中 期 報 告 香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的 公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎 周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣之證券承受 較大的市場波動風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 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報告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告乃遵照聯交所GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供有關基地錦 標集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）的資料；本公司董事（「董 事」）對此共同及個別承擔全部責任。各董事於作出一切合理查詢後，確認就其所知及所信， 本報告所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏任何事項， 足以令致本報告或其所載任何陳述產生誤導。 基地 ...

CONTENTS 目錄 2 Corporate Information 公司資料 5 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 7 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 9 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 11 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 12 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 30 Management Discussion and Analysis 管理層討論與分析 41 Additional Information 補充資料 59 Definitions 釋義 Independent ...

202 5 Interim Report 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 簡明綜合損益及其他全面收益表 | 3 | | 簡明綜合財務狀況表 | 5 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 8 | | 簡明綜合財務報表附註 | 9 | | 管理層討論與分析 | 37 | | 一般資料 | 44 | 致寶信勤會計師事務所有限公司 執業會計師 香港 北角 英皇道255號 國都廣場15樓1501室 中亞烯谷集團有限公司 2025年中期報告 1 公司資料 董事會 執行董事 黃炳煌先生 （主席兼行政總裁） 夏萍女士 王麗姣女士 獨立非執行董事 段日煌先生 王榮芳先生 曹思維先生 公司秘書 譚鎮華先生 核數師 法律顧問 麥振興律師事務所 （關於香港法律） 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 香港主要辦事處 香港 灣仔港灣道30號 新鴻基中心 12樓1237–1240室 股份過戶登記處 Conyers Corporate Services (Bermuda) L ...

Company Information [Company Basic Information](index=2&type=section&id=Company%20Basic%20Information) Shuanghua Holdings Limited (Stock Code: 1241) is a Cayman Islands-incorporated company based in Shanghai, focusing on supply chain management and food supply business - Company Name: **Shuanghua Holdings Limited**, Stock Code: **1241**[1](index=1&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) - Registered in the **Cayman Islands**; Headquarters in **Shanghai, China**; Principal place of business in Hong Kong: **Kowloon Bay, Hong Kong**[8](index=8&type=chunk) - Board members include Executive Directors Mr. Zheng Ping (Chairman and CEO), Ms. Zheng Fei, Ms. Deng Luna; Non-Executive Director Ms. Kong Xiaoling; and Independent Non-Executive Directors Mr. He Binhui, Mr. Chen Lifan, and Ms. Guo Ying[8](index=8&type=chunk) Management Discussion and Analysis This section details Shuanghua Holdings Limited's H1 2025 macroeconomic challenges, business performance, future strategies, financial position, liquidity, capital expenditure, and human resources [Business Review](index=5&type=section&id=Business%20Review) In H1 2025, the Group's revenue significantly declined due to global geopolitical conflicts, US tariffs, and China's economic downturn, yet loss attributable to owners narrowed through refined management and cost control - The Group's primary businesses are supply chain management based on its own cold storage and properties, and food supply of high-end agricultural products like fruits, both domestically and internationally[10](index=10&type=chunk) - In H1 2025, frequent global geopolitical conflicts, increased US tariffs, and China's economic pressure led to a **0.1% year-on-year decrease in CPI** and a **2.8% decrease in PPI**[10](index=10&type=chunk) H1 2025 Sales Revenue and Loss | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change (RMB million) | | :--- | :--- | :--- | :--- | | Sales Revenue | 12.8 | 60.6 | -47.8 | | Loss Attributable to Owners of Parent | 2.1 | 3.2 | -1.1 (Loss narrowed) | H1 2025 Business Segment Revenue | Business Segment | H1 2025 Revenue (RMB million) | | :--- | :--- | | Supply Chain Management Business | 6.5 | | Food Supply Business | 6.3 | - Due to China's consumption downgrade leading to lower sales prices and unstable global trade increasing import costs, the Group reduced low-margin orders and actively pursued product diversification[11](index=11&type=chunk) [Outlook and Strategies](index=6&type=section&id=Outlook%20and%20Strategies) For H2 2025, the Group anticipates continued geopolitical and trade uncertainties, focusing on product and service diversification, one-stop supply chain solutions, and exploring innovative tech like power battery technology for robust growth - In H2 2025, the global geopolitical landscape remains complex, with uncertain US tariffs and trade policies, making it difficult to significantly boost domestic effective demand[13](index=13&type=chunk) - Strategy one: Promote product and service diversification, deepen one-stop supply chain solutions, and enhance warehousing capacity and turnover rate; expand protein and aquatic product lines in food supply, strengthening upstream resource integration and downstream customer network development[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - Strategy two: Expand supply chain businesses for other goods and services through acquisitions, investments, joint ventures, or strategic alliances, actively seeking opportunities in innovative technology sectors (e.g., green energy), and planning to introduce advanced global power battery technology to develop new productive forces[13](index=13&type=chunk)[16](index=16&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) In H1 2025, the Group experienced a significant revenue and gross profit decline, but increased other income and gains, substantial trade receivables impairment reversal, reduced administrative expenses, and stable interest expenses, leading to a narrowed loss attributable to owners H1 2025 Revenue Overview | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Revenue | 12,789 | 60,563 | -47,774 | | Gross Profit | 1,119 | 4,439 | -3,320 | | Other income, gains and losses | 3,005 | 2,090 | +915 | | Reversal of impairment loss on trade receivables | 2,676 | 112 | +2,564 | | Selling and distribution costs | 938 | 916 | +22 | | Administrative expenses | 8,257 | 8,896 | -639 | | Interest expenses | 3 | 12 | -9 | | Loss Attributable to Owners of Parent | 2,115 | 3,183 | -1,068 (Loss narrowed) | H1 2025 Revenue and Gross Profit by Business Segment | Business Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | 2025 Gross Profit (RMB thousand) | 2024 Gross Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Supply Chain Management Business | 6,463 | 13,531 | 1,112 | 3,819 | | Food Supply Business | 6,326 | 47,032 | 7 | 620 | | Total | 12,789 | 60,563 | 1,119 | 4,439 | - The decrease in gross profit was primarily due to lower product sales prices and volumes resulting from China's consumption downgrade, coupled with increased import product costs[18](index=18&type=chunk) - The increase in other income, gains and losses was mainly attributable to investment income from financial assets[21](index=21&type=chunk) - The decrease in administrative expenses was primarily due to reduced consulting fees[24](index=24&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets and total cash and financial assets increased with no bank borrowings, while significantly reduced average inventory turnover days and increased trade receivables and payables turnover days reflect enhanced inventory management and improved terms with stakeholders Liquidity and Financial Resources Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Net Current Assets | 90.3 | 89.7 | +0.6 | | Total Cash and Financial Assets | 91.1 | 88.2 | +2.9 | - The Group had **no bank borrowings** as of June 30, 2025, and December 31, 2024[29](index=29&type=chunk) Working Capital Turnover Days | Metric | H1 2025 (days) | H1 2024 (days) | Change (days) | | :--- | :--- | :--- | :--- | | Average Inventory Turnover Days | 0 | 5 | -5 | | Average Trade Receivables and Bills Receivable Turnover Days | 135 | 81 | +54 | | Average Trade Payables and Bills Payable Turnover Days | 97 | 51 | +46 | - The decrease in average inventory turnover days was mainly due to the Group's enhanced inventory turnover management[30](index=30&type=chunk) - The increase in average trade receivables and bills receivable turnover days was primarily due to extended credit terms for reputable customers; the increase in average trade payables and bills payable turnover days was mainly due to the Group negotiating more favorable terms with suppliers[31](index=31&type=chunk) [Capital Expenditure, Capital Commitments and Human Resources](index=11&type=section&id=Capital%20Expenditure%2C%20Capital%20Commitments%20and%20Human%20Resources) In H1 2025, the Group's capital expenditure focused on cold storage construction, with a significant year-on-year reduction in capital commitments; as of period-end, 42 employees' remuneration and benefits were disclosed, guided by position, performance, market conditions, and statutory social security Capital Expenditure and Capital Commitments | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 1.7 | 1.3 | +0.4 | | Capital Commitments (Period-end) | 1.0 | 7.3 | -6.3 | - Capital expenditure and capital commitments were primarily for cold storage area construction[32](index=32&type=chunk) Human Resources and Remuneration Benefits | Metric | June 30, 2025 | H1 2025 (RMB million) | | :--- | :--- | :--- | | Total Employees | 42 employees | - | | Remuneration (excluding Directors' and Senior Management's) | - | 2.5 | | Benefit Expenses | - | 0.4 | - Remuneration policy is based on employee responsibilities, performance, length of service, and market conditions, complying with Chinese labor laws and regulations, and providing various employee social insurance schemes and housing provident funds[32](index=32&type=chunk)[33](index=33&type=chunk) [Significant Investments, Acquisitions and Disposals](index=13&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group made no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had **no significant investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures[34](index=34&type=chunk) [Foreign Exchange Risk](index=13&type=section&id=Foreign%20Exchange%20Risk) Operating in China with RMB as functional currency, the Group faces transactional currency risk from HKD and USD exchange rate fluctuations against RMB, with no current hedging intent but ongoing monitoring for future measures - The Group's operations are in China, with RMB as its functional and presentation currency, primarily exposed to transactional currency risk from **HKD and USD exchange rate fluctuations against RMB**[35](index=35&type=chunk) - Currently, the Group has **no intention to hedge foreign exchange fluctuation risks**, but management will continue to monitor and consider appropriate hedging measures when necessary[35](index=35&type=chunk) [Contingent Liabilities](index=14&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities** (December 31, 2024: Nil)[36](index=36&type=chunk) [Pledge of Assets](index=14&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets - As of June 30, 2025, the Group had **no pledge of assets** (December 31, 2024: Nil)[37](index=37&type=chunk) [Interim Dividend](index=14&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does **not recommend** the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[38](index=38&type=chunk) [Significant Events After Reporting Period](index=14&type=section&id=Significant%20Events%20After%20Reporting%20Period) No significant events requiring disclosure occurred after the reporting period - No significant events requiring disclosure occurred after the reporting period[39](index=39&type=chunk) Corporate Governance and Other Information This section discloses Shuanghua Holdings Limited's corporate governance practices, including directors' and major shareholders' interests, share option scheme, securities trading compliance, board committee structures, and adherence to the Corporate Governance Code, noting the deviation of combined Chairman and CEO roles [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=14&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Executive Director Mr. Zheng Ping and his spouse, Non-Executive Director Ms. Kong Xiaoling, jointly held a **43.5% long position** in the Company's issued share capital through You Shen International Group Limited Directors' and Chief Executive's Long Positions in Shares (June 30, 2025) | Director's Name | Nature of Interest | Number of Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zheng Ping | Corporate Interest (through You Shen Group) | 282,750,000 | 43.5% | | Ms. Kong Xiaoling | Family Interest (spouse of Mr. Zheng Ping) | 282,750,000 | 43.5% | - Mr. Zheng Ping holds **100% interest** in You Shen International Group Limited, and Ms. Kong Xiaoling, his spouse, is deemed to have an interest in the shares held by You Shen Group[41](index=41&type=chunk) [Interests Discloseable Under the Securities and Futures Ordinance and Major Shareholders](index=15&type=section&id=Interests%20Discloseable%20Under%20the%20Securities%20and%20Futures%20Ordinance%20and%20Major%20Shareholders) As of June 30, 2025, You Shen International Group Limited, Ms. Zhou Shuxian, and Mr. Xu Zonglin were major shareholders, holding **43.5%**, **18.5%**, and **9.1%** long positions respectively, excluding directors Major Shareholders' Long Positions in Shares (June 30, 2025) | Shareholder Name | Capacity | Number of Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | You Shen Group | Beneficial Owner | 282,750,000 | 43.5% | | Ms. Zhou Shuxian | Beneficial Owner | 120,160,000 | 18.5% | | Mr. Xu Zonglin | Beneficial Owner | 59,144,000 | 9.1% | - The interest of You Shen Group is associated with the interests of Executive Director Mr. Zheng Ping and his spouse Ms. Kong Xiaoling[44](index=44&type=chunk) [Share Option Scheme](index=16&type=section&id=Share%20Option%20Scheme) The Company adopted a new 2022 Share Option Scheme on June 30, 2022, with a ten-year validity, to reward eligible participants, capped at **10% of issued shares** and **1% for any single participant within 12 months**, with no options granted as of June 30, 2025 - The Company adopted a new Share Option Scheme (the **2022 Share Option Scheme**) on **June 30, 2022**, with a **ten-year validity**, aiming to reward eligible participants who contribute to the Group[46](index=46&type=chunk)[47](index=47&type=chunk) - The scheme limit is **10% of the total issued shares** (**65,000,000 shares**), with a **1% limit** for options granted to any single eligible participant within a 12-month period[46](index=46&type=chunk) - For the six months ended June 30, 2025, **no share options were granted, exercised, lapsed, or cancelled**, and no share options under the 2022 Share Option Scheme were issued[48](index=48&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of Treasury Shares](index=18&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities%20or%20Sale%20of%20Treasury%20Shares) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held any treasury shares - For the six months ended June 30, 2025, neither the Company nor its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**, nor held any treasury shares[49](index=49&type=chunk) [Compliance with the Corporate Governance Code](index=18&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, complying with all provisions during the reporting period except for Code Provision C.2.1, where Mr. Zheng Ping holds both Chairman and CEO roles, which the Board believes facilitates swift decision-making - The Company has adopted the Corporate Governance Code in **Appendix C1 of the Listing Rules** and complied with all code provisions during the reporting period[50](index=50&type=chunk) - Deviation from Code Provision C.2.1: The roles of Chairman and Chief Executive Officer are combined and held by **Mr. Zheng Ping**, which the Board believes facilitates prompt and efficient decision-making and implementation[51](index=51&type=chunk) [Compliance with the Model Code](index=18&type=section&id=Compliance%20with%20the%20Model%20Code) The Company adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, with all directors confirming compliance for the six months ended June 30, 2025 - The Company has adopted the Model Code in **Appendix C3 of the Listing Rules** as the code of conduct for directors' securities transactions[52](index=52&type=chunk) - All Directors confirmed compliance with the required standards of the Model Code for the six months ended June 30, 2025[52](index=52&type=chunk) [Competition and Conflicts of Interest](index=19&type=section&id=Competition%20and%20Conflicts%20of%20Interest) As of the report date, no director or their associates held any direct or indirect interests in businesses competing or potentially competing with the Group, nor were there any other conflicts of interest - As of the date of this report, **no Director or their associates** had any direct or indirect interests in any business competing or potentially competing with the Group's business, nor were there any other conflicts of interest[53](index=53&type=chunk) [Nomination Committee](index=19&type=section&id=Nomination%20Committee) The Company established a Nomination Committee, chaired by Mr. Chen Lifan, primarily responsible for recommending suitable directors and management to the Board to enhance corporate strategy - The Company has established a Nomination Committee, chaired by **Mr. Chen Lifan**, with members including Mr. He Binhui and Ms. Guo Ying[54](index=54&type=chunk) - Its primary responsibility is to make recommendations to the Board regarding the appointment of suitable directors and management (including skills, knowledge, and experience) to enhance the Company's corporate strategy[54](index=54&type=chunk) [Board Diversity Policy](index=19&type=section&id=Board%20Diversity%20Policy) The Board adopted and revised its Diversity Policy in 2019 and 2023, respectively, aiming to enhance company performance, optimize leadership structure, and promote long-term development by considering gender, age, race, cultural and educational background, professional skills, and occupational experience, with the Nomination Committee making appointment decisions based on overall merits - The Board adopted its Diversity Policy in **2019** and revised it in **2023**, aiming to enhance company performance, optimize leadership structure, improve talent quality, and promote the Group's long-term development[55](index=55&type=chunk) - Candidate selection will be based on a range of diversity criteria, including but not limited to **gender, age, race, cultural and educational background, professional skills, occupational experience, management level, and length of service**[55](index=55&type=chunk) [Remuneration Committee](index=19&type=section&id=Remuneration%20Committee) The Company