chunk) [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to HKD 522,830 thousand, primarily driven by an increase in payables from securities trading business, with retail business trade payables having credit terms of 15 to 90 days Trade and Other Payables (HKD thousands) | Trade and Other Payables Category | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Retail business | 101,025 | 102,775 | -1.7% | | Securities trading business | 394,787 | 323,499 | 22.0% | | Futures and options trading business | 27,018 | 28,083 | -3.8% | | **Total trade and other payables** | **522,830** | **454,357** | **15.1%** | - Settlement terms for trade payables from securities trading business are **two days** after the transaction date, and **one day** for futures and options business[25](index=25&type=chunk) - All trade and other payables, except for amounts due to clients from securities trading business, are non-interest bearing[27](index=27&type=chunk) [Share Capital](index=14&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was HKD 30,000 thousand, and issued and fully paid share capital was HKD 16,144 thousand, with 80,720 thousand shares, remaining unchanged from the beginning of the period Share Capital Structure | Category | Par Value (HKD) | Number of Shares (thousands) | Amount (HKD thousands) | | :--- | :--- | :--- | :--- | | Authorized ordinary shares | 0.20 | 150,000 | 30,000 | | Issued and fully paid ordinary shares | 0.20 | 80,720 | 16,144 | - The share capital structure remained unchanged during the reporting period[28](index=28&type=chunk) [Related Party Transactions](index=14&type=section&id=Related%20Party%20Transactions) The Group engaged in transactions with related parties during the period, including commission income, interest income, and interest expenses, with commission and interest income from directors increasing, while interest expenses paid to a related party decreased Related Party Transactions (HKD thousands) | Transaction Type | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Commission income and interest income from directors | 55 | 31 | 77.4% | | Interest expense paid to a related party | 3,186 | 4,220 | -24.5% | - Commission and interest income from **Dr. Kwan Pak Hoo Bankee** and **Mr. Cheung Tsz Yui** increased[29](index=29&type=chunk) - Mr. Law Hin Yeung resigned as a director of Celestial Asia Finance Holdings Limited during the period ended June 30, 2024[29](index=29&type=chunk) [Capital Risk Management and Dividends](index=15&type=section&id=Capital%20Risk%20Management%20and%20Dividends) The Group aims to optimize its capital structure to ensure continuous operation and maximize shareholder returns, with regulated entities complying with financial resources requirements, and the Board not recommending any dividend for the six months ended June 30, 2025 - Capital management strategy: Optimize debt and equity balance to ensure continuous operation and maximize shareholder returns[30](index=30&type=chunk) - Regulatory compliance: The Group's regulated entities complied with the minimum paid-up capital and liquid capital requirements under the Securities and Futures (Financial Resources) Rules of the SFC in Hong Kong[30](index=30&type=chunk) - Dividend policy: The Board does not recommend any dividend for the six months ended June 30, 2025 (also none for the corresponding period in 2024)[31](index=31&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the Group's financial performance, cash flow, financial resources, material transactions, fundraising activities, and a summary of key financial and operational metrics [Financial Review](index=15&type=section&id=Financial%20Review) In the first half of 2025, the Group's revenue decreased by 23.5% year-on-year to HKD 351 million, and loss for the period expanded to HKD 48.8 million, with retail business loss significantly increasing, investment management business turning to loss, and other financial services business loss narrowing - Overall revenue: Recorded **HKD 351 million** in H1 2025, a **23.5% decrease** from HKD 458.9 million in H1 2024[32](index=32&type=chunk) - Loss for the period: Net loss of **HKD 48.8 million** in H1 2025, a **46.5% increase** from HKD 33.3 million in H1 2024[32](index=32&type=chunk) [Overall Financial Performance](index=15&type=section&id=Overall%20Financial%20Performance) In the first half of 2025, global financial markets were volatile, with the Group's revenue and net loss deteriorating due to shifts in US policies - Global financial markets experienced volatility due to shifts in US policies, including trade tariffs, fiscal expansion, and geopolitical factors[32](index=32&type=chunk) [Retail Business (Pricerite Group) Financial Performance](index=15&type=section&id=Retail%20Business%20(Pricerite%20Group)%20Financial%20Performance) Pricerite Group's revenue decreased by 25% year-on-year to HKD 331 million, and segment loss increased from HKD 7 million to HKD 21 million, mainly due to a high base effect from last year's policy-stimulated sales and weak consumer sentiment in H1 2025 - Retail sales value: Hong Kong's retail sales value declined by **3.3%** year-on-year, with sales volume decreasing by **4.7%**, and the furniture sector's sales value decreasing by **18.9%**[33](index=33&type=chunk) - Revenue: **HKD 331 million** (H1 2024: HKD 442 million), a **25% decrease**[34](index=34&type=chunk) - Segment loss: Increased from **HKD 7 million** to **HKD 21 million**[34](index=34&type=chunk) - Main reasons: High base effect from last year's government policy-stimulated sales and weak consumer sentiment in H1 2025[34](index=34&type=chunk) [Investment Management Business (Celestial Quant Group) Financial Performance](index=16&type=section&id=Investment%20Management%20Business%20(Celestial%20Quant%20Group)%20Financial%20Performance) Investment management business revenue increased to HKD 2 million, but segment results turned from a profit of HKD 3.8 million in the prior year to a loss of HKD 11.2 million, mainly due to increased US tariffs and financial market volatility - Revenue: **HKD 2 million** (H1 2024: HKD 1.6 million)[35](index=35&type=chunk) - Segment results: Turned from a profit of **HKD 3.8 million** to a loss of **HKD 11.2 million**[35](index=35&type=chunk) - Main reasons: Increased US tariffs adding uncertainty and volatility to financial markets, leading to ineffective asset management strategies[35](index=35&type=chunk) [Other Financial Services Business (Celestial Finance) Financial Performance](index=16&type=section&id=Other%20Financial%20Services%20Business%20(Celestial%20Finance)%20Financial%20Performance) Other financial services business revenue increased to HKD 17.9 million, and segment loss significantly narrowed to HKD 8.6 million, indicating improved business performance - Revenue: **HKD 17.9 million** (H1 2024: HKD 15.5 million)[36](index=36&type=chunk) - Segment loss: **HKD 8.6 million** (H1 2024: HKD 22.8 million), a significant narrowing of loss[36](index=36&type=chunk) [Cash Flow and Financial Resources](index=16&type=section&id=Cash%20Flow%20and%20Financial%20Resources) As of June 30, 2025, equity attributable to owners of the Company significantly decreased by 50.7% to HKD 47.4 million, mainly due to loss for the period, while cash and bank balances increased to HKD 513.9 million, and total outstanding borrowings increased to HKD 277.7 million, leading to a significantly higher gearing ratio of 585.7% - Equity attributable to owners of the Company: **HKD 47.4 million** (end of 2024: HKD 96.1 million), a **50.7% decrease**[37](index=37&type=chunk) - Cash and bank balances: **HKD 513.9 million** (end of 2024: HKD 477.5 million), a **7.6% increase**[37](index=37&type=chunk) - Total outstanding borrowings: **HKD 277.7 million** (end of 2024: HKD 259.2 million), a **7.1% increase**[38](index=38&type=chunk) - Current ratio: **1.0 times** (consistent with end of 2024)[38](index=38&type=chunk) - Gearing ratio: **585.7%** (end of 2024: 269.7%), a significant increase primarily due to loss for the period[38](index=38&type=chunk) - Foreign exchange risk: No significant unhedged foreign exchange risk or interest rate mismatch at period-end[39](index=39&type=chunk) [Material Transactions and Fundraising Activities](index=17&type=section&id=Material%20Transactions%20and%20Fundraising%20Activities) The Group did not undertake any material acquisitions or disposals during the reporting period, raised HKD 40 million through convertible bonds for general working capital, and had no significant capital commitments, litigation, or contingent liabilities at period-end, with material investments in financial assets at fair value through profit or loss recording a net gain of HKD 6.3 million - Material acquisitions and disposals: No material acquisitions or disposals during the period[40](index=40&type=chunk) - Convertible bond issuance: Issued convertible bonds with a total principal amount of **HKD 40 million**, with **HKD 20 million** completed on June 19, 2025, and another **HKD 20 million** completed on August 8, 2025[41](index=41&type=chunk) - Use of proceeds: Net proceeds are intended for general working capital, including staff salaries, utilities, and other operating expenses[41](index=41&type=chunk)[43](index=43&type=chunk) - Capital commitments: No significant outstanding capital commitments at period-end[44](index=44&type=chunk) - Litigation and contingent liabilities: No significant outstanding litigation or contingent liabilities at period-end[45](index=45&type=chunk) - Material investments: Financial assets at fair value through profit or loss had a market value of approximately **HKD 64 million**, recording a net gain of **HKD 6.3 million**[46](index=46&type=chunk) [Financial and Operational Summary](index=18&type=section&id=Financial%20and%20Operational%20Summary) The Group's total revenue decreased by 23.5%, with retail business down 25%, while investment management and other financial services revenue increased, leading to a 35.4% expansion in loss attributable to owners of the Company and a loss per share of HKD 45.4 cents, alongside negative retail same-store growth and a turn from gain to loss in investment management's financial assets Revenue by Segment (HKD thousands) | Revenue Category | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Retail | 331,181 | 441,783 | (25.0%) | | Investment Management | 1,959 | 1,643 | 19.2% | | Other Financial Services | 17,882 | 15,468 | 15.6% | | **Group Total** | **351,022** | **458,894** | **(23.5%)** | Key Financial and Operational Indicators | Key Financial Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company (HKD millions) | 36.7 | 27.1 | 35.4% | | Loss per share (HK cents) | 45.4 | 33.6 | 35.1% | | Total assets (HKD millions) | 1,104.7 | 1,196.6 | (7.7%) | | Bank balances and cash (HKD millions) | 147.3 | 210.7 | (30.1%) | | Borrowings (HKD millions) | 277.7 | 292.4 | (5.0%) | | Retail revenue per sq. ft. (HKD) | 278 | 317.0 | (12.3%) | | Retail same store growth (vs. prior period) | (19.3%) | 5.4% | Not applicable | | Retail inventory turnover days | 25.0 | 24.0 | 4.2% | | Net gain/(loss) from financial assets at FVTPL for Investment Management (HKD millions) | (4.7) | 7.1 | (166.2%) | | Annualized average brokerage income per active client for Other Financial Services (HKD thousands) | 0.8 | 0.5 | 60.0% | - Retail business same-store growth turned from **5.4%** in the prior year to **-19.3%**, reflecting market challenges[49](index=49&type=chunk) - Net gain/(loss) from financial assets at fair value through profit or loss in investment management business turned from a gain of **HKD 7.1 million** in the prior year to a loss of **HKD 4.7 million**[49](index=49&type=chunk) [Industry and Business Review](index=19&type=section&id=Industry%20and%20Business%20Review) This section reviews the performance and strategic initiatives across the Group's retail management, algorithmic trading, and other financial services businesses, highlighting market conditions and future outlook [Retail Management Business (Pricerite Group)](index=19&type=section&id=Retail%20Management%20Business%20(Pricerite%20Group)) Hong Kong's retail