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 會就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。 綜合損益及其他全面收益表 截至二零二四年十二月三十一日止年度 | | | | 二零二四年 | | 二零二三年 | | | --- | --- | --- | --- | --- | --- | --- | | | | 附 註 | | 人民幣千元 | 人民幣千元 | | | | | | | | （重 | 列） | | 收 入 | | 5 | | 311,017 | 629,482 | | | 銷售成本 | | | | (300,820) | (628,865) | | | 毛 利 | | | | 10,197 | | 617 | | 其他收入 | | 6 | | 82 | | 103 | | 其他損失淨額 | | | | (3,612) | | (15,831) | | 分銷及銷售開支 | | | | (1,468) | | (1,565 ...

2025 INTERIM REPORT 中期報告 股份代號 Stock Code: 1526 於開曼群島註冊成立之有限公司 Incorporated in the Cayman Islands with limited liability 2025 目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 5 | | 管理層討論與分析 | 7 | | 補充資料 | 17 | | 中期財務資料審閱報告 | 28 | | 中期簡明綜合財務報表 | | | 中期簡明綜合資產負債表 | 29 | | 中期簡明綜合損益表 | 31 | | 中期簡明綜合其他全面收益表 | 32 | | 中期簡明綜合權益變動表 | 33 | | 中期簡明綜合現金流量表 | 34 | | 中期簡明綜合財務資料附註 | 35 | 2 5 7 釋義 於本中期報告，除文義另有所指外，下列詞彙具有以下涵義。 | 「審核委員會」 | 指 | 董事會審核委員會 | | --- | --- | --- | | 「董事會」 | 指 | 本公司董事會 | | 「英屬處女群島」 | 指 | 英屬處女群島 | | 「企業管治守則」 | 指 | 載 ...

C M Y CM MY CY CMY K 布萊克萬礦業有限公 司 年度報告 2025 公司簡介 董事會 非執行董事 桂四海 （主席） Ross Stewart Norgard 執行董事 桂冠 Colin Paterson 陳錦坤 獨立非執行董事 David Rolf Welch 高潔雯（於二零二四年十月二十一日獲委任） 胡文濤（於二零二四年十月二十一日獲委任） 葉發旋（於二零二四年十月二十一日辭任） 蔡宇震（於二零二四年十月二十一日辭任） 公司秘書 陳錦坤 註冊辦事處（百慕達） Clarendon House 2 Church Street Hamilton HM11 Bermuda 澳洲主要營業地點 Level 2, 679 Murray Street West Perth WA 6005 Australia 香港主要營業地點 香港 金鐘 夏愨道16號 遠東金融中心3903B室 核數師 安永會計師事務所 執業會計師 9 The Esplanade Perth WA 6000 Australia 主要股份過戶登記處 Conyers Corporate Services (Bermuda) Limited Cl ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦無發表聲明，並表明不會就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 BROCKMAN MINING LIMITED 布萊克萬礦業有限公司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （香港聯交所股份代號：159） （澳洲交易所股份代號：BCK） 截至二零二五年六月三十日止年度 全年業績公告 Brockman Mining Limited（布萊克萬礦業有限公司*）（「本公司」）董事會（「董事會」）公佈本公 司及其附屬公司（「本集團」）截至二零二五年六月三十日止年度之經審核綜合業績，連同截至 二零二四年六月三十日止年度之比較數字如下： 綜合全面收益表 截至二零二五年六月三十日止年度 | | | 截至六月三十日止年度 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 其他收益 | 6 | 2,806 | 1,581 | | 行政開支 | 7 | (16,850) | ...

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This announcement provides supplementary remuneration details for the former CFO and Acting CEO of Beisen Financial Group Limited for fiscal years 2015-2017, following a change in controlling shareholder [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement supplements the remuneration details of Mr. Chan Kwan, former CFO and Acting CEO, for fiscal years 2015-2017, following a significant change in the board and management after a 2017 acquisition - This is a supplementary announcement by Beisen Financial Group Limited regarding its 2015, 2016, and 2017 annual reports, primarily disclosing remuneration details for Mr. Chan Kwan, former Chief Financial Officer and Acting Chief Executive Officer[2](index=2&type=chunk) - Mr. Chan Kwan served as Chief Financial Officer from September 1, 2014, to December 13, 2017, and concurrently as Acting Chief Executive Officer from September 7, 2015, to February 1, 2017[2](index=2&type=chunk) - Following Bliss Chance Global Limited's acquisition of approximately **73.01%** of the company's shares in December 2017, significant changes occurred in the board of directors and management[3](index=3&type=chunk) [Remuneration Disclosure of Former Chief Financial Officer and Acting Chief Executive Officer](index=1&type=section&id=Remuneration%20Disclosure%20of%20Former%20Chief%20Financial%20Officer%20and%20Acting%20Chief%20Executive%20Officer) The announcement details the annual remuneration of Mr. Chan Kwan for fiscal years 2015, 2016, and 2017, totaling HKD 1,830.2 thousand, HKD 1,986.0 thousand, and HKD 2,386.8 thousand respectively Mr. Chan Kwan's Remuneration Details, FY2015-2017 (HKD Thousand) | Indicator | 2015 (HKD Thousand) | 2016 (HKD Thousand) | 2017 (HKD Thousand) | | :--- | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 1,812.2 | 1,968.0 | 1,985.0 | | Discretionary bonus | - | - | 383.8 | | Retirement scheme contributions | 18.0 | 18.0 | 18.0 | | **Total** | **1,830.2** | **1,986.0** | **2,386.8** | - Mr. Chan Kwan's total annual remuneration increased from **HKD 1,830.2 thousand** in 2015 to **HKD 2,386.8 thousand** in 2017, primarily due to an additional **HKD 383.8 thousand** discretionary bonus in 2017[3](index=3&type=chunk) [Other Information and Board Composition](index=2&type=section&id=Other%20Information%20and%20Board%20Composition) Other information in the 2015, 2016, and 2017 annual reports remains unchanged, and the announcement lists the current board members as of the announcement date - Except for the supplementary remuneration information disclosed herein, all other details in the 2015, 2016, and 2017 annual reports remain unchanged[4](index=4&type=chunk) - As of the announcement date (September 17, 2025), the board of directors includes Executive Directors Mr. Xu Peixin, Mr. Sun Lei (Chairman), and Mr. Zhu Dong; Non-executive Director Dr. Yuan Haihai; and Independent Non-executive Directors Dr. Qi Daqing, Mr. Chan Yik Kung, and Mr. Fung Chung Wah[5](index=5&type=chunk)

中期報告 目錄 2025中期報告 映恩生物 2 釋義及技術詞彙表 | 「BioNTech」 | 指 | BioNTech SE | | --- | --- | --- | | 「突破性療法認定」 | 指 | 經中國藥監局及╱或FDA授予的認定，以加快開發和審查用 | | | | 於治療嚴重疾病（為沒有有效治療方法且初步證據表明該療法 | | | | 可能比現有治療方案有實質性改善的疾病）的療法 | | 「B7H3」或「B7-H3」 | 指 | 抗B7同源3蛋白 | | 「CC」 | 指 | 宮頸癌 | | 「中國」或「中國內地」 | 指 | 中華人民共和國，僅就本中期報告而言，除文義另有所指 | | | | 外，不包括香港、中國澳門特別行政區及台灣 | | 「本公司」 | 指 | 映恩生物，一家於2019年7月3日在開曼群島註冊成立的獲豁 | | | | 免股份有限公司，其股份於聯交所上市（股份代號：9606） | | 「核心產品」 | 指 | 具有上市規則第18A章賦予該詞的涵義；就本中期報告而言， | | | | 我們的核心產品指DB-1303及DB-1311 | | 「企業管治守則」 | 指 | 上市規 ...

[Announcement Background and Purpose](index=1&type=section&id=%E5%85%AC%E5%91%8A%E8%83%8C%E6%99%AF%E4%B8%8E%E7%9B%AE%E7%9A%84) Bonjour Holdings Limited issued a supplemental announcement to provide additional remuneration details for its Chief Executive Officers in annual reports from 2020 to 2023 - Bonjour Holdings Limited issued a supplemental announcement to provide additional information for the annual reports for the years ended December 31, 2020, 2021, 2022, and 2023[3](index=3&type=chunk) - The supplementary information primarily concerns the remuneration of the company's Chief Executive Officers, Mr. Cheung Ka Fai (served from May 26, 2020, to July 10, 2020) and Mr. Wong Yiu Ming (served from July 10, 2020, onwards)[3](index=3&type=chunk) [Supplemental Disclosure of CEO Remuneration](index=1&type=section&id=%E8%A1%8C%E6%94%BF%E6%80%BB%E8%A3%81%E9%85%AC%E9%87%91%E8%A1%A5%E5%85%85%E6%8A%AB%E9%9C%B2) This section provides detailed remuneration disclosures for the Chief Executive Officers, Mr. Cheung Ka Fai and Mr. Wong Yiu Ming, from 2020 to 2023 [CEO Remuneration for 2020](index=1&type=section&id=2020%E5%B9%B4%E5%BA%A6%E8%A1%8C%E6%94%BF%E6%80%BB%E8%A3%81%E9%85%AC%E9%87%91) In 2020, former CEO Mr. Cheung Ka Fai received a salary of HKD 176 thousand during his tenure, while current CEO Mr. Wong Yiu Ming received a salary of HKD 1,243 thousand since his appointment on July 10, 2020, with neither receiving discretionary bonuses or retirement scheme contributions CEO Remuneration for 2020 (HKD '000) | Metric | Mr. Cheung Ka Fai (HKD '000) | Mr. Wong Yiu Ming (HKD '000) | | :--- | :--- | :--- | | Salary | 176 | 1,243 | | Discretionary Bonus | – | – | | Retirement Scheme Contributions | – | – | | **Total** | **176** | **1,243** | [CEO Remuneration for 2021-2023](index=2&type=section&id=2021-2023%E5%B9%B4%E5%BA%A6%E8%A1%8C%E6%94%BF%E6%80%BB%E8%A3%81%E9%87%91) From 2021 to 2023, CEO Mr. Wong Yiu Ming's annual remuneration remained stable at HKD 2,600 thousand in salary each year, with no discretionary bonuses or retirement scheme contributions CEO Remuneration for 2021-2023 (HKD '000) | Year | Salary (HKD '000) | Discretionary Bonus (HKD '000) | Retirement Scheme Contributions (HKD '000) | Total (HKD '000) | | :--- | :--- | :--- | :--- | :--- | | 2021 | 2,600 | – | – | 2,600 | | 2022 | 2,600 | – | – | 2,600 | | 2023 | 2,600 | – | – | 2,600 | [Other Important Information](index=1&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BF%A1%E6%81%AF) This section clarifies the announcement's effect on existing annual report information, lists current board members, and includes a standard disclaimer [Announcement Effect and Board Composition](index=2&type=section&id=%E5%85%AC%E5%91%8A%E6%95%88%E5%8A%9B%E4%B8%8E%E8%91%A3%E4%BA%8B%E4%BC%9A%E6%9E%84%E6%88%90) This supplemental announcement does not alter other information in the annual reports, which remains unchanged, and lists the current board members - The supplementary information does not affect other information contained in the annual reports, which remains unchanged except as disclosed[4](index=4&type=chunk) - As of the announcement date (September 17, 2025), the Board of Directors includes Mr. Chan Kin Man (Chairman and Executive Director), Ms. Chiu Lai Kuen (Executive Director), and independent non-executive directors Mr. Kwok Chi Shing, Mr. Li Kwun Kwan, and Mr. Yan Cheuk Ning[5](index=5&type=chunk) [Disclaimer](index=1&type=section&id=%E5%85%8D%E8%B4%A3%E5%A3%B0%E6%98%8E) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for this announcement, which is for reference only - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement and make no representation as to its accuracy or completeness[1](index=1&type=chunk) - This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase, or subscribe for the securities of the Company[2](index=2&type=chunk)

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Huayu Expressway Group Limited's interim report provides essential company details including board members, committees, key personnel, and corporate contacts - Board members include executive directors **Chen Yangnan (Chairman)**, **Fu Jiepin (CEO)**, **Liu Baohua**, and independent non-executive directors **Zhu Jianhong**, **Hu Liege**, **Lin Hanquan**[5](index=5&type=chunk) - The company's stock code is **1823**, official website is **www.huayu.com.hk**, and auditor is **Crowe (HK) CPA Limited**[1](index=1&type=chunk)[6](index=6&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section analyzes the Group's financial performance, operations, liquidity, risk management, and future outlook, noting a significant decline in revenue and profit, turning to loss due to economic slowdown [Financial Review](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the Group's revenue significantly decreased by **41.1%** year-on-year, gross profit fell by **54.8%**, and gross margin declined by **5.1 percentage points**, primarily due to reduced alcoholic beverage sales amid China's economic slowdown and weak consumer spending Financial Review Key Data | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 75,800 | 128,800 | -41.1% | | Gross Profit | 13,200 | 29,200 | -54.8% | | Gross Margin | 17.5% | 22.6% | -5.1pp | | Profit/(Loss) for the Period | (25,400) | 14,000 | Turned from profit to loss | - Qingping Expressway toll revenue was approximately **RMB 31.1 million**, a year-on-year decrease of approximately **8.8%**; alcoholic beverage sales revenue was approximately **RMB 44.8 million**, a year-on-year decrease of approximately **52.7%**[7](index=7&type=chunk) - Administrative expenses decreased by **5.5%** year-on-year to **RMB 18.9 million**, sales and distribution costs decreased by **5.5%** year-on-year to **RMB 5.2 million**, while finance costs significantly increased by **150%** year-on-year to **RMB 3.0 million**, primarily for alcoholic beverage trading bank financing[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Liquidity and Financial Resources](index=5&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group primarily funds operations and capital expenditures through internal resources, bank loans, and other borrowings, with total borrowings increasing and cash equivalents decreasing, yet maintaining prudent financial management and sufficient bank credit lines Total Bank and Other Borrowings (As of June 30, 2025 vs. December 31, 2024) | Metric | 2025 June 30 (RMB '000) | 2024 December 31 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Bank and Other Borrowings | 256,400 | 244,600 | +4.8% | | Total Cash and Cash Equivalents | 119,200 | 185,800 | -35.9% | - The Group's total bank credit lines with mainland Chinese banks and other financial institutions are approximately **RMB 582.0 million**, primarily for working capital in the alcoholic beverage trading segment[18](index=18&type=chunk) - The ratio of total outstanding bank and other borrowings to total equity was **0.24** (December 31, 2024: **0.23**)[18](index=18&type=chunk) [Intangible Assets – Service Concession Arrangements](index=6&type=section&id=%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2%EF%BC%8D%E6%9C%8D%E5%8B%99%E7%89%B9%E8%A8%B1%E6%AC%8A%E5%AE%89%E6%8E%92) The Group's intangible assets primarily consist of the operating and toll collection rights for