established a Remuneration Committee, chaired by Ms. Guo Ying, primarily responsible for recommending remuneration policies and structures for directors and senior management to the Board, and determining their specific remuneration packages - The Company has established a Remuneration Committee, chaired by **Ms. Guo Ying**, with members including Mr. He Binhui and Mr. Chen Lifan[56](index=56&type=chunk) - Its primary responsibility is to make recommendations to the Board regarding the Group's remuneration policies and structures for directors and senior management, and to determine their specific remuneration packages[56](index=56&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Company established an Audit Committee, comprising three independent non-executive directors with Mr. He Binhui as Chairman, responsible for reviewing financial reporting, internal controls, and risk management systems, and serving as a key liaison between the Board and auditors, deeming current systems adequate and effective - The Company has established an Audit Committee, comprising three independent non-executive directors: **Mr. He Binhui (Chairman)**, Ms. Guo Ying, and Mr. Chen Lifan[57](index=57&type=chunk) - The Committee is responsible for reviewing the financial reporting process and the adequacy and effectiveness of the Group's internal control and risk management systems[57](index=57&type=chunk) - The Audit Committee believes that the Group's current internal control and risk management systems are **adequate and effective**[57](index=57&type=chunk) [Review of Interim Results](index=20&type=section&id=Review%20of%20Interim%20Results) The Audit Committee reviewed the Company's unaudited consolidated results and interim report for the six months ended June 30, 2025, discussing accounting principles, practices, internal controls, and financial reporting matters with management - The Audit Committee has reviewed the Company's **unaudited consolidated results** and this interim report for the six months ended June 30, 2025[58](index=58&type=chunk) - The Committee, together with management, reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters[58](index=58&type=chunk) Unaudited Interim Condensed Consolidated Financial Information This section presents Shuanghua Holdings Limited's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, providing an overview of the Company's financial performance during the reporting period [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=21&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported **RMB 12.8 million in revenue**, **RMB 1.1 million in gross profit**, a **loss attributable to owners of RMB 2.1 million**, and a **basic loss per share of 0.3 cents**, reflecting significant declines in revenue and gross profit but a narrowed loss compared to the prior period Profit or Loss and Other Comprehensive Income Overview | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 12,789 | 60,563 | | Cost of sales | (11,670) | (56,124) | | Gross Profit | 1,119 | 4,439 | | Other income, gains and losses | 3,005 | 2,090 | | Reversal of impairment loss on trade receivables | 2,676 | 112 | | Selling and distribution costs | (938) | (916) | | Administrative expenses | (8,257) | (8,896) | | Interest expenses | (3) | (12) | | Loss before tax | (2,398) | (3,183) | | Income tax recoverable | 283 | – | | Total comprehensive loss for the period | (2,115) | (3,183) | | Loss Attributable to Owners of Parent | (2,115) | (3,183) | | Basic and diluted loss per share | (0.3) cents | (0.5) cents | [Interim Condensed Consolidated Statement of Financial Position](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **RMB 279.3 million**, slightly up from year-end 2024, with non-current assets primarily comprising property, plant and equipment, investment properties, and right-of-use assets; current assets saw increases in cash and cash equivalents and financial assets at fair value, while total liabilities slightly rose due to increased trade payables Financial Position Overview (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 169,556 | 172,569 | | Total current assets | 109,783 | 105,750 | | **Total assets** | **279,339** | **278,319** | | **Liabilities** | | | | Total current liabilities | 19,487 | 16,069 | | Total non-current liabilities | 1,269 | 1,552 | | **Total liabilities** | **20,756** | **17,621** | | **Equity** | | | | Net assets/Total equity | 258,583 | 260,698 | - Trade receivables and bills receivable decreased from **RMB 11,954 thousand** at year-end 2024 to **RMB 7,234 thousand**[61](index=61&type=chunk) - Cash and cash equivalents increased from **RMB 79,934 thousand** at year-end 2024 to **RMB 81,520 thousand**[61](index=61&type=chunk) - Trade payables increased from **RMB 3,980 thousand** at year-end 2024 to **RMB 8,587 thousand**[61](index=61&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the parent decreased by **RMB 2.1 million** due to the loss for the period, from **RMB 260.7 million** as of January 1, 2025, to **RMB 258.6 million** Equity Changes Overview | Metric | January 1, 2025 (RMB thousand) | Loss and total comprehensive income for the period (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of Parent | 260,694 | (2,115) | 258,579 | | Non-controlling Interests | 4 | – | 4 | | **Total Equity** | **260,698** | **(2,115)** | **258,583** | [Interim Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group generated **RMB 3.3 million** in net cash from operating activities, had **RMB 1.7 million** in net cash outflow from investing activities, and **RMB 3 thousand** in net cash outflow from financing activities, resulting in a **net increase of RMB 1.6 million** in cash and cash equivalents Cash Flow Overview | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 3,269 | 28,856 | | Net cash used in investing activities | (1,680) | (1,151) | | Net cash used in financing activities | (3) | (383) | | Net increase in cash and cash equivalents | 1,586 | 27,322 | | Cash and cash equivalents at beginning of period | 79,934 | 65,349 | | Cash and cash equivalents at end of period | 81,520 | 92,671 | - Net cash generated from operating activities significantly decreased year-on-year, reflecting increased pressure on business operating cash flow[65](index=65&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements This section provides detailed notes to the interim condensed consolidated financial statements, covering company and group information, basis of preparation, accounting standards application, operating segment information, revenue breakdown, loss before tax details, income tax, dividends, loss per share, key assets (property, plant and equipment, right-of-use assets, financial assets), receivables, cash, payables, capital commitments, related party transactions, and fair value measurement of financial instruments, offering essential context and details for understanding the financial data [Company and Group Information](index=26&type=section&id=Company%20and%20Group%20Information) Shuanghua Holdings Limited, incorporated in the Cayman Islands in 2010, primarily engages in supply chain management and food supply in China, with You Shen International Group Limited, incorporated in the British Virgin Islands, as its parent and ultimate holding company - The Company was incorporated in the **Cayman Islands** on **November 19, 2010**[66](index=66&type=chunk) - The Group is principally engaged in supply chain management business based on its own cold storage and properties, and food supply business of high-end agricultural products like fruits, both domestically and internationally[66](index=66&type=chunk) - The Company's parent and ultimate holding company is **You Shen International Group Limited**, incorporated in the British Virgin Islands[66](index=66&type=chunk) [Basis of Preparation](index=27&type=section&id=Basis%20of%20Preparation) These interim condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and Listing Rules disclosure requirements, using the historical cost convention and presented in RMB, and should be read in conjunction with the 2024 annual financial statements - These interim condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** and the applicable disclosure requirements of the Listing Rules[67](index=67&type=chunk) - The statements are prepared under the **historical cost convention** (except for certain financial assets) and presented in **RMB**[67](index=67&type=chunk) [Application of Revised Hong Kong Financial Reporting Standards](index=28&type=section&id=Application%20of%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The accounting policies and calculation methods used in the interim condensed consolidated financial statements for the six months ended June 30, 2025, are consistent with the 2024 annual financial statements, except for changes due to new and revised HKFRSs effective from January 1, 2025 (e.g., amendments to HKAS 21), which had no significant impact on the Group's accounting policies - The accounting policies for the six months ended June 30, 2025, are consistent with the 2024 annual financial statements, except for the application of new and revised Hong Kong Financial Reporting Standards (HKFRSs) effective for annual periods beginning on or after **January 1, 2025**[68](index=68&type=chunk) - The revised HKFRSs (e.g., amendments to