BrainAurora Medical Technology Limited 腦動極光醫療科技有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 6681 2025 中期 報告 2025 Interim Report 中期報告 目錄 2 公司資料 4 業務摘要 6 財務摘要 7 管理層討論與分析 23 企業管治及其他資料 38 簡明綜合財務報表審閱報告 39 簡明綜合損益及其他全面收益表 40 簡明綜合財務狀況表 42 簡明綜合權益變動表 44 簡明綜合現金流量表 45 簡明綜合財務報表附註 66 前瞻性陳述 67 釋義 二零二五年中期報告 公司資料 董事會 執行董事 譚錚先生 （董事會主席） 王曉怡博士 （自2025年6月19日起辭任） 非執行董事 李思睿先生 李明秋女士 Deng Feng先生 獨立非執行董事 林曉波先生 段濤博士 李月中先生 公司總部及中國主要營業地點 中國 浙江省 紹興市越城區 平江路2號 紹興水木灣區科學園 3號樓13層1301室 香港主要營業地點 香港 銅鑼灣 希慎道33號 利園一期19樓1910室 註冊辦事處 #4-210, Governors Sq. 23 Lime Tr ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 A-LIVING SMART CITY SERVICES CO., LTD. * 雅生活智慧城市服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (股份代號：3319) 有關貿易應收款項及其他應收款項之預期信貸虧損之進一步資料 茲提述本公司截至 2024 年 12 月 31 日止年度之年報（「年報」），內容有關金融資產減值 損失淨額。除另有所指外，本公告所用詞彙與年報所界定者具有相同涵義。 如年報所披露，本集團錄得金融資產減值損失淨額人民幣 4,329.3 百萬元，其中人民幣 3,032 百萬元與本集團之貿易應收款項有關，而人民幣 1,297 百萬元則與本集團之其他應 收款項有關。該等減值撥備（「減值」）主要歸因於本集團關聯方及房地產行業的若干第三 方的信貸風險增加。 如年報之綜合財務報表附註 3.1.2 所進一步披露，本集團就以下項目作出虧損撥備： 1 (i) 第三組貿易應收款項（即應收關 ...

目錄 2 財務摘要 3 公司資料 4 簡明綜合財務報表審閱報告 5 簡明綜合損益及其他全面收益表 6 簡明綜合財務狀況表 8 簡明綜合權益變動表 9 簡明綜合現金流量表 11 簡明綜合財務報表附註 32 管理層討論與分析 40 其他資料 財務摘要 | | 二零二五年 | 二零二四年 | 上升 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | 收入 | 7,518,683 | 7,175,804 | 4.8% | | 未計利息、稅項、折舊及攤銷前溢利 | 2,752,120 | 2,231,943 | 23.3% | | 除稅前溢利 | 2,419,651 | 1,901,702 | 27.2% | | 本公司擁有人應佔本期溢利 | 1,894,314 | 1,491,404 | 27.0% | | | 人民幣分 | 人民幣分 | | | 每股盈利－基本 | 104.26 | 82.08 | 27.0% | | 中期股息（每股） | 16.0 | 16.0 | 0.0% | 截至六月三十日止六個月 2 聯邦制藥國際控股有限公司 二零二五年 中期報告 公司資料 ...

[Company Information and Financial Summary](index=1&type=section&id=Company%20Information%20and%20Financial%20Summary) [General Information](index=6&type=section&id=General%20Information) Universe Entertainment and Culture Group, listed on HKEX, operates in film distribution, property rental, securities investment, and financial printing services - The Group's principal businesses include video distribution, film distribution and exhibition, licensing and sub-licensing of film rights, investment property leasing, securities investment, trading, wholesale and retail of optical and watch products, and financial printing services[8](index=8&type=chunk) - The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - The consolidated financial statements are presented in **thousand Hong Kong Dollars (HKD)**[10](index=10&type=chunk) [Consolidated Statement of Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total revenue increased, but loss for the year significantly expanded, primarily due to substantial impairment losses on film rights Key Data from Consolidated Statement of Comprehensive Income | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Sales of goods | 11,957 | 19,590 | -39.0% | | Film distribution business income | 421,433 | 309,579 | +36.1% | | Other business income | 39,202 | 36,088 | +8.6% | | **Total Revenue** | **472,592** | **365,257** | **+29.4%** | | Total cost of revenue | (404,499) | (302,292) | +33.8% | | Selling expenses | (7,382) | (8,043) | -8.2% | | Administrative expenses | (52,144) | (59,341) | -12.1% | | Reversal of impairment loss on film-related deposits/(Impairment loss) | 223 | (5,122) | -104.3% | | Impairment loss on film rights and films in progress | (69,067) | (17,032) | +305.5% | | Impairment loss on trading securities | (1,350) | – | N/A | | Loss before tax | (58,454) | (26,009) | +124.7% | | Income tax expense | (4,976) | (5,187) | -4.1% | | **Loss for the year** | **(63,430)** | **(31,196)** | **+103.3%** | | Total comprehensive expense for the year | (63,432) | (31,171) | +103.5% | | Loss attributable to owners of the Company | (63,190) | (30,441) | +107.6% | | Loss attributable to non-controlling interests | (240) | (755) | -68.2% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and liabilities decreased significantly, mainly due to reduced film rights, while the current ratio improved to **1.4** Key Data from Consolidated Statement of Financial Position | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Property, plant and equipment | 34,643 | 38,473 | -9.9% | | Investment properties | 28,740 | 29,840 | -3.7% | | Film rights and films in progress | 40,778 | 409,116 | -90.0% | | Film-related deposits | 58,538 | 57,809 | +1.3% | | Total non-current assets | 167,111 | 540,507 | -69.1% | | Inventories | 1,234 | 2,716 | -54.6% | | Trade and other receivables | 90,570 | 27,170 | +233.3% | | Cash and cash equivalents | 135,245 | 132,324 | +2.2% | | Total current assets | 268,593 | 196,905 | +36.4% | | **Total Assets** | **435,704** | **737,412** | **-40.9%** | | **Equity** | | | | | Equity attributable to owners of the Company | 241,304 | 306,824 | -21.4% | | Non-controlling interests | (3,548) | (4,436) | -20.0% | | **Total Equity** | **237,756** | **302,388** | **-21.4%** | | **Liabilities** | | | | | Total non-current liabilities | 2,865 | 6,163 | -53.5% | | Trade and other payables | 10,189 | 11,102 | -8.3% | | Contract liabilities | 58,350 | 305,088 | -80.9% | | Total current liabilities | 195,083 | 428,861 | -54.5% | | **Total Liabilities** | **197,948** | **435,024** | **-54.5%** | | **Total Equity and Liabilities** | **435,704** | **737,412** | **-40.9%** | | Net current assets/(liabilities) | 73,510 | (231,956) | N/A | | Gearing ratio | 3.0% | 3.7% | -0.7% | | Current ratio | 1.4 | 0.5 | +0.9 | - Total assets significantly decreased by **40.9%**, primarily due to the book value of film rights and films in progress falling from **HKD 409.1 million** to **HKD 40.8 million**[6](index=6&type=chunk) - The current ratio significantly improved from **0.5** to **1.4**, indicating enhanced short-term solvency[55](index=55&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) Income tax expense for the year was **HKD 4.976 million**, a slight decrease from last year, primarily comprising PRC Enterprise Income Tax and PRC Withholding Tax Income Tax Expense | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | PRC Enterprise Income Tax (expense for the year) | 2,746 | – | | PRC Enterprise Income Tax (over-provision for the year) | (46) | (367) | | PRC Withholding Tax (expense for the year) | 2,262 | 5,568 | | PRC Withholding Tax (under-provision for the year) | 28 | – | | Deferred tax (origination and reversal of temporary differences) | (14) | (14) | | **Income Tax Expense** | **4,976** | **5,187** | - Provision for Hong Kong Profits Tax is calculated at **16.5%** of the estimated assessable profit for the year[24](index=24&type=chunk) - Provision for PRC Enterprise Income Tax is calculated at **25%** of the estimated assessable profit for the year[25](index=25&type=chunk) - Net income derived from film distribution and exhibition, licensing and sub-licensing of film rights in the PRC is subject to a **10%** PRC Withholding Tax[25](index=25&type=chunk) [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share for the year expanded to **HKD 0.0697**, up from **HKD 0.0336** last year, due to increased loss for the year with an unchanged weighted average number of ordinary shares outstanding Loss Per Share | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Loss attributable to owners of the Company (thousand HKD) | (63,190) | (30,441) | | Weighted average number of ordinary shares in issue | 906,632,276 | 906,632,276 | | **Basic loss per ordinary share** | **(0.0697)** | **(0.0336)** | | **Diluted loss per ordinary share** | **(0.0697)** | **(0.0336)** | - Diluted loss per share is the same as basic loss per share because there were no potential dilutive ordinary shares in issue during the year[27](index=27&type=chunk) [Dividends](index=14&type=section&id=Dividends) The Board does not recommend the payment of a final dividend for the year ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025 (2024: nil)[28](index=28&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables significantly increased by **233.3%** to **HKD 90.57 million**, with a notable rise in receivables over 180 days old Ageing Analysis of Trade and Other Receivables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | 1 to 90 days | 60,402 | 14,655 | | 91 to 180 days | 2,317 | 7,922 | | Over 180 days | 27,851 | 4,593 | | **Net** | **90,570** | **27,170** | - Net trade and other receivables increased by **233.3%** year-on-year to **HKD 90.57 million**[29](index=29&type=chunk) - Trade receivables over 180 days old increased more than **5 times** from **HKD 4.593 million** to **HKD 27.851 million**[30](index=30&type=chunk) - The Company grants credit periods ranging from **0 to 180 days** for sales of video products, film exhibition, licensing and sub-licensing of film rights, trading and wholesale of optical and watch products, and financial printing services, with regular credit assessments of customers[30](index=30&type=chunk) [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were **HKD 10.189 million**, a slight decrease from the prior year, with all amounts expected to be settled within one year Ageing Analysis of Trade and Other Payables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | 1 to 90 days | 5,060 | 5,738 | | 91 to 180 days | 636 | 1,436 | | Over 180 days | 4,493 | 3,928 | | **Total** | **10,189** | **11,102** | - Total trade and other payables decreased by **8.2%** year-on-year to **HKD 10.189 million**[31](index=31&type=chunk) - All trade and other payables are expected to be settled or recognized as income within one year or are repayable on demand[31](index=31&type=chunk) [Accounting Policies and Segment Information](index=6&type=section&id=Accounting%20Policies%20and%20Segment%20Information) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The Group's consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, generally accepted accounting principles, and the Hong Kong Companies Ordinance, adhering to HKEX Listing Rules - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, Hong Kong Generally Accepted Accounting Principles, and the disclosure requirements of the Hong Kong Companies Ordinance, and comply with the Listing Rules of the Stock Exchange[11](index=11&type=chunk) - The statements are prepared on a historical cost basis, modified for the fair value revaluation of other equity investments and investment properties[11](index=11&type=chunk) [Accounting Policies](index=7&type=section&id=Accounting%20Policies) The Group adopted all new and revised Hong Kong Financial Reporting Standards effective July 1, 2024, without significant changes to accounting policies or financial statement presentation, and is currently assessing the impact of new standards not yet in effect - The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective for accounting periods beginning on July 1, 2024[12](index=12&type=chunk) - The adoption of these new and revised Hong Kong Financial Reporting Standards has not resulted in significant changes to the Group's accounting policies, the