[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) This section provides an overview of the company's identity and its interim results announcement [Company Overview](index=1&type=section&id=Company%20Overview) This section introduces Tan Chong International Limited, its Bermuda incorporation, and its stock code 693 on the Hong Kong Stock Exchange - Company Name: **Tan Chong International Limited** - Place of Incorporation: **Bermuda** - Stock Code: **693** [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited interim results of Tan Chong International Limited and its subsidiaries for the six months ended June 30, 2025 - Announcement Content: Unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position for the interim period [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement reports key financial metrics including revenue, cost of sales, gross profit, operating profit, profit before tax, and profit for the period, showing significant profit growth compared to 2024 Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 6,507,897 | 6,589,126 | -1.23% | | Cost of sales | (5,280,452) | (5,287,082) | -0.13% | | Gross profit | 1,227,445 | 1,302,044 | -5.73% | | Operating profit | 329,768 | 242,711 | +35.86% | | Profit before tax | 234,270 | 140,133 | +67.18% | | Profit for the period | 107,713 | 28,018 | +284.44% | | Attributable to equity holders of the Company | 11,683 | (35,904) | N/A | | Basic and diluted earnings/(loss) per share (HK Cents) | 0.58 | (1.78) | N/A | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement discloses profit for the period and other comprehensive income, including revaluation of defined benefit plans, fair value changes in equity investments, and foreign currency translation differences, showing a shift from loss to profit in total comprehensive income Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 107,713 | 28,018 | +284.44% | | Net change in fair value reserve (non-recyclable) | (37,153) | 261,887 | N/A | | Exchange differences on translation of financial statements of overseas subsidiaries | 716,249 | (498,131) | N/A | | Other comprehensive income for the period | 684,736 | (218,175) | N/A | | Total comprehensive income for the period | 792,449 | (190,157) | N/A | | Attributable to equity holders of the Company | 589,615 | (133,125) | N/A | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides the assets, liabilities, and equity as of June 30, 2025, and December 31, 2024, detailing the composition and changes in non-current assets, current assets, current liabilities, non-current liabilities, and total equity, indicating an increase in net assets Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 15,447,489 | 14,400,824 | +7.27% | | Current assets | 9,611,228 | 9,279,428 | +3.57% | | Current liabilities | 8,636,242 | 7,713,866 | +11.96% | | Net current assets | 974,986 | 1,565,562 | -37.73% | | Non-current liabilities | 3,588,305 | 3,797,682 | -5.51% | | Net assets | 12,834,170 | 12,168,704 | +5.47% | | Total equity attributable to equity holders of the Company | 11,532,534 | 11,052,672 | +4.34% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This section outlines that the interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, noting the application of IAS 21 (Revised) with no significant impact on the report - Basis of Preparation: Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34 "Interim Financial Reporting"[7](index=7&type=chunk) - Accounting Policies: Consistent with those adopted in the 2024 annual financial statements, except for changes expected to be reflected in the 2025 annual financial statements[7](index=7&type=chunk) - Changes in Accounting Policies: Application of IAS 21 (Revised), "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," issued by IASB, which has no significant impact on this report[8](index=8&type=chunk) [Revenue and Segment Reporting](index=6&type=section&id=Revenue%20and%20Segment%20Reporting) This section details the group's revenue classification by major product/service lines and customer geographical markets, provides performance data for each reportable segment, and reconciles segment profit or loss to consolidated profit before tax - Revenue Definition: Sales value of goods sold, services provided to customers, rental income, interest income from loans and advances, management service fees, agency commissions and fees, and warranty income[10](index=10&type=chunk) - Primary Revenue Sources: **Services provided** (HKD **4,374,302 thousand**) and **sales of goods** (HKD **1,616,714 thousand**)[10](index=10&type=chunk) - Primary Geographical Market: **Japan** (HKD **4,167,682 thousand**)[10](index=10&type=chunk) - Segment EBITDA: **Transportation business** contributed the most, at HKD **416,402 thousand**[13](index=13&type=chunk) [Revenue Classification](index=6&type=section&id=Revenue%20Classification) Revenue is classified by major product or service lines (e.g., sales of goods, services provided, agency commissions) and customer geographical markets (e.g., Singapore, China, Japan), showing various income sources and regional contributions Revenue Classification (For the six months ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 1,616,714 | 1,961,688 | -17.59% | | Services provided | 4,374,302 | 4,117,640 | +6.23% | | Agency commissions and fees | 25,672 | 19,257 | +33.31% | | Warranty income | 1,620 | 1,079 | +50.14% | | Fixed rental income from investment properties | 67,399 | 62,230 | +8.31% | | Interest income from loans and advances | 237,987 | 229,025 | +3.91% | | Motor vehicle rental income | 184,203 | 198,207 | -7.07% | | **Total Revenue** | **6,507,897** | **6,589,126** | **-1.23%** | Revenue by Customer Geographical Market (For the six months ended June 30) | Geographical Market | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Singapore | 1,109,908 | 1,082,869 | +2.50% | | People's Republic of China | 187,228 | 280,248 | -33.19% | | Thailand | 225,597 | 162,074 | +39.20% | | Japan | 4,167,682 | 3,870,477 | +7.68% | | Taiwan | 336,782 | 472,820 | -28.78% | | Other regions | 480,700 | 720,638 | -33.30% | | **Total Revenue** | **6,507,897** | **6,589,126** | **-1.23%** | [Segment Results](index=7&type=section&id=Segment%20Results) This section provides revenue and EBITDA for reportable segments including motor vehicle distribution, heavy commercial and industrial equipment, property rental and development, transportation, and other businesses, highlighting the contribution of each segment, with transportation business having the largest EBITDA Segment Results (For the six months ended June 30) | Segment | 2025 Revenue (HKD Thousand) | 2024 Revenue (HKD Thousand) | 2025 EBITDA (HKD Thousand) | 2024 EBITDA (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Motor vehicle distribution and dealership business | 1,678,097 | 1,968,761 | (87,886) | (30,462) | | Heavy commercial vehicle and industrial equipment distribution and dealership business | 59,218 | 63,178 | 5,331 | 1,041 | | Property rental and development | 58,870 | 55,654 | 86,326 | 43,932 | | Transportation business | 4,167,682 | 3,870,477 | 416,402 | 340,343 | | Other businesses | 544,030 | 631,056 | 253,461 | 228,639 | | **Total** | **6,507,897** | **6,589,126** | **673,634** | **583,493** | [Reconciliation of Reportable Segment Profit or Loss](index=8&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Profit%20or%20Loss) This section reconciles the total EBITDA of each segment with depreciation and amortization, interest income, finance costs, and share of profit of associates, to arrive at the consolidated profit before tax Reconciliation of Segment Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Total segment EBITDA | 673,634 | 583,493 | | Depreciation and amortization | (356,653) | (354,693) | | Interest income | 12,787 | 13,911 | | Finance costs | (96,042) | (103,172) | | Share of profit of associates | 544 | 594 | | **Consolidated profit before tax** | **234,270** | **140,133** | [Profit Before Tax](index=8&type=section&id=Profit%20Before%20Tax) This section discloses the components of profit before tax, including finance costs, depreciation, amortization of intangible assets, dividend income, and gain on disposal of property, plant and equipment Profit Before Tax Components (For the six months ended June 30) | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Finance costs | 96,042 | 103,172 | | Depreciation - owner-occupied property, plant and equipment | 198,774 | 202,003 | | Depreciation - right-of-use assets | 146,074 | 142,510 | | Amortization of intangible assets | 11,805 | 10,180 | | Dividend income | (38,373) | (29,597) | | Gain on disposal of property, plant and equipment | (5,817) | (2,735) | [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) This section analyzes the distribution of income tax expense by region (Hong Kong, Singapore, other regions) and explains the group's applicable weighted average tax rates Income Tax Expense (For the six months ended June 30) | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong | 784 | 318 | | Singapore | 22,478 | 29,472 | | Other regions | 103,295 | 82,325 | | **Total** | **126,557** | **112,115** | - The Group's applicable tax rates primarily range between **16.5% and 31.52%**[16](index=16&type=chunk) [Dividends](index=8&type=section&id=Dividends) This section discloses the interim dividend declared for the six months ended June 30, 2025, at HKD 0.02 per ordinary share, totaling HKD 40,266,000, consistent with the prior year Interim Dividends Declared (For the six months ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Dividend per ordinary share | 0.02 HKD | 0.02 HKD | | Total dividend | 40,266 | 40,266 | [Earnings/(Loss) Per Share](index=9&type=section&id=Earnings%2F(Loss)%20Per%20Share) This section explains the calculation of basic earnings per share, based on profit attributable to equity holders and the number of ordinary shares outstanding, noting that diluted earnings per share is the same as basic due to no dilutive securities - **Basic earnings per share** for 2025: **0.58 HK Cents** (based on profit of HKD 11,683,000)[18](index=18&type=chunk) - **Basic loss per share** for 2024: **(1.78) HK Cents** (based on loss of HKD 35,904,000)[18](index=18&type=chunk) - Number of ordinary shares outstanding: **2,013,309,000 shares**[18](index=18&type=chunk) - Diluted earnings/(loss) per share is the same as basic earnings/(loss) per share, as there were no dilutive securities issued during the period[18](index=18&type=chunk) [Investments Accounted for at Fair Value Through Other Comprehensive Income](index=9&type=section&id=Investments%20Accounted%20for%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) This section discloses the group's investments accounted for at fair value through other comprehensive income, primarily comprising listed and unlisted equity securities outside Hong Kong, with the strategic investment in Subaru Corporation recording an unrealized loss this period Investments Accounted for at Fair Value Through Other Comprehensive Income (As of June 30) | Investment Type | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Listed equity securities outside Hong Kong | 1,607,299 | 1,641,277 | | Unlisted equity securities | 7,545 | 6,828 | | **Total** | **1,614,844** | **1,648,105** | - Investment in **Subaru Corporation**: **HKD 1,563,661 thousand** (as of June 30, 2025), representing **1.5%** of issued shares and **6.2%** of the Group's total assets at cost[20](index=20&type=chunk) - A fair value **loss of HKD 35,622 thousand** was recognized in the first half of 2025, compared to a **gain of HKD 257,442 thousand** in the same period of 2024[20](index=20&type=chunk) [Trade Receivables](index=10&type=section&id=Trade%20Receivables) This section provides an aging analysis of trade receivables as of the reporting date, showing amounts across different aging bands, and notes the Group's credit period ranges from 7 days to 6 months Aging Analysis of Trade Receivables (As of June 30) | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 984,713 | 741,504 | | 31 to 90 days | 172,728 | 189,297 | | Over 90 days | 13,145 | 17,589 | | **Total** | **1,170,586** | **948,390** | - The Group's permitted credit period ranges from **7 days to 6 months**[22](index=22&type=chunk) [Trade Payables](index=10&type=section&id=Trade%20Payables) This section provides an aging analysis of trade payables as of the reporting date, showing amounts across different aging bands Aging Analysis of Trade Payables (As of June 30) | Aging | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 726,455 | 581,726 | | 31 to 90 days | 204,599 | 121,246 | | 91 to 180 days | 58,566 | 42,118 | | Over 180 days | 111,441 | 99,326 | | **Total** | **1,101,061** | **844,416** | [Share-based Payments](index=10&type=section&id=Share-based%20Payments) This section details the Group's two share compensation schemes (2015 and 2022 Schemes), including their operation, grant terms, point movements, fair value assumptions, and related expenses [2015 Scheme](index=10&type=section&id=2015%20Scheme) This section describes the 2015 share compensation scheme, managed by an independent trustee, which awards share points based on performance to eligible directors, senior executives, and auditors, disclosing total points granted and fair value estimates - Scheme Nature: A performance-based share compensation scheme managed by a trustee independent of the Group[24](index=24&type=chunk) - Points Granted: As of June 30, 2025, selected participants were granted a total of **475,520 points**[26](index=26&type=chunk) - Point Movement: Unconverted points at period-end were **185,000 points** for both 2025 and 2024[28](index=28&type=chunk) - Fair Value Estimation: Using the Black-Scholes model, the fair value of points on July 1, 2024, was **JPY 1,636**[30](index=30&type=chunk) - Expense: For the six months ended June 30, 2025, the Group recognized a net share-based equity-settled