HKAS 21) had **no significant impact** on the Group's accounting policies[68](index=68&type=chunk) [Operating Segment Information](index=29&type=section&id=Operating%20Segment%20Information) The Group's operations are segmented into supply chain management and food supply based on internal reports reviewed by the chief operating decision maker; in H1 2025, both segments saw significant revenue declines, with food supply's gross profit near zero, all revenue and non-current assets originated from mainland China, and three major customers contributed over **10% of total revenue** during the period - The Group's operating segments include supply chain management business (based on its own cold storage and properties) and food supply business (high-end agricultural products like fruits, both domestically and internationally)[69](index=69&type=chunk) Operating Segment Revenue and Results (RMB thousand) | Segment | H1 2025 Revenue | H1 2024 Revenue | H1 2025 Segment Results | H1 2024 Segment Results | | :--- | :--- | :--- | :--- | :--- | | Food Supply Business | 6,326 | 47,032 | 7 | 620 | | Supply Chain Management Business | 6,463 | 13,531 | 1,112 | 3,819 | | **Total** | **12,789** | **60,563** | **1,119** | **4,439** | - All of the Group's revenue and non-current assets (excluding financial instruments) are located in its operating region, **mainland China**[72](index=72&type=chunk)[73](index=73&type=chunk) Major Customer Revenue Contribution (RMB thousand) | Customer | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Customer A | 6,265 | – | | Customer B | 3,179 | – | | Customer C | 1,318 | – | | Customer D | – | 19,851 | | Customer E | – | 19,581 | | **Total** | **10,762** | **39,432** | [Revenue, Other Income, Gains and Losses](index=32&type=section&id=Revenue%2C%20Other%20Income%2C%20Gains%20and%20Losses) In H1 2025, the Group's total revenue was **RMB 12.8 million**, comprising **RMB 1.8 million** from supply chain management services, **RMB 6.3 million** from food supply, and **RMB 4.6 million** from rental income; total other income, gains, and losses amounted to **RMB 3.0 million**, primarily from bank interest income and fair value changes of financial assets Revenue Analysis (RMB thousand) | Revenue Source | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Supply Chain Management: Supply Chain Services | 1,835 | 3,124 | | Food Supply | 6,326 | 47,032 | | Supply Chain Management: Rental | 4,628 | 10,407 | | **Total Revenue** | **12,789** | **60,563** | Other Income, Gains and Losses Analysis (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Bank interest income | 1,457 | 1,392 | | Fair value changes of financial assets | 1,320 | 1,132 | | Exchange (losses)/gains, net | (172) | 275 | | Others | 400 | (709) | | **Total** | **3,005** | **2,090** | - Regarding revenue recognition timing, supply chain services revenue is recognized **'over time'**, while food supply revenue is recognized **'at a point in time'**[80](index=80&type=chunk) [Loss Before Tax](index=35&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax narrowed to **RMB 2.4 million** from **RMB 3.2 million** in the prior period, primarily influenced by cost of inventories sold, depreciation, and employee benefit expenses, with a positive impact from the reversal of impairment loss on trade receivables Components of Loss Before Tax (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 6,319 | 46,412 | | Depreciation of property, plant and equipment | 2,831 | 2,873 | | Depreciation of investment properties | 2,904 | 2,875 | | Depreciation of right-of-use assets | 277 | 644 | | Reversal of impairment loss on trade receivables | (2,676) | (112) | | Employee benefit expenses (excluding directors' and chief executive's remuneration) | 2,460 | 3,341 | - Employee benefit expenses (excluding directors' and chief executive's remuneration) decreased from **RMB 3,341 thousand** in H1 2024 to **RMB 2,460 thousand** in H1 2025[84](index=84&type=chunk) [Income Tax](index=35&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the Group recorded income tax recoverable of approximately **RMB 283 thousand**, compared to nil in the prior period, with income tax paid on a profit entity basis in the respective jurisdictions of Group members Income Tax Overview (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current tax: Expense for the period | – | – | | Deferred tax | (283) | – | | **Total income tax recoverable for the period** | **(283)** | **–** | - The Group calculates its income tax expense for the period using the tax rate applicable to the expected total annual earnings[85](index=85&type=chunk) [Dividends](index=36&type=section&id=Dividends) The Board does not recommend the payment of a final dividend for the year ended December 31, 2024, or an interim dividend for the six months ended June 30, 2025 - The Board does **not recommend** the payment of a final dividend for the year ended December 31, 2024, or an interim dividend for the six months ended June 30, 2025[86](index=86&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=36&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, the Group's basic loss per share narrowed to **0.3 cents** from **0.5 cents** in the prior period, calculated based on the loss attributable to ordinary equity holders of the parent and **650,000,000 issued ordinary shares**, with no potential dilutive ordinary shares during the period - For the six months ended June 30, 2025, the basic loss per share was **0.3 cents** (2024: **0.5 cents**)[87](index=87&type=chunk) - Loss per share is calculated based on the loss attributable to ordinary equity holders of the parent for the period and the **650,000,000 ordinary shares** in issue during the period[87](index=87&type=chunk) - The Group had **no potential dilutive ordinary shares** in issue during the period[87](index=87&type=chunk) [Property, Plant and Equipment](index=37&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's additions to property, plant and equipment amounted to **RMB 1.7 million**, primarily for cold storage area construction, with no transfers to investment properties or disposals, and all buildings remaining unpledged Cost of Additions to Property, Plant and Equipment (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Additions | 1,680 | 1,274 | - There were **no transfers of property, plant and equipment to investment properties or disposals** during the period[88](index=88&type=chunk) - As of June 30, 2025, **all of the Group's buildings were unpledged**[89](index=89&type=chunk) [Right-of-use Assets](index=37&type=section&id=Right-of-use%20Assets) For the six months ended June 30, 2025, the Group made no transfers of right-of-use assets to investment properties - For the six months ended June 30, 2025, the Group made **no transfers of right-of-use assets to investment properties**[90](index=90&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=37&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss amounted to **RMB 9.6 million**, primarily consisting of listed equity investments in Bank of Shanghai, which are fair valued based on market quotations Financial Assets at Fair Value (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed equity investments | 9,588 | 8,268 | - The listed equity investments are equity investments in **Bank of Shanghai**, measured at fair value based on market quotations of the investee company[91](index=91&type=chunk) [Trade Receivables and Bills Receivable](index=38&type=section&id=Trade%20Receivables%20and%20Bills%20Receivable) As of June 30, 2025, the Group's net trade receivables and bills receivable decreased to **RMB 7.2 million** from **RMB 12.0 million** at year-end 2024; credit terms typically range from **30 to 90 days**, extendable up to **1 year** for major customers, with strict control over outstanding receivables and no significant credit concentration risk Trade Receivables and Bills Receivable (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 25,052 | 32,447 | | Bills receivable | 2 | 3 | | Impairment allowance | (17,820) | (20,496) | | **Net amount** | **7,234** | **11,954** | - The credit period for trade receivables generally ranges from **30 to 90 days**, extendable up to **1 year** for major customers[92](index=92&type=chunk) - The Group strives to strictly control its outstanding trade receivables and has **no significant credit concentration risk**[92](index=92&type=chunk) Ageing Analysis of Trade Receivables (net of impairment allowance, RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 3,544 | 10,181 | | 1 to 3 months | – | – | | 3 to 12 months | – | 76 | | Over 12 months | 3,688 | 1,694 | | **Total** | **7,232** | **11,951** | [Cash and Cash Equivalents and Restricted Term Deposits](index=40&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Term%20Deposits) As of June 30, 2025, the Group's cash and cash equivalents totaled **RMB 81.5 million**, with **RMB 42.2 million** denominated in RMB, which is not freely convertible but can be exchanged through authorized banks; bank balances are deposited with reputable banks and earn interest at floating rates Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 81,520 | 79,934 | - As of June 30, 2025, RMB-denominated cash and cash equivalents amounted to **RMB 42,175 thousand**[94](index=94&type=chunk) - RMB is **not freely convertible** into