[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group's total net revenue grew 6.1% to HKD 14.639 billion, but adjusted EBITDA declined 5.1% to HKD 1.646 billion, and loss attributable to owners expanded to HKD 182 million Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Group Total Net Revenue | 14,639 | 13,801 | 6.1% | | Gaming Net Revenue | 13,628 | 12,897 | 5.7% | | Adjusted EBITDA | 1,646 | 1,734 | (5.1%) | | Loss Attributable to Owners of the Company | (182) | (162) | NM | | Basic Loss Per Share (HK cents) | (2.6) | (2.3) | NM | [Interim Dividend](index=2&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an **interim dividend** for the six months ended **June 30, 2025** (2024: nil)[5](index=5&type=chunk) [Operations Summary](index=2&type=section&id=Operations%20Summary) SJM Resorts' gaming net revenue grew to HKD 13.628 billion, Grand Lisboa Palace Resort's total revenue increased 22.7%, while Grand Lisboa's total revenue slightly declined - SJM Resorts' gaming net revenue for the first half of 2025 was **HKD 13.628 billion**, an increase from **HKD 12.897 billion** in the first half of 2024[6](index=6&type=chunk) - SJM Resorts accounted for **12.9%** of Macau's gross gaming revenue, with mass market table gross gaming revenue at **16.1%** and VIP gross gaming revenue at **3.7%**[6](index=6&type=chunk) Key Property Operating Data (H1 2025 vs H1 2024) | Property | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | :--- | | **Grand Lisboa Palace Resort** | Gross Revenue | 3.626 billion | 2.956 billion | +22.7% | | | Adjusted Property EBITDA | 82 million | 192 million | -57.3% | | | Occupancy Rate | 98.1% | 94.8% | +3.3 percentage points | | | Average Daily Room Rate | 1,221 | 1,155 | +5.7% | | **Grand Lisboa** | Gross Revenue | 3.760 billion | 3.800 billion | -1.1% | | | Adjusted Property EBITDA | 863 million | 1.010 billion | -14.6% | | | Occupancy Rate | 98.6% | 98.5% | +0.1 percentage points | | | Average Daily Room Rate | 1,398 | 1,226 | +14.0% | - As of June 30, 2025, the Group's cash, bank balances, short-term bank deposits, and pledged bank deposits totaled **HKD 3.335 billion**, with debt at **HKD 27.257 billion**[6](index=6&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section provides the condensed consolidated statements of profit or loss and financial position, detailing the Group's financial performance and position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group reported total revenue of HKD 14.639 billion, with a loss for the period of HKD 138 million and basic and diluted loss per share of 2.6 HK cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Revenue from Gaming, Hotel, F&B, Retail, Leasing and Related Services | 14,639.3 | 13,801.3 | | Gaming Revenue | 13,627.5 | 12,897.0 | | Special Gaming Tax and Special Levy | (5,928.1) | (5,516.7) | | Hotel, F&B, Retail, Leasing and Related Services Income | 1,011.8 | 904.3 | | Marketing and Promotion Expenses | (2,634.9) | (2,422.9) | | Operating and Administrative Expenses | (5,098.8) | (4,772.8) | | Finance Costs | (847.1) | (975.8) | | Loss Before Tax | (107.1) | (85.2) | | Loss for the Period | (138.1) | (108.6) | | Loss Attributable to Owners of the Company | (182.2) | (162.4) | | Basic Loss Per Share (HK cents) | (2.6) | (2.3) | | Diluted Loss Per Share (HK cents) | (2.6) | (2.3) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group reported total non-current assets of HKD 45.306 billion, net current liabilities of HKD 10.359 billion, and total equity of HKD 14.024 billion Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property and Equipment | 37,839.1 | 37,566.4 | | Gaming Concession Rights | 1,906.6 | 2,097.7 | | Total Non-Current Assets | 45,306.4 | 45,463.4 | | **Current Assets** | | | | Bank Balances and Cash | 2,103.1 | 1,992.9 | | Total Current Assets | 3,634.4 | 3,261.5 | | **Current Liabilities** | | | | Trade and Other Payables | 4,641.8 | 4,743.5 | | Bank Loans Due Within One Year | 3,424.0 | 1,729.5 | | Unsecured Notes | 5,492.5 | — | | Total Current Liabilities | 13,993.9 | 6,933.4 | | Net Current Liabilities | (10,359.5) | (3,671.9) | | **Non-Current Liabilities** | | | | Bank Loans Due After One Year | 10,891.7 | 11,769.7 | | Unsecured Notes | 3,799.8 | 9,349.9 | | Total Non-Current Liabilities | 20,922.2 | 27,615.5 | | Net Assets | 14,024.7 | 14,176.0 | | Equity Attributable to Owners of the Company | 13,728.7 | 13,924.1 | | Total Equity | 14,024.7 | 14,176.0 | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, segment performance, and financial details [General Information and Basis of Preparation](index=6&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The Company, a Hong Kong-registered investment holding company, presents its HKD financial statements in accordance with HKAS 34 and Listing Rules, consistent with prior accounting policies - The Company is a public limited company registered in **Hong Kong**, primarily engaged in the development and operation of casinos and related facilities, hotels, food and beverage, retail, leasing, and related services in **Macau**[10](index=10&type=chunk) - The condensed consolidated financial statements are presented in **Hong Kong Dollars (HKD)** and prepared in accordance with **Hong Kong Accounting Standard 34** and **Appendix D2** of the Listing Rules of The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) - The accounting policies for the six months ended **June 30, 2025**, are consistent with those applied in the annual consolidated financial statements for the year ended **December 31, 2024**, with no significant impact on financial position or performance from the application of revised Hong Kong Financial Reporting Standards[13](index=13&type=chunk)[14](index=14&type=chunk) [Operating Segments](index=7&type=section&id=Operating%20Segments) The Group operates in two segments: gaming, with revenue of HKD 13.628 billion, and hotel/related businesses, reporting HKD 1.0118 billion in external sales - The Group is currently divided into two reporting segments: **Gaming Operations** (operating casinos and related facilities) and **Hotel, Food and Beverage, Retail, and Leasing Operations** (operating hotels, food and beverage, retail, leasing, and related services)[15](index=15&type=chunk) Segment Revenue and Results Analysis (For the Six Months Ended June 30) | Segment | 2025 Revenue (Million HKD) | 2024 Revenue (Million HKD) | 2025 Results (Million HKD) | 2024 Results (Million HKD) | | :--- | :--- | :--- | :--- | :--- | | Gaming Operations | 13,627.5 | 12,897.0 | 120.7 | 78.6 | | Hotel, F&B, Retail & Leasing Operations (External Sales) | 1,011.8 | 904.3 | (169.3) | (103.7) | | Total (from Customer Contracts and Operating Leases) | 14,639.3 | 13,801.3 | (48.6) | (25.1) | Segment Assets and Liabilities Analysis (As of June 30, 2025) | Segment | 2025 Assets (Million HKD) | 2024 Assets (Million HKD) | 2025 Liabilities (Million HKD) | 2024 Liabilities (Million HKD) | | :--- | :--- | :--- | :--- | :--- | | Gaming Operations | 35,398.2 | 35,117.6 | 32,887.7 | 32,483.8 | | Hotel, F&B, Retail & Leasing Operations | 10,502.6 | 10,460.4 | 1,399.3 | 1,439.3 | | Total Group | 48,940.8 | 48,724.9 | 34,916.1 | 34,548.9 | [Gaming Revenue](index=11&type=section&id=Gaming%20Revenue) Total gross gaming revenue reached HKD 14.8206 billion, with non-rolling chip gaming revenue as the largest component, resulting in net gaming revenue of HKD 13.6275 billion Composition of Gaming Revenue (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Rolling Chip Gross Gaming Revenue | 1,099.4 | 1,177.7 | | Non-Rolling Chip Gross Gaming Revenue | 12,302.0 | 11,489.6 | | Electronic Gaming Gross Revenue | 1,419.2 | 1,124.0 | | **Gross Gaming Revenue** | **14,820.6** | **13,791.3** | | Less: Commissions and Incentives | (1,193.1) | (894.3) | | **Net Gaming Revenue** | **13,627.5** | **12,897.0** | [Items Deducted From/Credited to Loss Before Tax](index=12&type=section&id=Items%20Deducted%20From%2FCredited%20to%20Loss%20Before%20Tax) Total staff costs were HKD 3.3212 billion, with depreciation of property and equipment at HKD 786.9 million, and bank interest income at HKD 32.1 million Items Deducted From/Credited to Loss Before Tax (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Total Staff Costs | 3,321.2 | 3,132.4 | | Amortisation of Gaming Concession Rights | 127.0 | 130.7 | | Depreciation of Property and Equipment | 786.9 | 742.5 | | Depreciation of Right-of-Use Assets | 70.3 | 60.3 | | Bank Interest Income | 32.1 | 59.5 | | Dredging Service Income | 81.8 | 99.3 | [Taxation](index=13&type=section&id=Taxation) Total tax for the period was HKD 31 million, with SJM Resorts exempt from complementary tax on gaming income, but shareholders liable for a special complementary tax Composition of Taxation (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Current Tax—Macau SAR Complementary Tax | 25.2 | 23.4 | | Deferred Tax | 5.8 | — | | **Total** | **31.0** | **23.4** | - SJM Resorts has been exempted from complementary tax on income derived from gaming operations for the period from **January 1, 2023, to December 31, 2027**[26](index=26&type=chunk) - SJM Resorts' shareholders are required to pay a special complementary tax at the applicable rate on gross gaming revenue for the period from **January 1, 2023, to December 31, 2025**[26](index=26&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an **interim dividend** for the six months ended **June 30, 2025** (2024: nil)[28](index=28&type=chunk) [Loss Per Share](index=14&type=section&id=Loss%20Per%20Share) Loss attributable to owners was HKD 182.2 million, resulting in basic and diluted loss per share of 2.6 HK cents, an increase from 2.3 HK cents Loss Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/HK cents) | 2024 (Million HKD/HK cents) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share (Loss attributable to owners of the Company) | (182.2) | (162.4) | | Weighted Average Number of Ordinary Shares | 7,101,805,366 | 7,101,805,366 | | Basic Loss Per Share | (2.6) HK cents | (2.3) HK cents | | Diluted Loss Per Share | (2.6) HK cents | (2.3) HK cents | [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables increased to HKD 1.0913 billion, with net advances to gaming customers rising to HKD 215.2 million Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | Advances to Gaming Customers (Net) | 215.2 | 153.9 | | Lease Receivables | 270.4 | 213.4 | | Prepayments | 280.0 | 231.8 | | Other Miscellaneous Receivables | 325.7 | 268.5 | | **Total** | **1,091.3** | **867.6** | - As of **June 30, 2025**, the gross carrying amount of advances to gaming customers of **HKD 85 million** was overdue, of which **HKD 68.4 million** was overdue by **90 days or more** but still considered recoverable[35](index=35&type=chunk) Aging Analysis of Advances to Gaming Customers (As of End of Reporting Period) | Aging | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | 0 to 30 Days | 87.9 | 30.0 | | 31 to 60 Days | 45.8 | 99.3 | | 61 to 90 Days | 13.1 | 16.1 | | Over 90 Days | 68.4 | 8.5 | | **Total** | **215.2** | **153.9** | [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased to HKD 6.6412 billion, including HKD 924 million for special gaming tax and HKD 2.3375 billion for gaming concession Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | Trade Payables | 331.3 | 395.6 | | Special Gaming Tax Payable | 924.0 | 955.1 | | Chips in Circulation | 376.9 | 386.7 | | Chips and Deposits Held for Gaming Customers and Promoters | 584.2 | 502.4 | | Amounts Payable for Gaming Concession | 2,337.5 | 2,493.4 | | Other Miscellaneous Payables and Accrued Expenses | 887.7 | 813.2 | | **Total** | **6,641.2** | **7,022.2** | | Less: Non-Current Portion | (1,999.4) | (2,278.7) | | **Current Portion** | **4,641.8** | **4,743.5** | Aging Analysis of Trade Payables (As of End of Reporting Period) | Aging | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | 0 to 30 Days | 306.0 | 363.1 | | 31 to 60 Days | 22.4 | 29.3 | | 61 to 90 Days | 1.9 | 2.5 | | Over 90 Days | 1.0 | 0.7 | | **Total** | **331.3** | **395.6** | - The average credit period for trade payables is **90 days**, and the Group has financial risk management policies in place to ensure all payables are settled within credit terms[39](index=39&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) The Group's total net revenue grew 6.1% to HKD 14.639 billion, driven by gaming, but adjusted EBITDA declined 5.1%, with varied property performance [Group Operating Results](index=19&type=section&id=Group%20Operating%20Results) Total net revenue grew 6.1% to HKD 14.639 billion, but adjusted EBITDA decreased 5.1% to HKD 1.646 billion, with the margin declining to 11.2% Group Operating Results (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Total Net Revenue | 14,639 | 13,801 | 6.1% | | Gaming Net Revenue | 13,628 | 12,897 | 5.7% | | Loss Attributable to Owners of the Company | (182) | (162) | NM | | Adjusted EBITDA | 1,646 | 1,734 | (5.1%) | | Adjusted EBITDA Margin | 11.2% | 12.6% | (1.4) percentage points | Composition of Gross Gaming Revenue (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Rolling Chip Gross Gaming Revenue | 1,100 | 1,178 | (6.6%) | | Non-Rolling Chip Gross Gaming Revenue | 12,302 | 11,489 | 7.1% | | Electronic Gaming Gross Revenue | 1,419 | 1,124 | 26.2% | | **Gross Gaming Revenue** | **14,821** | **13,791** | **7.5%** | | Less: Commissions and Incentives | (1,193) | (894) | 33.4% | | **Gaming Net Revenue** | **13,628** | **12,897** | **5.7%** | [Property Statistics](index=20&type=section&id=Property%20Statistics) This section details operating data for Grand Lisboa Palace Resort, Grand Lisboa, other self-promoted casinos, and satellite casinos, including revenue and EBITDA [Grand Lisboa Palace Resort Statistics](index=20&type=section&id=Grand%20Lisboa%20Palace%20Resort%20Statistics) Grand Lisboa Palace Resort's total revenue grew 22.7% to HKD 3.626 billion, but adjusted property EBITDA declined 57.3% to HKD 82 million, despite improved occupancy Grand Lisboa Palace Resort Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/percentage points) | | :--- | :--- | :--- | :--- | | Total Revenue | 3,626 | 2,956 | +670 (+22.7%) | | Casino (Gross Gaming Revenue) | 2,936 | 2,325 | +611 (+26.3%) | | Adjusted Property EBITDA | 82 | 192 | (110) (-57.3%) | | Rolling Chip Turnover | 25,326 | 18,524 | +6,802 (+36.7%) | | Non-Rolling Chip Drop | 9,821 | 7,892 | +1,929 (+24.4%) | | Electronic Gaming Win | 12,808 | 9,245 | +3,563 (+38.5%) | | Hotel Occupancy Rate | 98.1% | 94.8% | +3.3 percentage points | | Average Daily Room Rate | HKD 1,221 | HKD 1,155 | +HKD 66 (+5.7%) | [Grand Lisboa Statistics](index=21&type=section&id=Grand%20Lisboa%20Statistics) Grand Lisboa's total revenue slightly declined 1.1% to HKD 3.760 billion, with adjusted property EBITDA down 14.6% to HKD 863 million, despite strong hotel performance Grand Lisboa Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/percentage points) | | :--- | :--- | :--- | :--- | | Total Revenue | 3,760 | 3,800 | (40) (-1.1%) | | Casino (Gross Gaming Revenue) | 3,582 | 3,660 | (78) (-2.1%) | | Adjusted Property EBITDA | 863 | 1,010 | (147) (-14.6%) | | Rolling Chip Turnover | 11,021 | 14,334 | (3,313) (-23.1%) | | Non-Rolling Chip Drop | 14,916 | 14,223 | +693 (+4.9%) | | Electronic Gaming Win | 7,772 | 4,848 | +2,924 (+60.3%) | | Hotel Occupancy Rate | 98.6% | 98.5% | +0.1 percentage points | | Average Daily Room Rate | HKD 1,398 | HKD 1,226 | +HKD 172 (+14.0%) | [Other Self-Promoted Casinos, Artyzen Grand Lapa Macau, Kam Pek Paradise Casino and Sofitel Macau At Ponte 16 Statistics](index=22&type=section&id=Other%20Self-Promoted%20Casinos%2C%20Artyzen%20Grand%20Lapa%20Macau%2C%20Kam%20Pek%20Paradise%20Casino%20and%20Sofitel%20Macau%20At%20Ponte%2016%20Statistics) Other self-promoted casinos and hotels saw total revenue grow 5.4% to HKD 2.799 billion, with adjusted property EBITDA up 0.3% to HKD 651 million, and electronic gaming win up 42.9% Other Self-Promoted Casinos and Hotels Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/percentage points) | | :--- | :--- | :--- | :--- | | Total Revenue | 2,799 | 2,655 | +144 (+5.4%) | | Casino (Gross Gaming Revenue) | 2,656 | 2,521 | +135 (+5.4%) | | Adjusted Property EBITDA | 651 | 649 | +2 (+0.3%) | | Non-Rolling Chip Drop | 16,164 | 16,501 | (337) (-2.0%) | | Electronic Gaming Win | 200 | 140 | +60 (+42.9%) | | Artyzen Grand Lapa Macau Average Daily Room Rate | HKD 245 | HKD 210 | +HKD 35 (+16.7%) | | Sofitel Macau At Ponte 16 Occupancy Rate | 86.3% | 84.9% | +1.4 percentage points | [Satellite Casinos Statistics](index=23&type=section&id=Satellite%20Casinos%20Statistics) Satellite casinos' gross gaming revenue grew 6.8% to HKD 5.647 billion, with adjusted property EBITDA significantly improving to a profit of HKD 153 million Satellite Casinos Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/%) | | :--- | :--- | :--- | :--- | | Casino Revenue (Gross Gaming Revenue) | 5,647 | 5,285 | +362 (+6.8%) | | Adjusted Property EBITDA | 153 | (29) | +182 (NM) | - SJM Resorts operated **nine satellite casinos** as of **June 30, 2025**, with Casino Grandview ceasing operations by the end of **July 2025**[48](index=48&type=chunk) [Recent Developments and Outlook](index=24&type=section&id=Recent%20Developments%20and%20Outlook) The Group is pursuing strategic expansions in Hengqin, restructuring satellite casinos, acquiring Grand Lisboa Hotel property, and developing F&B, MICE, sports, and cultural tourism facilities [Hengqin Strategic Expansion](index=24&type=section&id=Hengqin%20Strategic%20Expansion) The Group acquired a 19,781 sqm property in Hengqin for RMB 724 million to develop a 250-room three-star hotel, targeting mid-range accommodation demand - The Group acquired approximately **19,781 square meters** of property at Hengqin "Shun Tak Port Business Centre" for approximately **RMB 724 million**[49](index=49&type=chunk) - The property will be converted into a **three-star hotel** with approximately **250 rooms**, expected to be completed within approximately **24 months** after obtaining construction permits[49](index=49&type=chunk) - This initiative aims to capture the rising demand for **mid-range accommodation** and achieve synergies with SJM Resorts' other tourism projects through its geographical advantage[49](index=49&type=chunk) [Restructuring