Qingping Expressway, with no impairment indicators or provisions recognized during the reporting period - The service concession arrangement grants the Group the right to operate Qingping Expressway and collect tolls[19](index=19&type=chunk) - No further impairment was recognized during the period[19](index=19&type=chunk) [Employees and Remuneration](index=6&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group's total employees and remuneration expenses slightly increased, with compensation policies based on performance and offering provident funds, pensions, medical insurance, and discretionary bonuses - As of June 30, 2025, the Group employed a total of **389 employees** in China and Hong Kong (December 31, 2024: **387 employees**)[20](index=20&type=chunk) - During the period, the Group's total staff costs were approximately **RMB 16.9 million** (six months ended June 30, 2024: approximately **RMB 16.5 million**)[20](index=20&type=chunk) - The Group's remuneration policy is performance-based, offering provident fund schemes, state-managed retirement schemes, medical insurance, and potentially discretionary bonuses, restricted share awards, and employee share options[20](index=20&type=chunk) [Foreign Exchange Risk](index=6&type=section&id=%E5%A4%96%E5%BD%99%E9%A2%A8%E9%9A%AA) The Group primarily operates in China with most transactions settled in RMB, though some cash and bank deposits are denominated in HKD; no foreign exchange hedging was undertaken, but management monitors risks and considers hedging when necessary - The Group primarily operates in China, with most transactions settled in RMB, and some cash and bank deposits denominated in HKD[21](index=21&type=chunk) - As of June 30, 2025, the Group had not entered into any hedging arrangements to hedge foreign currency risk[21](index=21&type=chunk) [Contingent Liabilities](index=7&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[23](index=23&type=chunk) [Significant Acquisitions and Disposals](index=7&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the Group did not undertake any significant acquisitions or disposals of subsidiaries and associates - During the period, the Group did not make any significant acquisitions or disposals of subsidiaries and associates[24](index=24&type=chunk) [Pledge of Assets](index=7&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) Some of the Group's bank and other borrowings are guaranteed by company directors and secured by equity in non-wholly owned subsidiaries, land and buildings, and inventories - Long-term secured bank loans of approximately **RMB 38.0 million** are guaranteed by the Company and a subsidiary's director, and secured by the entire equity interest in **Shenzhen Huayu Expressway Investment Co., Ltd**[25](index=25&type=chunk) - Other borrowings of approximately **RMB 18.4 million** are secured by the Group's inventories with a carrying amount of approximately **RMB 92.0 million**[25](index=25&type=chunk) [Business Review](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Both of the Group's main businesses, Qingping Expressway and alcoholic beverage trading, were negatively impacted by the macroeconomic environment, with declining toll revenue and vehicle traffic, and a significant reduction in alcoholic beverage trading revenue leading to segment losses, while the integrated production base in Renhuai, Guizhou, progresses smoothly [Qingping Expressway](index=7&type=section&id=%E6%B8%85%E5%B9%B3%E9%AB%98%E9%80%9F) - Qingping Expressway total toll revenue was approximately **RMB 31.1 million**, a decrease of approximately **8.8%** compared to the prior period[26](index=26&type=chunk) - Average daily traffic was approximately **1.7 million vehicles per month**, a decrease of approximately **10.5%** compared to the prior period[26](index=26&type=chunk) - Average toll fee per vehicle was approximately **RMB 3.0** during

[Company Information](index=2&type=section&id=公司資料) This section provides New Ray Medicine International Holding Limited's basic corporate information, including registration, stock code, and contact details [Board of Directors and Committees](index=3&type=section&id=董事會及委員會) This section lists New Ray Medicine International Holding Limited's board members and their committee memberships - The Board of Directors comprises three executive directors (Ms. Wang Qiuqin, Mr. Chu Xueping, Ms. Zhou Wan) and three independent non-executive directors (Mr. Leung Chi Kin, Ms. Li Qianming, Mr. Sze Lai Shan)[3](index=3&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are all chaired by independent non-executive directors[3](index=3&type=chunk) [Basic Company Information](index=3&type=section&id=基本公司信息) This section provides New Ray Medicine International Holding Limited's basic corporate information, including registration, stock code, and contact Basic Company Information | Metric | Details | | :--- | :--- | | Stock Code | 6108 | | Registered Office | Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda | | Headquarters | 37th Floor, B–C, Dikai International Center, No. 19 Dangui Road, Hangzhou, People's Republic of China | | Principal Place of Business in Hong Kong | Room 911B, 9th Floor, Tower 1, The Gateway, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong | | Website | www.newraymedicine.com | [Financial Highlights](index=4&type=section&id=財務概要) This section provides a concise overview of the Group's key financial performance and position for the period [Financial Highlights for the Six Months Ended June 30, 2025](index=4&type=section&id=截至二零二五年六月三十日止六個月財務概要) For the six months ended June 30, 2025, revenue grew by 167.4%, but net loss attributable to owners increased by 82.3% Financial Performance for the Six Months Ended June 30, 2025 | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 44,701 | 16,718 | +167.4% | | Net Loss Attributable to Owners of the Company | (7,454) | (4,088) | +82.3% | | Interim Dividend | Nil | Nil | - | - As of June 30, 2025, the Group's gearing ratio remained **zero**, consistent with December 31, 2024, indicating no bank or other borrowings[5](index=5&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=簡明綜合損益及其他全面收益表) This section presents the Group's financial performance, including revenue, cost of sales, gross profit, and net loss for the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=簡明綜合損益及其他全面收益表) For the six months ended June 30, 2025, revenue increased, but gross profit declined due to higher cost of sales, resulting in a net loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 44,701 | 16,718 | | Cost of sales | (41,065) | (10,492) | | Gross profit | 3,636 | 6,226 | | Loss before tax | (7,454) | (4,083) | | Loss for the period attributable to owners of the Company | (7,454) | (4,088) | | Loss per share (HK cents) | (0.45) | (0.24) | - Total other comprehensive expenses for the period amounted to **HK$46,577 thousand**, primarily impacted by fair value losses on equity instruments at fair value through other comprehensive income[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=簡明綜合財務狀況表) This section outlines the Group's assets, liabilities, and equity, providing a snapshot of its financial health at period-end [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=簡明綜合財務狀況表) As of June 30, 2025, total assets less current liabilities decreased, mainly due to a reduction in equity instruments at fair value through OCI Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Total non-current assets | 127,790 | 177,315 | | Total current assets | 319,477 | 327,920 | | Total current liabilities | 16,698 | 27,312 | | Net current assets | 302,779 | 300,608 | | Total assets less current liabilities | 430,569 | 477,923 | | Equity attributable to owners of the Company | 424,379 | 470,956 | - Equity instruments at fair value through other comprehensive income decreased from **HK$102,367 thousand** as of December 31, 2024, to **HK$53,428 thousand** as of June 30, 2025[8](index=8&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=簡明綜合權益變動表) This section details the changes in the Group's equity attributable to owners, including profit/loss and other comprehensive income [Statement of Changes in Equity](index=7&type=section&id=權益變動表) Equity attributable to owners decreased, primarily due to loss for the period and other comprehensive expenses Changes in Equity Attributable to Owners of the Company (For the Six Months Ended June 30) | Metric | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Equity at beginning of period | 470,956 | 483,723 | | Loss for the period | (7,454) | (4,088) | | Other comprehensive expenses for the period | (39,123) | (10,964) | | Equity at end of period | 424,379 | 468,671 | - Equity instruments at fair value through other comprehensive income (non-recycling reserve) recorded an expense of **HK$46,300 thousand** in the first half of 2025, a key factor in the equity reduction[9](index=9&type=chunk) [Notes](index=7&type=section&id=附註) This section explains the nature and accounting treatment of various reserves within the condensed consolidated statement of changes in equity - Contributed surplus primarily represents the share conversion difference arising from the Group's 2013 reorganization, net of dividends declared in 2014[10](index=10&type=chunk) - Chinese subsidiaries are required to set aside a statutory surplus reserve fund at **10% of net profit after tax**, which can be used to offset losses or for capitalization issues[10](index=10&type=chunk) - Accumulated gains or losses from the revaluation of equity instruments at fair value through other comprehensive income are recognized in other comprehensive income and transferred to retained profits upon disposal[10](index=10&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=簡明綜合現金流量表) This section presents the Group's cash flows from operating, investing, and financing activities for the period [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=簡明綜合現金流量表) For the six months ended June 30, 2025, net cash outflow from operating activities led to a net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Net cash outflow from operating activities | (16,838) | (192) | | Net cash inflow (outflow) from investing activities | 3,570 | (14,820) | | Net cash outflow from financing activities | (1,367) | (719) | | Net decrease in cash and cash equivalents | (14,635) | (15,731) | | Cash and cash equivalents at end of period | 54,153 | 87,478 | - Cash and cash equivalents at the end of the period amounted to **HK$54,153 thousand**, a decrease from **HK$64,255 thousand** at the beginning of the period[12](index=12&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=簡明綜合財務報表附註) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. General Information](index=9&type=section&id=1.%20一般資料) New Ray Medicine International Holding Limited, an investment holding company, primarily engages in pharmaceutical distribution and marketing services in China - The Company is an investment holding company, with its principal operating subsidiaries engaged in the distribution and trading of pharmaceutical and related products and providing marketing and promotion services in China[14](index=14&type=chunk) - The Company's functional currency is Renminbi, but the condensed consolidated financial statements are presented in Hong Kong Dollars[14](index=14&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20編製基準) The condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules, and should be read with the annual financial statements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix D2 to the Listing Rules[15](index=15&type=chunk) - The condensed consolidated financial statements do not include all information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2024[15](index=15&type=chunk) [3. Significant Accounting Policies Information](index=10&type=section&id=3.%20重大會計政策資料) The condensed consolidated financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[16](index=16&type=chunk) - During the period, amendments to Hong Kong Financial Reporting Standards issued by the HKICPA were first adopted, including HKAS 21 (Amendment) 'Lack of Exchangeability'[17](index=17&type=chunk) - The application of the amendments to HKFRSs had no significant impact on the Group's financial position and performance and/or disclosures for the current and prior periods[17](index=17&type=chunk) [4. Revenue and Segment Information](index=10&type=section&id=4.%20收益及分部資料) The Group's revenue primarily derives from pharmaceutical product distribution and marketing services in China, with all revenue originating from China - The Group is principally engaged in the distribution and trading of pharmaceutical products and providing marketing and promotion services in China[18](index=18&type=chunk) Revenue by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Distribution and trading of pharmaceutical and related products | 43,058 | 12,116 | | Provision of marketing and promotion services | 1,643 | 4,602 | | **Total** | **44,701** | **16,718** | - All of the Group's revenue from external customers is derived from China[25](index=25&type=chunk) [5. Other Income, Gains and Losses](index=12&type=section&id=5.