other currencies but can be exchanged through banks authorized to conduct foreign exchange business[94](index=94&type=chunk) [Trade Payables](index=40&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's trade payables significantly increased to **RMB 8.6 million** from **RMB 4.0 million** at year-end 2024; trade payables are interest-free with an average credit period of **three months** Trade Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 8,587 | 3,980 | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 5,145 | 403 | | 1 to 3 months | – | 71 | | 3 to 6 months | – | 76 | | 6 to 12 months | – | – | | Over 12 months | 3,442 | 3,430 | | **Total** | **8,587** | **3,980** | - Trade payables are **interest-free**, with an average credit period of **three months**[96](index=96&type=chunk) [Capital Commitments](index=41&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's contracted but unprovided capital commitments amounted to approximately **RMB 1.0 million**, primarily for property, plant and equipment, representing a significant decrease from **RMB 7.3 million** at year-end 2024 Capital Commitments (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but not provided for: Property, plant and equipment | 1,000 | 7,262 | [Related Party Transactions](index=42&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group paid **RMB 286 thousand** in office rental fees to Shanghai Automata Investment Co., Ltd., a transaction based on mutually agreed prices, with Director Ms. Kong Xiaoling having an investment in Shanghai Automata; total remuneration for key management personnel was **RMB 967 thousand** Related Party Transactions (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Office rental fees paid to Shanghai Automata | 286 | 383 | - Director **Ms. Kong Xiaoling** has an investment in Shanghai Automata Investment Co., Ltd[100](index=100&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term employee benefits | 929 | 1,080 | | Pension scheme contributions | 38 | 92 | | **Total** | **967** | **1,172** | [Financial Instruments by Category](index=43&type=section&id=Financial%20Instruments%20by%20Category) As of June 30, 2025, the Group's total financial assets were **RMB 100.4 million**, comprising **RMB 9.6 million** in financial assets at fair value through profit or loss and **RMB 90.8 million** in financial assets measured at amortized cost; total financial liabilities were **RMB 10.7 million**, mainly trade payables and financial liabilities included in other payables and accrued expenses Financial Assets by Category (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 9,588 | 8,268 | | Financial assets debt instruments at fair value through other comprehensive income | 2 | 3 | | Financial assets measured at amortised cost | 90,807 | 93,840 | | **Total** | **100,397** | **102,111** | Financial Liabilities by Category (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 8,587 | 3,980 | | Financial liabilities included in other payables and accrued expenses | 2,158 | 2,089 | | **Total** | **10,745** | **6,069** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=45&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group's financial instruments' carrying amounts approximate their fair values, with fair value measurements categorized into a three-level hierarchy where listed equity investments are Level 1 (quoted prices in active markets) and bills receivable are Level 2 (observable inputs); no transfers between fair value hierarchy levels occurred during the period for financial assets and liabilities - All carrying amounts of the Group's financial instruments approximate their fair values[106](index=106&type=chunk) - The fair value of listed equity investments is calculated based on market quotations, classified as **Level 1 measurement**[107](index=107&type=chunk)[108](index=108&type=chunk) - The fair value of bills receivable is calculated by discounting expected future cash flows, classified as **Level 2 measurement**[107](index=107&type=chunk)[108](index=108&type=chunk) - During the period, there were **no transfers** between Level 1 and Level 2, nor any transfers into or out of Level 3 for fair value measurements of financial assets and financial liabilities[111](index=111&type=chunk) [Approval of Interim Condensed Consolidated Financial Statements](index=47&type=section&id=Approval%20of%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025 - These interim condensed consolidated financial statements were **approved and authorized for issue by the Board of Directors on August 29, 2025**[112](index=112&type=chunk)

[Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the group's financial performance for the six months ended August 31, 2025, showing profit for the period and basic earnings per share Condensed Consolidated Statement of Profit or Loss (For the six months ended August 31, 2025) | Indicator | August 31, 2025 (HKD '000) | August 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Revenue | 897,143 | 860,321 | | Net interest income | 698,847 | 669,955 | | Operating income | 846,814 | 804,215 | | Operating expenses | (371,184) | (378,246) | | Operating profit before impairment losses and provisions | 475,630 | 425,969 | | Impairment losses and provisions | (206,031) | (236,101) | | Profit before tax | 281,327 | 203,211 | | Profit for the period | 233,600 | 170,361 | | Basic earnings per share | 55.78 HK cents | 40.68 HK cents | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the profit for the period and other comprehensive income components, leading to the total comprehensive income for the six months ended August 31, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended August 31, 2025) | Indicator | August 31, 2025 (HKD '000) | August 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Profit for the period | 233,600 | 170,361 | | Fair value gain on equity instruments at fair value through other comprehensive income | 4,692 | 5,333 | | Exchange differences on translation of foreign operations | 5,741 | 2,261 | | Fair value adjustment of cash flow hedges, net of tax | (13,093) | (10,741) | | Fair value adjustment of cash flow hedges reclassified to profit or loss | 2,515 | (8,665) | | Other comprehensive expense for the period | (145) | (11,812) | | Total comprehensive income for the period | 233,455 | 158,549 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the group's assets, liabilities, and equity as of August 31, 2025, highlighting key financial positions Condensed Consolidated Statement of Financial Position (As at August 31, 2025) | Indicator | August 31, 2025 (HKD '000) | February 28, 2025 (HKD '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Loans and receivables from customers | 1,402,593 | 1,459,302 | | **Current Assets** | | | | Loans and receivables from customers | 5,866,324 | 5,605,137 | | Bank balances and cash | 246,189 | 226,220 | | **Current Liabilities** | | | | Payables and accruals | 267,726 | 226,351 | | Borrowings from direct holding company | 955,000 | 900,000 | | Bank borrowings | 1,207,297 | 1,015,149 | | **Equity and Reserves** | | | | Total equity | 4,379,925 | 4,251,161 | | **Non-current Liabilities** | | | | Bank borrowings | 980,000 | 1,239,685 | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the group's equity and reserves for the six months ended August 31, 2025, including profit, other comprehensive income, and dividends Condensed Consolidated Statement of Changes in Equity (For the six months ended August 31, 2025) | Item | Share Capital (HKD '000) | Investment Revaluation Reserve (HKD '000) | Hedging Reserve (HKD '000) | Translation Reserve (HKD '000) | Accumulated Profits (HKD '000) | Total (HKD '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As at March 1, 2024 | 269,477 | 68,821 | 35,582 | (16,468) | 3,710,581 | 4,067,993 | | Profit for the period | – | – | – | – | 170,361 | 170,361 | | Total comprehensive income (expense) for the period | – | 5,333 | (19,406) | 2,261 | 170,361 | 158,549 | | Final dividend paid (2023/24) | – | – | – | – | (100,504) | (100,504) | | As at August 31, 2024 | 269,477 | 74,154 | 16,176 | (14,207) | 3,780,438 | 4,126,038 | | As at March 1, 2025 | 269,477 | 82,358 | 8,552 | (19,277) | 3,910,051 | 4,251,161 | | Profit for the period | – | – | – | – | 233,600 | 233,600 | | Total comprehensive income (expense) for the period | – | 4,692 | (10,578) | 5,741 | 233,600 | 233,455 | | Final dividend paid (2024/25) | – | – | – | – | (104,691) | (104,691) | | As at August 31, 2025 | 269,477 | 87,050 | (2,026) | (13,536) | 4,038,960 | 4,379,925 | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the cash flows from operating, investing, and financing activities for the six months ended August 31, 2025 Condensed Consolidated Statement of Cash Flows (For the six months ended August 31, 2025) | Item | August 31, 2025 (HKD '000) | August 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Net cash generated from (used in) operating activities | 172,425 | (201) | | Net cash used in investing activities | (8,861) | (29,065) | | Net cash generated from (used in) financing activities | (146,934) | 54,979 | | Net increase in cash and cash equivalents | 16,630 | 25,713 | | Effect of exchange rate changes | 249 | (16) | | Cash and cash equivalents at beginning of period | 244,090 | 271,658 | | Cash and cash equivalents at end of period | 260,969 | 297,355 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) This note details the accounting standards and regulations used for preparing the condensed consolidated financial statements - These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and applicable disclosure requirements of the HKEX Listing Rules[8](index=8&type=chunk) - The financial statements for the year ended February 28, 2025, have been filed with the Hong Kong Companies Registry, and the auditor's report was unqualified[8](index=8&type=chunk)[9](index=9&type=chunk) [2. Accounting Policies](index=7&type=section&id=2.