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。 （於開曼群島註冊成立的獲豁免有限公司） （股份代號：1873） 截至二零二五年六月三十日止六個月之 中期業績公告 維亞生物科技控股集團（「本公司」或「公 司」，連 同 其 附 屬 公 司 統 稱「本集團」、「集 團」 或「維 亞」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「報告期」）的 未 經 審 核 簡 明 綜 合 財 務 業 績。 財務概要 | | | 截至六月三十日止六個月 | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 人民幣百萬元 | 人民幣百萬元 | | | 未經審核 | 未經審核 | | 收 益 | 831.9 | 981.8 | | 毛 利 | 339.4 | 339.1 | | 毛利率 | 40. ...

2025 中期報告 China New Town Development Company Limited China New Town Development Company Limited 中國新城鎮發展有限公司 股份代號： 1278 中國新城鎮發展有限公司 Stock Code: 1278 聚勢賦能 創新驅動 2025 INTERIM REPORT 聚勢賦能 創新驅動 Interim Report 2025 China New Town Development Company Limited 中期報告 中國新城鎮發展有限公司 Contents 目錄 1 中國新城鎮發展有限公司 • 二零二五年中期報告 2 公司資料 4 項目一覽 6 集團財務摘要 7 簡明合併財務報表審閱 報告 9 中期簡明合併損益及 其他綜合收益表 11 中期簡明合併財務狀況表 14 中期簡明合併現金流量表 16 中期簡明合併權益變動表 17 中期簡明合併財務報表 附註 54 管理層討論及分析 65 補充資料 公司資料 董事會 執行董事 楊美玉女士 （總裁） 施冰先生 非執行董事 劉豔紅女士 （主席） 王毅先生 解軫先生 獨立非執行董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 截 至 2025 年 6 月 3 0 日止六個月之中期業績公告 順豐控股股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然公佈本集團截至2025年6月30日止六個月的未經審計業績。本 公告乃按香港聯合交易所有限公司證券上市規則中有關初步中期業績公告的相 關規定而編製，且當中已載有本公司2025年中期報告全文。本公司2025年中期 報告將適時登載於香港聯合交易所披露易網站( www.hkexnews.hk )及本公司網站 ( www.sf-express.com )，及寄發予本公司股東（如需）。 董事會命 順豐控股股份有限公司 聯席公司秘書 甘玲 中國深圳，2025年8月28日 於本公告日期，董事會成員包括主席及執行董事王衞先生，執行董事何捷 ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited condensed consolidated financial information for the six months ended June 30, 2025, reviewed by the audit committee - This announcement presents Kin Pang Holdings Limited's unaudited condensed consolidated financial information for the six months ended June 30, 2025[2](index=2&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue grew 3.1% to MOP 348,671 thousand, gross profit surged, and the company achieved a profit of MOP 427 thousand Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | Change (MOP thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 348,671 | 338,279 | 10,392 | 3.1% | | Direct costs | (333,333) | (333,755) | 422 | -0.1% | | Gross profit | 15,338 | 4,524 | 10,814 | 239.0% | | Other income and gains/(losses) | 1,097 | 1,340 | (243) | -18.1% | | Administrative expenses | (13,538) | (16,200) | 2,662 | -16.4% | | Reversal of expected credit losses | 121 | 878 | (757) | -86.2% | | Operating profit/(loss) | 3,018 | (9,458) | 12,476 | N/A | | Finance costs | (2,136) | (1,807) | (329) | 18.2% | | Profit/(loss) before income tax | 882 | (11,265) | 12,147 | N/A | | Income tax (expense)/credit | (455) | 17 | (472) | N/A | | Profit/(loss) and total comprehensive income/(loss) for the period | 427 | (11,248) | 11,675 | N/A | | Basic earnings/(loss) per share (MOP cents) | 0.04 | (1.02) | 1.06 | N/A | [Unaudited Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly decreased to MOP 426,367 thousand, while total equity increased and total liabilities decreased, improving the financial structure Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (MOP thousand) | December 31, 2024 (MOP thousand) | Change (MOP thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Non-current assets | 123,326 | 125,895 | (2,569) | -2.0% | | Current assets | 303,041 | 317,111 | (14,070) | -4.4% | | **Total assets** | **426,367** | **443,006** | **(16,639)** | **-3.8%** | | **Equity** | | | | | | Total equity | 161,206 | 160,779 | 427 | 0.3% | | **Liabilities** | | | | | | Non-current liabilities | 1,163 | 532 | 631 | 118.6% | | Current liabilities | 263,998 | 281,695 | (17,697) | -6.3% | | **Total liabilities** | **265,161** | **282,227** | **(17,066)** | **-6.0%** | | **Total equity and liabilities** | **426,367** | **443,006** | **(16,639)** | **-3.8%** | [Notes](index=5&type=section&id=Notes) This section details company information, accounting policies, segment data, revenue, expenses, taxation, dividends, earnings per share, and financial instruments [1. General Information](index=5&type=section&id=1.%20General%20Information) Kin Pang Holdings Limited, listed in Hong Kong, primarily engages in civil engineering in Macau and Hong Kong, controlled by Mr. Kung Kin Yee and Ms. Chui Fong Lan - The company's principal activities are civil engineering in Macau and Hong Kong[7](index=7&type=chunk) - The company is ultimately controlled by Mr. Kung Kin Yee (Chairman and Chief Executive Officer) and his spouse Ms. Chui Fong Lan[6](index=6&type=chunk) [2. Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=2.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) Financial statements are prepared under HKAS 34 and Listing Rules using historical cost, with no significant impact from new HKFRS amendments - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, using the historical cost convention[9](index=9&type=chunk)[10](index=10&type=chunk) - Newly adopted HKFRS amendments had no significant impact on the financial position or performance[11](index=11&type=chunk) [3. Segment Information](index=6&type=section&id=3.%20Segment%20Information) The Group's sole reportable segment, construction and ancillary services, saw revenue of MOP 348,671 thousand and significant profit growth, with strong Hong Kong market expansion - The Group has only one reportable operating segment: construction and ancillary services[12](index=12&type=chunk) Segment Revenue and Profit | Indicator | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | Change (MOP thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Segment revenue | 348,671 | 338,279 | 10,392 | 3.1% | | Segment profit | 15,459 | 5,402 | 10,057 | 186.2% | Revenue from External Customers by Geographical Location | Geographical Location | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | Change (MOP thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Macau | 277,360 | 306,075 | (28,715) | -9.4% | | Hong Kong | 71,311 | 32,204 | 39,107 | 121.4% | | **Total** | **348,671** | **338,279** | **10,392** | **3.1%** | - For the six months ended June 30, 2025, revenue from three customers accounted for over 10% of total revenue, with **Customer B contributing MOP 104,956 thousand**[19](index=19&type=chunk)[20](index=20&type=chunk) [4. Revenue from Contracts with Customers](index=9&type=section&id=4.%20Revenue%20from%20Contracts%20with%20Customers) Construction and ancillary services generated MOP 348,671 thousand in revenue, with MOP 694,849 thousand in remaining performance obligations, largely due within one year Revenue from Contracts with Customers | Revenue Source | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Construction and ancillary services | 348,671 | 338,279 | Transaction Price Allocated to Remaining Performance Obligations | Expected Recognition Period | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Within one year | 371,059 | 233,872 | | More than one year but not more than two years | 323,790 | 275,123 | | **Total** | **694,849** | **508,995** | [5. Other Income and Other Gains/(Losses)](index=9&type=section&id=5.%20Other%20Income%20and%20Other%20Gains%2F%28Losses%29) Total other income and gains decreased by 18.1% to MOP 1,097 thousand, primarily due to a reduction in miscellaneous income Other Income and Other Gains/(Losses) | Item | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Interest income | 221 | 236 | | Gain/(loss) on disposal of property, plant and equipment | 76 | (79) | | Amortisation of deferred government grants | 82 | 82 | | Other income | 718 | 1,011 | | **Total** | **1,097** | **1,340** | - Other income primarily refers to fees received from scrap sales, insurance claims, and provision of manpower services[23](index=23&type=chunk) [6. Direct Costs and Administrative Expenses](index=10&type=section&id=6.%20Direct%20Costs%20and%20Administrative%20Expenses) Total direct costs and administrative expenses decreased by 0.9% to MOP 346,871 thousand, driven by materials, subcontractor costs, employee benefits, and depreciation Total Direct Costs and Administrative Expenses | Item | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Materials and subcontractor costs | 244,023 | 236,767 | | Depreciation of property, plant and equipment | 15,643 | 10,682 | | Depreciation of right-of-use assets | 1,471 | 1,449 | | Employee benefit costs | 62,689 | 79,724 | | Legal and professional fees | 2,327 | 2,349 | | Expenses relating to short-term leases | 10,683 | 9,037 | | Transportation and delivery costs | 1,568 | 2,068 | | Others | 8,467 | 7,879 | | **Total** | **346,871** | **349,955** | [7. Finance Costs](index=10&type=section&id=7.%20Finance%20Costs) Finance costs increased by 18.2% to MOP 2,136 thousand, mainly driven by higher interest expenses on bank borrowings Breakdown of Finance Costs | Item | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Interest expense on bank borrowings | 1,955 | 1,638 | | Interest expense on bank overdrafts | – | 25 | | Interest expense on lease liabilities | 100 | 144 | | Interest expense on machinery acquisition | 81 | – | | **Total** | **2,136** | **1,807** | [8. Income Tax (Expense)/Credit](index=10&type=section&id=8.%20Income%20Tax%20%28Expense%29%2FCredit) The company incurred an income tax expense of MOP 455 thousand, a shift from a credit, primarily due to increased Macau Complementary Tax Analysis of Income Tax (Expense)/Credit | Item | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Macau Complementary Tax | (455) | – | | Deferred tax | – | 17 | | **Total** | **(455)** | **17** | - Macau Complementary Tax is calculated at **12%** on estimated assessable profits exceeding **MOP 600,000**[26](index=26&type=chunk) - The company is not subject to income tax in the Cayman Islands, British Virgin Islands, and Hong Kong[26](index=26&type=chunk)[27](index=27&type=chunk) [9. Dividends](index=11&type=section&id=9.%20Dividends) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[29](index=29&type=chunk) [10. Earnings/(Loss) Per Share](index=11&type=section&id=10.%20Earnings%2F%28Loss%29%20Per%20Share) Basic earnings per share improved significantly to MOP 0.04 cents from a loss, with no diluted EPS presented due to no potential ordinary shares Basic Earnings/(Loss) Per Share | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company (MOP thousand) | 427 | (11,248) | | Weighted average number of ordinary shares (thousand shares) | 1,100,000 | 1,100,000 | | Basic earnings/(loss) per share (MOP cents) | 0.04 | (1.02) | - Diluted earnings/(loss) per share are not presented as there were no potential ordinary shares outstanding during both periods[33](index=33&type=chunk) [11. Trade Receivables](index=12&type=section&id=11.%20Trade%20Receivables) Total trade receivables decreased to MOP 55,746 thousand, with credit terms typically 0-60 days and a reduced loss allowance Trade Receivables | Item | June 30, 2025 (MOP thousand) | December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Trade receivables - from contracts with customers | 56,344 | 71,371 | | Less: Loss allowance | (598) | (678) | | **Total** | **55,746** | **70,693** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (MOP thousand) | December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Within 30 days | 40,274 | 60,085 | | 31 to 60 days | 9,717 | 2,609 | | 61 to 90 days | 1,691 | 4,733 | | Over 90 days | 4,662 | 3,944 | | **Total** | **56,344** | **71,371** | - The carrying amounts of trade receivables are primarily denominated in Macanese Pataca[36](index=36&type=chunk) [12. Trade and Other Payables](index=13&type=section&id=12.%20Trade%20and%20Other%20Payables) Total trade and other payables decreased to MOP 149,323 thousand, including trade payables, retention payables, and salaries payable Trade and Other Payables | Item | June 30, 2025 (MOP thousand) | December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Trade payables | 93,485 | 106,382 | | Retention payables | 29,066 | 30,989 | | Salaries payable | 11,540 | 14,110 | | Accruals and other payables | 15,232 | 12,736 | | **Total** | **149,323** | **164,217** | - Credit terms granted by suppliers/subcontractors generally range from **0 to 60 days**[36](index=36&type=chunk) - Retention payables are interest-free and expected to be settled within one year after the expiry of the defect liability period[37](index=37&type=chunk) [13. Bank Borrowings](index=15&type=section&id=13.