of Satellite Casino Operations](index=24&type=section&id=Restructuring%20of%20Satellite%20Casino%20Operations) The Group plans to cease operations of seven satellite casinos by end-2025, evaluating property acquisitions, to redeploy resources, enhance brand experience, and optimize costs - The Group will orderly cease operations of **seven satellite casinos** by the end of **2025**, with Casino Grandview having exited by the end of **July 2025**[50](index=50&type=chunk) - The Group is evaluating the possibility of acquiring the properties where **Casino L'Arc Macau** and **Ponte 16 Casino** are located[50](index=50&type=chunk) - The restructuring aims to concentrate resources on the Group's **self-managed core venues**, create a consistent "**Grand Lisboa**" brand experience, expand operational scale, optimize cost structure, and enhance earnings quality[50](index=50&type=chunk) [Acquisition of Designated Property Floors of Grand Lisboa Hotel](index=25&type=section&id=Acquisition%20of%20Designated%20Property%20Floors%20of%20Grand%20Lisboa%20Hotel) The Group plans to acquire 7,504 sqm of former gaming area in Grand Lisboa Hotel for HKD 529 million to expand Casino Grand Lisboa, redeploy resources, and strengthen its market position - The Group plans to acquire approximately **7,504 square meters** of former gaming area within the **Grand Lisboa Hotel** from its controlling shareholder for **HKD 529 million**[51](index=51&type=chunk) - Following the acquisition, the relevant floor area will be integrated into the existing operations of **Casino Grand Lisboa**, and some gaming tables and slot machines from satellite casinos ceasing operations by year-end will be redeployed[51](index=51&type=chunk) - This move aims to consolidate the Group's **leading position** in the **Peninsula market**, enhance non-gaming consumption and customer dwell time, and strengthen its positioning for **VIP and premium mass markets**[51](index=51&type=chunk) [Food and Beverage and MICE](index=25&type=section&id=Food%20and%20Beverage%20and%20MICE) SJM Resorts has completed new F&B and MICE facilities at Grand Lisboa Palace Resort and Grand Lisboa Hotel, awaiting licenses to drive revenue growth and expand customer base - **Grand Lisboa Palace Resort** has completed **seven new F&B projects**, offering diverse cuisines and a modern food court[52](index=52&type=chunk) - The newly established "**Grand Lisboa Palace Garden Hall**" and the **2,900 square meter** "**Grand Lisboa Palace Grand Theatre**" at Grand Lisboa Palace Resort have been completed and are awaiting license approval[52](index=52&type=chunk) - **Grand Lisboa Hotel** will also introduce new meeting rooms and renovated ballrooms to enhance event hosting capabilities and attract more **high-end and business travelers**[52](index=52&type=chunk) [Sports and Cultural Tourism](index=26&type=section&id=Sports%20and%20Cultural%20Tourism) SJM Resorts promotes "Tourism + Culture" with art exhibitions and will support international sports events in H2 to attract diverse visitors and drive business growth - In the first half of **2025**, the **Grand Lisboa Palace Art and Culture Exhibition Hall** opened, hosting "**Grand Lisboa: A Macau Story**" and the world premiere "**Picasso: The Passion for Beauty**," attracting family travelers, student groups, and cultural enthusiasts[53](index=53&type=chunk) - Looking ahead to the second half of the year, **SJM Resorts** will support several iconic international sports events in Macau, including the **China Tennis Tour**, **Macau Golf Open**, and **Macau Grand Prix**[54](index=54&type=chunk) - These events are expected to attract widespread international and regional participation, driving additional visitor traffic and enhancing Macau's appeal to **sports enthusiasts** and **high-end travelers**[54](index=54&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) As of June 30, 2025, cash and bank balances were HKD 2.326 billion, total drawn bank loans were HKD 14.316 billion, and the gearing ratio increased to 52.5% [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, bank balances and cash were HKD 2.326 billion, total drawn bank loans were HKD 14.316 billion, and 32.7% of borrowings are due within one year - As of **June 30, 2025**, the Group's bank balances and cash were **HKD 2.326 billion** (excluding **HKD 1.009 billion** in pledged bank deposits), representing a **5.3% increase** from **December 31, 2024**[55](index=55&type=chunk) - The total drawn outstanding bank loan balance was **HKD 14.316 billion**, and the total amount of issued senior notes and convertible bonds was **HKD 10.935 billion**[55](index=55&type=chunk) Debt Maturity Profile (As of June 30, 2025) | Within 1 Year | 1 to 2 Years | 3 to 5 Years | Over 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | | 32.7% | 12.3% | 55.0% | 0% | 100% | [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) The Group's gearing ratio increased to **52.5%** as of June 30, 2025, up from **51.1%** at December 31, 2024 - The Group's **gearing ratio** was **52.5%** as of **June 30, 2025**, an increase from **51.1%** as of **December 31, 2024**[56](index=56&type=chunk) [Contracted Capital Commitments](index=27&type=section&id=Contracted%20Capital%20Commitments) Contracted capital commitments were HKD 445 million as of June 30, 2025, with HKD 288 million for Macau government tender projects - As of **June 30, 2025**, the Group's **contracted capital commitments** amounted to **HKD 445 million**, of which **HKD 288 million** was for tender projects committed to the Macau government[57](index=57&type=chunk) [Pledge of Assets](index=27&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, property and equipment (HKD 33.739 billion) and right-of-use assets (HKD 1.662 billion) were pledged to banks, along with HKD 1.009 billion in pledged bank deposits - As of **June 30, 2025**, property and equipment with a carrying value of **HKD 33.739 billion** and right-of-use assets with a carrying value of **HKD 1.662 billion** were pledged to banks[58](index=58&type=chunk) - Pledged bank deposits amounted to **HKD 1.009 billion**[58](index=58&type=chunk) [Contingent Liabilities](index=27&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and 2024 - The Group had **no significant contingent liabilities** as of **June 30, 2025, and 2024**[59](index=59&type=chunk) [Financial Risks](index=28&type=section&id=Financial%20Risks) The Group employs prudent financial management to minimize currency and interest rate risks, with primary operations in HKD and no speculative trading - The Group employs **prudent financial management policies** to minimize **currency and interest rate risks**[60](index=60&type=chunk) - Primary operations are conducted and accounted for in **Hong Kong Dollars (HKD)**, incurring minimal **foreign exchange fluctuation risk**[60](index=60&type=chunk) - The Group's policy is **not to engage in speculative trading activities**[60](index=60&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers non-financial information, including no significant acquisitions/disposals, stable human resources, listed securities repurchases, and corporate governance compliance [Significant Acquisitions and Disposals](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group made no significant acquisitions or disposals of subsidiaries and associates during the reporting period - During the reporting period, the Group made **no significant acquisitions or disposals** of subsidiaries and associates[61](index=61&type=chunk) [Human Resources](index=28&type=section&id=Human%20Resources) As of June 30, 2025, the Group had 20,300 full-time employees, with low turnover, and provides remuneration and development opportunities based on performance and market trends - As of **June 30, 2025**, the Group had approximately **20,300 full-time employees**, with a **low employee turnover rate** in the first half of the year[62](index=62&type=chunk) - Employee remuneration is determined with reference to **job performance, professional qualifications, relevant work experience, and market trends**, including salaries, allowances, medical insurance, and provident funds[62](index=62&type=chunk) - The Group encourages employees to participate in **business-related training courses**, sponsors further education, and awards scholarships to employees' children[62](index=62&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase%20Sale%20or%20Redemption%20of%20Listed%20Securities) A wholly-owned subsidiary repurchased and cancelled **USD 8 million** of 4.85% Senior Notes due 2028; no other listed securities were repurchased, sold, or redeemed - A wholly-owned subsidiary of the Company repurchased and cancelled **USD 8 million** principal amount of **4.85% Senior Notes due 2028**[63](index=63&type=chunk) - As of **June 30, 2025**, **USD 482 million** of the 2028 USD Senior Notes remained outstanding[63](index=63&type=chunk) - Save as disclosed above, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of its **listed securities**[63](index=63&type=chunk) [Corporate Governance Code](index=29&type=section&id=Corporate%20Governance%20Code) The Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules for H1 2025 - The Company complied with all code provisions in the **Corporate Governance Code** as set out in **Appendix C1 Part 2** of the Listing Rules for the period from **January 1, 2025, to June 30, 2025**[64](index=64&type=chunk) [Review of Interim Report and Unaudited Condensed Consolidated Financial Statements](index=29&type=section&id=Review%20of%20Interim%20Report%20and%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The interim report and unaudited condensed consolidated financial statements for H1 2025 were reviewed by the Audit Committee and the Company's auditors - The Company's **interim report** for the six months ended **June 30, 2025**, has been reviewed by the Company's **Audit Committee**[65](index=65&type=chunk) - The **condensed consolidated financial statements** have been reviewed by the Audit Committee in conjunction with the Company's auditors in accordance with **Hong Kong Standard on Review Engagements 2410**[65](index=65&type=chunk)

I. [Company Information and GEM Characteristics](index=1&type=section&id=I.%20Company%20Information%20and%20GEM%20Characteristics) This section outlines the company's profile, GEM listing features, and associated investment risks [Company Overview](index=9&type=section&id=1.1%20Company%20Overview) WORLDGATE GLOBAL LOGISTICS LTD, incorporated in 2016 and listed on GEM, is an investment holding company with subsidiaries providing international freight forwarding, used mobile phone trading, and plastic product manufacturing - The company was incorporated in the Cayman Islands on February 18, 2016, and its shares were listed on GEM of the Stock Exchange on July 6, 2016[11](index=11&type=chunk) - Key businesses include international freight forwarding and logistics services (Malaysia and Hong Kong), trading of used mobile phones in Hong Kong, and manufacturing and trading of plastic products in Vietnam[12](index=12&type=chunk) [GEM Listing Characteristics and Risk Disclosure](index=2&type=section&id=1.2%20GEM%20Listing%20Characteristics%20and%20Risk%20Disclosure) The GEM market targets small and medium-sized companies, carrying higher investment risks, potential for significant market volatility, and no guarantee of high liquidity - The GEM market is positioned for small and medium-sized companies, entailing **higher investment risks**, potential for significant market volatility, and no guarantee of high liquidity[4](index=4&type=chunk) - The Board of Directors collectively and individually assumes full responsibility for the accuracy, completeness, and non-misleading nature of the information contained in this report[4](index=4&type=chunk) II. [Condensed Consolidated Financial Results](index=3&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Results) This section summarizes the group's condensed consolidated financial performance and position for the reporting period [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue significantly increased by 54.2% to 55,828 thousand Ringgit, gross profit grew by 220%, and loss for the period narrowed by 58.4% to 2,740 thousand Ringgit, achieving a turnaround to total comprehensive income of 196 thousand Ringgit Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | Change | | :--- | :--- | :--- | :--- | | Revenue | 55,828 | 36,202 | Increase 54.2% | | Gross Profit | 7,108 | 2,222 | Increase 220% | | Loss Before Income Tax Expense | (2,706) | (6,551) | Loss narrowed 58.7% | | Loss for the Period | (2,740) | (6,588) | Loss narrowed 58.4% | | Total Comprehensive Income/(Expense) for the Period | 196 | (6,922) | Turned from loss to profit | Loss Per Share (For the six months ended June 30) | Indicator | 2025 (Ringgit) | 2024 (Ringgit) | Change | | :--- | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (0.37) cents | (1.01) cents | Loss narrowed 63.4% | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's non-current assets increased by 13.5% to 13,562 thousand Ringgit, and current assets grew by 7.0% to 37,869 thousand Ringgit, while current liabilities decreased by 9.9%, leading to a 31.9% increase in net current assets and a 30.8% increase in total equity, indicating an improved financial position Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (thousand Ringgit) | December 31, 2024 (thousand Ringgit) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 13,562 | 11,950 | Increase 13.5% | | Current Assets | 37,869 | 35,379 | Increase 7.0% | | Current Liabilities | 18,929 | 21,019 | Decrease 9.9% | | Net Current Assets | 18,940 | 14,360 | Increase 31.9% | | Net Assets | 31,707 | 24,241 | Increase 30.8% | | Total Equity | 31,707 | 24,241 | Increase 30.8% | - Property, plant and equipment increased from 2,047 thousand Ringgit as of December 31, 2024, to **4,603 thousand Ringgit** as of June 30, 2025[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the Company increased by 9.9% to 32,431 thousand Ringgit, primarily due to a 7,270 thousand Ringgit increase in share capital from new share placement and positive foreign exchange reserve movements, despite a loss of 2,639 thousand Ringgit for the period Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | Change | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company at beginning of period | 25,086 | 36,256 | Decrease 30.8% | | Loss for the Period | (2,639) | (6,404) | Loss narrowed 58.8% | | New shares issued under placement | 7,270 | – | New | | Other Comprehensive Income/(Expense) for the Period | 2,714 | (340) | Turned from negative to positive | | Equity attributable to owners of the Company at end of period | 32,431 | 29,512 | Increase 9.9% | - Share capital increased from 33,712 thousand Ringgit as of January 1, 2025, to **40,982 thousand Ringgit** as of June 30, 2025, mainly due to the placement of new shares[9](index=9&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=2.4%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased to 7,342 thousand Ringgit, and net cash used in investing activities slightly increased; however, net cash from financing activities turned from an outflow to an inflow of 6,603 thousand Ringgit, primarily from share placement proceeds, significantly narrowing the net decrease in cash and cash equivalents by 72.8% Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (thousand Ringgit) | 2024 (thousand Ringgit) | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (7,342) | (4,997) | Outflow increased 46.9% | | Net cash used in investing activities | (1,425) | (1,369) | Outflow increased 4.1% | | Net cash from financing activities | 6,603 | (1,601) | Turned from outflow to inflow | | Proceeds from share placement | 7,270 | – | New | | Net decrease in cash and cash equivalents | (2,164) | (7,967) | Decrease narrowed 72.8% | | Cash and cash equivalents at end of period | 7,086 | 13,374 | Decrease 47.0% | III. [Notes to the Financial Statements](index=9&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the financial statements, covering company information, segment data, revenue, expenses, and other key disclosures [Company Information and Basis of Preparation](index=9&type=section&id=3.1%20Company%20Information%20and%20Basis%20of%20Preparation) This section outlines the company's registration details, principal place of business, business scope, and the basis of preparation and accounting policies for its financial statements, which are presented in Malaysian Ringgit and comply with Hong Kong Financial Reporting Standards, with no significant impact from new standards adoption - The Company is an investment holding company, with principal businesses including international freight forwarding and logistics services, trading of used mobile phones in Hong Kong, and manufacturing and trading of plastic products in Vietnam[12](index=12&type=chunk) - The financial statements are presented in Malaysian Ringgit, comply with Hong Kong Financial Reporting Standards, and are prepared consistently with the 2024 annual report, with no significant impact from new standards adoption[13](index=13&type=chunk) [Segment Information](index=10&type=section&id=3.2%20Segment%20Information) The Group is organized into three reportable segments: freight forwarding and related services, trading of used mobile phones, and manufacturing and trading of plastic products, with management assessing performance based on adjusted profit/loss before tax, excluding results from associates, fair value changes of financial assets, and unallocated corporate expenses - The Group has three reportable segments: freight forwarding and related services, trading of used mobile phones, and manufacturing and trading of plastic products[14](index=14&type=chunk)[16](index=16&type=chunk) - Segment performance is assessed based

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：966） 公 告 截至 2025 年 6 月 30 日止六個月中期業績 中國太平保險控股有限公司 公告 – 截至 2025 年 6 月 30 日止六個月中期業績 中國太平保險控股有限公司董事會公佈本公司及其附屬公司截至 2025 年 6 月 30 日止六個月未經 審核的中期財務業績如下，請一併閱覽下文管理層討論和分析： 管理層討論和分析 2025 年上半年，中國太平堅決落實中央各項決策部署，扎實推進「防風險、強管理、促發展、保 安全」走深走實，高質量發展穩步向前。業務發展穩中有進，發展質量持續向好。服務國家戰略 質效不斷提高，參與粵港澳大灣區建設不斷深入，支持香港鞏固提升國際金融中心地位力度加 大，奮力寫好「五篇大文章」。風險防控能力有效提升，風險合規管理不斷強化。戰略佈局扎實有 力，業務協同持續推進，服務運營水平不斷提高，經營管理基礎有力夯實。 股東應佔溢利持 ...

