Market Performance - In the first half of 2025, the overall market capacity of the central air conditioning sector declined by 15.9% year-on-year, with traditional application scenarios like commercial and public buildings contracting by 5.6%[8] - The home air conditioning market saw retail volume and retail value increase by 28.5% and 24.9% year-on-year, respectively, driven by the old-for-new policy and rising demand for healthy air[9] - The domestic refrigerator market experienced a retail volume growth of 2.9% and a retail value growth of 3.9% in the first half of 2025, with high-end products (priced above 8000 RMB) seeing a retail value increase of 25.7%[10] - The washing machine market grew by 7.3% in retail volume year-on-year, supported by national subsidy policies encouraging appliance upgrades[12] - The global refrigerator export volume increased by 6.5%, while washing machine and air conditioning exports rose by 10% and 15.2%, respectively, in the first five months of 2025[14] Company Performance - The company holds over 20% market share in the multi-split air conditioning business, maintaining its leading position in the industry[16] - The company's home decoration business achieved a 13% year-on-year growth in scale, driven by innovative air solutions integrating five core functions with AI control[17] - The company signed contracts for old equipment renovation projects with a total value that increased by 110% year-on-year, highlighting its commitment to market expansion[20] - The company's energy-saving and low-carbon solutions in the water machine segment received the 2025 Refrigeration Exhibition Innovation Product Award, showcasing its technological advancements[21] - The company's revenue for the reporting period reached approximately RMB 49.34 billion, a year-on-year increase of 1.44%[50] Financial Highlights - Net profit attributable to shareholders was approximately RMB 2.08 billion, reflecting a year-on-year growth of 3.01%[50] - The net cash flow from operating activities surged by 153.43% to approximately RMB 5.32 billion compared to the previous year[50] - Total assets increased by 7.33% to approximately RMB 74.81 billion compared to the end of the previous year[50] - The gross profit margin for the manufacturing sector was 22.66%, a decrease of 0.01% compared to the previous year[62] - The company reported a net increase in cash and cash equivalents of RMB 1,075,732,900.97, reversing a decrease of RMB 127,424,266.33 from the previous year[57] Regional Performance - In the European region, revenue increased by 22.7%, with refrigerator market share rising by 1.75 percentage points[41] - The Americas region saw a revenue growth of 26.2%, with washing machine sales increasing by 71%[42] - The Middle East and Africa region reported a revenue increase of 22.8%, with air conditioning revenue growing by 28.9%[43] - The Asia-Pacific region's revenue grew by 14.5%, with washing machine sales increasing by 9%[44] Research and Development - The company has established over 20 provincial and national-level technology innovation platforms, focusing on smart, healthy, and energy-saving technology innovations[93] - The company achieved a 16.8% improvement in overall operational energy efficiency for home air conditioning systems, enhancing user comfort[94] - The company developed a dual-direction fresh air exchange technology, improving fresh air replacement efficiency by 21%[94] - The company has made breakthroughs in key technologies for centrifugal compressors, achieving international leading levels in energy efficiency and operational reliability[94] - The company continues to focus on research and development in home appliances, including air conditioning and refrigeration systems, to enhance its market position[166] Corporate Governance - The company has not experienced any bankruptcy reorganization matters during the reporting period[127] - The board of directors has confirmed that there are no overdue commitments from major shareholders during the reporting period[126] - The company has no major properties, factories, or equipment pledged as collateral for borrowings as of June 30, 2025[119] - There were no significant changes in the information of directors, supervisors, and senior management during the reporting period[137] - The financial report for the half-year period was not audited[140] Shareholder Information - As of June 30, 2025, the company's total issued share capital is 1,385,616,805 shares, with A shares accounting for 66.83% (926,026,997 shares) and H shares for 33.17% (459,589,808 shares)[120] - The top ten shareholders hold a total of 1,066,000,000 shares, representing 76.94% of the company's issued share capital, with Qingdao Hisense Air Conditioning Co., Ltd. holding 37.29% (516,758,670 shares)[121] - The company has a total of 41,209 shareholders as of June 30, 2025[121] - The company declared a final dividend of RMB 12.30 per 10 shares for the year ending December 31, 2024, totaling approximately RMB 1.7 billion distributed to shareholders[135] - The company did not declare an interim dividend for the reporting period, consistent with the previous year[136] Risk Management - The group faced significant risks including macroeconomic fluctuations, rising costs, and exchange rate volatility, which could impact consumer demand and profitability[103] - The group has implemented strategies to enhance its resilience against economic challenges, including high-end product transformation and deep development in emerging markets[102] - The group utilized financial instruments such as import and export financing and forward contracts to hedge against exchange rate risks during the reporting period[114] - The company established a foreign exchange risk management team to monitor and manage currency exposure effectively[76] - The company has maintained its commitment to sustainable operations, with no significant doubts regarding its ability to continue as a going concern for the next 12 months[169]

Financial Performance - Revenue for the first half of 2025 increased by approximately HK$2.4 million or 4.7% to approximately HK$52.4 million compared to HK$50.0 million in the first half of 2024[16]. - Loss before tax for the first half of 2025 was HK$5.1 million, an increase of 82.3% from HK$2.8 million in the first half of 2024[14]. - Loss for the period increased to HK$4.96 million in the first half of 2025 from HK$2.94 million in the first half of 2024, representing a 68.5% increase[14]. - Basic and diluted loss per share for the first half of 2025 was HK$0.45, up from HK$0.27 in the first half of 2024, marking a 68.5% increase[14]. - Total comprehensive expense for the period was HK$1,824,000, an improvement from HK$3,360,000 in the same period last year[74]. - Loss for the period attributable to owners of the Company was HK$4,958,000 in 2025, compared to HK$2,943,000 in 2024, indicating an increase in loss of about 68%[131]. Revenue Breakdown - Revenue from Hotel Operation accounted for approximately 56.8% of total revenue, increasing by approximately HK$2.6 million or 9.7% from approximately HK$27.1 million in 1H2024 to approximately HK$29.7 million in 1H2025[44]. - Revenue from Properties Management accounted for approximately 36.7% of total revenue, increasing by approximately HK$0.3 million or 1.5% from approximately HK$18.9 million in 1H2024 to approximately HK$19.2 million in 1H2025[45]. - Revenue from Catering Management decreased by approximately HK$0.5 million or 13.6% from approximately HK$4.0 million in 1H2024 to approximately HK$3.4 million in 1H2025, primarily due to a decrease in the total number of customers[46]. - Hotel operations revenue increased by approximately 9.7% to about HKD 29,700,000 in 1H2025, compared to HKD 27,100,000 in 1H2024, contributing approximately 56.8% to total revenue[47]. - Property management revenue rose by approximately 1.5% to about HKD 19,200,000 in 1H2025, up from HKD 18,900,000 in 1H2024, accounting for approximately 36.7% of total revenue[48]. - Catering management revenue decreased by approximately 13.6% to about HKD 3,400,000 in 1H2025, down from HKD 4,000,000 in 1H2024, representing about 6.6% of total revenue[49]. Expenses and Costs - Gross profit decreased by approximately HK$2.4 million from HK$13.5 million in the first half of 2024 to HK$11.1 million in the first half of 2025, primarily due to higher direct costs[17]. - Administrative expenses rose by approximately HK$0.6 million or 4.3% from HK$14.9 million in the first half of 2024 to HK$15.6 million in the first half of 2025[18]. - Staff costs increased by approximately HK$3.7 million or 16.4% from approximately HK$22.7 million in 1H2024 to approximately HK$26.4 million in 1H2025, mainly due to business expansion in Hotel Operation and Properties Management[36]. - Total depreciation expenses rose to HK$2,204,000 in 2025 from HK$1,858,000 in 2024, marking an increase of approximately 18.5%[125]. - The total legal and professional fees incurred were HK$2,688,000 in 2025, up from HK$2,239,000 in 2024, representing an increase of about 20%[125]. Assets and Liabilities - Total assets as of June 30, 2025, were HK$111.3 million, a 1.2% increase from HK$110.0 million at the end of 2024[14]. - Total liabilities increased by 2.1% to HK$148.8 million as of June 30, 2025, compared to HK$145.7 million at the end of 2024[14]. - The Group's net current liabilities rose by approximately HK$6.0 million from approximately HK$118.0 million as of December 31, 2024, to approximately HK$124.0 million as of June 30, 2025, with the current ratio decreasing from approximately 0.15 times to approximately 0.13 times[21]. - Non-current assets increased to HK$93,337,000 as of June 30, 2025, up from HK$89,564,000 at the end of 2024[76]. - Current liabilities rose to HK$141,885,000, compared to HK$138,369,000 at the end of 2024, indicating a 3.6% increase[76]. - Net liabilities stood at HK$37,502,000 as of June 30, 2025, worsening from HK$35,678,000 at the end of 2024[77]. Cash Flow - As of June 30, 2025, bank balances and cash amounted to approximately HK$7.4 million, down from approximately HK$10.2 million as of December 31, 2024[22]. - The net cash used in operating activities for the six months ended June 30, 2025, was HK$3,196,000, compared to HK$964,000 in the same period of 2024[91]. - The net cash used in investing activities for the same period was HK$1,607,000, an increase from HK$849,000 in 2024[91]. - Financing activities generated a net cash inflow of HK$743,000 for the six months ended June 30, 2025, down from HK$1,549,000 in 2024[91]. - Cash and cash equivalents decreased to HK$7,388,000 from HK$10,189,000, reflecting a decline of 27.5%[76]. Compliance and Governance - The company has maintained the required amount of public float as per the Listing Rules during the six months ended June 30, 2025[62]. - The company has complied with the Corporate Governance Code during the six months ended June 30, 2025[63]. - All directors have complied with the Model Code for Securities Transactions during the period ended June 30, 2025[64]. - The audit committee confirmed compliance with applicable accounting principles and adequate disclosures for the financial statements[70]. Strategic Outlook - The overall outlook for the hotel business in Canada and property management in the PRC remains stable despite potential economic challenges[50]. - The management team is implementing measures to reduce operating losses and improve financial results while exploring new business opportunities[51]. - The company continues to adopt the going concern basis of accounting, indicating confidence in its operational sustainability for the foreseeable future[97].