%20其他收入、收益及虧損) For the six months ended June 30, 2025, the Group recorded a net other loss, primarily due to reduced bank interest and dividend income Other Income, Gains and Losses (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Bank interest income | 396 | 1,315 | | Dividend income | 1 | 420 | | Net exchange loss | (1,107) | (1,184) | | **Total** | **(709)** | **735** | - Bank interest income significantly decreased from **HK$1,315 thousand** in 2024 to **HK$396 thousand** in 2025[26](index=26&type=chunk) [6. Income Tax Expense](index=12&type=section&id=6.%20所得稅開支) The Group reported zero income tax expense for the six months ended June 30, 2025, as no taxable profits were generated Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Current tax: PRC Enterprise Income Tax | – | – | | Deferred tax | – | 5 | | **Total tax expense for the period** | **–** | **5** | - The tax rate for the Company's PRC subsidiaries is **25%**, but no tax provision was made as the Group had no taxable profits in either period[27](index=27&type=chunk) [Loss for the Period is Arrived at After Charging](index=13&type=section&id=期內虧損於扣除下列各項後達致) This section details items deducted to arrive at the loss for the six months ended June 30, 2025, including depreciation, amortization, and inventory costs Items Deducted to Arrive at Loss for the Period (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,302 | 1,129 | | Depreciation of right-of-use assets | 815 | 700 | | Amortisation of prepayment for distribution rights | 1,741 | 1,423 | | Fair value gains (losses) on financial assets at fair value through profit or loss | 682 | (267) | | Cost of inventories recognised as an expense | 40,940 | 10,306 | [8. Dividends](index=13&type=section&id=8.%20股息) The Board of Directors does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board of Directors does not recommend the payment of any interim dividend for the period (for the six months ended June 30, 2024: nil)[29](index=29&type=chunk) [9. Loss Per Share](index=13&type=section&id=9.%20每股虧損) Basic and diluted loss per share attributable to owners increased to HK$0.45 cents for the six months ended June 30, 2025, with no diluted impact Loss Per Share Calculation (For the Six Months Ended June 30) | Metric | 2025 (HK$'000/share) | 2024 (HK$'000/share) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company for the purpose of basic and diluted loss per share | (7,454) | (4,088) | | Weighted average number of ordinary shares for the purpose of basic and diluted loss per share | 1,671,846,657 | 1,671,846,657 | | Basic and diluted loss per share (HK cents) | (0.45) | (0.24) | - The calculation of diluted loss per share for the six months ended June 30, 2025, did not assume the conversion of unexercised share options as their exercise would result in a decrease in loss per share[30](index=30&type=chunk) [10. Property, Plant and Equipment, Right-of-Use Assets and Lease Liabilities](index=13&type=section&id=10.%20物業、廠房及設備、使用權資產及租賃負債) During the period, the Group acquired property, plant and equipment of HK$78 thousand, a decrease from the prior year, with no new lease agreements - During the period, the Group acquired property, plant and equipment of approximately **HK$78 thousand** (2024: approximately HK$567 thousand)[31](index=31&type=chunk) - The Group did not enter into any new lease agreements during the period, thus no new right-of-use assets and lease liabilities were recognized[31](index=31&type=chunk) [11. Equity Instruments at Fair Value Through Other Comprehensive Income / Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=11.%20按公平值計入其他全面收益列賬之股本工具%E2%88%95按公平值計入損益列賬之金融資產) As of June 30, 2025, equity instruments at fair value through OCI totaled HK$53,428 thousand, and financial assets at fair value through P&L were HK$44,821 thousand Equity Instruments at Fair Value Through Other Comprehensive Income | Category | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Listed investments: Equity securities listed in Hong Kong | 40,321 | 89,460 | | Unlisted investments: Equity securities | 13,107 | 12,907 | | **Total** | **53,428** | **102,367** | Financial Assets at Fair Value Through Profit or Loss | Category | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Unlisted investments | 44,821 | 44,138 | | **Total** | **44,821** | **44,138** | [12. Inventories](index=14&type=section&id=12.%20存貨) This section pertains to the Group's inventory balances, though specific data is not provided in the outline [13. Trade and Other Receivables](index=15&type=section&id=13.%20貿易及其他應收款項) As of June 30, 2025, total trade and other receivables increased slightly, with a significant portion of trade receivables over 365 days Trade and Other Receivables (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Trade receivables (net of allowance for credit losses) | 59,250 | 60,393 | | Other prepayments | 1,942 | 1,600 | | Prepayments to suppliers | 50,441 | 42,547 | | Deposits paid to suppliers (net of allowance for credit losses) | 133,083 | 131,391 | | **Total** | **249,319** | **241,456** | Ageing Analysis of Trade Receivables (As at June 30, 2025) | Ageing | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | 0 to 30 days | 22,943 | 24,550 | | 31 to 60 days | 141 | 7,253 | | 61 to 90 days | 1,950 | 1,474 | | 91 to 180 days | 10,371 | 1,274 | | 181 to 365 days | 145 | 4,200 | | Over 365 days | 23,700 | 21,642 | | **Total** | **59,250** | **60,393** | - The Group grants credit periods of **0 to 365 days** to customers and regularly reviews credit limits[33](index=33&type=chunk) [14. Trade and Other Payables](index=16&type=section&id=14.%20貿易及其他應付款項) As of June 30, 2025, total trade and other payables significantly decreased, with an increased proportion of trade payables over 90 days Trade and Other Payables (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Trade payables | 12,366 | 21,613 | | Deposits received from customers | 1,305 | 637 | | Contract liabilities | 31 | 30 | | Accruals | 2,240 | 3,887 | | **Total** | **15,942** | **26,167** | Ageing Analysis of Trade Payables (As at June 30, 2025) | Ageing | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | 0 to 30 days | 4,177 | 10,286 | | 31 to 60 days | – | 4,114 | | 61 to 90 days | – | 5,431 | | Over 90 days | 8,189 | 1,782 | - The credit period for purchases of goods ranges from **30 to 60 days**, and the Group is required to make prepayments and/or pay deposits to certain suppliers[35](index=35&type=chunk) [15. Share Capital](index=16&type=section&id=15.%20股本) As of June 30, 2025, the Company's authorized share capital was 3,000,000 thousand shares, with 1,671,847 thousand issued and fully paid shares Changes in Share Capital (As at June 30, 2025) | Category | Number of Shares ('000) | Amount (HK$'000) | | :--- | :--- | :--- | | Authorised share capital | 3,000,000 | 150,000 | | Issued and fully paid share capital | 1,671,847 | 83,592 | - There were no changes in the Company's authorised and issued and fully paid share capital from January 1, 2024, to June 30, 2025[36](index=36&type=chunk) [16. Fair Value Measurement of Financial Instruments](index=17&type=section&id=16.%20金融工具之公平值計量) The Group's financial assets are measured at fair value using a hierarchy, with listed securities in Level 1 and unlisted investments primarily in Level 3 Fair Value of Financial Assets Measured at Fair Value on a Recurring Basis (As at June 30, 2025) | Financial Assets | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Fair Value Hierarchy | Valuation Technique | | :--- | :--- | :--- | :--- | :--- | | Equity instruments at fair value through other comprehensive income listed in Hong Kong | 40,321 | 89,460 | Level 1 | Quoted bid prices in active markets | | Unlisted investments: Equity instruments at fair value through other comprehensive income | 13,107 | 12,907 | Level 3 | Market-based valuation techniques | | Unlisted investments: Financial assets at fair value through profit or loss | 30,336 | 29,874 | Level 3 | Discounted cash flow method | | Unlisted investments: Financial assets at fair value through profit or loss | 14,485 | 14,264 | Level 3 | Adjusted net asset value | - Level 3 fair value measurements involve unobservable inputs such as discount rates, terminal growth rates, and discounts for lack of marketability, whose changes would impact fair value measurements[38](index=38&type=chunk)[40](index=40&type=chunk) - There were no transfers between Level 1 and Level 2, or into or out of Level 3 fair value measurements during the period[41](index=41&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=管理層討論及分析) This section provides management's perspective on the Group's operational and financial performance, outlook, and key developments [Company Overview](index=19&type=section&id=公司概覽) New Ray Medicine International Holding Limited is a pharmaceutical distributor in Hangzhou, China, engaged in product distribution and marketing services across multiple provinces - The Group is principally engaged in the distribution and trading of pharmaceutical and related products and providing marketing and promotion services in China[44](index=44&type=chunk) - The Group's customer network spans various regions in China, including Zhejiang, Jiangsu, Hainan, Hunan, and Guangdong provinces[44](index=44&type=chunk) [Overview](index=19&type=section&id=概覽) For the six months ended June 30, 2025, total revenue increased by 167.4% due to new product launches, but net loss widened to HK$7,454 thousand - Total revenue for the period was approximately **HK$44,701 thousand**, an increase of approximately **167.4%** compared to the same period in 2024[45](index=45&type=chunk) - The increase in revenue was primarily due to the launch of new pharmaceutical products in China by the Group since the second half of 2024[45](index=45&type=chunk) - A net loss of approximately **HK$7,454 thousand** was recorded for the period, with the increased loss mainly attributed to reduced gross profit (due to lower gross margins of new products) and decreased sales volume of key products[45](index=45&type=chunk) [Business Review](index=19&type=section&id=業務回顧) During the period, the Group's revenue primarily stemmed from pharmaceutical product distribution and marketing services, mainly focusing on injectable drugs - The Group's revenue in China is contributed by the distribution and trading of pharmaceutical and related products and the provision of marketing and promotion services[46](index=46&type=chunk) - The main category of pharmaceutical products distributed by the Group is injectable drugs[46](index=46&type=chunk) [Revenue and Segment Information](index=20&type=section&id=收益及分部資料) The Group's revenue is predominantly from pharmaceutical product distribution, which grew by 255.4%, while marketing and promotion services revenue significantly declined Revenue Contribution by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (HK$'000) | 2025 (%) | 2024 (HK$'000) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Distribution and trading of pharmaceutical and related products | 43,058 | 96.3 | 12,116 | 72.5 | | Provision of marketing and promotion services | 1,643 | 3.7 | 4,602 | 27.5 | | **Total** | **44,701** | **100.0** | **16,718** | **100.0** | [(1) Distribution and Trading of Pharmaceutical and Related Products](index=20&type=section&id=(1)%20醫藥及相關產品分銷及貿易) Revenue from this segment increased by 255.4% to HK$43,058 thousand, driven by new product launches, partially offset by decreased demand for key products - Revenue from the distribution and trading of pharmaceutical and related products segment was approximately **HK$43,058 thousand**, an increase of approximately **255.4%** compared to the same period in 2024[50](index=50&type=chunk) - The increase in revenue was mainly due to the launch of new products in China by the Group since the second half of 2024, partially offset by decreased demand for a key product (second-generation cephalosporin product (1.0g))[50](index=50&type=chunk) [(2) Provision of Marketing and Promotion Services](index=20&type=section&id=(2)%20提供營銷及推廣服務) Revenue from marketing and promotion services decreased by 64.3% to HK$1,643 thousand, reflecting adjustments after China's 'Two-Invoice System' - Revenue from the provision of marketing and promotion services segment was approximately **HK$1,643 thousand**, a decrease of approximately **64.3%** compared to the same period in 2024[51](index=51&type=chunk) - The Group developed its pharmaceutical product marketing and promotion services business since 2017 due to the implementation of China's 