payment expense of **HKD 130,000** related to the 2015 Scheme[31](index=31&type=chunk) [2022 Scheme](index=12&type=section&id=2022%20Scheme) This section describes the 2022 share compensation scheme, also managed by an independent trustee, which awards share points to eligible directors and employees, with some convertible to cash, disclosing total points granted, movements, and fair value estimates - Scheme Nature: A performance-based share compensation scheme managed by a trustee independent of the Group, with some points convertible to cash at prevailing market prices[32](index=32&type=chunk) - Points Granted: As of June 30, 2025, a total of **105,200 points** were granted for the equity-settled portion, and **25,300 points** for the cash-settled portion[33](index=33&type=chunk) - Point Movement: Unconverted cash-settled points at period-end were **19,300 points** for both 2025 and 2024[35](index=35&type=chunk) - Fair Value Estimation: Using the Black-Scholes model, the fair value of points on October 1, 2024, was **JPY 1,948**[37](index=37&type=chunk) - Expense: For the six months ended June 30, 2025, net equity-settled expense was **HKD 1,736,000**, and net cash-settled expense was **HKD 683,000**[38](index=38&type=chunk) [Management Review and Outlook](index=14&type=section&id=Management%20Review%20and%20Outlook) This section provides management's analysis of the company's performance during the period and its strategic outlook for the future [Interim Dividend Declaration and Register of Members](index=14&type=section&id=Interim%20Dividend%20Declaration%20and%20Register%20of%20Members) The Board declared an interim ordinary dividend of HKD 0.02 per share, totaling HKD 40,266,000, and announced the payment date and closure period for the register of members - Interim Dividend: **HKD 0.02 per share**, totaling **HKD 40,266,000**[39](index=39&type=chunk) - Payment Date: **September 24, 2025**[39](index=39&type=chunk) - Register of Members Closed: From **September 11, 2025, to September 12, 2025**[40](index=40&type=chunk) [Performance Overview](index=14&type=section&id=Performance%20Overview) The Group's revenue slightly declined by 1% in H1 2025, but profit after tax surged by 284%, EBITDA rose by 15%, and operating profit margin improved to 5.1%, driven by stringent cost control and operational efficiency, with improved net gearing and net asset value per share - Revenue: **HKD 6.51 billion**, a slight **1% decline** compared to the same period in 2024[41](index=41&type=chunk) - Profit After Tax: **HKD 107.7 million**, a significant **284% increase** from HKD 28 million in the same period of 2024[41](index=41&type=chunk) - EBITDA: Increased by **15%** to **HKD 673.6 million** in the first half of 2025[41](index=41&type=chunk) - Operating Profit Margin: Improved to **5.1%** (3.7% in the same period of 2024)[41](index=41&type=chunk) - Cost Control: **Administrative expenses decreased by 11%**, and **distribution costs decreased by 29%** (excluding ZERO and ETHOZ Group)[41](index=41&type=chunk) - Net Gearing Ratio: **49.3%** (as of June 30, 2025)[42](index=42&type=chunk) - Net Asset Value Per Share: **HKD 6.37** (as of June 30, 2025), an increase from HKD 6.04 at the end of December 2024[44](index=44&type=chunk) [Significant Investments](index=15&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held HKD 1.61 billion in fair value investments, primarily strategic listed and unlisted equity securities, recording an unrealized loss of HKD 37 million this period, compared to a gain of HKD 262 million in the prior year - Total Fair Value Investments: **HKD 1.61 billion** (as of June 30, 2025)[46](index=46&type=chunk) - Investment Composition: Primarily **equity securities listed on the Tokyo Stock Exchange**, representing strategic investments accumulated over many years[46](index=46&type=chunk) - Unrealized Fair Value Change: A **loss of HKD 37 million** was recorded in the first half of 2025, compared to a **gain of HKD 262 million** in the same period of 2024[46](index=46&type=chunk) [Regional Market Performance](index=15&type=section&id=Regional%20Market%20Performance) This section provides a detailed review of the Group's business performance in key regional markets including Singapore, China, Taiwan, Philippines, Malaysia, Thailand, Vietnam, Cambodia, and Japan, covering sales, challenges, and strategic plans for brands like Nissan, Subaru, ETHOZ, and ZERO [Singapore Market](index=15&type=section&id=Singapore%20Market) Singapore's TIV grew by 28%, but Nissan passenger and commercial vehicle sales declined due to reduced emission scheme incentives; Subaru business achieved a significant 181% growth, outperforming the market, with plans to launch new hybrid models - Total Industry Volume (TIV): Increased by **28%** in the first half of 2025 (**29%** for passenger vehicles, **22%** for commercial vehicles)[47](index=47&type=chunk) - Nissan Passenger Vehicle Sales: **Decreased by 26%** year-on-year, primarily due to reduced incentives for A2-category passenger vehicles under the Vehicle Emissions Scheme (VES)[48](index=48&type=chunk) - Nissan Commercial Van Sales: **Decreased by 8%** year-on-year, affected by the cancellation of Commercial Vehicle Emissions Scheme (CVES) incentives and the termination of the early turnover scheme[48](index=48&type=chunk) - Nissan Outlook: New Townstar EV and upgraded Serena e-POWER are expected to launch in the second half, aiming for growth in both commercial and passenger vehicle markets[49](index=49&type=chunk) - Subaru Business: Achieved **181% growth** in the first half of 2025, outperforming the TIV growth for the same period[50](index=50&type=chunk) - Subaru Outlook: The new **Forester E-Boxer** strong hybrid vehicle is expected to launch in the second half of 2025[50](index=50&type=chunk) [ETHOZ Group](index=16&type=section&id=ETHOZ%20Group) ETHOZ Group's total revenue declined by 2.4% in the first half, mainly due to reduced vehicle leasing and sales, but net profit grew by 10% driven by increased interest income. The Group remains optimistic about the full-year outlook and confident in its core business's long-term potential - Total Revenue: **Decreased by 2.4%** to **HKD 445.4 million** compared to the same period in 2024[51](index=51&type=chunk) - Net Profit: **Increased by 10%** compared to the same period in 2024[51](index=51&type=chunk) - Reason for Revenue Decline: Primarily due to **reduced vehicle leasing income and vehicle sales**, offset by an **increase in interest income**[51](index=51&type=chunk) - Outlook: Remains **optimistic about the full-year outlook**, relying on the strength and resilience of its core businesses for growth[51](index=51&type=chunk) [China Market](index=16&type=section&id=China%20Market) Hong Kong Subaru sales declined by 13% but market share increased; mainland China Subaru dealership sales dropped by 43% amid fierce competition, yet the Group is optimistic about the new Forester launch in the second half - Hong Kong Subaru Business: Sales **decreased by 13%** in the first half of 2025 compared to the same period in 2024, but successfully **increased Subaru's market share** (TIV decreased by 23% in the same period)[52](index=52&type=chunk) - Mainland China Subaru Dealership Business: Sales **decreased by 43%** in the first half of 2025 compared to the same period in 2024, continuously facing intense brand competition[52](index=52&type=chunk) - Outlook: The Group remains **optimistic about the launch of the new Forester** in the second half for both Hong Kong and mainland China markets[52](index=52&type=chunk) [Taiwan and Philippines Markets](index=16&type=section&id=Taiwan%20and%20Philippines%20Markets) Taiwan Subaru sales declined by 36% due to trade tariffs, economic confidence, and aging models; Philippines Subaru sales dropped by 64% due to NEV tax incentives and new market entrants. Both markets anticipate improved performance in the second half with the new Forester E-Boxer - Taiwan Subaru Business: Sales **decreased by 36%** in the first half of 2025 compared to the same period in 2024, affected by uncertain US trade tariff situation, declining economic confidence, and an aging model lineup[53](index=53&type=chunk) - Philippines Subaru Business: Sales **decreased by 64%** in the first half of 2025 compared to the same period in 2024, impacted by new brands entering the market attracted by New Energy Vehicle (NEV) tax incentives[53](index=53&type=chunk) - Outlook: Both Taiwan and Philippines markets anticipate improved prospects in the second half with the launch of the new **Forester E-Boxer** strong hybrid[53](index=53&type=chunk) - Philippines: Committed to continuous improvement and expansion of its dealership network, opening a **Subaru Pampanga dealership** in Angeles City, Luzon, in June 2025[53](index=53&type=chunk) [Malaysia, Thailand, Vietnam, and Cambodia Markets](index=16&type=section&id=Malaysia%2C%20Thailand%2C%20Vietnam%2C%20and%20Cambodia%20Markets) The Group is transitioning these markets from Completely Knocked Down (CKD) to Completely Built Up (CBU) imports from Japan. Malaysia and Vietnam Subaru sales declined, Thailand Subaru sales grew by 100%, and Cambodia sales were flat but market share increased. All markets are optimistic or cautiously optimistic about the CBU launch of the new Forester - Strategic Transformation: The Group is transitioning markets like Malaysia, Thailand, Vietnam, and Cambodia from Completely Knocked Down (CKD) to Completely Built Up (CBU) imports from Japan[54](index=54&type=chunk) - Malaysia Subaru: Sales **decreased by 37%** in the first half of 2025 compared to the same period in 2024, affected by market normalization, US trade tariffs, and petrol subsidy adjustments[54](index=54&type=chunk) - Thailand Subaru: Achieved a strong **100% year-on-year sales growth** in the first half of 2025, despite TIV recovery being impacted by high household debt levels[55](index=55&type=chunk) - Vietnam Subaru: Sales **decreased by 40%** in the first half of 2025 compared to the same period in 2024, with a slow start[55](index=55&type=chunk) - Cambodia Subaru: Recorded **zero growth** in the first half of 2025, but successfully **increased Subaru's market share** (TIV decreased by 20% in the same period)[55](index=55&type=chunk) - Outlook: All markets will formally advance the CBU transition with the launch of the new Forester, maintaining an **optimistic or cautiously optimistic outlook** for the second half[54](index=54&type=chunk)[55](index=55&type=chunk) [Japan Market (ZERO Group)](index=17&type=section&id=Japan%20Market%20(ZERO%20Group)) ZERO Group's first-half revenue grew by 8% to HKD 4.2 billion, with net profit after tax up 36%, driven by expanded domestic automotive and HR businesses, a one-off compensation, and improved used car export profitability. The Group will continue to optimize its business structure and cost control to sustain profitability - Revenue: Recorded an **8% increase** in revenue to **HKD 4.2 billion** in the first half of 2025[56](index=56&type=chunk) - Net Profit After Tax: **Increased by 36%** in the first half of 2025 compared to the same period last year[56](index=56&type=chunk) - Reasons for Growth: Primarily benefited from the **expansion of domestic automotive-related businesses and human resources businesses**, a **one-off compensation** received for the Kawasaki Integrated Logistics Center fire, and **improved profitability in used car export business**[56](index=56&type=chunk) - Outlook: ZERO Group will continue to **optimize its vehicle transportation business structure**, implement measures to **enhance efficiency**, drive **gross profit-focused sales activities**, **streamline business processes**, and **reduce operating costs** to maintain profitability[56](index=56&type=chunk) [Hire Purchase and Financing Business](index=17&type=section&id=Hire%20Purchase%20and%20Financing%20Business) The Group provides hire purchase, finance lease, and commercial loan services, primarily to SMEs. This section details net receivables, customer distribution, aging analysis, loan terms, and stringent risk management and impairment assessment policies for various loan types [Business Types and Customer Distribution](index=17&type=section&id=Business%20Types%20and%20Customer%20Distribution) The Group's hire purchase and finance lease businesses primarily involve motor vehicles, office automation, and IT equipment across Singapore, China, and Malaysia, with HKD 2.7 billion in net receivables, mainly from SMEs. Commercial loans total HKD 3.2 billion, predominantly secured, provided to Singaporean clients - Net Hire Purchase and Finance Lease Receivables: **HKD 2.7 billion**, representing **45%** of total loans and advances[58](index=58&type=chunk) - Hire Purchase and Finance Lease Customer Distribution: **Singapore 11%, China 87%, Malaysia 2%**, totaling **7,845 customers**, of which **96% are SMEs**[58](index=58&type=chunk) - Total Commercial Loans: **HKD 3.2 billion**, representing **55%** of total loans and advances, provided to only **561 Singaporean customers**[59](index=59&type=chunk) - Commercial Loan Type: **97% are secured commercial loans**[59](index=59&type=chunk) [Key Loan Approval Terms](index=18&type=section&id=Key%20Loan%20Approval%20Terms) Hire purchase and finance lease terms range from 1 to 8 years with annual interest rates of 2.48% to 12%; commercial loan credit periods are 1 to 3 years with annual interest rates of 6% to 9% - Hire Purchase and Finance Lease Term: Ranging from **1 to 8 years**, with annual interest rates from **2.48% to 12%**[60](index=60&type=chunk) - Commercial Loan Credit Period: **1 to 3 years**, with annual interest rates from **6% to 9%**[61](index=61&type=chunk) [Risk Management Policy](index=18&type=section&id=Risk%20Management%20Policy) The Group has established comprehensive risk management policies to identify, analyze, and control credit risk, encompassing stringent credit approval processes (e.g., KYC, AML, qualitative