本集團的成功發展源於董事局主席許健康先生的創新理念，從一開始就 注入企業發展之中，並一直推動著企業變革。本集團將繼續堅定做負責 任的企業，堅持走高質量發展之路，秉承「讓空間有愛」的企業使命，遵 循「簡單真實、共生共贏、進無止盡」的企業價值觀，繼續發揚「誠信、 恭謙、創新、敬業」的企業精神，堅定不移地凝聚全體寶龍人的智慧與 力量，同心同路，砥礪前行，為促進行業平穩健康發展和良性循環貢獻 力量，繼續為企業、為社會、為國家創造更多的價值。 2 寶龍地產控股有限公司 二零二五年中期報告 公司資料 目錄 | 集團簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 管理層討論及分析 | 4 | | 權益披露 | 13 | | 企業管治 | 16 | | 中期簡明綜合財務資料的審閱報告 | 20 | | 中期簡明綜合資產負債表 | 22 | | 中期簡明綜合全面收益表 | 24 | | 中期簡明綜合權益變動表 | 25 | | 中期簡明綜合現金流量表 | 27 | | 中期簡明綜合財務資料附註 | 28 | 寶龍地產控股有限公司 二零二五年中期報告 集團簡介 寶龍地產控股有限公司(1238.HK)（ ...

Financial Performance - The Group recorded a loss of approximately US$0.5 million for the six months ended June 30, 2025, compared to a loss of approximately US$0.1 million for the same period in 2024[13]. - Revenue for the Period was approximately US$2.9 million, a decrease of approximately US$0.2 million from US$3.1 million in the same period of 2024, primarily due to reduced trading of PCB and AI materials[14]. - Gross profit decreased from approximately US$1.5 million in 2024 to approximately US$1.1 million in 2025, mainly due to lower margins from rental TV income[16]. - The Group recorded a net loss of approximately US$0.5 million for the six months ended 30 June 2025, compared to a net current asset of approximately US$4.5 million as of the same date, an increase from US$4.1 million as of 31 December 2024[35][40]. - The Group's cash and cash equivalents decreased to approximately US$0.3 million as of 30 June 2025, down from approximately US$0.9 million as of 31 December 2024[35][40]. - The basic and diluted loss per share for the six months ended 30 June 2025 is approximately US$0.33 cents[111]. - Loss before tax for the period was $469,000, compared to a loss of $134,000 in the prior year, indicating a significant increase in losses[134]. - Loss for the period attributable to owners of the Company was $311,000, a decrease from $498,000 in the previous year[136]. - Total comprehensive expense for the period was $487,000, an improvement from $1,557,000 in the same period last year[134]. - The company reported a net loss for the period of US$311,000, compared to a loss of US$498,000 in the same period last year, indicating a reduction in losses by 37.5%[140]. Expenses and Costs - Administrative expenses remained steady at approximately US$0.7 million compared to US$0.5 million in the corresponding period of 2024[17]. - Finance costs for the Period amounted to approximately US$0.4 million, consistent with the same period in 2024, primarily representing effective interest expense on convertible notes[25]. - Market development and promotion expenses decreased due to tighter cost control, including reductions in consultancy fees and travel expenses[24]. - Staff costs, including directors' remuneration, decreased to $215,000 in the first half of 2025 from $306,000 in 2024, a reduction of approximately 30%[172]. - Legal and professional fees increased slightly to $80,000 in the first half of 2025 from $76,000 in 2024, a rise of approximately 5%[172]. - Effective interest expense on convertible notes increased to $371,000 for the six months ended June 30, 2025, compared to $317,000 in the same period of 2024, representing a 17% increase[164]. Assets and Liabilities - As of June 30, 2025, total assets less current liabilities amounted to US$33,439,000, an increase from US$33,283,000 as of December 31, 2024, reflecting a growth of 0.47%[137]. - Net current assets increased to US$4,541,000 from US$4,142,000, representing a growth of 9.66%[137]. - Non-current liabilities, including convertible notes, increased to US$9,991,000 from US$9,620,000, an increase of 3.86%[139]. - Total equity decreased to US$23,448,000 from US$23,659,000, a decline of 0.89%[139]. - Trade and other receivables rose to US$1,804,000 from US$1,584,000, an increase of 13.84%[137]. - The company reported a decrease in lease liabilities from US$23,000 to US$12,000, a reduction of 47.83%[137]. - Trade receivables increased to US$1,622,000 as of June 30, 2025, up from US$1,474,000 at December 31, 2024, representing a growth of 10.05%[193]. - Trade payables rose to US$632,000 as of June 30, 2025, compared to US$498,000 at December 31, 2024, reflecting a 26.87% increase[195]. - Accruals decreased to US$789,000 as of June 30, 2025, down from US$1,041,000 at December 31, 2024, indicating a reduction of 24.19%[195]. Share Capital and Convertible Notes - CCH holds convertible notes amounting to US$12,000,000, convertible into 13,337,142 shares, representing approximately 13.99% of the issued shares[76]. - The convertible notes are unlisted, interest-free, and convertible at a price of HK$7.0 per share[77]. - The total number of shares available under the 2023 Share Option Scheme is 8,961,949, which is approximately 10% of the issued shares as of January 1, 2025, and June 30, 2025[85]. - The company issued US$96,000,000 in convertible notes on May 29, 2018, with a conversion price of HK$0.4 per share[89]. - The initial number of ordinary shares issuable upon conversion of the 2025 CN is 1,862,400,000 shares, representing 41.5% of the total ordinary shares outstanding at the time of issuance[90]. - The liability component of the 2025 CN was initially measured at approximately US$44,137,000, with an effective interest rate of 11.41% per annum[94]. - The equity component of the 2025 CN amounted to approximately US$51,863,000, presented in equity as convertible notes reserve[94]. - The company conditionally agreed to issue US$65,000,000 in convertible notes under the 2028 CN Subscription Agreement, maturing on the seventh anniversary of the issue date[96]. - The outstanding 2028 Convertible Notes (CN) principal amount as of 30 June 2025 is US$12,000,000, with a potential increase of 13,337,142 shares, representing approximately 13.99% of the issued shares[104]. - Upon full conversion of the 2028 CN, the number of issued shares will increase to approximately 108,656,636 shares, reflecting a dilution impact of approximately 12.27%[106]. - The equity interest of substantial shareholders will change from 50.19% to 56.31% upon full conversion of the 2028 CN[110]. Strategic Focus and Development - The Company is focused on developing advanced satellite communication services utilizing L-band spectrum for scientific research and environmental monitoring, positioning itself as a key player in global scientific advancement[61]. - The L-band platform provides low-latency connectivity essential for long-duration experiments in remote field stations[67]. - The company is establishing strategic collaborations with industry innovators to develop integrated solutions for sustainable food production[67]. - Active partnerships with space agencies and research institutions aim to co-develop specialized communication payloads and data protocols[68]. - The company positions its L-band platform as critical infrastructure for scientific discovery and sustainable development[69]. - The Group is negotiating with potential investors for fundraising arrangements to support its financial obligations[148]. - Chi Capital Holdings Ltd has agreed to provide continuous financial support to the Group[148]. - The company remains confident in the regulatory approval process and is exploring satellite data-casting services in the ASEAN region[189]. Governance and Compliance - The Company has maintained compliance with the Corporate Governance Code throughout the reporting period, except for the separation of the roles of chairman and chief executive[125]. - The Audit Committee has reviewed the financial statements and recommended their adoption by the Board[126]. - The Company has not engaged in any purchase, sale, or redemption of its listed securities during the period[121]. - The Company is committed to enhancing communication with shareholders and stakeholders through an established shareholder communication policy[128]. Taxation - No provision for Hong Kong Profits Tax has been made as the Group had no assessable profit arising in Hong Kong for both periods[166]. - The US Income Tax rate remained constant at 24% for both periods, with no assessable profits reported[167]. - Taiwan Income Tax was charged at 20%, but no provision was made due to the absence of assessable profits in both periods[168].

