深 圳 市 優 必 選 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：9880） 截 至2025年6月30日止六個月之 中期業績公告 深 圳 市 優 必 選 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」、「我 們」或「優必選」）截 至 2025年6月30日 止 六 個 月（「報告期間」）之 未 經 審 計 綜 合 中 期 業 績，連 同2024 年 同 期 之 比 較 數 字。 – 1 – 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 UBTECH ROBOTICS CORP LTD 財務概要 | | | | | | | | | | | | | | | | 截 | | | 至6月30日止六個月 | | | | --- | --- | ...

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's H1 2025 loss widened to HK$26,747 thousand, mainly from cryptocurrency impairment and administrative expenses, but revaluation gains led to positive total comprehensive income Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 960 | 166 | 794 | +478.3% | | Loss on disposal of cryptocurrencies | (819) | – | (819) | N/A | | Impairment loss recognized on cryptocurrencies | (14,435) | – | (14,435) | N/A | | Net loss from fair value changes of financial assets at fair value through profit or loss | (2,331) | (11,786) | 9,455 | -80.2% | | Administrative and other operating expenses | (10,023) | (7,291) | (2,732) | +37.5% | | Loss before income tax | (26,747) | (18,650) | (8,097) | +43.4% | | Loss for the period attributable to owners of the Company | (26,747) | (18,650) | (8,097) | +43.4% | | Revaluation gain on cryptocurrencies | 64,702 | – | 64,702 | N/A | | Total comprehensive income/(expense) for the period attributable to owners of the Company | 37,955 | (18,650) | 56,605 | N/A | | Basic and diluted loss per share (HK cents) | (2.55) | (2.26) | (0.29) | +12.8% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets significantly grew to **HK$220,729 thousand**, primarily from increased cryptocurrency assets, reflecting a strengthened financial position Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 7,158 | 7,169 | (11) | -0.2% | | Current assets | 224,585 | 133,958 | 90,627 | +67.7% | | Of which: Cryptocurrencies | 138,695 | 41,012 | 97,683 | +238.2% | | Of which: Financial assets at fair value through profit or loss | 80,402 | 85,444 | (5,042) | -5.9% | | Current liabilities | 11,014 | 13,468 | (2,454) | -18.2% | | Net current assets | 213,571 | 120,490 | 93,081 | +77.2% | | Net assets | 220,729 | 127,659 | 93,070 | +72.9% | | Total equity | 220,729 | 127,659 | 93,070 | +72.9% | | Net assets per share (HK$) | 0.21 | 0.12 | 0.09 | +75.0% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide comprehensive details on the Group's accounting policies, financial statement preparation, key data changes, cryptocurrency measurement policy, related party transactions, and investment portfolio - The Group's principal business activities involve investing in listed equity securities, unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[7](index=7&type=chunk) - The condensed consolidated financial statements are presented in HK$, with all values rounded to the nearest thousand[7](index=7&type=chunk) - The Board adopted the going concern basis for preparing the financial statements, expecting the Group to have sufficient resources to continue operations in the foreseeable future[7](index=7&type=chunk) [1. General Information and Basis of Preparation](index=5&type=section&id=1.%20General%20Information%20and%20Basis%20of%20Preparation) This section outlines Walnut Capital Limited's registration, principal business (investing in securities and cryptocurrencies), and the preparation basis of condensed consolidated financial statements under HKAS 34 and Listing Rules on a going concern basis - The Company was incorporated in the Cayman Islands and continued in Bermuda, with its shares listed on the Hong Kong Stock Exchange[7](index=7&type=chunk) - The Group's principal business involves investing in listed equity securities, unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[7](index=7&type=chunk) - The financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and presented in HK$[7](index=7&type=chunk) [2. Principal Accounting Policies](index=6&type=section&id=2.%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with certain financial instruments and cryptocurrencies measured at fair value or revalued amounts, and new HKFRS amendments having no material impact - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments and cryptocurrencies measured at fair value or revalued amounts[8](index=8&type=chunk) - Revisions to Hong Kong Financial Reporting Standards were first applied in this interim period but had no material impact on the Group's financial position and performance[9](index=9&type=chunk) [3. Change in Accounting Policy for Measurement of Cryptocurrencies](index=7&type=section&id=3.%20Change%20in%20Accounting%20Policy%20for%20Measurement%20of%20Cryptocurrencies) The Group changed its cryptocurrency measurement policy from the cost model to the revaluation model on May 26, 2025, to better reflect economic substance and financial position, applying this change prospectively without restating comparative figures - The Group changed its cryptocurrency measurement policy from the cost model to the revaluation model on May 26, 2025[10](index=10&type=chunk) - Under the revaluation model, cryptocurrencies are presented at revalued amounts less subsequent accumulated impairment, providing more reliable and relevant financial information[10](index=10&type=chunk) - The change is applied prospectively, and comparative figures for 2024 are not restated[10](index=10&type=chunk) [4. Revenue](index=7&type=section&id=4.%20Revenue) For the six months ended June 30, 2025, the Group's revenue significantly increased to **HK$960 thousand**, primarily due to a substantial rise in interest income, while dividend income and bond interest income decreased or became zero Revenue Sources | Revenue Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest income | 936 | – | 936 | N/A | | Dividend income | 24 | 68 | (44) | -64.7% | | Bond interest income | – | 98 | (98) | -100% | | **Total Revenue** | **960** | **166** | **794** | **+478.3%** | [5. Segment Information](index=8&type=section&id=5.%20Segment%20Information) The Group's chief operating decision maker considers its business to be a single operating segment, investing in various securities and cryptocurrencies, thus no segment information is presented - The chief operating decision maker considers the Group to be a single business segment, hence no segment information is presented[12](index=12&type=chunk) - The Group's principal business activities involve investing in listed equity securities, unlisted equity and debt securities, unlisted investment funds, and cryptocurrencies[12](index=12&type=chunk) [6. Other Income](index=8&type=section&id=6.%20Other%20Income) For the six months ended June 30, 2025, the Group had no other income, compared to **HK$360 thousand** from disposal of property, plant and equipment in the prior period Other Income Sources | Income Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | – | 360 | (360) | -100% | [7. Finance Costs](index=8&type=section&id=7.%20Finance%20Costs) The Group's finance costs for the six months ended June 30, 2025, remained stable at **HK$99 thousand**, entirely attributable to interest on non-convertible bonds Finance Costs Sources | Finance Cost Source | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest on other financial liabilities – non-convertible bonds | 99 | 99 | 0 | 0% | [8. Loss Before Income Tax](index=9&type=section&id=8.%20Loss%20Before%20

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依 賴該等內容而引致的任何損失承擔任何責任。 DIGITAL HOLLYWOOD INTERACTIVE LIMITED 遊萊互動集團有限公司 * 1 • 截至二零二五年六月三十日止六個月（「報告期」）的收入約為4.6百萬美元， 較二零二四年同期錄得的約4.5百萬美元增加約1.3%。 • 報告期的毛利約為2.2百萬美元，較二零二四年同期錄得的約2.0百萬美元增 加約7.4%。 • 於報告期，本公司擁有人應佔虧損約為0.7百萬美元，較二零二四年同期錄 得的約1.9百萬美元減少約63.3%。 • 於報告期，本公司擁有人應佔非國際財務報告會計準則經調整虧損(1)約為 0.7百萬美元，與二零二四年同期錄得的約1.9百萬美元相比減少了63.3%。 管理層討論與分析 業務回顧和未來展望 （於開曼群島註冊成立的有限公司） （股份代號：2022） 截至二零二五年六月三十日止六個月 中期業績公告 財務摘要 在本公告內，「我們」乃指遊萊互動集團有限公司*（「本公司」， ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部 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。 ZHONGCHANG INTERNATIONAL HOLDINGS GROUP LIMITED 中昌國際控股集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：859） 截至二零二五年六月三十日止六個月 未經審核中期業績公佈 中昌國際控股集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董 事」）會（「董事會」）宣佈本集團截至二零二五年六月三十日止六個月（「中期」）之未 經審核綜合中期業績，連同截至二零二四年六月三十日止六個月的比較數字載列 如下。 簡明綜合損益及其他全面收入表 截至二零二五年六月三十日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至 | 截至 | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十 | | | | 止六個月 | 止六個月 | | | 附註 | 千港元 | 千 ...