presentation of the consolidated financial statements, or the reported amounts for the current and prior years[12](index=12&type=chunk) - The Group has commenced an assessment of the impact of new and revised Hong Kong Financial Reporting Standards that are not yet effective but is not yet in a position to state whether they will have a significant impact[12](index=12&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group is organized into six reportable segments based on business (products and services), with management independently monitoring each segment's performance and assessing it based on loss before tax - The Group is organized into departments based on business (products and services) and manages its businesses in a manner consistent with how information is reported internally to the chief operating decision-maker[13](index=13&type=chunk) - The Group has presented the following reportable segments: video distribution, film distribution and exhibition, licensing and sub-licensing of film rights; trading, wholesale and retail of optical and watch products; rental of investment properties; securities investment; financial printing services; and others (i.e., entertainment business)[14](index=14&type=chunk) - Segment performance is assessed based on reported segment loss, which is a measure of loss before tax, but excludes other income, unallocated finance income, unallocated finance costs, and unallocated corporate expenses[15](index=15&type=chunk) [Segment Revenue, Results, Assets, and Liabilities](index=8&type=section&id=Segment%20Revenue,%20Results,%20Assets,%20and%20Liabilities) In 2025, film distribution revenue significantly increased by **36.2%**, but segment loss expanded due to impairment losses; optical and watch product revenue decreased by **42.6%** but loss narrowed; financial printing services revenue grew by **9.6%** with improved loss; and the securities investment segment recorded an **HKD 1.35 million** impairment loss 2025 Segment Revenue and Results | Segment | Revenue (thousand HKD) | Results (thousand HKD) | | :--- | :--- | :--- | | Video distribution, film distribution and exhibition, licensing and sub-licensing of film rights | 422,505 | (52,532) | | Trading, wholesale and retail of optical and watch products | 10,885 | (2,088) | | Rental of investment properties | 645 | (717) | | Securities investment | – | (1,350) | | Financial printing | 36,608 | (323) | | Others | 1,949 | 956 | | **Total** | **472,592** | **(56,054)** | 2025 Segment Assets and Liabilities | Segment | Assets (thousand HKD) | Liabilities (thousand HKD) | | :--- | :--- | :--- | | Video distribution, film distribution and exhibition, licensing and sub-licensing of film rights | 230,391 | 158,366 | | Trading, wholesale and retail of optical and watch products | 3,371 | 5,148 | | Rental of investment properties | 28,799 | 153 | | Securities investment | – | – | | Financial printing | 19,219 | 14,513 | | Others | 9,035 | 1,577 | | **Total Segment** | **290,815** | **179,757** | | **Consolidated Total** | **435,704** | **197,948** | - Amortization of film rights and films in progress amounted to **HKD 315.824 million**, and impairment loss on film rights and films in progress was **HKD 69.067 million**[16](index=16&type=chunk) [Geographical Information](index=12&type=section&id=Geographical%20Information) The Group's operations are primarily located in Hong Kong and the PRC, with the PRC and other Asian countries contributing **87.0%** of revenue in 2025, and non-current assets mainly concentrated in Hong Kong Geographical Revenue and Non-Current Assets | Region | 2025 Revenue (thousand HKD) | 2025 Non-current Assets (thousand HKD) | 2024 Revenue (thousand HKD) | 2024 Non-current Assets (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 56,515 | 139,757 | 70,703 | 512,502 | | PRC and other Asian countries | 411,370 | 24,952 | 286,926 | 24,793 | | Others | 4,707 | – | 7,628 | – | | **Total** | **472,592** | **164,709** | **365,257** | **537,295** | - The PRC and other Asian countries (excluding Hong Kong and Macau) contributed **87.0%** (**HKD 411.37 million**) of the total revenue for the year[21](index=21&type=chunk) - Non-current assets (excluding financial instruments and deferred tax assets) in Hong Kong amounted to **HKD 139.757 million**, representing **84.8%** of total non-current assets[21](index=21&type=chunk) [Major Customer Information](index=12&type=section&id=Major%20Customer%20Information) In 2025, one customer in the video distribution and film distribution business segment contributed **10% or more** of the Group's revenue, totaling approximately **HKD 168.07 million**, a significant increase from the prior year - For the year ended June 30, 2025, one customer in the video distribution, film distribution and exhibition, licensing and sub-licensing of film rights segment contributed **10% or more** of the Group's revenue, amounting to approximately **HKD 168.07 million** (2024: approximately **HKD 88.45 million**)[22](index=22&type=chunk) [Business and Operations Review](index=18&type=section&id=Business%20and%20Operations%20Review) [Overall Group Performance](index=18&type=section&id=Overall%20Group%20Performance) The Group's revenue for the year was approximately **HKD 472.6 million**, a **29.4%** increase year-on-year, but loss for the year expanded to approximately **HKD 63.4 million**, primarily due to an increase of approximately **HKD 46.7 million** in impairment losses on film rights, films in progress, and film-related deposits Overall Group Performance Overview | Metric | 2025 (million HKD) | 2024 (million HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 472.6 | 365.3 | +29.4% | | Loss for the year | 63.4 | 31.2 | +103.2% | - The increase in loss was primarily due to an increase of approximately **HKD 46.7 million** in impairment losses on film rights, films in progress, and film-related deposits compared to the prior year, driven by changes in comparable market conditions and lower-than-expected box office performance[37](index=37&type=chunk) [Video Distribution, Film Distribution and Exhibition, Licensing and Sub-licensing of Film Rights](index=18&type=section&id=Video%20Distribution,%20Film%20Distribution%20and%20Exhibition,%20Licensing%20and%20Sub-licensing%20of%20Film%20Rights) Revenue for this segment grew **36.2%** to **HKD 422.5 million**, accounting for **89.4%** of total Group revenue, mainly due to more Group-produced films premiering in cinemas, but segment loss expanded **205.2%** to **HKD 52.5 million** due to increased impairment losses on film rights - Revenue for this business segment increased by approximately **36.2%** to approximately **HKD 422.5 million** (last year: approximately **HKD 310.2 million**), primarily due to a greater number of Group-produced films premiering in cinemas during the year[38](index=38&type=chunk) - This segment now accounts for approximately **89.4%** of the Group's total revenue (last year: approximately **84.9%**)[38](index=38&type=chunk) - The segment recorded a loss of approximately **HKD 52.5 million**, an increase of **205.2%** compared to a loss of approximately **HKD 17.2 million** last year, mainly due to an increase of approximately **HKD 46.7 million** in impairment losses on film rights, films in progress, and film-related deposits compared to the prior year[38](index=38&type=chunk) - Impairment losses on film rights of approximately **HKD 69.067 million** (2024: **HKD 17.032 million**) were recognized, and a reversal of impairment loss on film-related deposits of approximately **HKD 223,000** (2024: impairment loss of approximately **HKD 5.122 million**) was recorded[40](index=40&type=chunk) - The PRC film market saw a **22.6%** decrease in total box office in 2024 but a **22.9%** year-on-year increase in the first half of 2025[41](index=41&type=chunk) - Looking ahead, the Group plans to address market challenges by focusing on high-quality content creation, adopting more stringent investment strategies, and strict cost control, with plans to produce and distribute new films including "Shock Wave 3", "Ah Lung", and "The Birth of a Department"[42](index=42&type=chunk)[44](index=44&type=chunk) [Trading, Wholesale, and Retail of Optical and Watch Products](index=20&type=section&id=Trading,%20Wholesale,%20and%20Retail%20of%20Optical%20and%20Watch%20Products) Revenue for this segment decreased by **42.6%** to **HKD 10.9 million** due to a weak Hong Kong retail market, accounting for **2.3%** of total Group revenue, but segment loss decreased by **62.5%** to **HKD 2.1 million** after terminating PRC watch product business and closing unprofitable Hong Kong stores - The sustained pressure on the Hong Kong retail market led to a decrease in revenue for this business segment by approximately **42.6%** to approximately **HKD 10.9 million** (last year: approximately **HKD 19.0 million**)[43](index=43&type=chunk) - This segment now accounts for approximately **2.3%** of the Group's revenue for the year (last year: approximately **5.2%**)[43](index=43&type=chunk) - To address challenges, the Group terminated its trading, wholesale, and retail business of watch products in the PRC and closed several unprofitable stores in Hong Kong[43](index=43&type=chunk) - The segment loss for this business segment for the year was approximately **HKD 2.1 million**, a decrease of approximately **62.5%** compared to approximately **HKD 5.6 million** last year[43](index=43&type=chunk) - Looking ahead, the Group will maintain strict cost control measures and adjust its business scale to further reduce losses in this segment[43](index=43&type=chunk) [Rental of Investment Properties](index=21&type=section&id=Rental%20of%20Investment%20Properties) Rental income for the year was approximately **HKD 645,000**, a **25.3%** year-on-year decrease, accounting for **0.1%** of Group revenue, with an impairment loss on investment properties of approximately **HKD 1.1 million** leading to a segment loss of approximately **HKD 717,000** - Rental income for the year was approximately **HKD 645,000** (last year: approximately **HKD 863,000**), a year-on-year decrease of **25.3%**[45](index=45&type=chunk) - Fair value loss on investment properties was approximately **HKD 1.1 million** (2024: **HKD 1.6 million**)[45](index=45&type=chunk) - The Group recorded a segment loss from investment properties of approximately **HKD 717,000** for the year (last year: approximately **HKD 1.1 million**)[45](index=45&type=chunk) [Financial Printing Services](index=21&type=section&id=Financial%20Printing%20Services) Revenue for the financial printing segment increased by **9.6%** to **HKD 36.6 million**, driven by IPO projects and accounting for **7.7%** of total Group revenue, with segment loss improving to **HKD 323,000** as the Group transitions to electronic filing services amid a strong IPO