[COMPANY INFORMATION](index=2&type=section&id=COMPANY%20INFORMATION) This section provides essential corporate details including board members, auditors, legal advisors, principal banks, share registrar, listing information, registered and principal offices, and investor relations contacts [Directors and Company Secretary](index=3&type=section&id=Directors) This section discloses the names of the company's board members (executive, non-executive, independent non-executive directors) and the company secretary - Executive Directors include Mr. Zhu Changyu (Chairman and Managing Director) and Mr. Wang Yong[5](index=5&type=chunk) - The Company Secretary is Ms. Zhao Ruixue[6](index=6&type=chunk) [Auditor, Legal Advisors, and Principal Bankers](index=3&type=section&id=Independent%20Auditor) This section lists the company's independent auditor, legal advisors, and principal bankers, all of which are reputable professional institutions - The independent auditor is Shinewing (HK) CPA Limited[6](index=6&type=chunk) - Principal bankers include Bank of China (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) Limited, Shanghai Pudong Development Bank Co., Ltd., Agricultural Bank of China Limited, and Bank of Communications (Hong Kong) Limited[6](index=6&type=chunk) [Share Registrar and Listing Information](index=4&type=section&id=PRINCIPAL%20SHARE%20REGISTRAR%20AND%20TRANSFER%20OFFICE) This section provides the company's principal share registrar, Hong Kong branch address, and listing information (stock code 00517) on the Hong Kong Stock Exchange - The Hong Kong branch share registrar is Tricor Secretaries Limited[8](index=8&type=chunk) - The company's ordinary shares are listed on The Stock Exchange of Hong Kong Limited, stock code 00517[9](index=9&type=chunk) [Registered and Principal Offices](index=4&type=section&id=REGISTERED%20OFFICE) This section specifies the company's registered office in Bermuda and its principal place of business in Hong Kong - The registered office is located at Clarendon House, Bermuda[9](index=9&type=chunk) - The principal place of business is located at 47th Floor, Cosco Tower, 183 Queen's Road Central, Hong Kong[9](index=9&type=chunk) [Investor Relations and Financial Calendar](index=5&type=section&id=INVESTOR%20RELATIONS) This section provides investor relations contact information and announces dates for the 2025 Annual General Meeting, interim and annual results, and 2025 interim dividend payment details - The 2025 interim dividend of **HKD 33 cents per share** will be paid on September 25, 2025[12](index=12&type=chunk) - The 2025 Annual General Meeting is scheduled for May 30, 2025[12](index=12&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=6&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides an overview of the company's financial performance, operational highlights, and future outlook for the reporting period [Financial Review](index=6&type=section&id=Financial%20Review) In H1 2025, profit attributable to equity holders increased by 26% to HKD 487 million, with revenue up 10% to HKD 1.93 billion, driven by shipping services. Gross profit rose 24%, and operating profit surged 84% H1 2025 Key Financial Indicators | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to equity holders | 487,223 | 388,041 | +26% | | Basic and diluted earnings per share | 33.24 HK cents | 26.47 HK cents | +26% | | Revenue | 1,934,118 | 1,752,887 | +10% | | Shipping services revenue | 1,928,259 | 1,667,279 | +16% | | General trading revenue | 5,859 | 85,608 | -93% | | Gross profit | 498,803 | 401,628 | +24% | | Gross profit margin | 26% | 23% | +3 percentage points | | Operating profit | 250,363 | 135,886 | +84% | - Financial income decreased by **19%** year-on-year to **HKD 113 million**, primarily due to lower deposit interest rates[24](index=24&type=chunk)[29](index=29&type=chunk) - Share of profit from joint ventures increased by **20%** year-on-year to **HKD 179 million**, mainly from COSCO Jotun Marine Coatings (Hong Kong) Limited[32](index=32&type=chunk)[36](index=36&type=chunk) [Financial Resources and Liquidity](index=9&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, equity attributable to equity holders increased by 3% to HKD 8.13 billion, with total cash and deposits at HKD 6.09 billion and zero gearing ratio, indicating a robust financial position Financial Resources and Liquidity as of June 30, 2025 | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Equity attributable to equity holders and reserves | 8,130,506 | 7,872,586 | +3% | | Total cash and deposits | 6,091,510 | 5,943,477 | +2.5% | | Gearing ratio | 0 | 0 | No change | | Cash return rate | 3.75% | 4.58% | -0.83 percentage points | - The Group had no undrawn or unutilised short-term borrowings, with total trade-related credit facilities of **HKD 499 million**, of which **HKD 20.976 million** was utilized[40](index=40&type=chunk)[41](index=41&type=chunk) [Financial Risk Management](index=10&type=section&id=Financial%20Risk%20Management) The Group primarily faces foreign exchange risks (RMB and USD), managed through regular assessment and forward foreign exchange contracts, with strict control over derivative financial instruments, while RMB conversion is subject to government controls - Major foreign exchange risks arise from **RMB and USD**[43](index=43&type=chunk)[45](index=45&type=chunk) - Foreign exchange risks are managed through regular assessment and forward foreign exchange contracts, with strict control over derivative financial instruments[43](index=43&type=chunk)[45](index=45&type=chunk) - The conversion of Chinese Renminbi into foreign currencies is subject to the rules and regulations of the Chinese government's foreign exchange control[43](index=43&type=chunk)[45](index=45&type=chunk) [Employees](index=10&type=section&id=Employees) As of June 30, 2025, the Group (excluding joint ventures/associates) had 797 employees, with 201 in Hong Kong, and total employee benefit expenses for the period increased by 9.5% to HKD 253 million Employee Data and Benefit Expenses | Indicator | June 30, 2025 | December 31, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total employees | 797 | 809 | -1.5% | | Hong Kong employees | 201 | 201 | No change | | Employee benefit expenses (HKD thousands) | 253,458 | 231,390 | +9.5% | - The share option scheme was adopted on April 9, 2020, with multiple tranches of options granted and an exercise period extending to 2026-2027[44](index=44&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Interim Dividend](index=11&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 33.0 cents per share for H1 2025, a 24.5% increase from HKD 26.5 cents in H1 2024, payable on September 25, 2025 Interim Dividend Details | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Interim dividend per share | 33.0 HK cents | 26.5 HK cents | +24.5% | | Payment date | September 25, 2025 | - | - | - For dividend entitlement, the register of members will be closed from September 11 to September 16, 2025 (both dates inclusive)[56](index=56&type=chunk)[58](index=58&type=chunk) [Review of Business Operations](index=12&type=section&id=Review%20of%20Business%20Operations) H1 2025 saw increased global economic downside risks and a 57.9% drop in new shipbuilding orders, yet the core shipping services business's profit before tax grew 26%, while general trading revenue fell 93% due to the asphalt business exit - Global new shipbuilding orders in H1 2025 decreased by **57.9%** year-on-year to **46.78 million deadweight tonnes**, the lowest for the same period since 2020[57](index=57&type=chunk)[60](index=60&type=chunk) - Container ships became the main force in the new shipbuilding market, with order volume increasing by **27.2%** year-on-year, and alternative fuel vessel orders continuously rising to **41.5%** of the total[57](index=57&type=chunk)[60](index=60&type=chunk) - Profit before tax for the core shipping services business achieved a year-on-year growth of **26%**[61](index=61&type=chunk)[63](index=63&type=chunk) - General trading business revenue decreased by **93%** year-on-year, with asphalt sales volume down **92%**, reflecting the Group's successful gradual exit from the asphalt business[92](index=92&type=chunk)[96](index=96&type=chunk) [Core Business — Shipping Services](index=13&type=section&id=1.%20Core%20Business%20—%20Shipping%20Services) Shipping services revenue increased by 16% to HKD 1.928 billion, with profit before tax up 26% to HKD 411 million, driven by growth in ship trading agency and coatings production and sales Shipping Services Financial Performance | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,928,259 | 1,667,279 | +16% | | Profit before tax | 410,991 | 326,762 | +26% | [Ship Trading Agency Services](index=14&type=section&id=1.1%20Ship%20Trading%20Agency%20Services) Ship trading agency services revenue increased by 97% to HKD 97.79 million, with profit before tax up 124% to HKD 81.81 million, benefiting from significant growth in new vessel deliveries and orders Ship Trading Agency Services Key Data | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (HKD thousands) | 97,791 | 49,554 | +97% | | Profit before tax (HKD thousands) | 81,809 | 36,525 | +124% | | New vessel deliveries (vessels) | 22 | 10 | +120% | | New vessel orders (vessels) | 58 | 19 | +205% | [Insurance Brokerage Services](index=14&type=section&id=1.2%20Insurance%20Brokerage%20Services) Insurance brokerage services revenue increased by 7% to HKD 119 million, with profit before tax up 11% to HKD 83.84 million, driven by an expanded client base and rising hull, P&I, and war risk insurance rates Insurance Brokerage Services Key Data | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 119,639 | 111,633 | +7% | | Profit before tax | 83,841 | 75,808 | +11% | - The client base further expanded, market share increased, and hull, P&I, and war risk insurance rates all saw significant increases[73](index=73&type=chunk)[75](index=75&type=chunk) [Supply of Marine Equipment and Spare Parts](index=15&type=section&id=1.3%20Supply%20of%20Marine%20Equipment%20and%20Spare%20Parts) Revenue from marine equipment and spare parts supply decreased by 3% to HKD 886 million, with profit before tax down 5% to HKD 54.1 million, due to shipping market volatility, tariff trade wars, and customer procurement controls Marine Equipment and Spare Parts Supply Key Data | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 886,183 | 909,982 | -3% | | Profit before tax | 54,103 | 56,853 | -5% | - Continued volatility in the shipping market, coupled with the negative impact of tariff trade wars, led to major customers controlling procurement volumes and tightening procurement prices, putting pressure on gross profit margins[77](index=77&type=chunk) [Production and Sale of Coatings](index=16&type=section&id=1.4%20Production%20and%20Sale%20of%20Coatings) Coatings business revenue increased by 38% to HKD 823 million, with profit before tax up 20% to HKD 204 million, driven by a 94% surge in container coatings sales and 19% growth in marine coatings sales, benefiting from new vessel deliveries and cost control Coatings Production and Sales Key Data | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (HKD thousands) | 822,892 | 595,777 | +38% | | Profit before tax (HKD thousands) | 204,138 | 169,697 | +20% | | Container coatings sales volume (tonnes) | 28,723 | 14,790 | +94% | | Marine coatings sales volume (liters) | 69,186,000 | 58,367,000 | +19% | | Share of profit from COSCO Jotun (HKD thousands) | 171,319 | 141,466 | +21% | - The increase in container coatings sales volume was mainly influenced by factors such as port congestion, increased container vessel detours, and replacement of old containers[80](index=80&type=chunk)[83](index=83&type=chunk) - Sales volume of heavy-duty anti-corrosion coatings for industrial use increased by **4%** year-on-year, benefiting from sustained increases in domestic infrastructure construction investment[85](index=85&type=chunk)[87](index=87&type=chunk) [Intelligent Shipping Services](index=17&type=section&id=1.5%20Intelligent%20Shipping%20Services) Intelligent shipping services revenue increased by 427% to HKD 1.754 million, but still incurred a pre-tax loss of HKD 12.9 million, primarily because Green Smart Shipping Services is in its initial investment and product development phase Intelligent Shipping Services Key Data | Indicator | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,754 | 333 | +427% | | Profit/(Loss) before tax | (12,900) | (12,121) | Loss widened | - The loss was mainly due to Green Smart Shipping Services still being in its initial investment and product development phase[91](index=91&type=chunk)[94](index=94&type=chunk) [General Trading](index=18&type=section&id=2.