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。 GLOBAL BIO-CHEM TECHNOLOGY GROUP COMPANY LIMITED 大 成 生 化 科 技 集 團 有 限 公 司 * （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：00809） 截至2025年6月30日止六個月 中期業績公告 於2025年6月30日 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | | 6月30日 | 12月31日 | | | | （未經審核） | （經審核） | | | 附註 | 千港元 | 千港元 | | 非流動資產 | | | | | 物業、廠房及設備 | 10 | 2,146,691 | 2,119,050 | | 使用權資產 | | 292,875 | 290,085 | | 無形資產 | | 2,047 | 2,047 | | 按公允值計入損益（「按公允值計入損 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中信金融資產管理股份有限公司（「本公司」）董事會宣佈本公司及附屬公司截至2025年6 月30日止六個月之未經審計業績。本業績公告符合《香港聯合交易所有限公司證券上市規則》 中有關中期業績初步公告附載的資料之要求。本公司2025年中期報告的印刷版本將於2025年 9月寄發予申請收取印刷本的本公司H股股東，並可於其時在香港聯合交易所有限公司的網站 www.hkexnews.hk及本公司的網站www.famc.citic閱覽。 - 1 - 在本業績公告中，除非文義另有所指，下列詞語具有如下含義： 內資股 本公司股本中每股面值人民幣1.00元的普通股，以人民幣 認購或入賬列作繳足 2025 年中期業績公告 | 目錄 | | --- | | 一、釋義 | | 3 | | --- | --- | --- | | 二、公司基本情況 | | 6 | | 三、財務概要 | | 8 | | 四、管理層討論與分析 | | ...

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。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 截至二零二五年六月三十日止六個月 中期業績公告 山東晨鳴紙業集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司 及其子公司（統稱「本集團」）截至二零二五年六月三十日止六個月之中期業績。 本公告列載本公司二零二五年中期報告（「中期報告」）全文，並符合香港聯合交 易所有限公司證券上市規則有關中期業績初步公告附載的資料之要求。本公司中 期報告之印刷版將會隨後根據股東需要寄發予本公司股東，並於二零二五年八月 二十九日可於香港交易及結算所有限公司網站( www.hkexnews.hk)及本公司網站 ( www.chenmingpaper.com)閱覽。 財務報表編製基準 本公司財務報表以持續經營為基礎列報，按照財政部頒佈 ...

[Supplemental Announcement Overview](index=1&type=section&id=Supplemental%20Announcement%20to%20the%202024%20Annual%20Report) This announcement provides supplementary information to the 2024 Annual Report regarding the use of listing proceeds and the share award scheme [Purpose of the Announcement](index=1&type=section&id=Purpose%20of%20the%20Announcement) This announcement supplements the 2024 Annual Report with additional details on the use of listing proceeds and the share award scheme to meet disclosure requirements - This announcement is a supplement to the 2024 Annual Report, primarily providing additional information on **"Use of Proceeds from Listing"** and **"Share Award Scheme"**[3](index=3&type=chunk) [Use of Proceeds from Listing](index=1&type=section&id=Use%20of%20Proceeds%20from%20Listing) The Group adjusted the allocation of net proceeds, reallocating funds from strategic investments to sales, marketing, and working capital to support joint venture expansion [Net Proceeds Utilization](index=2&type=section&id=(i)%20Amount%20of%20Proceeds%20Carried%20Forward%20as%20of%20January%201,%202024) As of December 31, 2024, HK$88.1 million of the HK$206.7 million net proceeds has been used, with HK$62.0 million for strategic investments reallocated Net Proceeds Utilization (As of December 31, 2024) | Use of Proceeds | Original Total (HK$ Million) | Actual Net Amount Used as of Dec 31, 2024 (HK$ Million) | Unused Net Amount as of Dec 31, 2024 (HK$ Million) | Revised Item Percentage (%) | Revised Item Net Amount (HK$ Million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Enhancing Core Technological Capabilities and Basic R&D | 66.1 | 7.0 | 59.1 | 32.0% | 66.1 | | Seeking Strategic Investments, Acquisitions, and Collaborations | 62.0 | — | — | — | — | | Enhancing Sales and Marketing Capabilities | 42.4 | 24.9 | 41.2 | 32.0% | 66.1 | | Repaying Bank Loans | 15.5 | 15.5 | — | 7.5% | 15.5 | | Working Capital | 20.7 | 40.7 | 18.3 | 28.5% | 59.0 | | **Total** | **206.7** | **88.1** | **118.6** | **100.0%** | **206.7** | - Total net proceeds from listing amounted to approximately **HK$206.7 million**, with **HK$88.1 million** utilized and **HK$118.6 million** remaining as of December 31, 2024[4](index=4&type=chunk)[5](index=5&type=chunk) - **HK$62.0 million** under "seeking strategic investments, acquisitions, and collaborations" has been fully reallocated, resulting in zero actual usage for this item[5](index=5&type=chunk) [Reasons for Changes and Delays in Use of Proceeds and Benefits](index=3&type=section&id=(ii)%20Reasons%20for%20Changes%20and%20Delays%20in%20Use%20of%20Net%20Proceeds%20and%20Benefits) The Board reallocated funds from strategic investments to sales, marketing, and working capital to support joint venture expansion, enhancing flexibility and reducing risk - The Board has decided to change the use of the unutilized portion of net proceeds from listing to adapt to business development and customer needs[6](index=6&type=chunk) - The changes aim to utilize financial resources more effectively, maintain a lower gearing ratio, and incur less interest expense, aligning with the overall interests of the Group and shareholders[7](index=7&type=chunk) - The delay in the utilization schedule of net proceeds is primarily due to business development adjustments and the strategy of forming joint ventures instead of acquisitions[7](index=7&type=chunk) [Changes in Enhancing Core Technological Capabilities and Basic R&D](index=3&type=section&id=(a)%20Changes%20to%20'Enhancing%20the%20Group's%20Core%20Technological%20Capabilities%20and%20Basic%20R%26D') Expanded the scope of **HK$60.5 million** unutilized funds for R&D to allow flexible adjustments, maintaining total investment - Expanded the scope of **HK$60.5 million** unutilized funds under "enhancing core technological capabilities and basic R&D" to allow for more flexible adjustments to technical capabilities and R&D plans[6](index=6&type=chunk) - The total amount and intensity of investment for this item will remain unchanged[6](index=6&type=chunk) [Changes in Seeking Strategic Investments, Acquisitions, and Collaborations](index=3&type=section&id=(b)%20Changes%20to%20'Seeking%20Strategic%20Investments,%20Acquisitions,%20and%20Collaborations') Reallocated **HK$62.0 million** from strategic investments to sales, marketing, and working capital, shifting to joint ventures for market expansion - Reallocated **HK$62.0 million** originally for "seeking strategic investments, acquisitions, and collaborations" to "enhancing sales and marketing capabilities" and "working capital"[6](index=6&type=chunk) - The Group's strategy has shifted to forming joint ventures with business partners to expand into new markets and business areas, rather than pursuing acquisitions[6](index=6&type=chunk) - Forming joint ventures requires less initial investment capital and allows for sharing operational risks with business partners, considered a more prudent approach than acquisitions[6](index=6&type=chunk) [Changes in Enhancing Sales and Marketing Capabilities](index=4&type=section&id=(c)%20Changes%20to%20'Enhancing%20the%20Group's%20Sales%20and%20Marketing%20Capabilities') An additional **HK$23.7 million** was allocated to sales and marketing to support new joint ventures' efforts - An additional **HK$23.7 million** was allocated to "enhancing sales and marketing capabilities" to support sales and marketing efforts after the establishment of joint ventures[7](index=7&type=chunk) [Changes in Working Capital](index=4&type=section&id=(d)%20Changes%20to%20'Working%20Capital') An additional **HK$38.3 million** was allocated to working capital for new joint ventures and to enhance financial flexibility - An additional **HK$38.3 million** was allocated to "working capital", primarily for the working capital of newly established joint ventures[7](index=7&type=chunk) - Aims to enhance the Group's financial resource utilization flexibility and provide more buffer to cope with future economic uncertainties[7](index=7&type=chunk) [Share Award Scheme](index=4&type=section&id=Share%20Award%20Scheme) The Share Award Scheme, funded by existing shares, outlines the vesting conditions, purchase price determination, and remaining term for awarded shares [Scheme Overview and Disclosure Requirements](index=4&type=section&id=Scheme%20Overview%20and%20Disclosure%20Requirements) The Share Award Scheme, funded by existing shares, adheres to Listing Rule 17.01(1)(b) and requires