%20Bank%20Borrowings) Total bank borrowings decreased to MOP 98,237 thousand, with a 3.82% effective annual interest rate; some breaches occurred but immediate repayment was not demanded Composition of Bank Borrowings | Item | June 30, 2025 (MOP thousand) | December 31, 2024 (MOP thousand) | | :--- | :--- | :--- | | Secured bank borrowings | 77,637 | 87,871 | | Unsecured bank borrowings | 20,600 | 18,500 | | **Total** | **98,237** | **106,371** | - The effective annual interest rate for bank borrowings was **3.82%** (December 31, 2024: 4.06%)[40](index=40&type=chunk) - As of June 30, 2025, bank borrowings of approximately **MOP 3,470 thousand** were in breach of financial covenants, triggering cross-defaults of approximately **MOP 38,438 thousand**, but banks did not demand immediate repayment[41](index=41&type=chunk)[42](index=42&type=chunk) - Bank borrowings and other bank facilities are secured by property, plant and equipment (**MOP 8,942 thousand**) and pledged bank deposits (**MOP 22,016 thousand**)[45](index=45&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews business performance, financial condition, liquidity, risk management, employee matters, board changes, and future strategies [Business Review](index=17&type=section&id=Business%20Review) The Group, an integrated construction contractor in Macau and Hong Kong, secured 16 new projects worth MOP 202.8 million, with 28 projects outstanding totaling MOP 694.9 million - The Group is an integrated construction contractor providing construction and ancillary services, with key clients including hotel and casino owners, Macau Water Supply Company, the Macau government, and other private developers[46](index=46&type=chunk) - For the six months ended June 30, 2025, **16** construction and ancillary service projects were secured, with a total contract value of **MOP 202.8 million**[47](index=47&type=chunk) - As of June 30, 2025, there were **28** outstanding projects with a total remaining contract value of **MOP 694.9 million**[47](index=47&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) Financial performance improved significantly with revenue growth, a surge in gross profit, and a return to profitability, despite increased finance costs [Revenue](index=17&type=section&id=Revenue) Total revenue grew 3.1% to MOP 348.7 million, driven by larger construction and ancillary service projects Total Revenue | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 348.7 | 338.3 | 3.1% | [Gross Profit and Gross Profit Margin](index=17&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit surged to MOP 15.3 million, with margin improving to 4.4%, due to higher-margin projects and effective cost control Gross Profit and Gross Profit Margin | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 15.3 | 4.5 | 239.0% | | Gross profit margin | 4.4% | 1.3% | +3.1 percentage points | [Other Income and Other Gains/(Losses)](index=18&type=section&id=Other%20Income%20and%20Other%20Gains%2F%28Losses%29) Other income and gains/(losses) decreased by 15.4% to MOP 1.1 million, mainly due to lower miscellaneous income Other Income and Other Gains/(Losses) | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | | :--- | :--- | :--- | | Other income and gains/(losses) | 1.1 | 1.3 | [Reversal of Impairment Losses on Financial Assets under ECL Model](index=18&type=section&id=Reversal%20of%20Impairment%20Losses%20on%20Financial%20Assets%20under%20ECL%20Model) Reversal of impairment losses under the ECL model decreased from MOP 0.9 million to MOP 0.1 million Reversal of Expected Credit Losses | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | | :--- | :--- | :--- | | Reversal of impairment losses | 0.1 | 0.9 | [Administrative Expenses](index=18&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 16.7% to MOP 13.5 million, mainly due to lower employee costs Administrative Expenses | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | | :--- | :--- | :--- | | Administrative expenses | 13.5 | 16.2 | [Finance Costs](index=18&type=section&id=Finance%20Costs) Finance costs increased by 16.7% to MOP 2.1 million, mainly due to higher interest expenses on bank borrowings Finance Costs | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | | :--- | :--- | :--- | | Finance costs | 2.1 | 1.8 | [Income Tax (Expense)/Credit](index=18&type=section&id=Income%20Tax%20%28Expense%29%2FCredit) The current period incurred an income tax expense of MOP 455 thousand, a shift from a credit in the prior period Income Tax (Expense)/Credit | Indicator | June 30, 2025 (MOP thousand) | June 30, 2024 (MOP thousand) | | :--- | :--- | :--- | | Income tax (expense)/credit | (455) | 17 | [Profit/(Loss) and Total Comprehensive Income/(Loss) for the Period](index=19&type=section&id=Profit%2F%28Loss%29%20and%20Total%20Comprehensive%20Income%2F%28Loss%29%20for%20the%20Period) Total comprehensive income for the period was MOP 0.4 million, reversing the MOP 11.3 million comprehensive loss from the prior period Profit/(Loss) and Total Comprehensive Income/(Loss) for the Period | Indicator | June 30, 2025 (MOP million) | June 30, 2024 (MOP million) | | :--- | :--- | :--- | | Total comprehensive income/(loss) | 0.4 | (11.3) | [Basic Earnings/(Loss) Per Share](index=19&type=section&id=Basic%20Earnings%2F%28Loss%29%20Per%20Share) Basic earnings per share significantly improved to MOP 0.04 cents from a loss of MOP 1.02 cents in the prior period Basic Earnings/(Loss) Per Share | Indicator | June 30, 2025 (MOP cents) | June 30, 2024 (MOP cents) | | :--- | :--- | :--- | | Basic earnings/(loss) per share | 0.04 | (1.02) | [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[57](index=57&type=chunk) [Property, Plant and Equipment](index=19&type=section&id=Property%2C%20Plant%20and%20Equipment) Property, plant and equipment totaled MOP 111.2 million, with MOP 12.4 million in acquisitions, and some assets pledged for bank borrowings Property, Plant and Equipment | Indicator | June 30, 2025 (MOP million) | December 31, 2024 (MOP million) | | :--- | :--- | :--- | | Property, plant and equipment | 111.2 | 115.0 | - Acquisitions of property, plant and equipment amounted to approximately **MOP 12.4 million** during the period[58](index=58&type=chunk) - Approximately **MOP 8.9 million** of property, plant and equipment are pledged as collateral for bank borrowings and other bank facilities[58](index=58&type=chunk) [Corporate Finance and Risk Management](index=19&type=section&id=Corporate%20Finance%20and%20Risk%20Management) The Group manages cash prudently, maintaining a stable liquidity ratio and reduced gearing, while actively monitoring foreign exchange, interest rate, and credit risks [Liquidity, Financial Resources and Capital Structure](index=19&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group has strong liquidity with MOP 28.5 million in cash, a stable current ratio of 1.1x, and a reduced gearing ratio of 60.9% due to lower bank borrowings Liquidity and Financial Resources | Indicator | June 30, 2025 (MOP million) | December 31, 2024 (MOP million) | | :--- | :--- | :--- | | Bank balances and cash | 28.5 | 28.7 | | Pledged bank deposits | 22.0 | 27.2 | | Bank borrowings | 98.2 | 106.4 | Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current ratio | 1.1 times | 1.1 times | | Gearing ratio | 60.9% | 66.2% | - The decrease in gearing ratio was primarily due to a reduction in bank borrowings[62](index=62&type=chunk) [Capital Commitments](index=20&type=section&id=Capital%20Commitments) As of June 30, 2025, capital commitments for property, plant and equipment purchases totaled MOP 5.1 million Capital Commitments | Item | June 30, 2025 (MOP million) | December 31, 2024 (MOP million) | | :--- | :--- | :--- | | Purchase of property, plant and equipment | 5.1 | 6.4 | [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) Banks provided MOP 55.3 million in performance guarantees for customers, with management deeming claims against the Group improbable Performance Guarantees | Item | June 30, 2025 (MOP million) | December 31, 2024 (MOP million) | | :--- | :--- | :--- | | Bank performance guarantees | 55.3 | 92.1 | [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from non-functional currency transactions and balances, with no current hedging policy but ongoing monitoring - The Group is exposed to foreign exchange risk but currently has no foreign currency hedging policy[65](index=65&type=chunk) [Interest Rate Risk](index=21&type=section&id=Interest%20Rate%20Risk) Interest rate risk stems from bank deposits and floating-rate borrowings, with no financial derivatives used for hedging - Interest rate risk primarily arises from bank deposits and floating-rate bank borrowings[66](index=66&type=chunk) - The Group does not use financial derivatives to hedge interest rate risk[66](index=66&type=chunk) [Credit Risk](index=21&type=section&id=Credit%20Risk) Credit risk stems from trade receivables, contract assets, and bank deposits, with concentration risk managed through credit limits and regular assessments - Credit risk primarily arises from trade receivables, contract assets, deposits, other receivables, amounts due from joint ventures, pledged bank deposits, and bank balances[67](index=67&type=chunk) - The Group has concentrated credit risk with its largest customer and top five customers, accounting for **33.8%** and **88.0%** of total trade receivables, respectively[68](index=68&type=chunk) [Employees](index=22&type=section&id=Employees) As of June 30, 2025, the Group had 294 full-time employees, with total staff costs of MOP 62.7 million, and remuneration based on qualifications and annual reviews Number of Employees and Costs | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of full-time employees | 294 | 295 | | Total staff costs (MOP million) | 62.7 | 79.7 | [Share Option Scheme](index=22&type=section&id=Share%20Option%20Scheme) The 2017 share option scheme, for rewarding contributions, had no options granted, exercised, cancelled, or lapsed, with 100,000,000 shares available - The share option scheme was adopted in **2017** to reward eligible participants for their contributions to the Group[70](index=70&type=chunk) - As of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed[70](index=70&type=chunk) - The total number of shares available for issue under the share option scheme is **100,000,000** shares, representing approximately **9.01%** of the issued shares[70](index=70&type=chunk) [Changes in Directors' Information](index=23&type=section&id=Changes%20in%20Directors%27%20Information) Mr. Cheung Kin Wing resigned from Tze Keung Services Centre, Mr. Chan Wai Keung resigned as executive director, and Ms. Chui Fong Lan and Mr. Cheung Kin Wing joined the Nomination Committee - Mr. Cheung Kin Wing resigned as a director of Tze Keung Services Centre Limited on **April 15, 2025**[71](index=71&type=chunk) - Mr. Chan Wai Keung resigned as an executive director on **May 18, 2025**[72](index=72&type=chunk) - Ms. Chui Fong Lan and Mr. Cheung Kin Wing were appointed as members of the Nomination Committee[72](index=72&type=chunk) [Prospects and Strategies](index=23&type=section&id=Prospects%20and%20Strategies) The Group expects sustained Macau construction, driven by tourism and non-gaming diversification, and continued Hong Kong demand from government infrastructure, while focusing on cost control, efficiency, and diversification - Macau's construction activity is expected to continue, driven by the recovery of tourism and gaming industries and the transformation towards non-gaming sectors[73](index=73&type=chunk) - Hong Kong's construction sector growth is expected to slow, but government investments in transport, energy infrastructure, and housing will provide a foundation for sustained demand[73](index=73&type=chunk) - The company will prioritize strict cost control, enhanced operational efficiency, and the adoption of innovative construction techniques to mitigate risks from inflation, high interest rates, and geopolitical tensions[74](index=74&type=chunk) - The Group is committed to business diversification in Macau and Hong Kong, capturing emerging opportunities while managing regional economic fluctuations[75](index=75&type=chunk) [Interim Dividend](index=24&type=section&id=Interim%20Dividend_2) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[78](index=78&type=chunk) [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) As of this announcement date, the Board is unaware of any significant disclosable events after the reporting period - As of the date of this announcement, the Board is not aware of any