%20Accounting%20Policies) This note describes the principal accounting policies applied in the preparation of the condensed consolidated financial statements - The condensed consolidated financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value[10](index=10&type=chunk) - Revisions to Hong Kong Financial Reporting Standards, mandatory for periods beginning on or after March 1, 2025, were first applied in this interim period but had no significant impact on financial position or performance[10](index=10&type=chunk)[11](index=11&type=chunk) [3. Revenue](index=8&type=section&id=3.%20Revenue) This note provides a breakdown of the group's revenue by category and business segment for the period Total Revenue Composition (For the six months ended August 31, 2025) | Revenue Category | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Interest income | 754,456 | 734,492 | | Collection fees and commissions | 67,592 | 62,148 | | Handling fees and late charges | 75,095 | 63,681 | | Total revenue | 897,143 | 860,321 | Revenue by Business Segment (For the six months ended August 31, 2025) | Business Segment | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Credit Card | 713,992 | 668,977 | | Personal Loan | 166,697 | 175,961 | | Insurance | 16,454 | 15,383 | | Total | 897,143 | 860,321 | [4. Segment Information](index=9&type=section&id=4.%20Segment%20Information) This note presents financial information by business and geographical segments, highlighting performance contributions - The group's operating and reportable segments include credit card services, personal loan financing, and insurance agency and advisory services[13](index=13&type=chunk) Revenue and Results by Business Segment (For the six months ended August 31, 2025) | Business Segment | Revenue (HKD '000) | Segment Results (HKD '000) | | :--- | :--- | :--- | | Credit Card | 713,992 | 264,568 | | Personal Loan | 166,697 | 11,503 | | Insurance | 16,454 | 7,271 | | Consolidated Total | 897,143 | 283,342 | Revenue and Results by Geographical Segment (For the six months ended August 31, 2025) | Region | Revenue (HKD '000) | Segment Results (HKD '000) | | :--- | :--- | :--- | | Hong Kong | 872,057 | 293,318 | | Mainland China | 25,086 | (9,976) | | Consolidated Total | 897,143 | 283,342 | [5. Interest Income](index=11&type=section&id=5.%20Interest%20Income) This note details the composition of interest income, primarily from customer loans, for the reporting period Interest Income Composition (For the six months ended August 31, 2025) | Source | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Non-credit impaired customer loans | 741,608 | 723,887 | | Credit impaired customer loans | 12,060 | 10,212 | | Time deposits and bank balances | 788 | 393 | | Total | 754,456 | 734,492 | [6. Interest Expense](index=11&type=section&id=6.%20Interest%20Expense) This note outlines the components of interest expense, including borrowings from the direct holding company and banks Interest Expense Composition (For the six months ended August 31, 2025) | Source | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Interest on borrowings from direct holding company | 7,853 | 17,101 | | Interest on bank borrowings | 41,674 | 47,849 | | Interest on lease liabilities | 2,417 | 2,857 | | Net interest expense (income) on interest rate swap contracts | 3,665 | (3,270) | | Total | 55,609 | 64,537 | [7. Other Income](index=11&type=section&id=7.%20Other%20Income) This note presents the breakdown of other income, mainly from marketing support funds, for the reporting period Other Income Composition (For the six months ended August 31, 2025) | Source | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Marketing support funds | 3,713 | 7,758 | | Others | 2,206 | 555 | | Total | 5,919 | 8,313 | [8. Other Gains and Losses](index=12&type=section&id=8.%20Other%20Gains%20and%20Losses) This note details the net other gains and losses, including exchange differences and disposal losses, for the period Other Gains and Losses Composition (For the six months ended August 31, 2025) | Item | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Exchange gain on hedging instruments realized from cash flow hedging reserve | 1,150 | 5,395 | | Exchange loss on bank borrowings | (1,150) | (5,395) | | Other net exchange losses | (117) | (50) | | Net ineffective portion of cash flow hedges | (4) | 202 | | Loss on disposal of property, plant and equipment | (518) | (34) | | Total | (639) | 118 | [9. Operating Expenses](index=12&type=section&id=9.%20Operating%20Expenses) This note provides a detailed breakdown of operating expenses, including depreciation, amortization, and staff costs Operating Expenses Composition (For the six months ended August 31, 2025) | Item | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 22,641 | 20,495 | | Amortization of intangible assets | 4,079 | 3,030 | | Depreciation of right-of-use assets | 26,464 | 30,927 | | Expenses relating to short-term leases | 1,010 | 1,614 | | General administrative expenses | 115,978 | 113,306 | | Marketing and advertising expenses | 39,657 | 50,818 | | Other operating expenses | 38,945 | 38,828 | | Staff costs | 122,410 | 119,228 | | Total | 371,184 | 378,246 | [10. Income Tax Expense](index=13&type=section&id=10.%20Income%20Tax%20Expense) This note details the income tax expense, including current and deferred tax, and applicable tax rates for Hong Kong and Mainland China Income Tax Expense Composition (For the six months ended August 31, 2025) | Item | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Current tax — Hong Kong profits tax | 49,797 | 37,868 | | Current tax — Mainland China enterprise income tax | 69 | 110 | | Deferred tax | (2,139) | (5,128) | | Total | 47,727 | 32,850 | - Hong Kong profits tax is calculated at a rate of **16.5%**, while Mainland China subsidiaries are subject to a **25%** tax rate, with an effective rate of **5%** for qualifying small-profit enterprises[19](index=19&type=chunk)[20](index=20&type=chunk) [11. Dividends](index=13&type=section&id=11.%20Dividends) This note reports the final dividend paid and the interim dividend declared for the reporting period - The final dividend for FY2024/25 was **25.0 HK cents per share**, totaling **HKD 104,691 thousand**, paid on July 31, 2025[21](index=21&type=chunk) - The Board has declared an interim dividend of **25.0 HK cents per share**, totaling **HKD 104,691 thousand**, payable on November 4, 2025[21](index=21&type=chunk) [12. Earnings Per Share — Basic](index=13&type=section&id=12.%20Earnings%20Per%20Share%20%E2%80%94%20Basic) This note calculates the basic earnings per share based on the profit for the period and the number of ordinary shares Basic Earnings Per Share (For the six months ended August 31, 2025) | Indicator | August 31, 2025 | August 31, 2024 | | :--- | :--- | :--- | | Profit for the period (HKD '000) | 233,600 | 170,361 | | Number of shares issued (shares) | 418,765,600 | 418,765,600 | | Basic earnings per share (HK cents) | 55.78 | 40.68 | [13. Loans and Receivables from Customers](index=14&type=section&id=13.%20Loans%20and%20Receivables%20from%20Customers) This note details the composition and aging analysis of customer loans and receivables, including impairment provisions Loans and Receivables from Customers Composition (As at August 31, 2025) | Item | August 31, 2025 (HKD '000) | February 28, 2025 (HKD '000) | | :--- | :--- | :--- | | Credit card receivables | 5,698,165 | 5,481,474 | | Personal loan receivables | 1,593,666 | 1,631,788 | | Interest and other receivables | 232,154 | 216,116 | | Total loans and receivables from customers | 7,523,985 | 7,329,378 | | Impairment provisions | (255,068) | (264,939) | | Net amount | 7,268,917 | 7,064,439 | - As of the reporting period end, all customer loans and receivables are **unsecured**[23](index=23&type=chunk) Analysis of Gross Balance of Loans and Receivables from Customers (Excluding Impairment Provisions) (As at August 31, 2025) | Stage | August 31, 2025 (HKD '000) | Percentage of Total (%) | February 28, 2025 (HKD '000) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Stage 1 | 7,221,719 | 96.0 | 7,018,669 | 95.8 | | Stage 2 | 51,422 | 0.7 | 65,548 | 0.9 | | Stage 3 | 250,844 | 3.3 | 245,161 | 3.3 | | Total | 7,523,985 | 100.0 | 7,329,378 | 100.0 | [14. Impairment Provisions](index=15&type=section&id=14.