and quantitative assessments) and credit monitoring measures (e.g., regular loan portfolio reviews, customer follow-ups) - Risk Management Objective: To identify and analyze risks faced by the Group, establish appropriate risk limits and control measures, and monitor risks and compliance with these limits[62](index=62&type=chunk) - Credit Approval: Conducts screening checks ("Know Your Customer," "Anti-Money Laundering," and "Countering the Financing of Terrorism") and submits credit proposals for review by the Credit Risk Department[63](index=63&type=chunk) - Assessment Factors: The credit approval team considers both **quantitative** (balance sheet assessment, profit and loss assessment, financial ratio assessment, etc.) and **qualitative** (business model/operating model, management team/owner profile, and risk appetite, etc.) factors[65](index=65&type=chunk) - Credit Enhancement: Specifically for commercial loan businesses, credit enhancement is obtained through corporate guarantees/personal guarantees/vendor buy-back guarantees and/or property collateral[65](index=65&type=chunk) - Credit Monitoring: Regular review of loan portfolios, with the Credit Management Department responsible for customer follow-ups, including daily calls, review of auto-debit rejection cases, monthly collection rate report reviews, and site visits[68](index=68&type=chunk)[72](index=72&type=chunk) [Loan Impairment Policy and Assessment](index=19&type=section&id=Loan%20Impairment%20Policy%20and%20Assessment) The Group regularly assesses financial assets for credit impairment, recognizing impairment when adverse events affect future cash flows. Impairment assessment involves reviewing non-performing and outstanding loans, with a provision of HKD 50.4 million made for loans and advances and finance leases - Impairment Assessment: At each reporting date, the Group assesses whether financial assets carried at amortized cost have experienced credit impairment[69](index=69&type=chunk) - Evidence of Credit Impairment: Includes significant financial difficulty of the borrower, default (e.g., overdue for more than 90 days), the Group restructuring the loan, or the borrower likely entering bankruptcy[72](index=72&type=chunk) - Impairment Provision: As of June 30, 2025, an impairment provision of **HKD 50.4 million** has been made for loans and advances and finance leases[70](index=70&type=chunk) - Bad Debt Write-offs: Bad debt write-offs were **less than 0.1%** in the first half of 2025[70](index=70&type=chunk) [Outlook](index=19&type=section&id=Outlook) The Group anticipates a continuously complex and volatile global economic environment, and will continue to strengthen cost control and operational efficiency. ETHOZ Group's independent listing plan has been postponed, but the Group remains confident in its fundamentals and long-term growth potential, aiming for sustainable growth with prudence and discipline - Global Economic Outlook: The global economic environment is expected to remain **complex and volatile**, with geopolitical tensions and market fluctuations continuously impacting operating conditions[71](index=71&type=chunk) - Group Strategy: Will enter the second half of 2025 with a **robust and resilient stance**, having implemented various measures to **strengthen cost control and enhance operational efficiency**[71](index=71&type=chunk) - ETHOZ Group Independent Listing: Following a comprehensive market assessment, the Group has decided to **postpone the advancement of this plan**, prioritizing timing and value creation[71](index=71&type=chunk) - Group Confidence: With years of experience in navigating economic cycles, the Group remains **confident in its ability to adapt to market changes** and consistently achieve sustainable long-term performance[71](index=71&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) This section covers additional corporate governance details, including share transactions, audit committee review, corporate governance code compliance, and board composition [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[73](index=73&type=chunk) - As of June 30, 2025, the Company held no treasury shares[73](index=73&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, in conjunction with management, has reviewed the Group's unaudited consolidated interim financial report for the six months ended June 30, 2025 - The Audit Committee, together with management, has reviewed the Group's unaudited consolidated interim financial report for the six months ended June 30, 2025[74](index=74&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The Board found no information indicating any breach of the Corporate Governance Code under Appendix C1 of the HKEX Listing Rules. Non-executive and independent non-executive directors have no fixed terms but are subject to retirement by rotation and re-election, with emphasis on the Chairman's role in leadership continuity and decision execution - The Company's Directors are not aware of any information that might indicate a breach of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules at any time during the six months ended June 30, 2025[75](index=75&type=chunk) - The Company's non-executive and independent non-executive Directors do not have specific terms of appointment but are subject to retirement by rotation and re-election at the Company's annual general meeting in accordance with the Company's Bye-laws[75](index=75&type=chunk) - The Board believes that the current structure facilitates **strong leadership continuity**, enabling the Group to execute decisions quickly and effectively[75](index=75&type=chunk) [Board Directive and List of Directors](index=20&type=section&id=Board%20Directive%20and%20List%20of%20Directors) The announcement was issued by Ms. Sun Shu Fa, Finance Director, on behalf of the Board, and lists the executive and independent non-executive directors as of the announcement date - The announcement was issued by **Ms. Sun Shu Fa, Finance Director**, on behalf of the Board[76](index=76&type=chunk) - Executive Directors include **Mr. Glenn Tan Eng Soon, Mr. Tan Keng Leong, Mr. Tan Keng Loke, Ms. Sun Shu Fa, Ms. Tan Siew Ling, and Mr. Lee Sze Yick**[76](index=76&type=chunk) - Independent Non-executive Directors include **Mr. Ng Kim Tuck, Mr. Azman Bin Badrillah, Mr. Prechaya Ebrahim, Mr. Teo Ek Kee, and Mr. Tay Ka Chye**[76](index=76&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Sinco Pharmaceuticals Holdings Limited 興科蓉醫藥控股有限公司 （根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6833） 截 至2025年6月30日止六個月的 中期業績公告 財務摘要 – 2 – 中期簡明綜合財務狀況表 2025年6月30日 | | | | | | | | | | | | | | | | | 2025年 | | | 2024年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | 6月30日 | ...

I. [Company Information and Declarations](index=1&type=section&id=I.%20Company%20Information%20and%20Declarations) 1.1 [Company Overview and GEM Characteristics](index=1&type=section&id=1.1%20Company%20Overview%20and%20GEM%20Characteristics) This section outlines Omnibridge Holdings Limited's basic information, its GEM listing on the HKEX, and the inherent high investment risks for small and medium-sized companies in this market - The company's name is Omnibridge Holdings Limited, stock code 8462, incorporated in the Cayman Islands[2](index=2&type=chunk) - The GEM market provides a listing platform for small and medium-sized companies, entailing higher investment risks, potential for significant market volatility, and no guarantee of high liquidity[3](index=3&type=chunk) 1.2 [Directors' Responsibility Statement](index=1&type=section&id=1.2%20Directors'%20Responsibility%20Statement) The Board confirms that the information in this interim results announcement is accurate, complete, and free from misleading or fraudulent content, assuming collective and individual responsibility - The directors collectively and individually assume full responsibility for the interim results announcement, confirming the information is accurate, complete, and free from misleading or fraudulent content[4](index=4&type=chunk) II. [Unaudited Condensed Consolidated Interim Financial Statements](index=2&type=section&id=II.%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) 2.1 [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue and profit for the period significantly decreased year-on-year, primarily due to reduced service costs, other income, and staff costs, leading to a substantial drop in earnings per share Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (SGD '000) | Metric | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,588 | 25,699 | -8.2% | | Cost of services | (21,911) | (23,589) | -7.1% | | Gross profit | 1,677 | 2,110 | -20.5% | | Other income | 781 | 2,738 | -71.5% | | Staff costs | (1,497) | (2,086) | -28.3% | | Operating profit | 154 | 2,038 | -92.4% | | Profit before tax | 142 | 2,020 | -93.0% | | Profit for the period | 85 | 1,654 | -94.9% | | Basic and diluted earnings per share (SGD cents) | 0.01 | 0.28 | -96.4% | 2.2 [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's non-current assets and current liabilities both decreased, while net current assets slightly increased, indicating a relatively stable financial structure Key Data from Condensed Consolidated Statement of Financial Position (SGD '000) | Metric | June 30, 2025 (SGD '000) | December 31, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 461 | 729 | -36.8% | | Current assets | 28,608 | 30,656 | -6.7% | | Current liabilities | 5,387 | 7,554 | -28.7% | | Net current assets | 23,221 | 23,102 | +0.5% | | Total assets less current liabilities | 23,682 | 23,831 | -0.6% | | Non-current liabilities | 113 | 325 | -65.2% | | Net assets | 23,569 | 23,506 | +0.3% | 2.3 [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity slightly increased, primarily due to profit for the period, though exchange differences from overseas operations reduced exchange reserves Key Data from Condensed Consolidated Statement of Changes in Equity (SGD '000) | Metric | January 1, 2025 (Audited) | Profit for the period | Other comprehensive loss for the period | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Share capital | 1,053 | – | – | 1,053 | | Share premium | 10,715 | – | – | 10,715 | | Other reserves | 1,650 | – | – | 1,650 | | Exchange reserve | (149) | – | (22) | (171) | | Retained earnings | 10,237 | 85 | – | 10,322 | | **Total** | **23,506** | **85** | **(22)** | **23,569** | 2.4 [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=2.4%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities significantly decreased, leading to a net decrease in cash and cash equivalents, while investing cash flow remained stable and financing cash outflow reduced Key Data from Condensed Consolidated Statement of Cash Flows (SGD '000) | Metric | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 58 | 2,950 | -98.0% | | Net cash from investing activities | 112 | 111 | +0.9% | | Net cash used in financing activities | (180) | (266) | -32.3% | | Net (decrease) / increase in cash and cash equivalents | (10) | 2,795 | -100.4% | | Cash and cash equivalents at end of period | 20,035 | 17,862 | +12.2% | III. [Notes to the Financial Statements](index=9&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) 3.1 [General Information](index=9&type=section&id=3.1%20General%20Information) This section outlines Omnibridge Holdings Limited's registration, listing information, primary business (human resources outsourcing and recruitment services), and ultimate controlling parties - The company is incorporated in the Cayman Islands, with shares listed on the GEM board of the Hong Kong Stock Exchange on July 17, 2017[13](index=13&type=chunk) - The Group primarily engages in providing human resources outsourcing services and human resources recruitment services[14](index=14&type=chunk) - The ultimate holding company is Omnipartners Holdings Limited, and the ultimate controlling parties are Executive Directors Mr. Chow Chi Kin and Ms. Hung Yu Hon[13](index=13&type=chunk) 3.2 [Basis of Preparation and Accounting Policies](index=9&type=section&id=3.2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The financial statements are prepared under the historical cost convention, in compliance with International Financial Reporting Standards, with accounting policies consistent with the prior year and no material impact from newly adopted standards - The financial statements are prepared under the historical cost convention and comply with International Financial Reporting Standards[15](index=15&type=chunk) - The accounting policies adopted for the financial information for the six months ended June 30, 2025, are consistent with those used in the audited financial statements for the year ended December 31, 2024[15](index=15&type=chunk)[18](index=18&type=chunk) - The amendments to IAS 21 "Lack of Exchangeability" have been adopted but have no material impact on the financial position and performance[18](index=18&type=chunk) 3.3 [Segment Information and Major Customers](index=11&type=section&id=3.3%20Segment%20Information%20and%20Major%20Customers) The Group does not present operating and geographical segment information due to integrated resources and most operations being in Singapore; in H1 2025, one customer contributed over 10% of revenue, compared to three in H1 2024 - The Group does not present operating segment information as resources are integrated, and no separate financial data for independent operating segments is available[20](index=20&type=chunk) - The Group's majority of operations and assets and liabilities are located in Singapore, thus no geographical segment information is presented[20](index=20&type=chunk) Major Customers Contributing Over 10% of Revenue (SGD '000) | Customer | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | | :--- | :--- | :--- | | Customer A | 4,580 | 4,149 | | Customer B | Not applicable | 2,610 | | Customer C | Not applicable | 2,542 | 3.4 [Revenue and Other Income