Revenue and Profitability - The group's revenue increased from approximately RMB 0.20 million for the six months ended June 30, 2024, to approximately RMB 0.80 million for the six months ended June 30, 2025, primarily due to an increase in contract value[12]. - The gross profit decreased from approximately RMB 0.09 million for the six months ended June 30, 2024, to approximately RMB 0.02 million for the six months ended June 30, 2025[13]. - For the six months ended June 30, 2025, the group reported revenue of RMB 840,000, a decrease from RMB 1,971,000 in the same period of 2024[46]. - The group incurred a net loss of RMB 16.87 million for the six months ended June 30, 2025, compared to a net loss of RMB 8.51 million for the same period in 2024[46]. - The group’s administrative expenses for the six months ended June 30, 2025, were RMB 3.63 million, down from RMB 5.42 million in the same period of 2024[46]. - The group’s financial costs for the six months ended June 30, 2025, were RMB 11.20 million, compared to RMB 13.94 million for the same period in 2024[46]. - For the six months ended June 30, 2025, the group reported a net loss of approximately RMB 16,871,000, compared to a net loss of RMB 8,514,000 for the same period in 2024[69]. Cash Flow and Liquidity - As of June 30, 2025, the group's cash and cash equivalents decreased to approximately RMB 5.44 million from RMB 7.03 million as of December 31, 2024, primarily due to daily operational expenses[15]. - Cash and cash equivalents decreased to RMB 106,000 as of June 30, 2025, from RMB 486,000 at the beginning of the period[49]. - The group’s cash and cash equivalents as of June 30, 2025, were approximately RMB 106,000, indicating significant liquidity challenges[57]. - The group is implementing several measures to control administrative expenses to conserve cash flow[59]. Debt and Liabilities - The group reported a loss of approximately RMB 16.87 million for the six months ended June 30, 2025, mainly due to revenues not covering administrative expenses and financial costs[14]. - Trade and other payables increased from approximately RMB 448.71 million as of December 31, 2024, to approximately RMB 462.19 million as of June 30, 2025, due to financial strain and delayed payments[17]. - The group's debt remained stable at approximately RMB 224.81 million as of June 30, 2025, consistent with the previous period[18]. - The asset-liability ratio increased to 1426.91% as of June 30, 2025, from 1319.04% as of December 31, 2024, primarily due to the current period's losses[20]. - The group has defaulted on loans totaling approximately RMB 224.81 million, with RMB 217.70 million owed to eight banks[43]. - The group estimates potential liabilities from lawsuits, including payables, interest, and penalties, to be around RMB 82.88 million, which has been accrued[24]. - Total liabilities increased to RMB 774.85 million as of June 30, 2025, compared to RMB 761.40 million as of December 31, 2024[47]. Employee and Operational Metrics - Employee costs for the six months ending June 30, 2025, were approximately RMB 2.27 million, down from RMB 3.02 million for the same period in 2024[29]. - The group currently has 24 employees as of June 30, 2025, a decrease from 39 employees as of December 31, 2024[29]. Corporate Governance and Shareholder Information - The company has maintained good corporate governance practices and fully complied with applicable corporate governance codes during the reporting period, except for a deviation regarding the roles of the Chairman and CEO[40]. - The Chairman and CEO, Mr. Ye Yujing, holds both positions, which the board believes aids in effective planning and management[40]. - Major shareholders include Ningbo Meishan Bonded Port Area Yixiang Investment Center with a 7.06% stake and Shenzhen Qianhai Xingwang Investment Management with a 12.67% stake[33]. - The company has issued a total of 240,930,645 shares, including 178,167,645 domestic shares and 62,763,000 H shares[34]. - The board does not recommend an interim dividend for the six months ending June 30, 2025, consistent with 2024[28]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[37]. - There have been no changes in the information of directors and supervisors since the last annual report[36]. - The company has adopted a standard code for securities trading, and all directors and supervisors have confirmed compliance during the reporting period[39]. - The board will review the company's corporate governance policies and compliance with the corporate governance code annually[41]. - The company is committed to maintaining high standards of business ethics and corporate governance to enhance shareholder interests[40]. Future Plans and Market Strategy - The group aims to become an internationally leading green decoration service provider, focusing on debt restructuring and attracting new investors to mitigate risks[7]. - The group plans to enhance its business by focusing on niche markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, and improving project management processes[8][9]. - The group has no current plans for market expansion or new product development as indicated in the financial report[27]. Legal and Regulatory Matters - As of June 30, 2025, the group has approximately RMB 5.33 million in bank deposits frozen by Chinese courts due to financial difficulties and overdue bank loans[24]. - The group has not received any waivers from lenders regarding the loan defaults[43]. - The group has not made any significant disclosures regarding events after the reporting period[45].

Financial Performance - For the six months ended June 30, 2025, the loss attributable to owners of the company was HK$298 million, a decrease of 2.9% compared to HK$307 million in the same period of 2024[7]. - Basic loss per share improved slightly to HK(12.92) cents from HK(13.32) cents, a change of 3.0%[7]. - The loss attributable to the owners of the Company decreased by approximately 3.0% from approximately HK$306,999,000 for Period 2024 to approximately HK$297,838,000 for Period 2025[39]. - Loss before taxation for the period was HK$324,414,000, slightly improved from a loss of HK$341,336,000 in the same period last year[146]. - Total comprehensive loss for the period was HK$268,680,000, compared to HK$361,862,000 in 2024, reflecting a decrease of 25.7%[148]. - The total loss for the period ended June 30, 2025, was HK$299,610,000, compared to a loss of HK$334,873,000 for the same period in 2024, representing a decrease of about 10.5%[176]. Assets and Liabilities - Net assets decreased by 36.4% to HK$1,989 million from HK$3,125 million year-on-year[7]. - Total assets declined by 12.5% to HK$6,552 million compared to HK$7,489 million in the previous year[7]. - Non-current assets decreased to HK$3,774,830,000 as of June 30, 2025, down from HK$4,227,628,000 at the end of 2024[149]. - Current liabilities increased to HK$4,387,200,000 from HK$4,223,476,000, marking an increase of 3.9%[149]. - The Group's total borrowings amounted to approximately HK$3,483,021,000, an increase from HK$3,445,720,000 as of December 31, 2024[72]. - The net impairment loss on financial assets increased from approximately HK$4,717,000 in 2024 to approximately HK$55,243,000 in 2025, primarily due to the deterioration in the credit quality of receivables[50]. Revenue and Income - Revenue for Period 2025 included rental income from East Gate Plaza of approximately HK$50,234,000, an increase from HK$46,961,000 in Period 2024, and income from distributed photovoltaic power generation of approximately HK$576,000[42]. - Revenue for the six months ended June 30, 2025, increased to HK$50,810,000 from HK$46,961,000 in 2024, representing an increase of 3.7%[146]. - Income from distributed photovoltaic power generation was approximately HK$576,000 recorded by the Group for Period 2025[35]. - Other income decreased from approximately HK$38,337,000 for Period 2024 to approximately HK$29,493,000 for Period 2025, mainly due to a drop in interest income from loan receivables from approximately HK$36,133,000 to approximately HK$14,714,000[43]. Operational Developments - The Group's distributed photovoltaic power generation capacity expanded to approximately 10 megawatts (MW) with six operational stations and two under construction by June 30, 2025[18]. - The Group has 30 potential photovoltaic projects under negotiation, expected to yield an aggregate installed capacity exceeding 30MW[18]. - The energy storage business is progressing with a 15 megawatt-hour (MWh) project, with construction contracts signed in July 2025[17]. - The Group's energy-saving and emission-reduction initiatives are being promoted alongside digital transformation efforts in its operations[23]. Financial Management - The Group has adopted a conservative treasury policy to manage investment costs and returns efficiently, while closely monitoring liquidity to meet funding requirements[63]. - The Group's cash flow projections indicate sufficient working capital to finance operations and meet financial obligations for at least twelve months from 30 June 2025[87]. - The Group plans to expedite the disposal of financial asset investments, including equity investments and non-performing assets[89]. - The Group is negotiating with lenders for the settlement and/or refinancing of borrowings[89]. Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period, except for specified deviations[124]. - All independent non-executive directors have served more than nine years on the Board, and the Company is in the process of identifying a suitable candidate for a new independent non-executive director[128]. - The Group's unaudited condensed consolidated financial statements for Period 2025 were reviewed and accepted by the audit committee on August 29, 2025[130]. Shareholding Structure - As of June 30, 2025, Mr. Chu holds 679,890,022 shares, representing 29.50% of the total issued shares of 2,304,849,611[138]. - Central Huijin Investment Ltd., China Cinda Asset Management Co., Ltd., and their affiliates collectively hold 450,300,000 shares, accounting for 19.54% of the total issued shares[141]. - The shareholding structure indicates significant control by a few entities, highlighting potential influence over corporate decisions[145].