[Announcement and Company Overview](index=1&type=section&id=1.%20Announcement%20and%20Company%20Overview) [Disclaimer](index=1&type=section&id=1.1%20Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, make no representation, and accept no liability for any loss arising from reliance on its contents - HKEX is not responsible for the content of this announcement, makes no statement, and assumes no liability [1](index=1&type=chunk) [Company Information](index=1&type=section&id=1.2%20Company%20Information) Acme International Holdings Limited (Stock Code: 1870) announced its interim results for the six months ended June 30, 2025 - The company name is Acme International Holdings Limited, Stock Code **1870** [2](index=2&type=chunk) - The announcement is for the interim results for the six months ended June 30, 2025 [2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=1.3%20Financial%20Highlights) For the six months ended June 30, 2025, the company reported revenue of HK$67,377 thousand, gross profit of HK$1,877 thousand, and a loss for the period of HK$24,390 thousand, with the debt-to-asset ratio significantly decreasing from 78.6% to 37.7% Key Financial Data for the Six Months Ended June 30 | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | 67,377 | 83,932 | | Gross Profit | 1,877 | 20,872 | | Loss/Profit for the Period | (24,390) | 4,478 | Debt-to-Asset Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt-to-Asset Ratio | 37.7% | 78.6% | [Interim Results Report](index=2&type=section&id=2.%20Interim%20Results%20Report) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue decreased by 19.7% year-on-year to HK$67,377 thousand, gross profit significantly dropped by 91.0% to HK$1,877 thousand, and the company turned from a profit of HK$4,478 thousand to a loss of HK$24,390 thousand, with basic loss per share of 3.31 HK cents Interim Condensed Consolidated Statement of Profit or Loss (Key Metrics) | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 67,377 | 83,932 | -19.7% | | Cost of Sales | (65,500) | (63,060) | +3.9% | | Gross Profit | 1,877 | 20,872 | -91.0% | | Operating Loss/Profit | (21,666) | 7,870 | Turn from profit to loss | | Loss/Profit for the Period | (24,390) | 4,478 | Turn from profit to loss | | Loss/Profit attributable to owners of the Company | (22,761) | 4,624 | Turn from profit to loss | | Basic Loss/Earnings Per Share (HK cents) | (3.31) | 0.74 | Turn from profit to loss | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.2%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive loss was HK$23,279 thousand, primarily due to the loss for the period, partially offset by positive exchange differences from overseas operations Interim Condensed Consolidated Statement of Comprehensive Income (Key Metrics) | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Loss/Profit for the Period | (24,390) | 4,478 | | Exchange differences on translation of overseas operations | 1,111 | (75) | | Total comprehensive loss/income for the Period | (23,279) | 4,403 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were HK$244,553 thousand, total liabilities HK$107,705 thousand, and total equity HK$136,848 thousand, with a significant decrease in non-current liabilities and an increase in current liabilities Interim Condensed Consolidated Statement of Financial Position (Key Metrics) | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 49,414 | 42,147 | +17.2% | | Current assets | 195,139 | 209,024 | -6.7% | | **Total Assets** | **244,553** | **251,171** | **-2.6%** | | **Equity** | | | | | Capital and reserves attributable to owners of the Company | 135,062 | 108,088 | +25.0% | | Total Equity | 136,848 | 111,273 | +23.0% | | **Liabilities** | | | | | Non-current liabilities | 5,839 | 68,992 | -91.5% | | Current liabilities | 101,866 | 70,906 | +43.7% | | **Total Liabilities** | **107,705** | **139,898** | **-23.0%** | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=3.%20Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [General Information](index=6&type=section&id=3.1%20General%20Information) Acme International Holdings Limited, incorporated in the Cayman Islands, primarily engages in AI+power trading services, renewable energy solution technology services, green power energy generation and storage systems, and permanent gondola design and construction businesses - The Company was incorporated in the Cayman Islands and is an investment holding company [9](index=9&type=chunk) - Principal activities include AI+power trading services, renewable energy solution technology services, green power energy generation and storage systems (Green Power Energy Business), and permanent gondola design and construction (Permanent Gondola Business) [9](index=9&type=chunk) - The Company's shares are listed on the Main Board of the Stock Exchange of Hong Kong [10](index=10&type=chunk) [Basis of Preparation and Summary of Significant Accounting Policies](index=6&type=section&id=3.2%20Basis%20of%20Preparation%20and%20Summary%20of%20Significant%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost convention, consistent with 2024 annual financial statements' accounting policies, with no material impact from income tax estimates or new HKFRS adoptions - The financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules [12](index=12&type=chunk) - The accounting policies adopted are consistent with those of the 2024 annual consolidated financial statements, and newly adopted standards have no material impact on financial performance [12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.3%20Revenue%20and%20Segment%20Information) The Group's operating segments are determined by executive directors based on reviewed information, primarily divided into Green Power Energy Business and Permanent Gondola Business, with revenue segmented by customer geography, where Hong Kong remains the main market but New Zealand's contribution significantly increased - Operating segments are determined by executive directors, responsible for resource allocation and performance assessment [13](index=13&type=chunk) - Principal businesses are categorized into Green Power Energy Business and Permanent Gondola Business [18](index=18&type=chunk) - Unallocated corporate expenses increased to **HK$7,869 thousand** in the first half of 2025 (first half of 2024: HK$4,504 thousand) [15](index=15&type=chunk) [Revenue by Geographical Location of Customers](index=7&type=section&id=3.3.1%20Revenue%20by%20Geographical%20Location%20of%20Customers) As of June 30, 2025, revenue from Hong Kong significantly decreased, while New Zealand contributed new revenue of HK$26,577 thousand, and Shandong, China, recorded negative revenue Revenue by Geographical Location of Customers | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 41,563 | 76,196 | -45.4% | | Macau | 1,490 | 1,377 | +8.2% | | Guangdong | 7,331 | 4,609 | +59.0% | | Shandong | (10,309) | 1,339 | Turn from positive to negative | | New Zealand | 26,577 | – | New | | Total | 67,377 | 83,932 | -19.7% | [Segment Results, Assets and Liabilities](index=8&type=section&id=3.3.2%20Segment%20Results,%20Assets%20and%20Liabilities) Green Power Energy Business revenue significantly grew but segment results turned from profit to loss; Permanent Gondola Business revenue and segment profit both substantially decreased, with Green Power Energy Business assets and liabilities increasing, while Permanent Gondola Business assets and liabilities decreased Segment Revenue and Results | Metric | Green Power Energy Business (2025) | Green Power Energy Business (2024) | Permanent Gondola Business (2025) | Permanent Gondola Business (2024) | | :--- | :--- | :--- | :--- | :--- | | Revenue (HK$ '000) | 24,324 | 6,359 | 43,053 | 77,573 | | Segment Results (HK$ '000) | (17,292) | 542 | 3,310 | 11,832 | Segment Assets and Liabilities | Metric | Green Power Energy Business (June 30, 2025) | Green Power Energy Business (Dec 31, 2024) | Permanent Gondola Business (June 30, 2025) | Permanent Gondola Business (Dec 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Segment Assets (HK$ '000) | 29,179 | 22,098 | 138,427 | 155,888 | | Segment Liabilities (HK$ '000) | 28,939 | 13,284 | 28,467 | 40,782 | [Cost of Sales and Administrative Expenses](index=10&type=section&id=3.4%20Cost%20of%20Sales%20and%20Administrative%20Expenses) For the six months ended June 30, 2025, cost of sales increased to HK$65,500 thousand, and administrative expenses significantly rose to HK$27,137 thousand, primarily due to increased material and staff costs in the Green Power Energy Business and subcontracting fees in the Permanent Gondola Business Cost of Sales and Administrative Expenses | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 65,500 | 63,060 | +3.9% | | Administrative Expenses | 27,137 | 12,744 | +113.0% | | Total | 92,637 | 75,804 | +22.2% | - Cost of sales for the Green Power Energy Business primarily includes material costs and staff costs [23](index=23&type=chunk) - Cost of sales for the Permanent Gondola Business primarily includes construction material costs, subcontracting fees, staff costs, testing fees, insurance premiums, and transportation expenses [23](index=23&type=chunk) [Income Tax Expense](index=11&type=section&id=3.5%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HK$478 thousand, a significant decrease from HK$1,845 thousand in the prior period, mainly due to the positive impact of deferred income tax, with varying tax rates across operating regions and preferential rates for some Chinese subsidiaries Income Tax Expense | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Current Income Tax | 1,126 | 1,853 | -39.3% | | Deferred Income Tax | (648) | (8) | Significant change | | Total | 478 | 1,845 | -74.1% | - Applicable tax rates for subsidiaries in Hong Kong, China, Macau, and New Zealand are **16.5%**, **25%**, **12%**, and **28%** respectively [24](index=24&type=chunk) - Certain Chinese subsidiaries are approved as small-profit enterprises, enjoying a **5%** preferential income tax rate [24](index=24&type=chunk) [Dividends](index=11&type=section&id=3.6%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the first half of 2025 [26](index=26&type=chunk) [Loss/Earnings Per Share](index=11&type=section&id=3.7%20Loss%2FEarnings%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was 3.31 HK cents, compared to earnings per share of 0.74 HK cents in the prior period, primarily due to the turn from profit to loss, with no potential dilutive shares in either period Loss/Earnings Per Share | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Loss/Earnings Per Share | (3.31) | 0.74 | - For the six months ended June 30, 2025, the loss attributable to owners of the Company was **HK$22,761 thousand** [28](index=28&type=chunk) - As of June 30, 2025, there were no potential dilutive shares, and diluted loss/earnings per share was the same as basic loss/earnings per share [29](index=29&type=chunk) [Trade and Retention Receivables](index=12&type=section&id=3.8%20Trade%20and%20Retention%20Receivables) As of June 30, 2025, total trade and retention receivables were HK$37,350 thousand, an increase from December 31, 2024, with significant growth in trade receivables and a slight decrease in retention receivables Trade and Retention Receivables | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables | 25,008 | 18,371 | +36.1% | | Retention Receivables | 13,388 | 15,283 | -12.4% | | Less: Loss Allowance | (1,046) | (1,027) | +1.8% | | Total | 37,350 | 32,627 | +14.4% | - Among trade receivables, the 0-30 day aging period accounted for the largest portion, at **HK$14,097 thousand** [31](index=31&type=chunk) - Among retention receivables, the amount to be recovered more than 12 months after the period end was **HK$8,648 thousand** [32](index=32&type=chunk) [Contract Assets/Liabilities](index=13&type=section&id=3.9%20Contract%20Assets%2FLiabilities) As of June 30, 2025, total contract assets were HK$61,948 thousand, a decrease from December 31, 2024, primarily due to reduced contract assets in the Permanent Gondola Business, while total contract liabilities significantly increased to HK$14,279 thousand Contract Assets/Liabilities | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | **Contract Assets** | | | | | Green Power Energy Business | 2,853 | 1,208 | +136.2% | | Permanent Gondola Business | 59,677 | 86,783 | -31.2% | | Less: Loss Allowance | (582) | (867) | -32.9% | | **Total Contract Assets** | **61,948** | **87,124** | **-29.0%** | | **Contract Liabilities** | | | | | Green Power Energy Business | 4,526 | 2,481 | +82.4% | | Permanent Gondola Business | 9,753 | 5,410 | +80.3% | | **Total Contract Liabilities** | **14,279** | **7,891** | **+80.9%** | [Share Capital](index=13&type=section&id=3.10%20Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital increased to 937,170,000 shares, with a share capital amount of HK$9,372 thousand, primarily due to the placement and subscription of new shares Share Capital Movement | Event | Number of Ordinary Shares (thousands) | Share Capital (HK$ '000) | | :--- | :--- | :--- | | January 1, 2024, December 31, 2024, and January 1, 2025 | 624,000 | 6,240 | | Placement of new shares | 124,800 | 1,248 | | Subscription of new shares | 188,370 | 1,884 | | **June 30, 2025** | **937,170** | **9,372** | - On April 8, 2025, the placement of **124,800,000 new shares** was completed, with total proceeds of **HK$17,222,400** [34](index=34&type=chunk) - On June 26, 2025, the subscription of **188,370,000 new shares** was completed, with proceeds of **HK$32,399,640** settled by offsetting part of the loan, resulting in no cash proceeds [35](index=35&type=chunk) [Trade and Retention Payables](index=14&type=section&id=3.11%20Trade%20and%20Retention%20Payables) As of June 30, 2025, total trade and retention payables were HK$32,493 thousand, a slight decrease from December 31, 2024, with a change in the aging structure of trade payables, where the 0-30 day aging period significantly increased Trade and Retention Payables | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 28,611 | 31,090 | -8.0% | | Retention Payables | 3,882 | 3,524 | +10.2% | | **Total** | **32,493** | **34,614** | **-6.2%** | - The credit period for most trade payables is **30 days** from the invoice date [37](index=37&type=chunk) - As of June 30, 2025, trade payables with an aging of 0 to 30 days amounted to **HK$22,764 thousand**, representing a significant increase in proportion [37](index=37&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=4.