sector remains under pressure, with furniture and home furnishings being the worst-performing segment, while Pricerite Group actively responds to market challenges by optimizing its business model, launching a new brand "Pricerite | Create Home" for public housing customers, streamlining store operations, expanding pricing strategies, and strengthening e-commerce collaborations - Hong Kong's total retail sales value declined by **3.3%** year-on-year, with furniture and fixtures sales value decreasing by **19.0%** year-on-year[50](index=50&type=chunk) - Launched a new brand, "**Pricerite | Create Home**," specifically for public housing residents, offering custom-made furniture and renovation services[52](index=52&type=chunk) - Optimized store operations, sought rent reductions, revised frontline staff incentive plans, and expanded the "**new low price**" pricing strategy[53](index=53&type=chunk) - In e-commerce, collaborated with platforms like **HKTV Mall** and **JD.com**, and innovated online store pages to offer a more diversified product range[54](index=54&type=chunk) - Outlook: Consumer market recovery depends on interest rates, housing market stability, and consumer confidence, with Pricerite continuing to enhance customer satisfaction and operational efficiency[55](index=55&type=chunk) [Algorithmic Trading Business (Celestial Quant Group)](index=21&type=section&id=Algorithmic%20Trading%20Business%20(Celestial%20Quant%20Group)) International commodity trade markets were volatile, while the Hong Kong stock market saw a strong rebound, with Celestial Quant Group's managed funds performing well, and business development focusing on product innovation, AI-driven analysis, and distribution channel expansion - International commodity trade markets experienced increased volatility, while the Hong Kong stock market saw a strong rebound, with new share issuance market fundraising more than sevenfold[56](index=56&type=chunk) - Celestial Premium Value Stock Fund achieved a **28% return** in the first half, and Quantphem Multi-Strategy Select Fund achieved a **13% return**[57](index=57&type=chunk) - Product innovation: Celestial Premium Value Stock Fund expanded its investment mandate and initiated new thematic strategies focusing on virtual assets[58](index=58&type=chunk) - Distribution expansion: Strengthened the internal sales team, enhanced cooperation with external distributors, and explored digital channels[58](index=58&type=chunk) - Outlook: Global markets remain cautiously optimistic, with the Hong Kong stock market expected to continue its upward trend, and strategic plans focusing on innovation, resilience, and growth, integrating AI technology into research and risk management systems[59](index=59&type=chunk)[60](index=60&type=chunk) [Other Financial Services Business (Celestial Finance)](index=22&type=section&id=Other%20Financial%20Services%20Business%20(Celestial%20Finance)) The Hong Kong stock market performed strongly, with the Hang Seng Index climbing over 20% and average daily turnover significantly increasing, while Celestial Finance fully implemented AI solutions, launched Hong Kong's first no-code AI algorithmic trading platform Quantphemes, successfully expanded family office services, and strengthened its influence in mainland China - Hong Kong stock market performed strongly, with the Hang Seng Index climbing over **20%** and average daily turnover recording a **118% year-on-year increase**[61](index=61&type=chunk) - The new share issuance market regained momentum, with Hong Kong firmly holding its position as the **world's leading IPO market**[62](index=62&type=chunk) - Fully implemented **AI solutions** in business operations to enhance risk management efficiency and reduce customer communication processing time[64](index=64&type=chunk) - Launched Hong Kong's first **no-code AI algorithmic trading platform, Quantphemes**, offering professional quantitative trading services to the general public[64](index=64&type=chunk) - Family office department successfully expanded its **3I (Insurance, Investment, Immigration) services**, achieving record-high premium income[65](index=65&type=chunk) - Strengthened influence in mainland China, with plans to open offices in the Yangtze River Delta and enhance brand awareness through social media activities[65](index=65&type=chunk) - Outlook: Broad opportunities in Hong Kong's IPO sector, defensive stocks in the US market may offer opportunities, with strategic focus on strengthening cross-border cooperation, expanding immigration and education center services, and leveraging AI technology to enhance customer service[67](index=67&type=chunk)[68](index=68&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers employee information, directors' and major shareholders' interests in securities, share option schemes, corporate governance practices, and details of the company's securities transactions [Employee Information](index=24&type=section&id=Employee%20Information) As of June 30, 2025, the Group employed 481 staff, with remuneration based on performance, experience, and market conditions, providing MPF schemes, medical insurance, discretionary share options, performance bonuses, and sales commissions, and implementing various training programs to enhance employee skills and company competitiveness - Number of employees: **481**[69](index=69&type=chunk) - Total staff costs: Approximately **HKD 71,000,000**[69](index=69&type=chunk) - Employee benefits: Include Mandatory Provident Fund schemes, medical insurance plans, discretionary share options, performance bonuses, and sales commissions[70](index=70&type=chunk) - Training: Implemented various training programs covering product knowledge, customer service, sales techniques, professional regulatory training, and orientation training for new employees[71](index=71&type=chunk) [Directors' Interests in Securities](index=25&type=section&id=Directors'%20Interests%20in%20Securities) As of June 30, 2025, Dr. Kwan Pak Hoo Bankee and his controlled corporations held approximately 69.62% of the Company's shares and related share interests, with other directors holding minor stakes, and Dr. Kwan Pak Hoo Bankee and his controlled corporations holding approximately 70.53% of Celestial Finance's share interests Directors' Interests in the Company's Shares | Name | Capacity/Nature of Interest | Number of Shares (thousands) | Number of Related Shares (thousands) | Total Number of Shares (thousands) | Approximate Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Kwan Pak Hoo Bankee | Beneficial owner and interest of controlled corporation | 40,197.6 | 16,000.0 | 56,197.6 | 69.62 | | Leung Siu Pong | Beneficial owner | 37.6 | – | 37.6 | 0.05 | - Dr. Kwan Pak Hoo Bankee holds a significant number of the Company's shares and convertible bond-related shares through **Cash Guardian Limited**[72](index=72&type=chunk) - Mr. Leung Siu Pong resigned as a director on **July 2, 2025**[72](index=72&type=chunk) Directors' Interests in Celestial Finance Shares | Name (Celestial Finance) | Capacity | Personal Shareholdings (thousands) | Corporate Interest Shareholdings (thousands) | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Kwan Pak Hoo Bankee | Beneficial owner and interest of controlled corporation | 26,124 | 277,989.6 | 70.53 | | Kwan Ting Hin | Beneficial owner | 4,476 | – | 1.04 | | Cheung Tsz Yui | Beneficial owner | 2,004 | – | 0.46 | [Share Option Schemes](index=27&type=section&id=Share%20Option%20Schemes) No share options were granted, exercised, lapsed, or cancelled under the Company's share option scheme during the reporting period, while under Celestial Finance's scheme, 525,000 share options remained unexercised as of June 30, 2025, with vesting conditions linked to performance targets, and no share awards were granted under Celestial Finance's share award scheme - Company's share option scheme: A total of **8,072,018 shares** are available for issue, representing approximately **10%** of issued shares, with **no share option activities** during the period[75](index=75&type=chunk) Celestial Finance Share Options | Participant (Celestial Finance) | Grant Date | Exercise Period | Exercise Price Per Share (HKD) | Unexercised as at January 1, 2025 (options) | Lapsed during the period (options) | Unexercised as at June 30, 2025 (options) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employee participants | 29/07/2021 | 01/08/2021–31/07/2025 | 0.572 | 525,000 | – | 525,000 | - Celestial Finance share options vest in **four tranches** and are subject to performance milestones/indicators[78](index=78&type=chunk) - Celestial Finance share award scheme: The trustee held **18,282,000 shares** of Celestial Finance, with **no share awards granted** during the period[77](index=77&type=chunk) [Major Shareholders](index=29&type=section&id=Major%20Shareholders) As of June 30, 2025, Hobart Assets Limited and Cash Guardian Limited were the Company's major shareholders, holding approximately 68.87% of the shares and related share interests, with Dr. Kwan Pak Hoo Bankee deemed to be interested in these holdings, alongside other major shareholders including Mr. Wong Shui Ming, Mr. Lai Wing Hung, Ms. Leung Ka Mei, Mr. Tam Cheuk Ho, and Mr. Law Ping Wah Major Shareholders' Interests in the Company's Shares | Name/Entity | Capacity | Number of Shares (thousands) | Number of Related Shares (thousands) | Total Number of Shares (thousands) | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hobart Assets Limited | Interest of controlled corporation | 39,599.1 | 16,000.0 | 55,599.1 | 68.87 | | Cash Guardian Limited | Beneficial owner | 39,599.1 | 16,000.0 | 55,599.1 | 68.87 | | Mr. Wong Shui Ming | Beneficial owner, interest of controlled corporation and other interests | 4,110.2 | – | 4,110.2 | 5.09 | | Mr. Lai Wing Hung | Beneficial owner, interest of controlled corporation and other interests | 4,847.4 | – | 4,847.4 | 6.00 | | Ms. Leung Ka Mei | Beneficial owner and other interests | 4,847.4 | – | 4,847.4 | 6.00 | | Mr. Tam Cheuk Ho | Interest of controlled corporation | 3,163.8 | 3,200.0 | 6,363.8 | 7.88 | | Mr. Law Ping Wah | Beneficial owner | 2,501.2 | 3,200.0 | 5,701.2 | 7.06 | - Dr. Kwan Pak Hoo Bankee is deemed to be interested in the shares and related share interests held by **Hobart Assets Limited** and **Cash Guardian Limited**[79](index=79&type=chunk) - Related shares refer to shares to be issued upon full conversion of convertible bonds[79](index=79&type=chunk) [Corporate Governance](index=31&type=section&id=Corporate%20Governance) The Company strictly complied with the Corporate Governance Code during the reporting period, with two deviations: the roles of Chairman and Chief Executive Officer are combined in Dr. Kwan Pak Hoo Bankee, and three independent non-executive directors have served for over nine years without new appointments, though the Board believes these deviations do not adversely affect the Company - Compliance status: The Company has strictly complied with the code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[82](index=82&type=chunk) - Deviation 1: The roles of Chairman and Chief Executive Officer are combined in **Dr. Kwan Pak Hoo Bankee**, which the Board believes provides strong leadership and enhances decision-making efficiency[85](index=85&type=chunk) - Deviation 2: Three independent non-executive directors (Mr. Leung Ka Kui, Mr. Wong Chor Yan, Dr. Chan Hak Sin) have served for **over nine years**, but no new independent non-executive directors have been appointed; the Board believes they maintain independent judgment and contribute to board stability[85](index=85&type=chunk) - Compliance with Model Code: All directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[83](index=83&type=chunk) - Results review: This interim results announcement has not been reviewed by the Company's auditor but has been reviewed by the Company's Audit Committee[84](index=84&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Securities) For the six months ended June 30, 2025, the Company repurchased a total of 22,000 shares on the Stock Exchange in two transactions, with prices ranging from HKD 0.58 to HKD 0.78, and no other repurchases, sales, or redemptions of listed securities occurred during the period Share Repurchase Details | Repurchase Date | Number of Shares Repurchased (shares) | Highest Price Paid (HKD) | Lowest Price Paid (HKD) | | :--- | :--- | :--- | :--- | | April 7, 2025 | 10,000 | 0.78 | 0.78 | | April 17, 2025 | 12,000 | 0.59 | 0.58 | | **Total** | **22,000** | | | - No other listed securities were repurchased, sold, or redeemed by the Company during the period[86](index=86&type=chunk)