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the latest quarter, representing a year-over-year increase of 15%[12]. - Revenue for the six months ended June 30, 2025, was RMB 1,157,575, a decrease of 6.83% compared to RMB 1,242,466 in 2024[18]. - Gross profit for the same period was RMB 148,519, down 26.18% from RMB 201,184 in 2024[18]. - Loss before income tax increased to RMB 1,044,270, representing an 18.64% rise from RMB 880,192 in 2024[18]. - EBITDA for the reporting period was a loss of RMB 104,730, a significant decline of 165.57% from a profit of RMB 159,734 in 2024[18]. - Loss attributable to ordinary shareholders was RMB 875,430, up 17.80% from RMB 743,144 in 2024[18]. - Basic loss per share increased to RMB 0.734, reflecting a 17.82% rise from RMB 0.623 in 2024[18]. - The Group reported a net loss of approximately RMB 1,047.5 million, an increase from a loss of approximately RMB 923.9 million for the six months ended June 30, 2024[62][82]. - The Group's operating profit was reported at a loss of RMB 565,123,000, worsening from a loss of RMB 289,385,000 in the prior year[171]. - The total comprehensive loss for the period was RMB 1,038,066,000, reflecting the financial challenges faced during this timeframe[181]. User Engagement and Market Expansion - User data showed an increase in active users by 20% compared to the previous quarter, reaching 5 million active users[12]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of the next fiscal year[12]. - New product launches are expected to contribute an additional RMB 300 million in revenue over the next two quarters[12]. - The company plans to implement a new digital platform to enhance user engagement, with an expected launch in Q2 2024[12]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 5% through improved supply chain management[12]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and is expected to close by Q3 2024[12]. - The Company aims to enhance operational efficiency, expand into emerging sectors, and drive technological innovation to shape core capabilities[34]. - Key priorities include consolidating debt optimization achievements and ensuring timely repayment of principal and interest on all debts[35]. - A cost control system will be implemented to cover the entire business chain, aiming to reduce administrative expenses through the "Three Reductions" initiative[35]. - Projects under construction will be accelerated to maximize output and operational efficiency[35]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on innovative water treatment technologies[12]. Governance and Compliance - The Company has complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2025[148]. - The Audit Committee monitored the integrity of the Company's financial statements and internal control systems[132]. - The Remuneration Committee is responsible for recommending remuneration policies for all Directors and senior management members[126]. - The Risk Management, Internal Control and Compliance Committee is responsible for evaluating compliance of major decisions and supervising risk management efforts[138]. Financial Position and Liquidity - The Group's current liabilities exceeded its current assets by RMB 3,242,272,000 as of June 30, 2025, raising concerns about liquidity[166]. - Total borrowings amounted to RMB 21,683,798,000, with current borrowings at RMB 2,401,214,000, while cash and cash equivalents were only RMB 927,608,000[166]. - The Group had capital commitments of approximately RMB 7,137,122,000 related to various concession and construction projects[166]. - The Directors believe that the Group will have sufficient working capital to finance its operations and meet financial obligations within twelve months from June 30, 2025[196]. Strategic Initiatives - The implementation plan for building beautiful cities aims to create benchmark demonstrations of ecological communities by 2027[21]. - The company is expected to align with the government's initiatives on rural greening and village cleanliness campaigns[21]. - The policy direction for 2025 emphasizes ecological prioritization and systematic governance in the water industry[33]. Shareholder Information - YEPI is the beneficial owner of 361,487,162 Domestic Shares, representing 43.58% of the total issued shares[112]. - Mr. Liu Xujun holds 361,487,162 Domestic Shares, also representing 43.58% of the total issued shares[114]. - The Acting in Concert Agreement allows for shared voting rights among YEPI, Mr. Huang Yunjian, Mr. Liu Xujun, and Mr. Wang Yong[117].

SHENZHEN HIPINE PRECISION TECHNOLOGY CO., LTD. 深圳西普尼精密科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Stock Code 股份代號 : 2583 中 期 報 告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 5 | | Directors' and Chief Executives' Interests in | 董事及最高行政人員 | 12 | | Securities | 於債券之權益 | | | Substantial Shareholders' Interests in | 主要股東於股份 ...

[Company Information](index=3&type=section&id=Company%20Information) Overview of company's administrative and contact details, including board changes and office relocation [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board saw new executive appointments and resignations, and independent non-executive directors chair key committees - Mr. Li Chun Tung re-designated as Chairman on June 2, 2025[3](index=3&type=chunk) - Mr. Wang Han appointed Executive Director and CEO on June 2, 2025[3](index=3&type=chunk) - Ms. Cheung Ka Yee appointed Executive Director on June 2, 2025[3](index=3&type=chunk) - Mr. Chu Che Ping, Ms. Lau Wan Tai, and Mr. Li Tai Pang retired or resigned as Executive Directors on May 30, 2025, and January 10, 2025, respectively[3](index=3&type=chunk) [Company Contact and Professional Services](index=3&type=section&id=Company%20Contact%20and%20Professional%20Services) The company's Hong Kong headquarters relocated to a new address, with its stock code and professional service providers listed - Hong Kong headquarters and principal place of business relocated to Room 1608, 16/F, Nan Fung Tower, 88 Connaught Road Central, Hong Kong on July 28, 2025[3](index=3&type=chunk) - Company stock code is **804**[3](index=3&type=chunk) - Company website is www.pinestone.com.hk[4](index=4&type=chunk) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) Group revenue increased by 58% to HK$16.9 million, but net loss widened to HK$3.7 million due to higher operating expenses Financial Highlights for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | Change (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 16,900 | 10,700 | 6,200 | 58% | | Net Loss | (3,700) | (800) | (2,900) | 362.5% | | Basic and Diluted Loss Per Share (HK cents) | (0.76) | (0.19) | (0.57) | 300% | | Interim Dividend | Nil | Nil | - | - | - The increase in net loss was primarily due to a rise in compliance, professional, and agency fees, leading to other operating expenses increasing to **HK$16.1 million** for the six months ended June 30, 2025 (six months ended June 30, 2024: HK$2.9 million)[5](index=5&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue grew significantly, but increased operating expenses, particularly commissions, employee benefits, and other operating costs, led to a wider loss for the period Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 16,875 | 10,715 | | Other income | 506 | 52 | | Commission and fee expenses | (1,057) | (510) | | Employee benefit expenses | (3,947) | (3,013) | | Depreciation | (6) | (487) | | Impairment loss on trade receivables and loans receivable, net | – | (4,616) | | Other operating expenses | (16,055) | (2,947) | | (Loss) before income tax | (3,684) | (806) | | (Loss) for the period | (3,684) | (806) | | Basic and diluted (loss) per share (HK cents) | (0.76) | (0.19) | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and equity increased, with a significant reduction in current liabilities improving net current assets and the current ratio Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 19,695 | 19,401 | | Total current assets | 135,351 | 135,471 | | **Liabilities** | | | | Total current liabilities | 6,065 | 16,500 | | **Equity** | | | | Total equity | 148,981 | 138,372 | | Net current assets | 129,286 | 118,971 | | Total assets less current liabilities | 148,981 | 138,372 | - Current liabilities significantly decreased from **HK$16.5 million** as at December 31, 2024, to **HK$6.065 million** as at June 30, 2025, primarily due to a reduction in trade payables and contract liabilities[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased, primarily driven by net proceeds of approximately HK$13.86 million from a successful share placement for general working capital Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Metric | June 30, 2025 (HK$'000) | January 1, 2025 (HK$'000) | | :--- | :--- | :--- | | Share capital | 9,745 | 8,121 | | Share premium | 212,662 | 199,993 | | Capital reserve | (4,866) | (4,866) | | Retained profits | 68,560 | (64,876) | | Total equity | 148,981 | 138,372 | - The company successfully placed **81,210,000 new shares** at HK$0.176 per share on January 13, 2025, raising net proceeds of approximately **HK$13.86 million** fully utilized for general working capital[9](index=9&type=chunk) - Loss for the period was **HK$3.684 million**, compared to a loss of HK$0.806 million in the same period of 2024[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Increased net cash outflow from operating activities and slight increase from investing activities were offset by significant net cash inflow from financing activities, primarily from share placement, leading to higher period-end cash and bank balances Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (13,212) | (10,268) | | Net cash (used in) / generated from investing activities | (54) | 27 | | Net cash (used in) / generated from financing activities | 14,294 | (497) | | Net (decrease) / increase in cash and cash equivalents | 1,028 | (10,738) | | Cash and cash equivalents at beginning of period | 15,929 | 23,394 | | Cash and cash equivalents at end of period | 16,957 | 12,656 | - Net cash inflow from financing activities was **HK$14.294 million**, primarily from proceeds of share placement[10](index=10&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Detailed notes providing context and breakdowns for the condensed consolidated interim financial statements [1. Company Information](index=10&type=section&id=1.