specific disclosures - The Share Award Scheme is established under Listing Rule 17.01(1)(b) and funded solely by existing shares[9](index=9&type=chunk) - This announcement provides additional information on the scheme to comply with disclosure requirements under Listing Rules 17.09(6) to 17.09(9)[9](index=9&type=chunk) [Vesting Period for Awarded Shares](index=5&type=section&id=(i)%20Vesting%20Period%20for%20Awards%20Granted%20Under%20the%20Share%20Award%20Scheme) The Board grants awards to eligible participants with vesting dates and conditions specified in the award letter - The Board may grant awards to eligible participants at any time, with vesting dates and conditions specified in the award letter[10](index=10&type=chunk) - Grantees must accept awards within the timeframe specified in the award letter, otherwise the awards will be forfeited[10](index=10&type=chunk) [Basis for Determining Purchase Price of Awarded Shares and Payment](index=5&type=section&id=(ii)%20Basis%20for%20Determining%20Purchase%20Price%20of%20Awarded%20Shares,%20and%20Payment%20Period%20for%20Acceptance%20Amount) The trustee purchases awarded shares at market price; participants pay the full consideration using personal funds before vesting - The trustee will purchase awarded shares in the secondary market at market trading prices[10](index=10&type=chunk) - Eligible participants must use personal legal funds to pay the award consideration (if any), and the company will not provide any form of financial assistance[11](index=11&type=chunk) - Participants must pay the full purchase price (if any) via wire transfer before the vesting conditions are met[11](index=11&type=chunk) [Remaining Term of the Scheme](index=6&type=section&id=(iii)%20Remaining%20Term%20of%20the%20Share%20Award%20Scheme%20as%20of%20December%2031,%202024) As of December 31, 2024, the Share Award Scheme has a remaining term of **8.5 years** - As of December 31, 2024, the remaining term of the Share Award Scheme is **8.5 years**[12](index=12&type=chunk)

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所 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。 CHINA KANGDA FOOD COMPANY LIMITED 中國康大食品有限公 司 （於百慕達註冊成立的有限公司） （香港股份代號（第一上市）：834） （新加坡股份代號（第二上市）：P74） 截至二零二五年六月三十日止六個月的 未經審核中期業績公告 中國康大食品有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核 簡明綜合中期業績連同二零二四年同期的比較數字載列如下。 簡明綜合全面收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 人民幣千元 | 人民幣千元 | | | 附註 | （未經審核） （未經審核） | | | 收益 | 6 | 861 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue increased by 17.4% to HKD 40,548 thousand, while loss for the period narrowed to HKD 7,455 thousand from HKD 8,771 thousand in the prior year, with basic loss per share improving to HKD 2.61 cents from HKD 3.13 cents Key Financial Data from Condensed Consolidated Statement of Profit or Loss | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 40,548 | 34,506 | 17.5% | | Cost of Sales | (39,474) | (34,411) | 14.7% | | Gross Profit | 1,074 | 95 | 1030.5% | | Other Income | 488 | 142 | 243.7% | | Net Other Gains and Losses | 35 | (273) | N/A | | Selling and Distribution Costs | (20) | (13) | 53.8% | | Administrative Expenses | (7,966) | (8,673) | -8.2% | | Finance Costs | (999) | (49) | 1938.8% | | Loss Before Income Tax | (7,388) | (8,771) | -15.8% | | Income Tax Expense | (67) | – | N/A | | Loss for the Period | (7,455) | (8,771) | -15.0% | | Loss for the Period Attributable to Owners of the Company | (6,560) | (6,753) | -2.8% | | Loss for the Period Attributable to Non-controlling Interests | (895) | (2,018) | -55.6% | | Basic and Diluted Loss Per Share (HK cents) | (2.61) | (3.13) | -16.7% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive expense for the period decreased to HKD 6,827 thousand from HKD 8,932 thousand in the prior year, primarily due to exchange differences turning from loss to gain Key Data from Condensed Consolidated Statement of Comprehensive Income | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (7,455) | (8,771) | -15.0% | | Exchange Differences Arising from Translation of Functional Currency to Presentation Currency | 628 | (161) | N/A | | Total Comprehensive Expense for the Period | (6,827) | (8,932) | -23.6% | | Total Comprehensive Expense for the Period Attributable to Owners of the Company | (5,882) | (7,975) | -26.3% | | Total Comprehensive Expense for the Period Attributable to Non-controlling Interests | (945) | (957) | -1.3% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net current liabilities expanded to HKD 18,910 thousand, with total assets less current liabilities at negative HKD 16,501 thousand, indicating increased liquidity pressure, and equity attributable to owners of the Company was negative HKD 13,464 thousand Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Non-current Assets | 2,409 | 1,789 | 620 | | Current Assets | 59,255 | 59,188 | 67 | | Current Liabilities | 78,165 | 74,733 | 3,432 | | Net Current Liabilities | (18,910) | (15,545) | (3,365) | | Total Assets Less Current Liabilities | (16,501) | (13,756) | (2,745) | | Equity Attributable to Owners of the Company | (13,464) | (11,721) | (1,743) | | Non-controlling Interests | (3,072) | (2,135) | (937) | | Total Equity and Liabilities | (16,501) | (13,756) | (2,745) | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash from operating activities turned to an inflow of HKD 1,614 thousand from an outflow of HKD 7,759 thousand in the prior year, with a net increase in cash and cash equivalents of HKD 587 thousand, bringing the period-end balance to HKD 7,891 thousand Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | June 30, 2025 (HKD thousands) | June 30, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Cash From (Used In) Operating Activities | 1,614 | (7,759) | 9,373 | | Net Cash Used In Investing Activities | (766) | (611) | (155) | | Net Cash (Used In) From Financing Activities | (261) | 4,251 | (4,512) | | Net Increase (Decrease) in Cash and Cash Equivalents | 587 | (4,119) | 4,706 | | Cash and Cash Equivalents at End of Period | 7,891 | 7,475 | 416 | [Notes](index=7&type=section&id=Notes) [General Information](index=7&type=section&id=General%20Information) China Fortune Holdings Limited is an investment holding company incorporated in Bermuda, primarily engaged in the distribution and trading of mobile phones and electronic products, with its shares listed on the Hong Kong Stock Exchange; the company's functional currency is RMB, but financial statements are presented in HKD for shareholder convenience - The company's principal business is the distribution and trading of mobile phones and electronic products[12](index=12&type=chunk) - The company's functional currency is RMB, with financial statements presented in HKD[12](index=12&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with the Listing Rules and HKAS 34 on a going concern basis; however, the company faces significant uncertainties due to continuous losses and net current liabilities, with management implementing measures to ensure going concern for the next 12 months [Going Concern Assessment](index=7&type=section&id=Going%20Concern%20Assessment) Despite a loss of HKD 6,560 thousand and net current liabilities of HKD 18,910 thousand for the six months ended June 30, 2025, creating significant uncertainty, the Board has reviewed cash flow forecasts and implemented measures including new share subscriptions, controlling shareholder funding commitments, alternative financing, and strict cost control, believing the Group has sufficient resources for going concern in the next 12 months Key Financial Data for Going Concern Assessment | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | 6,560 | 6,753 | | Net Current Liabilities | 18,910 | 15,545 | - The Group has adopted several measures to ensure going concern, including: (i) completion of new share subscriptions totaling approximately **HKD 4,160 thousand**; (ii) obtaining a commitment from the controlling shareholder for sufficient funding; (iii) seeking alternative financing and bank borrowings; and (iv) closely monitoring general administrative and operating costs[15](index=15&type=chunk)[16](index=16&type=chunk) - The Group's ability to continue as a going concern depends on generating sufficient financing and operating cash flows, and securing ongoing financial support from the controlling shareholder, which presents significant uncertainty[17](index=17&type=chunk) [Significant Accounting Policies and Changes in Accounting Policies](index=9&type=section&id=Significant%20Accounting%20Policies%20and%20Changes%20in%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value; newly adopted/amended HKFRS (e.g., HKAS 21 and HKFRS 1 amendments) had no significant impact on the Group's performance or financial position, and standards issued but not yet effective are not expected to have a material future impact [Adoption of New or Revised Hong Kong Financial Reporting Standards — Effective January 1, 2025](index=9&type=section&id=Adoption%20of%20New%20or%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20—%20Effective%20January%201%2C%202025) HKAS 21 and HKFRS 1 (Amendments) 'Lack of Exchangeability' were first applied this period, with no significant impact on the Group's performance or financial position - HKAS 21 and HKFRS 1 (Amendments) 'Lack of Exchangeability' were first applied this period[18](index=18&type=chunk) - The adoption of these new standards and amendments had no significant impact on the Group's performance or financial position[18](index=18&type=chunk) [New or Revised Hong Kong Financial Reporting Standards Issued But Not Yet Effective](index=10&type=section&id=New%20or%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20Issued%20But%20Not%20Yet%20Effective) Standards issued but not yet effective include various annual improvements and amendments to HKFRS, which directors do not expect to have a significant impact on the Group's consolidated financial performance and position - Standards issued but not yet effective include annual improvements to HKAS 7, HKFRS 1, 7, 9, and 10, as well as amendments concerning contracts dependent on natural power, classification and measurement of financial instruments, sale or contribution of assets between an investor and its associate or joint venture, presentation and disclosure in financial statements, disclosure for non-publicly accountable subsidiaries, and classification of term loans with a repayment on demand clause[19](index=19&type=chunk) - The Directors do not expect the application of these new HKFRS and amendments to have a significant impact on the Group's consolidated financial performance and position and/or the disclosures in the Group's consolidated financial statements[19](index=19&type=chunk) [Use of Judgements and Estimates](index=11&type=section&id=Use%20of%20Judgements%20and%20Estimates) The significant judgements made by management and key sources of estimation uncertainty in preparing the condensed consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024 - Significant judgements and estimates used by management in preparing the financial statements are consistent with the prior year[21](index=21&type=chunk) [Segment Information and Revenue](index=11&type=section&id=Segment%20Information%20and%20Revenue) For the six months ended June 30, 2025, the Group operated only one segment, the continuing mobile phone and electronic products business, with mining operations terminated in 2024; revenue primarily originated from Hong Kong and China, with a significant increase from the Chinese market, reflecting the effectiveness of supply chain diversification strategies [Reconciliation of Reportable Segments and Reportable Segment Revenue, Profit or Loss, Assets and Liabilities](index=11&type=section&id=Reconciliation%20of%20Reportable%20Segments%20and%20Reportable%20Segment%20Revenue%2C%20Profit%20or%20Loss%2C%20Assets%20and%20Liabilities) For the six months ended June 30, 2025, the Group operated solely in the mobile phone and electronic products segment, with mining operations terminated in 2024; in the prior period of 2024, the mobile phone and electronic products business contributed all revenue, while mining operations had ceased - For the six months ended June 30, 2025, the Group had only one operating segment: mobile phone and electronic products business (continuing operations)[24](index=24&type=chunk) - The mining business (discontinued operations) was terminated after the disposal of **100% equity interest** in China Huangshi Group for the year ended December 31, 2024[23](index=23&type=chunk) Segment Results as of June 30, 2024 (HKD thousands) | Indicator | Mobile Phone and Electronic Products Business | Mining Business | Total | | :--- | :--- | :--- | :--- | | Segment Revenue | 34,506 | – | 34,506 | | Reportable Segment Loss | (1,145) | (413) | (1,558) | [Geographical Information](index=14&type=section&id=Geographical%20Information) The Group's customer revenue primarily originates from Hong Kong and China, with a significant increase in revenue contribution from the Chinese market; non-current assets are mainly located in China, and non-current assets in China have grown Revenue by Customer Geographical Location (HKD thousands) | Region | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Hong Kong | 30,125 | 33,425 | | China | 10,423 | 1,081 | | **Total** | **40,548** | **34,506** | Non-current Assets by Asset Location (HKD thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Hong Kong | 725 | 923 | | China | 1,578 | 764 | | **Total** | **2,303** | **1,687** | [Revenue](index=15&type=section&id=Revenue) The Group's revenue is entirely derived from the trading of mobile phones and electronic products, recognized at a point in time; revenue is segmented by geographical market, with Hong Kong and China being the primary contributors Disaggregation of Revenue from Contracts with Customers (HKD thousands) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Geographical Markets** | | | | Hong Kong | 30,125 | 33,425 | | China | 10,423 | 1,081 | | **Total** | **40,548** | **34,506** | | **Timing of Revenue Recognition** | | | | At a point in time | 40,548 | 34,506 | [Finance Costs](index=15&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly increased to HKD 999 thousand from HKD 49 thousand in the prior year, primarily due to a substantial rise in interest on short-term borrowings Breakdown of Finance Costs (HKD thousands) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Interest on Lease Liabilities | 9 | 47 | | Interest on Short-term Borrowings | 988 | – | | Other Interest Expenses | 2 | 2 | | **Total** | **999** | **49** | - The increase in finance costs is primarily attributable to interest on short-term borrowings during the reporting period[56](index=56&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group recorded an income tax expense of HKD 67 thousand, compared to zero in the prior year, primarily due to its Chinese subsidiaries' business being subject to a 25% corporate income tax rate - Income tax expense for the six months ended June 30, 2025, was **HKD 67 thousand** (2024: nil)[37](index=37&type=chunk)[57](index=57&type=chunk) - The Group conducts certain businesses through its subsidiaries established in China, which are subject to a corporate income tax rate of **25%**[37](index=37&type=chunk) [Loss for the Period](index=16&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, loss before income tax was arrived at after deducting (crediting) staff costs, auditor's remuneration, cost of inventories recognized as expense, depreciation of plant and equipment, depreciation of right-of-use assets, and crediting interest income Items Deducted (Credited) in Loss Before Income Tax (HKD