market recovery - The Group provides one-stop financial printing services, including typesetting, translation, printing, design, distribution services, and other related services[46](index=46&type=chunk) - Segment revenue for the year increased by **9.6%** to approximately **HKD 36.6 million** (last year: approximately **HKD 33.4 million**), primarily driven by increased revenue from initial public offering projects[47](index=47&type=chunk) - This segment now accounts for approximately **7.7%** of the Group's total revenue (last year: approximately **9.2%**)[47](index=47&type=chunk) - The financial printing segment's loss for the year was approximately **HKD 323,000**, an improvement from a loss of approximately **HKD 361,000** last year[47](index=47&type=chunk) - The Hong Kong IPO market showed a strong recovery in the first half of 2025, with **42** listing transactions raising approximately **HKD 107.1 billion**, a **700%** increase compared to the same period last year[49](index=49&type=chunk) - The Group is accelerating its transition from paper-based filing services to electronic filing services and leveraging its team's expertise and experience to seize new opportunities in the booming IPO market[50](index=50&type=chunk) [Geographical Contribution](index=22&type=section&id=Geographical%20Contribution) Overseas markets contributed approximately **88.0%** of the Group's revenue for the year, an increase from the prior year, highlighting their growing importance to the Group's revenue - Overseas markets accounted for approximately **88.0%** of the Group's revenue for the year (2024: approximately **80.6%**)[51](index=51&type=chunk) [Selling Expenses](index=22&type=section&id=Selling%20Expenses) Selling expenses decreased by **7.5%** year-on-year to **HKD 7.4 million**, primarily due to the Group's scaling down of its optical and watch product trading, wholesale, and retail business Selling Expenses | Metric | 2025 (million HKD) | 2024 (million HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Selling expenses | 7.4 | 8.0 | -7.5% | - Selling expenses decreased by approximately **7.5%** year-on-year, primarily due to the Group's scaling down of its optical and watch product trading, wholesale, and retail business[52](index=52&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **12.1%** year-on-year to **HKD 52.1 million**, mainly attributable to the implementation of cost control measures Administrative Expenses | Metric | 2025 (million HKD) | 2024 (million HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 52.1 | 59.3 | -12.1% | - The decrease in administrative expenses was due to the implementation of cost control measures during the year[53](index=53&type=chunk) [Outlook](index=22&type=section&id=Outlook) The Group remains cautiously optimistic about the prospects of its video distribution, film distribution, and financial printing businesses, managing these segments with a restrained and prudent strategy, while scaling down its optical and watch retail business to control costs and actively seeking new investment opportunities to diversify revenue streams - The Group remains cautiously optimistic about the prospects of its video distribution, film distribution and exhibition, film rights licensing, and financial printing businesses, and will maintain a restrained and prudent strategy in managing these segments[54](index=54&type=chunk) - Due to the shrinking Hong Kong retail market, the Group is scaling down its optical and watch retail business to control costs and conserve cash[54](index=54&type=chunk) - The Group will prudently seek and identify new potential investments and business opportunities to diversify its revenue sources[54](index=54&type=chunk) [Financial Resources, Liquidity, and Capital Structure](index=23&type=section&id=Financial%20Resources,%20Liquidity,%20and%20Capital%20Structure) [Financial Position](index=23&type=section&id=Financial%20Position) As of June 30, 2025, the Group had cash and cash equivalents of approximately **HKD 135.2 million** and total assets of approximately **HKD 435.7 million**, with the gearing ratio decreasing to **3.0%** and the current ratio improving to **1.4**, indicating enhanced liquidity Key Financial Position Indicators | Metric | 2025 (million HKD) | 2024 (million HKD) | | :--- | :--- | :--- | | Cash and cash equivalents | 135.2 | 132.3 | | Total assets | 435.7 | 737.4 | | Gearing ratio | 3.0% | 3.7% | | Current ratio | 1.4 | 0.5 | - Management closely monitors the Group's current and anticipated liquidity position and believes the Group will have sufficient financial resources to meet its future working capital and other financing requirements in the foreseeable future[56](index=56&type=chunk) [Finance Costs and Currency Risk](index=23&type=section&id=Finance%20Costs%20and%20Currency%20Risk) Finance costs for the year were approximately **HKD 552,000**, primarily interest on lease liabilities, and the Group faces foreign exchange risk from transactions denominated in HKD, RMB, and USD, particularly RMB, which it actively monitors Finance Costs | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Finance costs | 552 | 535 | - The Group is exposed to foreign exchange risk arising from various currency risks, primarily related to RMB, and will continue to take proactive measures and monitor closely[56](index=56&type=chunk) [Fundraising Activities and Asset Pledges](index=23&type=section&id=Fundraising%20Activities%20and%20Asset%20Pledges) The Company did not undertake any fundraising activities through the issuance of new shares during the year, nor were any assets pledged to secure liabilities - The Company did not undertake any fundraising activities through the issuance of new shares during the year (2024: nil)[57](index=57&type=chunk) - As of June 30, 2025, no assets of the Group were pledged to secure any liabilities (2024: nil)[60](index=60&type=chunk) [Significant Acquisitions and Disposals of Assets](index=23&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Assets) The Group did not engage in any significant acquisitions or disposals of assets during the year - The Group did not undertake any significant acquisitions or disposals of assets during the year (2024: nil)[59](index=59&type=chunk) [Pending Litigation](index=16&type=section&id=Pending%20Litigation) The Group faces several pending lawsuits, including claims from Star Overseas Limited regarding film revenue sharing and copyright infringement for "Shaolin Soccer", and a patent infringement claim from Koninklijke Philips Electronics N.V. (KPE) concerning video compact discs, with the Board deeming it premature to predict outcomes and thus no provisions made for potential liabilities - Independent third party Star Overseas Limited filed a lawsuit against Universe Entertainment Limited, an indirect wholly-owned subsidiary of the Company, alleging payment of **USD 935,872** (approximately **HKD 7,299,799**) as revenue share for the film "Shaolin Soccer"[32](index=32&type=chunk) - Universe Entertainment has paid Star Overseas **HKD 5,495,700** plus related interest and fees, but a claim balance of approximately **HKD 1,804,099** remains[33](index=33&type=chunk) - Universe Entertainment and Universe Laser & Digital Company Limited also filed counterclaims against Star Overseas, alleging improper use of jointly owned film rights and infringement of licensed rights[34](index=34&type=chunk)[35](index=35&type=chunk) - Koninklijke Philips Electronics N.V. (KPE) previously filed claims against the Company, Universe Laser, and Mr. Lam Siu Ming concerning video compact disc patent infringement, with the lawsuits against the Company and Mr. Lam Siu Ming terminated, and the claim against Universe Laser settled by agreement[35](index=35&type=chunk) - Based on legal counsel's advice, the Board believes it is premature to predict the outcome of the aforementioned claims and that they will not have a significant financial impact on the Group, thus no provisions have been made in the consolidated financial statements for any potential liabilities[35](index=35&type=chunk) [Corporate Governance and Internal Control](index=24&type=section&id=Corporate%20Governance%20and%20Internal%20Control) [Employees and Remuneration Policy](index=24&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **116** employees, an increase of **9** from the prior year, with remuneration reviewed annually and employee benefits including discretionary bonuses, medical insurance, and a Mandatory Provident Fund Number of Employees | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 116 | 107 | - Remuneration is reviewed annually, and certain employees may receive commissions; in addition to basic salaries, employee benefits also include discretionary bonuses, medical insurance plans, and a Mandatory Provident Fund[61](index=61&type=chunk) [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) The Company adopted a new share option scheme on December 4, 2023, to recognize and incentivize eligible participants' contributions and performance, with terms governing subscription price, maximum share numbers (10% scheme mandate limit, 3% sub-limit for service providers), vesting periods, and performance targets, with no share options issued or outstanding during the year - The Company adopted a new share option scheme on December 4, 2023, to replace the old share option scheme which expired on December 1, 2023[62](index=62&type=chunk) - The new share option scheme aims to recognize and acknowledge the contributions of eligible participants (including employees, connected entities, and service providers) to the Group, incentivize them to optimize performance, and maintain or attract favorable business relationships[63](index=63&type=chunk)[65](index=65&type=chunk) - The subscription price for share options must be at least the highest of the closing price of the shares on the date of grant, the average closing price of the shares for the five (5) business days immediately preceding the date of grant, and the nominal value of the shares[67](index=67&type=chunk) - The total number of shares subject to all options granted under the new share option scheme and any other share option schemes of the Company shall not exceed **10%** of the total issued shares at the adoption date (scheme mandate limit)[68](index=68&type=chunk) - The sub-limit for service providers shall not exceed **3%** of the total issued shares, unless approved by shareholders[68](index=68&type=chunk) - The vesting period for share options shall not be less than **12 months** from the date of acceptance of the offer, but may be shortened at the discretion of the Board under specific circumstances (e.g., new joiners, termination of employment, or performance-based vesting conditions)[73](index=73&type=chunk) - The Board may specify performance targets, including financial and management