%20Impairment%20Provisions) This note provides a breakdown and movement analysis of impairment provisions for various customer loan categories Impairment Provisions Composition (As at August 31, 2025) | Item | August 31, 2025 (HKD '000) | February 28, 2025 (HKD '000) | | :--- | :--- | :--- | | Credit card receivables | 137,610 | 140,479 | | Undrawn credit card facilities | 2,579 | 2,668 | | Personal loan receivables | 109,494 | 116,177 | | Interest and other receivables | 5,385 | 5,615 | | Total | 255,068 | 264,939 | - Impairment provisions for personal loan receivables include **HKD 43,366 thousand** for restructured loans (February 28, 2025: HKD 41,679 thousand)[28](index=28&type=chunk) Analysis of Movement in Impairment Provisions (As at August 31, 2025) | Item | Stage 1 (HKD '000) | Stage 2 (HKD '000) | Stage 3 (HKD '000) | Total (HKD '000) | | :--- | :--- | :--- | :--- | :--- | | As at March 1, 2025 | 149,624 | 24,720 | 90,595 | 264,939 | | Net increase (repayment) in customer loans and receivables | 9,106 | (1,286) | (8,613) | (793) | | Total transfers between stages | 16,885 | (62,066) | 45,181 | – | | Remeasurement of expected credit losses during the period | (25,618) | 58,236 | 174,206 | 206,824 | | Amounts written off as uncollectible | – | – | (216,237) | (216,237) | | As at August 31, 2025 | 150,107 | 19,666 | 85,295 | 255,068 | [15. Prepayments, Deposits and Other Receivables](index=16&type=section&id=15.%20Prepayments,%20Deposits%20and%20Other%20Receivables) This note details the composition of prepayments, deposits, and other receivables, distinguishing between current and non-current portions Prepayments, Deposits and Other Receivables Composition (As at August 31, 2025) | Item | August 31, 2025 (HKD '000) | February 28, 2025 (HKD '000) | | :--- | :--- | :--- | | Deposits for property, plant and equipment | 1,333 | 2,137 | | Deposits for intangible assets | 166 | 23 | | Lease and other deposits | 16,586 | 15,071 | | Prepaid operating expenses | 57,884 | 53,696 | | Other receivables | 53,178 | 30,072 | | Total | 129,147 | 100,999 | | Current portion under current assets | (106,337) | (79,388) | | Amounts due after one year | 22,810 | 21,611 | [16. Payables and Accruals / Contract Liabilities](index=17&type=section&id=16.%20Payables%20and%20Accruals%20%2F%20Contract%20Liabilities) This note provides an aging analysis of payables and accruals, and details contract liabilities including deferred revenue from customer loyalty programs Aging Analysis of Payables (As at August 31, 2025) | Aging | August 31, 2025 (HKD '000) | February 28, 2025 (HKD '000) | | :--- | :--- | :--- | | Within 1 month | 141,166 | 77,449 | | Over 1 month but not exceeding 3 months | 2,018 | 1,044 | | Over 3 months | 1,087 | 429 | | Total | 144,271 | 78,922 | - As at August 31, 2025, deferred revenue from customer loyalty programs included in contract liabilities amounted to **HKD 52,208 thousand** (February 28, 2025: HKD 42,024 thousand)[32](index=32&type=chunk) [17. Bank / Borrowings from Direct Holding Company](index=17&type=section&id=17.%20Bank%20%2F%20Borrowings%20from%20Direct%20Holding%20Company) This note details the group's bank and direct holding company borrowings, including repayment schedules and compliance with financial covenants Bank / Borrowings from Direct Holding Company (As at August 31, 2025) | Item | Bank Borrowings (HKD '000) | Borrowings from Direct Holding Company (HKD '000) | Total (HKD '000) | | :--- | :--- | :--- | :--- | | Repayable within one year | 1,207,297 | 955,000 | 2,162,297 | | Repayable after one year but not exceeding two years | 880,000 | – | 880,000 | | Repayable after two years but not exceeding five years | 100,000 | – | 100,000 | | Total | 2,187,297 | 955,000 | 3,142,297 | - The group secured a new **HKD 300,000 thousand** short-term sustainability-linked loan during the period and complied with financial covenants, including net consolidated equity not less than **HKD 3,000,000 thousand** and an EBITDA to interest expense ratio not less than **3.50 to 1**[33](index=33&type=chunk) [18. Derivative Financial Instruments](index=18&type=section&id=18.%20Derivative%20Financial%20Instruments) This note describes the group's derivative financial instruments, primarily used for hedging, and their credit risk profile Derivative Financial Instruments (As at August 31, 2025) | Item | Assets (HKD '000) | Liabilities (HKD '000) | | :--- | :--- | :--- | | Interest rate swap contracts | 2,946 | 12,459 | | Cross currency interest rate swap contracts | – | 21,707 | | Total | 2,946 | 34,166 | | Current portion | (1,191) | (22,155) | | Non-current portion | 1,755 | 12,011 | - All derivative financial instruments are used for **hedging purposes** and carry limited credit risk as counterparties are highly credit-rated banks[34](index=34&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the group's operational and financial performance, outlook, and strategies [Business Review](index=20&type=section&id=Business%20Review) This review covers the group's strategic responses to economic challenges, sales performance, and initiatives in credit risk management and AI adoption - Facing economic challenges in Hong Kong and Mainland China, the group adopted a more **conservative sales and receivables growth strategy**, prioritizing maximum returns and mitigating credit risk[38](index=38&type=chunk) - Overall sales increased by **4.4% year-on-year**, primarily driven by growth in credit card sales, with total customer loans and receivables growing by **2.7%**[39](index=39&type=chunk) - The group effectively reduced advertising costs, launched green personal loan products, and actively explored **AI applications** to drive innovation and streamline processes[40](index=40&type=chunk)[41](index=41&type=chunk) [Interim Dividend](index=21&type=section&id=Interim%20Dividend) This section details the interim dividend declared and its alignment with the group's dividend policy - The Board declared an interim dividend of **25.0 HK cents per share** (last year: 24.0 HK cents per share), representing a dividend payout ratio of **44.8%**[43](index=43&type=chunk) - This dividend policy aligns with the group's commitment to distribute no less than **30.0% of net profit** annually[43](index=43&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) This review analyzes the group's financial performance, including profit, earnings per share, and key financial ratios for the period Key Financial Performance (For the six months ended August 31, 2025) | Indicator | FY2025/26 H1 (million HKD) | FY2024/25 H1 (million HKD) | Year-on-year Growth (%) | | :--- | :--- | :--- | :--- | | Profit before tax | 281.3 | 203.2 | 38.4 | | Profit after tax | 233.6 | 170.4 | 37.1 | | Earnings per share (HK cents) | 55.78 | 40.68 | 37.1 | - As at August 31, 2025, the **net debt to equity ratio was 0.7**, and equity as a percentage of total assets was **54.2%**[44](index=44&type=chunk) - As at August 31, 2025, net asset value per share (after deducting interim dividend) was **HKD 10.2**[45](index=45&type=chunk) [Consolidated Statement of Profit or Loss Analysis](index=22&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20Analysis) This analysis examines revenue growth, net interest income, operating expenses, and impairment provisions, highlighting key performance drivers - Revenue increased by **4.3% to HKD 897.1 million**, primarily driven by sustained growth in credit card revolving receivables, offsetting a decline in personal loan receivables[46](index=46&type=chunk)[47](index=47&type=chunk) - Net interest income grew by **4.3% to HKD 698.8 million**, with the average funding cost decreasing from **4.1% to 3.4%**[48](index=48&type=chunk) - Total operating expenses decreased by **1.9% to HKD 371.2 million**, improving the cost-to-income ratio from **47.0% to 43.8%**[52](index=52&type=chunk) - Impairment losses and provisions decreased by **12.7% to HKD 206.0 million**, improving the ratio to revenue from **27.4% to 23.0%**[53](index=53&type=chunk) [Consolidated Statement of Financial Position Analysis](index=24&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20Analysis) This analysis reviews changes in total equity, assets, customer loans, and impairment provisions, assessing the group's financial health - Total equity increased by **3.0% to HKD 4,379.9 million**, and total assets grew to **HKD 8,087.5 million**[54](index=54&type=chunk) - Total customer loans and receivables increased by **2.7% to HKD 7,524.0 million**, with credit card receivables increasing and personal loan receivables decreasing[55](index=55&type=chunk)[56](index=56&type=chunk) - Impairment provisions as a percentage of total customer loans and receivables decreased from **3.6% to 3.4%**[56](index=56&type=chunk) - Bank borrowings and borrowings from the direct holding company remained stable, with total borrowings at **HKD 3,142.3 million** and an average bank borrowing tenor of **0.6 years**[57](index=57&type=chunk)[58](index=58&type=chunk) [Segment Information Analysis](index=26&type=section&id=Segment%20Information%20Analysis) This analysis evaluates the performance of different business and geographical segments, identifying key growth areas and challenges - Credit card business revenue grew by **6.7% to HKD 714.0 million**, with segment results increasing by **24.6% to HKD 264.6 million**[60](index=60&type=chunk) - Personal loan revenue decreased by **5.3% to HKD 166.7 million**, but segment results turned profitable at **HKD 11.5 million** from a loss of HKD 14.5 million in the prior year[61](index=61&type=chunk) - Insurance intermediary business revenue and results increased to **HKD 16.5 million and HKD 7.3 million**, respectively[61](index=61&type=chunk) - Hong