'Two-Invoice System'[51](index=51&type=chunk) [Outlook](index=21&type=section&id=展望) The Group anticipates downward pressure on drug prices due to healthcare reforms and volume-based procurement, focusing on product diversification and sales enhancement - China's healthcare industry faces challenges from volume-based procurement policies, with anticipated downward pressure on drug prices in the future[52](index=52&type=chunk)[54](index=54&type=chunk) - The **ninth round of volume-based procurement** was completed in November 2023, covering **41 drug varieties**, with an average price reduction of approximately **58%** compared to the original tender average price[52](index=52&type=chunk) - The **tenth round of volume-based procurement** was completed in December 2024, covering **385 drug varieties**, with an average price reduction exceeding **60%**[53](index=53&type=chunk) [Continue to Enrich Existing Product Portfolio](index=22&type=section&id=繼續豐富現有產品組合) The Group plans to acquire new product distribution rights and strengthen distribution channels and marketing strategies in H2 2025 for sustainable growth - The Group will seek to acquire distribution rights for new products to enhance its product portfolio[55](index=55&type=chunk) - Looking ahead to the second half of 2025, the Group will continue to enhance its product portfolio, distribution channels, and marketing and promotion strategies[55](index=55&type=chunk) [Continue to Improve and Enhance Sales and Marketing Capabilities](index=22&type=section&id=繼續提高及增強銷售及營銷能力) To enhance competitiveness, the Group will strengthen its local distribution network and sales and marketing capabilities, exploring opportunities to boost distribution - The Group will continue to strengthen its local distribution network and sales and marketing capabilities in the future[56](index=56&type=chunk) - The Group has been exploring various opportunities to enhance its distribution capabilities[56](index=56&type=chunk) [Focus on Our Core Business](index=22&type=section&id=專注我們的核心業務) The Group's long-term strategy focuses on pharmaceutical product distribution and marketing services, reallocating resources and seeking M&A opportunities - The Group intends to focus on its core businesses, namely the distribution and trading of pharmaceutical products and the provision of marketing and promotion services for pharmaceutical products in China[57](index=57&type=chunk) - The Group will continue to seek potential merger and acquisition opportunities to generate higher returns for shareholders[57](index=57&type=chunk) [Financial Review](index=22&type=section&id=財務回顧) This section reviews the Group's financial performance for the six months ended June 30, 2025, covering revenue, cost of sales, gross profit, and net loss [Revenue](index=22&type=section&id=收益) Total revenue for the period increased by 167.4% to HK$44,701 thousand, driven by new product launches, partially offset by decreased demand for key products - Total revenue for the period was approximately **HK$44,701 thousand**, an increase of approximately **167.4%** compared to approximately HK$16,718 thousand for the six months ended June 30, 2024[58](index=58&type=chunk) - The increase in revenue was due to the launch of new products in China by the Group since the second half of 2024, partially offset by decreased demand for key products[58](index=58&type=chunk) [Cost of Sales](index=22&type=section&id=銷售成本) Cost of sales for the period significantly increased by 291.4% to HK$41,065 thousand, primarily due to higher sales of new products - Cost of sales for the period was approximately **HK$41,065 thousand**, an increase of approximately **291.4%** compared to approximately HK$10,492 thousand for the six months ended June 30, 2024[59](index=59&type=chunk) - The increase in cost of sales was mainly due to increased sales of new products during the period[59](index=59&type=chunk) [Gross Profit and Gross Margin](index=23&type=section&id=毛利及毛利率) Gross profit decreased by 41.6% to HK$3,636 thousand, with gross margin falling to 8.13%, due to lower new product margins and reduced key product sales - Gross profit decreased by approximately **41.6%** from approximately HK$6,226 thousand in the same period of 2024 to approximately **HK$3,636 thousand** for the period[60](index=60&type=chunk) - The Group's gross margin for the period was only approximately **8.13%**, a decrease of **29.1 percentage points** compared to the same period in 2024[60](index=60&type=chunk) - The decrease in gross profit and gross margin was mainly due to the new products being in their initial stage with relatively lower gross margins, and decreased sales volume of key products[60](index=60&type=chunk) [Other Income, Gains and Losses](index=23&type=section&id=其他收入、收益及虧損) The Group recorded a net other loss of HK$709 thousand for the period, compared to a gain of HK$735 thousand in the prior year, due to reduced interest and dividend income - Net other loss for the period was approximately **HK$709 thousand** (2024: approximately HK$735 thousand gain)[61](index=61&type=chunk) - The change was mainly due to a decrease in bank interest income of approximately **HK$396 thousand** and a decrease in dividend income from equity instruments at fair value through other comprehensive income of approximately **HK$419 thousand** during the period[61](index=61&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=銷售及分銷開支) Selling and distribution expenses for the period slightly increased by 2.1% to HK$4,977 thousand compared to the prior year - Selling and distribution expenses for the period were approximately **HK$4,977 thousand**, a slight increase of approximately **2.1%** compared to approximately HK$4,876 thousand for the six months ended June 30, 2024[62](index=62&type=chunk) [Administrative Expenses](index=23&type=section&id=行政開支) Administrative expenses for the period slightly increased by 2.3% to HK$6,003 thousand compared to the prior year - Administrative expenses for the period were approximately **HK$6,003 thousand**, a slight increase of approximately **2.3%** compared to approximately HK$5,867 thousand for the six months ended June 30, 2024[63](index=63&type=chunk) [Income Tax Expense](index=23&type=section&id=所得稅開支) Income tax expense for the period was zero, consistent with the prior year, as the Group had no taxable profits - Income tax expense for the period was **nil** (2024: HK$5 thousand)[64](index=64&type=chunk) - The Group had no taxable profits for which tax provision was made[64](index=64&type=chunk) [Loss for the Period](index=23&type=section&id=期內虧損) Loss for the period increased to HK$7,454 thousand, primarily due to reduced bank interest income and a significant decline in gross profit and gross margin - Loss for the period was approximately **HK$7,454 thousand**, compared to a loss of approximately HK$4,088 thousand for the same period in 2024[65](index=65&type=chunk) - The increased loss was mainly due to decreased bank interest income and a significant reduction in gross profit and gross margin (attributable to lower gross margins of new products and decreased demand for key products)[65](index=65&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=流動資金及財務資源) The Group maintained a sound liquidity position, primarily funded by internal resources, with HK$54,153 thousand in cash and cash equivalents and a zero gearing ratio - The Group maintained a sound liquidity position during the period, with operations primarily funded by internal resources[67](index=67&type=chunk) Net Cash and Cash Equivalents (As at June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Net cash and cash equivalents | 54,153 | 64,255 | | HKD denominated proportion | 9.0% | 13.6% | | RMB denominated proportion | 91.0% | 86.4% | - As of June 30, 2025, the Group had no bank loans, and its gearing ratio was **zero**[67](index=67&type=chunk) [Contingent Liabilities](index=24&type=section&id=或然負債) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[68](index=68&type=chunk) [Material Investments, Acquisitions and Disposals](index=24&type=section&id=重大投資、重大收購及出售) The Group entered a cooperation agreement to invest HK$16.5 million in a health industrial park project and disposed of its investment in Jiangxi Yimaiyangguang Group for HK$12.8 million [Signing of Cooperation Agreement and Establishment of Target Company](index=24&type=section&id=簽署合作協議及成立目標公司) China New Ray, a subsidiary, entered a cooperation agreement to establish a target company with partners, investing HK$16.5 million for a 20% stake in a health industrial park project - China New Ray, Partner A, and Partner B entered into a cooperation agreement to establish a target company, with China New Ray holding a **20% equity interest**[69](index=69&type=chunk) - China New Ray will inject **HK$16.5 million** (or equivalent RMB), funded by the Group's internal resources[69](index=69&type=chunk) - The target company aims to engage in a project involving the investment and construction of a health industrial park in Shengzhou City, Zhejiang Province, China[70](index=70&type=chunk) [Disposal of Investment in Jiangxi Yimaiyangguang Group](index=25&type=section&id=出售於江西一脈陽光集團之投資) The Group disposed of 801,000 H shares of Jiangxi Yimaiyangguang Group for approximately HK$12.8 million, realizing a gain of HK$0.8 million and increasing liquidity - China New Ray, an indirect wholly-owned subsidiary of the Company, disposed of a total of **801,000 H shares** of Jiangxi Yimaiyangguang Group in the open market for a total consideration of approximately **HK$12.8 million**[74](index=74&type=chunk) - The Group expects to receive gross proceeds of approximately **HK$12.8 million** from the disposal and recognized a gain of approximately **HK$0.8 million**[74](index=74&type=chunk) - The disposal was considered a good opportunity to realize the investment and increase the Group's liquidity, with proceeds intended for general working capital[74](index=74&type=chunk) [Capital Structure](index=25&type=section&id=資本結構) The Company's capital structure remained unchanged during the period, but a post-period share capital reorganization was implemented to adjust share par value - There were no changes in the Company's capital structure during the period[77](index=77&type=chunk) - Subsequent to the period, the Company undertook a share capital reorganization, including share consolidation, capital reduction, and share subdivision[77](index=77&type=chunk) [Share Capital Reorganisation](index=26&type=section&id=股本重組) Effective July 22, 2025, the Company implemented a share capital reorganization involving share consolidation, capital reduction, and share subdivision, resulting in 167,184,665 new shares - The share capital reorganization became effective on **July 22, 2025**, comprising share consolidation, capital reduction, and share subdivision[78](index=78&type=chunk)[79](index=79&type=chunk) - The share consolidation involved consolidating every **ten (10) existing shares** of HK$0.05 par value each into **one (1) consolidated share** of HK$0.50 par value[78](index=78&type=chunk) - The capital reduction reduced the par value of each consolidated share from **HK$0.50 to HK$0.01**, and subdivided the authorized but unissued consolidated shares into **fifty (50) new shares** of HK$0.01 par value each[78](index=78&type=chunk) - Immediately following the effective date of the share capital reorganization, the Company had **167,184,665 new shares** of HK$0.01 par value each in issue[79](index=79&type=chunk) [Pledge of Assets](index=26&type=section&id=資產抵押) As of June 30, 2025, and December 31, 2024, the Group had not pledged any of its assets - As of June 30, 2025, and December 31, 2024, the Group had not pledged any of its assets[80](index=80&type=chunk) [Equity Instruments at Fair Value Through Other Comprehensive Income](index=27&type=section&id=按公平值計入其他全面收益列賬之股本工具) The Group's equity instruments at fair value through OCI include Hong Kong-listed and unlisted equity securities, with fair value losses recognized during the period - The Group's equity instruments at fair value through other comprehensive income primarily comprise equity instruments listed in Hong Kong and unlisted investments[81](index=81&type=chunk) - During the period, fair value losses of approximately **HK$46.9 million** (including fair value losses on Convoy Global Holdings Limited shares) were recognized through other comprehensive income (non-recycling reserve)[84](index=84&type=chunk) [Convoy Global Holdings Limited](index=27&type=section&id=康健國際醫療集團有限公司) As of June 30, 2025, the Group's investment in Convoy Global Holdings Limited was valued at HK$28.0 million, representing 1.74% of its issued share capital, with fair value losses recognized - As of June 30, 2025, the fair value of the Group's investment in shares of Convoy Global Holdings Limited was approximately **HK$28.0 million**[82](index=82&type=chunk) - The Group recognized a fair value loss of approximately **HK$0.8 million** on its investment in Convoy Global Holdings Limited shares during the period[82](index=82&type=chunk) - As of June 30, 2025, the Group held **117,602,000 shares** of Convoy Global Holdings Limited, representing approximately **1.74%** of its total issued share capital[83](index=83&type=chunk) [Other Hong Kong Listed Securities Investments](index=28&type=section&id=其他香港上市證券投資) As of June 30, 2025, other Hong Kong-listed securities investments amounted to HK$12.3 million, with sales generating HK$3.3 million and a fair value gain of HK$1.0 million - As of June 30, 2025, the fair value of the Group's other listed securities investments in Hong Kong (excluding Convoy Global Holdings Limited shares) amounted to approximately **HK$12.3 million**[84](index=84&type=chunk) - During the period, the Group disposed of certain equity securities listed in Hong Kong, generating proceeds of approximately **HK$3.3 million** and a fair value gain of approximately **HK$1.0 million**[84](index=84&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=28&type=section&id=按公平值計入損益列賬之金融資產) The Group's financial assets at fair value through P&L primarily include investments in Shengzhou Xinrui Wanma Industrial Co., Ltd. and Shengzhou Xinrui Wanlin Enterprise Management Co., Ltd., both recognizing fair value gains - The Group's financial assets at fair value through profit or loss include investments in Shengzhou Xinrui Wanma Industrial Co., Ltd. and Shengzhou Xinrui Wanlin Enterprise Management Co., Ltd.