thousands) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Staff Costs | 4,321 | 4,174 | | Auditor's Remuneration | 572 | 545 | | Cost of Inventories Recognized as Expense | 39,474 | 34,411 | | Depreciation of Plant and Equipment | 7 | 5 | | Depreciation of Right-of-use Assets | 259 | 493 | | Interest Income | (4) | (43) | [Loss Per Share](index=17&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss attributable to owners of the Company was HKD 6,560 thousand, with basic loss per share improving to HKD 2.61 cents from HKD 3.13 cents in the prior year, primarily due to an increase in the weighted average number of ordinary shares from new share subscriptions - Loss for the period attributable to owners of the Company: **HKD 6,560 thousand** (2024: HKD 6,753 thousand)[40](index=40&type=chunk) - Basic and diluted loss per share: **2.61 HK cents** (2024: 3.13 HK cents)[40](index=40&type=chunk) - Weighted average number of ordinary shares: **251,699,534 shares** (2024: 215,555,888 shares), adjusted for new share subscriptions by the Company[40](index=40&type=chunk) [Trade and Other Receivables](index=17&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables (net of credit loss allowance) amounted to HKD 47,560 thousand, a decrease from HKD 50,844 thousand as of December 31, 2024, primarily due to customer settlement of trade receivables Breakdown of Trade and Other Receivables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Net of Allowance) | 37,658 | 39,310 | | Prepayments to Suppliers | 28,922 | 30,031 | | Other Receivables and Deposits (Net of Allowance) | 9,902 | 11,534 | | **Total (Net of Allowance)** | **47,560** | **50,844** | Ageing Analysis of Trade Receivables (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 22,617 | 7,072 | | 31 to 90 days | 4,950 | – | | 91 to 365 days | 10,091 | 32,238 | | **Total** | **37,658** | **39,310** | - The Group generally grants credit terms of **30 to 90 days** to its trade customers[42](index=42&type=chunk) [Trade and Other Payables](index=18&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to HKD 59,988 thousand from HKD 50,512 thousand as of December 31, 2024, primarily due to increased trade payables from delayed payments to suppliers Breakdown of Trade and Other Payables (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 41,138 | 32,820 | | VAT Payables | 103 | 243 | | Customer Prepayments | 3,274 | 943 | | Other Payables and Accrued Expenses | 14,373 | 15,446 | | Amounts Due to an Associate | 1,100 | 1,060 | | **Total** | **59,988** | **50,512** | Ageing Analysis of Trade Payables (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 90 days | 22,546 | 43 | | Over 90 days | 18,592 | 32,777 | | **Total** | **41,138** | **32,820** | [Share Capital](index=19&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued share capital increased to HKD 2,536 thousand, primarily due to the subscription of **16,000,000 new shares** under general mandate, with cash consideration of approximately **HKD 4,160 thousand** Changes in Share Capital (HKD thousands) | Item | Number of Shares | Amount | | :--- | :--- | :--- | | As of December 31, 2024 | 237,555,888 | 2,376 | | Subscription of New Shares | 16,000,000 | 160 | | As of June 30, 2025 | 253,555,888 | 2,536 | - The 2025 new share subscription involved the allotment and issue of a total of **16,000,000 subscription shares** at a subscription price of **HKD 0.26 per share**, with a cash consideration of approximately **HKD 4,160 thousand**[44](index=44&type=chunk) [Amounts Due to Related Parties](index=20&type=section&id=Amounts%20Due%20to%20Related%20Parties) As of June 30, 2025, total amounts due to related parties significantly increased to HKD 10,657 thousand from HKD 2,516 thousand as of December 31, 2024, primarily due to amounts payable to Mr. Liu Xiaoying; these amounts are unsecured, interest-free, and repayable on demand Breakdown of Amounts Due to Related Parties (HKD thousands) | Related Party | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mr. Liu Xiaoying | 10,574 | 2,313 | | Ms. Liu Zixian | 83 | 203 | | **Total** | **10,657** | **2,516** | - The balances are unsecured, interest-free, and repayable on demand[46](index=46&type=chunk) [Dividends](index=20&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, and 2024 - The Board did not declare any interim dividend for the six months ended June 30, 2025, and 2024[47](index=47&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Revenue](index=21&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue reached HKD 40,500 thousand, a 17.4% year-on-year increase, primarily driven by growth in mobile phone and electronic product trading in China and Hong Kong; China's market contribution significantly rose from 3.2% to 25.7%, reflecting successful supply chain diversification strategies - Total revenue: **HKD 40,500 thousand** (2024: HKD 34,500 thousand), a year-on-year increase of **17.4%**[48](index=48&type=chunk) - Revenue growth primarily stemmed from the mobile phone and electronic product trading business in China and Hong Kong[48](index=48&type=chunk) - China market revenue contribution increased from **3.2% to 25.7%**, while Hong Kong market contribution decreased from **96.8% to 74.3%**[49](index=49&type=chunk) - The increase in revenue was due to a moderate market recovery and the Group's adoption of a supply chain diversification strategy, expanding its trading and distribution network, and commencing router product trading and distribution in China from the second half of 2024[49](index=49&type=chunk) [Gross Profit and Gross Profit Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) For the six months ended June 30, 2025, the Group's gross profit increased to HKD 1,100 thousand, with gross profit margin rising to 2.7%, compared to HKD 95 thousand and 0.3% in the prior year; this significant increase is primarily attributed to the commencement of router and related electronic product trading and distribution business in China in the second half of 2024 - Gross profit: **HKD 1,100 thousand** (2024: HKD 95 thousand)[50](index=50&type=chunk) - Gross profit margin: **2.7%** (2024: 0.3%)[50](index=50&type=chunk) - The increase in gross profit and gross profit margin was primarily due to the Group's commencement of router and related electronic product trading and distribution in China in the second half of 2024[50](index=50&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income increased to approximately HKD 500 thousand from approximately HKD 100 thousand in the prior year, primarily comprising information technology system integration services - Other income: approximately **HKD 500 thousand** (2024: approximately HKD 100 thousand)[51](index=51&type=chunk) - The Group's other income primarily comprised information technology system integration services during both reporting periods[51](index=51&type=chunk) [Net Other Gains and Losses](index=22&type=section&id=Net%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the Group recorded net other gains of HKD 35 thousand, compared to net losses of HKD 300 thousand in the prior year, primarily benefiting from gains on reversal of other payables and reduced fair value losses on financial assets at fair value through profit or loss - Net other gains: **HKD 35 thousand** (2024: net losses of HKD 300 thousand)[52](index=52&type=chunk) - Primarily included: gains on reversal of other payables of **HKD 35 thousand**, exchange gains of **HKD 9 thousand**, and fair value losses on financial assets at fair value through profit or loss of **HKD 24 thousand**[52](index=52&type=chunk) [Selling and Distribution Costs](index=22&type=section&id=Selling%20and%20Distribution%20Costs) For the six months ended June 30, 2025, selling and distribution costs slightly increased to approximately HKD 20 thousand, primarily comprising logistics and