%20General%20Trading) General trading revenue significantly decreased by 93% to HKD 5.859 million, with asphalt sales volume down 92%, reflecting the Group's gradual exit from the asphalt business. Profit before tax was HKD 15.113 million, mainly due to the reversal of impairment provisions for trade receivables General Trading Key Data | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (HKD thousands) | 5,859 | 85,608 | -93% | | Asphalt sales volume (tonnes) | 1,641 | 20,285 | -92% | | Profit before tax (HKD thousands) | 15,113 | 9,209 | +64% | | Share of profit from Zhejiang Six Brothers Rope Co., Ltd. (HKD thousands) | 6,144 | 7,402 | -17% | - The significant decrease in asphalt sales volume indicates the Group's successful progress in gradually exiting the asphalt business[92](index=92&type=chunk)[96](index=96&type=chunk) - The increase in profit before tax was mainly due to the reversal of impairment provisions for trade receivables[92](index=92&type=chunk)[96](index=96&type=chunk) [Prospects](index=19&type=section&id=Prospects) H2 2025 global economy faces risks from fading tariff front-loading effects and trade policy uncertainties, yet IMF upgraded growth forecasts. Shipbuilding orders are expected to temporarily decline, but long-term drivers remain, with green transformation and innovation offering strategic opportunities. The company will focus on "Intelligent Shipping Services Platform" and "Marine New Energy Platform" development - The global economy in H2 2025 faces risks from the fading of tariff front-loading effects and trade policy uncertainties[100](index=100&type=chunk)[101](index=101&type=chunk) - The IMF upgraded its 2025 global economic growth forecast to **3.0%** (0.2 percentage points higher than the April forecast) and global trade volume growth forecast to **2.6%** (0.9 percentage points higher than the April forecast)[100](index=100&type=chunk)[101](index=101&type=chunk) - New shipbuilding orders are expected to experience a temporary decline, but long-term drivers such as geopolitical conflicts, carbon neutrality goals, and environmental regulations will continue to promote industry transformation and upgrading[102](index=102&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) - The company will focus on developing an "Intelligent Shipping Services Platform" and a "Marine New Energy Platform" to build a technology-driven shipping services company[104](index=104&type=chunk)[107](index=107&type=chunk) [Subsequent Events](index=20&type=section&id=Subsequent%20Events) As of the report date, no significant events affecting the Group have occurred since June 30, 2025 - No significant events affecting the Group have occurred since June 30, 2025, and up to the date of this report[105](index=105&type=chunk)[108](index=108&type=chunk) [FINANCIAL INFORMATION](index=20&type=section&id=FINANCIAL%20INFORMATION) This section presents the condensed consolidated interim financial information, including review reports, income statements, statements of comprehensive income, financial position, changes in equity, cash flows, and detailed notes [Report on Review of Interim Financial Information](index=21&type=section&id=Report%20on%20Review%20of%20Interim%20Financial%20Information) Independent auditor Shinewing (HK) CPA Limited reviewed the condensed consolidated interim financial information for the six months ended June 30, 2025, finding no material discrepancies, but noted the review scope is less than an audit, thus no audit opinion is expressed - Based on the review, the auditor found no matters that caused them to believe the Group's interim financial information was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[115](index=115&type=chunk)[116](index=116&type=chunk) - The scope of a review is substantially less than an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently does not enable the auditor to obtain assurance that they would become aware of all significant matters that might be identified in an audit, thus no audit opinion is expressed[113](index=113&type=chunk) - Comparative figures for the corresponding period in 2024 were reviewed by another auditor, while the comparative statement of financial position as of December 31, 2024, was audited by the same auditor who expressed an unmodified opinion[115](index=115&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [Condensed Consolidated Income Statement](index=23&type=section&id=Condensed%20Consolidated%20Income%20Statement) The condensed consolidated income statement for the six months ended June 30, 2025, shows Group revenue of HKD 1.934 billion, gross profit of HKD 499 million, operating profit of HKD 250 million, profit for the period of HKD 495 million, and profit attributable to equity holders of HKD 487 million Condensed Consolidated Income Statement Summary (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 1,934,118 | 1,752,887 | | Cost of sales | (1,435,315) | (1,351,259) | | Gross profit | 498,803 | 401,628 | | Management fee income | 42,277 | 36,256 | | Other income and gains — net | 63,560 | 13,627 | | Selling, administrative and general expenses | (354,277) | (315,625) | | Operating profit | 250,363 | 135,886 | | Finance income — net | 112,146 | 138,940 | | Share of profit of joint ventures | 178,709 | 149,636 | | Share of profit of associates | 8,616 | 11,083 | | Profit before income tax | 549,834 | 435,545 | | Income tax expense | (55,209) | (43,117) | | Profit for the period | 494,625 | 392,428 | | Profit attributable to equity holders of the Company | 487,223 | 388,041 | | Basic and diluted earnings per share (HK cents) | 33.24 | 26.47 | [Condensed Consolidated Statement of Comprehensive Income](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The condensed consolidated statement of comprehensive income for the six months ended June 30, 2025, shows profit for the period of HKD 495 million, other comprehensive income of HKD 91.647 million, total comprehensive income of HKD 586 million, with HKD 573 million attributable to equity holders Condensed Consolidated Statement of Comprehensive Income Summary (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the period | 494,625 | 392,428 | | Other comprehensive income/(loss) | 91,647 | (9,618) | | Total comprehensive income for the period | 586,272 | 382,810 | | Total comprehensive income attributable to equity holders of the Company | 573,104 | 380,922 | [Condensed Consolidated Statement of Financial Position](index=25&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to HKD 9.932 billion, total equity to HKD 8.480 billion, and total liabilities to HKD 1.451 billion, with a significant increase in non-current bank deposits Condensed Consolidated Statement of Financial Position Summary (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current assets | 2,809,714 | 1,770,027 | | Current assets | 7,122,183 | 7,563,543 | | **TOTAL ASSETS** | **9,931,897** | **9,333,570** | | **EQUITY** | | | | Equity attributable to equity holders of the Company and reserves | 8,130,506 | 7,872,586 | | Non-controlling interests | 349,921 | 336,753 | | **TOTAL EQUITY** | **8,480,427** | **8,209,339** | | **LIABILITIES** | | | | Non-current liabilities | 89,907 | 89,142 | | Current liabilities | 1,361,563 | 1,035,089 | | **TOTAL LIABILITIES** | **1,451,470** | **1,124,231** | - Non-current bank deposits increased from zero as of December 31, 2024, to **HKD 1.033 billion** as of June 30, 2025[126](index=126&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The condensed consolidated statement of changes in equity shows total equity attributable to equity holders increased from HKD 7.873 billion at the beginning of the period to HKD 8.131 billion as of June 30, 2025, primarily due to profit and comprehensive income for the period Condensed Consolidated Statement of Changes in Equity Summary (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Equity attributable to equity holders of the Company and reserves at beginning of period | 7,872,586 | 7,839,455 | | Profit for the period | 487,223 | 388,041 | | Other comprehensive income/(loss) | 85,881 | (7,119) | | Dividends paid | (315,184) | (256,545) | | Equity attributable to equity holders of the Company and reserves at end of period | 8,130,506 | 7,963,832 | [Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The condensed consolidated cash flow statement for the six months ended June 30, 2025, shows net cash generated from operating activities of HKD 324 million, net cash used in investing activities of HKD 2.216 billion, and net cash used in financing activities of HKD 317 million, resulting in a net decrease of HKD 2.210 billion in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Summary (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 323,643 | 22,515 | | Net cash used in investing activities | (2,216,171) | 344,092 | | Net cash used in financing activities | (317,263) | (259,109) | | Net decrease/(increase) in cash and cash equivalents | (2,209,791) | 107,498 | | Cash and cash equivalents at end of period | 2,237,604 | 2,038,714 | - Net cash outflow from investing activities significantly increased, primarily due to an increase of **HKD 2.29 billion** in cash deposits with maturities exceeding three months[137](index=137&type=chunk) [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=30&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the Group's accounting policies, financial risk management, key accounting estimates, revenue and segment information, composition and changes in various financial metrics, and material related party transactions, providing supplementary information for understanding the financial statements [General Information](index=31&type=section&id=1%20GENERAL%20INFORMATION) This section introduces COSCO SHIPPING International (Hong Kong) Co., Ltd. and its subsidiaries (the Group), primarily engaged in shipping services and general trading, with the company registered in Bermuda, listed on the HKEX, and its ultimate holding company being China COSCO Shipping Corporation Limited - The Group is principally engaged in the provision of shipping services and general trading[141](index=141&type=chunk)[143](index=143&type=chunk) - The Company's ultimate holding company is China COSCO Shipping Corporation Limited, a state-owned enterprise established in the People's Republic of China[141](index=141&type=chunk)[144](index=144&type=chunk) [Basis of Preparation and Accounting Policies](index=31&type=section&id=2%20BASIS%20OF%20PREPARATION%20AND%20ACCOUNTING%20POLICIES) This interim financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, with accounting policies consistent with the 2024 annual financial statements, and the first-time adoption of HKAS 21 amendments. HKFRS 18, effective in 2027, will impact financial statement presentation - This interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[146](index=146&type=chunk) - The first-time adoption of the amendments to HKAS 21 "Lack of Exchangeability" had no significant impact on financial performance and financial position[149](index=149&type=chunk)[151](index=151&type=chunk) - HKFRS 18 will be effective for annual periods beginning on or after January 1, 2027, and will affect the presentation of the consolidated income statement and consolidated statement of comprehensive income[154](index=154&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk) [Financial Risk Management](index=35&type=section&id=3%20FINANCIAL%20RISK%20MANAGEMENT) The Group faces market risks (foreign currency, interest rate, price), credit risk, and liquidity risk. There were no significant changes in contractual undiscounted cash outflows for financial liabilities. Fair value measurements use Level 1 (quoted prices in active markets) and Level 3 (unobservable inputs) methods, with investment properties revalued by independent valuers - The Group's operations expose it to various financial risks: market risk (including foreign currency risk, interest rate risk, and price risk), credit risk, and liquidity risk[161](index=161&type=chunk)[162](index=162&type=chunk) - Fair value measurements use Level 1 (quoted prices in active markets for identical assets or liabilities) and Level 3 (inputs for the asset or liability are not based on observable market data) methods[165](index=165&type=chunk) - Investment properties are revalued by independent qualified valuers who are not related to the Group[183](index=183&type=chunk)[184](index=184&type=chunk) [Critical Accounting Estimates and Judgements](index=40&type=section&id=4%20CRITICAL%20ACCOUNTING%20ESTIMATES%20AND%20JUDGEMENTS) Management made judgments, estimates, and assumptions in preparing the interim financial information, consistent with those applied in the 2024 annual financial statements - The critical judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty in preparing this unaudited condensed consolidated interim financial information are consistent with those applied in the Group's annual financial statements for the year ended December 31, 2024[187](index=187&type=chunk)[188](index=188&type=chunk) [Revenue and Segment Information](index=41&type=section&id=5%20REVENUE%20AND%20SEGMENT%20INFORMATION) Group revenue primarily derives from coatings sales, marine equipment and spare parts sales, ship trading agency commissions, and insurance brokerage commissions. The report discloses revenue, operating profit, assets, and liabilities by reportable segments including coatings, marine equipment and spare parts, ship trading agency, insurance brokerage, intelligent shipping services, and general trading H1 2025 Revenue Composition (HKD thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Coatings sales | 822,892 | 595,777 | | Marine equipment and spare parts sales | 886,183 | 909,982 | | Ship trading agency commission income | 97,791 | 49,554 | | Insurance brokerage commission income | 119,639 | 111,633 | | Intelligent shipping services | 1,754 | 333 | | General trading | 5,859 | 85,608 | | **Total Revenue** | **1,934,118** | **1,752,887** | - Management reviews the business from a product perspective and has identified reportable segments including coatings, marine equipment and spare parts, ship trading agency, insurance brokerage, intelligent shipping services, and general trading based on these reporting criteria[195](index=195&type=chunk)[196](index=196&type=chunk) [Other Income and Gains — Net](index=50&type=section&id=6%20OTHER%20INCOME%20AND%20GAINS%20—%20NET) For the six months ended June 30, 2025, other income and gains net was HKD 63.56 million, a significant year-on-year increase of 366%, primarily due to higher net exchange gains Other Income and Gains — Net (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Other income — net | 7,254 | 8,756 | | Other gains — net | 56,306 | 4,871 | | **Total** | **63,560** | **13,627** | - Net exchange gains turned from a loss of **HKD 7.309 million** in the corresponding period of 2024 to a gain of **HKD 56.382 million** in 2025, which is the main reason for the significant increase in other income and gains net[218](index=218&type=chunk) [Operating Profit](index=51&type=section&id=7%20OPERATING%20PROFIT) Operating profit is stated after deducting employee benefit expenses of HKD 253 million, short-term lease-related expenses of HKD 20.923 million, and depreciation and amortization expenses of HKD 19.469 million Operating Profit Deductions (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Employee benefit expenses | 253,458 | 231,390 | | Short-term lease-related expenses | 20,923 | 16,863 | | Depreciation and amortization | 19,469 | 17,854 | [Finance Income — Net](index=51&type=section&id=8%20FINANCE%20INCOME%20—%20NET) For the six months ended June 30, 2025, net finance income was HKD 112 million, primarily from bank deposit interest, but total finance income decreased by 19% year-on-year to HKD 113 million, mainly due to lower deposit interest rates Finance Income — Net (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest income from bank deposits | 110,025 | 134,869 | | Total finance income | 112,872 | 140,095 | | Total finance costs | (726) | (1,155) | | **Finance income — net** | **112,146** | **138,940** | - The decrease in finance income was primarily due to lower deposit interest rates[29](index=29&type=chunk) [Income Tax Expenses](index=52&type=section&id=9%20INCOME%20TAX%20EXPENSES) For the six months ended June 30, 2025, income tax expense was HKD 55.209 million, mainly comprising Hong Kong profits tax, PRC enterprise income tax, and other overseas taxes. The Group adopted the mandatory exemption for Pillar Two income taxes Income Tax Expense Composition (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong profits tax | 16,409 | 15,917 | | PRC enterprise income tax | 34,140 | 13,327 | | Other overseas taxes | 3,764 | 4,246 | | Net deferred income tax expense | 1,376 | 9,038 | | **Total income tax expense** | **55,209** | **43,117** | - The Group has adopted the mandatory temporary exemption for Pillar Two income taxes and will account for Pillar Two income taxes when they arise as current tax for the period[229](index=229&type=chunk)[231](index=231&type=chunk) [Earnings Per Share](index=53&type=section&id=10%20EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, basic and diluted earnings per share were HKD 33.24 cents, calculated based on profit attributable to equity holders of HKD 487 million and 1.466 billion weighted average ordinary shares Earnings Per Share Calculation | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (HKD thousands) | 487,223 | 388,041 | | Weighted average number of ordinary shares in issue (shares) | 1,465,971,429 | 1,465,971,429 | | Basic and diluted earnings per share (HK cents) | 33.24 | 26.47 | - There were no potential dilutive ordinary shares in issue for the current and prior periods[230](index=230&type=chunk)[233](index=233&type=chunk) [Dividend](index=54&type=section&id=11%20DIVIDEND) The Board declared an interim dividend of HKD 0.330 per share for the six months ended June 30, 2025, totaling HKD 484 million, an increase from HKD 0.265 per share in the corresponding period of 2024 Interim Dividends Declared | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interim dividend per share | 0.330 HKD | 0.265 HKD | | Total amount | 483,771 | 388,482 | - The final dividend of **HKD 315 million** for the year ended December 31, 2024, was paid in June 2025[237](index=237&type=chunk)[238](index=238&type=chunk) [Capital Expenditure](index=55&type=section&id=12%20CAPITAL%20EXPENDITURE) As of June 30, 2025, the Group's total net book value of intangible assets, property, plant and equipment, right-of-use assets, and investment properties was HKD 734 million, with total additions of HKD 11.307 million during the period Capital Expenditure Movement (HKD thousands) | Item | January 1, 2025 | Additions | Depreciation and amortization | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Intangible assets | 359,764 | 526 | (5,929) | 355,365 | | Property, plant and equipment | 195,902 | 10,577 | (11,759) | 198,461 | | Right-of-use assets | 42,257 | 204 | (2,851) | 40,236 | | Investment properties | 136,367 | – | – | 139,598 | | **Total** | **734,290** | **11,307** | **(20,539)** | **733,660** | [Financial Assets at Fair Value Through Other Comprehensive Income](index=55&type=section&id=13%20FINANCIAL%20ASSETS%20AT%20FAIR%20VALUE%20THROUGH%20OTHER%20COMPREHENSIVE%20INCOME) As of June 30, 2025, financial assets at fair value through other comprehensive income primarily consisted of equity securities listed in Hong Kong, with their market value increasing to HKD 113 million Financial Assets at Fair Value Through Other Comprehensive Income (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Market value of equity securities listed in Hong Kong | 113,448 | 84,772 | [Inventories](index=56&type=section&id=14%20INVENTORIES) As of June 30, 2025, the Group's total inventories amounted to HKD 238 million, a decrease from HKD 402 million as of December 31, 2024, mainly due to a reduction in finished goods Inventories Composition (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw materials | 46,598 | 49,682 | | Work in progress | 1,449 | 803 | | Finished goods | 189,899 | 351,249 | | **Total** | **237,946** | **401,734** | [Trade and Other Receivables](index=56&type=section&id=15%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, total trade and other receivables amounted to HKD 1.822 billion, an increase from HKD 1.213 billion as of December 31, 2024. Net trade receivables increased to HKD 834 million, with HKD 605 million due within 90 days Trade and Other Receivables Composition (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net trade receivables | 834,347 | 524,080 | | Other receivables | 987,616 | 689,191 | | **Total** | **1,821,963** | **1,213,271** | Trade Receivables Ageing Analysis (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current–90 days | 604,979 | 363,793 | | 91–180 days | 177,269 | 87,919 | | Over 180 days | 52,099 | 72,368 | | **Total** | **834,347** | **524,080** | - Net impairment provision for trade receivables was **HKD 8.352 million**[254](index=254&type=chunk)[255](index=255&type=chunk) [Restricted Bank Deposits, Total Deposits and Cash and Cash Equivalents](index=58&type=section&id=16%20RESTRICTED%20BANK%20DEPOSITS,%20TOTAL%20DEPOSITS%20AND%20CASH%20AND%20CASH%20EQUIVALENTS) As of June 30, 2025, the Group's restricted bank deposits, total deposits, and cash and cash equivalents totaled HKD 6.092 billion, with USD deposits accounting for the largest share. Non-current bank deposits significantly increased to HKD 1.033 billion Cash and Deposits Composition (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Restricted bank deposits | 5,483 | 5,399 | | Non-current bank deposits | 1,032,677 | – | | Current deposits and cash and cash equivalents | 5,053,350 | 5,938,078 | | **Total** | **6,091,510** | **5,943,477** | Cash and Deposits Currency Composition (HKD thousands) | Currency | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | RMB | 795,348 | 740,929 | | HKD | 109,200 | 182,367 | | USD | 5,096,114 | 4,927,538 | | Others | 90,848 | 92,643 | | **Total** | **6,091,510** | **5,943,477** | [Share Capital](index=60&type=section&id=17%20SHARE%20CAPITAL) As of June 30, 2025, the company's issued and fully paid share capital was HKD 147 million, comprising 1.466 billion shares. Under the share option scheme, 456,210 share options lapsed during the period, with 7,822,280 options remaining unexercised at period-end Share Capital Information | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of issued and fully paid shares | 1,465,971,429 | 1,465,971,429 | | Share capital (HKD thousands) | 146,597 | 146,597 | Share Option Movement (options) | Grant Date | Unexercised as of January 1, 2025 | Lapsed during the period | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | | April 28, 2020 | 6,663,300 | – | 6,663,300 | | October 6, 2020 | 701,400 | – | 701,400 | | April 7, 2021 | 913,790 | (456,210) | 457,580 | | **Total** | **8,278,490** | **(456,210)** | **7,822,280** | - The share option scheme aims to attract, retain, and motivate the Company's senior management and core employees, promoting the achievement of the Company's long-term strategic goals[265](index=265&type=chunk) [Trade and Other Payables, Contract Liabilities and Lease Liabilities](index=62&type=section&id=18%20TRADE%20AND%20OTHER%20PAYABLES,%20CONTRACT%20LIABILITIES%20AND%20LEASE%20LIABILITIES) As of June 30, 2025, total trade and other payables were HKD 1.073 billion, contract liabilities HKD 234 million, and lease liabilities HKD 14.721 million. Of trade payables, HKD 496 million were due within 90 days Trade and Other Payables, Contract Liabilities and Lease Liabilities (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 620,609 | 494,836 | | Other payables | 452,841 | 312,536 | | Contract liabilities | 233,501 | 203,303 | | Lease liabilities | 14,721 | 15,603 | | **Total** | **1,321,672** | **1,026,278** | Trade Payables Ageing Analysis (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current–90 days | 496,458 | 423,110 | | 91–180 days | 70,329 | 40,441 | | Over 180 days | 53,822 | 31,285 | | **Total** | **620,609** | **494,836** | [Capital Commitments](index=64&type=section&id=19%20CAPITAL%20COMMITMENTS) As of June 30, 2025, the Group's contracted but unprovided capital expenditure commitments totaled HKD 6.136 million, with capital commitments for investments in joint ventures amounting to HKD 3.408 million Capital Commitments (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Group capital expenditure commitments | 6,136 | 6,215 | | Capital commitments for investments in joint ventures | 3,408 | 4,292 | [Lease Commitments](index=64&type=section&id=20%20LEASE%20COMMITMENTS) As of June 30, 2025, the Group's total future minimum lease payments under non-cancellable short-term leases amounted to HKD 17.651 million Lease Commitments (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total future minimum lease payments | 17,651 | 25,633 | [Material Related Party Transactions](index=65&type=section&id=21%20MATERIAL%20RELATED%20PARTY%20TRANSACTIONS) The Group engages in various material related party transactions with its ultimate holding company, COSCO Shipping, and its subsidiaries, including sales of coatings, marine equipment and spare parts, provision of ship trading agency and insurance brokerage services, and purchases of raw materials, property leases, and service fees, all conducted under agreed terms and compliant with Listing Rules - The Group is controlled by China COSCO Shipping Corporation Limited, and its subsidiaries are defined as related parties[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) - Related party transactions include sales of coatings, marine equipment and spare parts, and provision of ship trading agency and insurance brokerage services to fellow subsidiaries[292](index=292&type=chunk)[294](index=294&type=chunk) - Related party transactions also include leasing properties, purchasing raw materials, and paying transportation and service fees to fellow subsidiaries[300](index=300&type=chunk)[301](index=301&type=chunk) - All material related party transactions were conducted in accordance with the terms of the governing agreements and complied with the disclosure requirements of Chapter 14A of the Listing Rules[297](index=297&type=chunk)[303](index=303&type=chunk) [OTHER INFORMATION](index=72&type=section&id=OTHER%20INFORMATION) This section provides additional corporate information, including details on share options, directors' and substantial shareholders' interests in securities, listed securities transactions, director information disclosure, and corporate governance practices [Share Options](index=73&type=section&id=SHARE%20OPTIONS) As of June 30, 2025, 7,822,280 share options remained unexercised under the company's share option scheme, with 456,210 options lapsing during the period due to expiry. The fair value of options is estimated using the "Binomial Option Pricing Model" Share Option Movement (options) | Grant Date | Unexercised as of January 1, 2025 | Lapsed during the period | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | | April 28, 2020 | 6,663,300 | – | 6,663,300 | | October 6, 2020 | 701,400 | – | 701,400 | | April 7, 2021 | 913,790 | (456,210) | 457,580 | | **Total** | **8,278,490** | **(456,210)** | **7,822,280** | - The fair value of share options is estimated using the "Binomial Option Pricing Model," with key parameters including share price, exercise price, expected standard deviation of equity return, expected option life, expected dividend yield, and risk-free interest rate[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk) - The option category for former director Ms. Meng Xin changed after her resignation as Executive Director on January 24, 2025[316](index=316&type=chunk)[317](index=317&type=chunk) [Directors' Interests in Securities](index=75&type=section&id=Directors'%20Interests%20in%20Securities) As of June 30, 2025, directors held long positions in the company's equity derivatives related shares and in shares of associated corporation Piraeus Port Authority S.A - Directors held long positions in the Company's equity derivatives related shares, details of which are set out in the "Share Options" section[325](index=325&type=chunk)[327](index=327&type=chunk) Directors' Long Positions in Shares of Associated Corporations | Name of Director | Name of Associated Corporation | Nature of Interest | Total number of ordinary shares held | Approximate percentage of total issued shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Kwong Chi Keung | COSCO SHIPPING Ports Limited | Beneficial owner | 250,000 | 0.0075% | [Substantial Shareholders](index=78&type=section&id=SUBSTANTIAL%20SHAREHOLDERS) As of June 30, 2025, COSCO Shipping, China Shipping Group Company Limited, and COSCO SHIPPING (Hong Kong) Co., Limited were all substantial shareholders, each holding 71.70% of the company's shares Substantial Shareholders' Shareholdings | Name of Shareholder | Capacity | Nature of Interest | Total number of ordinary shares held (long position) | Approximate percentage of total issued shares | | :--- | :--- | :--- | :--- | :--- | | COSCO Shipping | Interest in controlled corporation | Corporate interest | 1,051,183,486 | 71.70% | | China Shipping Group Company Limited | Interest in controlled corporation | Corporate interest | 1,051,183,486 | 71.70% | | COSCO SHIPPING (Hong Kong) | Beneficial owner | Beneficial interest | 1,051,183,486 | 71.70% | - COSCO SHIPPING (Hong Kong) is a wholly-owned subsidiary of COSCO Shipping, and its interest is deemed to be the interest of COSCO Shipping[335](index=335&type=chunk)[336](index=336&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=79&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[339](index=339&type=chunk)[341](index=341&type=chunk) - The Company did not hold any treasury shares[339](index=339&type=chunk)[341](index=341&type=chunk) [Disclosure of Information on Directors](index=79&type=section&id=DISCLOSURE%20OF%20INFORMATION%20ON%20DIRECTORS) This section discloses changes in director information: Executive Director Mr. Zhu Changyu's appointment letter was updated, Non-executive Director Ms. Zhang Xueyan was appointed as a non-executive director of Piraeus Port Authority S.A., and Independent Non-executive Director Mr. Kwong Chi Keung retired from Piraeus Port Authority S.A - The appointment letter for Mr. Zhu Changyu, Executive Director, Chairman of the Board, and Managing Director, was updated, with his term commencing on May 30, 2025, and ending at the conclusion of the Company's 2027 Annual General Meeting[342](index=342&type=chunk) - Ms. Zhang Xueyan, a Non-executive Director, was appointed as a non-executive director of Piraeus Port Authority S.A., a fellow subsidiary of the Company, in July 2025[343](index=343&type=chunk) - Mr. Kwong Chi Keung, an Independent Non-executive Director, retired as an independent non-executive director of Piraeus Port Authority S.A. in July 2025[343](index=343&type=chunk) [Corporate Governance](index=79&type=section&id=Corporate%20Governance) The company is committed to high corporate governance standards and complied with Appendix C1 of the Listing Rules' Corporate Governance Code in H1 2025, with two deviations: Non-executive Director Ms. Zhang Xueyan's absence from the AGM and the roles of Board Chairman and Managing Director being held by the same person. The Audit Committee reviewed the interim financial information - The Company is committed to maintaining a high level of corporate governance through effective and timely disclosure of information by the Board and proactive implementation of investor relations programs[345](index=345&type=chunk)[347](index=347&type=chunk) - There were two deviations from the Corporate Governance Code: Non-executive Director Ms. Zhang Xueyan's inability to attend the Annual General Meeting, and the roles of Chairman of the Board and Managing Director being held by the same person[346](index=346&type=chunk)[348](index=348&type=chunk) - The Audit Committee, comprising three independent non-executive directors with an accountant as chairman, has reviewed the unaudited condensed consolidated interim financial information[349](index=349&type=chunk)[350](index=350&type=chunk) - The Company has adopted a code for securities transactions by directors and employees and confirmed that directors complied with the required standards set out in the Model Code and the Securities Code during the period[351](index=351&type=chunk)

Acquisition and Investments - Hans Group completed the acquisition of a 70% stake in Bravo Transport Holdings Limited on July 31, 2024, making it a non-wholly owned subsidiary[10]. - The acquisition of 54.44% of the total issued shares of BTHL is a significant investment for the group, with ongoing plans for material investments[94]. - Glorify acquired 700 BTHL Shares, representing 7% of total issued BTHL Shares, for a total consideration of $350 million (equivalent to $44.9 million) on December 3, 2021[104]. - On May 24, 2024, Glorify conditionally agreed to acquire 5,444.09 BTHL Shares, representing approximately 54.44% of total issued BTHL Shares, for a total consideration of $2,722,045,000[106]. - Following the completion of the acquisition on July 31, 2024, Glorify held 7,000 BTHL Shares, representing 70% of total issued BTHL Shares[107]. - Glorify issued 278,915,965 Consideration Shares to TWB Holdings, representing approximately 7.05% of the issued share capital of the Company as of July 31, 2024[111]. - As of December 31, 2024, the Group had a deferred payment of $2,000 million related to the acquisition, with $1,872 million settled by the Group[111]. - A new share charge over 51% of total issued BTHL Shares was established on July 31, 2024, as security for the deferred payment under the acquisition[114]. Financial Performance - In the first half of 2025, Hans Group recorded revenue exceeding HK$3.5 billion, a year-on-year increase of 3.7 times, driven by the acquisition of Citybus and Bravo Media[55]. - The Group's revenue for the first half of 2025 was $3.51 billion, a 373.1% increase compared to $741.3 million in the same period last year[64]. - Revenue from the transportation business amounted to $1.96 billion, representing a year-on-year increase of 9.5%[59]. - Total revenue for the six months ended June 30, 2025, was approximately $3,506.5 million, representing a remarkable increase of 373.1% compared to $741.3 million in the same period last year[71]. - Revenue from the sale of oil and petrochemical products reached HKD 1,266,966,000 for the six months ended June 30, 2025, compared to HKD 675,015,000 in the same period of 2024, representing an increase of 87.5%[169]. - Fare revenue for the six months ended June 30, 2025, was HKD 1,942,737,000, with no revenue reported in the same period of 2024[169]. - Bravo Media's revenue from the media and advertising business amounted to $200 million in the first half of the year[60]. Operational Metrics - DZIT generates income primarily through leasing storage tanks, with additional revenue from handling charges and ancillary services[19]. - Key performance indicators for DZIT include leaseout rates and cargo throughput, which directly impact revenue and operational efficiency[20]. - For the six months ended June 30, 2025, the leaseout rate for oil and petrochemical storage tanks remained stable at 91.7%, consistent with the prior year[25]. - DZIT's terminal maintained a lease-out rate of approximately 91.7%, the highest in the industry in the region[56]. - The terminal is strategically located in the Greater Bay Area, facilitating efficient distribution of refined oil and petrochemical products[17]. - The number of sale contracts entered in the trading business increased by 25.7% to 680 contracts, compared to 541 in the previous year[32]. - Sales volume of oil and petrochemical products surged by 46.8% to 160,000 metric tons, up from 109,000 metric tons in the same period last year[32]. Challenges and Losses - The net loss for the period was approximately $110.9 million, an increase of 428.7% compared to $21.0 million in 2024[65]. - The Group reported a net loss of approximately $110.9 million for the six months ended June 30, 2025, an increase of 428.7% compared to a net loss of $21.0 million in the same period last year[67]. - Loss for the period was HK$110,899,000, which is a substantial increase from a loss of HK$20,974,000 in 2024, reflecting increased finance costs and operational challenges[137]. - Total comprehensive income for the period was a loss of HK$100,890,000, compared to a loss of HK$85,032,000 in 2024, highlighting ongoing financial difficulties[137]. Cost and Liabilities - The Group's operating costs increased by 351.4% to $3.43 billion compared to $760.9 million in the previous year[64]. - Finance costs rose by 1,489.7% to $203.2 million, primarily due to liabilities related to deferred payments following the acquisition[65]. - Operating costs increased by 351.4% to approximately HK$3,434.4 million, primarily due to a $615.5 million rise in the cost of inventories sold[80]. - Current liabilities for bank and other loans increased to $370,248,000 as of June 30, 2025, compared to $290,161,000 at the end of 2024[197]. - Non-current liabilities for bank and other loans rose to $2,710,207,000 as of June 30, 2025, from $2,104,634,000 at the end of 2024[197]. Employee and Operational Changes - The Group has approximately 6,100 employees as of June 30, 2025, an increase from approximately 6,040 employees as of December 31, 2024[122]. - Staff costs for the six months ended June 30, 2025, amounted to $1,110,638,000, a significant increase from $25,176,000 in the same period of 2024[180]. - The company reported a significant increase in staff costs to HK$1,110,638,000 from HK$25,176,000 in 2024, reflecting expansion or restructuring efforts[136]. Future Outlook and Strategy - The Group aims to adapt to evolving market conditions and strengthen its competitive positioning to capture future growth opportunities[26]. - The Group is actively pursuing opportunities to enhance asset utilization, including developing approximately 150,000 square meters of vacant land for future expansion[12]. - The Group has entered into supplier contracts with diesel providers to secure fuel at stable pricing, mitigating fuel price risk[120]. - The Group remains confident in its financial resources to meet future debt obligations and support working capital and expansion needs[92].

目錄 | | | 1 二零二五年中期報告 3 財務摘要 4 管理層討論及分析 28 簡明綜合財務報表審閱報告 29 簡明綜合收益表 30 簡明綜合全面收益表 31 簡明綜合財務狀況表 33 簡明綜合權益變動表 34 簡明綜合現金流量表 36 簡明綜合財務報表附註 59 其他資料 公司資料 董事會 執行董事： 蔡東晨 （主席） 張翠龍 （副主席兼行政總裁） 王振國 潘衛東 王懷玉 李春雷 姚兵 蔡鑫 陳衛平 獨立非執行董事： 王波 CHEN Chuan 王宏廣 歐振國 羅卓堅 李泉 審核委員會 歐振國 （主席） 王波 CHEN Chuan 提名委員會 蔡東晨 （主席） 王波 CHEN Chuan 李泉 薪酬委員會 歐振國 （主席） 王波 CHEN Chuan 公司秘書 羅泰安 註冊辦事處 香港 灣仔 港灣道18號 中環廣場 32樓 3206室 股份過戶登記處 卓佳證券登記有限公司 香港 夏愨道16號 遠東金融中心17樓 核數師 德勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 證券交易所 香港聯合交易所有限公司（「香港聯交所」） 股份代號 香港聯交所：1093 投資者關係聯絡 電郵：ir@cspc.hk 電話 ...

2025 中期報告 1 吉輝控股有限公司 中期報告2025 香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位乃為相比其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個 上市的市場。有意投資人士應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後 方作出投資決定。 由於GEM 上市公司一般為中小型公司，在GEM 買賣的證券可能會較於主板買賣的證券承 受較大的市場波動風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，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報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。 本報告乃遵照聯交所GEM 證券上市規則（「GEM 上市規則」）的規定而提供有關吉輝控股有 限公司（「本公司」）的資料。本公司各董事（「董事」）願共同及個別對本報告承擔全部責任。 各董事經作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料在所有重要方 面均屬準確及完整，不含誤導或欺騙成分，且並無遺漏其他事宜，以致令本報告內任何聲 明或本報告產生誤導。 本報告原文乃以英文 ...

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability) （於開曼群島註冊成立並於百慕達存續之有限公司） INTERIM REPORT 中期報告 2025 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED ("STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should ...

| 公司資料 | 2 | | --- | --- | | 簡明綜合損益表 | 4 | | 簡明綜合損益及其他全面收益表 | 5 | | 簡明綜合財務狀況表 | 6 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 8 | | 簡明綜合中期財務報表附註 | 9 | | 管理層討論與分析 | 18 | | 其他資料 | 25 | 1 頁次 米蘭站控股有限公司 中期報告 2025 公司資料 董事會 執行董事 胡博先生 季桂苹女士 獨立非執行董事 米蘭站控股有限公司 中期報告 2025 目錄 陳志鴻先生 杜健存先生 蔡錦因先生 審核委員會 杜健存先生 （審核委員會主席） 陳志鴻先生 蔡錦因先生 薪酬委員會 杜健存先生 （薪酬委員會主席） 陳志鴻先生 胡博先生 提名委員會 胡博先生 （提名委員會主席） 陳志鴻先生 杜健存先生 核數師 長青（香港）會計師事務所有限公司 香港 灣仔駱克道188號 兆安中心24樓 公司秘書 譚芷欣女士 公司資料 授權代表 胡博先生 譚芷欣女士 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY ...

Interim Report 中期報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM ...