[85](index=85&type=chunk) [Shengzhou Xinrui Wanma](index=28&type=section&id=嵊州新銳萬馬) As of June 30, 2025, the Group held a 39% equity interest in Shengzhou Xinrui Wanma, with an investment fair value of HK$30.3 million and a recognized fair value gain of HK$0.5 million - As of June 30, 2025, the Group held approximately **39% equity interest** in Shengzhou Xinrui Wanma, with an investment fair value of approximately **HK$30.3 million**[86](index=86&type=chunk) - The Group recognized a fair value gain of approximately **HK$0.5 million** on its investment in Shengzhou Xinrui Wanma during the period[86](index=86&type=chunk) - Shengzhou Xinrui Wanma is constructing and developing a health industrial park, with all Phase I units sold and **31 Phase II units** contracted for sale, totaling approximately **RMB221 million**[87](index=87&type=chunk) [Shengzhou Xinrui Wanlin](index=29&type=section&id=嵊州新銳萬霖) As of June 30, 2025, the Group held a 39% equity interest in Shengzhou Xinrui Wanlin, with an investment fair value of HK$14.5 million and a recognized fair value gain of HK$0.2 million - As of June 30, 2025, the Group held approximately **39% equity interest** in Shengzhou Xinrui Wanlin, with an investment fair value of approximately **HK$14.5 million**[88](index=88&type=chunk) - The Group recognized a fair value gain of approximately **HK$0.2 million** on its investment in Shengzhou Xinrui Wanlin during the period[88](index=88&type=chunk) - Shengzhou Xinrui Wanlin aims to participate in the development of a health food industrial park project located in Shengzhou City, Zhejiang Province, China[88](index=88&type=chunk) [Future Plans for Material Investments](index=29&type=section&id=重大投資的未來計劃) The Group currently has no other future plans for material investments beyond those disclosed in this report - Save as disclosed in this report, the Group currently has no other future plans for material investments[90](index=90&type=chunk) [Other Information](index=30&type=section&id=其他資料) This section covers additional disclosures including employee information, foreign currency risk, share offer proceeds, and corporate governance matters [Employee Information](index=30&type=section&id=僱員資料) As of June 30, 2025, the Group had 30 employees with staff costs of HK$4,127 thousand, and a compensation policy based on position, responsibility, and performance - As of June 30, 2025, the Group had **30 employees** (December 31, 2024: 29 employees)[91](index=91&type=chunk) - Staff costs (including directors' emoluments) for the period were approximately **HK$4,127 thousand** (2024: approximately HK$4,022 thousand)[91](index=91&type=chunk) - The Group's remuneration policy is based on employees' positions, responsibilities, and performance, providing comprehensive compensation and benefits, including a provident fund scheme[91](index=91&type=chunk) [Foreign Currency Risk](index=30&type=section&id=外幣風險) The Group's primary business is RMB-denominated in China, but it holds HKD and USD bank balances, exposing it to foreign currency risk, though no hedging policy is adopted - The Group conducts business in China, with most transactions denominated in Renminbi, but holds Hong Kong Dollar and US Dollar bank balances, exposing it to foreign currency risk[92](index=92&type=chunk) - The Directors believe that the potential impact of exchange rate fluctuations on the Group's profit or loss is not material, thus no foreign currency hedging policy has been adopted[92](index=92&type=chunk) [Net Proceeds from Rights Issue](index=30&type=section&id=供股所得款項淨額) The Company completed a rights issue in 2017, raising HK$330.0 million, with the remaining HK$22.3 million re-designated for general working capital and fully utilized during the period - The Company completed a rights issue on **March 6, 2017**, with net proceeds of approximately **HK$330.0 million**[93](index=93&type=chunk) - As of December 31, 2024, the remaining unutilized net proceeds from the rights issue (approximately **HK$22.3 million**) were re-designated for general working capital[93](index=93&type=chunk) - During the period, the Company fully utilized the remaining portion of the net proceeds for general working capital[93](index=93&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=31&type=section&id=董事及最高行政人員於股份、相關股份及債權證的權益及淡倉) As of June 30, 2025, executive directors Ms. Wang Qiuqin, Mr. Chu Xueping, and Ms. Zhou Wan held long positions in the Company's shares or underlying shares, with Mr. Chu holding significant interests Directors' and Chief Executive's Interests in Shares (As at June 30, 2025) | Name of Director/Chief Executive | Capacity | Number of Relevant Shares | Position | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Ms. Wang Qiuqin | Beneficial owner | 16,600,000 | Long position | 0.99% | | Mr. Chu Xueping | Beneficial owner | 443,272,000 | Long position | 26.51% | | Ms. Zhou Wan | Beneficial owner | 15,000,000 | Long position | 0.90% | - Mr. Chu Xueping's interests include beneficially owned share options and a share interest of **426,672,000 shares** held through his controlled corporation, Eagle Amber Holdings Limited[94](index=94&type=chunk) - The exercise period for all directors' share options is from **June 14, 2022, to June 13, 2027**, with an exercise price of **HK$0.287 per share**[94](index=94&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=32&type=section&id=主要股東於股份及相關股份的權益及淡倉) As of June 30, 2025, Eagle Amber Holdings Limited held 25.52% of the Company's shares, with Mr. Chu Xueping and Mr. Dai Xiaosong each beneficially owning 50%, and Mr. Zhou Ling and Ms. Yang Fang collectively holding 9.65% Substantial Shareholders' Interests in Shares (As at June 30, 2025) | Name of Shareholder | Capacity | Number of Ordinary Shares | Position | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Eagle Amber Holdings Limited | Beneficial owner | 426,672,000 | Long position | 25.52% | | Dai Xiaosong | Interest in controlled corporation | 426,672,000 | Long position | 25.52% | | Zhou Ling | Beneficial owner and spouse's interest | 161,400,000 | Long position | 9.65% | | Yang Fang | Beneficial owner and spouse's interest | 161,400,000 | Long position | 9.65% | - Eagle Amber Holdings Limited is beneficially owned **50.0%** by Mr. Chu Xueping and Mr. Dai Xiaosong respectively, thus both are deemed to have an interest in the shares held by it[98](index=98&type=chunk) - Mr. Zhou Ling and Ms. Yang Fang are spouses, and under the Securities and Futures Ordinance, they are deemed to have an interest in the shares held by each other[99](index=99&type=chunk) [Share Option Scheme](index=33&type=section&id=購股權計劃) The Company's share option scheme, effective October 25, 2013, expired in October 2023, with no options granted, exercised, cancelled, or lapsed during the period, but 128,200,000 options remain unexercised - The Company's share option scheme became effective on **October 25, 2013**, with a ten-year validity period, and expired in **October 2023**[100](index=100&type=chunk)[101](index=101&type=chunk) - No share options were granted, exercised, cancelled, or lapsed under the scheme during the period[100](index=100&type=chunk) Number of Outstanding Share Options (As at June 30, 2025) | Category of Participants | Outstanding as at June 30, 2025 | Exercise Period | Exercise Price per Share (HK$) | | :--- | :--- | :--- | :--- | | Directors (Wang Qiuqin, Chu Xueping, Zhou Wan) | 48,200,000 | June 14, 2022 to June 13, 2027 | 0.287 | | Employees | 80,000,000 | June 14, 2022 to June 13, 2027 | 0.287 | | **Total** | **128,200,000** | | **0.287** | [Directors' Rights to Acquire Shares or Debentures of the Company](index=34&type=section&id=董事購買本公司股份或債權證的權利) No arrangements were made during the period for directors or their families to acquire shares or debentures of the Company or other corporations, beyond disclosed interests and share option schemes - Save for the disclosed directors' interests and share option scheme, neither the Company nor any of its subsidiaries entered into any arrangements during the period enabling directors or their families to acquire benefits by purchasing shares or debentures of the Company or any other corporation[102](index=102&type=chunk) [Compliance with Corporate Governance Code](index=34&type=section&id=遵守企業管治守則) The Company complied with the Corporate Governance Code during the period, though the combined roles of Chairman and CEO (Ms. Wang Qiuqin) represent a deviation, which the Board reviews periodically - The Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules during the period[103](index=103&type=chunk)[104](index=104&type=chunk) - Ms. Wang Qiuqin serves concurrently as Executive Director, Chairman of the Board, and Chief Executive Officer, which constitutes a deviation from Code Provision C.2.1 of the Corporate Governance Code (requiring separation of Chairman and Chief Executive Officer roles)[103](index=103&type=chunk) - The Board believes that the balance of power and authority under this arrangement is adequate and will review the structure from time to time, potentially seeking a suitable candidate for the Chairman position[103](index=103&type=chunk) [Standard Code for Securities Transactions by Directors](index=35&type=section&id=董事進行證券交易的標準守則) The Company adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[105](index=105&type=chunk) - Following specific enquiries with all Directors, all Directors confirmed their compliance with the required standards set out in the Model Code during the period[105](index=105&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=購入、出售或贖回本公司上市證券) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[106](index=106&type=chunk) [Litigation](index=35&type=section&id=訴訟) The Company is involved in an ongoing appeal by the SFC regarding a petition alleging misconduct by two former directors from 2015 to 2018, despite a court judgment awarding costs to the Company - The Company was served with a petition filed by the SFC with the High Court of Hong Kong on **November 17, 2020**, pursuant to Section 214 of the Securities and Futures Ordinance[107](index=107&type=chunk) - The petition alleged unlawful or other misconduct by two former directors (Mr. Zhou Ling and Mr. Dai Haidong) between **2015 and 2018**, including breaches of directors' duties, secret profits, and fictitious transactions[107](index=107&type=chunk) - The Court delivered its judgment on **September 13, 2024**, awarding costs to the Company, but the SFC filed a notice of appeal on **October 10, 2024**, and the appeal is ongoing[109](index=109&type=chunk)[111](index=111&type=chunk) [Adoption of New Bye-laws](index=37&type=section&id=採納新細則) Shareholders adopted new bye-laws on June 18, 2025, to comply with updated Listing Rules, allowing for electronic meetings and providing flexibility for treasury shares - The Board recommended amending the Company's bye-laws to comply with the latest regulatory requirements of the Listing Rules regarding the expanded paperless listing regime and mandatory electronic dissemination of corporate communications by listed issuers[113](index=113&type=chunk) - The new bye-laws explicitly permit the Company to convene and hold electronic meetings and/or hybrid meetings in addition to physical meetings[113](index=113&type=chunk) - The new bye-laws were adopted by shareholders of the Company via a special resolution at the annual general meeting held on **June 18, 2025**[113](index=113&type=chunk) [Audit Committee](index=37&type=section&id=審核委員會) The Audit Committee, comprising three independent non-executive directors, reviews financial statements, accounts, and results, and oversees financial reporting, risk management, and internal controls - The primary responsibilities of the Audit Committee include reviewing the Company's financial statements, accounts, and interim and annual results, and providing advice and recommendations to the Board thereon[114](index=114&type=chunk) - The Audit Committee comprises three independent non-executive directors: Ms. Li Qianming (Chairperson), Mr. Leung Chi Kin, and Mr. Sze Lai Shan[114](index=114&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the period and this report[115](index=115&type=chunk)