transportation expenses, rental expenses, and travel expenses - Selling and distribution costs: approximately **HKD 20 thousand** (2024: HKD 13 thousand)[53](index=53&type=chunk) - The Group's selling and distribution costs primarily include logistics and transportation expenses, rental expenses, and travel expenses[53](index=53&type=chunk) [Administrative Expenses](index=22&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses decreased by 8.0% to approximately HKD 8,000 thousand, primarily due to reduced salaries and allowances, and legal and professional fees, reflecting strict expense policies - Administrative expenses: approximately **HKD 8,000 thousand** (2024: approximately HKD 8,700 thousand), a decrease of **8.0%**[54](index=54&type=chunk) - The decrease in administrative expenses was primarily attributable to reduced salaries and allowances, and legal and professional fees, resulting from the implementation of strict expense policies[55](index=55&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs significantly increased to approximately HKD 1,000 thousand from HKD 49 thousand in the prior year, primarily due to increased interest on short-term borrowings - Finance costs: approximately **HKD 1,000 thousand** (2024: HKD 49 thousand)[56](index=56&type=chunk) - The Group's finance costs primarily comprise interest on lease liabilities and interest on short-term borrowings; the increase in finance costs was mainly due to interest on short-term borrowings during the reporting period[56](index=56&type=chunk) [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group recorded an income tax expense of HKD 67 thousand, compared to zero in the prior year - Income tax expense: **HKD 67 thousand** (2024: nil)[57](index=57&type=chunk) [Loss Attributable to Owners of the Company for the Period](index=23&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company%20for%20the%20Period) For the six months ended June 30, 2025, loss attributable to owners of the Company was HKD 6,600 thousand, narrowing from HKD 6,800 thousand in the prior year - Loss attributable to owners of the Company: **HKD 6,600 thousand** (2024: HKD 6,800 thousand)[58](index=58&type=chunk) [Loss Per Share](index=23&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was HKD 2.61 cents, an improvement from HKD 3.13 cents in the prior year - Basic loss per share: **2.61 HK cents** (2024: 3.13 HK cents)[59](index=59&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=23&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group held unlisted equity investments of HKD 100 thousand (focused on a China-based AI foundational data service provider) and listed equity investments of HKD 500 thousand (primarily ordinary shares of entities listed on the Shanghai/Shenzhen Stock Exchanges) - Unlisted equity investments: **HKD 100 thousand** (December 31, 2024: HKD 100 thousand), representing a **4.8% investment** in a China-based AI foundational data service provider[60](index=60&type=chunk)[61](index=61&type=chunk) - Listed equity investments: **HKD 500 thousand** (December 31, 2024: HKD 500 thousand), primarily referring to ordinary shares of entities listed on the Shanghai/Shenzhen Stock Exchanges[60](index=60&type=chunk)[61](index=61&type=chunk) [Inventories](index=24&type=section&id=Inventories) As of June 30, 2025, inventories increased to HKD 3,300 thousand from HKD 600 thousand as of December 31, 2024, primarily due to mobile phones and electronic products not yet delivered and recognized as inventory - Inventories: **HKD 3,300 thousand** (December 31, 2024: HKD 600 thousand)[62](index=62&type=chunk) - The increase in inventories was primarily due to mobile phones and electronic products not yet delivered and recognized during the six months ended June 30, 2025[62](index=62&type=chunk) [Trade and Other Receivables](index=24&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, trade and other receivables decreased by HKD 3,200 thousand to approximately HKD 47,600 thousand, primarily due to customer settlement of trade receivables - Trade and other receivables: approximately **HKD 47,600 thousand** (December 31, 2024: approximately HKD 50,800 thousand), a decrease of **HKD 3,200 thousand**[63](index=63&type=chunk) - This decrease was primarily due to a **HKD 1,700 thousand** reduction in trade receivables as of June 30, 2025, resulting from subsequent settlement of trade receivables as of December 31, 2024 by customers[63](index=63&type=chunk) [Cash and Cash Equivalents](index=24&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, total cash and cash equivalents increased to approximately HKD 7,900 thousand, primarily benefiting from the new share subscription completed in January 2025, amounting to approximately HKD 4,100 thousand - Cash and cash equivalents: approximately **HKD 7,900 thousand** (December 31, 2024: approximately HKD 7,200 thousand)[64](index=64&type=chunk) - The increase in cash and cash equivalents was primarily due to the new share subscription completed in January 2025 under general mandate, amounting to approximately **HKD 4,100 thousand**[64](index=64&type=chunk) [Financial and Treasury Policies](index=25&type=section&id=Financial%20and%20Treasury%20Policies) The Group adopts a prudent financial management approach, closely monitoring its liquidity position to meet funding needs; there were no significant changes in financial and treasury policies during the period, and with most revenue and expenses denominated in HKD and RMB, there is no significant potential currency risk, thus no foreign currency hedging policy is currently in place - The Group adopts a prudent financial management approach regarding its financial and treasury policies, with the Board closely monitoring the Group's liquidity position[65](index=65&type=chunk) - There were no significant changes in the Group's financing and treasury policies during the period; the Group has no significant potential currency risk and currently has no foreign currency hedging policy in place[65](index=65&type=chunk) [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables increased by approximately HKD 9,500 thousand to approximately HKD 60,000 thousand, primarily due to increased trade payables from delayed payments to suppliers; other payables and accrued expenses decreased mainly due to the settlement of various operating expenses - Trade and other payables: approximately **HKD 60,000 thousand** (December 31, 2024: approximately HKD 50,500 thousand), an increase of approximately **HKD 9,500 thousand**[66](index=66&type=chunk) - The increase was primarily due to an **HKD 8,300 thousand** increase in trade payables, mainly attributable to delayed payments to suppliers[66](index=66&type=chunk) - The decrease in other payables and accrued expenses was mainly due to the settlement of various operating expenses and payables during the period since the commencement of router and electronic product trading and distribution in China in 2024[68](index=68&type=chunk) [Short-term Borrowings](index=26&type=section&id=Short-term%20Borrowings) As of June 30, 2025, the Group's outstanding short-term borrowings increased to approximately HKD 15,500 thousand, all unsecured and bearing fixed annual interest rates ranging from 3.84% to 18.00% - Outstanding short-term borrowings: approximately **HKD 15,500 thousand** (December 31, 2024: HKD 10,500 thousand)[69](index=69&type=chunk) - These amounts are unsecured and bear fixed annual interest rates ranging from **3.84% to 18.00%**[69](index=69&type=chunk) [Liquidity and Gearing Ratio](index=26&type=section&id=Liquidity%20and%20Gearing%20Ratio) As of June 30, 2025, net liabilities attributable to owners of the Company and net current liabilities both increased, the current ratio decreased to 0.76 times, and the gearing ratio deteriorated to (94.8%), indicating continued liquidity pressure - Net liabilities attributable to owners of the Group: **HKD 13,500 thousand** (December 31, 2024: HKD 11,700 thousand)[70](index=70&type=chunk) - Net current liabilities: approximately **HKD 18,900 thousand** (December 31, 2024: HKD 15,500 thousand)[70](index=70&type=chunk) - Current ratio: **0.76 times** (December 31, 2024: 0.79 times)[70](index=70&type=chunk) - Gearing ratio: **(94.8%)** (December 31, 2024: (78.9%))[70](index=70&type=chunk) [Capital Commitments](index=26&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital expenditures contracted but not provided for in the unaudited condensed consolidated financial statements related to leasehold improvements - The Group had no capital commitments[71](index=71&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities or guarantees - The Group had no contingent liabilities or guarantees[72](index=72&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries or Associates](index=26&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20or%20Associates) For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries or associates - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries or associates[73](index=73&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 32 staff, with remuneration determined by job nature and market trends, offering staff benefits and pension contributions; there were no changes in remuneration policy, bonus schemes, or share option schemes during the period - As of June 30, 2025, the Group employed a total of **32 staff** (December 31, 2024: 31 staff)[74](index=74&type=chunk) - There were no changes in remuneration policy, bonus schemes, or share option schemes during the period[74](index=74&type=chunk) [Material Investments Held by the Group](index=27&type=section&id=Material%20Investments%20Held%20by%20the%20Group) As of June 30, 2025, the Group held no material investments - As of June 30, 2025, the Group held no material investments[75](index=75&type=chunk) [Subscription of New Shares Under General Mandate](index=27&type=section&id=Subscription%20of%20New%20Shares%20Under%20General%20Mandate) The Group completed a new share subscription in January 2025, allotting and issuing **16,000,000 shares** at **HKD 0.26 per share**, with a cash consideration of approximately **HKD 4,160 thousand**, and net proceeds of approximately **HKD 4,120 thousand** to be used for general working capital - The 2025 new share subscription: allotment and issue of a total of **16,000,000 shares** at a subscription price of **HKD 0.26 per share**, with a cash consideration of approximately **HKD 4,160 thousand**[76](index=76&type=chunk) - The net proceeds (after deducting all related expenses) of approximately **HKD 4,120 thousand** will be used as general working capital for the Group[76](index=76&type=chunk) [Charge on Assets](index=27&type=section&id=Charge%20on%20Assets) As of June 30, 2025, the Group had no assets charged - As of June 30, 2025, the Group had no assets charged[77](index=77&type=chunk) [Dividends](index=28&type=section&id=Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[78](index=78&type=chunk) [Operations Review](index=28&type=section&id=Operations%20Review) [Market Overview](index=28&type=section&id=Market%20Overview) China has approximately **1.8 billion** mobile phone service subscribers, with intense market competition driving manufacturers to streamline distribution; 5G technology is rapidly expanding nationwide, with an estimated **4.2 million 5G base stations** and over **950 million 5G users** by end-2024; despite a 2025 decline in the Chinese mobile phone market due to trade tensions and economic instability, continuous advancements in 5G and 6G network technologies are expected to drive gradual market recovery - China has approximately **1.8 billion** mobile phone service subscribers[79](index=79&type=chunk) - By the end of 2024, telecommunication operators are expected to deploy approximately **4.2 million 5G base stations**, with over **950 million mobile phone users** anticipated to adopt 5G services[81](index=81&type=chunk) - China plans to install an additional approximately **700,000 5G base stations** in 2025 and is actively preparing for 6G wireless technology research and development[82](index=82&type=chunk) - The Chinese mobile phone market experienced a decline in 2025, but continuous advancements in 5G and 6G network technologies are likely to offset these adverse factors, with the market expected to gradually recover in the coming years[83](index=83&type=chunk) [Business Review](index=29&type=section&id=Business%20Review) Mobile phone and electronic product trading remains the Group's principal business, having secured exclusive distribution rights for 'Philips' brand routers and related electronic products in China, Hong Kong, and Macau in 2024, with this business expected to grow steadily and become a future core; mining operations were terminated on December 23, 2024, through the disposal of 100% equity interest in China Huangshi Group [Mobile Phone and Electronic Products Business](index=29&type=section&id=Mobile%20Phone%20and%20Electronic%20Products%20Business) Mobile phone and electronic product trading and distribution is the Group's principal business for the period; the Group secured exclusive distribution rights for 'Philips' brand routers and related electronic products in China, Hong Kong, and Macau in 2024, with this business expected to grow steadily, aiming to become a leader in AI edge cloud computing technology - Mobile phone and electronic product trading and distribution remained the Group's principal business during the period[84](index=84&type=chunk) - In 2024, the Group obtained the exclusive distribution rights for 'Philips' brand routers and related electronic products in China, Hong Kong, and Macau for a period of **five years**[84](index=84&type=chunk)[85](index=85&type=chunk) - The Group focuses on providing efficient network services through user-centric platforms, aiming to optimize resources, drive value creation, and become a leader in AI edge cloud computing technology[86](index=86&type=chunk) - The gross profit margin for the 'Philips' router trading and distribution business is expected to be approximately **10%**, with future sales growth potentially further enhancing the gross profit margin[87](index=87&type=chunk) [Mining Business](index=30&type=section&id=Mining%20Business) The Group terminated its mining business on December 23, 2024, through the disposal of 100% equity interest in China Huangshi Investment Limited and its subsidiaries - The Group terminated its mining business on **December 23, 2024**, through the disposal of **100% equity interest** in China Huangshi Investment Limited and its subsidiaries[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Prospects and Outlook](index=31&type=section&id=Prospects%20and%20Outlook) Despite uncertainties from the US-China trade war and economic slowdown, China's vast domestic market and advancements in 5G/6G technology provide continuous growth momentum for the Group; the Group will continue to focus on technological progress and market diversification to enhance competitive advantages, while closely monitoring trade opportunities in Hong Kong and ASEAN markets - The Chinese economy continues to show signs of slowing down, with the consumer and retail sectors remaining affected by the US-China trade conflict, leading to an uncertain outlook[91](index=91&type=chunk) - China, as the world's largest mobile phone market with approximately **1.8 billion users**, has seen significant increases in 5G users and network users, presenting vast business opportunities in mobile applications and mobile commerce markets[91](index=91&type=chunk) - The Group will continue to focus on technological advancements and market diversification to strengthen its competitive advantages, while