[**Company Information and Report Overview**](index=1&type=section&id=Company%20Information%20and%20Report%20Overview) [**Basic Report Information**](index=1&type=section&id=Basic%20Report%20Information) SunCorp Technologies Limited (新確科技有限公司) released its unaudited condensed consolidated interim results for H1 2025, with H1 2024 comparative data - Report Type: Unaudited Condensed Consolidated Interim Results[1](index=1&type=chunk)[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[1](index=1&type=chunk)[2](index=2&type=chunk) - Company Name: SunCorp Technologies Limited (新確科技有限公司), Stock Code: **1063**[1](index=1&type=chunk) [**Financial Statements**](index=1&type=section&id=Financial%20Statements) [**Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income**](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, revenue grew to HK$25,167 thousand, with operating profit of HK$21,491 thousand reversing a prior-year loss, mainly due to unrealized gains on financial assets Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 25,167 | 17,198 | +46.3% | | Cost of Sales | (18,134) | (10,142) | +78.8% | | Gross Profit | 7,033 | 7,056 | -0.3% | | Other Income | 157 | 45 | +248.9% | | Operating Profit/(Loss) | 21,491 | (38,758) | N/A (Turned to profit) | | Profit/(Loss) Before Tax | 21,393 | (38,799) | N/A (Turned to profit) | | Profit/(Loss) and Total Comprehensive Income for the Period | 21,393 | (38,799) | N/A (Turned to profit) | | Basic and Diluted Earnings/(Loss) Per Share (HK cents) | 1.39 | (2.52) | N/A (Turned to profit) | - Operating profit for the period was **HK$21,491 thousand**, a significant turnaround from a loss of **HK$38,758 thousand** in the same period last year[3](index=3&type=chunk) - The turnaround to profit was primarily attributable to **HK$20,253 thousand** in unrealized gains on financial assets at fair value through profit or loss[3](index=3&type=chunk) [**Condensed Consolidated Statement of Financial Position**](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total net assets increased to HK$219,298 thousand, with net current assets of HK$225,175 thousand driven by financial assets and loans receivable growth Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Non-current Assets | 244 | 359 | (115) | | Current Assets | 278,493 | 231,109 | +47,384 | | Current Liabilities | 53,318 | 31,943 | +21,375 | | Non-current Liabilities | 6,121 | 1,620 | +4,501 | | Net Assets | 219,298 | 197,905 | +21,393 | | Financial Assets at Fair Value Through Profit or Loss | 104,102 | 80,971 | +23,131 | | Loans Receivable | 97,240 | 91,687 | +5,553 | | Cash and Bank Balances (Own Accounts) | 14,428 | 14,775 | (347) | | Share Capital | 9,231 | 9,231 | 0 | | Reserves | 210,647 | 189,254 | +21,393 | - Net current assets increased from **HK$199,166 thousand** as of December 31, 2024, to **HK$225,175 thousand** as of June 30, 2025[5](index=5&type=chunk) - An increase of **HK$23,131 thousand** in financial assets at fair value through profit or loss and **HK$5,553 thousand** in loans receivable were the main drivers of current asset growth[5](index=5&type=chunk) [**Condensed Consolidated Statement of Changes in Equity**](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For H1 2025, total equity attributable to owners increased from HK$197,905 thousand to HK$219,298 thousand, primarily due to the HK$21,393 thousand profit realized Key Data from Condensed Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (HK$ '000) | Jan 1, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | Jan 1, 2024 (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Share Capital | 9,231 | 9,231 | 9,231 | 9,231 | | Share Premium | 129,910 | 129,910 | 129,910 | 129,910 | | Accumulated Losses | (375,461) | (396,854) | (390,267) | (351,469) | | Capital and Reserves Attributable to Owners of the Company | 219,878 | 198,485 | 205,051 | 243,729 | | Non-controlling Interests | (580) | (580) | (456) | (455) | | Total Equity | 219,298 | 197,905 | 204,475 | 243,274 | - Profit for the period of **HK$21,393 thousand** directly contributed to the growth in equity attributable to owners of the company[7](index=7&type=chunk) - Accumulated losses decreased from **(HK$396,854 thousand)** as of January 1, 2025, to **(HK$375,461 thousand)** as of June 30, 2025, reflecting the period's profitability[7](index=7&type=chunk) [**Condensed Consolidated Statement of Cash Flows**](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, net cash used in operating activities was HK$4,494 thousand, with net cash from investing activities of HK$95 thousand and financing activities of HK$4,052 thousand, resulting in period-end cash of HK$14,428 thousand Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (4,494) | (1,427) | | Net Cash From Investing Activities | 95 | 8 | | Net Cash From/(Used in) Financing Activities | 4,052 | (940) | | Net Decrease in Cash and Cash Equivalents | (347) | (2,359) | | Cash and Cash Equivalents at End of Period | 14,428 | 19,162 | - Cash outflow from operating activities increased from **HK$1,427 thousand** in the same period of 2024 to **HK$4,494 thousand** in 2025[9](index=9&type=chunk) - Cash flow from financing activities turned from an outflow of **HK$940 thousand** in the same period of 2024 to an inflow of **HK$4,052 thousand** in 2025[9](index=9&type=chunk) [**Notes to the Condensed Consolidated Financial Statements**](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [**Basis of Preparation**](index=6&type=section&id=Basis%20of%20Preparation) The financial statements are prepared under HKEX Listing Rules Appendix D2 and HKAS 34 'Interim Financial Reporting', using a historical cost basis, with some financial instruments measured at fair value - Basis of Preparation: Appendix D2 to the Listing Rules of the Stock Exchange of Hong Kong and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[10](index=10&type=chunk)[15](index=15&type=chunk) - Measurement Basis: Historical cost basis, except for certain financial instruments measured at fair value[11](index=11&type=chunk)[15](index=15&type=chunk) - Accounting Policies: Consistent with those followed in the preparation of the Group's annual financial statements for the year ended December 31, 2024[12](index=12&type=chunk)[15](index=15&type=chunk) [**Adoption of New Accounting Standards**](index=6&type=section&id=Adoption%20of%20New%20Accounting%20Standards) This period adopted HKAS 21 (Amendment) 'Lack of Exchangeability', which had no material impact on the Group's financial position or performance - Adoption of New Standards: HKAS 21 (Amendment) 'Lack of Exchangeability' became effective for the financial year beginning January 1, 2025[14](index=14&type=chunk)[16](index=16&type=chunk) - Impact: The adoption of new standards had no material impact on the Group's unaudited condensed consolidated financial position and performance for the current and prior periods[14](index=14&type=chunk)[16](index=16&type=chunk) [**Revenue and Segment Information**](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue and results are reported across three main segments: trading, money lending, and brokerage services, with H1 2025 total revenue of HK$25,167 thousand, primarily from trading - Reportable Segments: The Group's reportable and operating segments, as defined by HKFRS 8, include: trading of second-hand computer-related components, apparel and beauty products; money lending business; and provision of brokerage, placing, and underwriting services[18](index=18&type=chunk)[22](index=22&type=chunk) - Total Revenue: Total revenue for H1 2025 was **HK$25,167 thousand**[21](index=21&type=chunk) [**Segment Revenue and Results**](index=7&type=section&id=Segment%20Revenue%20and%20Results) In H1 2025, trading revenue was HK$19,037 thousand, money lending revenue was HK$5,855 thousand, and brokerage revenue was HK$275 thousand, with segment profit mainly from money lending and brokerage recording a loss H1 2025 Segment Revenue and Profit/(Loss) | Segment | 2025 Revenue (HK$ '000) | 2024 Revenue (HK$ '000) | 2025 Segment Profit/(Loss) (HK$ '000) | 2024 Segment Profit/(Loss) (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Trading of Second-hand Computer-related Components, Apparel and Beauty Products | 19,037 | 11,036 | 140 | 126 | | Money Lending | 5,855 | 6,117 | 4,158 | 5,953 | | Provision of Brokerage, Placing and Underwriting Services | 275 | 45 | (2,888) | (1,888) | | **Total** | **25,167** | **17,198** | **1,410** | **4,191** | - Revenue from trading second-hand computer-related components, apparel, and beauty products increased by **72.5%** year-on-year[21](index=21&type=chunk)[24](index=24&type=chunk) - Money lending business revenue slightly decreased but remained the primary contributor to segment profit[21](index=21&type=chunk)[24](index=24&type=chunk) - The provision of brokerage, placing, and underwriting services business continued to record losses, with the loss amount expanding year-on-year[21](index=21&type=chunk)[24](index=24&type=chunk) [**Segment Assets and Liabilities**](index=8&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, total segment assets were HK$163,247 thousand, with money lending having the highest asset proportion, and total segment liabilities were HK$49,457 thousand, with brokerage having the highest liabilities Segment Assets and Liabilities (June 30, 2025 vs December 31, 2024) | Segment | June 30, 2025 Assets (HK$ '000) | Dec 31, 2024 Assets (HK$ '000) | June 30, 2025 Liabilities (HK$ '000) | Dec 31, 2024 Liabilities (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Trading of Second-hand Computer-related Components, Apparel and Beauty Products | 26,070 | 19,687 | 6,589 | 1,503 | | Money Lending | 97,881 | 92,328 | 12,222 | 11,199 | | Provision of Brokerage, Placing and Underwriting Services | 39,296 | 25,442 | 30,646 | 15,566 | | **Total Segments** | **163,247** | **137,457** | **49,457** | **28,268** | | Unallocated Assets/Liabilities | 115,490 | 94,011 | 9,982 | 5,295 | | **Consolidated Total** | **278,737** | **231,468** | **59,439** | **33,563** | - Total segment assets increased from **HK$137,457 thousand** as of December 31, 2024, to **HK$163,247 thousand** as of June 30, 2025[27](index=27&type=chunk) - Total segment liabilities significantly increased from **HK$28,268 thousand** as of December 31, 2024, to **HK$49,457 thousand** as of June 30, 2025[29](index=29&type=chunk) [**Major Customer Information**](index=9&type=section&id=Major%20Customer%20Information) In H1 2025, Customer A and Customer B became new major clients, contributing HK$6,475 thousand and HK$2,700 thousand respectively, with all major client revenue from trading business Major Customer Revenue Contribution (Over 10% of Total Revenue) | Customer | 2025 (HK$ '000) | 2024 (HK$ '000) | Business Source | | :--- | :--- | :--- | :--- | | Customer A | 6,475 | – | Trading of Second-hand Computer-related Components, Apparel and Beauty Products | | Customer B | 2,700 | – | Trading of Second-hand Computer-related Components, Apparel and Beauty Products | | Customer C | 2,833 | 4,193 | Trading of Second-hand Computer-related Components, Apparel and Beauty Products | | Customer D | – | 1,813 | Trading of Second-hand Computer-related Components, Apparel and Beauty Products | - In H1 2025, Customer A and Customer B became new major revenue contributors, while Customer D was no longer a major client[32](index=32&type=chunk) - All major customer revenue was derived from the trading of second-hand computer-related components, apparel, and beauty products business[33](index=33&type=chunk) [**Other Income**](index=10&type=section&id=Other%20Income) Total other income for H1 2025 amounted to HK$157 thousand, a significant increase from HK$45 thousand in H1 2024, primarily driven by higher miscellaneous income and gains from associate disposal Other Income Details | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Bank Interest Income | 15 | 8 | | Gain on Disposal of an Associate | 4 | – | | Miscellaneous Income | 138 | 37 | | **Total** | **157** | **45** | - Other income increased by **248.9%** year-on-year, primarily driven by miscellaneous income and gains from the disposal of an associate[35](index=35&type=chunk) [**Income Tax**](index=10&type=section&id=Income%20Tax) For H1 2025 and H1 2024, no Hong Kong profits tax was provided for the Group's Hong Kong subsidiaries due to no assessable profits or sufficient tax losses for offset - No Hong Kong profits tax was provided for the current and prior periods[36](index=36&type=chunk)[37](index=37&type=chunk) - This was due to Hong Kong subsidiaries having no assessable profits or sufficient tax losses for offset[36](index=36&type=chunk)[37](index=37&type=chunk) [**Profit/(Loss) for the Period**](index=10&type=section&id=Profit%2F(Loss)%20for%20the%20Period) Profit/(Loss) for the period is presented after accounting for cost of goods, depreciation, exchange losses, net reversal of impairment loss on loans, gain on associate disposal, and staff costs Key Factors Affecting Profit/(Loss) for the Period | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Cost of Goods and Services Sold Recognized | 18,134 | 10,142 | | Depreciation of Right-of-use Assets | 39 | – | | Net Exchange Losses | 2 | 3 | | Net Reversal of Impairment Loss on Loans Receivable | (28) | – | | Gain on Disposal of an Associate | (4) | – | | Staff Costs (Including Directors' Emoluments) | 3,018 | 2,845 | - Cost of goods and services sold significantly increased from **HK$10,142 thousand** in 2024 to **HK$18,134 thousand** in 2025[39](index=39&type=chunk) - A net reversal of impairment loss on loans receivable of **HK$28 thousand** was recognized in 2025, with no such item in 2024[39](index=39&type=chunk) [**Earnings/(Loss) Per Share**](index=11&type=section&id=Earnings%2F(Loss)%20Per%20Share) For H1 2025, basic and diluted earnings per share attributable to owners were 1.39 HK cents, compared to a loss of 2.52 HK cents per share in H1 2024, marking a turnaround to profitability Earnings/(Loss) Per Share | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic and Diluted Earnings/(Loss) Per Share | 1.39 | (2.52) | - Profit for the period attributable to owners of the company turned from a loss of **HK$38,799 thousand** in the same period of 2024 to a profit of **HK$21,393 thousand** in 2025[40](index=40&type=chunk) - Diluted earnings/(loss) per share was not presented as there were no potential ordinary shares in