significant disclosable events after the reporting period[79](index=79&type=chunk) [Corporate Governance Practices](index=24&type=section&id=Corporate%20Governance%20Practices) The Group adopted the Corporate Governance Code and Model Code, complying with provisions except for the combined Chairman and CEO role, which the Board believes ensures consistent leadership and protects shareholder interests [Corporate Governance Code](index=24&type=section&id=Corporate%20Governance%20Code) The company complies with the Corporate Governance Code, except for the combined Chairman and CEO role, which the Board believes ensures consistent leadership and maintains power balance - The company has adopted and complied with all applicable provisions of the Corporate Governance Code, except for the deviation from code provision C.2.1 where Mr. Kung Kin Yee holds both the Chairman and Chief Executive Officer roles[80](index=80&type=chunk)[81](index=81&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer ensures consistent leadership within the Group, and the presence of three independent non-executive directors safeguards shareholders' interests[81](index=81&type=chunk) [Model Code for Securities Transactions](index=25&type=section&id=Model%20Code%20for%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions, and all directors confirmed compliance during the period - The company has adopted the Model Code for Securities Transactions, and all directors have confirmed compliance with the code[82](index=82&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Cheung Kin Wing and comprising three independent non-executive directors, reviewed the Group's accounting principles and financial statements - The Audit Committee comprises three independent non-executive directors, with Mr. Cheung Kin Wing as chairman[83](index=83&type=chunk) - The committee has reviewed the Group's accounting principles, condensed consolidated financial statements, and interim results announcement[83](index=83&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section details the publication of interim results, expresses gratitude to stakeholders, and lists the Board of Directors' composition [Publication of Interim Results and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement is available on the HKEX and company websites, with the interim report to follow for shareholders - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.kinpang.com.mo)[84](index=84&type=chunk) [Acknowledgement](index=26&type=section&id=Acknowledgement) The Board extends sincere gratitude to management, staff, shareholders, business partners, and other professionals for their support - The Board thanks management, employees, shareholders, business partners, and other professionals for their support[85](index=85&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) As of the announcement date, the Board includes two executive directors (Mr. Kung Kin Yee, Ms. Chui Fong Lan) and three independent non-executive directors - The Board of Directors includes two executive directors (Mr. Kung Kin Yee, Ms. Chui Fong Lan) and three independent non-executive directors (Mr. Cheung Wai Lun, Mr. Cheung Kin Wing, Mr. Chiu Chi Pang)[86](index=86&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 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。 Geotech Holdings Ltd. 致浩達控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1707） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 財 務 摘 要 – 1 – • 本 集 團 於 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 收 益 為 約6,080萬 港 元（截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月：約3,280萬 港 元）。 • 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 公 司 權 益 持 有 人 應 佔 虧 損 為 約780萬 港 元（截 至 二 零 二 四 年 六 ...

Financial Highlights The company reported unaudited H1 2025 interim results, with consolidated profit attributable to owners decreasing by 38.7% to US$57.9 million, and consolidated revenue slightly increasing by 0.7% - The Board declared an interim dividend of **HK5 cents per ordinary share** for 2025, consistent with 2024, to be paid on October 10, 2025[4](index=4&type=chunk) - Consolidated revenue increased by **0.7% to US$1,056.1 million**, primarily driven by increased investment property income offsetting reduced hotel property income[6](index=6&type=chunk) - Attributable profit before interest, tax, depreciation, amortization, and non-operating items decreased by **3.1% to US$369.5 million**, mainly due to a reduction in attributable revenue[6](index=6&type=chunk) - Total consolidated profit attributable to owners decreased by **38.7% to US$57.9 million**, primarily due to a significant year-on-year reduction in net non-operating item gains, including lower fair value gains on investment properties and fair value losses on financial instruments[7](index=7&type=chunk) Key Financial Performance Summary for H1 2025 | Indicator | 2025 (million USD) | 2024 (million USD) | Change % | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 1,056.1 | 1,049.1 | 0.7% | | Attributable Revenue | 1,262.5 | 1,272.1 | -0.8% | | Profit before interest, tax, depreciation, amortization, and non-operating items (Company and subsidiaries) | 251.5 | 252.3 | -0.3% | | Attributable profit before interest, tax, depreciation, amortization, and non-operating items | 369.5 | 381.5 | -3.1% | | Consolidated profit attributable to owners (operating items) | 50.9 | 59.1 | -13.9% | | Consolidated profit attributable to owners (non-operating items) | 7.0 | 35.4 | -80.2% | | Total consolidated profit attributable to owners | 57.9 | 94.5 | -38.7% | | Earnings per share (US cents per share) | 1.630 | 2.661 | -38.7% | Net Asset Value Summary | Indicator | June 30, 2025 (million USD) | December 31, 2024 (million USD) | Change % | | :--- | :--- | :--- | :--- | | Net assets attributable to owners of the company | 5,256.1 | 5,183.5 | 1.4% | | Net assets per share attributable to owners (USD) | 1.48 | 1.46 | 1.4% | [Condensed Consolidated Interim Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the condensed consolidated interim financial statements for H1 2025, offering an overview of the Group's financial position, performance, and equity changes [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets reached US$14.399 billion, growing 6.67% from year-end 2024, driven by increases in non-current assets and cash Condensed Consolidated Interim Statement of Financial Position (Summary) | Item | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 11,251,475 | 11,063,119 | | Total current assets | 3,147,700 | 2,435,340 | | **Total Assets** | **14,399,175** | **13,498,459** | | **Equity** | | | | Share capital and reserves attributable to owners of the company | 5,256,120 | 5,183,526 | | Non-controlling interests | 263,351 | 253,644 | | **Total Equity** | **5,519,471** | **5,437,170** | | **Liabilities** | | | | Total non-current liabilities | 6,952,713 | 6,366,699 | | Total current liabilities | 1,926,991 | 1,694,590 | | **Total Liabilities** | **8,879,704** | **8,061,289** | | **Total Equity and Liabilities** | **14,399,175** | **13,498,459** | [Condensed Consolidated Interim Statement of Profit or Loss](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) For H1 2025, consolidated revenue was US$1.056 billion, operating profit grew 19.0% to US$161.8 million, but profit for the period declined 40.9% to US$63.769 million Condensed Consolidated Interim Statement of Profit or Loss (Summary) | Indicator | 2025 (thousand USD) | 2024 (thousand USD) | Change % | | :--- | :--- | :--- | :--- | | Revenue | 1,056,063 | 1,049,113 | 0.7% | | Gross Profit | 589,820 | 581,498 | 1.4% | | Operating Profit | 161,769 | 135,980 | 19.0% | | Finance costs - net (interest expense) | (149,212) | (150,536) | 0.9% | | Finance costs - net (foreign exchange (loss)/gain) | (6,889) | 17,371 | N/A | | Share of profits from associates | 99,057 | 153,449 | -35.4% | | Profit for the period | 63,769 | 107,890 | -40.9% | | Profit attributable to owners of the company | 57,914 | 94,482 | -38.7% | | Basic earnings per share (US cents per share) | 1.630 | 2.661 | -38.7% | [Condensed Consolidated Interim Statement of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) For H1 2025, profit for the period was US$63.769 million, with total comprehensive income significantly increasing to US$132.7 million due to positive currency translation differences - In H1 2025, currency translation differences (subsidiaries and associates) shifted from a loss in H1 2024 to a gain, significantly boosting total comprehensive income[11](index=11&type=chunk) Condensed Consolidated Interim Statement of Comprehensive Income (Summary) | Indicator | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Profit for the period | 63,769 | 107,890 | | Other comprehensive income/(loss) | 68,929 | (93,147) | | Total comprehensive income for the period | 132,698 | 14,743 | | Total comprehensive income attributable to owners of the company | 118,917 | 9,733 | | Total comprehensive income attributable to non-controlling interests | 13,781 | 5,010 | [Condensed Consolidated Interim Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners increased to US$5.2561 billion, driven by profit and other comprehensive income, with share award scheme activities also impacting equity - As of June 30, 2025, total equity attributable to owners of the company was **US$5,256,120 thousand**, an increase from US$5,183,526 thousand as of January 1, 2025[12](index=12&type=chunk) - Total comprehensive income for the period was **US$132,698 thousand**, of which US$118,917 thousand was attributable to owners of the company[12](index=12&type=chunk) - Shares purchased for the share award scheme resulted in a **US$5,607 thousand reduction** in equity, while shares vested under the scheme had no net impact[12](index=12&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes to the condensed consolidated interim financial statements, offering comprehensive context and explanations for the Group's financial data [General Information](index=10&type=section&id=General%20Information) Shangri-La Asia Limited primarily develops, owns, and operates hotel and investment properties, provides hotel management services, and is listed on the HKEX and SGX - The Group's principal activities include the development, ownership, and operation of hotel properties, hotel management services, and the development, ownership, and operation of investment properties and properties for sale[14](index=14&type=chunk) - The company is primarily listed on the Main Board of the Hong Kong Stock Exchange and secondarily listed on the Singapore Exchange[15](index=15&type=chunk) [Basis of Preparation and Significant Accounting Policies](index=10&type=section&id=Basis%2