%20Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=16&type=section&id=4.1%20Business%20Review%20and%20Outlook) During the period, the Group's revenue decreased by 19.7% year-on-year to HK$67.4 million, recording a net loss of HK$24.4 million, with the Green Power Energy Business's revenue contribution significantly rising to 36% of total revenue, while the Permanent Gondola Business's contribution decreased to 64%, indicating a strategic shift towards green energy - Revenue for the period was approximately **HK$67.4 million**, a year-on-year decrease of **19.7%** [39](index=39&type=chunk) - A net loss of approximately **HK$24.4 million** was recorded for the period, compared to a net profit of approximately HK$4.5 million in the prior period [39](index=39&type=chunk) - The revenue contribution from the Green Power Energy Business increased to **36%** of total revenue, while the Permanent Gondola Business decreased to **64%** [46](index=46&type=chunk) [Green Power Energy Business](index=16&type=section&id=4.1.1%20Green%20Power%20Energy%20Business) New Zealand's renewable energy business performed well with nearly 20% revenue growth, aligning with expansion strategy despite a slight loss, while AI+power trading in Guangdong continued to grow, but Shandong recorded negative revenue due to abnormal wholesale power price fluctuations, with future policy improvements expected to drive recovery - Revenue from New Zealand subsidiary Future Energy Auckland Limited was approximately **HK$26.6 million**, an increase of nearly **20%** compared to the second half of last year [40](index=40&type=chunk) - Revenue from Guangdong AI+power trading business increased to approximately **HK$7.3 million** (prior period 2024: HK$4.6 million) [41](index=41&type=chunk) - Shandong power trading business recorded a **negative revenue of approximately HK$10.3 million**, primarily due to abnormal fluctuations in medium-to-long-term wholesale power prices leading to increased procurement costs [41](index=41&type=chunk)[42](index=42&type=chunk) - Traded electricity volume in Shandong increased from approximately **131,000 MWh** in the prior period to approximately **1,059,000 MWh** in the current period, indicating increased market activity [42](index=42&type=chunk) - Looking ahead, Shandong's power trading business is expected to improve as new energy suppliers gradually participate in the trading market, allowing for procurement of lower-cost new energy power [43](index=43&type=chunk) [Permanent Gondola Business](index=17&type=section&id=4.1.2%20Permanent%20Gondola%20Business) Due to challenging investment environment, project delays, and fewer new investment properties, Permanent Gondola Business activities decreased, with revenue falling by 44.5% year-on-year to HK$43.1 million and segment profit by 72.0% to HK$3.3 million, prompting the company to optimize internal processes and strengthen risk management - Permanent Gondola Business activities decreased, primarily due to a challenging investment environment, leading to project delays and a reduction in new investment property projects [44](index=44&type=chunk) - Revenue from Permanent Gondola Business decreased by approximately **44.5%** to approximately **HK$43.1 million** (prior period 2024: HK$77.6 million) [45](index=45&type=chunk) - Segment profit from Permanent Gondola Business decreased by approximately **72.0%** to approximately **HK$3.3 million** (prior period 2024: HK$11.8 million) [45](index=45&type=chunk) [Expansion of Green Power Energy Business in Southeast Asia](index=18&type=section&id=4.1.3%20Expansion%20of%20Green%20Power%20Energy%20Business%20in%20Southeast%20Asia) The Group plans to focus on expanding its Green Power Energy Business in Southeast Asian regions like the Philippines and Vietnam, aiming for a total installed capacity of 10-20 GW within five years to become a major local green power producer, addressing local power shortages and seizing economic development opportunities - Plans to expand Green Power Energy Business in Southeast Asian regions such as the Philippines and Vietnam [46](index=46&type=chunk) - Aims for a total installed capacity of **10-20 GW** within the next five years, becoming a major local green power producer [46](index=46&type=chunk) - The revenue contribution from the Green Power Energy Business increased to approximately **36%** of total revenue, while the Permanent Gondola Business decreased to approximately **64%**, indicating a shift in business focus [46](index=46&type=chunk) [Financial Review](index=18&type=section&id=4.2%20Financial%20Review) During the period, the Group's revenue decreased by 19.7%, with gross profit and margin significantly declining due to lower Permanent Gondola Business profitability and negative revenue from Shandong power trading, administrative expenses rose sharply due to the New Zealand business acquisition, and net finance costs increased due to higher borrowings, ultimately resulting in a net loss for the period [Revenue](index=18&type=section&id=4.2.1%20Revenue) Revenue for the period was approximately HK$67.4 million, a 19.7% year-on-year decrease, primarily due to reduced revenue from the Permanent Gondola Business and negative revenue from the Shandong power trading business Revenue Breakdown by Business Segment and Geographical Region | Business Segment/Region | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Permanent Gondola Business | 43,053 | 77,573 | -44.5% | | Green Power Energy Business - Professional Technical Services | 26,577 | – | New | | Green Power Energy Business - AI+Power Trading | (2,253) | 5,948 | Turn from profit to loss | | Green Power Energy Business - Others | – | 411 | -100% | | **Total** | **67,377** | **83,932** | **-19.7%** | - Shandong power trading business recorded a **negative revenue of approximately HK$10.3 million**, while Guangdong recorded **HK$7.3 million** [48](index=48&type=chunk) [Gross Profit and Gross Profit Margin](index=19&type=section&id=4.2.2%20Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit and gross profit margin for the period decreased from approximately HK$20.9 million and 24.9% to approximately HK$1.9 million and 2.8% respectively, primarily attributable to reduced profitability in the Permanent Gondola Business and negative revenue from the Shandong power trading business Gross Profit and Gross Profit Margin | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit (HK$ '000) | 1,877 | 20,900 | -91.0% | | Gross Profit Margin | 2.8% | 24.9% | -22.1 percentage points | [Other Income/(Losses) Net](index=19&type=section&id=4.2.3%20Other%20Income%2F(Losses)%20Net) Net other income for the period primarily consisted of exchange differences, attributable to realized exchange gains from the purchase of permanent gondolas from Spain - Net other income primarily consisted of exchange differences, arising from realized exchange gains on the purchase of permanent gondolas from Spain [50](index=50&type=chunk) [Administrative Expenses](index=20&type=section&id=4.2.4%20Administrative%20Expenses) Administrative expenses significantly increased to approximately HK$27.1 million (prior period 2024: HK$12.7 million), primarily due to the development of the Green Power Energy Business, including the consolidation of administrative expenses after the acquisition of the New Zealand renewable energy business Administrative Expenses | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 27,137 | 12,744 | +113.0% | - The increase in administrative expenses was primarily due to the development of the Green Power Energy Business, including the consolidation of expenses after the acquisition of the New Zealand renewable energy business [51](index=51&type=chunk) [Finance Income and Finance Costs](index=20&type=section&id=4.2.5%20Finance%20Income%20and%20Finance%20Costs) Net finance costs for the period increased from approximately HK$1.5 million in the prior period of 2024 to approximately HK$2.2 million, primarily due to an increase in borrowings drawn by the Company Net Finance Costs | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Net Finance Costs | (2,246) | (1,547) | +45.2% | - The increase in net finance costs was primarily due to an increase in borrowings drawn by the Company [52](index=52&type=chunk) [Income Tax Expense](index=20&type=section&id=4.2.6%20Income%20Tax%20Expense) Income tax expense for the period was HK$478 thousand, with different tax rates applicable across operating regions and preferential rates for some Chinese subsidiaries Income Tax Expense | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Income Tax Expense | 478 | 1,845 | - Applicable tax rates for subsidiaries in Hong Kong, China, Macau, and New Zealand are 16.5%, 25%, 12%, and 28% respectively, with some Chinese subsidiaries enjoying a preferential tax rate of 5% [53](index=53&type=chunk) [Net Loss/Profit for the Period](index=20&type=section&id=4.2.7%20Net%20Loss%2FProfit%20for%20the%20Period) A net loss of approximately HK$24.4 million was recorded for the period, primarily attributable to reduced profitability from permanent gondola installations, negative revenue from Shandong power trading, and increased expenses for developing the Green Power Energy Business Net Loss/Profit for the Period | Metric | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Net Loss/Profit for the Period | (24,390) | 4,478 | - The loss was primarily attributable to reduced profitability from permanent gondola installations, negative revenue from Shandong power trading, and increased expenses for developing the Green Power Energy Business [54](index=54&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=21&type=section&id=4.3%20Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's monetary assets slightly decreased, but total borrowings significantly dropped due to loan capitalization, leading to a substantial improvement in the debt-to-asset ratio from 78.6% to 37.7%, resulting in a net cash position [Monetary Assets and Borrowings](index=21&type=section&id=4.3.1%20Monetary%20Assets%20and%20Borrowings) As of June 30, 2025, monetary assets decreased to approximately HK$63.6 million, and total borrowings significantly reduced to approximately HK$41.6 million, primarily due to the capitalization of part of the loan through subscription Monetary Assets and Borrowings | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Monetary Assets | 63,600 | 67,900 | -6.4% | | Total Borrowings | 41,600 | 79,700 | -47.8% | - Loan balance with shareholder Mr. Kwan Kam Tim was approximately **HK$38.8 million**, with an annual interest rate of **6%** [55](index=55&type=chunk) - Loan with shareholder Treasure Ship Holding Limited was approximately **HK$0.3 million**, primarily due to the capitalization of **HK$32,399,640** of the loan through the subscription [56](index=56&type=chunk)[57](index=57&type=chunk) [Net Debt-to-Equity Ratio and Debt-to-Asset Ratio](index=22&type=section&id=4.3.2%20Net%20Debt-to-Equity%20Ratio%20and%20Debt-to-Asset%20Ratio) As of June 30, 2025, the Group was in a net cash position, with the debt-to-asset ratio significantly decreasing from 78.6% on December 31, 2024, to 37.7%, primarily due to reduced borrowings from loan capitalization Leverage Ratios | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Debt-to-Equity Ratio | Net cash position | 20.2% | Significant improvement | | Debt-to-Asset Ratio | 37.7% | 78.6% | Decrease of 40.9 percentage points | - The improvement in the debt-to-asset ratio was primarily due to the capitalization of loans through the subscription, leading to reduced borrowings [59](index=59&type=chunk) [Treasury Policy](index=22&type=section&id=4.3.3%20Treasury%20Policy) The Group adopts a prudent financial management strategy, closely monitoring its liquidity position to ensure sufficient cash for business operations and development - Adopts a prudent financial management strategy to maintain a sound liquidity position [60](index=60&type=chunk) - The Board closely monitors the liquidity position to ensure funding requirements are met [60](index=60&type=chunk) [Foreign Exchange Risk and Hedging](index=22&type=section&id=4.3.4%20Foreign%20Exchange%20Risk%20and%20Hedging) The Group primarily operates in Hong Kong, Macau, China, and New Zealand, with most transactions denominated in local currencies, resulting in immaterial foreign exchange risk, and no derivative instruments were used for hedging during the period - Principal operating regions are Hong Kong, Macau, China, and New Zealand, with most transactions denominated in local currencies [61](index=61&type=chunk) - The Directors consider foreign exchange risk to be immaterial, and no derivative instruments were used for hedging during the period [61](index=61&type=chunk) [Placement of New Shares Under General Mandate](index=22&type=section&id=4.3.5%20Placement%20of%20New%20Shares%20Under%20General%20Mandate) On April 8, 2025, the company completed the placement of 124,800,000 new shares at HK$0.138 per share, raising net proceeds of approximately HK$16.4 million, to be used for expanding New Zealand renewable energy business, China power trading business, and general working capital - On April 8, 2025, the placement of **124,800,000 new shares** was completed at a placement price of **HK$0.138 per share** [62](index=62&type=chunk) - Net proceeds from the placement amounted to approximately **HK$16.4 million** [62](index=62&type=chunk) - Proceeds are intended for expanding the New Zealand renewable energy business, China power trading business, and general working capital [63](index=63&type=chunk)[66](index=66&type=chunk) [Subscription of New Shares Under Specific Mandate](index=23&type=section&id=4.3.6%20Subscription%20of%20New%20Shares%20Under%20Specific%20Mandate) On June 26, 2025, the company allotted and issued 188,370,000 new shares to Treasure Ship Holding Limited at a subscription price of HK$0.172 per share, with the subscription consideration settled by offsetting part of the loan payable to Treasure Ship, resulting in no cash proceeds - On June 26, 2025, **188,370,000 new shares** were allotted and issued to Treasure Ship at a subscription price of **HK$0.172 per share** [63](index=63&type=chunk) - The subscription consideration was settled by offsetting part of the loan payable by the Company to Treasure Ship, resulting in no cash proceeds [63](index=63&type=chunk) [Material Acquisitions and Disposals](index=23&type=section&id=4.4%20Material%20Acquisitions%20and%20Disposals) During the period, the Group did not make any material acquisitions or disposals of assets, subsidiaries, associates, or joint ventures - There were no material acquisitions or disposals during the period [64](index=64&type=chunk) [Major Investments Held](index=23&type=section&id=4.5%20Major%20Investments%20Held) As of June 30, 2025, the Group held no major equity investments other than investments in subsidiaries - Other than investments in subsidiaries, there were no other major equity investments [65](index=65&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=4.6%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Other than those disclosed, as of June 30, 2025, the Group had no plans to acquire any material investments or capital assets - Other than those disclosed, there are no plans to acquire material investments or capital assets [67](index=67&type=chunk) [Pledge of Assets](index=24&type=section&id=4.7%20Pledge%20of%20Assets) As of June 30, 2025, approximately HK$12.0 million in pledged and restricted deposits, HK$3.0 million in other non-current assets, and HK$23.7 million in property, plant, and equipment were pledged as collateral for bank financing Pledged Assets | Asset Type | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Pledged and Restricted Deposits | 12,000 | 5,400 | | Other Non-current Assets | 3,000 | 3,000 | | Property, Plant and Equipment | 23,700 | 24,300 | [Capital Commitments and Contingent Liabilities](index=24&type=section&id=4.8%20Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group's contingent liabilities primarily included performance guarantees of HK$15,012 thousand and performance bond insurance contracts of HK$36,141 thousand, totaling HK$51,153 thousand, a significant increase from December 31, 2024, with no material capital commitments Contingent Liabilities | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change | | :--- | :--- | :--- | :--- | | Performance Guarantees | 15,012 | 13,715 | +9.5% | | Performance Bond Insurance Contracts | 36,141 | 16,907 | +113.8% | | **Total** | **51,153** | **30,622** | **+67.0%** | - Performance guarantees primarily relate to construction contracts, while performance bond insurance contracts relate to the Green Power Energy Business [71](index=71&type=chunk) - The Group has no material capital commitments [70](index=70&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=5.