objectives, for each offer to be achieved by the grantee to provide meaningful incentives[75](index=75&type=chunk) - Share options will automatically lapse upon the grantee's serious misconduct, bankruptcy, breach of service contract, or conviction of a criminal offense[76](index=76&type=chunk) - No share options under the old and new share option schemes were issued or outstanding during the year (last year: nil)[79](index=79&type=chunk) [Dividend Policy](index=31&type=section&id=Dividend%20Policy) The Company adopted a dividend policy on September 27, 2019, to allow shareholders to share in profits while retaining liquidity for growth opportunities, with the Board considering various factors before recommending dividends, subject to legal and regulatory compliance, and without guaranteeing any specific dividend amount - The Board adopted a dividend policy on September 27, 2019, aiming to allow shareholders to participate in the Company's profits through dividend distributions while preserving the Company's liquidity to seize future growth opportunities[80](index=80&type=chunk) - The Board shall consider factors such as the Company's operational and financial performance, liquidity position, capital requirements and future funding needs, contractual restrictions, available reserves, and the prevailing economic climate before recommending and declaring dividends[81](index=81&type=chunk)[82](index=82&type=chunk) - Dividend declarations are subject to any restrictions under the Bermuda Companies Act, the Listing Rules, the Bye-laws, and any applicable laws, rules, and regulations[81](index=81&type=chunk) - No guarantee is given that dividends will be paid for any specified period or at any particular amount[81](index=81&type=chunk) [Corporate Governance Code and Report](index=32&type=section&id=Corporate%20Governance%20Code%20and%20Report) The Company is committed to maintaining a high-quality Board, effective risk management, and internal control systems, and strictly adheres to disclosure practices, having complied with the Corporate Governance Code during the year with two deviations: the roles of Chairman and Chief Executive are not separated (Mr. Lam Siu Ming holds both), and the Chairman did not meet with non-executive directors without executive directors present - The Company has adopted and applied a set of corporate governance principles aimed at maintaining a high-quality Board, implementing effective risk management and internal control systems, strictly enforcing disclosure practices, transparent mechanisms, and accountability[83](index=83&type=chunk) - The Company has complied with the code provisions set out in the Corporate Governance Code during the year, with the following two exceptions: (i) code provision C.2.1 of the Corporate Governance Code regarding the separation of the roles of Chairman and Chief Executive; and (ii) code provision C.2.7 of the Corporate Governance Code requiring the Chairman to meet with non-executive directors[84](index=84&type=chunk) - Mr. Lam Siu Ming, the founder and Chairman of the Company, also performs the duties of the Chief Executive Officer, and the Board believes the current structure is more suitable for the Group[84](index=84&type=chunk) - As Chairman Mr. Lam Siu Ming is also an executive director, the Company deviated from the code provision requiring the Chairman to meet with non-executive directors at least annually without the presence of executive directors[85](index=85&type=chunk) [Risk Management and Internal Control System](index=33&type=section&id=Risk%20Management%20and%20Internal%20Control%20System) The Board is responsible for establishing, maintaining, and reviewing the Group's risk management and internal control systems, designed to manage rather than eliminate risk, based on the COSO framework, and annually reviewed for effectiveness; the Group engages external consultants for annual risk assessments and internal control reviews, and the Board considers the systems effective and adequate - The Board is responsible for establishing, maintaining, and reviewing the Group's risk management and internal control systems, which are designed to manage rather than eliminate risk, and to provide reasonable rather than absolute assurance[86](index=86&type=chunk) - The risk management and internal control systems are largely based on the framework established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)[86](index=86&type=chunk) - The Group does not have a separate internal audit department but engages external consultants to assist the Board and the Audit Committee in evaluating the risk management and internal control systems[87](index=87&type=chunk)[88](index=88&type=chunk) - External consultants assist in conducting annual risk assessments and developing a three-year rolling internal audit plan using a risk-based approach[88](index=88&type=chunk) - The Group has adopted an inside information disclosure policy to ensure insiders comply with confidentiality requirements and fulfill inside information disclosure obligations[88](index=88&type=chunk) - For the year, the Board considered the risk management and internal control systems to be effective and adequate[89](index=89&type=chunk) [Standard Code for Securities Transactions by Directors](index=34&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the year - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code for directors to deal in the Company's securities[90](index=90&type=chunk) - All directors confirmed compliance with the Standard Code during the year[90](index=90&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Company's Audit Committee, established on October 11, 1999, comprises three independent non-executive directors and meets at least twice annually with external auditors to oversee auditor appointments, financial information review, financial and accounting practices, internal controls, and risk management, and has reviewed the audited consolidated financial statements for the year - The Company established an Audit Committee on October 11, 1999, comprising three independent non-executive directors: Mr. Choi Wing Kwun (Chairman), Ms. Pang Suet Hing, and Mr. Tang Yiu Wing[91](index=91&type=chunk) - The Audit Committee meets with external auditors at least twice a year and is primarily responsible for appointing, re-appointing, and removing external auditors, reviewing the Group's financial information, and overseeing the Group's financial and accounting practices, internal controls, and risk management[91](index=91&type=chunk) - The audited consolidated financial statements for the year have been reviewed by the Audit Committee[92](index=92&type=chunk) [Purchase, Sale, or Redemption of Listed Securities](index=34&type=section&id=Purchase,%20Sale,%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year - The Company did not redeem any of its shares during the year; neither the Company nor any of its subsidiaries purchased or sold any of the Company's listed securities during the year[93](index=93&type=chunk) [Auditor's Scope of Work and Report Publication](index=35&type=section&id=Auditor's%20Scope%20of%20Work%20and%20Report%20Publication) [Auditor's Scope of Work](index=35&type=section&id=Auditor's%20Scope%20of%20Work) The Group's auditor, ZHONGHUI ANDA CPA Limited, has reconciled the amounts in the consolidated statement of financial position, consolidated statement of comprehensive income, and related notes in the preliminary results announcement with the audited consolidated financial statements, noting that this work does not constitute an assurance engagement and thus no assurance has been issued on the preliminary results announcement - The Group's auditor, ZHONGHUI ANDA CPA Limited, has reconciled the amounts presented in the consolidated statement of financial position, consolidated statement of comprehensive income, and related notes in the Group's preliminary results announcement for the year ended June 30, 2025, with the amounts presented in the Group's audited consolidated financial statements for the year ended June 30, 2025[94](index=94&type=chunk) - The work performed by ZHONGHUI ANDA CPA Limited in this regard does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and therefore no assurance has been issued on the preliminary results announcement[94](index=94&type=chunk) [Publication of Annual Results Announcement and Annual Report](index=35&type=section&id=Publication%20of%20Annual%20Results%20Announcement%20and%20Annual%20Report) This announcement has been published on the websites of the Stock Exchange and the Company, and the Company's 2025 Annual Report will be dispatched to shareholders and uploaded to the aforementioned websites in due course - This announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (www.uih.com.hk)[95](index=95&type=chunk) - The Company's 2025 Annual Report will be dispatched to shareholders and uploaded to the aforementioned websites in due course[95](index=95&type=chunk)

[Introductory Information](index=1&type=section&id=Introductory%20Information) [Disclaimer and GEM Characteristics](index=1&type=section&id=Disclaimer%20and%20GEM%20Characteristics) This announcement contains information required by the GEM Listing Rules of the Hong Kong Stock Exchange, for which the Board assumes full responsibility for its accuracy, completeness, and non-misleading nature. The GEM market is designed for small and medium-sized companies, carrying higher investment risks, potential market volatility, and no guarantee of liquidity - The Board assumes full responsibility for the accuracy, completeness, and non-misleading nature of this announcement's content[4](index=4&type=chunk)[5](index=5&type=chunk) - The GEM market is positioned for small and medium-sized companies, entailing **higher investment risks**, potential for **significant market volatility**, and no guarantee of high liquidity[2](index=2&type=chunk)[3](index=3&type=chunk)[5](index=5&type=chunk) [Financial Highlights](index=2&type=section&id=FINANCIAL%20HIGHLIGHTS) For the financial year ended June 30, 2025, the Group's revenue increased by 2.9% year-on-year to approximately HKD 502.4 million, but net loss widened to approximately HKD 7.3 million. The Board does not recommend a final dividend Key Financial Data for FY2025 | Metric | 2025 (HKD Million) | 2024 (HKD Million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 502.4 | 488.1 | +2.9% | | Net Loss | (7.3) | (4.8) | Loss widened | | Final Dividend | None | None | No change | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=3&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS) For the year ended June 30, 2025, the Group's revenue grew to HKD 502.4 million, but loss before taxation and loss for the year both widened due to increased other losses and impairments Consolidated Statement of Profit or Loss Summary (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 502,430 | 488,074 | | Cost of services | (466,461) | (454,486) | | Gross profit | 35,969 | 33,588 | | Other income, other gains and other losses and impairments | (13,059) | (9,023) | | Selling and marketing expenses | (2,682) | (3,041) | | Administrative expenses | (25,644) | (24,271) | | Finance costs | (666) | (818) | | Loss before taxation | (6,082) | (3,565) | | Income tax expense | (1,219) | (1,195) | | Loss for the year | (7,301) | (4,760) | | Loss attributable to owners of the Company | (6,851) | (4,396) | | Basic and diluted loss per share (HK cents) | (1.27) | (0.81) | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the year ended June 30, 2025, the Group's total comprehensive loss for the year widened to HKD 6.175 million, primarily impacted by the loss for the year and exchange differences Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the year | (7,301) | (4,760) | | Exchange differences on translation of financial statements of overseas operations | 1,126 | (1,064) | | Total comprehensive loss for the year | (6,175) | (5,824) | | Total comprehensive loss attributable to owners of the Company | (5,725) | (5,460) | [Consolidated Statement of Financial Position](index=5&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the Group's total assets slightly decreased, non-current assets reduced, while net current assets remained robust. Total equity decreased due to the loss for the year Consolidated Statement of Financial Position Summary (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 56,752 | 66,498 | | Current assets | 242,711 | 231,291 | | **Liabilities** | | | | Current liabilities | 107,164 | 100,306 | | Non-current liabilities | 1,665 | 674 | | **Equity** | | | | Total equity | 190,634 | 196,809 | | Net current assets | 135,547 | 130,985 | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Company Information](index=7&type=section&id=COMPANY%20INFORMATION) Poly Holdings Limited was incorporated in the Cayman Islands, with shares listed on GEM of the Hong Kong Stock Exchange since June 17, 2013. Its principal business is investment holding, with subsidiaries primarily engaged in environmental and cleaning services and money lending - The Company is an investment holding company, with its shares listed on GEM of the Hong Kong Stock Exchange since **June 17, 2013**[16](index=16&type=chunk)[17](index=17&type=chunk)[22](index=22&type=chunk) - The Group's principal businesses include environmental and cleaning services and money lending business[17](index=17&type=chunk)[22](index=22&type=chunk) [Material Accounting Policies](index=7&type=section&id=MATERIAL%20ACCOUNTING%20POLICIES) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, primarily on a historical cost basis, except for financial assets at fair value through profit or loss and interests in leasehold land and buildings. Changes in accounting policies adopted this year did not have a significant impact on the Group's financial position - The consolidated financial statements are primarily prepared on a historical cost basis, except for financial assets at fair value through profit or loss and interests in leasehold land and buildings, which are stated at fair value[25](index=25&type=chunk)[28](index=28&type=chunk) - Certain amendments to accounting standards issued by the Hong Kong Institute of Certified Public Accountants became effective for the first time in the current accounting period but did not have a significant impact on the Group's consolidated financial position and performance[29](index=29&type=chunk)[31](index=31&type=chunk) [Statement of Compliance](index=7&type=section&id=Statement%20of%20compliance) - The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards and the disclosure requirements of the GEM Listing Rules[19](index=19&type=chunk)[23](index=23&type=chunk) [Basis of Preparation of the Consolidated Financial Statements](index=8&type=section&id=Basis%20of%20preparation%20of%20the%20consolidated%20financial%20statements) - The preparation of consolidated financial statements involves management's judgments, estimates, and assumptions, which are based on historical experience and reasonable factors, and actual results may differ from these estimates[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Changes in Accounting Policies](index=9&type=section&id=Changes%20in%20accounting%20policies) - The Group has adopted amendments to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7 issued by the Hong Kong Institute of Certified Public Accountants, but these changes have not had a significant impact on the Group's financial position and performance[29](index=29&type=chunk)[31](index=31&type=chunk) [Possible Impact of Amendments, New Standards and Interpretations Issued But Not Yet Effective for the Year Ended 30 June 2025](index=10&type=section&id=POSSIBLE%20IMPACT%20OF%20AMENDMENTS%2C%20NEW%20STANDARDS%20AND%20INTERPRETATIONS%20ISSUED%20BUT%20NOT%20YET%20EFFECTIVE%20FOR%20THE%20YEAR%20ENDED%2030%20JUNE%202025) The HKICPA has issued several new standards and amendments not yet effective, among which HKFRS 18 'Presentation and Disclosure in Financial Statements' is expected to impact future financial statement presentation and disclosure, and the Group is currently assessing its specific effects - HKFRS 18 'Presentation and Disclosure in Financial Statements' will replace HKAS 1, introducing presentation requirements for designated categories and subtotals in the statement of profit or loss and improving disclosure information[36](index=36&type=chunk)[39](index=39&type=chunk) - HKFRS 18 will be effective for annual periods beginning on or after **January 1, 2027**, and the Group is currently assessing its specific impact on the consolidated financial statements[37](index=37&type=chunk)[39](index=39&type=chunk) [Revenue and Segment Reporting](index=12&type=section&id=REVENUE%20AND%20SEGMENT%20REPORTING) The Group's revenue primarily derives from environmental and cleaning services and money lending business. The Group is divided into three reportable segments: environmental and cleaning, money lending, and investment, based on business nature, with revenue and assets also segmented by geographical region Revenue Sources (HKD Thousand) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Environmental and cleaning services income | 497,523 | 485,387 | | Interest income from money lending business | 4,907 | 2,687 | | **Total Revenue** | **502,430** | **488,074** | - The Group's operating segments include environmental and cleaning, money lending, and investment, with each segment offering different products and services and employing distinct business strategies[47](index=47&type=chunk)[49](index=49&type=chunk) [Revenue Breakdown](index=12&type=section&id=Revenue%20Breakdown) - Environmental and cleaning services income is the Group's primary revenue source, with interest income from the money lending business also showing growth[43](index=43&type=chunk) [Segment Reporting Details](index=13&type=section&id=Segment%20Reporting%20Details) 2025 Reportable Segment Revenue and Profit/(Loss) (HKD Thousand) | Segment | Revenue | Profit/(Loss) | | :--- | :--- | :--- | | Environmental and cleaning | 497,523 | 10,023 | | Investment | – | 149 | | Money lending | 4,907 | (4,081) | | **Total** | **502,430** | **6,091** | 2025 Segment Assets and Liabilities (HKD Thousand) | Segment | Assets | Liabilities | | :--- | :--- | :--- | | Environmental and cleaning | 186,136 | (79,510) | | Investment | 1,520 | (18) | | Money lending | 73,917 | (10,280) | | **Total** | **299,463** | **(108,829)** | [Geographical Information and Major Customers](index=17&type=section&id=Geographical%20Information%20and%20Major%20Customers) Revenue by Geographical Region (HKD Thousand) | Region | 2025 Revenue | 2024 Revenue | | :--- | :--- | :--- | | Hong Kong | 480,568 | 468,208 | | PRC | 21,862 | 19,866 | | **Total** | **502,430** | **488,074** | Major Customer Revenue (HKD Thousand) | Customer | 2025 Revenue | 2024 Revenue | | :--- | :--- | :--- | | Customer A | 66,283 | 54,266 | | Customer B | 51,851 | 55,302 | | Customer C | 50,867 | 49,057 | [Other Income, Other Gains and Other Losses and Impairments](index=18&type=section&id=OTHER%20INCOME%2C%20OTHER%20GAINS%20AND%20OTHER%20LOSSES%20AND%20IMPAIRMENTS) In FY2025, the Group recorded other income of HKD 0.334 million and other gains of HKD 0.143 million, but other losses and impairments amounted to HKD 13.536 million, primarily from impairment losses on loans and interest receivables and revaluation losses on property, plant and equipment Other Income, Gains and Losses (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Other income | 334 | 258 | | Other gains | 143 | 1,508 | | Other losses and impairments | (13,536) | (10,789) | | **Total** | **(13,059)** | **(9,023)** | - Impairment loss on loans and interest receivables shifted from a reversal of **HKD 1.471 million** in 2024 to a loss of **HKD 7.823 million** in 2025[63](index=63&type=chunk) - Revaluation loss on property, plant and equipment decreased from **HKD 10.752 million** in 2024 to **HKD 5.704 million** in 2025[63](index=63&type=chunk) [Loss Before Taxation](index=19&type=section&id=LOSS%20BEFORE%20TAXATION) The Group's loss before taxation for FY2025 was HKD 6.082 million, widening from HKD 3.565 million in 2024, primarily impacted by finance costs, staff costs, and other operating expenses Finance Costs (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank loans | 586 | 689 | | Interest on lease liabilities | 80 | 129 | | **Total** | **666** | **818** | Staff Costs (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Salaries, wages and other benefits | 244,553 | 250,458 | | Contributions to defined contribution retirement schemes | 7,631 | 8,549 | | Provision for long service payments | 778 | 919 | | **Total** | **252,962** | **259,926** | Other Items (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Auditor's remuneration | 888 | 863 | | Cost of consumables | 7,250 | 8,315 | | Depreciation of property, plant and equipment | 2,835 | 3,064 | | Depreciation of right-of-use assets | 1,782 | 1,851 | | Short-term lease related expenses | 263 | 924 | | Net foreign exchange (gain)/loss | (46) | 13 | | Written off of property, plant and equipment | 1 | 36 | [Income Tax](index=20&type=section&id=INCOME%20TAX) The Group's income tax expense for FY2025 was HKD 1.219 million, primarily from Hong Kong profits tax and PRC enterprise income tax. Hong Kong profits tax is calculated at 16.5%, with a two-tiered tax rate applicable to some subsidiaries. PRC subsidiaries are subject to a 25% enterprise income tax Income Tax Expense (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current tax – Hong Kong profits tax | 1,025 | 1,196 | | Current tax – PRC enterprise income tax | 100 | 68 | | Deferred tax