%20Company%20Information) Pine Stone Capital Limited, incorporated in Cayman Islands and listed in Hong Kong, primarily engages in securities brokerage, margin lending, and underwriting services, with its principal place of business relocated - The Group primarily provides securities brokerage services, securities-backed lending services (including margin financing and money lending services), other lending services, and placing and underwriting services[11](index=11&type=chunk) - The company's principal place of business relocated to Room 1608, 16/F, Nan Fung Tower, 88 Connaught Road Central, Sheung Wan, Hong Kong, effective July 28, 2025[11](index=11&type=chunk) [2. Basis of Preparation and Accounting Policies](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) Condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies with prior year, except for newly adopted HKFRSs - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the HKICPA and the applicable disclosure provisions of the Listing Rules of the Stock Exchange[12](index=12&type=chunk) - The accounting policies used in preparing these condensed consolidated interim financial statements are consistent with those used in the preparation of the annual financial statements for the year ended December 31, 2024, except for the adoption of new and revised HKFRSs effective for the current accounting period[12](index=12&type=chunk) - The unaudited condensed consolidated financial statements are prepared on a historical cost basis and presented in Hong Kong dollars[13](index=13&type=chunk)[14](index=14&type=chunk) [3. New or Revised Hong Kong Financial Reporting Standards](index=12&type=section&id=3.%20New%20or%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) New and revised HKFRSs effective January 1, 2025, including HKAS 21 (Amendment) — Lack of Exchangeability, had no significant impact on the Group's accounting policies - Revised HKFRSs effective January 1, 2025, relevant to the Group, had no significant impact on the Group's accounting policies[15](index=15&type=chunk) [4. Revenue](index=12&type=section&id=4.%20Revenue) Group revenue primarily from securities brokerage, placing and underwriting, and lending services, with significant growth in revenue from customer contracts, especially placing and underwriting services Revenue Sources (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from securities brokerage services | 580 | 80 | | Income from placing and underwriting services | 8,927 | 570 | | Handling fee income | 50 | 4 | | Interest income from margin financing services | 3,213 | 6,518 | | Interest income from money lending services | 4,105 | 3,543 | | **Total Revenue** | **16,875** | **10,715** | - Revenue from contracts with customers significantly increased to **HK$9.557 million** for the six months ended June 30, 2025, compared to HK$0.654 million in the same period of 2024[16](index=16&type=chunk) [5. Segment Information](index=13&type=section&id=5.%20Segment%20Information) The Group operates as a single reportable segment providing securities brokerage, securities-backed lending, and placing and underwriting services, with all revenue and non-current assets derived from Hong Kong - The Executive Directors have determined that the Group has only one single reportable segment, which is the provision of securities brokerage services, securities-backed lending services, and placing and underwriting services[18](index=18&type=chunk) - All the Group's revenue from customers is derived from operations in Hong Kong, and all non-current assets are located in Hong Kong[19](index=19&type=chunk) - For the six months ended June 30, 2025, the largest customer accounted for approximately **HK$1 million** in revenue, representing about **5.9%** of the Group's total revenue of HK$16.9 million[20](index=20&type=chunk) [6. Other Income](index=14&type=section&id=6.%20Other%20Income) Other income significantly increased for the six months ended June 30, 2025, primarily due to higher bank interest and custodial income Other Income (For the Six Months Ended June 30) | Income Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Bank interest income | 246 | 27 | | Custodial income | 260 | 25 | | **Total** | **506** | **52** | [7. Profit Before Income Tax](index=14&type=section&id=7.%20Profit%20Before%20Income%20Tax) Profit (loss) before income tax is derived after deducting expenses such as auditor's remuneration, which slightly increased for the six months ended June 30, 2025 Deductions from Profit Before Income Tax (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Auditor's remuneration | 379 | 350 | [8. Income Tax Expense](index=15&type=section&id=8.%20Income%20Tax%20Expense) The Group recorded no income tax expense for the six months ended June 30, 2025, due to a loss for the period, with Hong Kong profits tax rates detailed - The Group had no income tax expense for the six months ended June 30, 2025[24](index=24&type=chunk) - Hong Kong profits tax rate is **8.25%** for the first HK$2 million of assessable profits for qualifying entities, and **16.5%** for profits exceeding HK$2 million[24](index=24&type=chunk) [9. Dividends](index=15&type=section&id=9.%20Dividends) The Board of Directors does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (June 30, 2024: Nil)[25](index=25&type=chunk) [10. Loss Per Share](index=16&type=section&id=10.%20Loss%20Per%20Share) Basic and diluted loss per share for the six months ended June 30, 2025, widened to HK$0.0076, calculated based on the weighted average number of ordinary shares, with no dilutive effects Loss Per Share Calculation (For the Six Months Ended June 30) | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | (Loss) for the period attributable to owners of the Company (HK$'000) | (3,684) | (806) | | Weighted average number of ordinary shares in issue during the period (thousands) | 481,896 | 418,658 | | Basic and diluted (loss) per share (HK cents) | (0.76) | (0.19) | - As there were no potentially dilutive ordinary shares in existence during the current and prior periods, the diluted loss per share is the same as the basic loss per share[26](index=26&type=chunk) [11. Property, Plant and Equipment](index=17&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) The Group incurred no expenditure on the acquisition of property, plant, and equipment for the six months ended June 30, 2025, consistent with the prior period - The Group incurred no expenditure on the acquisition of property, plant, and equipment for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[27](index=27&type=chunk) [12. Prepayments for Investments](index=17&type=section&id=12.%20Prepayments%20for%20Investments) The company established a joint venture for digital asset business on January 17, 2025, and has contributed HK$6.7 million for its 40% interest as of June 30, 2025 - The company established a joint venture with Cast Emperor Holdings Group Limited on January 17, 2025, primarily engaged in digital asset business[28](index=28&type=chunk) - The total registered capital of the joint venture is **HK$25 million**, with the company expected to contribute **HK$10 million** for a **40% interest**[28](index=28&type=chunk) - As of June 30, 2025, the company had contributed **HK$6.7 million** for its **40% interest**[28](index=28&type=chunk) [13. Trade Receivables](index=17&type=section&id=13.%20Trade%20Receivables) Total trade receivables decreased to HK$48.697 million as of June 30, 2025, with no write-offs during the period, contrasting with significant write-offs in the prior year Trade Receivables (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Margin clients | 75,201 | 76,755 | | Clearing house | (126) | 2,669 | | Trade receivables from agency services | – | 1,895 | | Trade receivables from placing and underwriting services | – | 193 | | Less: Loss allowance | (26,378) | (26,378) | | **Total** | **48,697** | **55,134** | - The Group wrote off no trade receivables during the six months ended June 30, 2025, compared to **HK$18.7 million** in the same period of 2024[30](index=30&type=chunk) Movement in Loss Allowance for Trade Receivables | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | At January 1 | 26,378 | 59,008 | | Impairment loss charged to profit or loss | – | 9,149 | | Reversal of discount | – | 4,781 | | Amounts written off as uncollectible | – | (46,560) | | Balance | 26,378 | 26,378 | [14. Loans Receivable](index=19&type=section&id=14.%20Loans%20Receivable) Total loans receivable from money lending increased to HK$79.925 million as of June 30, 2025, with no write-offs during the period, contrasting with significant write-offs in the prior year Loans Receivable (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Loans receivable from money lending | 79,925 | 74,416 | | Less: Loan allowance | (26,667) | (26,667) | | **Total** | **53,258** | **47,749** | - The Group wrote off no loans receivable during the six months ended June 30, 2025, compared to **HK$17.9 million** in the same period of 2024[35](index=35&type=chunk) Movement in Loan Allowance for Loans Receivable | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | At January 1 | 26,667 | 63,108 | | Impairment loss charged to profit or loss | – | 11,751 | | Reversal of discount | – | 2,985 | | Amounts written off as uncollectible | – | (51,177) | | Balance | 26,667 | 26,667 | [15. Bank Trust Balances Held on Behalf of Clients](index=21&type=section&id=15.