%20Corporate%20Governance%20and%20Other%20Information) [Employees and Remuneration Policy](index=25&type=section&id=5.1%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 137 full-time employees, with remuneration policies determined by market terms, individual value, performance, and experience, complemented by discretionary bonuses and share option schemes to reward contributions - As of June 30, 2025, the Group had **137 full-time employees** [72](index=72&type=chunk) - Remuneration is determined by market terms and individual value, reviewed annually [72](index=72&type=chunk) - Discretionary bonuses and share option schemes are in place [72](index=72&type=chunk) [Corporate Governance Practices](index=25&type=section&id=5.2%20Corporate%20Governance%20Practices) The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules, and confirmed compliance with all applicable code provisions during the period - The Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules has been adopted [73](index=73&type=chunk) - Confirmed compliance with all applicable code provisions during the period [73](index=73&type=chunk) [Material Events After Reporting Period](index=25&type=section&id=5.3%20Material%20Events%20After%20Reporting%20Period) The Company intends to conduct a placement of new shares under general mandate to raise additional funds for supporting its China AI+power trading business and supplementing general working capital, but the placement agreement has not yet been entered into, posing uncertainty - Intends to conduct a placement of new shares under general mandate to raise funds for supporting the China AI+power trading business and supplementing general working capital [74](index=74&type=chunk) - The placement agreement has not yet been entered into, terms are not finalized, and uncertainty exists [74](index=74&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=5.4%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the period and up to the date of this announcement, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the period and up to the announcement date, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities [76](index=76&type=chunk) [Model Code for Securities Transactions](index=26&type=section&id=5.5%20Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code during the period after due enquiry - The Model Code set out in Appendix C3 of the Listing Rules has been adopted [77](index=77&type=chunk) - All Directors confirmed compliance with the Model Code during the period [77](index=77&type=chunk) [Interim Dividend](index=26&type=section&id=5.6%20Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the period - The Board does not recommend the payment of an interim dividend for the period [78](index=78&type=chunk) [Audit Committee](index=26&type=section&id=5.7%20Audit%20Committee) The Audit Committee comprises three independent non-executive directors and has reviewed the Group's unaudited interim condensed consolidated financial information for the period - The Audit Committee comprises three independent non-executive directors, with Professor Mo Lai Lan as Chairman [79](index=79&type=chunk) - The Audit Committee has reviewed the unaudited interim condensed consolidated financial information for the period [79](index=79&type=chunk) [Publication of Interim Results and Interim Report](index=26&type=section&id=5.8%20Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the websites of the Stock Exchange and the Company, and the interim report will be dispatched to shareholders and published in due course - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.acmehld.com) [80](index=80&type=chunk) - The interim report will be dispatched to shareholders and published in due course [80](index=80&type=chunk) [Board Composition](index=26&type=section&id=5.9%20Board%20Composition) As of the announcement date, the Board comprises six members, including three executive directors (Mr. Kwan Kam Tim, Mr. Yip Wing Shing, Mr. Zhang Guangying) and three independent non-executive directors (Dr. Lau Chi Pang, Mr. Chin Wai Keung, Professor Mo Lai Lan) - The Board comprises **six members** [81](index=81&type=chunk) - Including **three executive directors** and **three independent non-executive directors** [81](index=81&type=chunk)

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Key Financial Data for H1 2025 | Metric | H1 2025 (USD million) | H1 2024 (USD million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 346.6 | 541.1 | -35.9% | | (Loss)/Profit Attributable to Equity Holders of the Company | (23.3) | 133.0 | Turned to loss from profit | | Basic (Loss)/Earnings Per Share | (2.24) US cents | 12.05 US cents | Turned to loss from profit | | Dividend | Nil | Nil | Unchanged | - The decline in profitability was mainly due to a decrease in average selling prices and a one-time loss of **$25.0 million** related to debt refinancing[3](index=3&type=chunk) - Completed the acquisition of a **50.5%** equity interest in Universal Copper LLC (UCC) on March 11, 2025, making it a subsidiary of the Company[3](index=3&type=chunk) - The processing plant and on-site facilities at the Bayan Khundii (BKH) mine have officially commenced operations, with commercial production expected in the **third quarter of 2025**[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group recorded a loss for the six months ended June 30, 2025, mainly due to a significant decline in revenue and a one-time loss from debt refinancing Key Data from Consolidated Statement of Profit or Loss (USD thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 346,648 | 541,129 | | Cost of revenue | (283,789) | (317,300) | | Gross profit | 62,859 | 223,829 | | Operating profit | 34,321 | 204,217 | | Net finance costs | (27,179) | (19,387) | | Loss on repurchase of senior notes due 2026 | (25,049) | – | | (Loss)/profit before taxation | (17,601) | 185,208 | | (Loss)/profit for the period | (19,934) | 132,920 | | (Loss)/profit attributable to equity holders of the Company | (23,323) | 132,995 | | Basic (loss)/earnings per share (US cents) | (2.24) | 12.05 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%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) The Group's total comprehensive income for the six months ended June 30, 2025 was negative, primarily impacted by the loss for the period, partially offset by positive exchange differences Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (USD thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/profit for the period | (19,934) | 132,920 | | Exchange differences on translation | 3,719 | 1,675 | | Total comprehensive income for the period | (16,215) | 134,595 | | Total comprehensive income attributable to equity holders of the Company | (19,664) | 134,481 | [Consolidated Statement of Financial Position](index=4&type=section&id=%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 non-current and current assets increased, but a significant rise in non-current liabilities led to a slight decrease in net assets Key Data from Consolidated Statement of Financial Position (USD thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total non-current assets | 1,854,234 | 1,748,456 | | Total current assets | 459,503 | 386,757 | | Total current liabilities | 346,497 | 325,619 | | Net current assets | 113,006 | 61,138 | | Total assets less current liabilities | 1,967,240 | 1,809,594 | | Total non-current liabilities | 593,290 | 428,675 | | Net assets | 1,373,950 | 1,380,919 | | Total equity attributable to equity holders of the Company | 1,214,998 | 1,245,510 | | Total equity | 1,373,950 | 1,380,919 | [Notes to the Consolidated Financial Statements](index=6&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1 Basis of Preparation](index=6&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This interim financial report is prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and IAS 34, and has been reviewed by KPMG - The report is prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and International Accounting Standard 34[10](index=10&type=chunk) - The report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[10](index=10&type=chunk) [2 Changes in Accounting Policies](index=6&type=section&id=2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The Group has applied amendments to IAS 21 in the current period, which had no material impact on this interim report as no non-convertible foreign currency transactions occurred - The Group has applied amendments to International Accounting Standard 21, but it had no material impact on the interim report[11](index=11&type=chunk) [3 Revenue and Segment Reporting](index=7&type=section&id=3%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E5%91%88%E5%A0%B1) The Group is primarily engaged in the mining, processing, transportation, and sale of coal products, with its business divided into coal mining and gold and metals mining segments Breakdown of Major Revenue (USD thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Washed hard coking coal | 236,511 | 437,887 | | Washed medium-ash semi-hard coking coal | 50,348 | 69,468 | | Washed semi-soft coking coal | 26,685 | 30,097 | | Middlings | 32,559 | 2,975 | | Raw thermal coal | 545 | 702 | | Gold and metal products | – | – | | **Total** | **346,648** | **541,129** | - The Group's business is divided into the coal mining segment and the gold and metals mining segment[15](index=15&type=chunk)[16](index=16&type=chunk) - For the six months ended June 30, 2025, the gold mining segment generated no revenue, with the gold mine expected to commence production in the third quarter of 2025[14](index=14&type=chunk)[15](index=15&type=chunk) [4 Cost of Revenue](index=8&type=section&id=4%20%E6%94%B6%E7%9B%8A%E6%88%90%E6%9C%AC) The cost of revenue, primarily comprising mining, processing, transportation costs, and royalties, decreased compared to the same period last year Breakdown of Cost of Revenue (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Mining costs | 129,311 | 139,850 | | Processing costs | 35,300 | 30,842 | | Transportation costs | 63,891 | 65,437 | | Others (mainly royalties) | 55,287 | 81,171 | | **Total cost of revenue** | **283,789** | **317,300** | [5 Profit Before Tax](index=8&type=section&id=5%20%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) Profit before tax was impacted by net finance costs and other items, with net finance costs increasing due to higher foreign exchange losses Net Finance Costs (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance income | (2,854) | (2,085) | | Interest on senior notes | 16,723 | 15,543 | | Net interest on borrowings | 784 | – | | Interest on lease liabilities | 23 | 32 | | Unwinding interest on provision for reclamation | 2,789 | 1,560 | | Foreign exchange loss, net | 8,758 | 4,044 | | Others | 956 | 293 | | **Finance costs** | **30,033** | **21,472** | | **Net finance costs** | **27,179** | **19,387** | Other Items (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation and amortisation | 58,336 | 63,944 | | Loss on disposal of property, plant and equipment | 808 | 723 | [6 Income Tax](index=9&type=section&id=6%20%E6%89%80%E5%BE%97%E7%A8%85) The Group's income tax expense decreased significantly, mainly due to a pre-tax loss and adjustments for tax effects Income Tax Expense (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current tax | 8,906 | 58,417 | | Deferred tax | (6,573) | (6,129) | | **Total** | **2,333** | **52,288** | Reconciliation of Tax Expense to Accounting Profit (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/profit before taxation | (17,601) | 185,208 | | Estimated tax on (loss)/profit before taxation | 297 | 46,786 | | Tax effect of non-deductible items | 3,632 | 5,856 | | Utilisation of prior year tax losses | (16) | – | | Tax effect of tax-exempt items | (2,278) | (882) | | Unrecognised tax losses | 698 | 528 | | **Actual tax expense** | **2,333** | **52,288** | - Subsidiaries in Mongolia are subject to corporate income tax at progressive rates, while subsidiaries in China are taxed at a rate of 25%[21](index=21&type=chunk) [7 (Loss)/Earnings Per Share](index=9&type=section&id=7%20%E6%AF%8F%E8%82%A1%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%EF%BC%8F%E7%9B%88%E5%88%A9) The Group recorded a basic and diluted loss per share for the six months ended June 30, 2025, in contrast to the earnings reported in the same period last year (Loss)/Earnings Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic (loss)/earnings per share | (2.24) US cents | 12.05 US cents | | Diluted (loss)/earnings per share | (2.24) US cents | 11.85 US cents | - Basic loss per share is calculated based on the loss attributable to equity holders of the Company of **$23,323,000** and a weighted average of **1,041,472,786** ordinary shares in issue[20](index=20&type=chunk) - For the six months ended June 30, 2025, basic and diluted earnings per share were the same as the equity-settled share-based payment transactions had an anti-dilutive effect[22](index=22&type=chunk) [8 Property, Plant and Equipment, Net](index=10&type=section&id=8%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%EF%BC%8C%E6%B7%A8%E9%A1%8D) The Group's net property, plant and equipment increased, primarily due to additions in mining assets and mining structures - As of June 30, 2025, the carrying value of the Group's mining assets was **$566,516,000**, an increase from December 31, 2024[24](index=24&type=chunk) - During the six months ended June 30, 2025, additions to property, plant and equipment amounted to **$87,509,000**[24](index=24&type=chunk) [9 Construction in Progress](index=10&type=section&id=9%20%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B) Construction in progress is mainly related to the construction of the Bayan Khundii (BKH) mine of Erdene Mongol LLC (EM) - Construction in progress primarily involves buildings and plant, with additions mainly related to the construction of EM's BKH mine[25](index=25&type=chunk) [10 Intangible Assets](index=10&type=section&id=10%20%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) Intangible assets mainly consist of acquired mining rights, with additions primarily from the acquisition of a subsidiary - Intangible assets mainly consist of acquired mining rights, with additions primarily representing mining rights obtained through the acquisition of a subsidiary[26](index=26&type=chunk) [11 Trade and Other Receivables](index=11&type=section&id=11%20%E6%87%89%E6%94%B6%E8%B3%84%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables decreased significantly at the end of the reporting period, mainly due to a reduction in trade receivables and prepayments Trade and Other Receivables (USD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables (net of allowance for doubtful debts) | 15,593 | 40,672 | | Other receivables | 1,834 | 499 | | Financial assets measured at amortised cost | 17,427 | 41,171 | | Prepayments and deposits | 1,108 | 9,603 | | VAT and other tax receivables | 43,846 | 47,123 | | **Total** | **62,381** | **97,897** | - VAT and other tax