deduction/(credit) | 94 | (69) | | **Income Tax Expense** | **1,219** | **1,195** | - Hong Kong profits tax is calculated at **16.5%**, with the first **HKD 2 million** of assessable profits for certain eligible subsidiaries taxed at **8.25%**[69](index=69&type=chunk)[70](index=70&type=chunk) - PRC subsidiaries are subject to a **25%** enterprise income tax, and unremitted profits generated from **January 1, 2008**, onwards are subject to a **5% or 10%** withholding income tax, though no deferred tax liability is currently recognized[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) [Dividend](index=22&type=section&id=DIVIDEND) The Board does not recommend the payment of any dividend for the year ended June 30, 2025, consistent with the previous year - The Board does not recommend a final dividend for FY2025 (FY2024: none)[6](index=6&type=chunk)[80](index=80&type=chunk)[83](index=83&type=chunk) [Loss Per Share](index=22&type=section&id=LOSS%20PER%20SHARE) For the year ended June 30, 2025, basic loss per share was 1.27 HK cents, widening from 0.81 HK cents last year. Diluted loss per share is the same as basic loss per share due to the absence of potential dilutive ordinary shares Loss Per Share (HK cents) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | (1.27) | (0.81) | - Loss per share is calculated based on the loss attributable to owners of the Company of **HKD 6.851 million** and a weighted average of **540 million** ordinary shares outstanding[81](index=81&type=chunk)[84](index=84&type=chunk) - As the Company had no potential dilutive ordinary shares during the reporting year, diluted loss per share is the same as basic loss per share[82](index=82&type=chunk)[85](index=85&type=chunk) [Property, Plant and Equipment](index=23&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) As of June 30, 2025, the Group's carrying amount of property, plant and equipment was HKD 41.338 million, a decrease from the previous year. A revaluation loss of HKD 5.704 million was recorded during the year, primarily due to declining commercial property prices in Hong Kong Carrying Amount of Property, Plant and Equipment (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Carrying amount | 41,338 | 47,290 | - A revaluation loss on property, plant and equipment of **HKD 5.704 million** (2024: HKD 10.752 million) was recorded during the year, primarily reflecting the decline in Hong Kong commercial property market prices[87](index=87&type=chunk)[90](index=90&type=chunk)[175](index=175&type=chunk) - The Group has pledged land and buildings with a carrying amount of **HKD 35.72 million** to secure bank financing and performance guarantees[97](index=97&type=chunk)[98](index=98&type=chunk) [Trade Receivables](index=26&type=section&id=TRADE%20RECEIVABLES) As of June 30, 2025, the Group's net trade receivables amounted to HKD 99.966 million, an increase from the previous year. Most receivables are due within 30 days Trade Receivables (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net trade receivables | 99,966 | 94,366 | Ageing Analysis of Trade Receivables (HKD Thousand) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | 0–30 days | 73,187 | 68,660 | | 31–60 days | 24,879 | 16,993 | | 61–90 days | 379 | 7,696 | | Over 90 days | 1,521 | 1,017 | [Loans and Interest Receivables](index=27&type=section&id=LOANS%20AND%20INTEREST%20RECEIVABLES) As of June 30, 2025, the Group's net loans and interest receivables were HKD 30.519 million, a decrease from the previous year. During the year, the Group recognized an impairment loss of HKD 7.823 million, reflecting defaults by some borrowers due to economic challenges Net Loans and Interest Receivables (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total loans and interest receivables | 90,048 | 88,180 | | Less: Loss allowance | (59,529) | (51,576) | | **Net loans and interest receivables** | **30,519** | **36,604** | - Loans receivable bear interest at annual rates ranging from **6.00% to 24.00%**[107](index=107&type=chunk)[108](index=108&type=chunk) - The Group recognized an impairment loss on loans and interest receivables of **HKD 7.823 million** in FY2025, compared to a reversal of **HKD 1.471 million** in FY2024, primarily due to defaults by some borrowers facing economic difficulties[63](index=63&type=chunk)[160](index=160&type=chunk)[168](index=168&type=chunk) [Ageing Analysis](index=28&type=section&id=Ageing%20analysis) Ageing Analysis of Loans and Interest Receivables (HKD Thousand) | Ageing | 2025 Loan Portion | 2025 Interest Portion | 2024 Loan Portion | 2024 Interest Portion | | :--- | :--- | :--- | :--- | :--- | | Current (not overdue) | 19,647 | 1,598 | 35,423 | 1,479 | | Overdue less than one month | 5,476 | 316 | – | – | | Overdue one to twelve months | 10,952 | 679 | 4,983 | 249 | | Overdue over twelve months | 49,281 | 2,099 | 44,201 | 1,845 | | Less: Loss allowance | (56,433) | (3,096) | (49,478) | (2,098) | | **Net** | **28,923** | **1,596** | **35,129** | **1,475** | [Credit Quality Analysis](index=29&type=section&id=Credit%20quality%20analysis) - The credit-impaired loans receivable show a larger proportion of amounts overdue for over **12 months**, reflecting the impact of economic downturns on borrowers' repayment capabilities[115](index=115&type=chunk) [Trade Payables](index=30&type=section&id=TRADE%20PAYABLES) As of June 30, 2025, the Group's trade payables were HKD 28.233 million, a decrease from the previous year. Most payables are due within 30 days Trade Payables (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Trade payables | 28,233 | 35,707 | Ageing Analysis of Trade Payables (HKD Thousand) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | 0–30 days | 27,811 | 30,751 | | 31–60 days | 208 | 853 | | 61–90 days | – | 2,849 | | Over 90 days | 214 | 1,254 | [Bank Loans](index=30&type=section&id=BANK%20LOANS) As of June 30, 2025, the Group's total bank loans amounted to HKD 18.315 million, a decrease from the previous year. These loans are secured by the Group's land and buildings and corporate guarantees Bank Loan Maturity (HKD Thousand) | Maturity | 2025 | 2024 | | :--- | :--- | :--- | | Within one year | 1,104 | 1,023 | | After one year but within two years | 1,136 | 1,059 | | After two years but within five years | 3,611 | 3,409 | | Over five years | 12,464 | 13,875 | | **Total** | **18,315** | **19,366** | - Bank loans are secured by the Group's land and buildings with a carrying amount of **HKD 35.72 million** and corporate guarantees from the Company and a subsidiary[118](index=118&type=chunk) [Share Capital](index=31&type=section&id=SHARE%20CAPITAL) As of June 30, 2025, the Group's authorized share capital was HKD 100 million, and issued and fully paid share capital was HKD 5.4 million, with a par value of HKD 0.01 per share, and the number of shares remained unchanged Share Capital Structure (HKD Thousand) | Metric | Number of Shares ('000) | Amount (HKD Thousand) | | :--- | :--- | :--- | | Authorised ordinary shares (HKD 0.01 per share) | 10,000,000 | 100,000 | | Issued and fully paid ordinary shares (HKD 0.01 per share) | 540,000 | 5,400 | [Business Review](index=32&type=section&id=Business%20Review) [Business Overview](index=32&type=section&id=Business%20Overview) The Group's principal businesses include environmental and cleaning services in Hong Kong and the PRC, money lending in Hong Kong and the PRC, and investments in financial assets of companies listed on the Stock Exchange - Environmental and cleaning services cover a range of areas including public spaces, offices, kitchen cleaning, exterior wall cleaning, pest control, waste management, and housekeeping services[121](index=121&type=chunk)[125](index=125&type=chunk) - The money lending business operates in Hong Kong and the PRC, aiming to enhance capital returns and generate income for shareholders[122](index=122&type=chunk)[126](index=126&type=chunk) - Investments in financial assets primarily include shares of companies listed on the Stock Exchange, recognized at fair value through profit or loss[123](index=123&type=chunk)[127](index=127&type=chunk) [Environmental and Cleaning Services in Hong Kong](index=32&type=section&id=Environmental%20and%20Cleaning%20Services%20in%20Hong%20Kong) Revenue from Hong Kong environmental and cleaning services grew by 2.6% to HKD 479.8 million, primarily driven by new service contracts in commercial and government sectors. This business recorded a net profit of HKD 6.9 million, an increase from the previous year Revenue from Hong Kong Environmental and Cleaning Services (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 479,772 | 467,462 | | YoY growth | +2.6% | | - New service contracts in the commercial and government sectors were the primary drivers of revenue growth[135](index=135&type=chunk)[136](index=136&type=chunk) Net Profit from Hong Kong Environmental and Cleaning Services (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net profit | 6,900 | 5,400 | | YoY growth | +27.8% | | [Revenue by Service Sector](index=33&type=section&id=Revenue%20by%20Service%20Sector) Revenue by Service Sector (HKD Thousand) | Service Sector | 2025 Revenue | 2025 Percentage | 2024 Revenue | 2024 Percentage | | :--- | :--- | :--- | :--- | :--- | | Commercial | 155,484 | 32.4% | 148,872 | 31.8% | | Residential | 137,346 | 28.6% | 134,525 | 28.8% | | Hotel | 15,105 | 3.2% | 14,441 | 3.1% | | Transportation | 90,433 | 18.8% | 91,975 | 19.7% | | Government | 75,156 | 15.7% | 68,715 | 14.7% | | Others | 6,248 | 1.3% | 8,934 | 1.9 | | **Total** | **479,772** | **100.0%** | **467,462** | **100.0%** | - Commercial and residential service contracts are the main revenue sources for Hong Kong environmental and cleaning services, with government service contracts showing significant growth in contribution[135](index=135&type=chunk)[136](index=136&type=chunk) [Results](index=34&type=section&id=Results) - The increase in net profit for Hong Kong environmental and cleaning business was primarily due to new service projects during the year, although some client service contracts saw price reductions upon renewal[138](index=138&type=chunk)[143](index=143&type=chunk) [Environmental and Cleaning Services in Shanghai, PRC](index=34&type=section&id=Environmental%20and%20Cleaning%20Services%20in%20Shanghai%2C%20PRC) Shanghai operations revenue slightly decreased to HKD 17.8 million and recorded a net loss of HKD 0.2 million. Despite maintaining profit margins on existing contracts, no new service contracts were secured due to intense low-price bidding competition Financial Performance of Shanghai Environmental and Cleaning Services (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 17,800 | 17,900 | | Net loss | (200) | (200) | - Shanghai operations faced intense low-price bidding competition for cleaning service contracts, failing to secure new service