%20Bank%20Trust%20Balances%20Held%20on%20Behalf%20of%20Clients) The Group holds client monies in segregated trust accounts at authorized financial institutions, classified as current assets with corresponding trade payables, as the Group is responsible for client funds - The Group maintains segregated trust accounts at authorized financial institutions for client monies, classifying them as current assets[37](index=37&type=chunk) - Corresponding balances payable to cash and margin clients are recognized under trade payables, as the Group is responsible for any loss or misuse of client funds[37](index=37&type=chunk) [16. Trade Payables](index=21&type=section&id=16.%20Trade%20Payables) Total trade payables significantly decreased to HK$5.337 million as of June 30, 2025, primarily due to a reduction in amounts payable to cash clients, with a T+2 settlement period for securities trading Trade Payables (As at June 30, 2025) | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Cash clients | 3,204 | 10,092 | | Margin clients | 2,133 | 2,151 | | **Total** | **5,337** | **12,243** | - Trade payables arising from securities trading business have a settlement period of two business days after the trade date ("T+2")[38](index=38&type=chunk) [17. Contract Liabilities](index=21&type=section&id=17.%20Contract%20Liabilities) Contract liabilities, representing amounts received for consulting services to be recognized as revenue within 12 months, were zero as of June 30, 2025 - Contract liabilities represent amounts received by the Group for consulting services, expected to be recognized as revenue within the next 12 months[39](index=39&type=chunk) - As of June 30, 2025, contract liabilities were **nil** (December 31, 2024: HK$1.012 million)[7](index=7&type=chunk) [18. Commitments](index=22&type=section&id=18.%20Commitments) The Group had no significant capital commitments as of June 30, 2025, consistent with December 31, 2024 - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: Nil)[40](index=40&type=chunk) [19. Contingent Liabilities](index=22&type=section&id=19.%20Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, consistent with December 31, 2024 - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: Nil)[41](index=41&type=chunk) [20. Related Party Transactions](index=22&type=section&id=20.%20Related%20Party%20Transactions) The Group recorded no related party securities or lending transactions for the six months ended June 30, 2025, though key management personnel remuneration increased - During the reporting period for the six months ended June 30, 2025, the Group recorded no securities, money, or other secured lending business transactions with related parties[44](index=44&type=chunk) Key Management Personnel Remuneration (For the Six Months Ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Salaries, allowances and other benefits | 2,451 | 2,217 | | Defined contribution retirement scheme contributions | 44 | 43 | | **Total** | **2,495** | **2,260** | [21. Share Capital](index=23&type=section&id=21.%20Share%20Capital) Total issued share capital increased to 487,280,100 shares due to a placement of 81,210,000 new shares, raising net proceeds of approximately HK$13.86 million for general working capital Authorized and Issued Share Capital (As at June 30, 2025) | Item | Par Value (HK$) | Number of Ordinary Shares | Amount (HK$'000) | | :--- | :--- | :--- | :--- | | Authorized share capital | 0.020 | 25,000,000,000 | 500,000 | | Issued and fully paid share capital (as at June 30, 2025) | 0.020 | 487,280,100 | 9,745 | | Issued and fully paid share capital (as at January 1, 2025) | 0.020 | 406,070,100 | 8,121 | | Shares placed | 0.020 | 81,210,000 | 1,624 | - On January 13, 2025, the company successfully placed **81,210,000 new shares** to at least six placees at HK$0.176 per share, raising net proceeds of approximately **HK$13.86 million**[45](index=45&type=chunk) - The net proceeds were fully utilized for the Group's general working capital[45](index=45&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) Management's review of the Group's business performance, financial results, and future outlook, highlighting revenue growth, increased losses, and strategic initiatives [Business Review](index=24&type=section&id=Business%20Review) The Group's core services include securities brokerage, lending, and placing/underwriting, with strong performance in brokerage and placing services driven by a recovering Hong Kong stock market - The Group primarily provides securities brokerage, securities-backed lending services (including margin financing and money lending), other secured lending, and placing and underwriting services[46](index=46&type=chunk) - The Hong Kong stock market significantly recovered in H1 2025, with the Hang Seng Index increasing by approximately **20%** from 20,060 points on December 30, 2024, to 24,072 points on June 30, 2025[47](index=47&type=chunk) - Average daily turnover for the first six months of 2025 was **HK$240.2 billion**, an increase of **118%** from HK$110.4 billion in the same period last year[47](index=47&type=chunk) [Securities Brokerage Services](index=24&type=section&id=Securities%20Brokerage%20Services) Commission income from securities brokerage services surged by approximately seven times to HK$0.58 million in H1 2025, driven by an active Hong Kong stock market and capital inflows Commission Income from Securities Brokerage Services (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Commission income | 580,000 | 80,000 | 625% | [Securities-Backed Lending Services](index=25&type=section&id=Securities-Backed%20Lending%20Services) Securities-backed lending services remain a core revenue source, but total interest income decreased by approximately 28% to HK$7.3 million due to a cautious approach in margin financing Interest Income from Securities-Backed Lending Services (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Total interest income | 7,300,000 | 10,100,000 | -28% | [Margin Financing Services](index=25&type=section&id=Margin%20Financing%20Services) Interest income from margin financing services decreased by approximately 51% to HK$3.2 million, primarily due to the Board's cautious approach to reduce default risks, leading to a significant drop in average monthly loan book balance Margin Financing Services Interest Income and Loan Balance (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income | 3,200,000 | 6,500,000 | -51% | | Average monthly loan book balance | 74,000,000 | 151,000,000 | -51% | - The company cautiously reviewed collateral, transaction history, and repayment records before providing margin loans, resulting in a reduction in the amount of margin loans offered[50](index=50&type=chunk) [Money Lending and Other Secured Lending Services](index=25&type=section&id=Money%20Lending%20and%20Other%20Secured%20Lending%20Services) Money lending services revenue grew by approximately 17% to HK$4.1 million, with 8 loans extended during the period at annual interest rates ranging from 12% to 24% Money Lending Services Revenue (For the Six Months Ended June 30) | Metric | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,100,000 | 3,500,000 | 17% | - As of June 30, 2025, the Group had extended **8 loans** (June 30, 2024: 5 loans), ranging from **HK$3 million** to **HK$16.5 million**[51](index=51&type=chunk) - Each loan carried an annual interest rate between approximately **12% and 24%**, with a maximum repayment period of **12 months**[51](index=51&type=chunk) [Placing and Underwriting Services](index=26&type=section&id=Placing%20and%20Underwriting%20Services) Revenue from placing and underwriting services surged over 15 times to HK$8.9 million, primarily driven by bond placing activities, with 14 activities undertaken during the period Placing and Underwriting Services Revenue (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Fee income from placing and underwriting securities | 1,040 | 570 | | Agency fee income from placing bonds | 7,887 | Not applicable | | **Total Income** | **8,927** | **570** | - For the six months ended June 30, 2025, the Group participated in **14 placing and underwriting activities**, compared to 2 placing activities in the same period of 2024[52](index=52&type=chunk) - Approximately **HK$1 million** in revenue was from securities placing, while approximately **HK$7.9 million** was from bond placing activities[52](index=52&type=chunk) [Loss for the Period](index=26&type=section&id=Loss%20for%20the%20Period) The Group's net loss widened to HK$3.7 million for the six months ended June 30, 2025, mainly due to a significant increase in other operating expenses, including compliance, professional, and agency fees Loss for the Period (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Unaudited net loss | (3,700) | (800) | - The increase in loss was primarily due to higher other operating expenses, which amounted to approximately **HK$16.1 million** for the six months ended June 30, 2025 (June 30, 2024: HK$2.9 million)[54](index=54&type=chunk) - The surge in other operating expenses was driven by increased compliance, professional, and agency fees, along with other expenses during the period[54](index=54&type=chunk) [Outlook](index=27&type=section&id=Outlook) The Group is optimistic about the Hong Kong financial market and plans to strengthen its financial position by diversifying revenue, expanding client networks, exploring virtual asset business, and enhancing operational efficiency - The Group will continue to focus on strengthening its financial position by broadening its revenue base and expanding its client network[55](index=55&type=chunk) - The Group will closely monitor market trends and adjust