Analysis](index=12&type=section&id=3.4%20Revenue%20and%20Other%20Income%20Analysis) In H1 2025, the Group's revenue from human resources outsourcing services decreased year-on-year, and human resources recruitment services revenue also significantly declined, while other income, primarily government grants, saw a substantial year-on-year reduction Revenue Components (SGD '000) | Revenue Source | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Human resources outsourcing services | 23,286 | 25,144 | -7.4% | | Human resources recruitment services | 236 | 498 | -52.6% | | Other human resources support services | 66 | 57 | +15.8% | | **Total Revenue** | **23,588** | **25,699** | **-8.2%** | Other Income Components (SGD '000) | Other Income Source | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Operational support income | 82 | – | N/A | | Interest income | 72 | 54 | +33.3% | | Dividend income | 71 | 66 | +7.6% | | Government grants | 556 | 2,618 | -78.8% | | **Total Other Income** | **781** | **2,738** | **-71.5%** | 3.5 [Components of Profit Before Tax](index=13&type=section&id=3.5%20Components%20of%20Profit%20Before%20Tax) Profit before tax is primarily influenced by cost of services and staff costs; in H1 2025, both categories, including salaries, bonuses, and defined contribution retirement plans, decreased, reflecting cost control efforts Cost of Services Components (SGD '000) | Cost Item | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and bonuses | 18,265 | 20,238 | -9.7% | | Defined contribution retirement plans | 2,570 | 2,537 | +1.3% | | Other employee-related expenses | 1,076 | 814 | +32.2% | | **Total Cost of Services** | **21,911** | **23,589** | **-7.1%** | Total Staff Costs (SGD '000) | Cost Item | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Directors' emoluments | 330 | 298 | +10.7% | | Other staff costs | 1,167 | 1,788 | -34.7% | | **Total Staff Costs** | **23,408** | **25,675** | **-8.7%** | 3.6 [Income Tax Expense](index=13&type=section&id=3.6%20Income%20Tax%20Expense) The Group is exempt from income tax in the Cayman Islands and BVI, and Hong Kong generated no taxable profit; Singapore income tax is calculated at 17%, with a significant year-on-year decrease in H1 2025 primarily due to reduced government grants - The Group is not subject to income tax in the Cayman Islands and the British Virgin Islands, and no taxable profit was generated in Hong Kong[27](index=27&type=chunk) - The statutory income tax rate in Singapore is **17%**, and all income tax expense relates to the profits of Singapore subsidiaries[28](index=28&type=chunk) Income Tax Expense (SGD '000) | Metric | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | | :--- | :--- | :--- | | Current tax – Singapore | 57 | 366 | 3.7 [Earnings Per Share](index=14&type=section&id=3.7%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share significantly decreased to **0.01 SGD cents**, primarily due to a substantial reduction in profit for the period Earnings Per Share (SGD cents) | Metric | Six Months Ended June 30, 2025 (SGD cents) | Six Months Ended June 30, 2024 (SGD cents) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 0.01 | 0.28 | - Basic earnings per share are calculated based on profit for the period attributable to owners of the company of **SGD 85,000** (2024: SGD 1,654,000) and a weighted average of **600,000,000** ordinary shares[32](index=32&type=chunk) 3.8 [Changes in Assets](index=15&type=section&id=3.8%20Changes%20in%20Assets) In H1 2025, the Group purchased plant and equipment totaling approximately **SGD 18,000** and made no acquisitions of property, plant, and equipment, indicating minimal capital expenditure - For the six months ended June 30, 2025, the Group purchased plant and equipment with a total cost of approximately **SGD 18,000**[33](index=33&type=chunk) - No property, plant, and equipment items were acquired during the reporting period[33](index=33&type=chunk) 3.9 [Trade and Other Receivables](index=15&type=section&id=3.9%20Trade%20and%20Other%20Receivables) As of June 30, 2025, both trade receivables and prepayments, deposits, and other receivables decreased, with government grant receivables reduced to zero, indicating improved accounts receivable management Trade Receivables (SGD '000) | Metric | June 30, 2025 (SGD '000) | December 31, 2024 (SGD '000) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 5,082 | 6,410 | Prepayments, Deposits and Other Receivables (SGD '000) | Metric | June 30, 2025 (SGD '000) | December 31, 2024 (SGD '000) | | :--- | :--- | :--- | | Prepayments, deposits and other receivables (net of allowance) | 330 | 1,026 | | Of which, government grant receivables | – | 530 | - Trade receivables are generally granted credit terms of **30 to 60 days**[34](index=34&type=chunk) 3.10 [Other Financial Assets and Liabilities](index=16&type=section&id=3.10%20Other%20Financial%20Assets%20and%20Liabilities) The Group holds quoted debt investment funds measured at fair value through profit or loss, with a stable carrying amount, while other payables and accrued expenses, along with contract liabilities, slightly decreased Other Financial Assets (SGD '000) | Metric | June 30, 2025 (SGD '000) | December 31, 2024 (SGD '000) | | :--- | :--- | :--- | | Quoted debt investment funds | 2,411 | 2,399 | Other Payables and Accrued Expenses (SGD '000) | Metric | June 30, 2025 (SGD '000) | December 31, 2024 (SGD '000) | | :--- | :--- | :--- | | Other payables and accrued expenses | 1,610 | 1,715 | | Of which, contract liabilities | 7 | 33 | 3.11 [Share Capital](index=17&type=section&id=3.11%20Share%20Capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged, indicating a stable capital structure - The company's authorized share capital is **1,500,000,000** ordinary shares of **HKD 0.01** each[38](index=38&type=chunk) - The issued and fully paid share capital comprises **600,000,000** ordinary shares, valued at **SGD 1,053 thousand**, remaining unchanged from the previous period[38](index=38&type=chunk) 3.12 [Significant Related Party Transactions](index=18&type=section&id=3.12%20Significant%20Related%20Party%20Transactions) The Group has ongoing connected transactions with BGC Malaysia and BGC Outsourcing Malaysia, involving operational support, service support, and outsourcing income, all conducted on mutually agreed terms in the ordinary course of business and exempt from GEM Listing Rules reporting requirements - The Group has ongoing connected transactions with BGC Malaysia and BGC Outsourcing Malaysia, where Mr. Chow Chi Kin is a director and holds partial interests in these companies[39](index=39&type=chunk) - Connected transactions include operational support income, service support income, referral fee expenses, outsourcing income, and nominal employer service fees[39](index=39&type=chunk) - The directors believe these transactions are conducted on mutually agreed terms in the ordinary course of business and are fully exempt from the reporting, announcement, and shareholder approval requirements of the GEM Listing Rules[39](index=39&type=chunk) Key Management Personnel Remuneration (SGD '000) | Remuneration Item | Six Months Ended June 30, 2025 (SGD '000) | Six Months Ended June 30, 2024 (SGD '000) | | :--- | :--- | :--- | | Salaries | 232 | 232 | | Defined contribution retirement plans | 16 | 14 | | Directors' fees | 82 | 52 | | **Total** | **330** | **298** | IV. [Management Discussion and Analysis](index=20&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) 4.1 [Business Review and Prospects](index=20&type=section&id=4.1%20Business%20Review%20and%20Prospects) As a Singaporean human resources service provider, the Group faces a challenging and competitive business environment but is committed to driving revenue growth and maintaining cost-effectiveness by refining business strategies, expanding staffing solutions, and investing in talent and technology - The Group is a human resources service provider in Singapore, primarily offering human resources outsourcing services (including business process outsourcing) and human resources recruitment services[42](index=42&type=chunk) - The business environment in FY2024 was challenging and highly competitive, with a weak Singapore job market facing intense competition, oversupply of talent, and changing regulatory requirements[42](index=42&type=chunk) - The Group is committed to driving revenue growth and maintaining cost-effectiveness by investing in talent development, internal processes, and technology to refine business strategies and expand staffing solutions[42](index=42&type=chunk) 4.2 [Financial Review](index=20&type=section&id=4.2%20Financial%20Review) In H1 2025, the Group's revenue and profit for the period both significantly decreased, primarily due to fewer work orders for HR outsourcing and recruitment services, reduced government grants, and lower staff costs; despite challenges, the company maintains sufficient liquidity and continuously evaluates its investment strategy - Profit for the period in H1 2025 significantly decreased by **93.8%** to **SGD 85,000** year-on-year, primarily due to reduced gross profit and progressive wage credit scheme grants[49](index=49&type=chunk) - As of June 30, 2025, the Group's cash and bank balances were approximately **SGD 20.8 million**, with a current ratio of approximately **5.3 times**, and the Board believes there are sufficient resources to meet financial needs[52](index=52&type=chunk) - The Group holds fixed income fund units measured at fair value through profit or loss, with a carrying amount of approximately **SGD 2.4 million**, aimed at enhancing the return on cash surpluses[57](index=57&type=chunk)[58](index=58&type=chunk) 4.2.1 [Revenue and Cost of Services](index=20&type=section&id=4.2.1%20Revenue%20and%20Cost%20of%20Services) In H1 2025, the Group's revenue decreased by **8.2%** year-on-year to **SGD 23.6 million**, primarily due to fewer work orders for human resources outsourcing and recruitment services, with cost of services also decreasing by **7.2%** - Revenue decreased by **8.2%** from **SGD 25.7 million** in the same period of 2024 to **SGD 23.6 million** in H1 2025[43](index=43&type=chunk) - The decrease in human resources outsourcing services revenue was mainly due to fewer work orders from Singapore government agencies and private sector clients[43](index=43&type=chunk) - Cost of services decreased by **7.2%** year-on-year to **SGD 21.9 million**, consistent with the reduction in revenue[44](index=44&type=chunk) 4.2.2 [Other Income](index=21&type=section&id=4.2.2%20Other%20Income) Other income significantly decreased by **71.5%** year-on-year to **SGD 0.8 million**, mainly because of higher Progressive Wage Credit Scheme grants recognized in FY2024 compared to reduced amounts in FY2025 - Other income decreased by **71.5%** from **SGD 2.7 million** in the same period of 2024 to **SGD 0.8 million** in H1 2025[45](index=45&type=chunk) - The decrease was primarily due to **SGD 2.5 million** in 2022 Progressive Wage Credit Scheme grants recognized in FY2024, compared to an under-recognized amount of approximately **SGD 0.5 million** for 2024 grants in FY2025[45](index=45&type=chunk) 4.2.3 [Staff Costs, Administrative and Other Operating Expenses](index=21&type=section&id=4.2.3%20Staff%20Costs%2C%20Administrative%20and%20Other%20Operating%20Expenses) Staff costs, administrative and other operating expenses decreased by **20.0%** year-on-year to **SGD 2.0 million**, primarily due to a reduction in the number of employees - Staff costs, administrative and other operating expenses decreased by **20.0%** year-on-year to **SGD 2.0 million**[46](index=46&type=chunk) - The decrease was mainly due to a reduction in the number of employees, leading to a decrease in staff costs of approximately **SGD 0.6 million**[46](index=46&type=chunk) 4.2.4 [Depreciation](index=21&type=section&id=4.2.4%20Depreciation) Depreciation expense decreased by **50.0%** year-on-year to **SGD 0.2 million**, primarily due to the early termination of the office lease for right-of-use assets related to a Hong Kong subsidiary - Depreciation expense decreased by **50.0%** year-on-year to **SGD 0.2 million**[47](index=47&type=chunk) - The decrease was mainly due to the early termination of the office lease for right-of-use assets related to a Hong Kong subsidiary[47](index=47&type=chunk) 4.2.5 [Income Tax Expense](index=21&type=section&id=4.2.5%20Income%20Tax%20Expense) Income tax expense significantly decreased by **75.0%** year-on-year to **SGD 57,000**, primarily due to reduced Progressive Wage Credit Scheme grants received in FY2024, which are taxable in the year of receipt - Income tax expense decreased by **75.0%** year-on-year to **SGD 57,000**[48](index=48&type=chunk) - The decrease was mainly due to reduced Progressive Wage Credit Scheme grants received in FY2024, which are taxable in the year of receipt[48](index=48&type=chunk) 4.2.6 [Profit for the Period](index=21&type=section&id=4.2.6%20Profit%20for%20the%20Period) Profit for the period significantly decreased by **93.8%** year-on-year to **SGD 85,000**, primarily due to reduced gross profit and Progressive Wage Credit Scheme grants recognized in FY2025 - Profit for the period decreased by **93.8%** year-on-year to **SGD 85,000**[49](index=49&type=chunk) - The decrease was mainly due to reduced gross profit and Progressive Wage Credit Scheme grants recognized in FY2025[49](index=49&type=chunk) 4.2.7 [Dividends](index=22&type=section&id=4.2.7%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[50](index=50&type=chunk) 4.2.8 [Gearing Ratio](index=22&type=section&id=4.2.8%20Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio decreased to **1.9%**, indicating a reduction in financial leverage - As of June 30, 2025, the gearing ratio (total lease liabilities divided by total equity attributable to owners of the company) was **1.9%** (December 31, 2024: **3.0%**)[51](index=51&type=chunk) 4.2.9 [Liquidity and Financial