[Interim Results Announcement Overview](index=1&type=section&id=Interim%20Results%20Announcement) This section provides an overview of the unaudited condensed consolidated interim results for the six months ended June 30, 2025 [General Information](index=1&type=section&id=General%20Information) This report presents the unaudited condensed consolidated interim results for the six months ended June 30, 2025, reviewed by the audit committee and approved by the board - The reporting period covers the six months ended June 30, 2025, with unaudited results reviewed by the audit committee and approved by the board[2](index=2&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company achieved a profit before tax of HK$7,224 thousand, a significant improvement from the prior year's loss of HK$45,922 thousand, driven by fair value changes in listed equity instruments Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total proceeds from disposal of trading securities | 1,736 | 1,466 | | (Loss)/gain on fair value changes of listed equity investments at fair value through profit or loss | (9,512) | 34 | | Revenue | 767 | 600 | | Other income | 3 | 2 | | Fair value changes of listed equity instruments at fair value through profit or loss | 16,188 | (43,438) | | Reversal of impairment loss under expected credit loss model | 3,253 | – | | Other operating expenses | (3,475) | (3,120) | | Profit/(loss) before tax | 7,224 | (45,922) | | Profit/(loss) and total comprehensive loss for the period attributable to equity holders of the company | 7,224 | (45,922) | | Earnings/(loss) per share – basic and diluted | HK$2.04 cents | HK$(16.09 cents) | [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's net assets increased to HK$179,241 thousand from HK$172,017 thousand at December 31, 2024, with net current assets remaining robust, primarily from fair value equity investments Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current assets: Debt investments at amortized cost | 25,081 | 18,314 | | Current assets: Equity investments at fair value through profit or loss | 113,901 | 106,597 | | Current assets: Bank balances and cash | 5,869 | 11,351 | | Total current assets | 155,021 | 154,543 | | Current liabilities: Other payables and accrued charges | 861 | 840 | | Net current assets | 154,160 | 153,703 | | Net assets | 179,241 | 172,017 | | Total equity | 179,241 | 172,017 | [Notes to the Condensed Consolidated Financial Statements](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes on the preparation basis, revenue, segment information, operating expenses, income tax, earnings per share, and investment details [1. Basis of Preparation](index=3&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, applying consistent accounting policies with the 2024 annual financial statements - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules[5](index=5&type=chunk) - The accounting policies and calculation methods used in preparing the interim financial statements are consistent with those used for the annual financial statements for the year ended December 31, 2024[5](index=5&type=chunk) - The adoption of new and revised Hong Kong Financial Reporting Standards has no significant impact on the Group's accounting policies, presentation of financial statements, or reported amounts for the current and prior periods[5](index=5&type=chunk) [2. Revenue and Other Income](index=3&type=section&id=2.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) The Group's primary business is investing in listed and unlisted securities, with interest income totaling HK$770 thousand for the six months ended June 30, 2025, an increase from HK$602 thousand in the prior year - The Group's principal business is investing in listed and unlisted securities[6](index=6&type=chunk) Revenue and Other Income Details | Income Category | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from debt investments at amortized cost | 767 | 600 | | Interest income from amounts due from brokers | 3 | 2 | | **Total** | **770** | **602** | [3. Segment and Geographical Information](index=3&type=section&id=3.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates solely in the investment of listed and unlisted securities, thus no business segment information is reported, and geographical information is not presented as over **90%** of revenue and non-current assets are from Hong Kong - The Group has only one business segment, investing in listed and unlisted securities, thus no business segment information is required to be reported[7](index=7&type=chunk) - Over **90%** of the Group's revenue and non-current assets are primarily derived from Hong Kong, therefore no geographical information is presented[8](index=8&type=chunk) [4. Operating Expenses and Fair Value Changes](index=4&type=section&id=Operating%20Expenses%20and%20Fair%20Value%20Changes) For the six months ended June 30, 2025, staff costs and operating lease expenses slightly increased, with a realized loss of HK$9,512 thousand and an unrealized gain of HK$16,188 thousand from listed equity investments Operating Expenses and Fair Value Changes | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Staff costs | 887 | 871 | | Operating lease expenses | 97 | 94 | | Realized loss/(gain) on disposal of listed equity investments | 9,512 | (34) | | Unrealized (gain)/loss on listed equity investments | (16,188) | 43,438 | [5. Income Tax](index=4&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85) The Group incurred no assessable profits during the current and prior periods, resulting in zero income tax - The Group generated no assessable profits during the current period and the six months ended June 30, 2024[11](index=11&type=chunk) [6. Earnings/(Loss) Per Share](index=4&type=section&id=6.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Basic and diluted earnings per share for the six months ended June 30, 2025, improved significantly to HK$2.04 cents from a loss of HK$16.09 cents in the prior year, driven by a profit of HK$7,224 thousand Earnings/(Loss) Per Share | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to equity holders of the company | HK$7,224,000 | Loss HK$45,922,000 | | Basic and diluted earnings/(loss) per share | HK$2.04 cents | HK$(16.09 cents) | | Weighted average number of ordinary shares outstanding | 354,818,016 shares | 285,324,537 shares | - There were no potentially dilutive ordinary shares outstanding for the six months ended June 30, 2025[12](index=12&type=chunk) [7. Debt Investments at Amortized Cost](index=5&type=section&id=7.%20%E6%8C%89%E6%攤%E9%8A%B7%E6%88%90%E6%9C%AC%E5%88%97%E8%B3%A0%E4%B9%8B%E5%82%B5%E5%8B%99%E6%8A%95%E8%B3%87) Debt investments at amortized cost increased to HK$25,081 thousand as of June 30, 2025, primarily comprising unlisted bonds issued by Juntai Holdings Limited, representing approximately **10.5%** of total assets Debt Investments at Amortized Cost | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Unlisted debt investments | 26,000 | 20,000 | | Interest receivable | 1,691 | 924 | | Less: Credit loss allowance | (2,610) | (2,610) | | **Total** | **25,081** | **18,314** | - Unlisted debt investments primarily refer to unlisted bonds with a principal of **HK$20,000,000** issued by Juntai Holdings Limited[13](index=13&type=chunk) - The carrying value of Juntai bonds is approximately **HK$18,914,000**, representing about **10.5%** of the company's total assets as of June 30, 2025[14](index=14&type=chunk) - No coupon interest was received for the six months ended June 30, 2025[14](index=14&type=chunk) [8. Equity Investments at Fair Value Through Profit or Loss](index=5&type=section&id=8.%20%E9%80%8F%E9%81%8E%E6%90%8D%E7%9B%8A%E6%8C%89%E5%85%AC%E5%85%81%E5%80%BC%E5%88%97%E8%B3%A0%E4%B9%8B%E8%82%A1%E6%9C%AC%E6%8A%95%E8%B3%87) Hong Kong listed equity investments' fair value increased to HK$113,901 thousand as of June 30, 2025, with a net fair value gain of HK$16,188 thousand recognized, alongside a net realized loss of HK$9,512 thousand from disposals Hong Kong Listed Equity Investments | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong listed equity investments | 113,901 | 106,597 | - The Group recognized a net fair value gain of approximately **HK$16,188,000** on Hong Kong listed equity investments through profit or loss, and a net realized loss of approximately **HK$9,512,000** from the disposal of listed equity investments during the period[16](index=16&type=chunk) Major Listed Equity Investment Details (As of June 30, 2025) | Company Name | Stock Code | Fair Value/Market Value (HK$ thousand) | Approximate Percentage of Total Assets | Unrealized Gain/(Loss) (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Caixun Media Group Limited | 205 | 15,194 | 8.4% | 8,067 | | Juntai Holdings Limited | 630 | 11,764 | 6.5% | 6,536 | | China Integrated Holdings Limited | 1027 | 14,484 | 8.0% | (1,182) | | China Investment and Finance Group Limited | 1226 | 12,735 | 7.1% | 1,443 | | Huilong Holdings Limited | 8021 | 16,416 | 9.1% | (8,564) | [9. Other Financial Information](index=7&type=section&id=Other%20Financial%20Information) This section covers amounts due from securities brokers, pledged assets, margin facilities, and contingent liabilities, noting that margin facilities were unutilized and corporate guarantees are deemed unlikely to result in claims - Amounts due from securities brokers represent deposits placed with securities brokers for trading listed investments, repayable on demand and interest-free[19](index=19&type=chunk) - The Group did not utilize any margin facilities as of June 30, 2025, and December 31, 2024[20](index=20&type=chunk) - The company provided corporate guarantees for a subsidiary's securities trading accounts opened with brokers, which were unutilized as of June 30, 2025, and December 31, 2024[21](index=21&type=chunk) - The directors believe the likelihood of the company being claimed under any guarantee is low[21](index=21&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's financial performance, business review, investment strategies, market outlook, and other corporate information for the period [Financial Performance Overview](index=8&type=section&id=%E6%A5%AD%E7%B8%BE) The Group recorded a net profit of approximately HK$7.2 million for the period, a significant improvement from the prior year's loss of HK$45.9 million, primarily due to a total gain of approximately HK$6.7 million from listed equities - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[22](index=22&type=chunk) Financial Performance Comparison | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net profit | 7,200 | (45,900) | | Total gain from listed equities | 6,700 | (43,400) | | Basic and diluted earnings/(loss) per share | HK$2.04 cents | HK$(16.09 cents) | [Business Review and Investment Strategy](index=8&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As an investment company, the Group focuses on achieving medium to long-term capital appreciation through investments in listed and unlisted securities in Hong Kong and global markets, maintaining a diversified portfolio across various industries - The company operates as an investment company, primarily investing in listed and unlisted securities in Hong Kong and other major global stock markets to achieve medium to long-term capital appreciation[24](index=24&type=chunk) - Due to improved market conditions, listed equity investments recorded a net realized loss of approximately **HK$9.5 million** and an unrealized gain of approximately **HK$16.2 million**[24](index=24&type=chunk) - The board will maintain a diversified investment portfolio covering a wide range of industries, including but not limited to companies engaged in finance, consumer goods, consumer services, media, and manufacturing[24](index=24&type=chunk) Investment Portfolio Composition (As of June 30, 2025) | Investment Category | Amount (HK$ thousand) | Approximate Percentage of Consolidated Net Assets | | :--- | :--- | :--- | | Listed equity portfolio | 113,900 | 63.5% | | Direct unlisted debt investments | 25,100 | 14.0% | [Significant Investment Details](index=9&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group's significant investments include unlisted bonds of Juntai Holdings Limited and five major listed equity investments, with detailed business overviews, financial conditions, and investment performance - Significant investments include bonds issued by Juntai Holdings Limited, and listed equity investments in Caixun Media Group Limited, Juntai Holdings Limited, China Integrated Holdings Limited, China Investment and Finance Group Limited, and Huilong Holdings Limited[25](index=25&type=chunk)[26](index=26&type=chunk) - Juntai bonds' carrying value represents approximately **10.5%** of the company's total assets, and the company believes Juntai has sufficient working capital with no signs of bond default[14](index=14&type=chunk)[25](index=25&type=chunk) Major Listed Equity Investment Performance (As of June 30, 2025) | Company Name | Percentage of Total Assets | Unrealized Gain/(Loss) (HK$ thousand) | | :--- | :--- | :--- | | Caixun Media Group Limited | 8.4% | 8,067 | | Juntai Holdings Limited | 6.5% | 6,536 | | China Integrated Holdings Limited | 8.0% | (1,182) | | China Investment and Finance Group Limited | 7.1% | 1,443 | | Huilong Holdings Limited | 9.1% | (8,564) | [Analysis of Listed Securities Performance](index=11&type=section&id=Performance%20of%20the%20Group's%20Listed%20Securities) Net gain from listed securities was approximately HK$6.7 million, comprising a net realized loss of HK$9.5 million and a net unrealized gain of HK$16.2 million, with China 33 Media Group Limited being a key contributor to both realized losses and unrealized gains - Net gain from listed securities for the period was approximately **HK$6.7 million**, comprising a net realized loss of approximately **HK$9.5 million** from disposals and a net unrealized gain of approximately **HK$16.2 million** from listed securities[33](index=33&type=chunk) Major Realized Losses | Company Name | Stock Code | Realized Loss (HK$ million) | | :--- | :--- | :--- | | China 33 Media Group Limited | 8087 | 9.4 | Major Unrealized Gains | Company Name | Stock Code | Unrealized Gain (HK$ million) | | :--- | :--- | :--- | | China 33 Media Group Limited | 8087 | 10.2 | | Caixun Media Group Limited | 205 | 8.1 | | Juntai Holdings Limited | 630 | 6.5 | | Elite International (Holdings) Limited | 8041 | 4.7 | Major Unrealized Losses | Company Name | Stock Code | Unrealized Loss (HK$ million) | | :--- | :--- | :--- | | Huilong Holdings Limited | 8021 | 8.6 | | Hao Wen Holdings Limited | 8019 | 2.7 | [Market Outlook and Investment Strategy](index=12&type=section&id=Outlook) Global investment markets saw growth in H1 2025, influenced by expected USD depreciation; the company will focus on China and Hong Kong markets, explore US investments, and maintain a conservative approach to geopolitical risks Major Stock Index Performance (End of 2024 to June 30, 2025) | Index | End of 2024 Points | June 30, 2025 Points | Growth | | :--- | :--- | :--- | :--- | | Dow Jones Industrial Average | 42,544 | 44,095 | 3.6% | | Hang Seng Index | 20,060 | 24,072 | 20% | - The US economy faces multiple challenges including slowing activity, renewed inflationary pressures, tariffs, policy uncertainties, immigration restrictions, and high interest rates[40](index=40&type=chunk) - The Chinese economy is stabilizing, driven by strong performance in manufacturing (electric vehicles, industrial automation, digitalization), with resilient consumption volume growth despite softness, improving exports, and real estate policies focused on preventing further slowdowns[41](index=41&type=chunk)[42](index=42&type=chunk) - The company will continue to focus on investments in the China and Hong Kong markets, while also beginning to explore investments in the US market[42](index=42&type=chunk) - With no clear end in sight for the Ukraine and Israel-Gaza wars, and potential appreciation of the Japanese Yen, significant impacts on investment markets are possible, leading the company to adopt a conservative investment approach[42](index=42&type=chunk) - The company has no specific plans regarding significant investments or capital assets[43](index=43&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) The Group maintains a robust liquidity position with net current assets of HK$154.2 million and cash and bank balances of HK$5.9 million, while consolidated net asset value per share increased to HK$0.505 Liquidity and Financial Resources | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net current assets | 154,200 | 153,700 | | Cash and bank balances | 5,900 | 11,400 | | Total current assets | 155,000 | 154,600 | | Non-interest-bearing current liabilities | 900 | 900 | Net Asset Value Per Share and Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unaudited consolidated net asset value per share | HK$0.505 | HK$0.485 | | Gearing ratio | 0.5% | 0.5% | [Use of Proceeds from Placing](index=14&type=section&id=Use%20of%20Proceeds%20from%20Placing) The company completed a placing in October 2024, raising approximately HK$14 million net, with HK$6.5 million utilized for listed securities investments and general working capital by June 30, 2025, and the remaining HK$7.5 million expected to be used by December 31, 2025 - The company completed a placing on October 30, 2024, successfully raising approximately **HK$14.2 million** (before expenses), with net proceeds of approximately **HK$14.0 million**[46](index=46&type=chunk)[47](index=47&type=chunk) - The net proceeds from the placing are intended for the Group's general working capital and future investments in line with the company's investment objectives[47](index=47&type=chunk) Use of Placing Proceeds (As of June 30, 2025) | Intended Use | Utilized (HK$ million) | Unutilized (HK$ million) | | :--- | :--- | :--- | | Investment in listed securities | 3.0 | 4.9 | | General working capital of the company | 3.5 | 2.6 | | **Total** | **6.5** | **7.5** | - The remaining net proceeds of approximately **HK$7.5 million** are expected to be utilized for their intended purposes by December 31, 2025[48](index=48&type=chunk) [Other Corporate Information](index=15&type=section&id=Other%20Corporate%20Information) This section covers asset pledges, capital commitments, contingent liabilities, exchange rate risk, directors' securities transactions, share dealings, corporate governance, employee and remuneration policies, audit committee, and board composition - The Group had no significant capital commitments as of June 30, 2025[50](index=50&type=chunk) - The majority of the Group's investments are denominated in Hong Kong Dollars, and the board considers the exchange rate risk faced to be insignificant[52](index=52&type=chunk) - All directors of the company confirm their compliance with the required standards set out in the Model Code throughout the period[53](index=53&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[54](index=54&type=chunk) - The company complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the period, with the exception of Code Provision C.2.1 (which stipulates that the roles of chairman and chief executive should be separate)[55](index=55&type=chunk) - As of June 30, 2025, the Group had **6** employees (including the company's directors), with remuneration determined based on performance, experience, and market standards[57](index=57&type=chunk) - The audit committee, comprising all independent non-executive directors with Mr. Yu Tat Chi as chairman, has reviewed the unaudited interim accounts for the period[58](index=58&type=chunk)

[Interim Results Summary](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%81) This section provides an overview of the Group's financial performance and position for the interim period [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group achieved significant growth in both revenue and profit for the period, driven by strong financial lending performance, despite increased fair value losses on investment properties and impairment losses on loans receivable Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ thousand) | Metric | For the six months ended 2025年6月30日 (HK$ thousand) | For the six months ended 2024年6月30日 (HK$ thousand) | Change (HK$ thousand) | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 159,338 | 116,981 | 42,357 | 36.21 | | Operating Profit | 33,555 | 21,505 | 12,050 | 56.03 | | Profit Before Income Tax | 24,621 | 20,382 | 4,239 | 20.80 | | Profit for the Period Attributable to Owners of the Company | 18,888 | 14,709 | 4,179 | 28.41 | | Total Comprehensive Income for the Period | 20,235 | 4,201 | 16,034 | 381.67 | - Fair value loss on investment properties significantly decreased from **HK$3,000 thousand** in the prior period to **HK$400 thousand** for the current period[3](index=3&type=chunk) - Net impairment loss on loans and interest receivables increased from **HK$43,530 thousand** in the prior period to **HK$67,195 thousand** for the current period, an increase of approximately **54.37%**[3](index=3&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets and total equity increased, with a significant rise in non-current loans and interest receivables and bank borrowings, while a non-current loan from a shareholder was reclassified to a current portion Interim Condensed Consolidated Statement of Financial Position (HK$ thousand) | Metric | As of 2025年6月30日 (HK$ thousand) | As of 2024年12月31日 (HK$ thousand) | Change (HK$ thousand) | Growth Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,465,351 | 1,400,616 | 64,735 | 4.62 | | Total Equity | 1,113,189 | 1,092,954 | 20,235 | 1.85 | | Total Liabilities | 352,162 | 307,662 | 44,500 | 14.46 | - Non-current loans and interest receivables increased from **HK$600,166 thousand** as of December 31, 2024, to **HK$687,622 thousand** as of June 30, 2025, a growth of approximately **14.57%**[5](index=5&type=chunk) - Non-current bank borrowings significantly increased from **HK$112,000 thousand** as of December 31, 2024, to **HK$215,000 thousand** as of June 30, 2025, a growth of approximately **91.96%**[6](index=6&type=chunk) - Non-current loan from a shareholder decreased from **HK$160,439 thousand** as of December 31, 2024, to zero, with a new current portion of **HK$97,582 thousand**, indicating a reclassification of some shareholder loans to short-term liabilities[6](index=6&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section details the accounting policies and specific financial notes supporting the interim condensed consolidated financial information [1. Basis of Preparation](index=6&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34, and should be read in conjunction with the annual consolidated financial statements - Financial information is prepared in accordance with Appendix D2 to the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[7](index=7&type=chunk) - The interim condensed consolidated financial information does not include all types of notes found in the annual consolidated financial statements and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[7](index=7&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The Group's interim condensed consolidated financial statements are prepared on a historical cost basis, except for leasehold land and buildings, investment properties, and financial assets at fair value through profit or loss, which are carried at fair value. The application of revised standards in the current period had no significant impact on financial position or performance, and the adoption of new and revised standards in the future is not expected to have a significant impact - The interim condensed consolidated financial statements are prepared on a historical cost basis, except for leasehold land and buildings, investment properties, and financial assets at fair value through profit or loss, which are carried at fair value[8](index=8&type=chunk) - Amendments to HKAS 21 and HKFRS 1, effective January 1, 2025, had no impact on the Group's financial position and performance[10](index=10&type=chunk) - The Board's preliminary assessment indicates that the adoption of new and revised standards in the future, such as HKFRS 18 and HKFRS 19, is not expected to have any significant impact on the Group's financial position and operating results[12](index=12&type=chunk) [3. Segment Information](index=7&type=section&id=3.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's main operating segments are property development and investment and financial lending. The financial lending segment is the primary revenue contributor, with significant growth in both revenue and segment results, while the property development and investment segment recorded a loss. Hong Kong contributed the vast majority of external customer revenue and non-current assets - The Group has two reportable segments: Property Development and Investment (sales and leasing of properties in PRC) and Financial Lending (providing mortgage and personal loan financing to customers in Hong Kong)[14](index=14&type=chunk) Segment Revenue and Results (HK$ thousand) | Segment | For the six months ended 2025年6月30日 Revenue | For the six months ended 2024年6月30日 Revenue | For the six months ended 2025年6月30日 Segment Results | For the six months ended 2024年6月30日 Segment Results | | :--- | :--- | :--- | :--- | :--- | | Property Development and Investment | 755 | 794 | (946) | (2,503) | | Financial Lending | 155,498 | 116,187 | 30,006 | 28,666 | | Segment Total | 156,253 | 116,981 | 29,060 | 26,163 | | Total | 159,338 | 116,981 | 24,621 (Profit Before Income Tax) | 20,382 (Profit Before Income Tax) | Revenue and Non-current Assets by Geographical Location (HK$ thousand) | Region | For the six months ended 2025年6月30日 Revenue | For the six months ended 2024年6月30日 Revenue | As of 2025年6月30日 Non-current Assets | As of 2024年12月31日 Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 155,498 | 116,187 | 946,981 | 859,442 | | PRC | 3,84

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。 SHENZHEN DOBOT CORP LTD 深圳市越疆科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2432） 截至二零二五年六月三十日止六個月的中期業績公告 財務摘要 深圳市越疆科技股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣佈 本公司及其附屬公司（統 稱「本集團」或「我 們」）截 至2025年6月30日止六個月（「報 告期間」或「期 內」）之 未 經 審 計 簡 明 綜 合 業 績，連 同2024年 同 期 之 比 較 數 字。該 等未經審計簡明綜合業績已經本公司審核委員會（「審核委員會」）審 閱。 – 1 – • 營業收入由截至2024年6月30日止六個月的人民幣120.5百萬元增加27.1% 至截至2025年6月30日止六個月的人民幣153.1 ...