its strategies as needed, confident in achieving stable, sustainable growth in H2 2025 and beyond through business diversification, a broader client base, and prudent risk and cost management[61](index=61&type=chunk) [Securities Brokerage Services](index=27&type=section&id=Securities%20Brokerage%20Services) The Group plans to establish a virtual asset business by applying for a virtual asset trading service license, with submission expected by September 2025 and approval by Q1 2026 - The company is actively pursuing the establishment of a virtual asset business by applying for a virtual asset trading service license condition to meet client demand for handling virtual assets like cryptocurrencies[55](index=55&type=chunk) - The company intends to submit the application by **September 2025** and expects to be granted the license condition by **Q1 2026**[55](index=55&type=chunk) [Securities-Backed Lending Services](index=27&type=section&id=Securities-Backed%20Lending%20Services) The company proposes a rights issue to raise up to HK$60.7 million, with approximately HK$50 million allocated to expand margin financing and money lending businesses to strengthen its capital base - The company announced a proposed rights issue to raise gross proceeds of up to approximately **HK$60.7 million**, with estimated net proceeds of approximately **HK$57.6 million** if fully subscribed[56](index=56&type=chunk) - The company intends to allocate approximately **HK$35 million** to expand its margin financing services and approximately **HK$15 million** to support its money lending business, totaling approximately **HK$50 million**[57](index=57&type=chunk) [Placing and Underwriting Services](index=28&type=section&id=Placing%20and%20Underwriting%20Services) The Group will continue to seek new mandates as underwriters and placing agents for equity and debt transactions, actively negotiating with listed companies and bond issuers, expecting this business line to remain a significant revenue contributor - The Group will continue to seek new mandates, such as appointments as underwriters and placing agents for equity and debt transactions, and is actively negotiating with listed companies and bond issuers[58](index=58&type=chunk) [Asset Management and Family Office Services](index=28&type=section&id=Asset%20Management%20and%20Family%20Office%20Services) Pine Stone Capital Asset Management Limited obtained a Type 9 (Asset Management) license in September 2024, enabling it to offer comprehensive asset management and wealth solutions to clients, with plans to further develop service offerings - Pine Stone Capital Asset Management Limited was granted a Type 9 (Asset Management) license in **September 2024**[59](index=59&type=chunk) - With this license approval, the Group is now equipped to provide comprehensive asset management and wealth solutions to individual and institutional clients, including securities, bonds, funds, and trust-related services[59](index=59&type=chunk) [Efficiency and Cost Management](index=28&type=section&id=Efficiency%20and%20Cost%20Management) The Group is reviewing operations to enhance efficiency, streamline workflows, and control operating costs in response to rising compliance and professional expenses, while also exploring the distressed asset disposal market - The Group is reviewing its operations to enhance efficiency and manage expenses, striving to improve work efficiency, streamline workflows, and control operating costs[60](index=60&type=chunk) - The Group is also actively exploring the distressed asset disposal market, planning to establish a distressed asset disposal auction platform in Asia to further diversify its revenue streams[61](index=61&type=chunk) [Financial Review](index=29&type=section&id=Financial%20Review) Total revenue increased by 58% to HK$16.9 million, driven by placing and underwriting fees, but higher employee benefits and other operating expenses led to an expanded loss for the period, despite successful share placement and strong liquidity - Total revenue for the six months ended June 30, 2025, was approximately **HK$16.9 million**, an increase of approximately **HK$6.2 million** or **58%** compared to the same period in 2024[63](index=63&type=chunk) - The Group recorded an unaudited net loss of approximately **HK$3.7 million** for the six months ended June 30, 2025, compared to an unaudited net loss of approximately HK$0.8 million in the same period of 2024[68](index=68&type=chunk) - As of June 30, 2025, the Group recorded a current ratio of approximately **22.32 times** (December 31, 2024: 8.21 times)[75](index=75&type=chunk) [Revenue](index=29&type=section&id=Revenue) Total revenue grew by 58% to HK$16.9 million, primarily driven by a significant increase in bond and securities placing or agency fees, despite a decrease in interest income from securities-backed lending services Revenue Sources (For the Six Months Ended June 30) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Commission income from securities brokerage services | 580 | 80 | | Income from placing and underwriting services | 8,927 | 570 | | Handling fees | 50 | 4 | | Interest income from margin financing services | 3,213 | 6,518 | | Interest income from money lending services | 4,105 | 3,543 | | **Total Revenue** | **16,875** | **10,715** | - Placing or agency fees for bonds and securities recorded significant growth, increasing over **15 times** to **HK$8.9 million** for the six months ended June 30, 2025, from approximately HK$0.57 million in the same period of 2024[63](index=63&type=chunk) - Interest income from securities-backed lending services decreased by approximately **28%** to about **HK$7.3 million** for the six months ended June 30, 2025[63](index=63&type=chunk) [Employee Benefit Expenses](index=30&type=section&id=Employee%20Benefit%20Expenses) Employee benefit expenses increased by approximately 30% to HK$3.9 million for the six months ended June 30, 2025, primarily due to the recruitment of additional staff, bringing the total headcount to 21 Employee Benefit Expenses (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 3,900 | 3,000 | 30% | - The recruitment of additional staff was the primary factor for the increase in employee benefit costs, with the Group employing **21 employees** as of June 30, 2025 (June 30, 2024: 18 employees)[64](index=64&type=chunk) [Other Operating Expenses](index=31&type=section&id=Other%20Operating%20Expenses) Other operating expenses significantly increased to HK$16.1 million, representing approximately 80% of total expenses, primarily due to a surge in agency or professional fees, legal and compliance, and administrative expenses Other Operating Expenses (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Other operating expenses | 16,100 | 2,900 | | Percentage of total expenses | Approx. 80% | Approx. 40% | - The significant increase in total operating expenses was attributable to agency or professional fees, legal and compliance, and administrative expenses[65](index=65&type=chunk) [Income Tax Expense](index=31&type=section&id=Income%20Tax%20Expense) The Group recorded no income tax expense for the six months ended June 30, 2025, consistent with the prior period - There was no income tax expense for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[66](index=66&type=chunk) [(Loss) for the Period](index=31&type=section&id=%28Loss%29%20for%20the%20Period) The Group's unaudited net loss widened to HK$3.7 million for the six months ended June 30, 2025, primarily due to a substantial increase in other operating expenses, including compliance, professional, and agency fees (Loss) for the Period (For the Six Months Ended June 30) | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | (Loss) for the period | (3,684) | (806) | - The increase in net loss was primarily due to a rise in compliance, professional, and agency fees, leading to other operating expenses increasing to **HK$16.1 million** for the six months ended June 30, 2025 (six months ended June 30, 2024: HK$2.9 million)[68](index=68&type=chunk) [Fundraising Activities and Use of Proceeds for the Six Months Ended June 30, 2025](index=32&type=section&id=Fundraising%20Activities%20and%20Use%20of%20Proceeds%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) The company completed a placement of 81,210,000 new shares on January 13, 2025, raising net proceeds of approximately HK$13.86 million, which were fully utilized for general working capital - The company entered into a placing agreement on December 18, 2024, to place up to **81,210,000 new shares** at HK$0.176 per share[69](index=69&type=chunk) - Gross and net proceeds from the placing were approximately **HK$14.29 million** and **HK$13.86 million**, respectively[69](index=69&type=chunk) - The placing was completed on January 13, 2025, with all funds raised fully utilized for the Group's general working capital as planned[70](index=70&type=chunk) [Liquidity and Financial Resources and Capital Structure](index=33&type=section&id=Liquidity%20and%20Financial%20Resources%20and%20Capital%20Structure) The Group's current ratio significantly improved to 22.32 times, and cash and bank balances increased to approximately HK$16.9 million as of June 30, 2025, with existing resources deemed sufficient for operations Liquidity and Financial Resources (As at June 30, 2025) | Metric | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Current assets | 135,351 | 135,471 | | Current liabilities | 6,065 | 16,500 | | Current ratio (times) | 22.32 | 8.21 | | Cash and bank balances | 16,900 | 15,900 | - The Group's operations, capital expenditures, and other funding needs are financed by internal operations, proceeds from share placement, and general working capital[75](index=75&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=Foreign%20Exchange%20Risk) The Group's reporting currency is HKD, and all transactions for the six months ended June 30, 2025, were denominated in HKD, thus