issue for the periods ended June 30, 2025, and 2024[40](index=40&type=chunk) [**Dividends**](index=11&type=section&id=Dividends) For the six months ended June 30, 2025, and 2024, no dividends were paid or proposed by the company - No dividends were paid or proposed for the six months ended June 30, 2025, and 2024[40](index=40&type=chunk)[41](index=41&type=chunk) [**Trade and Other Receivables**](index=12&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to HK$29,325 thousand, an increase from HK$22,658 thousand, with a significant rise in trade receivables from other ordinary businesses Trade and Other Receivables Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Trade Receivables from Securities Trading Business (Cash Clients) | 530 | 394 | | Trade Receivables from Other Ordinary Businesses (Net of Allowance) | 17,927 | 10,836 | | Deposits, Prepayments and Other Receivables (Net of Allowance) | 10,868 | 11,428 | | **Total** | **29,325** | **22,658** | - Total trade and other receivables increased by **HK$6,667 thousand**[43](index=43&type=chunk) - The Group grants credit terms of **30 to 90 days** for goods sold to trade customers[43](index=43&type=chunk) [**Amounts Due from Securities Brokers**](index=13&type=section&id=Amounts%20Due%20from%20Securities%20Brokers) As of June 30, 2025, amounts due from securities brokers were HK$201 thousand, a decrease from HK$442 thousand, representing unsecured deposits with annual interest rates from 0% to 0.01%, repayable on demand - Amounts due from securities brokers were **HK$201 thousand**, a decrease from **HK$442 thousand** as of December 31, 2024[46](index=46&type=chunk)[47](index=47&type=chunk) - These amounts are unsecured deposits bearing interest at **0% to 0.01%** per annum and are repayable on demand[46](index=46&type=chunk)[47](index=47&type=chunk) [**Loans Receivable**](index=13&type=section&id=Loans%20Receivable) As of June 30, 2025, total loans receivable amounted to HK$97,240 thousand, an increase from HK$91,687 thousand, originating from money lending, denominated in HKD, with fixed effective annual interest rates between 8% and 10% Loans Receivable Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Gross Loans Receivable | 160,362 | 154,837 | | Less: Allowance for Expected Credit Losses | (63,122) | (63,150) | | **Net Amount** | **97,240** | **91,687** | - Net loans receivable increased by **HK$5,553 thousand**, primarily from the money lending business[49](index=49&type=chunk)[50](index=50&type=chunk) - Loans are denominated in HKD, bear fixed effective annual interest rates of **8% to 10%**, have a one-year term, and the Group reserves the right to demand immediate repayment at any time[51](index=51&type=chunk)[52](index=52&type=chunk) [**Trade and Other Payables**](index=14&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly increased to HK$52,233 thousand from HK$30,409 thousand, primarily driven by growth in trade payables from securities trading and goods purchases Trade and Other Payables Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Trade Payables from Securities Trading Business (Cash Clients) | 29,686 | 15,039 | | Trade Payables from Other Ordinary Businesses (Purchase of Goods) | 5,574 | 18 | | Other Payables and Accruals | 16,773 | 15,152 | | Provision for Restoration Costs | 200 | 200 | | **Total** | **52,233** | **30,409** | - Total trade and other payables increased by **HK$21,824 thousand**[54](index=54&type=chunk) - Credit terms for goods purchased are **30 to 60 days**, and settlement for trade payables arising from securities trading is **two days** after the transaction date[54](index=54&type=chunk)[55](index=55&type=chunk)[57](index=57&type=chunk) [**Share Capital**](index=14&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was HK$600,000 thousand, divided into 100,000,000,000 ordinary shares of HK$0.006 each, with issued and fully paid share capital of HK$9,231 thousand, unchanged during the reporting period Share Capital Structure | Item | Quantity | Amount (HK$ '000) | | :--- | :--- | :--- | | Authorized Share Capital (HK$0.006 per share) | 100,000,000,000 shares | 600,000 | | Issued and Fully Paid Share Capital (HK$0.006 per share) | 1,538,536,566 shares | 9,231 | - There were no changes in authorized and issued share capital during the reporting period[57](index=57&type=chunk) [**Directors' Report**](index=15&type=section&id=Directors'%20Report) [**Business Review**](index=15&type=section&id=Business%20Review) For H1 2025, the Group's revenue was approximately HK$25.2 million, a 46.3% year-on-year increase, primarily from trading computer-related components, apparel, and beauty products (75.6%) and money lending interest income (23.3%) - Total revenue was approximately **HK$25.2 million**, an increase of approximately **46.3%** compared to the same period in 2024[59](index=59&type=chunk)[66](index=66&type=chunk) - Revenue composition: trading computer-related components, apparel, and beauty products accounted for approximately **75.6%**; money lending business interest income approximately **23.3%**; and securities brokerage, placing, and underwriting business approximately **1.1%**[59](index=59&type=chunk)[66](index=66&type=chunk) - Consolidated profit was approximately **HK$21.4 million**, mainly due to approximately **HK$20.3 million** in unrealized gains on financial assets at fair value through profit or loss[60](index=60&type=chunk)[66](index=66&type=chunk) [**Outlook and Prospects**](index=15&type=section&id=Outlook%20and%20Prospects) Facing an unpredictable business environment, the Group is evaluating various business segments and repositioning its strategy to focus on more promising areas, having obtained Type 4 and Type 9 licenses for operating a virtual asset trading platform - The Group is evaluating various business segments and repositioning its strategy and business operations towards more promising segments[62](index=62&type=chunk)[67](index=67&type=chunk) - Obtained Type 4 and Type 9 licenses from the SFC to operate a virtual asset trading platform[62](index=62&type=chunk)[67](index=67&type=chunk) - Expects to allocate more resources to develop asset management business and continue to identify potential investments and business opportunities to broaden revenue streams[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk) [**Acknowledgements**](index=15&type=section&id=Acknowledgements) The Board of Directors extends its sincere gratitude to clients, suppliers, and employees for their continued support and contributions to the Group during the reporting period - The Board of Directors sincerely thanks clients, suppliers, and employees for their continued support and contributions to the Group during the period[64](index=64&type=chunk)[68](index=68&type=chunk) [**Management Discussion and Analysis**](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [**Overview**](index=16&type=section&id=Overview) For H1 2025, the Group's revenue was approximately HK$25.2 million, a 46.3% year-on-year increase, with gross profit of approximately HK$7.0 million, slightly lower than the previous period's HK$7.1 million - Revenue was approximately **HK$25.2 million**, an increase of approximately **46.3%** compared to the same period last year[69](index=69&type=chunk)[75](index=75&type=chunk) - Gross profit was approximately **HK$7.0 million**, slightly lower than the **HK$7.1 million** in the previous period[69](index=69&type=chunk)[75](index=75&type=chunk) - The trading of computer-related components, apparel, and beauty products business continued to be a significant revenue contributor, with the financial segment also contributing revenue[70](index=70&type=chunk)[75](index=75&type=chunk) [**Liquidity and Financial Resources**](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group held approximately HK$14.4 million in cash, HK$278.5 million in current assets, HK$278.7 million in total assets, and HK$219.3 million in shareholders' equity, with the current ratio decreasing from 7.2 to 5.2 Liquidity and Financial Resources Overview | Indicator | June 30, 2025 (HK$ million) | Dec 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Cash on Hand | 14.4 | N/A | | Current Assets | 278.5 | N/A | | Total Assets | 278.7 | N/A | | Shareholders' Equity | 219.3 | N/A | | Current Ratio | 5.2 | 7.2 | - The current ratio decreased from **7.2** as of December 31, 2024, to **5.2** as of June 30, 2025[71](index=71&type=chunk)[76](index=76&type=chunk) - The decrease in the current ratio was primarily due to an increase in trade and other payables[71](index=71&type=chunk)[76](index=76&type=chunk) [**Gearing Ratio**](index=16&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was approximately 2.3%, a significant increase from approximately 0.3%, with operations primarily funded by internally generated cash flows, shareholders' equity, and external bank loans - As of June 30, 2025, the gearing ratio was approximately **2.3%**[72](index=72&type=chunk)[77](index=77&type=chunk) - A significant increase from approximately **0.3%** as of December 31, 2024[72](index=72&type=chunk)[77](index=77&type=chunk) - The Group generally funds its operations through internally generated cash flows, shareholders' equity, and external bank loans and borrowings[72](index=72&type=chunk)[77](index=77&type=chunk) [**Capital Structure**](index=16&type=section&id=Capital%20Structure) As of June 30, 2025, the company's authorized share capital was HK$600 million, divided into 100,000,000,000 shares of HK$0.006 par value each, with no changes to the authorized share capital during the period - As of June 30, 2025, authorized share capital was **HK$600,000,000**, divided into **100,000,000,000** shares of **HK$0.006** par value each[73](index=73&type=chunk)[78](index=78&type=chunk) - There were no changes in authorized share capital during the period[73](index=73&type=chunk)[78](index=78&type=chunk) [**Exchange Rates**](index=16&type=section&id=Exchange%20Rates) During the period, most sales were denominated in USD, while most expenses were in USD, RMB, and HKD; the Group currently has no foreign exchange hedging policy, but management continuously assesses foreign exchange risks - Most sales during the period were denominated in USD, while most of the Group's expenses were denominated in USD, RMB, and HKD[74](index=74&type=chunk)[79](index=79&type=chunk) - The Group currently has no policy to hedge foreign exchange risks[74](index=74&type=chunk)[79](index=79&type=chunk) - The management team continuously assesses foreign exchange risks, aiming to minimize the impact of foreign exchange fluctuations on the Group's business operations[74](index=74&type=chunk)[79](index=79&type=chunk) [**Material Investments**](index=17&type=section&id=Material%20Investments) As of June 30, 2025, the total market value of financial assets at fair value through profit or loss was approximately HK$104.1 million, an increase from HK$81.0 million, with HK$2.3 million in realized gains and HK$20.3 million in unrealized gains recognized - As of June 30, 2025, the total market value of financial assets at fair value through profit or loss was approximately **HK$104.1 million**, an increase from December 31, 2024[80](index=80&type=chunk)[82](index=82&type=chunk) - Realized gains of approximately **HK$2.3 million** were recognized during the period (compared to a loss of **HK$8.8 million** in the same period of 2024)[81](index=81&type=chunk)[82](index=82&type=chunk) - Unrealized gains of approximately **HK$20.3 million** were recognized during the period (compared to a loss of **HK$30.7 million** in the same period of 2024)[81](index=81&type=chunk)[82](index=82&type=chunk) [**Financial Assets at Fair Value Through Profit or Loss**](index=17&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the total market value of financial assets at fair value through profit or loss was approximately HK$104.1 million, representing 37.35% of the Group's total assets, with the top six investments accounting for HK$71,079 thousand and contributing HK$19,098 thousand in gains - Total market value of financial assets at fair value through profit or loss was **HK$104,102 thousand**, representing **37.35%** of the Group's total assets[84](index=84&type=chunk) - The top six listed equity securities investments had a combined market value of **HK$71,079 thousand**, representing **25.52%** of the Group's total assets, and contributed **HK$19,098 thousand** in gains[84](index=84&type=chunk) [**Details of Major Investments**](index=17&type=section&id=Details%20of%20Major%20Investments) The Group's major investments include WLS Holding Limited, SEEC Media Group Ltd, China Investment and Finance Group Ltd, Wealth Glory Holdings Ltd, China Environment Energy Investment Ltd, and AMCO United Holding Limited, all passive investments spanning multiple sectors Major Listed Equity Securities Investments (Market Value Exceeding 2.0% of Group's Total Assets) | Share Name | Stock Code | Market Value (HK$ '000) | % of Group's Total Assets | (Loss)/Gain (HK$ '000) | Investment Strategy | Principal Business | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | WLS Holding Limited (滙隆控股有限公司) | 8021 | 6,961 | 2.50% | (3,632) | Passive | Scaffolding and Renovation Services, Money Lending, Securities Brokerage, Asset Management | | SEEC Media Group Ltd (財訊傳媒集團有限公司) | 205 | 12,424 | 4.46% | 7,454 | Passive | Advertising Agency, Book Publishing, Securities Brokerage, Money Lending, E-commerce | | China Investment and Finance Group Ltd (中國投融資集團有限公司) | 1226 | 28,092 | 10.09% | 3,184 | Passive | Securities Trading and Investment Holding | | Wealth Glory Holdings Ltd (富譽控股有限公司) | 8269 | 7,557 | 2.71% | 4,198 | Passive | Natural Resources and Commodity Trading, Brand Development, Securities Investment, Money Lending | | China Environment Energy Investment Ltd (中國環保能源投資有限公司) | 986 | 5,567 | 2.00% | 2,073 | Passive | Jewelry Design, OEM, Marketing and Money Lending | | AMCO United Holding Limited (雋泰控股有限公司) | 630 | 10,478 | 3.76% | 5,821 | Passive | Medical Equipment Manufacturing | - China Investment and Finance Group Ltd's investment had the highest market value, representing **10.09%** of the Group's total assets, and contributed **HK$3,184 thousand** in gains[84](index=84&type=chunk)[88](index=88&type=chunk) - The remaining **23** listed equity securities had a total market value of **HK$33,023 thousand**, representing **11.83%** of the Group's total assets, with