[Company Information and Report Overview](index=1&type=section&id=Company%20Information%20and%20Report%20Overview) This report presents the unaudited condensed consolidated financial results of Asiaray Media Group Limited for the six months ended June 30, 2025, with comparative data for 2024 - Asiaray Media Group Limited announced its unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section outlines the Group's financial performance, including comprehensive income and balance sheet status, reflecting a turnaround to profit in H1 2025 and adjustments to the asset-liability structure [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group achieved a turnaround to profit in H1 2025 with a net profit of RMB 14.6 million, compared to a loss of RMB 7.6 million in the prior period, driven by significantly lower net finance costs and increased operating profit Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 421,955 | 580,953 | | Cost of revenue | (306,757) | (416,006) | | Gross profit | 115,198 | 164,947 | | Selling and marketing expenses | (37,446) | (58,108) | | Administrative expenses | (53,162) | (74,924) | | Net impairment losses on financial assets | (8,165) | (6,223) | | Other income | 5,980 | 5,124 | | Other gains / (losses), net | 27,593 | 15,217 | | Operating profit | 49,998 | 46,033 | | Finance income | 739 | 1,305 | | Finance costs | (27,312) | (54,736) | | Net finance costs | (26,573) | (53,431) | | Share of net loss of investments accounted for using the equity method | (1,531) | (2,016) | | Profit / (loss) before income tax | 21,894 | (9,414) | | Income tax expense / (credit) | (7,270) | 1,847 | | Profit / (loss) for the period | 14,624 | (7,567) | | Attributable to: | | | | Owners of the Company | 2,165 | (13,979) | | Non-controlling interests | 12,459 | 6,412 | | **Total profit / (loss) for the period** | **14,624** | **(7,567)** | | Loss per share attributable to owners of the Company for the period (RMB cents per share) | (0.8) | (4.2) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and liabilities decreased, but total equity slightly increased, indicating an improved financial structure, though current liabilities still exceed current assets Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 981,869 | 1,179,045 | | Current assets | 808,112 | 874,910 | | **Total assets** | **1,789,981** | **2,053,955** | | **Equity and Liabilities** | | | | Equity attributable to owners of the Company | 71,118 | 77,389 | | Non-controlling interests | 195,521 | 183,245 | | **Total equity** | **266,639** | **260,634** | | Non-current liabilities | 427,396 | 613,205 | | Current liabilities | 1,095,946 | 1,180,116 | | **Total liabilities** | **1,523,342** | **1,793,321** | | **Total equity and liabilities** | **1,789,981** | **2,053,955** | [Notes to the Condensed Consolidated Interim Financial Information](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the basis of preparation, accounting policies, significant estimates, segment information, and specific components and changes of financial items, providing essential context for understanding the financial statements [1 General Information](index=5&type=section&id=1%20General%20Information) This section provides company registration details, listing venue, primary business scope (out-of-home advertising media development and operation, including airports, subways, billboards, and creative building advertisements), and the presentation currency and approval date of financial information - The Company primarily engages in the development and operation of out-of-home advertising media in Mainland China, Hong Kong, Macau, and Southeast Asia, including airports, subway lines, billboards, and creative building advertisements[7](index=7&type=chunk) [2 Basis of Preparation](index=5&type=section&id=2%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and presented on a going concern basis, as management believes available funding sources are sufficient for the next 12 months, despite current liabilities exceeding current assets - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately **RMB 287,834,000**[8](index=8&type=chunk) - Management believes that the Group's available funding sources are sufficient to meet its financial obligations due within the next twelve months from June 30, 2025, thus preparing the financial information on a going concern basis[9](index=9&type=chunk) - The revised standards adopted by the Group for the first time for financial years beginning on or after January 1, 2025, had no significant impact on the Group's results and financial position[11](index=11&type=chunk) New and Revised Standards and Interpretations Not Yet Adopted | Standard Name | Description | Effective for annual periods beginning on or after | | :--- | :--- | :--- | | Amendments to HKFRS 9 and HKFRS 7 | Classification and Measurement of Financial Instruments | January 1, 2026 | | Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 | Annual Improvements to HKFRS Standards – Volume 11 | January 1, 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | January 1, 2027 | | HKFRS 19 | Non-publicly Accountable Subsidiaries: Disclosures | January 1, 2027 | | Amendments to HK(IFRIC)-Int 5 | Presentation of Financial Statements – Classification by a Borrower of a Term Loan that Contains a Repayment on Demand Clause | January 1, 2027 | | Amendments to HKFRS 10 and HKAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | [3 Significant Estimates](index=7&type=section&id=3%20Significant%20Estimates) The preparation of condensed consolidated interim financial information requires management judgments, estimates, and assumptions affecting reported amounts of accounting policies, assets, liabilities, income, and expenses, with primary sources consistent with those applied in the 2024 annual consolidated financial statements - In preparing these condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[14](index=14&type=chunk) [4 Segment Information](index=7&type=section&id=4%20Segment%20Information) The Group manages and assesses performance based on three operating segments: Airport Business, Subway and Billboard Business, and Bus and Other Businesses, providing detailed financial data including revenue, costs, gross profit, and geographical distribution for each segment, reflecting differentiated performance [Description of Operating Segments](index=7&type=section&id=Description%20of%20Operating%20Segments) The Group's main operating segments include Airport Business, Subway and Billboard Business, and Bus and Other Businesses, with performance assessed by key operating decision-makers based on revenue and gross profit for each segment - The Group has three major operating segments: Airport Business, Subway and Billboard Business, and Bus and Other Businesses[18](index=18&type=chunk) [Operating Segment Performance](index=8&type=section&id=Operating%20Segment%20Performance) In H1 2025, Subway and Billboard Business saw increased revenue and gross profit, Bus and Other Businesses experienced a revenue decrease but a significant gross profit margin improvement, while Airport Business revenue and gross profit declined substantially Operating Segment Performance (For the six months ended June 30) **For the six months ended June 30, 2025** | Segment | Revenue (RMB Thousand) | Cost of revenue (RMB Thousand) | Gross profit (RMB Thousand) | Segment results (RMB Thousand) | | :--- | :--- | :--- | :--- | :--- | | Airport Business | 105,319 | (102,479) | 2,840 | 1,841 | | Subway and Billboard Business | 224,426 | (142,560) | 81,866 | 81,334 | | Bus and Other Businesses | 92,210 | (61,718) | 30,492 | 30,492 | | **Total** | **421,955** | **(306,757)** | **115,198** | **113,667** | **For the six months ended June 30, 2024** | Segment | Revenue (RMB Thousand) | Cost of revenue (RMB Thousand) | Gross profit (RMB Thousand) | Segment results (RMB Thousand) | | :--- | :--- | :--- | :--- | :--- | | Airport Business | 180,822 | (101,901) | 78,921 | 76,146 | | Subway and Billboard Business | 187,098 | (132,917) | 54,181 | 54,940 | | Bus and Other Businesses | 213,033 | (181,188) | 31,845 | 31,845 | | **Total** | **580,953** | **(416,006)** | **164,947** | **162,931** | [Revenue Recognition Timing and Geographical Distribution](index=10&type=section&id=Revenue%20Recognition%20Timing%20and%20Geographical%20Distribution) The Group's revenue primarily derives from advertising publication, with most revenue recognized over time, and Mainland China remains the main revenue source, though revenue share from Hong Kong and other countries has decreased Revenue Type (For the six months ended June 30) | Revenue Type | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Advertising publication revenue | 353,549 | 454,542 | | Advertising production, installation and dismantling revenue | 68,406 | 126,411 | | **Total** | **421,955** | **580,953** | Revenue Recognition Timing (For the six months ended June 30) | Revenue Recognition Timing | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue recognized over time | 353,549 | 454,542 | | Revenue recognized at a point in time | 68,406 | 126,411 | | **Total** | **421,955** | **580,953** | Revenue Geographical Distribution (For the six months ended June 30) | Region | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Mainland China | 270,282 | 319,130 | | Hong Kong and other countries | 151,673 | 261,823 | | **Total** | **421,955** | **580,953** | [Geographical Distribution of Non-current Assets](index=11&type=section&id=Geographical%20Distribution%20of%20Non-current%20Assets) The Group's non-current assets are primarily distributed in Mainland China and Hong Kong, with non-current assets in Mainland China decreasing as of June 30, 2025 Geographical Distribution of Non-current Assets | Region | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Mainland China | 579,353 | 732,856 | | Hong Kong | 245,041 | 281,739 | | Other countries | 19,345 | 19,147 | | **Total** | **843,739** | **1,033,742** | [5 Components of Operating Profit](index=11&type=section&id=5%20Components%20of%20Operating%20Profit) Operating profit is primarily influenced by variable concession fees for advertising space, depreciation of right-of-use assets, and employee benefit expenses, with variable concession fees for advertising space significantly increasing year-on-year Operating Profit Deduction Items (For the six months ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Variable concession fees for advertising space | 168,732 | 56,792 | | Expenses related to short-term lease concession fees | 60,445 | 41,594 | | Depreciation of property, plant and equipment | 10,919 | 12,920 | | Depreciation of right-of-use assets | 140,454 | 260,816 | | Impairment loss on right-of-use assets | – | 5,300 | | Employee benefit expenses | 73,147 | 93,405 | | Project installation and dismantling costs | 28,794 | 54,143 | | Travel and entertainment expenses | 3,963 | 7,944 | | Amortisation of intangible assets | 868 | 1,082 | [6 Components of Other Income](index=12&type=section&id=6%20Components%20of%20Other%20Income) Other income primarily includes advertising design service income, advertising consulting service income, and rental income, with the total amount slightly increasing in H1 2025 Components of Other Income (For the six months ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Advertising design service income | 3,302 | 2,891 | | Advertising consulting service income | 538 | 48 | | Rental income | 1,402 | 1,587 | | Dividend income | 196 | 194 | | Government grant income | 28 | – | | Others | 514 | 404 | | **Total** | **5,980** | **5,124** | [7 Other Gains / (Losses), Net](index=12&type=section&id=7%20Other%20Gains%20%2F%20(Losses)%2C%20Net) In H1 2025, the Group's net other gains significantly increased, primarily due to higher gains from early termination of leases Other Gains / (Losses), Net Components (For the six months ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net gain / (loss) on early termination of leases | 28,354 | 14,798 | | Fair value gain / (loss) on investment properties | – | (1,393) | | Fair value gain / (loss) on financial assets at fair value through profit or loss | – | (257) | | Gain / (loss) on disposal of property, plant and equipment | (28) | (44) | | Net exchange gain / (loss) | (626) | 424 | | Others | (107) | 1,689 | | **Total** | **27,593** | **15,217** | [8 Net Finance Costs](index=13&type=section&id=8%20Net%20Finance%20Costs) The Group's net finance costs significantly decreased year-on-year, mainly due to a substantial reduction in interest expenses on bank borrowings and lease liabilities Net Finance Costs Components (For the six months ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | (739) | (1,305) | | Interest expense on bank borrowings | 8,673 | 11,269 | | Interest expense on lease liabilities | 18,639 | 43,467 | | **Net finance costs** | **26,573** | **53,431** | [9 Income Tax Expense / (Credit)](index=13&type=section&id=9%20Income%20Tax%20Expense%20%2F%20(Credit)) In H1 2025, the Group shifted from an income tax credit in the prior period to an income tax expense, primarily due to an increase in deferred income tax expense Income Tax Expense / (Credit) Analysis (For the six months ended June 30) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | PRC enterprise income tax expense | 526 | 1,677 | | Deferred income tax expense / (credit) | 6,744 | (3,605) | | Under-provision in prior years | – | 81 | | **Total** | **7,270** | **(1,847)** | [10 Earnings / (Loss) Per Share](index=14&type=section&id=10%20Earnings%20%2F%20(Loss)%20Per%20Share) The Group's basic loss per share significantly narrowed from RMB 4.2 cents in the prior period to RMB 0.8 cents in H1 2025 Basic Earnings / (Loss) Per Share Calculation (For the six months ended June 30) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit / (loss) attributable to owners of the Company (RMB Thousand) | 2,165 | (13,979) | | Less: Distribution on perpetual subordinated convertible securities (RMB Thousand) | (5,830) | (5,775) | | **Profit / (loss) for the purpose of calculating basic earnings / (loss) per share** | **(3,665)** | **(19,754)** | | Weighted average number of ordinary shares in issue (Thousand shares) | 476,930 | 475,934 | | **Earnings / (loss) per share (RMB cents per share)** | **(0.8)** | **(4.2)** | - For the periods ended June 30, 2025 and 2024, the Group's perpetual subordinated convertible securities may dilute basic loss per share in the future, but they were not included in the calculation of diluted loss per share due to their anti-dilutive effect during the period[32](index=32&type=chunk) [11 Dividends](index=14&type=section&id=11%20Dividends) No dividends were paid or proposed by the company for the six months ended June 30, 2025, or 2024 - No dividends were paid or proposed for the six months ended June 30, 2025 and 2024, and no dividends have been proposed since the end of the interim reporting period[33](index=33&type=chunk) [12 Trade and Other Receivables](index=15&type=section&id=12%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased, with net trade receivables and recoverable VAT reducing, but prepayments increasing Trade and Other Receivables | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade receivables, net | 287,813 | 310,715 | | Other receivables, net | 128,933 | 149,849 | | Interest receivables | 15 | 20 | | Recoverable VAT | 38,826 | 42,239 | | Prepayments | 78,403 | 71,063 | | **Total current assets** | **533,990** | **573,886** | | Non-current assets - Deposits | 3,748 | 5,171 | | **Total** | **537,738** | **579,057** | Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Up to 6 months | 166,679 | 186,653 | | 6 to 12 months | 34,751 | 47,662 | | 1 to 2 years | 70,715 | 70,989 | | 2 to 3 years | 41,165 | 35,797 | | Over 3 years | 99,242 | 96,437 | | **Total** | **412,552** | **437,538** | [13 Trade and Other Payables](index=16&type=section&id=13%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased, with trade payables and salaries & employee benefits payable reducing, but accrued advertising space concession fees significantly increasing Trade and Other Payables | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade payables | 171,386 | 200,229 | | Accrued advertising space concession fees | 82,026 | 38,650 | | Other tax payables | 1,301 | 2,518 | | Interest payables | 558 | 559 | | Salaries and employee benefits payable | 10,328 | 25,142 | | Other payables | 68,826 | 75,164 | | **Total** | **334,425** | **342,262** | Trade Payables Ageing Analysis | Ageing | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Up to 6 months | 122,394 | 83,183 | | 6 to 12 months | 27,310 | 66,582 | | 1 to 2 years | 12,569 | 43,448 | | 2 to 3 years | 2,575 | 2,114 | | Over 3 years | 6,538 | 4,902 | | **Total** | **171,386** | **200,229** | [14 Right-of-Use Assets and Lease Liabilities](index=17&type=section&id=14%20Right-of-Use%20Assets%20and%20Lease%20Liabilities) As of June 30, 2025, both right-of-use assets and lease liabilities significantly decreased, primarily due to depreciation and lease termination activities Right-of-Use Assets Movement (As of June 30, 2025) | Class of Right-of-Use Assets | January 1, 2025 (Audited) (RMB Thousand) | Additions (RMB Thousand) | Depreciation (RMB Thousand) | Terminations (RMB Thousand) | Exchange differences (RMB Thousand) | June 30, 2025 (Unaudited) (RMB Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Land use rights | 17,377 | – | (284) | – | – | 17,093 | | Advertising equipment | 694,622 | 48,087 | (135,796) | (88,572) | (1,015) | 517,326 | | Offices | 12,966 | 2,299 | (4,374) | – | (69) | 10,822 | | **Total** | **724,965** | **50,386** | **(140,454)** | **(88,572)** | **(1,084)** | **545,241** | Lease Liabilities | Lease Liabilities | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current portion | 421,860 | 499,569 | | Non-current portion | 323,215 | 508,179 | | **Total lease liabilities** | **745,075** | **1,007,748** | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance, segment operations, new media strategy progress, future outlook, and changes in financial indicators, explaining the drivers of financial improvement and outlining financial management policies, demonstrating a turnaround to profit through strategic adjustments [Business Review](index=18&type=section&id=Business%20Review) In H1 2025, the Group achieved a turnaround to profit through strategies like optimizing media networks, selectively withdrawing from unprofitable resources, and reacquiring high-potential resources, maintaining stable operating profit and gross margin, and a sound financial position - The Group drove financial improvement through comprehensive strategies including optimizing its media network, selectively withdrawing from unprofitable resources, and reacquiring resources with growth potential[37](index=37&type=chunk) - The Group successfully achieved a turnaround to profit during the period, recording a profit of **RMB 14.6 million**, compared to a loss of **RMB 7.6 million** in the same period last year[38](index=38&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents (including restricted cash) amounted to **RMB 200.2 million**, indicating a sound financial position[39](index=39&type=chunk) [Business Segment Performance](index=19&type=section&id=Business%20Segment%20Performance) Business segment performance was mixed, with Subway and Billboard Business showing significant growth in revenue and gross profit, Bus and Other Businesses experiencing a revenue decline but a substantial increase in gross profit margin, and Airport Business seeing a sharp drop in both revenue and gross profit [Subway and Billboard Business](index=19&type=section&id=Subway%20and%20Billboard%20Business) This segment's revenue increased by 19.9% to RMB 224.4 million, with gross margin rising by 7.5 percentage points to 36.5%, driven by cross-border advertising, reacquired resources like Shenzhen Metro, and enhanced advertising value at Hong Kong West Kowloon Station - Subway and Billboard Business revenue increased by **19.9%** to **RMB 224.4 million**, with gross margin rising by **7.5 percentage points** to **36.5%**[40](index=40&type=chunk) - The Group's reacquired resources, such as Shenzhen Metro, contributed as expected, while advertising value at Hong Kong West Kowloon Station significantly improved, and innovative advertising solutions were successfully planned[40](index=40&type=chunk) - The Group utilized cutting-edge 3D technology to transform prime billboard locations in Tsim Sha Tsui into viral marketing campaigns for fashion brands[41](index=41&type=chunk) [Bus and Other Businesses](index=20&type=section&id=Bus%20and%20Other%20Businesses) This segment's revenue was RMB 92.2 million, impacted by reduced media resources due to proactive termination of unprofitable contracts, but gross margin significantly improved by 18.2 percentage points to 33.1%, this was driven by streamlined operations and increased efficiency - Bus and Other Businesses revenue was **RMB 92.2 million**, with gross margin significantly increasing by **18.2 percentage points** to **33.1%**[42](index=42&type=chunk) - The improvement in gross margin was primarily due to streamlined operational processes and increased efficiency[42](index=42&type=chunk) - The Group promoted international sports brand giants and local fitness organizations during Hong Kong's flagship marathon, and created large-scale bus terminal themed visual spaces for renowned e-commerce giants[42](index=42&type=chunk) [Airport Business](index=20&type=section&id=Airport%20Business) This segment's revenue was RMB 105.3 million, with a gross profit of RMB 2.8 million and a gross margin of 2.7%, expected to fully recover after operational restructuring - Airport Business revenue was **RMB 105.3 million**, with a gross margin of **2.7%**[43](index=43&type=chunk) - This segment is expected to achieve a full recovery after the completion of operational restructuring[43](index=43&type=chunk) [Out-of-Home Online New Media Strategic Development](index=20&type=section&id=Out-of-Home%20Online%20New%20Media%20Strategic%20Development) Leveraging its Out-of-Home Online (O&O) new media strategy and DOOH+ platform, the Group effectively connected brands with audiences through innovative advertising campaigns and deepened collaborations with programmatic advertising platforms, earning 23 industry awards - The Group won **23 industry awards** for its innovative advertising campaigns, with its Out-of-Home Online (O&O) new media strategy and DOOH+ platform deeply integrating market insights[44](index=44&type=chunk) - The Group deepened its collaboration with leading programmatic advertising platforms such as The Trade Desk, Hivestack by Perion, and Vistar Media, enhancing intelligent and efficient matching[45](index=45&type=chunk) - The Group executed data-driven advertising campaigns for food delivery platforms, precisely pushing meal choices and promotional information based on time-of-day changes, significantly improving conversion effectiveness[45](index=45&type=chunk) [Outlook](index=21&type=section&id=Outlook) The Group is cautiously optimistic for H2 2025, anticipating cross-border tourism and the event economy as key growth drivers, and aims for sustainable development by optimizing media resource portfolios, strengthening internal controls, and deepening partnerships - Asiaray enters H2 2025 with cautious optimism, anticipating cross-border tourism and the event economy to be significant growth drivers in the near term[46](index=46&type=chunk) - The Group has secured the exclusive franchise for media resources in Hong Kong's Eastern Harbour Crossing for three years, further solidifying its market position[46](index=46&type=chunk) - The Group continues to strengthen internal controls, adheres to