Resources](index=22&type=section&id=4.2.9%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and bank balances remained stable, with a healthy current ratio, and the Board believes there are sufficient resources to meet financial needs - As of June 30, 2025, cash and bank balances were approximately **SGD 20.8 million**, with a current ratio of approximately **5.3 times**[52](index=52&type=chunk) - The Board is confident that the Group will have sufficient resources to meet its financial needs for business operations[52](index=52&type=chunk) 4.2.10 [Capital Structure](index=22&type=section&id=4.2.10%20Capital%20Structure) The Group funds its operations through internally generated cash flows and capital market fundraising, with its capital structure comprising share capital, share premium, and reserves - The Group funds its operations through internally generated cash flows and fundraising from capital markets[53](index=53&type=chunk) - The capital structure includes capital attributable to equity holders of the company, comprising share capital, share premium, and reserves[53](index=53&type=chunk) 4.2.11 [Employees and Remuneration Policies](index=22&type=section&id=4.2.11%20Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group's number of full-time employees decreased to **24**; employee remuneration is determined by performance, qualifications, and experience, with potential for discretionary bonuses - As of June 30, 2025, the Group had **24** full-time employees (excluding contractors), a decrease from **45** as of June 30, 2024[54](index=54&type=chunk) - Employee remuneration is determined by performance, qualifications, and work experience, with eligible employees receiving discretionary bonuses[54](index=54&type=chunk) - Total staff costs for the six months ended June 30, 2025, were approximately **SGD 23.4 million**, a year-on-year decrease[54](index=54&type=chunk) 4.2.12 [Capital Commitments and Contingent Liabilities](index=22&type=section&id=4.2.12%20Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant capital commitments or contingent liabilities, indicating controlled financial risk - As of June 30, 2025, the Group had no significant capital commitments[55](index=55&type=chunk) - As of June 30, 2025 and 2024, the Group had no significant contingent liabilities or guarantees[62](index=62&type=chunk) 4.2.13 [Foreign Currency Risk](index=23&type=section&id=4.2.13%20Foreign%20Currency%20Risk) The Group primarily conducts transactions in Singapore Dollars and will review and monitor foreign exchange risks as appropriate - The Group primarily conducts transactions in Singapore Dollars and will review and monitor foreign exchange risks as appropriate[56](index=56&type=chunk) 4.2.14 [Significant Investments and Pledge of Assets](index=23&type=section&id=4.2.14%20Significant%20Investments%20and%20Pledge%20of%20Assets) The Group holds approximately **SGD 2.4 million** in fixed income fund units, aiming to enhance returns on cash surpluses, and has pledged fixed deposits of approximately **SGD 750,000** - The Group holds fixed income fund units measured at fair value through profit or loss, with a carrying amount of approximately **SGD 2.4 million**[57](index=57&type=chunk) - The fixed income fund recorded a net fair value gain of approximately **SGD 12,000**, primarily attributable to the volatility of the AB FCP-American Income Fund[58](index=58&type=chunk) - As of June 30, 2025, the Group pledged fixed deposits of approximately **SGD 750,000**[61](index=61&type=chunk) 4.2.15 [Significant Acquisitions or Disposals](index=25&type=section&id=4.2.15%20Significant%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the company had no other significant acquisitions or disposals of subsidiaries or associated companies - For the six months ended June 30, 2025, there were no other significant acquisitions or disposals of the company's subsidiaries or associated companies[64](index=64&type=chunk) 4.2.16 [Events After Reporting Period](index=25&type=section&id=4.2.16%20Events%20After%20Reporting%20Period) As of the date of this interim results announcement, the Board is not aware of any significant events after the reporting period that require disclosure - As of the date of this interim results announcement, the Board is not aware of any significant events after the reporting period that have occurred and require disclosure[65](index=65&type=chunk) 4.2.17 [Continuing Connected Transactions](index=25&type=section&id=4.2.17%20Continuing%20Connected%20Transactions) Aside from transactions disclosed in Note 15 to the financial statements, there were no other significant continuing connected transactions during this reporting period, and the company has complied with GEM Listing Rules disclosure requirements - Except for those disclosed in Note 15 to the financial statements, there were no other significant continuing connected transactions for the six months ended June 30, 2025[66](index=66&type=chunk) - The company confirms its compliance with the applicable disclosure requirements of Chapter 20 of the GEM Listing Rules[66](index=66&type=chunk) V. [Other Information](index=26&type=section&id=V.%20Other%20Information) 5.1 [Disclosure of Interests](index=26&type=section&id=5.1%20Disclosure%20of%20Interests) This section discloses the interests of directors, chief executives, and substantial shareholders in the company's shares, with Mr. Chow Chi Kin and his spouse Ms. Hung Yu Hon holding a majority interest through controlled corporations and personal holdings 5.1.1 [Directors' and Chief Executive's Interests](index=26&type=section&id=5.1.1%20Directors'%20and%20Chief%20Executive's%20Interests) As of June 30, 2025, Executive Director Mr. Chow Chi Kin and his spouse Ms. Hung Yu Hon, through controlled corporations and personal holdings, collectively owned **48.29%** of the company's issued share capital Directors' and Chief Executive's Interests in Shares (Long Position) | Director Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Chow Chi Kin | Interest in controlled corporation | 288,000,000 | 48.00% | | | Beneficial owner | 1,735,000 | 0.29% | | | **Total** | **289,735,000** | **48.29%** | | Ms. Hung Yu Hon | Spouse's interest | 289,735,000 | 48.29% | - Mr. Chow Chi Kin and Ms. Hung Yu Hon are spouses, and each is deemed to have an interest in the shares held by the other[70](index=70&type=chunk) 5.1.2 [Substantial Shareholders' and Other Persons' Interests](index=28&type=section&id=5.1.2%20Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests) Excluding directors, Omnipartners Holdings Limited, as a substantial shareholder, holds **48.00%** of the company's issued share capital, with its equity owned by Mr. Chow Chi Kin and Ms. Hung Yu Hon Substantial Shareholders' Interests in Shares (Long Position) | Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Omnipartners Holdings Limited | Beneficial owner | 288,000,000 | 48.00% | - The entire issued share capital of Omnipartners Holdings Limited is owned **80%** by Mr. Chow Chi Kin and **20%** by Ms. Hung Yu Hon, respectively[72](index=72&type=chunk) 5.2 [Use of Proceeds from Share Offer](index=29&type=section&id=5.2%20Use%20of%20Proceeds%20from%20Share%20Offer) The company raised approximately **HKD 43.4 million** net from its 2017 listing; as of June 30, 2025, **HKD 32.6 million** has been utilized, with the remaining **HKD 10.8 million** expected to be fully utilized by December 31, 2025, primarily for expanding HR services in Singapore and improving IT systems, though delayed by the pandemic - The share offer was completed on July 17, 2017, raising net proceeds of approximately **HKD 43.4 million** (approximately **SGD 7.7 million**)[74](index=74&type=chunk) Use of Proceeds from Share Offer (HKD million) | Planned Use | Planned Amount | Actual Utilized (as of June 30, 2025) | Unutilized Amount | Expected Timeline for Utilizing Remaining Proceeds | | :--- | :--- | :--- | :--- | :--- | | Expand HR outsourcing and recruitment services in Singapore | 23.0 | (13.8) | 9.2 | On or before December 31, 2025 | | Expand HR recruitment services in Hong Kong | 5.0 | (4.4) | 0.6 | On or before December 31, 2025 | | Enhance brand awareness | 5.8 | (5.8) | – | – | | Improve IT systems | 5.5 | (4.5) | 1.0 | On or before December 31, 2025 | | Working capital and other general corporate purposes | 4.1 | (4.1) | – | – | | **Total** | **43.4** | **(32.6)** | **10.8** | | - The timeline for utilizing the unutilized net proceeds was delayed due to the impact of the COVID-19 pandemic and the Omicron variant[78](index=78&type=chunk) - The remaining net proceeds have been placed as interest-bearing deposits with banks in Singapore[76](index=76&type=chunk) 5.3 [Corporate Governance](index=30&type=section&id=5.3%20Corporate%20Governance) The company has adopted and complied with the GEM Listing Rules' Corporate Governance Code, with the Chairman and Chief Executive roles combined, which the Board believes ensures consistent leadership and efficient decision-making; no director securities trading violations, no listed securities purchased, sold, or redeemed, no share options granted, and the Audit Committee has reviewed the financial statements 5.3.1 [Corporate Governance Code](index=30&type=section&id=5.3.1%20Corporate%20Governance%20Code) The company has adopted the GEM Listing Rules' Corporate Governance Code and complied with its provisions during the reporting period, with Mr. Chow Chi Kin serving as both Chairman and Chief Executive, an arrangement the Board believes ensures consistent leadership and efficient decision-making - The company has adopted the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules[77](index=77&type=chunk)[79](index=79&type=chunk) - The roles of Chairman and Chief Executive are combined and held by Mr. Chow Chi Kin, an arrangement the Board believes ensures consistent leadership for the Group and more effective and efficient overall strategic planning[77](index=77&type=chunk) - The Board is satisfied that the company has complied with the code provisions of the Corporate Governance Code for the six months ended June 30, 2025, except for the aforementioned deviation[79](index=79&type=chunk) 5.3.2 [Directors' Securities Transactions](index=31&type=section&id=5.3.2%20Directors'%20Securities%20Transactions) The company has adopted a code of conduct for directors' securities transactions and confirms no non-compliance with the required dealing standards during the reporting period - The company has adopted a code of conduct regarding directors' securities transactions, whose terms are no less stringent than those required by the GEM Listing Rules[80](index=80&type=chunk) - The company is not aware of any non-compliance with the required dealing standards for the six months ended June 30, 2025[80](index=80&type=chunk) 5.3.3 [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=5.3.3%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[81](index=81&type=chunk) 5.3.4 [Share Option Scheme](index=31&type=section&id=5.3.4%20Share%20Option%20Scheme) The company adopted a share option scheme in 2017 to reward employee contributions; as of June 30, 2025, no share options have been granted, and none are outstanding - The company adopted a share option scheme on June 21, 2017, aimed at rewarding employee contributions[82](index=82&type=chunk) - As of June 30, 2025, no share options have been granted since the adoption of the scheme, and no share options are outstanding[83](index=83&type=chunk) 5.3.5 [Audit Committee](index=31&type=section&id=5.3.5%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's financial statements and interim results announcement for the six months ended June 30, 2025, deeming them compliant with applicable accounting standards and regulations - The Audit Committee comprises three independent non-executive directors, with Mr. Ong Kian Guan as the committee chairman[85](index=85&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements and this interim results announcement for the six months ended June 30, 2025[85](index=85&type=chunk) - The committee believes the statements and report are prepared in accordance with applicable accounting standards, the GEM Listing Rules, and other relevant legal requirements, with adequate disclosures made[85](index=85&type=chunk) 5.4 [Composition of the Board](index=32&type=section&id=5.4%20Composition%20of%20the%20Board) As of the date of this interim results announcement, the Board of Directors comprises two executive directors (Mr. Chow Chi Kin, Ms. Hung Yu Hon) and three independent non-executive directors (Mr. Ong Kian Guan, Mr. Poon Shui Ho, Mr. Tai Hing Cheung) - As of the date of this interim results announcement, the executive directors are Mr. Chow Chi Kin and Ms. Hung Yu Hon[87](index=87&type=chunk) - The independent non-executive directors are Mr. Ong Kian Guan, Mr. Poon Shui Ho, and Mr. Tai Hing Cheung[87](index=87&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 山東威高集團醫用高分子製品股份有限公 司 Shandong Weigao Group Medical Polymer Company Limited * （在中華人民共和國註冊成立的股份有限公司） （股份代號：1066） 截至二零二五年六月三十日止六個月之 中期業績公佈 概要 山東威高集團醫用高分子製品股份有限公司（「本公司」）及其附屬公司（「本集 團」）截至二零二五年六月三十日止六個月（「期間」），未經審核之收入約人民幣 6,644,048,000元（二零二四年同期：約人民幣6,635,688,000元），較去年同期增長約 0.1%，未經審核之本公司擁有人應佔純利約人民幣1,008,317,000元（二零二四年同 期：約人民幣1,107,549,000元），較去年同期下跌約9.0%。 不計特殊項目的本公司擁有人應佔純利約人民幣967,095,000元，較去年同期可比 數（二零二四年同期：約人民幣1,10 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 TRULY INTERNATIONAL HOLDINGS LIMITED 信利國際有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00732） 二 零 二 五 年 中 期 業 績 公 告 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

VODATEL NETWORKS HOLDINGS LIMITED 愛達利網絡控股有限公司 （在百慕大註冊成立的有限公司） 股份代號：八○三三 中期報告 二○二五 GEM的特色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 主 板 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 公 司 普 遍 為 中 小 型 公 司，在GEM買賣的證券 可 能 會 較 於 主 板 買 賣 之 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。 交 易 及 結 算 所 及 聯 交 所 對 本 文 件 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 文件全部或任何部分內容而產生或因倚賴該等內容而引致 ...