contracts[139](index=139&type=chunk)[144](index=144&type=chunk) [Money Lending Business](index=34&type=section&id=Money%20Lending%20Business) The money lending business aims to enhance capital returns, primarily providing secured and unsecured loans to individual and corporate clients in Hong Kong and the PRC. The Group adopts a prudent approach, strengthening credit risk assessment and post-loan monitoring. During the year, both interest income and operating profit increased, but higher impairment losses were also recognized due to economic challenges - The Group primarily provides term loans, loan financing, and mortgage loans to individual and corporate clients in Hong Kong and the PRC[141](index=141&type=chunk)[145](index=145&type=chunk) - The Group implements stringent credit risk assessment procedures, including background checks, anti-money laundering assessments, client creditworthiness evaluations, and post-loan monitoring[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - In case of delayed payments, the Group will immediately contact borrowers and take legal action, including applying for winding-up to recover loans[152](index=152&type=chunk)[154](index=154&type=chunk)[164](index=164&type=chunk) [Size and Diversity of Borrowers](index=36&type=section&id=Size%20and%20Diversity%20of%20Borrowers) - As of **June 30, 2025**, the Group had **8 outstanding loans** with a total principal amount of approximately **HKD 85.4 million**, primarily distributed among Hong Kong corporate, Hong Kong individual, and PRC individual borrowers[153](index=153&type=chunk)[155](index=155&type=chunk) Summary of Outstanding Loans (HKD Thousand) | Borrower | Identity | Location | Outstanding Principal Amount | Impairment | Net Outstanding Principal Amount | Percentage of Total Net Amount | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Borrower B | Individual | PRC | 10,952 | (7,118) | 3,834 | 13.3% | | Borrower C | Individual | Hong Kong | 6,500 | – | 6,500 | 22.5% | | Borrower D | Individual | PRC | 5,476 | – | 5,476 | 18.9% | | Borrower E | Individual | PRC | 5,082 | (5,082) | – | 0.0% | | Borrower F | Individual | Hong Kong | 22,000 | (22,000) | – | 0.0% | | Borrower G | Corporate | Hong Kong | 22,200 | (22,200) | – | 0.0% | | Borrower I | Individual | PRC | 3,286 | (6) | 3,280 | 11.3% | | Borrower J | Individual | PRC | 9,860 | (27) | 9,833 | 34.0% | | **Total** | | | **85,356** | **(56,433)** | **28,923** | | - Due to economic challenges in Hong Kong and the PRC, some borrowers faced financial difficulties, leading to failure to repay loans and interest on time, prompting the Group to recognize impairment losses on these loans[159](index=159&type=chunk)[160](index=160&type=chunk)[168](index=168&type=chunk) [Expected Credit Loss (ECL) Allowances Analysis](index=41&type=section&id=ECL%20Allowances%20Analysis) Changes in Expected Credit Loss (ECL) Allowances (HKD Thousand) | Stage | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Stage 1 | 34 | 298 | | Stage 2 | – | – | | Stage 3 | 59,495 | 51,278 | | **Total** | **59,529** | **51,576** | - Expected credit loss allowances for Stage 3 (credit-impaired) significantly increased, reflecting the Group's prudent assessment and full impairment recognition for overdue loans[168](index=168&type=chunk)[170](index=170&type=chunk) [Financial Performance](index=42&type=section&id=Financial%20Performance) Financial Performance of Money Lending Business (HKD Thousand) | Metric | 2025 | 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Interest income | 4,900 | 2,700 | +81.5% | | Operating profit (excluding ECL allowance) | 3,100 | 1,100 | +181.8% | - The increase in interest income and operating profit was primarily due to an increase in average loan balances and higher average interest rates upon renewal of some loans[171](index=171&type=chunk)[174](index=174&type=chunk) [Properties in Hong Kong](index=42&type=section&id=Properties%20in%20Hong%20Kong) Due to a gradual decline in Hong Kong commercial property market prices since 2023, the Group recorded a revaluation loss of approximately HKD 5.7 million on commercial properties as of June 30, 2025 Revaluation Loss on Commercial Properties (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revaluation loss | (5,700) | (10,800) | - Hong Kong commercial property market prices and confidence have gradually declined since **2023**, leading to revaluation losses[172](index=172&type=chunk)[175](index=175&type=chunk) [Investments in Financial Assets](index=42&type=section&id=Investments%20in%20Financial%20Assets) The Group continuously reviews its investment portfolio to generate reasonable returns. In FY2025, a net unrealized fair value gain of approximately HKD 0.144 million was recorded, primarily from investments in shares of companies listed on the Stock Exchange Market Value of Financial Asset Investments (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Market value of financial assets | 548 | 405 | Unrealized Fair Value Gain on Financial Assets (HKD) | Share Name (Stock Code) | Unrealized Fair Value Gain | | :--- | :--- | | Alibaba Group Holding Limited (9988) | 11,790 | | Meituan (3690) | 1,420 | | Tencent Holdings Limited (700) | 130,600 | - The Group's investment strategy involves continuously reviewing its investment portfolio and making adjustments based on market conditions to generate reasonable returns[173](index=173&type=chunk)[176](index=176&type=chunk) [Outlook](index=44&type=section&id=Outlook) [Environmental and Cleaning Services in Hong Kong Outlook](index=44&type=section&id=Environmental%20and%20Cleaning%20Services%20in%20Hong%20Kong) Increased competition in Hong Kong's labor market and a rise in the statutory minimum wage have led to higher labor costs and increased turnover. The Group will address these challenges by passing on costs, improving efficiency, strengthening marketing and expanding service offerings - The increase in the statutory minimum wage has intensified labor market competition, leading to higher labor costs and increased turnover rates[180](index=180&type=chunk)[181](index=181&type=chunk) - The Group plans to pass on increased labor costs to clients, implement more efficient work processes, and enforce stringent cost controls[181](index=181&type=chunk) - The Group will strengthen marketing efforts, expand its market share in commercial and residential sectors, and explore new environmental and cleaning services to offer one-stop solutions[182](index=182&type=chunk)[186](index=186&type=chunk) [Environmental and Cleaning Services in the PRC Outlook](index=45&type=section&id=Environmental%20and%20Cleaning%20Services%20in%20the%20PRC) Shanghai operations are not expected to significantly improve in the next financial year, but management will enhance marketing strategies, attract new clients, and implement more efficient workflows and cost controls - Shanghai operations are not expected to significantly improve in the next financial year, but management will enhance marketing strategies and implement stricter cost controls[183](index=183&type=chunk)[187](index=187&type=chunk) [Money Lending Business Outlook](index=45&type=section&id=Money%20Lending%20Business) Facing the threat of economic recession in Hong Kong and the PRC, the Group will continue to strengthen risk management policies, streamline its loan portfolio, and adopt a prudent and conservative approach, approving only borrowers with sound financial capabilities - The Group will strengthen risk management policies and streamline its loan portfolio to mitigate risks associated with high-risk loans[184](index=184&type=chunk)[188](index=188&type=chunk) - A prudent and conservative approach will continue to be adopted, considering and approving only borrowers with sound financial capabilities in the future[184](index=184&type=chunk)[188](index=188&type=chunk) [Investments in Financial Assets Outlook](index=45&type=section&id=Investments%20in%20Financial%20Assets) The Group will continue to adopt a prudent and conservative investment strategy, only considering and investing in Stock Exchange-listed companies with promising value prospects in the future - The Group will continue to adopt a prudent and conservative investment strategy, only considering and investing in Stock Exchange-listed companies with promising value prospects in the future[185](index=185&type=chunk)[189](index=189&type=chunk) [Financial Review](index=46&type=section&id=Financial%20Review) [Revenue](index=46&type=section&id=Revenue) In FY2025, the Group's total revenue was approximately HKD 502.4 million, a 2.9% year-on-year increase, primarily driven by growth in Hong Kong environmental and cleaning services and increased interest income from the money lending business Revenue Overview (HKD Thousand) | Metric | 2025 | 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Total revenue | 502,400 | 488,100 | +2.9% | - Revenue growth primarily stemmed from the Hong Kong environmental and cleaning services business (an increase of **HKD 12.3 million**) and interest income from the money lending business (an increase of **HKD 2.2 million**)[190](index=190&type=chunk)[196](index=196&type=chunk) [Other Income, Other Gains and Other Losses and Impairment](index=46&type=section&id=Other%20Income%2C%20Other%20Gains%20and%20Other%20Losses%20and%20Impairment) The Group's other income, gains, and losses were primarily affected by revaluation losses on commercial properties (HKD 5.7 million) and impairment losses on loans and interest receivables from the money lending business (HKD 7.8 million) - Primarily includes revaluation losses on commercial properties of approximately **HKD 5.7 million** (2024: HKD 10.8 million)[191](index=191&type=chunk)[197](index=197&type=chunk) - Impairment losses on loans and interest receivables from the money lending business of approximately **HKD 7.8 million** (2024: net reversal of approximately HKD 1.5 million)[191](index=191&type=chunk)[197](index=197&type=chunk) [Selling, Marketing Expenses and Administrative Expenses](index=46&type=section&id=Selling%2C%20Marketing%20Expenses%20and%20Administrative%20Expenses) In FY2025, selling, marketing, and administrative expenses increased by approximately HKD 1 million to HKD 28.3 million, mainly due to increased advertising, promotion, travel, and general office expenses at the Group's headquarters Selling, Marketing and Administrative Expenses (HKD Thousand) | Metric | 2025 | 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Selling, marketing and administrative expenses | 28,300 | 27,300 | +1,000 | - The increase was primarily due to higher advertising and promotion expenses, travel expenses, and general office expenses at the Group's headquarters[192](index=192&type=chunk)[198](index=198&type=chunk) [Dividend](index=46&type=section&id=Dividend) The Board does not recommend the payment of any dividend for the year ended