none exceeding **2.0%** of the Group's total assets[84](index=84&type=chunk)[98](index=98&type=chunk) [**Material Acquisitions or Disposals**](index=18&type=section&id=Material%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries and associates - No material acquisitions or disposals of subsidiaries and associates were undertaken during the six months ended June 30, 2025[92](index=92&type=chunk)[96](index=96&type=chunk) [**Employees**](index=18&type=section&id=Employees) The Group's remuneration policy is formulated based on employee performance and market conditions, with the Board having discretion to grant share options to executive directors and employees as incentives - The Group's remuneration policy is formulated based on employee performance and market conditions[93](index=93&type=chunk)[97](index=97&type=chunk) - The Board may, at its discretion, grant share options to executive directors and employees as incentives for their contributions to the Group[93](index=93&type=chunk)[97](index=97&type=chunk) [**Other Information**](index=19&type=section&id=Other%20Information) [**Directors' and Chief Executive's Interests in Shares**](index=19&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares) As of June 30, 2025, no directors or chief executives of the company held any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations requiring disclosure - As of June 30, 2025, no directors or chief executives of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations[99](index=99&type=chunk)[103](index=103&type=chunk) [**Share Options**](index=19&type=section&id=Share%20Options) The 2021 Share Option Scheme was terminated on June 24, 2025, and a new 2025 Share Option Scheme was adopted; as of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed under either scheme - The 2021 Share Option Scheme was terminated on June 24, 2025, and a new 2025 Share Option Scheme was adopted[100](index=100&type=chunk)[104](index=104&type=chunk) - As of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed under either scheme, nor were there any outstanding options[101](index=101&type=chunk)[104](index=104&type=chunk) - As of June 30, 2025, **153,853,656** share options were available for grant under the 2025 Share Option Scheme[101](index=101&type=chunk)[104](index=104&type=chunk) [**Substantial Shareholders' Interests in Shares**](index=20&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Shares) As of June 30, 2025, the Board found no other persons (excluding directors and chief executives) holding disclosable interests or short positions in shares or underlying shares under the SFO, or directly or indirectly holding 5% or more of the nominal value of any class of share capital with voting rights - As of June 30, 2025, no other persons (excluding directors and chief executives of the company) held or were deemed to hold disclosable interests or short positions in shares or underlying shares[106](index=106&type=chunk)[111](index=111&type=chunk) - Nor did any directly or indirectly hold interests of **5%** or more of the nominal value of any class of share capital with voting rights at general meetings of any Group member company under any circumstances[106](index=106&type=chunk)[111](index=111&type=chunk) [**Audit Committee**](index=20&type=section&id=Audit%20Committee) The Audit Committee, established in March 2000 and comprising three independent non-executive directors, serves as a crucial link between the Board and the company's auditors, having reviewed the unaudited financial statements for H1 2025 - The Audit Committee was established in March 2000 and comprises three independent non-executive directors[107](index=107&type=chunk)[112](index=112&type=chunk) - Its responsibility is to provide a crucial link between the Board and the company's auditors[107](index=107&type=chunk)[112](index=112&type=chunk) - The Committee has reviewed the Group's unaudited financial statements for the six months ended June 30, 2025[107](index=107&type=chunk)[112](index=112&type=chunk) [**Corporate Governance**](index=20&type=section&id=Corporate%20Governance) The company is committed to high standards of good corporate governance practices and procedures, emphasizing a quality board, robust internal controls, transparency, independence, and accountability to all shareholders, having complied with Listing Rules Appendix C1 - The company is committed to maintaining high standards of good corporate governance practices and procedures[108](index=108&type=chunk)[113](index=113&type=chunk) - Corporate governance principles emphasize an excellent Board, robust internal controls, transparency, independence, and accountability to all shareholders[108](index=108&type=chunk)[113](index=113&type=chunk) - Throughout the six months ended June 30, 2025, the Group has applied the principles set out in Appendix C1 of the Listing Rules 'Corporate Governance Code'[108](index=108&type=chunk)[113](index=113&type=chunk) [**Events After the Reporting Period**](index=20&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the six months ended June 30, 2025, and up to the date of this report - No significant events occurred after the six months ended June 30, 2025, and up to the date of this report[109](index=109&type=chunk)[114](index=114&type=chunk) [**Standard of Conduct Regarding Securities Transactions by Directors**](index=20&type=section&id=Standard%20of%20Conduct%20Regarding%20Securities%20Transactions%20by%20Directors) The company has adopted the 'Standard of Conduct Regarding Securities Transactions by Directors' as set out in Appendix C3 of the Listing Rules as its code of conduct, and all directors confirmed compliance during the reporting period - The company has adopted the Standard Code as its own code of conduct regarding securities transactions by directors[110](index=110&type=chunk)[115](index=115&type=chunk) - Based on specific inquiries made to all directors, the directors complied with the required standards set out in the Standard Code during the six months ended June 30, 2025[110](index=110&type=chunk)[115](index=115&type=chunk) [**Purchase, Sale or Redemption of the Company's Listed Securities**](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025[111](index=111&type=chunk)[116](index=116&type=chunk)

[Interim Results Overview](index=2&type=section&id=Interim%20Results%20Overview) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group reported a profit before tax of HK$49,540 thousand for the six months ended June 30, 2025, a significant turnaround from a prior-year loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 91,004 | 96,750 | (5,746) | -5.94% | | Cost of Inventories and Services | (26,566) | (30,261) | 3,695 | -12.21% | | Other Income | 26,354 | 2,737 | 23,617 | +862.88% | | Net Other Gains and Losses | 1,293 | (52,729) | 54,022 | N/A | | Profit/(Loss) Before Tax | 49,540 | (35,114) | 84,654 | N/A | | Profit/(Loss) for the Period | 49,263 | (35,143) | 84,406 | N/A | | Basic and Diluted Earnings/(Loss) Per Share | 21.39 HK cents | (15.26) HK cents | 36.65 HK cents | N/A | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HK$363,801 thousand, with net current assets and total equity also rising Condensed Consolidated Statement of Financial Position (As of June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current Assets | 70,490 | 69,997 | 493 | +0.70% | | Current Assets | 501,259 | 754,717 | (253,458) | -33.58% | | Current Liabilities | 207,948 | 512,763 | (304,815) | -59.44% | | Net Current Assets | 293,311 | 241,954 | 51,357 | +21.23% | | Total Assets Less Current Liabilities | 363,801 | 311,951 | 51,850 | +16.62% | | Total Equity | 300,897 | 249,252 | 51,645 | +20.72% | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners of the Company increased to HK$301,271 thousand, driven by profit for the period and exchange differences from translation Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at January 1 | 249,626 | 428,581 | | Profit/(Loss) for the Period | 49,263 | (35,143) | | Exchange Differences Arising from Translation | 3,052 | (1,035) | | Exchange Differences Realized on Disposal of a Subsidiary | (670) | – | | Total Comprehensive Income/(Expense) for the Period | 51,645 | (36,178) | | Equity Attributable to Owners of the Company at June 30 | 301,271 | 392,403 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities significantly increased, but higher cash usage in financing activities led to a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30): | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 267,913 | 105,666 | 162,247 | +153.55% | | Net Cash (Used in)/Generated from Investing Activities | (486) | 519 | (1,005) | N/A | | Net Cash Used in Financing Activities | (279,836) | (100,399) | (179,437) | +178.72% | | Net (Decrease)/Increase in Cash and Cash Equivalents | (12,409) | 5,786 | (18,195) | N/A | | Cash and Cash Equivalents at June 30 | 78,061 | 132,573 | (54,512) | -41.12% | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. Basis of Preparation](index=9&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules - Financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and **Appendix D2 of the Listing Rules**[16](index=16&type=chunk) [2. Significant Accounting Policies](index=9&type=section&id=2.%20Significant%20Accounting%20Policies) New and revised HKFRS standards were adopted with no significant financial impact, and the interim financial statements were reviewed by the audit committee - New and revised Hong Kong Financial Reporting Standards were adopted for the first time, but with no significant impact on interim financial information[17](index=17&type=chunk) - The condensed consolidated interim financial statements are unaudited but have been reviewed by the audit committee[18](index=18&type=chunk) [3. Revenue and Segment Information](index=10&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group operates in three segments: medical products/plastic toys, securities brokerage/asset management, and lending/other financial services, with lending being the largest revenue contributor - The Group's main operating segments include medical products and plastic toys, securities brokerage and asset management, and lending and other financial services[20](index=20&type=chunk) Revenue by Major Product and Service Categories (For the six months ended June 30): | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Medical Products | 32,058 | 36,286 | (4,228) | -11.65% | | Plastic Toys | 3,363 | 1,812 | 1,551 | +85.60% | | Fees and Commission Income | 661 | 572 | 89 | +15.56% | | Revenue from Contracts with Customers | 36,082 | 38,670 | (2,588) | -6.69% | | Interest Income from Loans and Finance Lease Receivables | 54,922 | 58,080 | (3,158) | -5.44% | | **Total Revenue** | **91,004** | **96,750** | **(5,746)** | **-5.94%** | Revenue and Results by Segment (For the six months ended June 30): | Segment | 2025 Revenue (HK$ thousand) | 2025 Results (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2024 Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Medical Products and Plastic Toys Business | 35,421 | (17,529) | 38,098 | (6,742) | | Securities Brokerage and Asset Management Services | 1,198 | (1,087) | 9,897 | (3,275) | | Lending Business and Other Financial Services | 54,385 | 49,812 | 48,755 | 24,239 | | **Total** | **91,004** | **31,196** | **96,750** | **14,222** | [4. Income Tax Expense](index=13&type=section&id=4.%20Income%20Tax%20Expense) Income tax expense for H1 2025 was HK$277 thousand, mainly from China corporate income tax, with Hong Kong and China having different tax rates Income Tax Expense (For the six months ended June 30): | Tax Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | – | 29 | | China Corporate Income Tax | 277 | – | | **Total Income Tax Expense** | **277** | **29** | - Hong Kong profits tax operates under a two-tiered system, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[25](index=25&type=chunk). Chinese subsidiaries are subject to a **25%** tax rate[26](index=26&type=chunk) [5. Profit/(Loss) for the Period](index=14&type=section&id=5.%20Profit%2F(Loss)%20for%20the%20Period) Profit for the period was primarily driven by a fair value gain on financial assets and the reversal of bond finance costs Major Items Affecting Profit/(Loss) for the Period (For the six months ended June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 458 | 574 | | Depreciation of Right-of-use Assets | 359 | 1,004 | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | (4,796) (Gain) | 43,230 (Loss) | | Net Impairment Loss Recognized on Financial Assets Measured at Amortized Cost | 6,250 | – | | Bank Interest Income | (1,190) | (725) | | Gain on Disposal of Investment in a Subsidiary | (241) | – | | Finance Costs - Bonds | 3,224 | 13,361 | | Finance Costs - Lease Liabilities | 13 | 35 | [6. Dividends](index=14&type=section&id=6.%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend an interim dividend for the first half of **2025** (2024: nil)[29](index=29&type=chunk) [7. Earnings/(Loss) Per Share](index=15&type=section&id=7.%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share for H1 2025 were HK21.39 cents, a turnaround from a loss in the prior period Earnings/(Loss) Per Share Calculation Data (For the six months ended June 30): | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company (HK$ thousand) | 49,263 | (35,143) | | Weighted Average Number of Ordinary Shares (Number of shares) | 230,322,413 | 230,322,413 | | **Basic and Diluted Earnings/(Loss) Per Share (HK cents)** | **21.39** | **(15.26)** | - As the exercise of share options would decrease earnings per share, the exercise of share options was not assumed in the calculation of diluted earnings per share[30](index=30&type=chunk) [8. Trade and Other Receivables, Prepayments and Loans and Finance Lease Receivables](index=16&type=section&id=8.