[Company Information and Financial Summary](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Summary) [Company Overview](index=1&type=section&id=1.1%20Company%20Overview) Tianchang Group Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025 - Company Name: Tianchang Group Holdings Limited (Stock Code: 2182)[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=1.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased, but loss for the period widened due to higher tax expenses Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 254,213 | 227,680 | 26,533 | 11.65% | | Cost of sales | (206,053) | (186,998) | (19,055) | 10.20% | | Gross profit | 48,160 | 40,682 | 7,478 | 18.38% | | Other income | 2,731 | 4,159 | (1,428) | (34.34%) | | Other net gains | 946 | 69 | 877 | 1271.01% | | Reversal of impairment loss on trade receivables (impairment loss) | (3,421) | 151 | (3,572) | -2365.56% | | Selling and distribution costs | (3,106) | (2,416) | (690) | 28.56% | | Administrative and other operating expenses | (53,542) | (51,753) | (1,789) | 3.46% | | Finance costs | (762) | (1,467) | 705 | (48.06%) | | Loss before tax | (8,994) | (10,575) | 1,581 | (14.95%) | | Income tax (expense) credit | (2,593) | 2,631 | (5,224) | -198.56% | | Loss for the period attributable to owners of the Company | (11,587) | (7,944) | (3,643) | 45.86% | | Basic loss per share (HK cents) | (1.87) | (1.28) | (0.59) | 46.09% | | Diluted loss per share (HK cents) | (1.87) | (1.28) | (0.59) | 46.09% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=1.3%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss for the period significantly narrowed as exchange differences turned from negative to positive Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Loss for the period | (11,587) | (7,944) | (3,643) | | Exchange differences arising on translation of foreign operations | 8,323 | (3,979) | 12,302 | | Total comprehensive loss for the period attributable to owners of the Company | (3,264) | (11,923) | 8,659 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=1.4%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and total liabilities both decreased, net assets slightly reduced, and net current assets improved Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | | Property, plant and equipment | 545,495 | 561,735 | (16,240) | (2.89%) | | Financial assets at fair value through profit or loss | 26,330 | 25,981 | 349 | 1.34% | | Deferred tax assets | 2,695 | 2,707 | (12) | (0.44%) | | **Current assets** | | | | | | Inventories | 68,065 | 71,421 | (3,356) | (4.70%) | | Trade and other receivables | 121,196 | 132,435 | (11,239) | (8.49%) | | Cash and cash equivalents | 118,446 | 129,454 | (11,008) | (8.50%) | | **Current liabilities** | | | | | | Trade and other payables | 92,856 | 118,571 | (25,715) | (21.69%) | | Interest-bearing borrowings | 20,714 | 31,221 | (10,507) | (33.66%) | | Net current assets | 188,647 | 177,158 | 11,489 | 6.48% | | **Non-current liabilities** | | | | | | Amounts payable for construction in progress | 2,336 | 2,248 | 88 | 3.91% | | Deferred income | 6,335 | 6,966 | (631) | (9.06%) | | Deferred tax liabilities | 8,181 | 7,829 | 352 | 4.50% | | **Net assets** | 741,679 | 744,943 | (3,264) | (0.44%) | | **Total equity** | 741,679 | 744,943 | (3,264) | (0.44%) | [Notes to the Financial Statements](index=4&type=section&id=II.%20Notes%20to%20the%20Financial%20Statements) [General Information and Basis of Presentation](index=4&type=section&id=2.1%20General%20Information%20and%20Basis%20of%20Presentation) The company is incorporated in the Cayman Islands, primarily engaged in manufacturing and selling e-cigarette products and medical consumables, and providing integrated injection molding solutions in Hong Kong and China. The interim financial statements are prepared in accordance with HKAS 34, with accounting policies consistent with 2024, and no new/revised HKFRSs have been adopted - Company's place of incorporation: Cayman Islands, with shares listed on the Main Board of the Hong Kong Stock Exchange[7](index=7&type=chunk) - Principal activities: Investment holding, with subsidiaries primarily engaged in manufacturing and selling e-cigarette products and medical consumables, and providing integrated injection molding solutions in Hong Kong and China[7](index=7&type=chunk) - Basis of preparation of financial statements: Prepared in accordance with HKAS 34 and the Listing Rules of the Stock Exchange, with accounting policies consistent with 2024, and no new/revised HKFRSs adopted[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) [Segment Information](index=5&type=section&id=2.2%20Segment%20Information) The Group allocates resources and assesses performance based on three business segments: e-cigarette products, integrated injection molding solutions, and medical consumables - Reportable segments: E-cigarette products, integrated injection molding solutions, medical consumables[10](index=10&type=chunk)[11](index=11&type=chunk) - Definition of segment revenue: Revenue derived from manufacturing and selling e-cigarette products, molds and plastic products, and medical consumables[10](index=10&type=chunk) - Definition of segment results: Gross profit of each segment less selling and distribution costs, reversal of impairment loss on trade receivables (impairment loss), write-off of property, plant and equipment, and loss on disposal of property, plant and equipment[10](index=10&type=chunk) [Segment Revenue and Results](index=5&type=section&id=2.2.1%20Segment%20Revenue%20and%20Results) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | Revenue Change (%) | 2025 Gross Profit (thousand HKD) | 2024 Gross Profit (thousand HKD) | Gross Profit Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-cigarette products | 22,389 | 47,142 | (52.51%) | 2,556 | 5,737 | (55.45%) | | Integrated injection molding solutions | 230,711 | 179,307 | 28.67% | 46,132 | 34,880 | 32.25% | | Medical consumables | 1,113 | 1,231 | (9.59%) | (528) | 65 | -912.31% | | **Total** | **254,213** | **227,680** | **11.65%** | **48,160** | **40,682** | **18.38%** | Segment Assets and Liabilities (As of June 30, 2025) | Segment | June 30, 2025 Assets (thousand HKD) | December 31, 2024 Assets (thousand HKD) | Asset Change (%) | June 30, 2025 Liabilities (thousand HKD) | December 31, 2024 Liabilities (thousand HKD) | Liability Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | E-cigarette products | 20,607 | 29,822 | (30.90%) | 5,372 | 8,898 | (39.63%) | | Integrated injection molding solutions | 353,777 | 371,927 | (4.90%) | 64,160 | 76,972 | (16.64%) | | Medical consumables | 3,697 | 6,047 | (38.86%) | – | – | – | | Unallocated | 504,735 | 516,517 | (2.28%) | 71,605 | 93,500 | (23.41%) | | **Total** | **882,816** | **924,313** | **(4.49%)** | **141,137** | **179,370** | **(21.32%)** | [Geographical Information](index=7&type=section&id=2.2.2%20Geographical%20Information) Geographical Location of Specified Non-current Assets (As of June 30, 2025) | Region | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 2,817 | 4,149 | (1,332) | (32.11%) | | China | 542,678 | 557,586 | (14,908) | (2.67%) | | **Total** | **545,495** | **561,735** | **(16,240)** | **(2.89%)** | Revenue from External Customers (For the six months ended June 30) | Region | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | United States of America | 43,801 | 44,111 | (310) | (0.70%) | | China | 132,823 | 131,227 | 1,596 | 1.22% | | United Kingdom | 11,967 | 9,330 | 2,637 | 28.26% | | Hong Kong | 7,809 | 312 | 7,497 | 2402.88% | | Netherlands | 15,856 | 33,542 | (17,686) | (52.73%) | | India | 36,697 | 7,507 | 29,190 | 388.84% | | Brazil | 968 | – | 968 | N/A | | Malaysia | 3,348 | – | 3,348 | N/A | | Others | 944 | 1,651 | (707) | (42.82%) | | **Total** | **254,213** | **227,680** | **26,533** | **11.65%** | [Major Customer Information](index=8&type=section&id=2.2.3%20Major%20Customer%20Information) Revenue from Major Customers for the six months ended June 30, 2025 | Customer | Revenue (thousand HKD) | Percentage of Total Revenue | Principal Segment | | :--- | :--- | :--- | :--- | | Customer B and its affiliates | 51,999 | 20.45% | Integrated injection molding solutions | | Customer C and its affiliates | 43,023 | 16.92% | Integrated injection molding solutions | | **Total** | **95,022** | **37.38%** | | Revenue from Major Customers for the six months ended June 30, 2024 | Customer | Revenue (thousand HKD) | Percentage of Total Revenue | Principal Segment | | :--- | :--- | :--- | :--- | | Customer A and its affiliates | 45,405 | 19.94% | E-cigarette products | | Customer B and its affiliates | 57,421 | 25.22% | Integrated injection molding solutions | | **Total** | **102,826** | **45.16%** | | [Revenue Composition](index=9&type=section&id=2.3%20Revenue%20Composition) For the six months ended June 30, 2025, revenue from sales of molds and plastic products significantly increased, becoming the primary revenue source, while revenue from e-cigarette product sales substantially decreased Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Sales of e-cigarette products | 22,389 | 47,142 | (24,753) | (52.51%) | | Sales of molds and plastic products | 230,711 | 179,307 | 51,404 | 28.67% | | Sales of medical consumables | 1,113 | 1,231 | (118) | (9.59%) | | **Total** | **254,213** | **227,680** | **26,533** | **11.65%** | [Other Income](index=9&type=section&id=2.4%20Other%20Income) For the six months ended June 30, 2025, total other income decreased, primarily due to a reduction in miscellaneous income Other Income (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | 1,039 | 1,352 | (313) | (23.15%) | | Government grants | 891 | 737 | 154 | 20.89% | | Miscellaneous income | 784 | 1,748 | (964) | (55.15%) | | **Total** | **2,731** | **4,159** | **(1,428)** | **(34.34%)** | [Other Net Gains](index=9&type=section&id=2.5%20Other%20Net%20Gains) For the six months ended June 30, 2025, other net gains significantly increased, primarily benefiting from the positive turn in exchange gains Other Net Gains (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Net exchange gains (losses) | 732 | (348) | 1,080 | | Fair value changes of financial assets at fair value through profit or loss | 215 | 508 | (293) | | Write-off of property, plant and equipment | (1) | (16) | 15 | | **Total** | **946** | **69** | **877** | [Components of Loss Before Tax](index=10&type=section&id=2.6%20Components%20of%20Loss%20Before%20Tax) For the six months ended June 30, 2025, finance costs significantly decreased, while staff costs, cost of inventories, depreciation, and research and development expenses all increased Components of Loss Before Tax (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 762 | 1,467 | (705) | (48.06%) | | Total staff costs | 69,778 | 65,751 | 4,027 | 6.12% | | Cost of inventories | 206,053 | 186,998 | 19,055 | 10.20% | | Depreciation | 24,881 | 25,193 | (312) | (1.24%) | | Write-down of inventories | 2,269 | 546 | 1,723 | 315.57% | | Research and development expenses | 7,411 | 9,462 | (2,051) | (21.68%) | [Taxation](index=10&type=section&id=2.7%20Taxation) For the six months ended June 30, 2025, the company shifted from an income tax credit in the prior period to an income tax expense, primarily due to under-provision