posing no significant foreign exchange risk - The Group's reporting currency is Hong Kong Dollars, and all transactions for the six months ended June 30, 2025, were denominated in Hong Kong Dollars[76](index=76&type=chunk) - The Group faces no significant foreign exchange risk[76](index=76&type=chunk) [Contingent Liabilities](index=34&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024[77](index=77&type=chunk) [Events After Reporting Period](index=34&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, the company proposed a share consolidation (20-for-1) followed by a rights issue (3-for-2) to raise approximately HK$60.7 million for margin financing, money lending, virtual asset license application, and general working capital - The company proposed a share consolidation on the basis of **20 existing shares** for **1 consolidated share** in its issued and unissued share capital[78](index=78&type=chunk) - Subject to approval of the share consolidation, the company proposed a rights issue to raise gross proceeds of up to approximately **HK$60.7 million** by issuing up to **36,546,008 rights shares**[79](index=79&type=chunk) - Net proceeds from the rights issue, approximately **HK$5.3 million**, will be used for virtual license-related matters, **HK$35 million** for margin financing, **HK$15 million** for money lending, and **HK$2.3 million** for enhancing general working capital[81](index=81&type=chunk) [Material Investments](index=36&type=section&id=Material%20Investments) The Group did not acquire or hold any material investments during the review period - The Group did not acquire or hold any material investments during the review period[82](index=82&type=chunk) [Pledge of Assets](index=36&type=section&id=Pledge%20of%20Assets) The Group did not pledge any of its assets as of June 30, 2025, and December 31, 2024 - The Group pledged none of its assets as of June 30, 2025, and December 31, 2024[83](index=83&type=chunk) [Capital Commitments](index=36&type=section&id=Capital%20Commitments) The Group had no significant capital commitments as of June 30, 2025, and December 31, 2024 - The Group had no significant capital commitments as of June 30, 2025, and December 31, 2024[84](index=84&type=chunk) [Other Information](index=37&type=section&id=Other%20Information) Additional disclosures regarding directors' and major shareholders' interests, share transactions, employee policies, and corporate governance [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=37&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, no directors or chief executive held disclosable interests or short positions in the company's or its associated corporations' shares, underlying shares, or debentures - As of June 30, 2025, no Directors or Chief Executive of the Company held any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations that were required to be disclosed under Divisions 7 and 8 of Part XV of the SFO[85](index=85&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=37&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) No arrangements were made during the six months ended June 30, 2025, for directors or the chief executive to acquire benefits through shares or debentures of the company or its associated corporations - Neither the company nor any of its subsidiaries or associated corporations entered into any arrangements during the six months ended June 30, 2025, enabling directors and the chief executive to acquire benefits through shares, underlying shares, or debentures of the company or its associated corporations[86](index=86&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=37&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Ultimate Vantage Group Limited and its sole owner, Mr. Zeng Wenling, were substantial shareholders, holding approximately 19.87% of the company's issued share capital Substantial Shareholders' Long Positions in Ordinary Shares of the Company (As at June 30, 2025) | Name of Shareholder | Capacity and Nature of Interest | Total Number of Shares | Approximate Percentage of Total Issued Share Capital of the Company (%) | | :--- | :--- | :--- | :--- | | Ultimate Vantage Group Limited | Directly beneficially owned | 96,836,250 | 19.87 | | Mr. Zeng Wenling | Interest of controlled corporation | 96,836,250 | 19.87 | - Ultimate Vantage Group Limited is **100% owned** by Mr. Zeng Wenling[89](index=89&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%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 (six months ended June 30, 2024: Nil shares)[90](index=90&type=chunk) [Employees and Remuneration Policy](index=39&type=section&id=Employees%20and%20Remuneration%20Policy) The Group had 21 employees as of June 30, 2025, with remuneration policies based on duties, experience, skills, and company performance, offering monthly salaries, discretionary bonuses, and other benefits - As of June 30, 2025, the Group had a total of **21 employees** (June 30, 2024: 18 employees)[91](index=91&type=chunk) - The Group's remuneration policy is determined based on the duties, responsibilities, experience, skills, time commitment, and performance of the directors or senior management, benchmarked against compensation paid by comparable companies[91](index=91&type=chunk) - Other employee benefits include provident fund contributions, medical insurance, and other allowances and benefits, in addition to salaries[91](index=91&type=chunk) [Share Option Scheme](index=39&type=section&id=Share%20Option%20Scheme) The existing share option scheme expired on June 12, 2025, with no further schemes granted or outstanding options as of the interim report date - The existing share option scheme had a term of **10 years** from its adoption date and expired on **June 12, 2025**[92](index=92&type=chunk) - No further share option schemes have been granted since the expiry of the existing scheme, and as of the date of this interim report, no share options have been granted or remain outstanding under the existing scheme[92](index=92&type=chunk) [Corporate Governance](index=39&type=section&id=Corporate%20Governance) The company complied with relevant Listing Rules and the Corporate Governance Code during the review period, ensuring proper regulation of decision-making and business operations - The company complied with Rules 13.13 to 13.16 of Chapter 13 of the Listing Rules, providing no advances to affiliated or associated entities[93](index=93&type=chunk) - During the review year, the company complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited[93](index=93&type=chunk) [Directors' Securities Transactions](index=40&type=section&id=Directors%27%20Securities%20Transactions) The company adopted a code of conduct for directors' securities transactions no less exacting than the Model Code, with all directors confirming compliance and no non-compliance reported - The company adopted a code of conduct for directors' securities transactions with terms no less exacting than the Model Code set out in Appendix 10 of the Listing Rules for Directors' Securities Transactions by Listed Issuers[94](index=94&type=chunk) - Each director acknowledged compliance with the dealing rules during the reporting period and up to the date of this report, with no non-compliance reported to the company during this period[94](index=94&type=chunk) [Competing Interests](index=40&type=section&id=Competing%20Interests) As of June 30, 2025, no directors, substantial shareholders, or their associates had any interests in businesses directly or indirectly competing with the Group's business - As of June 30, 2025, no directors, substantial shareholders, or their respective associates had any interests in businesses that directly or indirectly compete or may compete with the Group's business[95](index=95&type=chunk) [Audit Committee](index=40&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors chaired by Mr. Cheng Man Bun, reviewed the Group's unaudited interim results and confirmed compliance with accounting standards and Listing Rules - The Audit Committee currently comprises **three members**, all of whom are independent non-executive directors, with Mr. Cheng Man Bun serving as Chairman[96](index=96&type=chunk) - The primary responsibilities of the Audit Committee include reviewing and overseeing the company's financial reporting process, the Group's internal control systems, and monitoring continuing connected transactions[96](index=96&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated results for the six months ended June 30, 2025, confirming their preparation complied with applicable accounting standards, practices adopted by the company, and Listing Rules, with adequate disclosure[96](index=96&type=chunk) [Board of Directors](index=41&type=section&id=Board%20of%20Directors) As of the report date, the Board comprises executive directors Mr. Li Chun Tung (Chairman), Mr. Wang Han (CEO), Ms. Cheung Ka Yee, non-executive director Mr. Lau Chun Hung, and independent non-executive directors Mr. Lau Kei Lik, Mr. Wong Chun Pang, and Mr. Cheng Man Bun - Executive Directors include Mr. Li Chun Tung (Chairman), Mr. Wang Han (Chief Executive Officer) (appointed on June 2, 2025), and Ms. Cheung Ka Yee (appointed on June 2, 2025)[97](index=97&type=chunk) - The Non-executive Director is Mr. Lau Chun Hung[97](index=97&type=chunk) - Independent Non-executive Directors include Mr. Lau Kei Lik, Mr. Wong Chun Pang, and Mr. Cheng Man Bun[97](index=97&type=chunk)

Corporate Information 公司資料 BOARD OF DIRECTORS Executive Directors Mr. KANG Chuang (Chairman) Mr. ZHENG Jingdong Non-Executive Director Ms. LIN Weihuan Independent Non-Executive Directors Dr. ZHANG Baoping Mr. CHEN Shaohua Professor ZHAO Jinbao BOARD COMMITTEES Audit Committee Mr. CHEN Shaohua (Chairperson) Professor ZHAO Jinbao Dr. ZHANG Baoping Remuneration Committee Dr. ZHANG Baoping (Chairperson) Professor ZHAO Jinbao Mr. CHEN Shaohua Nomination Committee Professor ZHAO Jinbao (Chairperson) Mr. CHEN Shao ...