receivables include amounts due from the General Department of Taxation of Mongolia, which are expected to be fully recoverable[27](index=27&type=chunk) [12 Trade and Other Payables](index=12&type=section&id=12%20%E6%87%89%E4%BB%98%E8%B3%84%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables increased at the end of the reporting period, mainly due to a rise in trade payables, other tax payables, and payables for the acquisition of a subsidiary Trade and Other Payables (USD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total trade payables | 110,121 | 86,862 | | Payables for purchase of equipment | 13,873 | 1,554 | | Interest payable | 7,593 | 8,359 | | Other tax payables | 41,524 | 22,824 | | Amounts due to related parties | 10,771 | 7,949 | | Payables for acquisition of a subsidiary | 6,000 | – | | Others | 660 | 11,422 | | **Total** | **190,542** | **138,970** | [13 Borrowings](index=12&type=section&id=13%20%E5%80%9F%E6%AC%BE) The Group's long-term borrowings increased significantly, primarily from a loan agreement entered into by EM with a local bank Long-term Borrowings (USD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Long-term borrowings | 50,000 | 20,000 | - On December 4, 2024, EM entered into a **$50,000,000** loan agreement with a local bank in Mongolia at an annual interest rate of **13.3%**[29](index=29&type=chunk) [14 Senior Notes](index=13&type=section&id=14%20%E5%84%AA%E5%85%88%E7%A5%A8%E6%93%9A) The Group issued new senior notes due 2030 and redeemed the senior notes due 2026, resulting in a one-time refinancing loss Senior Notes (USD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Senior notes due 2026 | – | 216,122 | | Senior notes due 2030 | 343,442 | – | | **Total** | **343,442** | **216,122** | - On April 3, 2025, the Company issued senior notes due 2030 with a principal amount of **$350,000,000** at an annual interest rate of **8.44%**[31](index=31&type=chunk) - On April 15, 2025, all senior notes due 2026 were redeemed, resulting in a repurchase loss of **$25,049,000**[31](index=31&type=chunk) [15 Share Capital, Reserves and Dividends](index=14&type=section&id=15%20%E8%82%A1%E6%9C%AC%E3%80%81%E5%84%B2%E5%82%99%E5%8F%8A%E8%82%A1%E6%81%AF) The Group did not recommend a dividend, exercised some share options, and repurchased some of its shares during the reporting period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[33](index=33&type=chunk) - During the six months ended June 30, 2025, **2,351,000** share options were exercised[34](index=34&type=chunk) Share Repurchase Details (H1 2025) | Month/Year | Number of Shares Repurchased | Highest Price (HKD) | Lowest Price (HKD) | Total Price Paid (USD thousand) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 2,937,000 | 7.4100 | 6.4100 | 2,535 | | April 2025 | 13,962,000 | 6.7700 | 4.7900 | 9,916 | | **Total** | **16,899,000** | | | **12,451** | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Industry Overview](index=15&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A6%BD) In H1 2025, China's steel production and sales declined, while coke production increased but consumption and exports fell; coking coal consumption and domestic output rose, but imports decreased [Performance of China's Steel, Coke, and Coking Coal Industries](index=15&type=section&id=%E4%B8%AD%E5%9C%8B%E9%8B%BC%E9%90%B5%E3%80%81%E7%84%A6%E7%82%AD%E5%8F%8A%E7%84%A6%E7%85%A4%E8%A1%8C%E6%A5%AD%E7%9A%84%E8%A1%A8%E7%8F%BE) Performance of China's Steel, Coke, and Coking Coal Industries (H1 2025 vs H1 2024) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | China's crude steel production | 514.8 million tonnes | 530.7 million tonnes | -3.0% | | China's apparent crude steel consumption | 454.3 million tonnes | 471.9 million tonnes | -3.7% | | China's steel exports | 58.1 million tonnes | 53.4 million tonnes | +8.9% | | China's coke production | 249.4 million tonnes | 241.9 million tonnes | +3.1% | | China's coke consumption | 237.0 million tonnes | 238.2 million tonnes | -0.5% | | China's coke exports | 3.5 million tonnes | 4.9 million tonnes | -28.0% | | China's coking coal consumption | 296.3 million tonnes | 288.6 million tonnes | +2.6% | | Domestic coking coal production | 237.9 million tonnes | 228.3 million tonnes | +4.2% | | China's coking coal imports | 52.8 million tonnes | 57.4 million tonnes | -8.0% | | Mongolia's coking coal imports to China | 24.8 million tonnes | 29.5 million tonnes | -15.9% | - Mongolia maintained its position as China's primary coking coal supplier, accounting for **46.9%** of total coking coal imports[37](index=37&type=chunk) [Performance of the Gold Industry](index=15&type=section&id=%E9%BB%83%E9%87%91%E8%A1%8C%E6%A5%AD%E7%9A%84%E8%A1%A8%E7%8F%BE) - As of the end of the reporting period, international gold prices were firm, with a spot price of **$3,303.7 per ounce**, an increase of **26.6%** from the beginning of the period[38](index=38&type=chunk) - Global gold demand in H1 2025 totaled **2,423 tonnes**, with investment demand accounting for **43.1%**[38](index=38&type=chunk) - The Bank of Mongolia was the most active buyer of domestically produced gold, purchasing **5.9 tonnes** in the first half of the year[38](index=38&type=chunk) [Operating Environment](index=16&type=section&id=%E7%B6%93%E7%87%9F%E7%92%B0%E5%A2%83) The Mongolian government introduced new regulations on coal exports, labor, and taxation to boost mineral exports, enhance supervision, protect worker health, and increase gold mining [Legal Framework](index=16&type=section&id=%E6%B3%95%E5%BE%8B%E6%A1%86%E6%9E%B6) - The Mongolian Parliament approved the GS-GM cross-border railway cooperation agreement, expected to add **40 million tonnes/year** of rail transport capacity and boost coal exports[39](index=39&type=chunk) - The Mongolian Stock Exchange revised its mining commodity trading rules, allowing forward contracts to use fixed or index pricing and permitting installment or bank letter of credit payments[41](index=41&type=chunk) - The Mongolian government established a working group to review state ownership percentages in strategic mineral deposits and negotiate with license holders[42](index=42&type=chunk)[43](index=43&type=chunk) - The Mongolian government issued the "Technical Regulation on Health Protection of Employees Exposed to Workplace Dust," effective July 1, 2025[44](index=44&type=chunk) - The implementation of the "Law on Air Pollution Fees" was postponed to June 1, 2026, with pricing authority delegated to local governments[45](index=45&type=chunk) - The Mongolian government stipulated that royalty fees will be calculated using MSE commodity exchange quotes if at least one-quarter of a taxpayer's total exports are traded via the MSE[46](index=46&type=chunk) - The Mongolian government issued "Certain Measures to Increase Gold Mining" and launched the nationwide "Gold-3" campaign to boost foreign exchange reserves and stabilize the economy[47](index=47&type=chunk) [Political Environment](index=19&type=section&id=%E6%94%BF%E6%B2%BB%E7%92%B0%E5%A2%83) - Mr. Zandanshatar Gombojav was appointed as the new Prime Minister of Mongolia and formed a new cabinet[48](index=48&type=chunk) [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group conducted resource exploration, reserve updates, production, and transportation activities in its coal and gold businesses, while maintaining a focus on occupational health, safety, and the environment [Coal Resources and Exploration Activities](index=20&type=section&id=%E7%85%A4%E7%82%AD%E8%B3%87%E6%BA%90%E5%8F%8A%E5%8B%98%E6%8E%A2%E6%B4%BB%E5%8B%95) - The JORC Coal Resource estimate for the UHG deposit has been updated, showing an increase in measured resources, totaling **540 million tonnes**[49](index=49&type=chunk)[50](index=50&type=chunk)[52](index=52&type=chunk) UHG Mining Licence JORC (2012) Coal Resource Update (December 31, 2024, million tonnes) | Resource Category | Measured | Indicated | Inferred | Total (Measured+Indicated) | Total (Measured+Indicated+Inferred) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 445 | 30 | 65 | 475 | 540 | | Total (approx.) | 450 | 30 | 60 | 470 | 540 | - The JORC Coal Resource estimates for the BN and THG deposits have also been updated, with BN totaling **405 million tonnes** and THG totaling **89 million tonnes**[54](index=54&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - Baruun Naran Gas LLC (BNG) conducted coal seam gas exploration within the BN mining license area, discovering gas desorption[60](index=60&type=chunk) [Coal Reserves](index=25&type=section&id=%E7%85%A4%E7%82%AD%E5%84%B2%E9%87%8F) - An updated JORC Coal Reserve statement for the UHG deposit has been issued, totaling **340 million tonnes** of Run-of-Mine (ROM) coal reserves[62](index=62&type=chunk)[64](index=64&type=chunk) UHG Mining Licence JORC (2012) Coal Reserve Estimate (January 1, 2025, million tonnes) | ROM Coal Reserve | | Reserve Category (million tonnes) | | | :--- | :--- | :--- | :--- | | Coal Type | Proved | Probable | Total | | Coking Coal | 311 | 10 | 321 | | Thermal Coal | 19 | – | 19 | | **Total** | **330** | **10** | **340** | - The JORC Coal Reserve estimate for the BN deposit has been updated, totaling **272 million tonnes** of ROM coal reserves[68](index=68&type=chunk)[71](index=71&type=chunk) BN Mining Licence JORC (2012) Coal Reserve Estimate (January 1, 2025, million tonnes) | ROM Coal Reserve | | Reserve Category (million tonnes) | | | :--- | :--- | :--- | :--- | | Coal Type | Proved | Probable | Total | | Coking Coal | 239 | 23 | 262 | | Thermal Coal | 9 | 1 | 10 | | **Total** | **248** | **24** | **272** | [Gold Resources and Exploration Activities](index=28&type=section&id=%E9%BB%83%E9%87%91%E8%B3%87%E6%BA%90%E5%8F%8A%E5%8B%98%E6%8E%A2%E6%B4%BB%E5%8B%95) - The NI 43-101 compliant Mineral Resource estimate for the BKH gold deposit has been updated, with Measured and Indicated resources of **7.4 million tonnes** containing **613 koz** of gold[72](index=72&type=chunk)[74](index=74&type=chunk) BKH Gold Deposit NI 43-101 Compliant Mineral Resource (April 20, 2023) | Resource Category | Quantity (million tonnes) | Gold Grade (g/t Au) | Gold (koz) | Silver Grade (g/t Ag) | Silver (koz) | | :--- | :--- | :--- | :--- | :--- | :--- | | Measured | 4.0 | 3.03 | 394 | 1.44 | 187 | | Indicated | 3.3 | 2.04 | 219 | 1.22 | 131 | | **Measured + Indicated** | **7.4** | **2.58** | **613** | **1.34** | **319** | | Inferred | 0.2 | 1.08 | 6 | 1.32 | 8 | - An NI 43-101 compliant Mineral Resource estimate for the DH gold deposit has been issued, with Indicated resources of **682 kt** containing **61.7 koz** of gold[75](index=75&type=chunk)[77](index=77&type=chunk) - The NI 43-101 compliant Mineral Resource estimate for the AN gold-polymetallic deposit shows Indicated resources of **5.0 million tonnes** containing **318 koz** of gold[81](index=81&type=chunk)[82](index=82&type=chunk) - Gold mineralization was discovered in the southern area of the Ulaan exploration license[83](index=83&type=chunk) [Gold Reserves](index=32&type=section&id=%E9%BB%83%E9%87%91%E5%84%B2%E9%87%8F) - The independent feasibility study for the BKH gold deposit has been updated, projecting the production of **476 koz** of recovered gold over the life of the mine[84](index=84&type=chunk) Khundii Mining Licence NI 43-101 Mineral Reserve Estimate (August 1, 2023) | Deposit | Category | Tonnes (million) | Gold Grade (g/t Au) | Gold Content (koz) | Silver Grade (g/t Ag) | Silver Content (koz) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | BKH Gold Deposit | Proven | 2.7 | 4.1 | 360.2 | 1.8 | 159.4 | | | Probable | 1.1 | 3.0 | 104.7 | 1.7 | 61.1 | | | **Total** | **3.8** | **3.8** | **464.9** | **1.8** | **220.5** | | DH Gold Deposit | Probable | 0.2 | 7.0 | 48.8 | – | – | | | **Total** | **0.2** | **7.0** | **48.8** | – | – | [Copper Resources and Exploration Activities](index=34&type=section&id=%E9%8A%85%E8%B3%87%E6%BA%90%E5%8F%8A%E5%8B%98%E6%8E%A2%E6%B4%BB%E5%8B%95) - The Mineral Resource estimate for the White Hill (WH) mining license shows total oxide zone resources of **7.5 million tonnes** containing **79.2 kt** of copper and total sulfide zone resources of **5.3 million tonnes** containing **105.9 kt** of copper[87](index=87&type=chunk)[88](index=88&type=chunk) WH Deposit Mineral Resource Estimate Summary (June 30, 2024) | Category | Ore Type | Quantity Tonnes | | Average Grade | | | | Contained Metal | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | | Cu | Au (g/ | Ag (g/ | Zn | Cu | Au | Ag | Zn | | | | | % | t) | t) | % | tonnes | oz | oz | tonnes | | **Total** | Oxide | 6,183,362 | 0.98 | 0.07 | 2.37 | 0.11 | 60,731 | 13,307 | 470,867 | 6,741 | | | Transitional | 1,291,283 | 1.43 | 0.10 | 4.51 | 0.28 | 18,433 | 4,339 | 187,417 | 3,562 | | | Sulphide | 5,288,234 | 2.00 | 0.20 | 9.41 | 0.85 | 105,861 | 34,075 | 1,599,814 | 44,872 | | | **Total** | **12,762,879** | **1.45** | **0.13** | **5.50** | **0.43** | **185,024** | **51,721** | **2,258,098** | **55,175** | - The Urkhut and Khukh Tolgoi mining licenses were also acquired by the Group through the acquisition of UCC[89](index=89&type=chunk)[90](index=90&type=chunk) [Production and Transportation](index=35&type=section&id=%E7%94%9F%E7%94%A2%E5%8F%8A%E9%81%8B%E8%BC%B8) - In H1 2025, the Group's total ROM coal production was **7.1 million tonnes**, with **5.7 million tonnes** from the UHG mine and **1.4 million tonnes** from the BN mine[91](index=91&type=chunk) - In H1 2025, the Group processed a total of **7.3 million tonnes** of ROM coking coal, yielding **4.3 million tonnes** of primary products and **0.05 million tonnes** of secondary products[95](index=95&type=chunk) - In H1 2025, a total of **122,999** coal-hauling trucks crossed the GS-GM border, a decrease from H1 2024[98](index=98&type=chunk)[99](index=99&type=chunk) [Occupational Health, Safety and Environment](index=38&type=section&id=%E8%81%B7%E6%A5%AD%E5%81%A5%E5%BA%B7%E3%80%81%E5%AE%89%E5%85%A8%E5%8F%8A%E7%92%B0%E5%A2%83) - The lost-time injury frequency rate for the coking coal business decreased to **0.76** per million man-hours (H1 2024: 0.97)[100](index=100&type=chunk) - The gold business recorded one lost-time injury, with a total recordable injury frequency rate of **0.2** per million man-hours[100](index=100&type=chunk) - The Group passed the periodic audit of its ISO 45001:2018 integrated management system and continues to provide occupational health, safety, and environmental training[101](index=101&type=chunk)[102](index=102&type=chunk) [Sales and Marketing](index=39&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%B8%82%E5%A0%B4%E6%8E%A8%E5%BB%A3) - In H1 2025, the Group sold a total of **4.2 million tonnes** of self-produced coal, primarily exported under Delivered-at-Destination GM and Free-on-Truck terms[103](index=103&type=chunk) - The Group auctioned **38.4 kt** of medium-volatile hard coking coal, **243.2 kt** of semi-soft coking coal, and **230.4 kt** of thermal coal through the MSE commodity exchange platform[103](index=103&type=chunk) [Gold Business](index=40&type=section&id=%E9%BB%83%E9%87%91%E6%A5%AD%E5%8B%99) - The BKH gold mine processing plant and mine support facilities have been commissioned, and overburden stripping began in the second quarter of 2025[104](index=104&type=chunk) - The BKH gold mine is expected to commence commercial production in the third quarter of 2025, with a nameplate ore feed capacity of **650,000 tonnes** per annum[104](index=104&type=chunk) [Outlook and Business Strategies for 