prudent financial management principles, and optimizes its media resource portfolio to enhance profitability by deepening partnerships with key media resource owners[47](index=47&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) This section analyzes year-on-year changes in the Group's financial indicators, including revenue, costs, gross profit, various expenses, finance costs, taxes, EBITDA, and profit/loss attributable to owners, revealing the main drivers of improved financial performance [Revenue Analysis](index=23&type=section&id=Revenue%20Analysis) Total Group revenue decreased by 27.4% year-on-year to RMB 422.0 million, primarily due to the termination of multiple projects, with significant declines in Airport and Bus & Other segments, while the Subway & Billboard segment saw revenue growth - The Group's revenue for the period decreased by **27.4%** from **RMB 581.0 million** in the same period of 2024 to **RMB 422.0 million**, primarily due to the termination of multiple projects[48](index=48&type=chunk) - Airport segment revenue decreased by **41.8%** to **RMB 105.3 million**, mainly due to the early termination of the Kunming Airport project[48](index=48&type=chunk) - Subway and Billboard segment revenue increased by **20.0%** to **RMB 224.4 million**, primarily due to an increase in exclusive subway lines and billboards in Mainland China and Hong Kong[48](index=48&type=chunk) - Bus and Other segment revenue decreased by **56.7%** to **RMB 92.2 million**, mainly due to the expiry of bus body projects[49](index=49&type=chunk) [Cost of Revenue Analysis](index=23&type=section&id=Cost%20of%20Revenue%20Analysis) Cost of revenue decreased by 26.3% from RMB 416.0 million in the same period of 2024 to RMB 306.8 million in the current period, primarily attributable to project terminations and reduced rental expenses - Cost of revenue decreased by **RMB 109.2 million** or **26.3%** from **RMB 416.0 million** in the same period of 2024 to **RMB 306.8 million** in the current period, primarily attributable to project terminations and reduced rental expenses[50](index=50&type=chunk) [Gross Profit and Gross Margin Analysis](index=23&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) Gross profit for the period slightly decreased by 30.2% to RMB 115.2 million from RMB 164.9 million in the same period of 2024, while gross margin slightly decreased from 28.4% to 27.3% - Gross profit for the period slightly decreased by **RMB 49.7 million** or **30.2%** to **RMB 115.2 million** from **RMB 164.9 million** in the same period of 2024, while gross margin slightly decreased from **28.4%** in the same period of 2024 to **27.3%** in the current period[51](index=51&type=chunk) [Selling and Marketing Expenses Analysis](index=23&type=section&id=Selling%20and%20Marketing%20Expenses%20Analysis) Selling and marketing expenses decreased by 35.6% from RMB 58.1 million in the same period of 2024 to RMB 37.4 million in the current period - Selling and marketing expenses decreased by **RMB 20.7 million** or **35.6%** from **RMB 58.1 million** in the same period of 2024 to **RMB 37.4 million** in the current period[52](index=52&type=chunk) [Administrative Expenses Analysis](index=23&type=section&id=Administrative%20Expenses%20Analysis) Administrative expenses decreased by 29.0% from RMB 74.9 million in the same period of 2024 to RMB 53.2 million in the current period - Administrative expenses decreased by **RMB 21.8 million** or **29.0%** from **RMB 74.9 million** in the same period of 2024 to **RMB 53.2 million** in the current period[53](index=53&type=chunk) [Net Finance Costs Analysis](index=23&type=section&id=Net%20Finance%20Costs%20Analysis) Net finance costs decreased by 50.3% from RMB 53.4 million in the same period of 2024 to RMB 26.6 million in the current period, primarily due to reduced interest expenses from lease liabilities under HKFRS 16 - Net finance costs decreased by **RMB 26.9 million** or **50.3%** from **RMB 53.4 million** in the same period of 2024 to **RMB 26.6 million** in the current period, primarily due to reduced interest expenses from lease liabilities under HKFRS 16[54](index=54&type=chunk) [Share of Net Loss of Investments Accounted for Using the Equity Method Analysis](index=24&type=section&id=Share%20of%20Net%20Loss%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method%20Analysis) The share of net loss from investments in associates decreased by 24.1% from RMB 2.0 million in the same period of 2024 to RMB 1.5 million in the current period, mainly due to reduced media losses from Shenzhen Airport - The share of net loss from investments in associates decreased by **24.1%** from **RMB 2.0 million** in the same period of 2024 to **RMB 1.5 million** in the current period, mainly due to reduced media losses from Shenzhen Airport[55](index=55&type=chunk) [Income Tax Expense / (Credit) Analysis](index=24&type=section&id=Income%20Tax%20Expense%20%2F%20(Credit)%20Analysis) Income tax expense / (credit) decreased by 493.6% from an income tax credit of RMB 1.8 million in the same period of 2024 to an income tax expense of RMB 7.3 million in the current period - Income tax expense / (credit) decreased by **493.6%** from an income tax credit of **RMB 1.8 million** in the same period of 2024 to an income tax expense of **RMB 7.3 million** in the current period[56](index=56&type=chunk) [EBITDA Analysis](index=24&type=section&id=EBITDA%20Analysis) The Group's EBITDA decreased by 37.1% from RMB 320.1 million in the same period of 2024 to RMB 201.5 million in the current period - The Group's EBITDA decreased by **RMB 118.7 million** or **37.1%** from **RMB 320.1 million** in the same period of 2024 to **RMB 201.5 million** in the current period[57](index=57&type=chunk) [Profit / (Loss) Attributable to Owners of the Company Analysis](index=24&type=section&id=Profit%20%2F%20(Loss)%20Attributable%20to%20Owners%20of%20the%20Company%20Analysis) Profit attributable to owners of the Company increased by 115.5% from a loss of RMB 14.0 million in the same period of 2024 to a profit of RMB 2.2 million in the current period - Profit attributable to owners of the Company increased by **RMB 16.2 million** or **115.5%** from a loss of **RMB 14.0 million** in the same period of 2024 to a profit of **RMB 2.2 million** in the current period[58](index=58&type=chunk) [Financial Management and Treasury Policy](index=24&type=section&id=Financial%20Management%20and%20Treasury%20Policy) The Group adopts a conservative approach to cash management and fund investments, with most income and expenses denominated in RMB and HKD, and directors believe there are no significant foreign exchange risks - The Group adopts a conservative approach to cash management and fund investments, with most of its income and expenditure items denominated in RMB and HKD, and the Directors believe there are no significant foreign exchange risks[59](index=59&type=chunk) [Dividend Policy](index=24&type=section&id=Dividend%20Policy) The company is committed to balancing shareholder expectations with prudent capital management, with its dividend policy based on profit attributable to owners of the Company, and distribution amounts can be up to 100% - The Company's adopted dividend policy is based on the profit attributable to owners of the Company, with distribution amounts potentially up to **100%** of the profit attributable to owners of the Company[60](index=60&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents decreased, while its current ratio and gearing ratio remained stable - As of June 30, 2025, the Group's cash and cash equivalents, and restricted cash amounted to **RMB 200.2 million**, a decrease from **RMB 232.5 million** as of December 31, 2024[61](index=61&type=chunk) Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 0.75 | 0.75 | | Gearing Ratio | 0.5 | 0.4 | [Borrowings](index=25&type=section&id=Borrowings) As of June 30, 2025, the Group's total bank borrowings amounted to RMB 323.5 million, with most repayable within one year - As of June 30, 2025, the Group's total bank borrowings amounted to **RMB 323.5 million**; of the total borrowings, **RMB 220.5 million** is repayable within one year, and **RMB 103.0 million** is repayable after one year[62](index=62&type=chunk) [Interest Rate Risk](index=26&type=section&id=Interest%20Rate%20Risk) The Group's interest rate risk primarily stems from floating-rate bank borrowings, with management mitigating this risk by closely monitoring macroeconomic conditions and interest rate changes - The Group's interest rate risk primarily arises from floating-rate bank borrowings[63](index=63&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, and December 31, 2024, the Group had not pledged any of its assets to secure any borrowings - As of June 30, 2025, and December 31, 2024, the Group had not pledged any of its assets to secure any of its borrowings[64](index=64&type=chunk) [Capital Expenditure](index=26&type=section&id=Capital%20Expenditure) Capital expenditure for the period was RMB 4.8 million, primarily for property, plant, and equipment, representing an increase from the prior period - During the period, capital expenditure amounted to **RMB 4.8 million**, primarily comprising cash expenditure for property, plant, and equipment[65](index=65&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no significant outstanding contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group had no significant outstanding contingent liabilities[66](index=66&type=chunk) [Events After the Reporting Period](index=26&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group have occurred since June 30, 2025, up to the date of this announcement - No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[67](index=67&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section provides supplementary information on human resources, dividends, corporate governance, directors' securities transactions, share repurchases, the audit committee, and report publication, emphasizing the company's operational and governance transparency [Human Resources and Remuneration Policy](index=27&type=section&id=Human%20Resources%20and%20Remuneration%20Policy) The Group offers competitive remuneration and benefits to employees, with 476 employees as of June 30, 2025, and total salaries and related costs decreasing year-on-year - As of June 30, 2025, the Group had **476 employees** (June 30, 2024: 612 employees)[68](index=68&type=chunk) - Total salaries and related costs for the current period and the same period in 2024 were **RMB 67.8 million** and **RMB 93.4 million**, respectively[68](index=68&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the current period - The Board does not recommend the payment of an interim dividend for the current period (June 30, 2024: nil)[69](index=69&type=chunk) [Corporate Governance](index=27&type=section&id=Corporate%20Governance) The company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with deviations regarding the non-segregation of Chairman and CEO roles and non-executive directors' attendance at general meetings - During the period, the Company complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, save for deviations from code provisions C.2.1 and C.1.5 of the Corporate Governance Code[70](index=70&type=chunk) - Mr. Lam Tak Hing is currently both the Chairman of the Board and the Chief Executive Officer of the Company, and the Board believes this structure enhances the efficiency of the Company's strategy formulation and implementation[70](index=70&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%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 all directors have confirmed compliance - The Company has made specific enquiries with all Directors, and all Directors have confirmed their compliance with the standards set out in the Standard Code during the period[71](index=71&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72](index=72&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) The Company's Audit Committee has reviewed the unaudited consolidated financial results and interim report for the period, agreeing with the accounting principles and practices