[Company Information](index=4&type=section&id=Company%20Information) The company's governance structure includes a board with executive and independent non-executive directors and key committees, with PwC as auditor and listed on the HKEX main board [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises four executive and three independent non-executive directors, supported by Audit, Remuneration, and Nomination Committees to ensure robust corporate governance - The Board of Directors consists of **4 executive directors** and **3 independent non-executive directors**[5](index=5&type=chunk) - Audit, Remuneration, and Nomination Committees are established to strengthen corporate governance[5](index=5&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) The company has appointed PricewaterhouseCoopers as its auditor and is listed on the Main Board of the Hong Kong Stock Exchange with stock code 1451 - PricewaterhouseCoopers is the auditor[5](index=5&type=chunk) - The company is listed on the Main Board of the Hong Kong Stock Exchange, with stock code **1451**[6](index=6&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The group's revenue slightly increased for the six months ended June 30, 2025, but gross profit, operating profit, and profit attributable to equity holders all declined, with no interim dividends declared [Key Financial Data and Ratios](index=5&type=section&id=Key%20Financial%20Data%20and%20Ratios) For the six months ended June 30, 2025, the group's revenue saw a slight increase, but gross profit, operating profit, and profit attributable to equity holders all decreased, with no interim dividends distributed Key Financial Data and Ratios (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | | Gross Profit | 45,383 | 49,467 | | Gross Profit Margin | 25.0% | 27.6% | | Operating Profit | 19,837 | 24,233 | | Profit Attributable to Equity Holders | 15,554 | 18,967 | | Basic Earnings Per Share | 7.75 HK cents | 9.48 HK cents | | Interim Dividend Per Share | — | 3 HK cents | | Special Interim Dividend Per Share | — | 7 HK cents | - No interim dividend or special interim dividend was distributed in H1 2025, compared to **3 HK cents** and **7 HK cents** respectively in the same period of 2024[8](index=8&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) Management discusses the group's stable revenue but declining profitability due to tariffs and market competition, alongside financial performance, liquidity, and future strategies [Business Review](index=6&type=section&id=Business%20Review) The group's total revenue remained stable in H1 2025, but profitability declined due to tariffs, with both OEM and UOUO Monkey businesses facing significant industry challenges - Total revenue in H1 2025 remained stable compared to H1 2024, but profitability declined, primarily due to **tariff impacts**[10](index=10&type=chunk) - The OEM business, with its core market in the US, experienced a decline in revenue in Q2 due to reduced customer orders caused by **US government tariffs**[13](index=13&type=chunk) - The UOUO Monkey business, focused on the Chinese market, saw a significant year-on-year decrease in sales in H1 2025, particularly from physical retail stores, due to **intense competition** including price wars[13](index=13&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) The group's revenue slightly increased in H1 2025, but gross profit and net profit decreased due to tariff impacts and higher administrative expenses, while selling expenses declined due to cost control Key Financial Data (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | | Gross Profit | 45,383 | 49,467 | | Profit Before Income Tax | 20,420 | 24,815 | | Net Profit Attributable to Equity Holders | 15,554 | 18,967 | - OEM business revenue was approximately **HK$180.9 million**, a **2.4% year-on-year increase**, mainly from increased orders for plastic bottles and stainless steel sports water bottles from existing customers[14](index=14&type=chunk) - UOUO Monkey business revenue was approximately **HK$329,000**, a significant **85.9% year-on-year decrease**, affected by intense local market competition and declining physical store sales[15](index=15&type=chunk) - Gross profit was approximately **HK$45.4 million**, with a gross profit margin of **25.0%**, a decrease from the prior year period, primarily due to **tariff impacts on product selling prices**[16](index=16&type=chunk)[19](index=19&type=chunk) - Selling expenses were approximately **HK$2.2 million**, a **39.2% year-on-year decrease**, mainly due to reductions in employee benefits, transportation, and marketing promotion expenses[20](index=20&type=chunk) - Administrative expenses were approximately **HK$24.2 million**, an increase of approximately **HK$1.6 million** year-on-year, primarily due to additional employee severance compensation costs of approximately **HK$2.8 million**[21](index=21&type=chunk) - Net profit was approximately **HK$15.6 million**, a decrease of approximately **HK$3.4 million** year-on-year, mainly due to the decline in gross profit and gross profit margin[25](index=25&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=8&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) The group maintains strong liquidity with increased cash and cash equivalents, a zero gearing ratio, and no significant capital commitments or asset pledges - Cash and cash equivalents were approximately **HK$138.2 million** (December 31, 2024: approximately HK$114.5 million)[26](index=26&type=chunk) - Net cash generated from operating activities was approximately **HK$61.7 million**[26](index=26&type=chunk) - The gearing ratio is **zero**, indicating a sound financial position[26](index=26&type=chunk) - There are **no capital commitments** or **asset pledges**[28](index=28&type=chunk)[32](index=32&type=chunk) - Capital expenditure was approximately **HK$485,000**, primarily for the acquisition of new machinery and equipment[28](index=28&type=chunk) [Exchange Rate Risk](index=9&type=section&id=Exchange%20Rate%20Risk) The group faces exchange rate risk from fluctuations in RMB value but did not use derivative instruments for hedging in H1 2025 - Transactions are primarily denominated in USD, RMB, and HKD, exposing the group to **RMB exchange rate fluctuation risk**[30](index=30&type=chunk) - An exchange gain of approximately **HK$0.5 million** was recorded in H1 2025, with no derivative instruments used to hedge foreign exchange risk[31](index=31&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=Employees%20and%20Remuneration%20Policy) The group's employee count decreased due to reduced sales orders, but employee benefit expenses increased, with the company emphasizing employee development and a share option scheme - Employee headcount decreased from **737 to 563**, primarily due to reduced production demand[37](index=37&type=chunk) - Employee benefit expenses were approximately **HK$40.2 million**, an increase year-on-year[37](index=37&type=chunk) - A share option scheme has been adopted to offer employees opportunities to subscribe for equity interests in the company[38](index=38&type=chunk) [Future Outlook](index=11&type=section&id=Future%20Outlook) The group anticipates continued significant challenges for its OEM and UOUO Monkey businesses, including complex macroeconomic conditions, US tariff policies, intense market competition, and declining birth rates in China - Both OEM and UOUO Monkey businesses are expected to continue facing significant challenges due to the complex macroeconomic environment, global inflation, regional conflicts, and geopolitical tensions[39](index=39&type=chunk) - **US tariffs** on Chinese imports adversely affect the OEM business, leading to reduced customer order intentions[39](index=39&type=chunk)[40](index=40&type=chunk) - The OEM business will implement strategies including deepening cooperation with existing clients, engaging potential global clients to diversify reliance on the US market, exploring enhanced manufacturing capabilities, and evaluating the feasibility of expanding production facilities to other Asian regions[40](index=40&type=chunk) - The UOUO Monkey business faces intense competition in the Chinese market, a shift in customer shopping habits from offline to online, and a structural reduction in demand due to **declining birth rates in China**[41](index=41&type=chunk) - Management will adopt a prudent approach, closely monitoring environmental changes and carefully implementing feasible strategies to address increased market volatility[42](index=42&type=chunk) [Independent Auditor's Review Report on Interim Financial Information](index=13&type=section&id=Independent%20Auditor's%20Review%20Report%20on%20Interim%20Financial%20Information) PricewaterhouseCoopers reviewed the interim financial information for the six months ended June 30, 2025, finding no material non-compliance with HKAS 34 [Review Conclusion](index=13&type=section&id=Review%20Conclusion) PricewaterhouseCoopers has reviewed the group's interim financial information for the six months ended June 30, 2025, and found no matters indicating that the information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - PricewaterhouseCoopers has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements **2410**[46](index=46&type=chunk) - The review concluded that no matters were identified that would lead the auditor to believe the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard **34 "Interim Financial Reporting"**[47](index=47&type=chunk) [Condensed Consolidated Interim Statement of Profit or Loss](index=14&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) The group's revenue slightly increased in H1 2025, but higher cost of sales led to reduced gross profit and net profit for the period [Profit or Loss Statement Overview](index=14&type=section&id=Profit%20or%20Loss%20Statement%20Overview) The group's revenue slightly increased in H1 2025, but the cost of sales rose, leading to a decrease in gross profit, while selling expenses decreased and administrative expenses increased, resulting in a lower profit for the period Condensed Consolidated Interim Statement of Profit or Loss (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 181,244 | 178,986 | | Cost of Sales | (135,861) | (129,519) | | Gross Profit | 45,383 | 49,467 | | Selling Expenses | (2,193) | (3,603) | | Administrative Expenses | (24,213) | (22,569) | | Operating Profit | 19,837 | 24,233 | | Net Finance Income | 583 | 1,825 | | Share of Results of an Associate | — | (1,243) | | Profit Before Tax | 20,420 | 24,815 | | Tax | (4,866) | (5,848) | | Profit for the Period | 15,554 | 18,967 | | Basic Earnings Per Share | 7.75 HK cents | 9.48 HK cents | [Condensed Consolidated Interim Statement of Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) Despite a decrease in profit for the period, a positive currency translation difference resulted in an increase in total comprehensive income for H1 2025 [Comprehensive Income Overview](index=15&type=section&id=Comprehensive%20Income%20Overview) The group's profit for the period decreased in H1 2025, but a favorable currency translation difference turned from a loss to a gain, leading to an increase in total comprehensive income for the period Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Profit for the Period | 15,554 | 18,967 | | Currency Translation Differences | 3,747 | (2,642) | | Other Comprehensive Income/(Loss) for the Period, Net of Tax | 3,747 | (2,642) | | Total Comprehensive Income for the Period | 19,301 | 16,325 | - In H1 2025, currency translation differences recorded a gain of **HK$3,747 thousand**, compared to a loss of **HK$2,642 thousand** in the same period of 2024[51](index=51&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets and total equity both decreased, primarily due to a reduction in trade and other receivables within current assets, and lower retained earnings [Statement of Financial