[Independent Non-Executive Chairman's Report](index=3&type=section&id=Independent%20Non-Executive%20Chairman's%20Report) Despite global economic uncertainty and a lowered IMF growth forecast in H1 2025, strong Japanese tourism drove robust group revenue, with PCCW Properties anticipating steady growth in H2 through prudent strategies and development opportunities - In the first half of 2025, the global economy was affected by uncertainty and market volatility, with the International Monetary Fund lowering its global economic growth forecast to **2.8%**[5](index=5&type=chunk) - Japan's tourism sector continued its strong performance, with international visitor numbers reaching a new high in the first few months of 2025, driving robust group revenue growth[5](index=5&type=chunk) - Looking ahead to the second half, the Group will maintain a prudent strategy, advance existing projects, and actively seize regional development opportunities, anticipating steady growth[5](index=5&type=chunk) [Vice Chairman and Group Managing Director's Report](index=4&type=section&id=Vice%20Chairman%20and%20Group%20Managing%20Director's%20Report) For H1 2025, consolidated revenue grew to **HKD 736 million**, but attributable loss expanded to **HKD 249 million**, primarily due to strong Japanese market performance, while other regional projects progressed, and no interim dividend was declared H1 2025 Financial Performance | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 736 | 545 | Growth 35.0% | | Consolidated Loss Attributable to Shareholders | (249) | (153) | Loss Expanded 62.7% | | Basic Loss Per Share | (12.23) cents | (7.52) cents | Loss Expanded 62.6% | - The Board did not declare an interim dividend for the first half of 2025[9](index=9&type=chunk) - The Japanese market performed exceptionally well, benefiting from booming tourism and a relatively weak JPY, leading to significant revenue growth for Park Hyatt Niseko Hanazono[8](index=8&type=chunk)[9](index=9&type=chunk) - The luxury property development project at 3–6 Caine Road, Central, Hong Kong, is progressing steadily as planned, with completion anticipated in early 2026[10](index=10&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides a detailed review of the Group's business operations and financial performance for H1 2025, covering property and hospitality segments across key Asian markets, highlighting Japan's strong tourism impact, and analyzing financial metrics, liquidity, capital structure, and future outlook [Business Review](index=5&type=section&id=Business%20Review) This section details the Group's property investment, development, hotel, and leisure operations across regions, highlighting Japan's strong tourism-driven performance with increased hotel occupancy and leisure revenue, stable Indonesian property income, progressing Hong Kong projects, and flat Thai golf business revenue [Indonesia Property Investment](index=5&type=section&id=Indonesia%20Property%20Investment) - PCP Jakarta, a prime commercial property in Jakarta, performed steadily with an **85%** committed office occupancy rate[14](index=14&type=chunk) Indonesia Property Investment Gross Rental Income | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Gross Rental Income | 100 | 100 | Flat | [Japan Property Development](index=5&type=section&id=Japan%20Property%20Development) - Park Hyatt Niseko Hanazono Residences in Hokkaido, Japan, has sold or reserved **111** units to date[15](index=15&type=chunk) Japan Property Development Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 102 | 0 | Significant Growth | [Thailand Property Development and Golf Business](index=5&type=section&id=Thailand%20Property%20Development%20and%20Golf%20Business) - Phase 1A villas in Phang Nga, Thailand, are **40%** sold or reserved[16](index=16&type=chunk) Thailand Property Development and Golf Business Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Property Development Revenue | 0 | 0 | Flat | | Golf Business Revenue | 6 | 6 | Flat | [Hong Kong Property Development](index=5&type=section&id=Hong%20Kong%20Property%20Development) - The superstructure works for the property development project at 3–6 Caine Road, Central, Hong Kong, are progressing well, with completion planned for early 2026[17](index=17&type=chunk) [Japan Hotel Business](index=5&type=section&id=Japan%20Hotel%20Business) - Japan's tourism industry experienced strong growth, with inbound visitor arrivals reaching **14.45 million** from January to April 2025, a significant increase compared to the same period in 2024[18](index=18&type=chunk) - Park Hyatt Niseko Hanazono performed exceptionally well, with both occupancy rates and average room rates significantly higher than the prior year period[18](index=18&type=chunk) Japan Hotel Business Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 253 | 221 | Growth 14.5% | [Japan Leisure and Recreation Business](index=5&type=section&id=Japan%20Leisure%20and%20Recreation%20Business) - Winter 2024/25 ski visits increased by **4%** compared to Winter 2023/24, indicating a strong recovery in Japanese tourism and a surge in winter leisure demand[19](index=19&type=chunk) Japan All-Season Leisure Business Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 179 | 136 | Growth 31.6% | [Hong Kong Property and Facilities Management](index=6&type=section&id=Hong%20Kong%20Property%20and%20Facilities%20Management) Hong Kong Property and Facilities Management Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 15 | 15 | Flat | [Japan Property Management](index=6&type=section&id=Japan%20Property%20Management) Japan Property Management Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 73 | 60 | Growth 21.7% | [Other Businesses](index=6&type=section&id=Other%20Businesses) - Other businesses primarily include property investment in Hong Kong[23](index=23&type=chunk) Other Businesses Revenue | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 8 | 7 | Growth 14.3% | [Financial Review](index=6&type=section&id=Financial%20Review) The financial review shows H1 2025 consolidated revenue grew **35%** to **HKD 736 million**, but net loss after tax expanded to **HKD 249 million** due to exchange and fair value losses, with increased net current liabilities and a decreased current ratio, leading the Group to pursue refinancing and asset monetization [Performance Review](index=6&type=section&id=Performance%20Review) H1 2025 Key Financial Performance | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 736 | 545 | Growth 35% | | Consolidated Gross Profit | 522 | 385 | Growth 36% | | Gross Profit Margin | 71% | 71% | Flat | | General and Administrative Expenses | 390 | 337 | Growth 16% | | Fair Value Loss on Investment Properties | (81) | 0 | New Loss | | Financing Costs | 239 | 170 | Growth 40.6% | | Consolidated Net Loss After Tax | (249) | (153) | Loss Expanded 62.7% | | Basic Loss Per Share | (12.23) cents | (7.52) cents | Loss Expanded 62.6% | - The increase in consolidated net loss after tax was primarily due to exchange losses on guaranteed notes and fair value losses on investment properties[24](index=24&type=chunk) [Current Assets and Liabilities](index=7&type=section&id=Current%20Assets%20and%20Liabilities) Changes in Current Assets and Liabilities | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Current Assets | 4,720 | 4,537 | Growth 4.0% | | Total Current Liabilities | 9,136 | 1,540 | Growth 493.2% | | Current Ratio | 0.52 | 2.95 | Significant Decrease | - Total current liabilities significantly increased, causing the current ratio to decrease from **2.95** to **0.52**[25](index=25&type=chunk) [Capital Structure, Liquidity, and Financial Resources](index=7&type=section&id=Capital%20Structure%2C%20Liquidity%2C%20and%20Financial%20Resources) Total Borrowings | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Borrowings | 10,314 | 9,841 | Growth 4.8% | - Borrowings primarily include **USD 800 million** guaranteed notes (approximately **HKD 6.268 billion**), JPY loan facilities (approximately **HKD 507 million**), and HKD loan facilities (approximately **HKD 3.539 billion**)[26](index=26&type=chunk) - The Group is actively exploring various options to refinance existing loans and bonds, and considering potential asset monetization opportunities to improve liquidity[31](index=31&type=chunk)[67](index=67&type=chunk) - On July 25, 2025, JPY 9.25 billion (approximately **HKD 500 million**) of JPY loan facilities, representing the outstanding principal amount, was repaid[28](index=28&type=chunk) [Income Tax](index=8&type=section&id=Income%20Tax) Income Tax Expense | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Income Tax | 63 | 37 | Growth 70.3% | [Pledged Assets](index=8&type=section&id=Pledged%20Assets) Total Value of Pledged Assets | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Pledged Assets | 7,778 | 7,765 | Slight Growth | [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) - As of June 30, 2025, the Group employed **976** staff members in Hong Kong and overseas[34](index=34&type=chunk) - The remuneration policy aligns with industry practices, offering comprehensive benefits including medical insurance, training programs, and provident fund/MPF schemes[34](index=34&type=chunk) [Dividends and Distributions](index=9&type=section&id=Dividends%20and%20Distributions) - The Board does not recommend the payment of an interim dividend for the first half of 2025, nor does it recommend a final dividend for 2024[35](index=35&type=chunk) [Outlook](index=9&type=section&id=Outlook) - Despite global geopolitical uncertainties and economic downside risks, robust demand in Asia's tourism, hotel, and services sectors continues to drive regional economic growth[36](index=36&type=chunk) - The Group anticipates accelerated growth in its Japan hotel business and leisure and recreation operations, contributing positively to the Group[36](index=36&type=chunk) - The Group remains cautiously optimistic about the long-term prospects of the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia[37](index=37&type=chunk) [Board of Directors](index=10&type=section&id=Board%20of%20Directors) This chapter outlines PCCW Properties' Board of Directors, including executive, non-executive, and independent non-executive members, detailing their diverse professional backgrounds, tenures, and external appointments, highlighting the Board's collective experience and expertise [Executive Directors](index=10&type=section&id=Executive%20Directors) This section provides details on the executive directors of the company - Mr. Richard Li Tzar Kai, **58**, is an Executive Director and Chairman of the Executive Committee, appointed in May 2004, and previously served as Chairman[38](index=38&type=chunk)[39](index=39&type=chunk) - Mr. Lam Yu Yee, **64**, is an Executive Director, Vice Chairman, and Group Managing Director, appointed in May 2019, with extensive experience