adopted by the company, and is composed of three independent non-executive directors - The Company's Audit Committee has reviewed the Company's unaudited consolidated financial results and interim report for the period and agreed with the accounting principles and practices adopted by the Company[73](index=73&type=chunk) - The Company's Audit Committee comprises three independent non-executive Directors (namely Mr. Ma Chiu Cheung, John (Chairman), Mr. Ma Hao Hui, and Ms. Mak Ka Ling, Alice)[73](index=73&type=chunk) [Publication of Interim Results and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) All financial and other relevant information required by the Listing Rules will be published timely on the company's website and the HKEX website - All financial and other relevant information of the Company as required by the Listing Rules will be published timely on the Company's website (https://www.asiaray.com/zh/home/) and the HKEX website (https://www.hkexnews.hk/)[74](index=74&type=chunk) [Board Information](index=28&type=section&id=Board%20Information) This section lists the members of the Board of Directors as of the announcement date, including executive, non-executive, and independent non-executive directors - As of the date of this announcement, the executive Directors are Mr. Lam Tak Hing and Mr. Kwan Tat Cheong; the non-executive Director is Ms. Ng Hiu Ping; and the independent non-executive Directors are Mr. Ma Chiu Cheung, John, Mr. Ma Hao Hui, and Ms. Mak Ka Ling, Alice[76](index=76&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（「香港聯交所」）對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 中國國際海運集裝箱（集團）股份有限公司 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD. （於中華人民共和國註冊成立之股份有限公司） 2025年半年度業績公告（2025年半年度報告摘要） 1 重要提示 （H股股份代號：02039） （A股股份代號：000039） 1 1.1 中國國際海運集裝箱（集團）股份有限公司（「本公司」或「中集」，與其附屬公司合 稱「本集團」或「集團」）董事會（「董事會」）、監事會（「監事會」）及董事（「董事」）、 監事（「監事」）、高級管理人員保證2025年半年度業績公告（「本公告」）所載資 料不存在虛假記載、誤導性陳述或者重大遺漏，並對本集團截至2025年6月 30日之半年度報告（「2025年半年度報告」）之內容的真實性、準確性和完整性 承擔個別及連帶責任。本公告摘自2025年半年度報告，並在香港聯 ...

[Interim Results Summary](index=1&type=section&id=Summary) The Group's continuing operations saw a slight revenue decrease but improved gross profit, a significant turnaround from loss to profit, and stable gearing ratio Key Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (HK$ Million) | 2024 (HK$ Million) (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 363 | 369 | (2%) | | Gross Profit (Continuing Operations) | 243 | 242 | 1% | | Profit/(Loss) Attributable to Equity Holders | 137 | (81) | (269%) | | Earnings/(Loss) Per Share | **4.88 HK cents** | **(2.89) HK cents** | - | - Revenue from continuing operations decreased by **2%** to **HK$362.7 million**, primarily due to a lack of blockbuster films and reduced attendance during the period[3](index=3&type=chunk) - Gross profit from continuing operations increased by **1%** to **HK$242.9 million**, mainly driven by higher-margin film licensing fee income during the period[3](index=3&type=chunk) - Profit attributable to equity holders turned from a **HK$81 million loss in 2024** to a **HK$136.7 million profit in 2025**, primarily due to non-recurring gains from cinema lease terminations (**HK$19.1 million reversal** and **HK$85.8 million lease modification**), a **HK$32.6 million tax credit** from deferred tax liability reversal on the Singapore property sale, and no non-financial asset impairment losses in 2025 (compared to **HK$313.3 million in 2024**)[4](index=4&type=chunk) - The gearing ratio remained stable at **9.0%** (December 31, 2024: **8.0%**)[4](index=4&type=chunk) [Interim Results](index=3&type=section&id=Interim%20Results) The Group's interim results show a significant turnaround in profitability, driven by improved continuing operations and non-recurring gains, despite some asset reclassifications [Consolidated Statement of Profit or Loss](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's continuing operations revenue slightly decreased for the six months ended June 30, 2025, but gross profit increased, with profit attributable to equity holders significantly improving from a loss to a profit, mainly due to non-recurring gains and reduced impairment losses Key Data from Consolidated Statement of Profit or Loss (Continuing Operations) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Revenue | 362,684 | 369,249 | | Cost of Sales | (119,790) | (127,741) | | Gross Profit | 242,894 | 241,508 | | Other Income | 114,618 | 21,376 | | Profit from Operations | 115,445 | 8,827 | | Profit/(Loss) Before Tax | 105,085 | (10,731) | | Income Tax Credit/(Expense) | 31,627 | (6,947) | | Profit/(Loss) for the Period from Continuing Operations | 136,712 | (17,678) | Key Data from Consolidated Statement of Profit or Loss (Discontinued Operations) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Gain on Disposal of Interest in a Joint Venture | – | 285,575 | | Exchange Reserve Realized on Disposal | – | 8,723 | | Loss for the Period from Discontinued Operations | – | (357,668) | | Profit/(Loss) for the Period | 136,712 | (81,048) | Earnings/(Loss) Per Share (HK cents) | Indicator | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Continuing Operations | **4.88** | **(0.63)** | | Discontinued Operations | – | **(2.26)** | | Total | **4.88** | **(2.89)** | - Total comprehensive income for the period turned from a **HK$114,404 thousand loss in 2024** to a **HK$235,596 thousand profit in 2025**, primarily due to positive exchange differences from subsidiaries outside Hong Kong[8](index=8&type=chunk) [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's total non-current assets decreased, but net current assets turned from negative to positive, reflecting adjustments in asset structure, while net assets and total equity attributable to shareholders both decreased Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Non-current Assets | 1,601,716 | 1,905,656 | | Current Assets | 495,440 | 211,792 | | Current Liabilities | 443,308 | 358,857 | | Net Current Assets/(Liabilities) | 52,132 | (147,065) | | Total Assets Less Current Liabilities | 1,653,848 | 1,758,591 | | Non-current Liabilities | 588,801 | 248,462 | | Net Assets | 1,169,790 | 1,405,386 | | Total Equity Attributable to Equity Holders of the Company | 1,169,790 | 1,405,386 | - Right-of-use assets within non-current assets significantly decreased from **HK$726,127 thousand** to **HK$390,815 thousand**, reflecting changes in leased properties[9](index=9&type=chunk) - Non-current assets held for sale of **HK$271,398 thousand** were newly added to current assets, compared to zero as of December 31, 2024, related to the Singapore property disposal[9](index=9&type=chunk)[34](index=34&type=chunk) - Bank loans in current liabilities significantly increased from **HK$13,965 thousand** to **HK$189,396 thousand**, while bank loans in non-current liabilities increased from zero to **HK$156,016 thousand**[9](index=9&type=chunk)[10](index=10&type=chunk) [Notes to the Unaudited Interim Financial Results](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Results) These notes detail the basis of preparation, accounting policy changes, revenue breakdown, segment reporting, profit before tax components, income tax, earnings per share, and specific balance sheet items, along with discontinued operations and post-reporting events [1 Basis of Preparation](index=8&type=section&id=1%20Basis%20of%20Preparation) These interim results are prepared in accordance with HKEX Listing Rules and HKAS 34, reviewed by the Audit Committee but unaudited, applying the same accounting policies as the 2024 annual report, reflecting management's judgments, estimates, and assumptions - The interim financial information has been prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[11](index=11&type=chunk) - The interim financial information is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[13](index=13&type=chunk) [2 Changes in Accounting Policies](index=8&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to HKAS 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," but these had no material impact on the interim financial information as the Group did not undertake relevant foreign currency transactions - The Group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," but these had no material impact on the interim financial information[14](index=14&type=chunk) [3 Revenue](index=9&type=section&id=3%20Revenue) The Group's revenue primarily stems from film exhibition, disc and TV licensing, film and TV drama distribution, cinema operations, promotion and advertising services, and agency services, with a diversified customer base and no single customer accounting for over **10%** of revenue - Revenue primarily derives from film exhibition, disc and TV licensing, film and TV drama distribution, cinema operations, promotion and advertising services, and agency services[16](index=16&type=chunk) - The Group has a diversified customer base, with no single customer accounting for more than **10%** of the Group's revenue[17](index=17&type=chunk) [4 Segment Reporting](index=9&type=section&id=4%20Segment%20Reporting) The Group manages its operations by geographical region (Hong Kong, Mainland China, Singapore) and presents segment reports based on internal reporting to the chief operating decision-maker, with segment results calculated as adjusted operating profit after tax, excluding net finance costs, exchange differences, and non-recurring items - The Group manages its operations by geographical region (Hong Kong, Mainland China, Singapore) and presents reportable segments[18](index=18&type=chunk)[21](index=21&type=chunk) Reportable Segment Revenue (Continuing Operations) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Hong Kong | 53,022 | 73,992 | | Mainland China | 27,204 | – | | Singapore | 300,482 | 325,226 | | Sub-total | 380,708 | 399,218 | Reportable Segment Profit/(Loss) After Tax | Region | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Hong Kong | 3,160 | (16,442) | | Mainland China | 26,014 | (1,435) | | Singapore | 5,378 | 20,041 | | Sub-total | 34,552 | 2,164 | - Consolidated revenue from continuing operations was **HK$362,684 thousand** (2024: **HK$369,249 thousand**), and consolidated profit before tax was **HK$105,085 thousand** (2024: **HK$10,731 thousand loss**)[23](index=23&type=chunk) [5 Profit/(Loss) Before Tax](index=11&type=section&id=5%20Profit%2F%28Loss%29%20Before%20Tax) Profit before tax for the period was primarily influenced by reduced finance costs, increased staff costs, decreased depreciation expenses, and non-recurring gains from lease modifications and reversal of restoration cost provisions, with no non-financial asset impairment losses recorded in 2025, unlike the significant impairment losses in 2024 Finance Costs (Continuing Operations) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Interest on bank loans | 3,656 | 14,406 | | Interest on lease liabilities | 6,531 | 9,053 | | Other borrowing costs | 173 | 1,351 | | Total | 10,360 | 24,810 | | Less: Finance costs capitalised | – | (5,252) | | Net | 10,360 | 19,558 | Staff Costs (Excluding Directors' Emoluments, Continuing Operations) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Wages, salaries and other benefits | 45,517 | 44,511 | | Contributions to defined contribution retirement plans | 5,273 | 3,800 | | Total | 50,790 | 48,311 | - Depreciation expenses for continuing operations decreased, with depreciation of owned property, plant and equipment falling from **HK$19,352 thousand** to **HK$15,550 thousand**, and depreciation of right-of-use assets decreasing from **HK$49,469 thousand** to **HK$44,027 thousand**[26](index=26&type=chunk) - The period recorded a **HK$85,849 thousand gain** from lease modifications and a **HK$19,100 thousand reversal** of restoration cost provisions, both classified as non-recurring gains[26](index=26&type=chunk) - No non-financial asset impairment losses were recorded in 2025, whereas in 2024, discontinued operations recorded **HK$225,978 thousand** impairment for fixed assets related to 360 Theatre and **HK$87,355 thousand** impairment for 360 Theatre development costs[26](index=26&type=chunk) [6 