Position Overview](index=16&type=section&id=Statement%20of%20Financial%20Position%20Overview) As of June 30, 2025, the group's total assets and total equity decreased, mainly driven by a reduction in trade and other receivables and a decrease in retained earnings Condensed Consolidated Interim Statement of Financial Position (Unaudited) | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 42,047 | 45,619 | | Current Assets | 214,932 | 242,952 | | **Total Assets** | **256,979** | **288,571** | | **Equity** | | | | Total Equity | 205,986 | 224,503 | | **Liabilities** | | | | Non-current Liabilities | 7,475 | 9,360 | | Current Liabilities | 43,518 | 54,708 | | **Total Liabilities** | **50,993** | **64,068** | | Net Current Assets | 171,414 | 188,244 | - Trade and other receivables significantly decreased from **HK$90,543 thousand** as of December 31, 2024, to **HK$49,613 thousand** as of June 30, 2025[53](index=53&type=chunk) - Cash and cash equivalents increased from **HK$114,515 thousand** as of December 31, 2024, to **HK$138,240 thousand** as of June 30, 2025[53](index=53&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=18&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) The group's total equity decreased in H1 2025, mainly due to dividends paid, despite positive contributions from profit and currency translation differences [Equity Changes Overview](index=18&type=section&id=Equity%20Changes%20Overview) The group's total equity decreased in H1 2025, primarily impacted by dividends paid, even with positive contributions from profit for the period and currency translation gains Condensed Consolidated Interim Statement of Changes in Equity (Unaudited) | Indicator | H1 2025 (Thousand HKD) | H1 2024 (Thousand HKD) | | :--- | :--- | :--- | | Balance at Beginning of Period (Jan 1) | 224,503 | 209,567 | | Profit for the Period | 15,554 | 18,967 | | Other Comprehensive Income/(Loss) | 3,747 | (2,642) | | Dividends Paid | (40,440) | (12,000) | | Share-based Payments | 1,126 | 624 | | Shares Issued Upon Exercise of Share Options | 1,496 | — | | Balance at End of Period (Jun 30) | 205,986 | 214,516 | - Dividends paid in H1 2025 amounted to **HK$40,440 thousand**, significantly higher than **HK$12,000 thousand** in the same period of 2024[56](index=56&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) The group's operating cash flow significantly increased in H1 2025, and investing cash flow turned positive, but financing cash outflow rose substantially due to dividend payments, resulting in a net increase in cash and cash equivalents [Cash Flow Overview](index=19&type=section&id=Cash%20Flow%20Overview) The group experienced a substantial increase in net cash from operating activities and a positive shift in investing activities in H1 2025, but net cash used in financing activities rose significantly due to higher dividend payments Condensed Consolidated Interim Statement of Cash Flows (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 61,667 | 13,186 | | Net Cash From/(Used In) Investing Activities | 524 | (2,005) | | Net Cash Used In Financing Activities | (41,468) | (14,543) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 20,723 | (3,362) | | Cash and Cash Equivalents at End of Period | 138,240 | 122,906 | - Net cash generated from operating activities significantly increased from **HK$13,186 thousand** in H1 2024 to **HK$61,667 thousand** in H1 2025[57](index=57&type=chunk) - Net cash used in financing activities increased, primarily due to dividends paid rising from **HK$12,000 thousand** to **HK$40,440 thousand**[57](index=57&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=20&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the company's operational and financial context, including accounting policies, risk management, segment performance, and specific financial statement items [Company Information and Basis of Presentation](index=20&type=section&id=Company%20Information%20and%20Basis%20of%20Presentation) The company is an investment holding company incorporated in the Cayman Islands, primarily engaged in the manufacturing and sale of infant plastic bottles and sports water bottles, with financial information presented in thousands of HKD - The company is incorporated in the Cayman Islands and primarily engaged in the manufacturing and sale of infant plastic bottles and cups, as well as plastic and stainless steel sports water bottles[59](index=59&type=chunk) - This condensed consolidated interim financial information is presented in **thousands of HKD**[61](index=61&type=chunk) [Basis of Preparation and Presentation](index=20&type=section&id=Basis%20of%20Preparation%20and%20Presentation) The interim financial information is prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The interim financial information is prepared in accordance with Hong Kong Accounting Standard **34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules[62](index=62&type=chunk) - It should be read in conjunction with the group's consolidated financial statements for the year ended **December 31, 2024**[62](index=62&type=chunk) [Accounting Policies](index=20&type=section&id=Accounting%20Policies) Except for income tax calculation, the accounting policies for this period are consistent with the prior year's consolidated financial statements, with no retrospective adjustments due to new standard adoption - The accounting policies and methods of computation used in the preparation of this interim financial information are consistent with those adopted in the group's consolidated financial statements for the year ended **December 31, 2024**, except for the calculation of income tax for the interim period[63](index=63&type=chunk) - The group has not changed its accounting policies or made retrospective adjustments due to the adoption of certain new or revised standards[63](index=63&type=chunk) [Critical Accounting Estimates and Judgments](index=21&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgments) The significant management judgments and estimates used in preparing this interim financial information are consistent with those applied in the prior year's consolidated financial statements - The significant judgments made by management in applying the group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended **December 31, 2024**[64](index=64&type=chunk) [Financial Risk Management](index=21&type=section&id=Financial%20Risk%20Management) The group is exposed to foreign currency, credit, and liquidity risks, but its risk management policies have remained unchanged since the prior year - The group's operations expose it to **foreign currency risk, credit risk, and liquidity risk**[65](index=65&type=chunk) - Risk management policies have remained unchanged since the year ended **December 31, 2024**[66](index=66&type=chunk) [Segment Information](index=21&type=section&id=Segment%20Information) The group operates in two main segments: OEM business and own-brand products business, with OEM being the primary revenue source, though gross profit for both segments declined in H1 2025 - The group is primarily engaged in the **OEM business** (manufacturing and selling infant plastic bottles and cups, and plastic and stainless steel sports water bottles for OEM clients) and the **own-brand products business** (designing, manufacturing, and selling own-brand baby products)[68](index=68&type=chunk)[70](index=70&type=chunk) Segment Revenue and Gross Profit (Unaudited) | Indicator | OEM Business (Thousand HKD) | Own-Brand Products (Thousand HKD) | Total (Thousand HKD) | | :--- | :--- | :--- | :--- | | **H1 2025** | | | | | Revenue | 180,915 | 329 | 181,244 | | Gross Profit | 45,281 | 102 | 45,383 | | **H1 2024** | | | | | Revenue | 176,649 | 2,337 | 178,986 | | Gross Profit | 48,587 | 880 | 49,467 | [Net Finance Income](index=23&type=section&id=Net%20Finance%20Income) The group's net finance income significantly decreased in H1 2025, primarily due to a reduction in bank interest income Net Finance Income (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Interest on Bills Payable | (333) | (407) | | Interest Expense on Lease Liabilities | (107) | (45) | | Bank Interest Income | 1,023 | 2,277 | | **Total** | **583** | **1,825** | - Bank interest income decreased from **HK$2,277 thousand** in H1 2024 to **HK$1,023 thousand** in H1 2025[73](index=73&type=chunk) [Profit Before Tax](index=24&type=section&id=Profit%20Before%20Tax) Profit before tax was affected by several factors, including increased inventory costs and employee benefit expenses, and a shift from a positive to a negative adjustment for expected credit losses on trade and other receivables Profit Before Tax Impact Factors (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Cost of Inventories | 98,300 | 92,372 | | Employee Benefit Expenses | 40,253 | 37,173 | | Depreciation of Property, Plant and Equipment | 3,069 | 2,609 | | Adjustment for Expected Credit Losses on Trade and Other Receivables | (129) | 2,339 | - The adjustment for expected credit losses on trade and other receivables shifted from a **HK$2,339 thousand** gain in H1 2024 to a **HK$129 thousand** reversal in H1 2025[74](index=74&type=chunk) [Taxation](index=24&type=section&id=Taxation) The group's tax expense decreased in H1 2025, mainly due to a reduction in the provision for China corporate income tax Tax Expense (Unaudited) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Current Period—Hong Kong | 1,836 | 1,352 | | Current Period—China | 3,232 | 3,964 | | Deferred | (305) | 450 | | **Total Tax Expense** | **4,866** | **5,848** | - Hong Kong profits tax is provided at a rate of **16.5%**, and China corporate income tax is calculated at the prevailing Chinese tax rates[75](index=75&type=chunk) [Dividends](index=25&type=section&id=Dividends) The company did not pay or declare any interim dividends for H1 2025 but distributed a total of HK$40 million in final and special final dividends for 2024 - The company did not pay or declare any dividends for the six months ended June 30, 2025 (2024: interim and special interim dividends of **10 HK cents**)[77](index=77&type=chunk) - A total of **HK$40 million** in 2024 final dividend and special final dividend was distributed on June 26, 2025[77](index=77&type=chunk) [Earnings Per Share — Basic and Diluted](index=25&type=section&id=Earnings%20Per%20Share%20%E2%80%94%20Basic%20and%20Diluted) The group's basic earnings per share decreased in H1 2025, and diluted earnings per share were equal to basic earnings per share due to the anti-dilutive effect of potential dilutive ordinary shares Basic Earnings Per Share (Unaudited) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 7.75 | 9.48 | - Diluted earnings per share are equal to basic earnings per share because the potential dilutive ordinary shares arising from the exercise of outstanding share options have an **anti-dilutive effect**[80](index=80&type=chunk) [Property, Plant and Equipment](index=26&type=section&id=Property%2C%20Plant%20and%20Equipment) The net book value of the group's property, plant and equipment slightly decreased, with additions in H1 2025 primarily for new machinery and equipment - The net book value of property, plant and equipment was **HK$38,130 thousand** as of June 30, 2025 (December 31, 2024: HK$39,718 thousand)[81](index=81&type=chunk) - Additions of approximately **HK$485 thousand** in H1 2025 were primarily for the acquisition of new machinery and equipment[81](index=81&type=chunk) [Trade and Other Receivables](index=26&type=section&id=Trade%20and%20Other%20Receivables) The group's trade and other receivables significantly decreased in H1 2025, with an average credit period of 30 to 90 days Trade and Other Receivables (Unaudited) | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade Receivables (Net of Loss Allowance) | 46,138 | 75,417 | | Other Receivables | 3,475 | 15,126 | | **Total** | **49,613** | **90,543** | - The average credit period granted for trade receivables ranges from **30 to 90 days**[83](index=83&type=chunk) Ageing Analysis of Trade Receivables (Unaudited) | Ageing | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 – 30 days | 20,235 | 54,507 | | 31 – 60 days | 24,473 | 19,212 | | 61 – 90 days | 1,296 | 457 | | Over 90 days | 134 | 1,241 | | **Total** | **46,138** | **75,417** | [Trade and Other Payables](index=27&type=section&id=Trade%20and%20Other%20Payables) The group's trade and other payables decreased in H1 2025, with an average credit period of 30 to 90 days Trade and Other Payables (Unaudited) | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade Payables | 4,121 | 9,468 | | Accrued Expenses and Other Payables | 21,158 | 22,682 | | Contract Liabilities | 2,083 | 2,322 | | **Total** | **27,362** | **34,472** | - The credit period for trade payables generally ranges from **30 to 90 days**[88](index=88&type=chunk) Ageing Analysis of