Kong business revenue grew by **3.6% to HKD 872.1 million**, with results increasing by **45.7% to HKD 293.3 million**[62](index=62&type=chunk) - Mainland China business revenue increased to **HKD 25.1 million**, but recorded a loss of **HKD 10.0 million** due to deteriorating customer repayment performance[63](index=63&type=chunk) [Outlook](index=27&type=section&id=Outlook) This section outlines the group's future strategies, focusing on market opportunities, operational efficiency, and business development initiatives - The Hong Kong economy is expected to benefit from global interest rate cuts (Fed anticipated to cut by 25 basis points in September) and a recovery in tourism[64](index=64&type=chunk) - The group will focus on maintaining sales and receivables growth, particularly in local and online transactions, and optimizing credit assessment and monitoring processes[64](index=64&type=chunk) - Plans include accelerating the integration of **AI tools** into back-office operations, such as automated data processing and credit risk analysis, to reduce costs and enhance accuracy[65](index=65&type=chunk) - The "One AEON" project will establish an integrated loyalty points platform to enhance customer convenience and loyalty[67](index=67&type=chunk) - Mainland China operations will focus on leveraging the Greater Bay Area's potential, strengthening credit assessment and corporate governance for sustainable growth[67](index=67&type=chunk) [Capital and Equity Management](index=29&type=section&id=Capital%20and%20Equity%20Management) This section describes the group's approach to managing capital, ensuring financial stability, and funding growth while mitigating risks - The group manages capital to ensure continuous operation, build confidence, secure adequate funding, and generate reasonable returns for receivables growth[69](index=69&type=chunk)[72](index=72&type=chunk) Net Debt to Equity Ratio (As at August 31, 2025) | Indicator | August 31, 2025 (HKD '000) | February 28, 2025 (HKD '000) | | :--- | :--- | :--- | | Debt | 3,249,484 | 3,271,202 | | Cash and cash equivalents | (260,969) | (244,090) | | Net debt | 2,988,515 | 3,027,112 | | Equity | 4,379,925 | 4,251,161 | | Net debt to equity ratio | 0.7 | 0.7 | - The group possesses **ample working capital** to meet current needs, with its primary business transacted in HKD, posing no core asset exchange rate fluctuation risk, and utilizes derivative financial instruments to hedge interest rate and exchange rate risks[73](index=73&type=chunk) [Human Resources](index=30&type=section&id=Human%20Resources) This section provides an overview of the group's workforce and its approach to employee recognition and rewards Number of Employees (As at August 31, 2025) | Region | August 31, 2025 (Number) | February 28, 2025 (Number) | | :--- | :--- | :--- | | Hong Kong | 377 | 380 | | Mainland China | 221 | 216 | | Total | 598 | 596 | - The group will continue to recognize and reward employees on a basis similar to that disclosed in the **2024/25 Annual Report**[74](index=74&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) This section includes various disclosures such as share transfer arrangements, corporate governance, and review of financial data [Closure of Register of Members](index=19&type=section&id=Closure%20of%20Register%20of%20Members) This note specifies the dates for the temporary closure of the register of members for interim dividend entitlement - The company's register of members will be closed from **Friday, October 17, 2025, to Monday, October 20, 2025**[35](index=35&type=chunk) - To qualify for the interim dividend, all share transfer documents must be lodged with the share registrar by **4:30 p.m. on Thursday, October 16, 2025**[35](index=35&type=chunk) [Compliance with Corporate Governance Code](index=19&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) This note confirms the company's adherence to the Corporate Governance Code, with a specific disclosure regarding director rotation - The company has complied with the Corporate Governance Code throughout the six months ended August 31, 2025, except for Code Provision B.2.2 (rotation of directors)[36](index=36&type=chunk) - All directors, including executive, non-executive, and independent non-executive directors, are subject to retirement by rotation at each annual general meeting in accordance with the company's articles of association[36](index=36&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=19&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) This note confirms the directors' compliance with the standard code for securities transactions during the review period - The company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as its own code for directors' securities transactions[37](index=37&type=chunk) - All directors confirmed compliance with the required standards set out in the Model Code and the company's own code for securities transactions during the review period[37](index=37&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=30&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) This note confirms that no listed securities of the company were purchased, sold, or redeemed during the reporting period - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[75](index=75&type=chunk) [Review of Unaudited Financial Information](index=30&type=section&id=Review%20of%20Unaudited%20Financial%20Information) This note confirms the audit committee's review of the unaudited interim results and the auditor's unmodified review report - The Audit Committee has reviewed the unaudited consolidated interim results for the six months ended August 31, 2025[76](index=76&type=chunk) - The condensed consolidated financial statements have been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410, resulting in an unmodified review report[76](index=76&type=chunk) [Publication of Interim Report on HKEX Website](index=31&type=section&id=Publication%20of%20Interim%20Report%20on%20HKEX%20Website) This note announces the upcoming publication of the interim report on the HKEX and company websites - The group's 2025/26 interim report will be published on the websites of the Hong Kong Stock Exchange and the company in due course[77](index=77&type=chunk) [Board of Directors](index=31&type=section&id=Board%20of%20Directors) This note lists the composition of the Board of Directors, including executive, non-executive, and independent non-executive members - The Board of Directors includes Executive Directors Mr. Wei Aiguo (Managing Director), Mr. Lai Yuk Kwong (Deputy Managing Director), and Ms. Wen Yufang[78](index=78&type=chunk) - Non-executive Directors are Mr. Mishima Shigeki (Chairman) and Ms. Jin Huashu[78](index=78&type=chunk) - Independent Non-executive Directors are Mr. Li Ching Ming, Ms. Sheng Muxian, Ms. Tochi Sunako, and Mr. Choi Bing Chung[78](index=78&type=chunk)

聯合能源集團有限公司 中期報告 截至二零二五年六月三十日止六個月 目錄 02 22 24 25 管理層討論及分析 29 簡明綜合 現金流量表 30 獨立審閱報告 簡明綜合損益表 簡明綜合損益及 其他全面收益表 26 28 簡明綜合 財務狀況表 簡明綜合 權益變動表 簡明綜合財務報表 附註 50 51 有關油氣勘探、 開發及生產活動的 補充資料 詞彙及釋義 管理層討論及分析 業務回顧 本集團為香港聯交所上市之最大綜合能源公司之一，業務分佈於南亞、中東北非及歐洲。 本集團主要從事石油天然氣上游，清潔能源及能源貿易業務。藉助於管理層於油氣行 業豐富的經驗，本集團成功地擴展業務躋身於能源行業中的重要一員。隨著時間的推移， 本集團通過收購和資本投資方式建立了一個穩健與多元化的資產組合。 根據IMF二零二五年七月的預測，二零二五年和二零二六年全球經濟增長可能分別為3.0% 和3.1%，略高出四月的預測，上調原因為美國有效關稅降低，更加積極的提前出口貿易， 以及經濟形勢的改善。全球通貨膨脹率預計於二零二五年和二零二六年分別降低至4.2% 和3.6%，且在不同經濟體間有明顯差異。下行風險仍然顯著，包括潛在的關稅戰，地 緣政治 ...

Contents 目錄 | 2 | Financial Figures | 財務數據 | | --- | --- | --- | | 3 | Definitions | 釋義 | | 8 | Corporate Information | 企業資料 | | 12 | The Group | 集團概況 | | 14 | Shareholder Information | 股東資料 | | 17 | Management Discussion and Analysis | 管理層討論與分析 | | 58 | Other Information | 其他資料 | | 84 | Report on Review of Interim Financial Report | 中期財務報告的審閱報告 | | 86 | Consolidated Statement of Profit or Loss | 綜合損益表 | | 87 | Consolidated Statement of Comprehensive Income | 綜合全面收益表 | | 88 | Consolidated Statement of Finan ...

（股份代號：2259） 上市規則第13.48(1)條項下有關2025年中期報告的豁免 本公告乃由紫金黃金國際有限公司（「本公司」）根據香港聯合交易所有限公司（「聯交 所」）證券上市規則（「上市規則」）第13.48(1)條的附註而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 Zijin Gold International Company Limited 紫 金 黃 金 國 際 有 限 公 司 （於香港註冊成立的有限公司） 股東及本公司潛在投資者務請垂注，截至2025年6月30日止6個月的財務業績已載入 招 股 章 程，而 招 股 章 程 可 於 聯 交 所 網 站 www.hkexnews.hk 及 本 公 司 網 站 www.zijingoldintl.com閱覽。 承董事會命 茲提述本公司日期為2025年9月19日的招股章程（「招股章程」）中「財務資料 — 上市 規則規定的披露」分節。除另有界定者外，本公告所用詞彙與招股章程所界定者具 ...

Yunnan Energy International Co. Limited 雲 能 國 際 股 份 有 限 公 司* 2025 中期報告 * 僅 供 識 別 本中期報告採用環保紙印製 * This Interim Report is printed on environmentally friendly paper Yunnan Energy International Co. Limited 雲 能 國 際 股 份 有 限 公 司* (Incorporated in Bermuda with limited liability) 執行董事 祝映雪 （主席） 宋赫男 （行政總裁） 楊傑 王金 獨立非執行董事 施法振 劉宗柳 景丕林 (Hong Kong Stock Code: 1298) (Singapore Stock Code: T43) 2025 INTERIM REPORT 目錄 | | 頁數 | | --- | --- | | 公司資料 | 2 | | 管理層討論及分析 | 3 | | 其他資料及企業管治摘要 | 17 | | 財務報表 | | | 未經審核簡明綜合損益及其他全面收益表 | 21 ...

Interim Report 中 期 報 告 http://www.hk0299.com CONTENTS 目錄 CORPORATE INFORMATION Board of Directors Executive Directors Mr. John Edward Hunt (Chairman) Mr. Fong Ching Kong (Chief Financial Officer) Non-Executive Director Ms. Zhan Yushan Independent Non-Executive Directors Mr. Shi Fazhen Ms. Tan Xinyan Mr. Huang Shubo Company Secretary Mr. Fong Ching Kong Legal Advisers Cheung Yan & Associates David Fong & Co. | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 5 | | 管 ...