Income Tax in the Consolidated Statement of Profit or Loss](index=13&type=section&id=6%20Income%20Tax%20in%20the%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Income tax credit of **HK$31,627 thousand** was recorded for continuing operations this period, primarily due to the reversal of deferred tax liabilities, with no profits tax provision in Hong Kong and Mainland China due to losses, and Singapore corporate income tax calculated at a **17%** rate Income Tax Credit/(Expense) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Current income tax - Overseas tax provision | 1,879 | 4,688 | | Current income tax - Over-provision in prior years | (1,975) | (2) | | Deferred tax - Origination and reversal of temporary differences | (31,531) | 2,259 | | Actual tax (credit)/expense | (31,627) | 6,947 | - No provision for profits tax has been made for Hong Kong and Mainland China due to recorded losses[27](index=27&type=chunk)[28](index=28&type=chunk) - Corporate income tax provision for Singapore subsidiaries is calculated at **17%** of estimated assessable profit[28](index=28&type=chunk) [7 Earnings/(Loss) Per Share](index=14&type=section&id=7%20Earnings%2F%28Loss%29%20Per%20Share) Basic earnings per share for the period was **4.88 HK cents**, a significant improvement from the **2.89 HK cents loss per share** in the prior year, with diluted earnings per share being the same as basic earnings per share due to no dilutive potential ordinary shares Basic Earnings/(Loss) Per Share | Item | 2025 (HK$ '000) | 2024 (HK$ '000) (Restated) | | :--- | :--- | :--- | | Profit/(Loss) attributable to equity holders - Continuing operations | 136,712 | (17,678) | | Profit/(Loss) attributable to equity holders - Discontinued operations | – | (63,370) | | Total | 136,712 | (81,048) | - Basic earnings/(loss) per share is calculated based on the profit/(loss) attributable to equity holders of the Company and the weighted average number of **2,799,669,050** ordinary shares outstanding[29](index=29&type=chunk) - The Company has no dilutive potential ordinary shares, thus diluted earnings/(loss) per share is the same as basic earnings/(loss) per share[30](index=30&type=chunk) [8 Trade Receivables](index=15&type=section&id=8%20Trade%20Receivables) The Group generally grants credit terms of **one to three months**, with total trade receivables at **HK$13,542 thousand** at the end of the reporting period, a decrease from **HK$16,783 thousand** as of December 31, 2024 - The Group generally grants credit terms ranging from **one to three months**[32](index=32&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 1 month | 7,859 | 11,965 | | Over 1 month but within 2 months | 2,092 | 2,304 | | Over 2 months but within 3 months | 2,168 | 968 | | Over 3 months | 1,423 | 1,546 | | Total | 13,542 | 16,783 | [9 Non-current Assets Held for Sale](index=15&type=section&id=9%20Non-current%20Assets%20Held%20for%20Sale) The Group entered into an agreement on June 2, 2025, to sell a property in Singapore for **SGD48,000,000**, with the sale completed on August 8, 2025, thus its carrying amount of **HK$271,398 thousand** was classified as non-current assets held for sale as of June 30, 2025 - The Group entered into a sale and purchase agreement on June 2, 2025, to dispose of a property in Singapore for **SGD48,000,000**[34](index=34&type=chunk) - The property disposal was completed on August 8, 2025, and its carrying amount of **HK$271,398 thousand** was classified as non-current assets held for sale as of June 30, 2025[34](index=34&type=chunk) [10 Trade Payables](index=15&type=section&id=10%20Trade%20Payables) Total trade payables amounted to **HK$66,589 thousand** at the end of the reporting period, an increase from **HK$61,889 thousand** as of December 31, 2024 Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 3 months | 55,596 | 50,166 | | 4 to 6 months | 133 | 137 | | 7 to 12 months | 243 | 1,274 | | Over 1 year | 10,617 | 10,312 | | Total | 66,589 | 61,889 | [11 Discontinued Operations](index=16&type=section&id=11%20Discontinued%20Operations) The Group completed the disposal of its interest in a Taiwan joint venture (Vie Show Disposal) and a subsidiary operating 360 Theatre (360 Disposal) in 2024, classifying these as discontinued operations, resulting in no revenue or loss from discontinued operations in 2025, compared to a significant loss in 2024 - The Group disposed of its interest in a joint venture in Taiwan (Vie Show Disposal) and its interest in a subsidiary operating 360 Theatre (360 Disposal) in 2024[36](index=36&type=chunk) - These operations have been classified as discontinued operations, and comparative information for the six months ended June 30, 2024, has been restated[36](index=36&type=chunk) Results of Discontinued Operations | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | – | 8,315 | | Gross loss | – | (13,874) | | Other operating expenses | – | (313,333) | | Loss from operations | – | (346,287) | | Gain on disposal of interest in discontinued operations | – | 285,575 | | Loss before tax | – | (63,372) | | Loss for the year from discontinued operations | – | (63,370) | [12 Events After the Reporting Period](index=16&type=section&id=12%20Events%20After%20the%20Reporting%20Period) The Group's shareholders approved the property disposal on August 7, 2025, which was completed on August 8, 2025, with proceeds fully repaying all outstanding bank loans as of June 30, 2025 - The property disposal was completed on August 8, 2025, and the proceeds were fully used to repay all outstanding bank loans as of June 30, 2025[37](index=37&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business operations, including challenges in the film industry and strategic shifts towards integrated entertainment hubs, alongside a detailed financial review covering profit and loss, and financial resources and liquidity [Business Review](index=17&type=section&id=Business%20Review) As a Chinese film and entertainment company, the Group faces challenges from the pandemic, streaming popularity, Hollywood strikes, and wildfires; in response, it is transforming cinemas into integrated entertainment hubs, has terminated all Hong Kong cinema leases, recording non-recurring gains, and continues to focus on the Singapore market as its primary revenue source [Overall Business Overview](index=17&type=section&id=Overall%20Business%20Overview) As a Chinese film and entertainment company, the Group faces challenges from the pandemic, streaming popularity, Hollywood strikes, and wildfires, leading to film supply disruptions and revenue decline, prompting efforts to expand cinemas into integrated entertainment hubs - Established in **1970**, the Group is a world-class Chinese film and entertainment company primarily engaged in film exhibition, film and television program production, and film distribution[38](index=38&type=chunk) - The cinema industry was severely impacted by film supply disruptions caused by the pandemic, the rise of streaming, Hollywood actor and writer strikes, and wildfires in Los Angeles[39](index=39&type=chunk) - Revenue from the Group's continuing operations decreased by **2%** to **HK$362.7 million**, primarily due to a lack of blockbuster films[40](index=40&type=chunk) - The Group is committed to expanding its cinemas from single film viewing services to integrated entertainment hubs offering a variety of lifestyle products[40](index=40&type=chunk) [Hong Kong Cinema Operations](index=17&type=section&id=Hong%20Kong%20Cinema%20Operations) The Group terminated all Hong Kong cinema leases and ceased operations in Hong Kong during the period, resulting in no Hong Kong cinemas as of June 30, 2025, and recording non-recurring gains of **HK$19.1 million** from restoration cost provision reversal and **HK$85.8 million** from lease modifications; despite declining attendance and box office revenue due to industry challenges, the Hong Kong segment reported a profit thanks to significant rental support - The Group has terminated all Hong Kong cinema leases and ceased operating cinemas in Hong Kong, resulting in no Hong Kong cinemas as of June 30, 2025[41](index=41&type=chunk)[45](index=45&type=chunk) - Following lease terminations, the Group recorded non-recurring gains of **HK$19.1 million** (reversal of restoration cost provision) and **HK$85.8 million** (lease modification)[41](index=41&type=chunk) Hong Kong Cinema Operating Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Cinemas | 0 | 8 | | Number of Screens | 0 | 33 | | Attendance (Million) | **0.8** | **0.9** | | Net Average Ticket Price (HK$) | **53** | **64** | | Box Office Revenue (HK$ Million) | **43** | **58** | - The Hong Kong film industry experienced declines in attendance and box office revenue due to a scarcity of Hollywood blockbusters, disappointing economic recovery, population outflow, and changing consumer habits[46](index=46&type=chunk) - Despite declining box office revenue, the Hong Kong segment recorded a **HK$3.2 million profit** (2024: **HK$16.4 million loss**), primarily due to significant temporary rental support from landlords[46](index=46&type=chunk) [Singapore Cinema Operations](index=18&type=section&id=Singapore%20Cinema%20Operations) The Singapore market is the Group's primary revenue source, accounting for **79%** of continuing consolidated segment revenue, with **16** cinemas and **122** screens operated by the Group, where Golden Village maintains market leadership; despite reduced attendance, increased average ticket prices and F&B revenue led to slight net box office growth, as Golden Village focuses on transforming cinemas into integrated entertainment centers and diversifying revenue streams - As of June 30, 2025, the Group operated **16** cinemas with a total of **122** screens in Singapore[42](index=42&type=chunk)[43](index=43&type=chunk)[47](index=47&type=chunk) - Singapore accounted for **79%** (2024: **81%**) of the Group's continuing consolidated segment revenue, solidifying its position as a primary revenue source[42](index=42&type=chunk)[47](index=47&type=chunk) Singapore Cinema Operating Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Cinemas | 16 | 16 | | Number of Screens | 122 | 122 | | Attendance (Million) | **2.24** | **2.36** | | Net Average Ticket Price (SGD) | **12.8** | **12.1** | | Net Box Office Revenue (SGD Million) | **29** | **29** | - Golden Village's net box office revenue was **SGD28.7 million**, a **0.7% increase** from 2024, primarily due to a **6% rise** in average net ticket price offsetting a **5% decrease** in attendance[48](index=48&type=chunk) - Golden Village's F&B revenue increased by **4%** from **SGD12.4 million in 2024** to **SGD12.9 million in 2025**, with a **10% increase** in spending per customer[48](index=48&type=chunk) - Golden Village is committed to expanding its cinemas from single viewing purposes to integrated entertainment centers offering other lifestyle options, including expanding Gold Class premium cinemas and F&B offerings[49](index=49&type=chunk) - To mitigate the risk of Hollywood blockbuster delays, Golden Village is increasing alternative content, live online streaming, and special film screenings, while diversifying revenue through advance ticket sales, gift cards, merchandise, and e-commerce platforms[50](index=50&type=chunk) [Film and Television Program Distribution and Production](index=21&type=section&id=Film%20and%20Television%20Program%20Distribution%20and%20Production) The Group holds permanent distribution rights for over **140** self-produced films, generating stable licensing revenue, with film distribution and production businesses collectively recording **HK$43.6 million** in revenue, a slight **0.9%** increase; the Group continues to prudently invest in film production and actively collaborates with external studios to redevelop Chinese classic film intellectual properties - The Group's film library holds permanent distribution rights for over **140** self-produced films, generating stable licensing revenue[51](index=51&type=chunk) - Film distribution and production businesses collectively recorded **HK$43.6 million** in revenue, a slight **0.9% increase** compared