%20Trade%20and%20Other%20Receivables,%20Prepayments%20and%20Loans%20and%20Finance%20Lease%20Receivables) Total trade and other receivables and prepayments decreased to HK$94,455 thousand, while loans receivable significantly reduced due to increased credit loss provisions Trade and Other Receivables and Prepayments (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade Receivables from Medical Products and Plastic Toys Business (net of provision) | 6,964 | 20,400 | (13,436) | -65.86% | | Trade Receivables from Securities Brokerage Business (net of provision) | 42,651 | 50,405 | (7,754) | -15.38% | | Total Trade Receivables | 49,615 | 70,805 | (21,190) | -29.93% | | Total Trade and Other Receivables and Prepayments | 94,455 | 115,420 | (20,965) | -18.16% | Loans Receivable (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Loans Receivable (gross of provision) | 820,515 | 1,061,360 | (240,845) | -22.69% | | Loss Allowance for Expected Credit Losses | (639,103) | (659,353) | 20,250 | -3.07% | | **Net Loans Receivable** | **181,412** | **402,007** | **(220,595)** | **-54.87%** | - Annual interest rates for loans receivable range from **6% to 18%**, and effective interest rates for factoring loans range from **10% to 15%**[34](index=34&type=chunk)[35](index=35&type=chunk) [9. Financial Assets at Fair Value Through Profit or Loss](index=19&type=section&id=9.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss slightly decreased to HK$129,661 thousand, with a fair value gain recorded for the period Financial Assets at Fair Value Through Profit or Loss (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Listed Securities Held for Trading | 116,143 | 114,150 | 1,993 | +1.75% | | Unlisted Equity Funds | 8,373 | 13,494 | (5,121) | -37.95% | | Unlisted Debt Securities | 5,145 | 6,540 | (1,395) | -21.33% | | **Total** | **129,661** | **134,184** | **(4,523)** | **-3.37%** | - A fair value change gain of approximately **HK$4,796 thousand** was recorded for the period, compared to a loss of **HK$997 thousand** as of December 31, 2024[36](index=36&type=chunk) - Fair value measurement of listed securities is classified as Level 1, while unlisted equity funds and debt securities are classified as Level 3[37](index=37&type=chunk) [10. Trade and Other Payables and Accrued Charges](index=20&type=section&id=10.%20Trade%20and%20Other%20Payables%20and%20Accrued%20Charges) Total trade and other payables and accrued charges slightly decreased to HK$184,799 thousand as of June 30, 2025 Trade and Other Payables and Accrued Charges (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade Payables from Medical Products and Plastic Toys Business | 16,704 | 10,472 | 6,232 | +59.51% | | Trade Payables from Securities Brokerage Business | 17,751 | 17,058 | 693 | +4.06% | | Total Trade Payables | 34,455 | 27,530 | 6,925 | +25.15% | | Other Payables and Accrued Charges | 150,344 | 162,198 | (11,854) | -7.31% | | **Total** | **184,799** | **189,728** | **(4,929)** | **-2.60%** | [11. Bonds](index=21&type=section&id=11.%20Bonds) Unsecured bonds significantly decreased to HK$63,734 thousand due to redemptions, carrying a fixed annual interest rate of 6% Bonds (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bonds, Unsecured | 63,734 | 363,092 | (299,358) | -82.45% | - The bonds are unsecured, with a **fixed interest rate of 6%**, interest paid annually, and a maturity date on the eighth anniversary of the issue date[39](index=39&type=chunk) [12. Share Capital](index=21&type=section&id=12.%20Share%20Capital) Authorized share capital was HK$5,000,000 thousand, and issued share capital remained unchanged at HK$2,304 thousand as of June 30, 2025 Share Capital Information (As of June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Authorized Share Capital (500,000,000,000 ordinary shares) | 5,000,000 | 5,000,000 | | Issued Share Capital (230,322,413 ordinary shares) | 2,304 | 2,304 | [13. Related Party Disclosures](index=22&type=section&id=13.%20Related%20Party%20Disclosures) Key management personnel remuneration for H1 2025 was HK$1,269 thousand, a slight increase from the prior period Key Management Personnel Remuneration (For the six months ended June 30): | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 1,269 | 1,229 | 40 | +3.25% | [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=23&type=section&id=Business%20Review) The Group's core businesses include financial services (securities brokerage, margin financing, lending) and manufacturing/distribution of plastic toys and medical products - The Group's core businesses include financial services (**securities brokerage, margin financing, lending**) and the manufacturing and distribution of medical products and plastic toys[43](index=43&type=chunk) [Medical Products and Plastic Toys Business](index=23&type=section&id=Medical%20Products%20and%20Plastic%20Toys%20Business) Medical product sales revenue decreased by 11.7% to HK$32.1 million, while plastic toy sales revenue grew by 85.6% to HK$3.4 million Medical Products and Plastic Toys Business Revenue (For the six months ended June 30): | Business | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Medical Product Sales Revenue | 32.1 | 36.3 | -11.7% | | Plastic Toy Sales Revenue | 3.4 | 1.8 | +85.6% | [Securities Brokerage, Margin Financing, Underwriting and Placement, and Asset Management Business](index=23&type=section&id=Securities%20Brokerage,%20Margin%20Financing,%20Underwriting%20and%20Placement,%20and%20Asset%20Management%20Business) Pegasus Securities' revenue significantly decreased to HK$1.2 million, with plans to expand asset management and corporate finance businesses Pegasus Securities Revenue (For the six months ended June 30): | Item | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Pegasus Securities Revenue | 1.2 | 9.9 | -87.88% | - The Group plans to expand its **asset management** and **corporate finance** businesses to provide comprehensive financial services[45](index=45&type=chunk) [Lending and Finance Lease](index=23&type=section&id=Lending%20and%20Finance%20Lease) Lending business interest income increased to HK$54.4 million, representing 59.8% of total revenue, and is expected to continue its contribution Lending Business Interest Income (For the six months ended June 30): | Item | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 54.4 | 48.8 | +11.47% | - Interest income from the lending business accounts for approximately **59.8%** of the Group's total revenue and is expected to continue contributing revenue[46](index=46&type=chunk) [Prospects](index=24&type=section&id=Prospects) The Group aims to expand its financial services in Hong Kong and China, including lending and securities brokerage, and diversify through new investments - The Group will focus on developing its financial segment in **Hong Kong** and **China**, including **lending, finance lease, and securities brokerage** businesses[47](index=47&type=chunk) - Plans include expanding into **corporate finance, asset management, and financing planning**, and seeking potential investment opportunities for business diversification[47](index=47&type=chunk) - Committed to strengthening corporate governance to create maximum value for shareholders[48](index=48&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) H1 2025 consolidated revenue decreased by 5.9% to HK$91.0 million, with a profit of HK$49.5 million driven by fair value gains and bond finance cost reversals Financial Performance Overview (For the six months ended June 30): | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 91.0 | 96.8 | -5.9% | | Gross Profit Margin | 70.8% | N/A | N/A | | Profit/(Loss) Before Tax | 49.5 | (35.1) | N/A | | Profit/(Loss) Attributable to Owners of the Company | 49.3 | (35.1) | N/A | - The recorded profit is primarily attributable to the change in financial assets at fair value through profit or loss from a loss to a gain (approximately **HK$4.8 million** gain compared to approximately **HK$43.2 million** loss in the prior period), and the reversal of finance costs for redeemed bonds of approximately **HK$23.1 million**[49](index=49&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) Cash and cash equivalents decreased to HK$78.1 million, while bonds payable significantly reduced, improving net current assets, current ratio, and gearing ratio Liquidity and Financial Resources (As of June 30): | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 78.1 | 91.1 | -14.27% | | Bonds Payable | 63.7 | 363.1 | -82.45% | | Net Current Assets | 293.3 | 242.0 | +21.20% | | Current Ratio | 2.4 | 1.5 | +60.00% | | Gearing Ratio | 21.2% | 145.7% | -85.45% | [Material Investments](index=25&type=section&id=Material%20Investments) The Group held no material investments exceeding 5% of total assets as of June 30, 2025 - As of June 30, 2025, the Group did not hold any material investments exceeding **5%** of total assets[51](index=51&type=chunk) [Pledged Assets](index=25&type=section&id=Pledged%20Assets) The Group had no pledged assets as of June 30, 2025 - As of June 30, 2025, the Group had no pledged assets[52](index=52&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from multiple currencies, especially RMB appreciation, with ongoing risk assessment but no hedging policy - The Group faces foreign exchange risk from multiple currencies, particularly affected by **RMB appreciation**[53](index=53&type=chunk) - Management continuously assesses foreign exchange risk but currently has no hedging policy[53](index=53&type=chunk) [Equity Price Risk](index=26&type=section&id=Equity%20Price%20Risk) The Group faces equity price risk from listed securities investments, managed by monitoring market changes and considering mitigation measures - The Group faces **equity price risk** from listed securities investments, which management monitors through market changes[54](index=54&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) The Company had no material contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Company had no material contingent liabilities[55](index=55&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employed 141 staff (132 in China) as of June 30, 2025, with remuneration including salaries, bonuses, benefits, and training - The Group employed a total of **141 staff**, with **132** located in China[56](index=56&type=chunk) - Employee remuneration includes **basic salaries, discretionary bonuses, retirement benefits, and share options**, with training provided[56](index=56&type=chunk) [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the first half of **2025**[57](index=57&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities in H1 2025 - In the first half of **2025**, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[58](index=58&type=chunk) [Share Option Scheme](index=27&type=section&id=Share%20Option%20Scheme) No share options were granted, exercised, lapsed, or cancelled under the 2022 Share Option Scheme in H1 2025, with 23,032,241 options available for grant - In the first half of **2025**, no share options were granted, exercised, lapsed, or cancelled under the **2022 Share Option Scheme**[59](index=59&type=chunk) - As of June 30, 2025, the number of share options available for grant under the Share Option Scheme was **23,032,241**[59](index=59&type=chunk) [Future Plans for Material Investments or Capital Assets](index=27&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group had no specific future plans for material investments or capital assets as of June 30, 2025 - As of June 30, 2025, the Group had no specific future plans for material investments or capital assets[60](index=60&type=chunk) [Material Acquisitions and Disposals](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group had no material acquisitions or disposals for the six months ended June 30, 2025 - In the first half of **2025**, the Group had no material acquisitions or disposals[61](index=61&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) No material events occurred after the reporting period up to the date of this report - No material events occurred after the reporting period up to the date of this report[62](index=62&type=chunk) [Shareholder and Corporate Governance Information](index=28&type=section&id=Shareholder%20and%20Corporate%20Governance%20Information) [Directors' Interests in Shares and Related Shares](index=28&type=section&id=Directors'%20Interests%20in%20Shares%20and%20Related%20Shares) No directors, supervisors, or chief executives held disclosable interests or short positions in the Company's shares or debentures as of June 30, 2025 - As of June 30, 2025, no directors, supervisors, or chief executives held disclosable company shares or related interests[63](index=63&type=chunk) [Major Shareholders](index=28&type=section&id=Major%20Shareholders) Opus Platinum Growth Fund held 7.82% of issued share capital, with Mr. Lai Shu Fan deemed to have the same interest due to indirect ownership Major Shareholders' Shareholdings (As of June 30): | Name of Shareholder | Nature of Interest | Number of Ordinary Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Opus Platinum Growth Fund | Beneficial Owner | 18,000,000 | 7.82% | | Mr. Lai Shu Fan | Interest in Controlled Corporation | 18,000,000 | 7.82% | - Mr. Lai Shu Fan indirectly owns approximately **40.03%** interest in Opus Platinum Growth Fund and is therefore deemed to have an interest in the shares held by the fund[65](index=65&type=chunk) [Corporate Governance Code](index=29&type=section&id=Corporate%20Governance%20Code) The Board believes the Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for H1 2025 - The Board believes the Company fully complied with the Corporate Governance Code in **Appendix C1** of the Listing Rules for the first half of **2025**[67](index=67&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, reviewed accounting principles, internal controls, and the interim financial statements - The Audit Committee, comprising **three independent non-executive directors**, has reviewed accounting principles, internal controls, and these interim financial statements[68](index=68&type=chunk) [Compliance with Model Code](index=29&type=section&id=Compliance%20with%20Model%20Code) The Company adopted a directors' securities transaction code, with all directors confirming full compliance in H1 2025 - The Company has adopted a model code for directors' securities transactions, and all directors confirmed full compliance in the first half of **2025**[69](index=69&type=chunk)

2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 3 | | 管理層討論及分析 | 4 | | 權益披露 | 8 | | 企業管治及其他資料 | 10 | | 簡明綜合損益及其他全面收入表 | 13 | | 簡明綜合財務狀況表 | 15 | | 簡明綜合現金流量表 | 17 | | 簡明綜合權益變動表 | 19 | 簡明綜合財務報表附註 21 偉業控股有限公司 公司資料 執行董事 陳志勇先生 獨立非執行董事 劉寧先生 董心誠先生 陳詩敏女士 審核委員會 陳詩敏女士 （主席） 董心誠先生 劉寧先生 提名委員會 董心誠先生 （主席） 陳詩敏女士 劉寧先生 薪酬委員會 劉寧先生 （主席） 董心誠先生 陳詩敏女士 公司秘書 陳雪莉女士(ACS, ACG) 文潤華先生(ACG, HKACG) 位於中國的總部及主要營業地點 中國河南省 鄭州市鄭東新區 鄭開大道 楊橋路交叉口 偉業國際廣場 A座19樓 位於香港的主要營業地點 香港 上環干諾道中111號 永安中心16樓1601室 註冊辦事處 10 Bukit Batok Crescent #06-05 The Spire Si ...