closely monitoring changes and exploring opportunities in the Hong Kong and ASEAN trade markets[92](index=92&type=chunk)[93](index=93&type=chunk) [Use of Proceeds](index=32&type=section&id=Use%20of%20Proceeds) [2024 Subscription](index=32&type=section&id=2024%20Subscription) The 2024 new share subscription involved the issue of **26,000,000 shares** with a cash consideration of approximately **HKD 6,760 thousand**, and net proceeds of approximately **HKD 6,720 thousand**, all of which have been utilized for the Group's general working capital - The 2024 subscription involved the issue of **26,000,000 shares** at a subscription price of **HKD 0.26 per share**, with a cash consideration of approximately **HKD 6,760 thousand**[94](index=94&type=chunk) - Net proceeds of approximately **HKD 6,720 thousand** have been fully utilized for the Group's general working capital[95](index=95&type=chunk)[96](index=96&type=chunk) Net Proceeds and Actual Use of 2024 Subscription (HKD thousands) | Item | Disclosed Allocation of Net Proceeds | Unutilized Amount as of December 31, 2024 | Utilized Amount for the Six Months Ended June 30, 2025 | Unutilized Amount as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | General Working Capital | 6,720 | 1,262 | 1,262 | – | [2025 Subscription](index=33&type=section&id=2025%20Subscription) The 2025 new share subscription involved the issue of **16,000,000 shares** with a cash consideration of approximately **HKD 4,160 thousand**, and net proceeds of approximately **HKD 4,120 thousand**; as of June 30, 2025, **HKD 3,968 thousand** has been utilized for general working capital, with the remaining **HKD 152 thousand** expected to be used by December 31, 2026 - The 2025 subscription involved the issue of **16,000,000 subscription shares** at a subscription price of **HKD 0.26 per share**, with a cash consideration of approximately **HKD 4,160 thousand**[98](index=98&type=chunk)[99](index=99&type=chunk) - The net proceeds (after deducting all related expenses) of approximately **HKD 4,120 thousand** will be used as general working capital for the Group[100](index=100&type=chunk) Net Proceeds and Actual Use of 2025 Subscription (HKD thousands) | Item | Disclosed Allocation of Net Proceeds | Utilized Amount for the Six Months Ended June 30, 2025 | Unutilized Amount as of June 30, 2025 | Expected Timeline for Use of Unutilized Proceeds | | :--- | :--- | :--- | :--- | :--- | | General Working Capital | 4,120 | 3,968 | 152 | By December 31, 2026 | [Other Information](index=34&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, and up to the date of this announcement, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, nor did they hold any treasury shares - For the six months ended June 30, 2025, and up to the date of this announcement, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[101](index=101&type=chunk) - As of June 30, 2025, the Company held no treasury shares[101](index=101&type=chunk) [Material Events After Reporting Period](index=35&type=section&id=Material%20Events%20After%20Reporting%20Period) Except as disclosed in this announcement, there have been no material events after the reporting period up to the date of this announcement - Except as disclosed in this announcement and up to the date of this announcement, there have been no material events after the reporting period[102](index=102&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code during the reporting period, with deviations regarding the Chairman and CEO being the same person and the Chairman not being subject to rotation; the Board believes this arrangement facilitates business strategy execution at the current stage and has duly considered shareholders' interests under the supervision of independent non-executive directors [Compliance with Corporate Governance Code](index=35&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complies with the Corporate Governance Code, except for Mr. Liu Xiaoying holding both Chairman and CEO roles and not being subject to rotation; the Board believes this arrangement facilitates the Group's business strategy execution at its current development stage, with shareholders' interests fully considered - The Company has consistently complied with the Corporate Governance Code, except that the roles of Chairman and Chief Executive Officer are combined and held by Mr. Liu Xiaoying, and Mr. Liu, as Chairman of the Board, is not subject to retirement by rotation[103](index=103&type=chunk) - The Board believes that this arrangement, at the Group's current stage of development, facilitates the execution of the Group's business strategies and maximizes business effectiveness, with shareholders' interests having been fully and fairly considered[104](index=104&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with primary responsibilities including reviewing financial and other information, assessing internal control systems, risk management, and audit processes, and has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and this announcement - The Audit Committee members include three independent non-executive directors: Mr. Leung Wai Hung (Chairman), Dr. Law Chun Kwong, and Dr. Lo Wai Shun[105](index=105&type=chunk) - The Audit Committee's primary responsibilities include reviewing financial and other information presented to shareholders, and reviewing the effectiveness and objectivity of internal control systems, risk management, and audit processes[105](index=105&type=chunk) - The Audit Committee has discussed and reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and this announcement with the Group's management[105](index=105&type=chunk) [Compliance with the Model Code for Securities Transactions](index=36&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The Company has adopted a code for securities transactions no less exacting than the Model Code set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with this code throughout the reporting period - The Company has adopted a code for securities transactions by Directors and employees that is no less exacting than the Model Code set out in Appendix C3 of the Listing Rules[106](index=106&type=chunk) - Following specific enquiries with all Directors, they have confirmed compliance with the Model Code and the code for securities transactions throughout the period from January 1, 2025, up to the date of this announcement[106](index=106&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=37&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the HKEX website and the Company's website; the interim report, containing all required information, is expected to be published in September 2025 and dispatched to shareholders no later than September 30, 2025 - This announcement is published on the HKEX website (http://www.hkexnews.hk) and the Company's website (http://www.chinafortune.com)[107](index=107&type=chunk) - The Company's interim report for the six months ended June 30, 2025, containing all information required by Appendix D2 of the Listing Rules, is expected to be published on the same websites in September 2025 and dispatched to the Company's shareholders no later than **September 30, 2025**[107](index=107&type=chunk) [By Order of the Board](index=37&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Liu Xiaoying, Chairman and Chief Executive Officer of the Board, on August 29, 2025; the Board comprises three executive directors and three independent non-executive directors - This announcement was issued by Mr. Liu Xiaoying, Chairman and Chief Executive Officer of the Board, on **August 29, 2025**[108](index=108&type=chunk) - The Board comprises three executive directors (Mr. Liu Xiaoying, Ms. Liu Zixian, and Mr. Li Jianwu) and three independent non-executive directors (Dr. Law Chun Kwong, Dr. Lo Wai Shun, and Mr. Leung Wai Hung)[108](index=108&type=chunk)