to the same period last year[51](index=51&type=chunk) - The Group continues to maintain prudent investment decisions in film production and actively collaborates with external studios to redevelop its Chinese classic film library into online films and film-derived art[52](index=52&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) The Group's continuing operations revenue slightly decreased, but gross profit increased due to higher-margin licensing fee income; finance costs significantly reduced due to lower loan balances and interest rates, and an income tax credit was recorded, mainly from deferred tax liability reversal on the Singapore property sale, leading to a turnaround from loss to profit attributable to equity holders, driven by non-recurring gains and reduced impairment losses [Profit or Loss](index=22&type=section&id=Profit%20or%20Loss) The Group's continuing operations revenue slightly decreased by **2%** to **HK$362.7 million**, but gross profit increased by **1%** to **HK$242.9 million** due to higher-margin film licensing fee income; other income significantly increased, mainly from non-recurring gains from cinema lease terminations, while finance costs substantially decreased due to lower loan balances and interest rates; an income tax credit was recorded, primarily from deferred tax liability reversal on the Singapore property sale, leading to a turnaround from loss to profit attributable to equity holders, driven by non-recurring gains and reduced impairment losses - Consolidated revenue from continuing operations decreased by **2%** to **HK$362.7 million**, with total attendance decreasing by **7%**[53](index=53&type=chunk) - Gross profit from continuing operations increased by **1%** to **HK$242.9 million**, primarily due to higher-margin film licensing fee income[53](index=53&type=chunk) - Other income of **HK$114.6 million** primarily includes non-recurring gains of **HK$19.1 million** from restoration cost provision reversal and **HK$85.8 million** from lease modifications[53](index=53&type=chunk) - Finance costs decreased from **HK$14.4 million** to **HK$3.7 million**, mainly due to reduced outstanding loan balances and lower interest rates during the period[54](index=54&type=chunk) - Selling and distribution expenses, along with general and administrative expenses, decreased to **HK$224.5 million** (2024: **HK$240.2 million**), and depreciation expenses decreased to **HK$59.6 million** (2024: **HK$68.8 million**)[54](index=54&type=chunk) - Income tax for continuing operations recorded a **HK$31.6 million credit** (2024: **HK$6.9 million expense**), primarily due to a **HK$32.6 million credit** from the reversal of deferred tax liabilities on the Singapore property disposal[55](index=55&type=chunk) - Profit attributable to equity holders turned from a **HK$81 million loss in 2024** to a **HK$136.7 million profit in 2025**[56](index=56&type=chunk) [Financial Resources and Liquidity](index=23&type=section&id=Financial%20Resources%20and%20Liquidity) The Group maintains a robust financial position with net assets reaching **HK$1,405.4 million**, increased cash and bank balances, and stable net debt; gearing and net gearing ratios remain solid, with proceeds from the Singapore property sale used to repay bank loans, further optimizing the financial structure, and the Group faces low foreign exchange risk with no significant contingent liabilities - As of June 30, 2025, net assets reached **HK$1,405.4 million** (December 31, 2024: **HK$1,169.8 million**)[57](index=57&type=chunk) - Total cash and bank balances amounted to **HK$152.2 million** (December 31, 2024: **HK$133.6 million**)[57](index=57&type=chunk) - Net debt remained at a similar level, from **HK$36.4 million** as of December 31, 2024, to **HK$37.2 million** as of June 30, 2025[57](index=57&type=chunk) - Proceeds from the Singapore property disposal were used to repay all outstanding bank borrowings; the property's carrying amount of **HK$271.4 million** was classified as non-current assets held for sale, and bank loans of **HK$189.4 million** were reclassified as current liabilities[58](index=58&type=chunk) - The gearing ratio remained at **9.0%** (December 31, 2024: **8.0%**), and the net gearing ratio remained at **1.8%** (December 31, 2024: **1.7%**)[59](index=59&type=chunk) - The Group has low foreign exchange risk and no significant contingent liabilities or off-balance sheet debt[60](index=60&type=chunk) [Prospects](index=24&type=section&id=Prospects) Facing high uncertainty in Asian economies, trade barriers, geopolitical instability, and film supply issues, the Group will adopt a cautious approach to future operations and expansion plans, continuing to introduce diversified content and quality services to transform cinemas into integrated entertainment destinations, and prudently seeking synergistic investment opportunities within the region - Asian economies face challenges including high uncertainty in trade prospects, tariffs, rising interest rates, declining consumer confidence, and geopolitical instability[61](index=61&type=chunk) - The Group will adopt a cautious approach to future operations and expansion plans, continuing to introduce diversified content and quality services to transform cinemas into integrated entertainment destinations[62](index=62&type=chunk) - The Group will prudently seek suitable investment opportunities within the region to achieve synergies with existing businesses and create value for shareholders[62](index=62&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers employee and remuneration policies, interim dividend decisions, transactions involving listed securities, compliance with the Model Code and Corporate Governance Code, the Audit Committee's role, and publication details for interim results and reports, concluding with an acknowledgement and board member list [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **204** full-time employees, a decrease from **244** as of December 31, 2024; remuneration is primarily determined by industry practice, including salaries, commissions, discretionary bonuses, and share options, and the Group operates a defined contribution retirement benefit scheme - As of June 30, 2025, the Group employed **204** full-time employees (December 31, 2024: **244**)[63](index=63&type=chunk) - Employee remuneration is primarily determined by industry practice, including salaries, commissions, discretionary bonuses, and share options[63](index=63&type=chunk) - The Group operates a defined contribution retirement benefit scheme, with no forfeited contributions arising from employees leaving the scheme during the period[63](index=63&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend) The Directors do not recommend the payment of any interim dividend for the period ended June 30, 2025 (June 30, 2024: nil) - The Directors do not recommend the payment of any interim dividend for the period ended June 30, 2025[64](index=64&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries redeemed, repurchased, or sold any listed securities during the period ended June 30, 2025 - The Company did not redeem any of its listed securities during the period ended June 30, 2025[65](index=65&type=chunk) - Neither the Company nor any of its subsidiaries repurchased or sold any of the Company's listed securities on The Stock Exchange of Hong Kong Limited during the period[65](index=65&type=chunk) [Compliance with the Model Code](index=25&type=section&id=Compliance%20with%20the%20Model%20Code) The Company has adopted a code no less exacting than the Model Code set out in Appendix C3 of the Listing Rules, and all Directors confirm compliance with the Model Code and the Company's code throughout the period ended June 30, 2025 - The Company has adopted a code no less exacting than the Model Code set out in Appendix C3 of the Listing Rules[66](index=66&type=chunk) - All Directors confirm compliance with the Model Code and the Company's code throughout the period ended June 30, 2025[66](index=66&type=chunk) [Compliance with the Corporate Governance Code](index=25&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code provisions during the period, except for rules C.1.6 and F.2.2, as Independent Non-executive Director Ms. Wong Sze Wing and Board Chairman Mr. Ng Kwok Po were unable to attend general meetings due to other commitments - The Company complied with the code provisions of the Corporate Governance Code throughout the period ended June 30, 2025, except for rules C.1.6 and F.2.2[67](index=67&type=chunk) - Independent Non-executive Director Ms. Wong Sze Wing was unable to attend the annual general meeting and extraordinary general meeting due to other work commitments[68](index=68&type=chunk) - The Chairman of the Board, Mr. Ng Kwok Po, was unable to attend the annual general meeting due to other official engagements[68](index=68&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The Company has established an Audit Committee responsible for evaluating financial information, reviewing financial and accounting policies, internal controls, and the relationship with external auditors, which has reviewed the internal control system and the financial information for the current period - The Audit Committee is responsible for evaluating matters related to financial information and performing its duties, including reviewing the Company's financial and internal controls, financial and accounting policies and practices, and the relationship with external auditors[69](index=69&type=chunk) - The Audit Committee has reviewed the internal control system and the financial information for the period ended June 30, 2025[69](index=69&type=chunk) [Publication of Interim Results and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the Company's and the Stock Exchange's websites, and the Company's interim report for the period ended June 30, 2025, will be dispatched to shareholders and published on the same websites in due course - This announcement is published on the websites of the Company and the Stock Exchange[70](index=70&type=chunk) - The Company's interim report for the period ended June 30, 2025, will be dispatched to shareholders and published on the same websites in due course[70](index=70&type=chunk) [Acknowledgement](index=26&type=section&id=Acknowledgement) The Board of Directors expresses gratitude for the efforts and contributions of the Group's management and all employees, and thanks shareholders, customers, and business partners for their trust and support - The Board of Directors acknowledges the efforts and contributions made by the Group's management and all employees, and expresses gratitude for the trust and support from shareholders, customers, and business partners in the Group's development[71](index=71&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) The Company's Board of Directors comprises Mr. Ng Kwok Po, Chairman and Executive Director, three Independent Non-executive Directors (Mr. Leung Man Kit, Ms. Wong Sze Wing, Mr. Fung Chi Man), and four Executive Directors (Ms. Chow Sau Fong, Ms. Go Misaki, Mr. Pang Pok Lun, Ms. Hung Man Yu) - The Company's Board of Directors includes Mr. Ng Kwok Po, Chairman and Executive Director, three Independent Non-executive Directors, and four Executive Directors[73](index=73&type=chunk)

（於開曼群島註冊成立的有限公司） （股份代號：1740） 有關截至二零二四年十二月三十一日止年度之年度報告之 補充公告 茲提述新石文化投資有限公司（「本公司」，連同其附屬公司，統稱「本集團」）日期 為二零二五年三月二十八日之截至二零二四年十二月三十一日止年度之年度報告 （「二零二四年度報告」）。除另有界定者外，本公告所用詞彙與二零二四年度報告 所界定者具有相同涵義。 董事會謹此向股東及本公司潛在投資者提供以下額外資料： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Values Cultural Investment Limited 新石文化投資有限公司 貿易應收款項明細 以下為報告期內的貿易應收款項明細： (a) 已信貸減值並單獨評估的結餘： 截至二零二四年十二月三十一日止年度 項目 人民幣千元 | 已信貸減值 | 59,215 | | --- | --- | | 單項減值 | 108,472 | | –公司 A | 84,659 | | –公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* ( 在中華人民共和國註冊成立的股份有限公司 ) (股份編號: 1385) 截至 2025 年 6 月 30 日止之半年度業績公佈 上海復旦微電子集團股份有限公司(「本公司」或「公司」)董事會(「董事會」) 欣然宣佈，本公司及各附屬公司(「本集團」)截至 2025 年 6 月 30 日止半年度之 未經審核綜合業績連同 2024 年同期或於 2024 年 12 月 31 日的比較數字如下： 主要會計數據 | | 截至 6 月 30 日止半年度 | | | | --- | --- | --- | --- | | | 2025 年 | 2024 | 年 | | | 人民幣萬元 | 人民幣萬元 | | | | (未經審核) | (未經審核) | | | 營業收 ...