in corporate finance and investment banking[38](index=38&type=chunk)[40](index=40&type=chunk) [Non-Executive Directors](index=11&type=section&id=Non-Executive%20Directors) This section provides details on the non-executive directors of the company - Dr. Allan Zeman, **77**, is a Non-Executive Director, appointed in June 2004, serving as Chairman of Lan Kwai Fong Group and holding various government public offices and independent non-executive directorships in listed companies[42](index=42&type=chunk)[43](index=43&type=chunk) [Independent Non-Executive Directors](index=12&type=section&id=Independent%20Non-Executive%20Directors) This section provides details on the independent non-executive directors of the company - Professor Wang Yau-Chuen, **73**, is an Independent Non-Executive Director and Independent Non-Executive Chairman, appointed in July 2004, and is a Chair Professor of Economics at the University of Hong Kong[45](index=45&type=chunk)[46](index=46&type=chunk) - Ms. Zhang Yun, **57**, is an Independent Non-Executive Director, appointed in May 2015, with over **31 years** of private equity investment experience[47](index=47&type=chunk)[48](index=48&type=chunk) - Dr. Fung Man Shek, **53**, is an Independent Non-Executive Director, appointed in March 2018, working in the financial services industry and previously serving as a Managing Director at a global private equity firm[51](index=51&type=chunk) [Financial Information](index=14&type=section&id=Financial%20Information) This chapter provides condensed consolidated financial information for H1 2025, including key statements and detailed notes, showing revenue growth but expanded losses, significantly increased current liabilities, and a decreased current ratio, with notes explaining accounting policies, revenue, financing costs, taxation, and other critical financial details [Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the condensed consolidated statement of comprehensive income for the period Summary of Condensed Consolidated Statement of Comprehensive Income | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 736 | 545 | Growth 35.0% | | Gross Profit | 522 | 385 | Growth 35.6% | | General and Administrative Expenses | (390) | (337) | Growth 15.7% | | Fair Value Loss on Investment Properties | (81) | 0 | New Loss | | Financing Costs | (239) | (170) | Growth 40.6% | | Loss Before Tax | (186) | (116) | Loss Expanded 60.3% | | Income Tax | (63) | (37) | Growth 70.3% | | Loss Attributable to Equity Holders of the Company | (249) | (153) | Loss Expanded 62.7% | | Exchange Differences on Translation of Foreign Operations | 264 | (505) | Shift from Loss to Gain | | Total Comprehensive Income/(Loss) | 15 | (658) | Shift from Loss to Gain | | Basic and Diluted Loss Per Share | (12.23) cents | (7.52) cents | Loss Expanded 62.6% | [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the condensed consolidated statement of changes in equity for the period Changes in Total Equity | Metric | June 30, 2025 (HKD million) | June 30, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Equity | 81 | 24 | Growth 237.5% | - In the first half of 2025, total comprehensive income attributable to equity holders of the Company was **HKD 15 million**, compared to a loss of **HKD 658 million** in the same period of 2024, primarily influenced by exchange differences[56](index=56&type=chunk) [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the condensed consolidated statement of financial position Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 6,416 | 6,330 | Growth 1.4% | | Current Assets | 4,720 | 4,537 | Growth 4.0% | | Current Liabilities | 9,136 | 1,540 | Growth 493.2% | | Net Current (Liabilities)/Assets | (4,416) | 2,997 | Shift from Net Assets to Net Liabilities | | Total Assets Less Current Liabilities | 2,000 | 9,327 | Significant Decrease 78.6% | | Non-current Liabilities | 1,919 | 9,261 | Significant Decrease 79.3% | | Net Assets | 81 | 66 | Growth 22.7% | - Total current liabilities significantly increased, resulting in a shift from net current assets of **HKD 2.997 billion** at the end of 2024 to net current liabilities of **HKD 4.416 billion** as of June 30, 2025[59](index=59&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the condensed consolidated statement of cash flows for the period Summary of Condensed Consolidated Statement of Cash Flows | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (61) | (78) | Outflow Decreased 21.8% | | Cash Used in Investing Activities | (20) | (30) | Outflow Decreased 33.3% | | Net Cash Generated From/(Used In) Financing Activities | 86 | (184) | Shift from Outflow to Inflow | | Net Increase/(Decrease) in Cash and Cash Equivalents | 5 | (292) | Shift from Decrease to Increase | | Cash and Cash Equivalents at June 30 | 707 | 544 | Growth 29.9% | - Financing activities shifted from a net cash outflow in the same period of 2024 to a net cash inflow in the first half of 2025, primarily due to net proceeds from bank borrowings[61](index=61&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Information](index=20&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Information) The financial notes explain the Group's accounting policies, segment performance, financing costs, taxation, loss per share, investment property valuation, asset movements, trade balances, borrowings, deferred income, capital structure, commitments, bank facilities, and related party transactions, addressing net current liabilities through refinancing and asset monetization plans [Basis of Preparation and Accounting Policies](index=20&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) - The condensed consolidated financial information is prepared in accordance with HKAS 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and has been reviewed by the Audit Committee and independent auditors[63](index=63&type=chunk) - As of June 30, 2025, the Group recorded net current liabilities of **HKD 4.416 billion** and a total operating cash outflow of **HKD 61 million**[66](index=66&type=chunk) - The Board is actively exploring refinancing options, driving sales and pre-sale activities, and considering asset monetization opportunities to ensure sufficient liquidity and prepare financial information on a going concern basis[67](index=67&type=chunk) [Revenue and Segment Information](index=22&type=section&id=Revenue%20and%20Segment%20Information) H1 2025 Revenue and Segment Results by Business Segment | Segment | Revenue from External Customers (HKD million) | Segment Results Before Tax (HKD million) | | :--- | :--- | :--- | | Japan All-Season Leisure Activities Business | 179 | 81 | | Japan Property Development | 102 | 54 | | Japan Hotel Business | 253 | 18 | | Japan Property Management | 73 | 29 | | Indonesia Property Investment | 100 | (36) | | Thailand Property Development and Golf Business | 6 | (23) | | Hong Kong Property and Facilities Management | 15 | 5 | | Hong Kong Property Development | 0 | (24) | | Other Businesses | 8 | 1 | | **Total Reportable Segments** | **736** | **105** | - Revenue recognition timing: **HKD 211 million** recognized at a point in time, **HKD 458 million** recognized over time, and **HKD 67 million** in rental income[70](index=70&type=chunk) [Financing Costs](index=24&type=section&id=Financing%20Costs) Composition of Financing Costs | Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Interest Expense (Bank Borrowings) | 91 | 92 | | Interest Expense (Guaranteed Notes) | 165 | 165 | | Exchange (Gain)/Loss on Guaranteed Notes | 69 | (3) | | Interest Expense Capitalized to Properties Under Development/Held for Sale | (87) | (85) | | **Total Financing Costs** | **239** | **170** | - Exchange losses on guaranteed notes were the primary reason for the significant increase in financing costs in the first half of 2025[71](index=71&type=chunk) [Loss Before Tax](index=24&type=section&id=Loss%20Before%20Tax) Key Deductions for Loss Before Tax | Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Cost of Properties Sold | 34 | 0 | | Depreciation of Property, Plant and Equipment | 83 | 68 | | Staff Costs (Selling and Marketing Costs) | 70 | 43 | | Staff Costs (General and Administrative Expenses) | 98 | 95 | | Net Exchange Loss | 5 | 2 | [Income Tax](index=25&type=section&id=Income%20Tax) Composition of Income Tax | Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Hong Kong Profits Tax (Current Provision) | 1 | 1 | | Income Tax Outside Hong Kong (Current Provision) | 45 | 35 | | Deferred Income Tax | 17 | 1 | | **Total Income Tax** | **63** | **37** | [Dividends](index=25&type=section&id=Dividends) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Loss Per Share](index=26&type=section&id=Loss%20Per%20Share) Loss Per Share Calculation | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Purpose of Calculating Basic and Diluted Loss Per Share (HKD million) | (249) | (153) | | Weighted Average Number of Ordinary Shares | 2,038,276,785 | 2,038,276,785 | | **Basic and Diluted Loss Per Share** | **(12.23) cents** | **(7.52) cents** | [Investment Properties](index=27&type=section&id=Investment%20Properties) Movement in Investment Properties | Metric | June 30, 2025 (HKD million) | January 1, 2024 (HKD million) | | :--- | :--- | :--- | | Balance at January 1 | 3,277 | 3,435 | | Fair Value Changes | (81) | 0 | | Exchange Differences | 13 | (194) | | **Balance at June 30** | **3,212** | **3,241** | - The fair value of investment properties is valued using the income approach, considering factors such as expected market rents and capitalization rates[82](index=82&type=chunk) [Property, Plant and Equipment](index=28&type=section&id=Property%2C%20Plant%20and%20Equipment) - For the six months ended June 30, 2025, additions to property, plant and equipment primarily included **HKD 3 million** for the Caine Road development project in Central, Hong Kong, and **HKD 12 million** for leisure and recreation facilities at Niseko Resort, Kutchan, Hokkaido, Japan[83](index=83&type=chunk) [Properties Under Development/Held for Sale/Held for Development](index=28&type=section&id=Properties%20Under%20Development%2FHeld%20for%20Sale%2FHeld%20for%20Development) Movement in Properties Under Development/Held for Sale | Metric | June 30, 2025 (HKD million) | January 1, 2024 (HKD million) | | :--- | :--- | :--- | | Balance at January 1 | 3,724 | 3,463 | | Additions | 207 | 143 | | Properties Sold | (29) | 0 | | Exchange Differences | 61 | (69) | | **Balance at June 30** | **3,963** | **3,537** | - As of June 30, 2025, properties held for development refer to freehold land in Thailand that the Group intends to hold for future development projects[85](index=85&type=chunk) [Net Trade Receivables](index=29&type=section&id=Net%20Trade%20Receivables) Ageing Analysis of Trade Receivables (1 to 30 Days) | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | 1 to 30 Days | 39 | 96 | [Trade