for PRC corporate income tax in prior years and changes in deferred tax Income Tax Expense/Credit (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Current tax | 2,494 | (1,869) | 4,363 | | Deferred tax | 99 | (762) | 861 | | **Total income tax expense (credit)** | **2,593** | **(2,631)** | **5,224** | - Huizhou Tianchang Industrial Co., Ltd., as a "High and New Technology Enterprise", enjoys a preferential tax rate of **15%**[23](index=23&type=chunk) [Dividends](index=11&type=section&id=2.8%20Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior period - No interim dividend was declared for the six months ended June 30, 2025[24](index=24&type=chunk) [Loss Per Share](index=11&type=section&id=2.9%20Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were **1.87 HK cents**, widening from the prior period Loss Per Share (For the six months ended June 30) | Metric | 2025 (HK cents) | 2024 (HK cents) | Change (HK cents) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Basic loss per share | (1.87) | (1.28) | (0.59) | 46.09% | | Diluted loss per share | (1.87) | (1.28) | (0.59) | 46.09% | - Diluted loss per share is consistent with basic loss per share due to the anti-dilutive effect of potential ordinary shares[25](index=25&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=12&type=section&id=2.10%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss (primarily key management insurance contracts) slightly increased, with a portion pledged as collateral for loans Financial Assets at Fair Value Through Profit or Loss (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Unlisted investments - key management insurance contracts | 26,330 | 25,981 | 349 | 1.34% | - Approximately **HKD 4,098,000** of key management insurance contracts were pledged as collateral for unused loan facilities (December 31, 2024: HKD 13,937,000)[27](index=27&type=chunk) [Trade and Other Receivables](index=12&type=section&id=2.11%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased, but impairment provisions significantly increased, and the aging profile of trade receivables deteriorated Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (net of impairment provision) | 113,991 | 126,432 | (12,441) | (9.84%) | | Impairment provision | (10,293) | (6,790) | (3,503) | 51.60% | | Other receivables | 7,205 | 6,003 | 1,202 | 20.02% | | **Total** | **121,196** | **132,435** | **(11,239)** | **(8.49%)** | - Trade receivables have a credit period of up to **90 days**[29](index=29&type=chunk) Aging Analysis of Trade Receivables (As of June 30, 2025) | Aging | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Within 30 days | 65,719 | 84,288 | (18,569) | (22.03%) | | 31 to 60 days | 26,241 | 28,977 | (2,736) | (9.44%) | | 61 to 90 days | 16,400 | 11,370 | 5,030 | 44.24% | | Over 90 days | 5,631 | 1,797 | 3,834 | 213.36% | [Trade and Other Payables](index=13&type=section&id=2.12%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased, primarily due to reductions in trade payables and salaries and bonuses payable Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 61,908 | 73,066 | (11,158) | (15.27%) | | Contract liabilities | 7,624 | 12,804 | (5,180) | (40.46%) | | Salaries and bonuses payable | 8,321 | 16,238 | (7,917) | (48.76%) | | Accruals and other payables | 15,003 | 16,463 | (1,460) | (8.87%) | | **Total** | **92,856** | **118,571** | **(25,715)** | **(21.69%)** | - Trade payables have a credit period of no more than **90 days**[31](index=31&type=chunk) [Amounts Payable for Construction in Progress](index=14&type=section&id=2.13%20Amounts%20Payable%20for%20Construction%20in%20Progress) Amounts payable for construction in progress refer to amounts owed to contractors for the construction of manufacturing plants in China, which are unsecured, interest-free, and repayable within one to five years - Amounts payable for construction in progress are unsecured, interest-free, with a repayment period of **one to five years**[32](index=32&type=chunk) - The carrying amount is determined by discounting at an effective annual interest rate of **4.75%**[32](index=32&type=chunk) [Interest-Bearing Borrowings](index=14&type=section&id=2.14%20Interest-Bearing%20Borrowings) As of June 30, 2025, total interest-bearing borrowings decreased, the weighted average effective annual interest rate slightly increased, and they are secured by various assets Interest-Bearing Borrowings (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest-bearing borrowings | 20,714 | 31,221 | (10,507) | (33.66%) | | Weighted average effective annual interest rate | 4.27% | 3.76% | 0.51% | 13.56% | - Borrowings are secured by buildings, equipment, right-of-use assets for prepaid land lease payments, key management insurance contracts, and corporate guarantees[34](index=34&type=chunk) [Business and Financial Review](index=15&type=section&id=III.%20Business%20and%20Financial%20Review) [Business Review](index=15&type=section&id=3.1%20Business%20Review) The Group operates through three segments: integrated injection molding solutions, e-cigarette products, and medical consumables, distributing products to domestic and international markets. Despite a challenging business environment, total sales grew moderately, but loss for the period widened due to increased tax expenses. The company continues to invest in R&D to strengthen its technological leadership - Operating segments: Integrated injection molding solutions, e-cigarette products, medical consumables[35](index=35&type=chunk) - Market distribution: Domestic and overseas markets (Europe, Asia, United States)[35](index=35&type=chunk) - Business environment challenges: Global economic uncertainty, inflationary pressures, cautious consumer spending, and impact of US tariffs[35](index=35&type=chunk) - Strategic focus: Investing in R&D, establishing a Shenzhen R&D center to enhance new product development for integrated injection molding solutions and core e-cigarette technologies[35](index=35&type=chunk) [Integrated Injection Molding Solutions](index=15&type=section&id=3.1.1%20Integrated%20Injection%20Molding%20Solutions) - Services: Injection mold design and manufacturing, injection molded component design and manufacturing[37](index=37&type=chunk) - Technical capability: Mold manufacturing achieves the highest precision level MT1 (GB/T14486-2008) under national guidelines[37](index=37&type=chunk)[38](index=38&type=chunk) - Product applications: Office furniture, office electronics, home appliances, communication products, automobiles, and solar systems[38](index=38&type=chunk) [E-cigarette Product Manufacturing](index=16&type=section&id=3.1.2%20E-cigarette%20Product%20Manufacturing) - Business model: OEM manufacturing of e-cigarette products[39](index=39&type=chunk) - Product types: Disposable e-cigarettes, refillable e-cigarettes, battery rods, atomizers, vaporizers, and heated tobacco devices[39](index=39&type=chunk) - Qualifications: Obtained a Tobacco Monopoly Production Enterprise License issued by the State Tobacco Monopoly Administration of the People's Republic of China[39](index=39&type=chunk) - R&D focus: Shenzhen R&D center focuses on enhancing atomization technology, innovative heating wire design, and other key technological breakthroughs[39](index=39&type=chunk) [Medical Consumables Manufacturing](index=16&type=section&id=3.1.3%20Medical%20Consumables%20Manufacturing) - Product scope: Disposable masks, medical device products[40](index=40&type=chunk) - Quality certifications: Complies with "YY/T 0033-2000 Sterile Medical Device Production Management Specification" and EN ISO13485:2016 Medical Devices Quality Management System Standard[40](index=40&type=chunk) - Product standards: Medical masks meet US ASTM F2100 Level 3 and European EN14683 Type IIR standards[41](index=41&type=chunk) - Advanced protective masks: KN95 passed China GB2626-2019 standard and NIOSH N95 pre-certification test; FFP2 passed EN 149:2001+A1:2009 standard and obtained CE mark[41](index=41&type=chunk) - FDA approval: N95 and FFP2 medical particulate filtering foldable masks obtained US FDA 510(k) premarket notification clearance in August 2022[41](index=41&type=chunk) [Financial Review](index=17&type=section&id=3.2%20Financial%20Review) For the six months ended June 30, 2025, the Group's total revenue grew moderately, and gross profit margin improved, but loss for the period widened due to increased selling and distribution costs, administrative expenses, and a shift from income tax credit to expense - Total revenue increased by **11.6%** to **HKD 254.2 million**[42](index=42&type=chunk) - Gross profit margin improved to **19.0%** (2024: 17.9%)[43](index=43&type=chunk) - Loss for the period widened by **46.8%** to **HKD 11.6 million**[50](index=50&type=chunk) [Revenue Analysis](index=17&type=section&id=3.2.1%20Revenue%20Analysis) - Integrated injection molding solutions revenue: **HKD 230.7 million**, a year-on-year increase of **28.7%**, primarily driven by increased customer order volume[42](index=42&type=chunk) - E-cigarette product revenue: **HKD 22.4 million**, a year-on-year decrease of **52.5%**, affected by global economic uncertainty and cautious consumer spending[42](index=42&type=chunk) - Medical consumables revenue: **HKD 1.1 million**, a year-on-year decrease of **8.3%**[42](index=42&type=chunk) [Gross Profit Analysis](index=17&type=section&id=3.2.2%20Gross%20Profit%20Analysis) - Total gross profit: **HKD 48.2 million**, with a gross profit margin of **19.0%**[43](index=43&type=chunk) - Integrated injection molding solutions gross profit margin: **20.0%** (2024: 19.5%), an increase primarily due to a shift in product mix towards higher-margin products[43](index=43&type=chunk) - E-cigarette product gross profit margin: **11.6%** (2024: 12.1%), a decrease due to higher fixed overhead costs resulting from lower sales volume[43](index=43&type=chunk) - Medical consumables recorded a gross loss of **HKD 0.5 million**, with a gross loss margin of **45.5%**, due to provisions made for slow-moving inventories[44](index=44&type=chunk) [Other Income Analysis](index=18&type=section&id=3.2.3%20Other%20Income%20Analysis) - Other income: **HKD 2.7 million**, a year-on-year decrease of **35.7%**, primarily due to reduced miscellaneous income[45](index=45&type=chunk) [Selling and Distribution Costs](index=18&type=section&id=3.2.4%20Selling%20and%20Distribution%20Costs) - Selling and distribution costs: **HKD 3.1 million**, a year-on-year increase of **29.2%**, primarily due to increased sales volume to customers requiring delivery services[46](index=46&type=chunk) [Administrative and Other Operating Expenses](index=18&type=section&id=3.2.5%20Administrative%20and%20Other%20Operating%20Expenses) - Administrative and other operating expenses: **HKD 53.5 million**, a year-on-year increase of **3.3%**, primarily due to increased marketing expenses[47](index=47&type=chunk) [Finance Costs](index=18&type=section&id=3.2.6%20Finance%20Costs) - Finance costs: **HKD 0.8 million**, a year-on-year decrease of **46.7%**, primarily due to repayment of secured bank borrowings during the period[48](index=48&type=chunk) [Income Tax Expense/Credit](index=18&type=section&id=3.2.7%20Income%20Tax%20Expense%20Credit) - Income tax expense: **HKD 2.6 million** (2024: HKD 2.6 million credit), a year-on-year increase of **200.0%**, primarily due to an over-provision for tax in the prior period[49](index=49&type=chunk) [Loss Attributable to Owners of the Company](index=18&type=section&id=3.2.8%20Loss%20Attributable%20to%20Owners%20of%20the%20Company) - Loss attributable to owners of the Company: **HKD 11.6 million**, a year-on-year increase of **46.8%**, primarily due to the combined impact of the aforementioned financial factors[50](index=50&type=chunk) [Future Outlook and Corporate Governance](index=18&type=section&id=IV.