2025](index=41&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E7%9A%84%E5%B1%95%E6%9C%9B%E5%8F%8A%E6%A5%AD%E5%8B%99%E7%AD%96%E7%95%A5) The Company will continue to implement prudent financial policies, enhance asset utilization, support infrastructure development, explore business expansion opportunities, and fulfill its safety, environmental, and social commitments - Strategies include maintaining an adequate capital structure, improving asset utilization, supporting regional infrastructure development, exploring strategic partnerships for business expansion, and fulfilling safety, environmental, and social responsibilities[107](index=107&type=chunk) [Financial Review](index=41&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's revenue and gross profit for H1 2025 decreased significantly due to lower average selling prices, resulting in a loss for the period [Revenue](index=41&type=section&id=%E6%94%B6%E7%9B%8A) - Total revenue for H1 2025 was approximately **$346.6 million**, a decrease of about **$194.5 million** from H1 2024, primarily due to lower average selling prices[108](index=108&type=chunk) Average Selling Price (USD/tonne) | Product Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Overall ASP | 82.0 | 128.9 | | Medium-volatile hard coking coal | 123.2 | 174.2 | | High-volatile hard coking coal | 97.0 | – | | Semi-soft coking coal | 90.2 | 134.9 | | Medium-ash semi-hard coking coal | 50.1 | 56.6 | | Middlings | 37.4 | 13.9 | [Cost of Revenue](index=41&type=section&id=%E6%94%B6%E7%9B%8A%E6%88%90%E6%9C%AC) - Total cost of revenue decreased from **$317.3 million** in H1 2024 to **$283.8 million** in H1 2025[109](index=109&type=chunk) Breakdown of Cost of Revenue (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Mining costs | 129,311 | 139,850 | | Processing costs | 35,300 | 30,842 | | Handling costs | 7,808 | 9,931 | | Transportation costs | 63,891 | 65,437 | | Logistics costs | 7,288 | 7,719 | | Mine administration costs | 14,747 | 15,706 | | Transportation and stock loss | 1,601 | 2,763 | | Royalties and fees | 23,843 | 45,052 | | **Total cost of revenue** | **283,789** | **317,300** | - The average accounting stripping ratio for H1 2025 was **4.7 cubic meters** of waste per tonne, compared to **4.2 cubic meters** per tonne in H1 2024[112](index=112&type=chunk) - The overall unit transportation cost for H1 2025 was **$15.2 per tonne**, a decrease from H1 2024[116](index=116&type=chunk) - The effective royalty rate for H1 2025 was **6.0%**, compared to **7.9%** in H1 2024[117](index=117&type=chunk) [Gross Profit](index=44&type=section&id=%E6%AF%9B%E5%88%A9%E6%BD%A4) - Gross profit for H1 2025 decreased to **$62.9 million**, compared to **$223.8 million** in H1 2024, mainly due to reduced sales revenue[118](index=118&type=chunk) [Gold and Metals Reporting Segment](index=45&type=section&id=%E9%BB%83%E9%87%91%E5%8F%8A%E9%87%91%E5%B1%AC%E5%91%88%E5%A0%B1%E5%88%86%E9%83%A8) - The BKH mine removed approximately **0.3 million cubic meters** of overburden and mined **477.0 tonnes** of ore, incurring total mining costs of about **$1.0 million**[119](index=119&type=chunk) - General and administrative expenses related to the gold and metals segment were **$1.5 million**, with net finance costs of **$5.1 million**[119](index=119&type=chunk) [Selling and Distribution Costs](index=45&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E6%88%90%E6%9C%AC) - Selling and distribution costs increased to **$15.8 million** in H1 2025 from **$5.2 million** in the same period of 2024, mainly due to increased sales volumes under GM Free-on-Truck terms[120](index=120&type=chunk) [General and Administrative Expenses](index=45&type=section&id=%E4%B8%80%E8%88%AC%E5%8F%8A%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) - General and administrative expenses decreased to **$12.7 million** in H1 2025 from **$23.2 million** in H1 2024[121](index=121&type=chunk) [Debt and Net Finance Costs](index=45&type=section&id=%E5%82%B5%E9%A0%85%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC%E6%B7%A8%E9%A1%8D) - As of June 30, 2025, the outstanding principal amount was **$400.0 million**, comprising **$350.0 million** in senior notes due 2030 and a **$50.0 million** bank loan[122](index=122&type=chunk) - Net finance costs were **$27.2 million**, an increase from H1 2024, primarily due to higher net foreign exchange losses[123](index=123&type=chunk) [Income Tax Expense](index=46&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) - Income tax expense decreased from **$52.3 million** in H1 2024 to **$2.3 million** in H1 2025, mainly due to lower taxable income[125](index=125&type=chunk) [Loss for the Period](index=46&type=section&id=%E6%9C%9F%E5%85%A7%E8%99%A7%E6%90%8D) - For the six months ended June 30, 2025, the Group recorded a net loss attributable to equity holders of approximately **$23.3 million**, compared to a net profit of **$133.0 million** in the same period of 2024[126](index=126&type=chunk) [Non-IFRS Measures](index=46&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%E6%8C%87%E6%A8%99) - In H1 2025, the Group's adjusted EBITDA was approximately **$94.1 million**, compared to **$270.1 million** in H1 2024[127](index=127&type=chunk) [Financial Position and Risk Management](index=47&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%8F%8A%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) [Cash Flow](index=47&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) In H1 2025, the Group's net cash from operating activities decreased, net cash outflow from investing activities increased, but net cash inflow from financing activities rose significantly, leading to a net increase in cash Consolidated Cash Flow (USD thousand) | For the six months ended June 30 | | :--- | | | 2025 | 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 93,209 | 159,573 | | Net cash used in investing activities | (118,341) | (94,428) | | Net cash generated from financing activities | 103,629 | 40,151 | | **Net increase in cash and cash equivalents** | **78,497** | **105,296** | | Cash and cash equivalents at end of period | 219,712 | 278,596 | - Cash outflow from investing activities was mainly for deferred stripping activities, property, plant and equipment, construction in progress (including BKH mine capital development), and the acquisition of a subsidiary[131](index=131&type=chunk) - Cash inflow from financing activities was primarily from the senior notes due 2030 and bank loans, partially used for the redemption of senior notes due 2026 and share repurchases[131](index=131&type=chunk) - As of June 30, 2025, the capital-to-debt ratio was **17.0%** (June 30, 2024: 9.6%)[130](index=130&type=chunk) [Credit Risk](index=48&type=section&id=%E4%BF%A1%E8%B2%B8%E9%A2%A8%E9%9A%AA) The Group closely monitors credit risk, which primarily arises from trade receivables, and regularly reviews its credit policies and customers' payment capacity - As of June 30, 2025, trade receivables were **$15.6 million**, a significant decrease from **$40.7 million** as of December 31, 2024[132](index=132&type=chunk) - The Group holds regular credit committee meetings to review, assess, and evaluate overall credit quality and the recoverability of individual trade credit amounts[132](index=132&type=chunk) [Foreign Exchange Risk](index=48&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group is exposed to foreign exchange risk, as some cash and cash equivalents and total borrowings are denominated in non-functional currencies - As of June 30, 2025, cash and cash equivalents denominated in non-functional currencies amounted to **$81.8 million** (December 31, 2024: $50.3 million)[133](index=133&type=chunk) - As of June 30, 2025, total borrowings denominated in non-functional currencies amounted to **$50.0 million** (December 31, 2024: $20.0 million)[133](index=133&type=chunk) [Contingent Liabilities](index=48&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) The Group has a contingent liability related to the BN share purchase agreement but considers the probability of it being triggered as remote - The Company may have a contingent liability arising from the royalty provisions of the BN share purchase agreement, but considers the probability of it being triggered as remote[134](index=134&type=chunk) - In H1 2025, administrative expenses and capital reserves of **$0.6 million** were recognized in relation to equity-settled share-based payment transactions[136](index=136&type=chunk) [Other Important Matters](index=50&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) [Capital Commitments and Capital Expenditure](index=50&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E5%8F%8A%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) As of June 30, 2025, the Group's total capital commitments were $31.09 million, primarily related to the capital development of the BKH mine Capital Commitments (USD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted for | 21,461 | 31,269 | | Authorised but not contracted for | 9,629 | 50,833 | | **Total** | **31,090** | **82,102** | Historical Capital Expenditure (USD thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Coal handling and washing plant | 708 | 158 | | BKH mine capital development | 28,557 | 30,419 | | Trucks and equipment | 17,052 | 3,005 | | Others | 10,227 | 14,005 | | **Total** | **56,543** | **47,587** | - Capital commitments include **$13.1 million** related to the capital development of the BKH mine[138](index=138&type=chunk) [Significant Investments Held](index=50&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of June 30, 2025, the Company did not hold any significant investments - As of June 30, 2025, the Company did not hold any significant investments[140](index=140&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=51&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) The Group completed the acquisition of a 50.5% equity interest in Universal Copper LLC (UCC) on March 11, 2025, making it a subsidiary - On March 11, 2025, the Company completed the acquisition of a **50.5%** equity interest in UCC for a consideration of **$20,500,000**, making it a subsidiary[141](index=141&type=chunk) [Other and Post Balance Sheet Events](index=51&type=section&id=%E5%85%B6%E4%BB%96%E5%8F%8A%E7%B5%90%E7%AE%97%E6%97%A5%E5%BE%8C%E4%BA%8B%E9%A0%85) No events occurred after June 30, 2025 that would require adjustment or disclosure in this interim results announcement, other than those already disclosed - No events occurred after June 30, 2025 that would require adjustment or disclosure in this interim results announcement[142](index=142&type=chunk) [Employees](index=51&type=section&id=%E5%83%B1%E5%93%A1) The Group's employee headcount increased, and it continued to invest in employee training and development, particularly in occupational health and safety and professional skills enhancement - As of June 30, 2025, the Group had **3,105** employees (June 30, 2024: 2,559)[143](index=143&type=chunk) - The Group implements a strategically designed internal training and development system, including over 100 training courses covering occupational health and safety, professional development, and general skills enhancement[143](index=143&type=chunk) - Staff costs were **$34.2 million** (H1 2024: $29.4 million)[144](index=144&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=52&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) In H1 2025, the Company repurchased and cancelled 16,899,000 shares for a total purchase price of approximately $12.5 million - In H1 2025, the Company repurchased and cancelled **16,899,000** shares for a total purchase price of approximately **$12.5 million**[145](index=145&type=chunk)[146](index=146&type=chunk) [Dividend](index=53&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[147](index=147&type=chunk) [Model Code for Securities Transactions](index=53&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules and has established written guidelines for employees, with no non-compliance incidents found during the reporting period - The Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules and has established written guidelines for employees[148](index=148&type=chunk) - During the reporting period, all directors confirmed compliance with the Model Code, and no incidents of employee violation of the written guidelines were found[148](index=148&type=chunk) [Corporate Governance](index=53&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company has adopted and complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules - The Company has adopted and complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[149](index=149&type=chunk) [Audit Committee Review](index=53&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee has reviewed the Group's accounting principles, financial reporting matters, and the unaudited interim results, and considers them to be in compliance with applicable standards - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters, including the review of the Group's unaudited interim results for the period[150](index=150&type=chunk) - The Audit Committee considers that the relevant statements comply with applicable accounting standards, Listing Rules, and legal requirements, and that adequate disclosures have been made[150](index=150&type=chunk) [Publication of 2025 Unaudited Consolidated Interim Results and 2025 Interim Report](index=54&type=section&id=%E5%88%8A%E7%99%BB%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is published on the websites of Hong Kong Exchanges and Clearing Limited and the Company, and the interim report will be published in due course - This interim results announcement is published on the websites of Hong Kong Exchanges and Clearing Limited and the Company[151](index=151&type=chunk) - The 2025 Interim Report containing all the information required by the Listing Rules will be published on the above websites in due course[151](index=151&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 BAGUIO GREEN GROUP LIMITED 碧 瑤 綠 色 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1397） 截至二零二五年六月三十日止六個月 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | 二零二五年 | 二零二四年 | 變動 | | | 千港元 | 千港元 | | | 收益 | 1,353,483 | 1,291,140 | +4.8% | | 毛利 | 133,019 | 97,073 | +37.0% | | 其他收入、收益及虧損 | 6,191 | 2,511 | +146.6% | | 期內溢利 | 58,767 | 25,765 | +128.1% | | 每股基本及攤薄盈利（港仙） | 14.20 | 5.85 | +142.7% | | 董事會不建 ...

1 二零二五中期報告 目 錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 財務摘要 | 6 | | 管理層討論及分析 | 7 | | 其他資料 | 15 | | 中期財務資料的審閱報告 | 24 | | 中期簡明合併綜合收益表 | 25 | | 中期簡明合併資產負債表 | 26 | | 中期簡明合併權益變動表 | 28 | | 中期簡明合併現金流量表 | 29 | | 中期簡明合併財務資料附註 | 30 | 2 清科創業控股有限公司 釋義 於本中期報告內，除文義另有所指外，下列詞彙具有以下涵義。 | 「審核委員會」 | 指 | 董事會轄下的審核委員會 | | --- | --- | --- | | 「董事會」 | 指 | 董事會 | | 「首席執行官」 | 指 | 本公司首席執行官 | | 「企業管治守則」 | 指 | 上市規則附錄C1所載的《企業管治守則》 | | 「中國」 | 指 | 中華人民共和國，僅就本中期報告及地域參考而言，不包括香港、 | | | | 中華人民共和國澳門特別行政區及台灣地區 | | 「本公司」、「本集團」或 「我們」 | 指 | 清科創業控股有限 ...

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。 截 至2025年6月30日止六個月之 中期業績公告 財務摘要 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） | | | | | 截 | | | 至6月30日止六個月 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025年 | | | | | | 2024年 | | | | 變 動（2） | | 人民幣百萬元 | | | | | | | 人民幣百萬元 | | | | | | | | （未 | （未 經 ...

(formerly known as Jia Group Holdings Limited 前稱佳民集團有限公司) Stock code 股份代號 : 8519 於開曼群島註冊成立的有限公司 Incorporated in the Cayman Islands with limited liability 中期報告 2025 INTERIM REPORT CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potentia ...