June 30, 2025 - The Board does not recommend a dividend for FY2025[193](index=193&type=chunk)[199](index=199&type=chunk) [Capital Structure and Fund Raising Activities](index=46&type=section&id=Capital%20Structure%20and%20Fund%20Raising%20Activities) The Company's shares are listed on GEM of the Stock Exchange, and its share capital comprises solely ordinary shares - The Company's shares are listed on GEM of the Stock Exchange, and its share capital comprises solely ordinary shares[194](index=194&type=chunk)[200](index=200&type=chunk) [Liquidity and Financial Resources](index=46&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity position is strong and robust, with increased cash and cash equivalents, and healthy net current assets and current ratio. The gearing ratio slightly increased Liquidity Overview (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 110,900 | 103,200 | | Net current assets | 135,500 | 131,000 | | Current ratio | 2.3 times | 2.3 times | Gearing Ratio | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total interest-bearing borrowings | 20,638 | 20,941 | | Total equity | 190,633 | 196,809 | | Gearing ratio | 10.83% | 10.64% | - The Board believes the Group's financial position is strong and robust, with sufficient resources to support operations and meet capital expenditures[205](index=205&type=chunk)[208](index=208&type=chunk) [Charges on the Group's Assets](index=47&type=section&id=Charges%20on%20the%20Group's%20Assets) As of June 30, 2025, approximately HKD 5.8 million in bank deposits and HKD 35.7 million in properties were pledged to banks as collateral for bank guarantees and bank financing - Approximately **HKD 5.8 million** in bank deposits has been pledged to banks as collateral for bank guarantees for performance bonds and bank financing[206](index=206&type=chunk)[209](index=209&type=chunk) - Properties with a carrying amount of approximately **HKD 35.7 million** have been pledged to banks as collateral for bank loans, bank guarantees for performance bonds, and bank financing[207](index=207&type=chunk)[209](index=209&type=chunk) [Foreign Exchange Exposure](index=48&type=section&id=Foreign%20Exchange%20Exposure) The Group's primary operations are in Hong Kong, with most transactions denominated in HKD. Fluctuations in RMB against HKD from PRC operations pose foreign exchange risk, but volatility was moderate during the period, and the Group will review and hedge currency risks periodically - The Group's principal operations are located in Hong Kong, with most transactions, assets, and liabilities denominated in Hong Kong Dollars[210](index=210&type=chunk)[214](index=214&type=chunk) - Fluctuations in the RMB against HKD arising from PRC environmental and cleaning services and money lending businesses pose foreign exchange risk, but volatility was moderate during the period[210](index=210&type=chunk)[214](index=214&type=chunk) - The Group will review and monitor currency risks from time to time and hedge when appropriate[210](index=210&type=chunk)[214](index=214&type=chunk) [Information on Employees](index=48&type=section&id=Information%20on%20Employees) As of year-end, the Group had 1,262 employees, a decrease from the previous year. The Group offers competitive remuneration and benefits, along with training, with total staff costs for FY2025 amounting to approximately HKD 253 million Number of Employees and Staff Costs (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 1,262 | 1,329 | | Total staff costs | 253,000 | 260,000 | - The Group's remuneration practices are market-aligned, determined by performance, qualifications, and experience, and include competitive compensation plans and training[211](index=211&type=chunk)[215](index=215&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, and Future Plans for Material Investments or Capital Assets & Capital Expenditure](index=48&type=section&id=Significant%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets%20%26%20Capital%20Expenditure) As of June 30, 2025, the Group held no significant investments, nor did it undertake any material acquisitions or disposals of subsidiaries. Capital expenditure for FY2025 primarily involved the acquisition of plant and equipment totaling approximately HKD 2.6 million, funded by operating activities - As of **June 30, 2025**, the Group held no significant investments, nor did it undertake any material acquisitions or disposals of subsidiaries[212](index=212&type=chunk)[216](index=216&type=chunk) - Capital expenditure for FY2025 primarily involved the acquisition of plant and equipment totaling approximately **HKD 2.6 million**, funded by operating activities[213](index=213&type=chunk)[217](index=217&type=chunk) [Other Information](index=49&type=section&id=Other%20Information) [Contingent Liabilities](index=49&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group's contingent liabilities primarily included performance guarantees for environmental and cleaning service contracts, secured by bank deposits, property pledges, and corporate guarantees. Additionally, employee personal injury lawsuits involving the Group have been accounted for in the financial statements and are covered by insurance Performance Guarantee (HKD Thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Performance guarantee | 26,264 | 23,569 | - Performance guarantees are secured by restricted bank deposits of approximately **HKD 5.8 million**, properties of approximately **HKD 35.7 million**, and corporate guarantees[220](index=220&type=chunk)[223](index=223&type=chunk) - Employee personal injury lawsuits involving the Group have been accounted for in the consolidated financial statements and are covered by insurance, with the Directors believing there are no significant contingent liabilities[222](index=222&type=chunk)[224](index=224&type=chunk) [Purchase, Sale or Redemption of Shares](index=50&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20SHARES) For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any shares - In FY2025, neither the Company nor its subsidiaries engaged in any share purchases, sales, or redemptions[226](index=226&type=chunk)[230](index=230&type=chunk) [Corporate Governance Practices](index=50&type=section&id=CORPORATE%20GOVERNANCE%20PRACTICES) The Company is committed to maintaining high standards of corporate governance and complies with the GEM Listing Rules' Corporate Governance Code, with two deviations: the roles of Chairman and Chief Executive are not segregated, and non-executive directors do not have specific terms of appointment - The Company complies with the Corporate Governance Code, but the roles of Chairman and Chief Executive are held by the same individual, and non-executive directors do not have specific terms of appointment[228](index=228&type=chunk)[231](index=231&type=chunk)[233](index=233&type=chunk) - The Board believes the existing oversight mechanisms are sufficient to protect shareholders' interests, and non-executive directors are subject to retirement by rotation and re-election[233](index=233&type=chunk) [Audit Committee](index=50&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting principles, practices, and consolidated financial statements, deeming them compliant with applicable accounting standards and GEM Listing Rules - The Audit Committee, composed of **three independent non-executive directors**, has reviewed the Group's accounting principles and consolidated financial statements[229](index=229&type=chunk)[232](index=232&type=chunk) - The Audit Committee believes the consolidated financial statements comply with applicable accounting standards and GEM Listing Rules, and adequate disclosures have been made[229](index=229&type=chunk)[232](index=232&type=chunk) [Review of Preliminary Announcement](index=51&type=section&id=REVIEW%20OF%20PRELIMINARY%20ANNOUNCEMENT) The Group's auditor, TMF Hong Kong CPA Limited, has agreed that the data in the preliminary announcement is consistent with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no assurance is provided on the preliminary announcement - The Group's auditor has agreed that the preliminary announcement data is consistent with the audited consolidated financial statements[234](index=234&type=chunk)[236](index=236&type=chunk) - The auditor's work does not constitute an assurance engagement, therefore no assurance is provided on the preliminary announcement[234](index=234&type=chunk)[236](index=236&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Okura Holdings Limited （於香港註冊成立的有限公司） （股份代號：01655） 截至2025年6月30日止年度 全年業績公告 財務摘要 附註： 以上百分比上升╱下跌指關於日圓（「日圓」）金額的變動。 – 1 – • 2025財年的總投注增加約2.2%至約32,556百萬日圓（2024財年：約31,850百萬日圓）。 • 2025財年的收入減少約1.3%至約6,396百萬日圓（2024財年：約6,483百萬日圓）。 • 2025財年的經營利潤減少約31.6%至約1,366百萬日圓（2024財年：約1,996百萬日 圓）。 • 2025財年的除所得稅前利潤減少約32.5%至約1,286百萬日圓（2024財年：約1,904百 萬日圓）。 • 2025財年歸屬於本公司股東的年度利潤減少約34.3%至約1,342百萬日圓（2024財年： 約2,044百萬日圓）。 • 2025財年的基本及攤薄每 ...

HONGCHENG ENVIRONMENTAL TECHNOLOGY COMPANY LIMITED 鴻 承 環 保 科 技 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （ 於 開曼群島 註 冊 成 立 的 有 限 公 司 ） Stock code 股 份 代 號 : 2265 2025 INTERIM REPORT 中 期 報 告 2 Corporate Information 公司資料 5 Financial Performance Highlights 財務業績摘要 6 Management Discussion and Analysis 管理層討論與分析 16 Corporate Governance and Other Information 企業管治及其他資料 25 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表 27 Condensed Consolidated Statement of Financial Positi ...

制 目錄 賦能亞洲工業未來 中期报告2025 億 仕 登 運 動 控 億 仕 登 系 統 億 仕 登 軟 體 億 仕 登 精 密 製 造 億 仕 登 可 再 生 能 源 公司資料 01 簡要綜合全面收益表 02 簡要綜合財務狀況表 03 簡要綜合權益變動表 04 簡要綜合現金流量表 06 簡要綜合財務報表附註 26 管理層討論及分析 37 其他資料 公司資料 公司註冊號碼 200416788Z 董事 陳順亮 （主席） 張子鈞 孔德揚 Toh Hsiang-Wen Keith 蘇健興 王素玲 註冊辦事處 101 Defu Lane 10 Singapore 539222 聯席公司秘書 鄞鐘毓 法律 （榮譽） 學士 1 Robinson Road #18-00 AIA Tower Singapore 048542 王素玲 （主席） 蘇健興 陳順亮 新加坡股份過戶登記總處 董穎怡 (特許秘書) 香港 北角 電氣道148號31樓中環 審核委員會 王素玲 （主席） 蘇健興 陳順亮 薪酬委員會 蘇健興 （主席） 王素玲 陳順亮 提名委員會 蘇健興 （主席） 王素玲 張子鈞 風險管理委員會 Boardroom Corpor ...

A Share Stock Code A股份代號：600547 H Share Stock Code H股份代號：1787 （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 2025 INTERIM REPORT 中期報告 2025年半年度報告 1 重要提示 經公司第七屆董事會第二次會議決議，公司2025年半年度擬以實施權益分派股權登記日登記的總股本為基數分配 利潤，向全體股東每10股派發現金紅利人民幣1.80元（含稅）。截至2025年8月27日，公司總股本4,473,429,525 股，以此為基數計算擬派發現金紅利人民幣805,217,314.50元。公司2025年半年度現金分紅金額佔當期扣除永續 債利息後歸屬於上市公司普通股股東淨利潤的31.45%。本次利潤分配不送股，不進行資本公積金轉增股本。 若在實施權益分派的股權登記日前公司總股本發生變動的，擬維持分紅總額不變，相應調整每股分配，並將另行 公告具體調整情況。本次利潤分配方 ...

LONKING HOLDINGS LIMITED 中國龍工控股有限公司* ( 於開曼群島註冊成立之有限公司 ) 股份代號 : 3339 中期報告 2025 INTERIM REPORT 2025 LONKING HOLDINGS LIMITED 中國龍工控股有限公司* (Incorporated in the Cayman Islands with limited liability) Stock Code : 3339 中國龍工控股有限公司 中期報告2025 | | 目錄 | | --- | --- | | 財務摘要 | 2 | | 中期簡明綜合財務資料審閱報告 | 4 | | 中期簡明綜合： | | | 損益表 | 6 | | 全面收入報表 | 7 | | 財務狀況表 | 8 | | 權益變動表 | 11 | | 現金流量表 | 13 | | 中期簡明綜合財務資料附註 | 15 | | 管理層討論及分析 | 37 | | 企業管治 | 44 | | 投資者關係管理 | 47 | | 權益披露 | 48 | | 其他資料 | 50 | | 公司資料 | 51 | 1 3 中國龍工控股有限公司 中期報告202 ...