%20Future%20Outlook%20and%20Corporate%20Governance) [Future Plans and Prospects](index=18&type=section&id=4.1%20Future%20Plans%20and%20Prospects) Facing global economic recession risks, the Group will continue to expand its customer base, target high-quality e-cigarette and injection molded product markets, strengthen core technologies through its R&D center, gradually expand its product portfolio, and enhance cost-effectiveness to navigate uncertainties - Market strategy: Targeting high-quality e-cigarette and injection molded product markets, expanding the customer base[51](index=51&type=chunk) - R&D investment: Utilizing the R&D center to strengthen core technologies and competitive advantages, supporting product portfolio expansion[51](index=51&type=chunk) - Operational optimization: Continuously improving cost-effectiveness[51](index=51&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=4.2%20Liquidity%20and%20Financial%20Resources) The Group primarily relies on internal cash flow and bank financing to fund its operations. As of June 30, 2025, cash and cash equivalents decreased, interest-bearing borrowings declined, and the gearing ratio improved - Funding sources: Internal cash flow and bank financing[52](index=52&type=chunk) Liquidity and Financial Resources (As of June 30, 2025) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 118,446 | 129,454 | (11,008) | (8.50%) | | Interest-bearing borrowings | 20,714 | 31,221 | (10,507) | (33.66%) | | Weighted average effective annual interest rate | 4.27% | 3.76% | 0.51% | 13.56% | | Gearing ratio | 4.1% | 5.6% | (1.5%) | (26.79%) | [Foreign Exchange Risk](index=19&type=section&id=4.3%20Foreign%20Exchange%20Risk) The Group's monetary assets and liabilities are primarily denominated in HKD, USD, and RMB, managed by regularly reviewing net foreign exchange exposure and entering into foreign currency forward contracts when necessary, with no outstanding foreign currency forward contracts as of June 30, 2025 - Principal denominated currencies: HKD, USD, RMB[53](index=53&type=chunk) - Risk management: Regularly reviewing net foreign exchange exposure and entering into foreign currency forward contracts when necessary[53](index=53&type=chunk) - As of June 30, 2025, there were no outstanding foreign currency forward contracts[53](index=53&type=chunk) [Significant Acquisitions and Disposals](index=19&type=section&id=4.4%20Significant%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries and associates - No significant acquisitions or disposals during the reporting period[54](index=54&type=chunk) [Contingent Liabilities](index=19&type=section&id=4.5%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - No significant contingent liabilities at the end of the reporting period[55](index=55&type=chunk) [Pledge of Group Assets](index=19&type=section&id=4.6%20Pledge%20of%20Group%20Assets) As of June 30, 2025, certain buildings, right-of-use assets for prepaid land lease payments, and key management insurance contracts were pledged as security for bank financing - Pledged assets: Buildings, right-of-use assets for prepaid land lease payments (approximately **HKD 168.4 million**), and key management insurance contracts (approximately **HKD 4.1 million**)[56](index=56&type=chunk) - Purpose: As security for bank financing[56](index=56&type=chunk) [Events After the Reporting Period](index=19&type=section&id=4.7%20Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, that could materially affect the Group's assets and liabilities or future operations - No significant events occurred after the reporting period[57](index=57&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=4.8%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **806 employees**, with a remuneration policy based on employee performance, qualifications, and operating results, and regular reviews of directors' and senior management's remuneration - Number of employees: **806**[58](index=58&type=chunk) - Remuneration policy: Based on employee performance, qualifications, and operating results, including basic salary, performance bonuses, and share options[58](index=58&type=chunk) - Remuneration for directors and senior management: Regularly reviewed, referencing market levels of comparable companies, responsibilities, and Group performance[58](index=58&type=chunk) [Share Option Scheme](index=20&type=section&id=4.9%20Share%20Option%20Scheme) The company adopted a share option scheme in 2019 to reward selected participants who contribute to the Group, with **32,020,000 share options** outstanding as of June 30, 2025 - Scheme purpose: To reward selected participants who contribute to the Group[59](index=59&type=chunk) - Eligible participants: Employees, executive directors, non-executive directors, shareholders, advisors, and consultants[59](index=59&type=chunk) Share Options Granted for the six months ended June 30, 2025 | Grantee Category | Grant Date | Exercise Price (HKD) | Share Options Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Directors, chief executives, and substantial shareholders | 2020年5月13日 | 0.355 | 14,020,000 | | Employees | 2020年5月13日 | 0.355 | 16,000,000 | | Service providers | 2020年5月13日 | 0.355 | 2,000,000 | | **Total** | | | **32,020,000** | [Significant Investments Held and Future Plans](index=21&type=section&id=4.10%20Significant%20Investments%20Held%20and%20Future%20Plans) For the six months ended June 30, 2025, the Group held no significant investments in equity of other companies and had no plans for significant investments or additions to capital assets - No significant investments during the reporting period[60](index=60&type=chunk) - No plans for significant investments or additions to capital assets[61](index=61&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=21&type=section&id=4.11%20Purchase,%20Redemption%20or%20Sale%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of its listed securities - No purchase, redemption, or sale of listed securities during the reporting period[62](index=62&type=chunk) [Corporate Governance Measures](index=21&type=section&id=4.12%20Corporate%20Governance%20Measures) The company is committed to high standards of corporate governance and has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules. Although the Chairman and Chief Executive Officer roles are held by the same person, the Board believes this arrangement is in the best interests of the company and shareholders, maintaining a balance of power - Adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[63](index=63&type=chunk) - The roles of Chairman and Chief Executive Officer are held by Mr. Chan Chan Lam, and the Board believes this arrangement is in the overall best interests of the company and shareholders, with power balanced through collective Board decisions[63](index=63&type=chunk) - Except for the above disclosure, the company has complied with the Corporate Governance Code during the reporting period[63](index=63&type=chunk) [Audit Committee](index=21&type=section&id=4.13%20Audit%20Committee) The Audit Committee, established in 2018 with three members and Mr. Ng Chi Wai as Chairman, is responsible for reviewing financial reporting, internal controls, overseeing external auditors, and providing recommendations. The Committee has reviewed the current period's financial statements - Date of establishment: **February 8, 2018**[64](index=64&type=chunk) - Members: **Three**, with Mr. Ng Chi Wai as Chairman[64](index=64&type=chunk) - Principal duties: Reviewing and monitoring financial reporting procedures and internal control systems, nominating and overseeing external auditors, and providing advice and recommendations to the Board[64](index=64&type=chunk) - Reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[64](index=64&type=chunk) [Standard Code for Securities Transactions by Directors](index=22&type=section&id=4.14%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors and senior management dealing in company securities. All directors confirmed compliance, and the company is unaware of any breaches by senior management - Adopted the Standard Code set out in Appendix C3 of the Listing Rules[65](index=65&type=chunk) - All directors confirmed compliance with the Standard Code[65](index=65&type=chunk) - The company is unaware of any breaches of the Standard Code by senior management[65](index=65&type=chunk) [Interim Dividend](index=22&type=section&id=4.15%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - No interim dividend is recommended for the six months ended June 30, 2025[66](index=66&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=22&type=section&id=4.16%20Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The Group's interim results announcement for the six months ended June 30, 2025, has been published on the Stock Exchange's website and the company's website, and the interim report will be dispatched to shareholders and published on the website in due course - Interim results announcement has been published on the Stock Exchange's website and the company's website[67](index=67&type=chunk) - Interim report will be dispatched to shareholders and published on the website in due course[67](index=67&type=chunk)

放眼環球 基建世界 二零二五年度 中期報告 Interim 長江基建集團有限公司 Report2025 HKEX: 1038 / LSE: CKI INTERIM REPORT 2025 CK INFRASTRUCTURE HOLDINGS LIMITED 二零二五年度中期報告 環球基建 業界翹楚 長江基建是全球最大型環球基建集團之一， 透過於世界各地的基建投資，致力締造更美好的 世界。長江基建的多元化業務包括：能源基建、 交通基建、水處理基建、廢物管理、轉廢為能、 屋宇服務基建及基建相關業務。集團的投資及 營運範圍遍及香港、中國內地、英國、歐洲大陸、 澳洲、新西蘭、加拿大及美國。 THE HALF YEAR AT A GLANCE 半年業績概覽 4,348 股東應佔溢利 （百萬港元） 1.73 每股溢利 （港元） 0.73 每股中期股息 （港元） 1.73 Earnings per share (HK$) A Leading Player in the Global Infrastructure Arena CKI is one of the world's largest global infrastru ...

截至2025年6月30日止六個月的 中期業績公告 知乎（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司、其附屬公司及 綜合聯屬實體（「本集團」或「知乎」）截至2025年6月30日止六個月（「報告期間」） 的未經審計簡明中期合併業績（「未經審計中期業績」），連同2024年同期的比較數 字。該等中期業績乃根據美國公認會計準則（「美國公認會計準則」）編製。報告期 間的未經審計簡明中期合併財務資料已由本公司獨立核數師羅兵咸永道會計師事 務所根據國際審閱委聘準則第2410號「 由實體獨立核數師審閱中期財務資料 」進行 審閱。 於本公告內，「我們」指本公司及（倘文義另有所指）本集團（定義見「一般資料」一 節）。 1 財務表現摘要 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動(%) | | | （未經審計）（未經審計） | | | | | （人民幣千元， | 百分比除外） | | | 總收入 | 1,446,559 | 1,894,673 | (23.7)% | | 毛利 | 899,287 | 1,100,023 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或任何部分內容而產生，或因依賴該等內容而引致的任何損失承擔任何責任。 國泰君安國際控股有限公司 （於香港註冊成立之有限公司 ） （股份代號：1788） 截至2025年6月30日止6個月 未經審核中期業績公告 國泰君安國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司（連同其附屬公司統 稱「本集團」）截至2025年6月30日止6個月的未經審核綜合業績，連同去年同期的比較數字如下： | | | 截至6月30日止6個月 | | | --- | --- | --- | --- | | | 附註 | 2025年 | 2024年 | | | | 未經審核 | 未經審核 | | | | 千港元 | 千港元 | | 應佔期內溢利： | | | | | 本公司擁有人 | | 550,089 | 194,937 | | 非控股權益 | | 1,321 | 1,835 | | | | 551,410 | 196,772 | | 應佔期內全面收益總額： | | | | | 本公司擁有 ...