Payables](index=29&type=section&id=Trade%20Payables) Ageing Analysis of Trade Payables (1 to 30 Days) | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | 1 to 30 Days | 14 | 53 | [Borrowings](index=30&type=section&id=Borrowings) Borrowings Repayment Schedule | Repayment Period | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Not Exceeding One Year | 8,640 | 835 | | Exceeding One Year But Not Exceeding Two Years | 1,451 | 8,860 | | Exceeding Two Years But Not Exceeding Five Years | 223 | 146 | | **Total Borrowings** | **10,314** | **9,841** | - Borrowings repayable within one year significantly increased to **HKD 8.64 billion**, primarily comprising **USD 800 million** guaranteed notes (due 2026) and various bank borrowings[90](index=90&type=chunk)[91](index=91&type=chunk) - On July 25, 2025, JPY 9.25 billion (approximately **HKD 500 million**) of JPY term loan facilities was repaid[91](index=91&type=chunk) [Deferred Income and Contract Liabilities](index=32&type=section&id=Deferred%20Income%20and%20Contract%20Liabilities) Deferred Income and Contract Liabilities | Item | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Rental Income from Investment Properties | 43 | 63 | | Deposits Received and Other Income in Advance for Property Sales | 120 | 237 | | **Deferred Income and Contract Liabilities Classified as Current Liabilities** | **163** | **300** | [Issued Equity](index=32&type=section&id=Issued%20Equity) Issued Ordinary Shares | Metric | June 30, 2025 | January 1, 2024 | | :--- | :--- | :--- | | Number of Ordinary Shares of HKD 0.50 Each | 2,038,236,743 | 2,038,236,743 | | Issued Equity (HKD million) | 3,802 | 3,802 | - As of June 30, 2025, the remaining bonus convertible notes with a total value of **HKD 20,021.20** were unlisted and non-redeemable, but carried conversion rights[96](index=96&type=chunk) [Capital Commitments](index=34&type=section&id=Capital%20Commitments) Contracted But Not Provided For Capital Commitments | Item | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Property Development Projects | 865 | 945 | | Investment Properties | 2 | 2 | | Property, Plant and Equipment | 25 | 28 | | **Total** | **892** | **975** | [Bank Facilities](index=34&type=section&id=Bank%20Facilities) Total Bank Facilities and Undrawn Amounts | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total Bank Facilities | 4,504 | 4,458 | | Undrawn Amounts | 291 | 703 | Total Value of Assets Pledged for Bank Facilities | Item | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Investment Properties | 3,156 | 3,221 | | Property, Plant and Equipment | 1,466 | 1,459 | | Properties Under Development | 3,044 | 2,926 | | Restricted Cash | 67 | 71 | | Cash and Cash Equivalents | 45 | 88 | | **Total** | **7,778** | **7,765** | [Significant Related Party Transactions](index=35&type=section&id=Significant%20Related%20Party%20Transactions) H1 2025 Significant Related Party Transactions | Transaction Type | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Sales of Services (Office Lease Rental) | 6 | 6 | | Sales of Services (Facilities Management Services) | 5 | 4 | | Purchase of Services (Corporate Services) | 6 | 5 | | Interest Expense on Guaranteed Notes (Major Shareholder) | 21 | 21 | Key Management Personnel Remuneration | Remuneration Item | H1 2025 (HKD million) | H1 2024 (HKD million) | | :--- | :--- | :--- | | Salaries and Other Short-term Employee Benefits | 7 | 7 | | Bonuses | 9 | 9 | | Directors' Fees | 1 | 1 | | Pension Scheme Contributions | 1 | 1 | | **Total** | **18** | **18** | [Fair Value Estimation](index=36&type=section&id=Fair%20Value%20Estimation) - Financial assets measured at fair value through profit or loss are categorized within Level 1 of the fair value hierarchy[104](index=104&type=chunk)[109](index=109&type=chunk) Carrying Amount and Fair Value of Guaranteed Notes | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Carrying Amount | 6,269 | 6,196 | | Fair Value | 5,919 | 5,406 | - The fair value of guaranteed notes falls within Level 2 of the fair value hierarchy, with significant inputs required for its calculation being observable data[108](index=108&type=chunk)[110](index=110&type=chunk) [General Information](index=38&type=section&id=General%20Information) This chapter discloses the interests and short positions of directors, chief executives, major shareholders, and other persons in the Company's shares and associated corporations' securities, and details the Company's share option schemes, including the expiry of the 2015 plan and adoption of the new 2025 plan [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=38&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section details the long positions of directors, chief executives, and their close associates in the Company's shares and associated corporations' debentures, including Mr. Richard Li Tzar Kai's **29.90%** interest in the Company and his holdings in PCPD Capital Limited's 2026 debentures, and Dr. Allan Zeman's shares in Easy Treasure Limited [Interests in the Company](index=38&type=section&id=Interests%20in%20the%20Company) Mr. Richard Li Tzar Kai's Share Interests in the Company | Director's Name | Personal Interests | Family Interests | Corporate Interests | Other Interests | Total | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Richard Li | — | — | 207,267,814 | 402,164,972 | 609,432,786 | 29.90% | - Mr. Richard Li Tzar Kai holds corporate interests through his wholly-owned subsidiaries, Chiltonlink Limited and Eisner Investments Limited, and is deemed to have interests in shares held by PCCW Holdings and PCCW Enterprise[113](index=113&type=chunk) [Interests in Associated Corporations of the Company](index=39&type=section&id=Interests%20in%20Associated%20Corporations%20of%20the%20Company) Mr. Richard Li Tzar Kai's Interests in PCPD Capital Limited 2026 Debentures | Director's Name | Principal Amount of 2026 Debentures Held (USD) | | :--- | :--- | | Richard Li | 21,717,000 | Dr. Allan Zeman's Interests in Easy Treasure Limited Shares | Director's Name | Number of Ordinary Shares Held | Percentage of Total Issued Shares of Easy Treasure | | :--- | :--- | :--- | | Allan Zeman | 999 | 9.99% | [Share Option Schemes](index=41&type=section&id=Share%20Option%20Schemes) This section outlines the company's share option schemes - The 2015 Share Option Scheme expired on May 6, 2025, and a new 2025 Share Option Scheme was adopted on May 14, 2025, with a **10-year** validity period[118](index=118&type=chunk) - As of June 30, 2025, the number of share options available for grant under the 2025 Scheme was **203,823,674** shares[119](index=119&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=42&type=section&id=Major%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) This section details the interests and short positions of major shareholders in the company's shares Major Shareholders' Share Interests in the Company | Shareholder Name | Number of Shares/Underlying Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | | PCCW | 612,854,407 | 30.07% | | PCCW Holdings | 402,164,972 | 19.73% | | Star Ocean Ultimate Limited | 402,164,972 | 19.73% | | The Ocean Trust | 402,164,972 | 19.73% | | The Starlite Trust | 402,164,972 | 19.73% | | OS Holdings Limited | 402,164,972 | 19.73% | | Ocean Star Management Limited | 402,164,972 | 19.73% | | The Ocean Unit Trust | 402,164,972 | 19.73% | | The Starlite Unit Trust | 402,164,972 | 19.73% | | Star Ocean Ultimate Holdings Limited | 402,164,972 | 19.73% | | Fung Wai Ling | 402,164,972 | 19.73% | | Wong Ka Chun | 402,164,972 | 19.73% | | PCCW Enterprise | 284,071,850 | 13.94% | | PCD | 181,520,587 | 8.91% | - PCCW indirectly holds a **30.07%** interest through its wholly-owned subsidiaries[121](index=121&type=chunk) [Other Persons' Interests and Short Positions Disclosable Under the SFO](index=43&type=section&id=Other%20Persons'%20Interests%20and%20Short%20Positions%20Disclosable%20Under%20the%20SFO) This section details other persons' interests and short positions disclosable under the Securities and Futures Ordinance Other Persons' Share Interests in the Company | Name | Number of Shares/Underlying Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | | Ocean Star Investment Management Limited | 402,164,972 | 19.73% | - Ocean Star Investment Management Limited, as investment manager for The Ocean Unit Trust and The Starlite Unit Trust, is deemed to have interests in the relevant shares[122](index=122&type=chunk) [Investor Relations](index=44&type=section&id=Investor%20Relations) This chapter provides company listing information, investor relations contacts, key office locations, and share registrar details, confirming no listed securities transactions during the period, Audit Committee review of interim financials, and compliance with corporate governance and securities transaction codes [Purchase, Sale or Redemption of Listed Securities](index=44&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) This section confirms no purchase, sale, or redemption of listed securities by the company - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[124](index=124&type=chunk) [Audit Committee](index=44&type=section&id=Audit%20Committee) This section details the activities of the Audit Committee - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and held one meeting[125](index=125&type=chunk) [Corporate Governance Code](index=44&type=section&id=Corporate%20Governance%20Code) This section outlines the company's adherence to the Corporate Governance Code - The Company is committed to maintaining high standards of corporate governance and complies with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[126](index=126&type=chunk) [Model Code for Securities Transactions in Appendix C3 of the Listing Rules](index=44&type=section&id=Model%20Code%20for%20Securities%20Transactions%20in%20Appendix%20C3%20of%20the%20Listing%20Rules) This section confirms compliance with the Model Code for Securities Transactions - The Company has adopted its own code of conduct for securities transactions and, following specific enquiries to all Directors, they confirmed compliance with the code throughout the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk) [Listing](index=45&type=section&id=Listing) This section provides information on the company's listing status - The Company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code **00432**[130](index=130&type=chunk) [Company Information and Contact Details](index=45&type=section&id=Company%20Information%20and%20Contact%20Details) This section provides essential company information and contact details for stakeholders - Detailed contact information is provided for investor relations, registered office, principal place of business in Hong Kong, principal and Hong Kong branch share registrars, and bonus convertible notes registrar[131](index=131&type=chunk)[132](index=132&type=chunk)