Trade Payables (Unaudited) | Ageing | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 – 30 days | 2,184 | 5,559 | | 31 – 60 days | — | 2,437 | | 61 – 90 days | — | — | | Over 90 days | 1,937 | 1,472 | | **Total** | **4,121** | **9,468** | [Share Capital](index=28&type=section&id=Share%20Capital) The company's share capital increased in H1 2025 due to the issuance of 2,200,000 ordinary shares upon the exercise of share options Issued and Fully Paid Ordinary Shares (Unaudited) | Indicator | Number of Shares | Amount (Thousand HKD) | | :--- | :--- | :--- | | As at December 31, 2024 | 200,000,000 | 20,000 | | Ordinary Shares Issued Upon Exercise of Share Options | 2,200,000 | 220 | | As at June 30, 2025 | 202,200,000 | 20,220 | - In H1 2025, **2,200,000** shares of the company were exercised under the share option scheme for a total cash consideration of **HK$1,496,000**[89](index=89&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group had no significant contingent liabilities - As of June 30, 2025, and December 31, 2024, the group had **no significant contingent liabilities**[90](index=90&type=chunk) [Related Party Transactions](index=29&type=section&id=Related%20Party%20Transactions) The group engaged in several transactions with related parties controlled by directors or controlling shareholders, primarily involving utility expenses, depreciation of right-of-use assets, interest expenses on lease liabilities, and management fees - Related parties include Huafu Lai Green Energy (Shaoguan) Co, Ltd, Kwong Fai Trading Limited, and Penghui Enterprise (Wengyuan) Co, Ltd, all controlled by executive directors or controlling shareholders[91](index=91&type=chunk) Summary of Related Party Transactions (Unaudited) | Related Party | Type of Transaction | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | | Huafu Lai | Utility Expenses | 760 | 599 | | Kwong Fai | Depreciation of Right-of-Use Assets | 263 | 281 | | | Interest Expense on Lease Liabilities | 20 | 3 | | Penghui | Management Fee Expenses | 1,034 | 1,044 | | | Depreciation of Right-of-Use Assets | 1,837 | 1,756 | | | Interest Expense on Lease Liabilities | 87 | 42 | - The group leases certain properties from Kwong Fai and Penghui, with a total carrying amount of right-of-use assets of **HK$3,917 thousand** and total lease liabilities of **HK$4,003 thousand** as of June 30, 2025[93](index=93&type=chunk) [Investment in an Associate](index=30&type=section&id=Investment%20in%20an%20Associate) The group holds a 40% interest in BRH2 Plastics, LLC, and recorded no share of loss from the associate in H1 2025, compared to a loss in H1 2024 - The group acquired a **40% interest** in BRH2 Plastics, LLC in 2021, with the associate primarily engaged in the manufacturing and sale of plastic products[95](index=95&type=chunk) - No share of loss from an associate was recorded in H1 2025 (H1 2024: approximately **HK$1.2 million loss**)[96](index=96&type=chunk) [Share-based Payments](index=30&type=section&id=Share-based%20Payments) The group recognized **HK$1,126 thousand** in share-based payment expenses in H1 2025 and has granted multiple share options under its share option scheme - In H1 2025, share-based payment expenses amounted to **HK$1,126 thousand** (H1 2024: HK$624 thousand)[100](index=100&type=chunk) - The company adopted a share option scheme and granted **6,000,000** and **10,000,000** share options on June 7, 2021, and May 27, 2024, respectively[100](index=100&type=chunk) [Approval of Interim Financial Information](index=31&type=section&id=Approval%20of%20Interim%20Financial%20Information) The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on August 22, 2025 - The unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on **August 22, 2025**[101](index=101&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) This section provides details on directors' and major shareholders' interests, the share option scheme, changes in director information, committee structures, and corporate governance compliance [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company or Any Associated Corporation](index=32&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20or%20Any%20Associated%20Corporation) As of June 30, 2025, several directors and the chief executive held long positions in the company's shares or underlying shares, including interests through controlled corporations and beneficial ownership Directors' and Chief Executive's Long Positions in Shares | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding in the Company | | :--- | :--- | :--- | :--- | | Mr. Chung | Interest of Controlled Corporation | 72,172,000 | 35.7% | | | Beneficial Owner | 400,000 | 0.2% | | Mr. Chau | Interest of Controlled Corporation | 75,000,000 | 37.1% | | | Beneficial Owner | 400,000 | 0.2% | | Mr. Chung Sing Chun | Beneficial Owner | 2,360,000 | 1.2% | | Mr. Chau Wai | Beneficial Owner | 2,360,000 | 1.2% | | Ms. Lo Siu Fun | Beneficial Owner | 2,316,000 | 1.2% | | Mr. Yu | Beneficial Owner | 400,000 | 0.2% | | Mr. Szeto | Beneficial Owner | 400,000 | 0.2% | | Mr. Ma | Beneficial Owner | 400,000 | 0.2% | - Mr. Chung's and Mr. Chau's interests include shares held through their wholly-owned entities, **L.V.E.P. Holdings** and **Ching Wai Holdings**[102](index=102&type=chunk)[104](index=104&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=33&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) For the six months ended June 30, 2025, no director, their spouse, or children were granted or exercised any rights to acquire shares or debentures of the company, except as otherwise disclosed in this interim report - For the six months ended June 30, 2025, no director or their respective spouse or children under 18 years of age were granted any rights to benefit from acquiring shares or debentures of the company, nor did they exercise any such rights[106](index=106&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=33&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, L.V.E.P. Holdings and Ching Wai Holdings were substantial shareholders of the company, with their interests also extending to directors' spouses Substantial Shareholders' Long Positions in Shares | Name of Shareholder | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding in the Company | | :--- | :--- | :--- | :--- | | L.V.E.P. Holdings | Beneficial Owner | 72,172,000 | 35.7% | | Ching Wai Holdings | Beneficial Owner | 75,000,000 | 37.1% | | Ms. Cheung | Interest of Spouse | 75,400,000 | 37.3% | | Ms. Lee | Interest of Spouse | 72,572,000 | 35.9% | - Ms. Cheung (spouse of Mr. Chau) and Ms. Lee (spouse of Mr. Chung) are deemed to have interests in shares and share options held by their spouses under the Securities and Futures Ordinance[107](index=107&type=chunk)[108](index=108&type=chunk) [Share Option Scheme](index=34&type=section&id=Share%20Option%20Scheme) The company's share option scheme aims to incentivize eligible participants, with some options exercised in H1 2025 leading to an increase in share capital, and option values calculated using a binomial model - The share option scheme was adopted on **May 15, 2018**, to recognize the contributions of eligible participants to the group[109](index=109&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the grant date, the average closing price for the 5 trading days immediately preceding the grant date, and the nominal value on the offer date[109](index=109&type=chunk) - For the six months ended June 30, 2025, a total of **2,200,000** share options were exercised by several directors and other employees[112](index=112&type=chunk)[89](index=89&type=chunk) - The value of share options is calculated using a **binomial model**, considering variables such as risk-free interest rate, expected life, expected volatility, and expected annual dividends[115](index=115&type=chunk)[116](index=116&type=chunk) [Changes in Directors' Information](index=37&type=section&id=Changes%20in%20Directors'%20Information) The monthly salaries of Mr. Chau Wai, Mr. Chung Sing Chun, and Ms. Lo Siu Fun increased effective January 1, 2025, reflecting their increased duties and responsibilities and alignment with market salary levels - The monthly salaries of Mr. Chau Wai, Mr. Chung Sing Chun, and Ms. Lo Siu Fun have been increased to **HK$142,000**, **HK$80,000**, and **HK$164,500** respectively, effective **January 1, 2025**[119](index=119&type=chunk) - The salary increases were made after considering their increased duties and responsibilities within the group and are consistent with market salary levels[119](index=119&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, composed entirely of independent non-executive directors, is responsible for reviewing and overseeing financial reporting, internal controls, and risk management systems - The Audit Committee comprises all independent non-executive directors: Mr. Yu (Chairman), Mr. Szeto, and Mr. Ma[121](index=121&type=chunk) - Its primary responsibilities include reviewing and overseeing the group's financial reporting system, internal controls, and risk management systems[121](index=121&type=chunk) [Remuneration Committee](index=37&type=section&id=Remuneration%20Committee) The Remuneration Committee, consisting of all independent non-executive directors, is responsible for reviewing and approving management's remuneration proposals and making recommendations on directors' and senior management's remuneration packages - The Remuneration Committee comprises all independent non-executive directors: Mr. Szeto (Chairman), Mr. Yu, and Mr. Ma[122](index=122&type=chunk) - Its primary responsibilities are to review and approve management's remuneration proposals and to make recommendations to the Board on the remuneration packages for directors and senior management of the group[122](index=122&type=chunk) [Nomination Committee](index=38&type=section&id=Nomination%20Committee) The Nomination Committee is responsible for recommending the appointment of directors and senior management, with changes in its chairman and members effective August 22, 2025 - The Nomination Committee's primary responsibility is to make recommendations to the Board on the appointment of directors and senior management of the group[124](index=124&type=chunk) - Effective **August 22, 2025**, Mr. Yu was appointed as the Chairman of the Nomination Committee, and Ms. Lo Siu Fun was appointed as a member[124](index=124&type=chunk) [Standard Securities Dealing Code for Directors](index=38&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The company has adopted a standard code, and all directors confirmed compliance with it during H1 2025 - The company has adopted a standard code, and all directors confirmed their compliance with the required standards set out in the standard code for the six months ended **June 30, 2025**[125](index=125&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=38&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities in H1 2025, and no treasury shares were held - 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[126](index=126&type=chunk) - As of June 30, 2025, the company held **no treasury shares**[127](index=127&type=chunk) [Interim Dividends and Special Interim Dividends](index=38&type=section&id=Interim%20Dividends%20and%20Special%20Interim%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for H1 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: interim and special interim dividends of **10 HK cents**)[128](index=128&type=chunk) [Corporate Governance Code](index=38&type=section&id=Corporate%20Governance%20Code) The company is committed to maintaining high standards of corporate governance and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules in H1 2025 - For the six months ended June 30, 2025, the company adopted and complied with the code provisions of the Corporate Governance Code set out in **Appendix C1 of the Listing Rules**[129](index=129&type=chunk) [Review of Financial Information](index=39&type=section&id=Review%20of%20Financial%20Information) The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for H1 2025 with management and the independent auditor - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with the company's management and auditor[131](index=131&type=chunk) - The independent auditor, PricewaterhouseCoopers, has reviewed this interim financial information[131](index=131&type=chunk) [Definitions](index=40&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report to ensure consistent understanding [Glossary of Terms](index=40&type=section&id=Glossary%20of%20Terms) This section defines key terms used in the report, such as "Board," "BRH2 Plastics, LLC," "OEM Business," and "Share Option Scheme" - This section defines key terms used in the report, such as "Board," "BRH2 Plastics, LLC," "OEM Business," "Share Option Scheme," and others[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)