[Performance](index=1&type=section&id=Performance) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved a pre-tax profit of $191 million in H1 2025, a 163.9% YoY increase, driven by significant gains from financial assets at fair value through profit or loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Net gains from financial assets at fair value through profit or loss | 188,753,524 | 75,152,945 | | Investment income | 1,693,182 | 1,931,659 | | Other net income | 1,486,274 | 719,136 | | Administrative expenses | (1,094,013) | (5,493,400) | | Profit before tax | 190,838,967 | 72,310,340 | | Tax | (50,386,281) | (12,806,848) | | Profit for the period | 140,452,686 | 59,503,492 | | Total comprehensive income for the period | 142,432,301 | 56,610,309 | | Profit attributable to shareholders of the Company for the period | 140,452,686 | 59,503,492 | | Total comprehensive income attributable to shareholders of the Company for the period | 142,432,301 | 56,610,309 | | Basic earnings per share | 0.922 | 0.391 | - Profit attributable to shareholders of the Company was **$140,452,686**, a **136.05%** increase from **$59,503,492** in the prior year[3](index=3&type=chunk) [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased to $784 million, up 21.06% from end-2024, primarily due to a substantial increase in financial assets at fair value through profit or loss Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Non-current assets** | | | | Financial assets at fair value through profit or loss | 955,982,410 | 770,688,567 | | **Current assets** | | | | Financial assets at fair value through profit or loss | 9,000,618 | 4,964,102 | | Other receivables and prepayments | 1,078,767 | 194,801 | | Cash and cash equivalents | 26,609,215 | 30,946,711 | | **Current liabilities** | | | | Other payables | 25,566,680 | 26,541,098 | | Dividends payable | 6,093,321 | - | | Tax payable | 433,104 | 7,272,419 | | **Non-current liabilities** | | | | Financial liabilities designated at fair value through profit or loss | 1,828,740 | 1,153,126 | | Deferred tax | 175,032,280 | 124,449,633 | | **Net assets** | 783,716,885 | 647,377,905 | | **Equity attributable to shareholders of the Company** | 783,716,885 | 647,377,905 | | Net asset value per share | 5.145 | 4.250 | - As of June 30, 2025, net assets increased to **$783,716,885**, a **21.06%** increase from **$647,377,905** as of December 31, 2024[4](index=4&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=3&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) [1. Basis of Preparation](index=3&type=section&id=1.%20Basis%20of%20Preparation) This condensed consolidated financial information is prepared in accordance with HKAS 34 and Appendix D2 of the HKEX Listing Rules, with 2024 financial data extracted and filed with an unqualified auditor's report - This condensed consolidated financial information is prepared in accordance with **HKAS 34** and **Appendix D2** of the Listing Rules[5](index=5&type=chunk) - The statutory consolidated financial statements for the year ended December 31, 2024, have been filed with the Companies Registry, and the auditor's report was unqualified[5](index=5&type=chunk) [2. Significant Accounting Policies](index=3&type=section&id=2.%20Significant%20Accounting%20Policies) This condensed consolidated financial information is prepared on a historical cost basis, with certain financial instruments measured at fair value, consistent with the 2024 annual consolidated financial statements - The condensed consolidated financial information is prepared on a historical cost basis, with certain financial instruments measured at fair value[6](index=6&type=chunk) - The accounting policies and methods of computation adopted are consistent with those followed in the consolidated financial statements for the year ended December 31, 2024[6](index=6&type=chunk) [3. Net Gains from Financial Assets at Fair Value Through Profit or Loss](index=4&type=section&id=3.%20Net%20Gains%20from%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Net gains from financial assets at fair value through profit or loss significantly increased by 151.16% to $189 million this period, primarily driven by unrealized gains, with listed investments contributing the most Net Gains (Losses) from Financial Assets at Fair Value Through Profit or Loss (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | **Listed investments** | | | | Realized | 1,070,678 | - | | Unrealized | 150,049,516 | 45,574,217 | | **Unlisted investments** | | | | Realized | 6,170 | (51,829) | | Unrealized | 37,627,160 | 29,630,557 | | **Total** | 188,753,524 | 75,152,945 | - Net gains from financial assets at fair value through profit or loss significantly increased by **151.16%** from **$75,152,945** in 2024 to **$188,753,524** in 2025[7](index=7&type=chunk) [4. Investment Income](index=4&type=section&id=4.%20Investment%20Income) Investment income for the period was $1.69 million, a 12.44% YoY decrease, mainly due to reduced dividend income from financial assets at fair value through profit or loss Investment Income (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Bank deposit interest income | 266,516 | 304,361 | | Dividend income from financial assets at fair value through profit or loss | 1,426,666 | 1,627,298 | | **Total** | 1,693,182 | 1,931,659 | - Total investment income decreased by **12.44%** from **$1,931,659** in 2024 to **$1,693,182** in 2025[8](index=8&type=chunk) [5. Segment Information](index=5&type=section&id=5.%20Segment%20Information) The Group primarily invests in financial services, culture, media & consumption, and information technology segments, with IT contributing the highest net gains from financial assets in H1 2025 [5.1 Segment Performance for the Six Months Ended June 30, 2025](index=5&type=section&id=5.1%20Segment%20Performance%20for%20the%20Six%20Months%20Ended%20June%2030,%202025) Analysis of Reported Segment Profit for H1 2025 | Reported Segment | Financial Services (USD) | Culture, Media & Consumption (USD) | Information Technology (USD) | Total (USD) | Others (USD) | Consolidated Total (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net gains (losses) from financial assets at fair value through profit or loss | 78,694,748 | (2,126,400) | 112,003,648 | 188,571,996 | 181,528 | 188,753,524 | | Dividend income from financial assets at fair value through profit or loss | - | 1,426,666 | - | 1,426,666 | - | 1,426,666 | | Other income | - | 1,587,021 | - | 1,587,021 | - | 1,587,021 | | Segment profit | 78,694,748 | 887,287 | 112,003,648 | 191,585,683 | 181,528 | 191,767,211 | - In H1 2025, the Information Technology segment performed strongly in net gains from financial assets at fair value through profit or loss, contributing **$112 million**[13](index=13&type=chunk) [5.2 Segment Performance for the Six Months Ended June 30, 2024](index=6&type=section&id=5.2%20Segment%20Performance%20for%20the%20Six%20Months%20Ended%20June%2030,%202024) Analysis of Reported Segment Profit for H1 2024 | Reported Segment | Financial Services (USD) | Culture, Media & Consumption (USD) | Information Technology (USD) | Total (USD) | Others (USD) | Consolidated Total (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net gains (losses) from financial assets at fair value through profit or loss | 60,430,924 | 5,357,508 | 12,437,976 | 78,226,408 | (3,073,463) | 75,152,945 | | Dividend income from financial assets at fair value through profit or loss | - | 1,627,298 | - | 1,627,298 | - | 1,627,298 | | Other income | - | 1,290,176 | - | 1,290,176 | - | 1,290,176 | | Segment profit (loss) | 60,430,924 | 8,274,982 | 12,437,976 | 81,143,882 | (3,073,463) | 78,070,419 | - In H1 2024, the Financial Services segment was the main contributor to net gains from financial assets at fair value through profit or loss, contributing **$60.43 million**[15](index=15&type=chunk) [5.3 Analysis of Segment Assets and Liabilities](index=7&type=section&id=5.3%20Analysis%20of%20Segment%20Assets%20and%20Liabilities) Segment Assets and Liabilities (As of June 30) | Indicator | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Segment assets** | | | | Financial Services | 549,645,729 | 473,715,575 | | Culture, Media & Consumption | 47,600,668 | 51,369,555 | | Information Technology | 356,316,030 | 239,344,269 | | Total reported segment assets | 953,562,427 | 764,429,399 | | Others | 11,420,601 | 11,223,270 | | Unallocated items | 27,687,982 | 31,141,512 | | **Consolidated assets** | 992,671,010 | 806,794,181 | | **Segment liabilities** | | | | Financial Services | 48,634 | 70,971 | | Culture, Media & Consumption | 21,716 | 60,916 | | Information Technology | 1,689,142 | 951,004 | | Total reported segment liabilities | 1,759,492 | 1,082,891 | | Others | 69,248 | 70,235 | | Unallocated items | 207,125,385 | 158,263,150 | | **Consolidated liabilities** | 208,954,125 | 159,416,276 | - As of June 30, 2025, the Financial Services segment's total assets were **$550 million**, accounting for **57.6%** of total reported segment assets[16](index=16&type=chunk) - Information Technology segment assets increased to **$356 million**, and consolidated liabilities increased to **$209 million**[16](index=16&type=chunk) [5.4 Geographical Information](index=7&type=section&id=5.4%20Geographical%20Information) The Group's principal business is investing in companies primarily operating in China, thus no geographical information related to investment activities is presented - The Group's principal business is investing in companies primarily operating in China, thus no geographical information related to investment activities is presented[17](index=17&type=chunk) [6. Profit Before Tax](index=8&type=section&id=6.%20Profit%20Before%20Tax) Profit before tax for H1 2025 was $191 million, after deducting investment manager management fees of $0.6377 million (a significant YoY decrease) and net exchange losses of $0.1007 million Deductions from Profit Before Tax (For the six months ended June 30) | Item | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Investment manager management fees | 637,680 | 5,090,487 | | Net exchange losses | 100,747 | 571,066 | - Investment manager management fees significantly decreased from **$5,090,487** in 2024 to **$637,680** in 2025[18](index=18&type=chunk) [7. Tax](index=8&type=section&id=7.%20Tax) Total tax for the period was $50.39 million, primarily comprising deferred tax of $50.10 million, with China corporate income tax being a negative $0.2867 million Tax Provision for the Period (For the six months ended June 30) | Item | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Current tax: China corporate income tax | (286,653) | (774,230) | | Deferred tax: Current period | (50,099,628) | (12,032,618) | | **Total** | (50,386,281) | (12,806,848) | - The Company and its subsidiaries made no provision for Hong Kong tax for the period, as there was no assessable profit[18](index=18&type=chunk) - Deferred tax provision has been made in the condensed consolidated financial information for temporary differences arising from retained profits of domestic subsidiaries[19](index=19&type=chunk) [8. Basic Earnings Per Share](index=9&type=section&id=8.%20Basic%20Earnings%20Per%20Share) Basic earnings per share for H1 2025 was $0.922, a substantial 135.8% increase from $0.391 in the prior year, with the number of ordinary shares outstanding remaining unchanged Basic Earnings Per Share Calculation (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit used for basic earnings per share calculation (USD) | 140,452,686 | 59,503,492 | | Number of ordinary shares used for basic earnings per share calculation | 152,333,013 | 152,333,013 | | **Basic earnings per share (USD)** | 0.922 | 0.391 | - Basic earnings per share increased by **135.8%** from **$0.391** in 2024 to **$0.922** in 2025[20](index=20&type=chunk) [9. Net Asset Value Per Share](index=9&type=section&id=9.%20Net%20Asset%20Value%20Per%20Share) As of June 30, 2025, net asset value per share was $5.145, a 21.06% increase from $4.250 as of December 31, 2024 Net Asset Value Per Share Calculation (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net assets (USD) | 783,716,885 | 647,377,905 | | Number of ordinary shares outstanding | 152,333,013 | 152,333,013 | | **Net asset value per share (USD)** | 5.145 | 4.250 | - Net asset value per share increased by **21.06%** from **$4.250** as of December 31, 2024, to **$5.145** as of June 30, 2025[21](index=21&type=chunk) [10. Movements in Reserves and Retained Profits](index=9&type=section&id=10.%20Movements%20in%20Reserves%20and%20Retained%20Profits) As of June 30, 2025, the Group's reserves and retained profits balance increased to $644 million, positively impacted by current period profit of $140 million and exchange differences of $1.98 million Movements in Reserves and Retained Profits (For the six months ended June 30) | Indicator | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Balance at January 1 | 508,029,120 | 418,591,003 | | Movements in reserves | 1,979,615 | (2,893,183) | | Profit for the period | 140,452,686 | 59,503,492 | | Dividends declared for prior year | (6,093,321) | (12,186,641) | | **Balance at June 30** | 644,368,100 | 463,014,671 | [10.1 Dividend Distribution Policy and Details](index=10&type=section&id=10.1%20Dividend%20Distribution%20Policy%20and%20Details) - The Board resolved to declare an interim dividend of **4 US cents** per share and a special interim dividend of **4 US cents** per share for H1 2025, totaling **8 US cents** per share (equivalent to HK$0.624)[23](index=23&type=chunk) - The total dividend amounted to **$12,186,641**, doubling from **$6,093,321** in the same period of 2024[23](index=23&type=chunk) - The final dividend for 2024 of **$6,093,321** (**4 US cents** per share) was paid on July 25, 2025[24](index=24&type=chunk) [Suspension of Share Register Closure](index=10&type=section&id=Suspension%20of%20Share%20Register%20Closure) To determine eligibility for interim and special interim dividends, the Company will suspend share transfer registration from September 22 to September 25, 2025 - The Company will suspend share transfer registration from **September 22, 2025, to September 25, 2025** (both dates inclusive)[25](index=25&type=chunk) - All share transfer documents must be lodged with the share registrar by **4:30 p.m. on September 19, 2025**, to qualify for the interim and special interim dividends[25](index=25&type=chunk) [Review and Outlook](index=10&type=section&id=Review%20and%20Outlook) [Overall Performance](index=10&type=section&id=Overall%20Performance) The Group's profit attributable to shareholders reached $140 million in H1 2025, a significant 136.05% YoY increase, primarily due to financial asset appreciation, especially from Insta360's listing - The Group's profit attributable to shareholders for the six months ended June 30, 2025, was **$140 million**, a **136.05%** year-on-year increase[26](index=26&type=chunk) - The profit growth was mainly due to a significant increase in the overall appreciation rate of financial assets at fair value through profit or loss, particularly from the listing of Insta360[26](index=26&type=chunk) - Net gains from financial assets for the period were **$189 million**, a substantial **151.16%** increase from the prior year[26](index=26&type=chunk) - Investment income for the period decreased by **12.44%** year-on-year to **$1.69 million**, mainly due to reduced dividend income from investment projects[28](index=28&type=chunk) [Project Investments and Exits](index=11&type=section&id=Project%20Investments%20and%20Exits) In H1 2025, the Group invested in JBD, a MicroLED R&D and manufacturing company, and exited three projects, with CICC H-shares achieving a 101.69% pre-tax IRR - In H1 2025, the Group completed an investment in Shanghai Jade Bird Display Technology Co., Ltd. (JBD), subscribing for **0.449%** equity for **RMB 30 million** (equivalent to **$4.18 million**)[29](index=29&type=chunk) - The Group sold all its A-shares in Oriental Pearl New Media Co., Ltd., realizing net proceeds of **RMB 44.66 million** (equivalent to **$6.69 million**), with a pre-tax internal rate of return of **negative 14.33%**[30](index=30&type=chunk) - The Group sold all its H-shares in China International Capital Corporation Limited, realizing net proceeds of **HK$33.98 million** (equivalent to **$4.37 million**), with a pre-tax internal rate of return of **101.69%**[30](index=30&type=chunk) - The Group transferred its entire **20%** equity interest in Yunnan Jinlanmei International Tourism Investment Development Co., Ltd., recovering **RMB 2.79 million** (equivalent to **$0.39 million**), with a pre-tax internal rate of return of **negative 13.91%**[30](index=30&type=chunk) [Liquidity, Financial Resources, Liabilities, and Commitments](index=12&type=section&id=Liquidity,%20Financial%20Resources,%20Liabilities,%20and%20Commitments) As of June 30, 2025, the Group's cash and cash equivalents decreased by 14.02% to $26.61 million, primarily due to the JBD project investment payment, with no bank loans or commitments - The Group's cash and cash equivalents balance as of June 30, 2025, was **$26.61 million**, a **14.02%** decrease from the end of the previous year, mainly due to the payment for the JBD project investment[32](index=32&type=chunk) - As of June 30, 2025, the Group had no bank loans[33](index=33&type=chunk) - As of June 30, 2025, the Group had no commitments[34](index=34&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedging](index=12&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedging) The RMB appreciated slightly by 0.30% against the USD in H1 2025, benefiting the Group's RMB-denominated assets, with ongoing monitoring for potential hedging of significant foreign currency risks - In H1 2025, the RMB exchange rate against the USD recorded a slight increase of **0.30%**, which had a favorable impact on the Group, which holds a significant amount of RMB-denominated assets[35](index=35&type=chunk) - The Group currently has no foreign currency hedging policy but will continue to monitor foreign currency exchange risks and consider hedging significant foreign currency risks when necessary[35](index=35&type=chunk) [Employees](index=12&type=section&id=Employees) The Group has no employees other than a qualified accountant whose remuneration is paid by the investment manager, with the investment portfolio and company affairs managed by the investment manager - The Group has no employees other than a qualified accountant whose remuneration is determined and paid by the investment manager[36](index=36&type=chunk) - The Group's investment portfolio and company affairs are managed by the investment manager[36](index=36&type=chunk) [Investment Portfolio](index=12&type=section&id=Investment%20Portfolio) As of June 30, 2025, the Group's total investment value was $965 million, with financial services accounting for 55.38%, information technology for 35.90%, and culture, media & consumption for 4.80% - The Group's total investment value as of June 30, 2025, was **$965 million**[37](index=37&type=chunk) Investment Portfolio Category Distribution (As of June 30, 2025) | Category | Total Investment Value (USD) | Proportion of Total Group Assets | | :--- | :--- | :--- | | Financial Services | 549,645,729 | 55.38% | | Culture, Media & Consumption | 47,600,668 | 4.80% | | Information Technology | 356,316,030 | 35.90% | | Others (including manufacturing, energy & resources, and healthcare) | 11,420,601 | 1.15% | | Cash and cash equivalents | 26,610,000 | 2.68% | [Business Outlook and Investment Strategy](index=12&type=section&id=Business%20Outlook%20and%20Investment%20Strategy) China's economy showed stable growth in H1 2025 with a 5.3% GDP increase, while the Group will focus on digital finance, AI, cultural tourism, and healthcare for investment and asset reallocation amidst global economic slowdown - China's Gross Domestic Product (GDP) for H1 2025 was **RMB 66 trillion**, a **5.3%** year-on-year increase[38](index=38&type=chunk) - The World Bank projects global growth to slow to **2.3%** in 2025, facing trade barriers and policy uncertainties[39](index=39&type=chunk) - Looking ahead to H2, the foundation for China's economic recovery and improvement still needs to be strengthened, with an expected full-year GDP growth target of around **5.0%** for 2025[39](index=39&type=chunk) - The Group's investment direction will focus on the financial industry (primarily digital finance), emerging technology industries (primarily artificial intelligence), the cultural industry (primarily cultural tourism), and the healthcare industry (primarily medical health)[40](index=40&type=chunk) [Other Significant Matters](index=14&type=section&id=Other%20Significant%20Matters) [Purchase, Sale, or Redemption of the Company's Shares](index=14&type=section&id=Purchase,%20Sale,%20or%20Redemption%20of%20the%20Company's%20Shares) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares - For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's shares[42](index=42&type=chunk) [Material Events After the Financial Period End](index=14&type=section&id=Material%20Events%20After%20the%20Financial%20Period%20End) As of the date of this earnings announcement, no material events affecting the Group have occurred after the financial period end - As of the date of this earnings announcement, no material events affecting the Group have occurred after the financial period end[43](index=43&type=chunk) [Corporate Governance and Directors' Securities Transactions](index=14&type=section&id=Corporate%20Governance%20and%20Directors'%20Securities%20Transactions) The Company complied with all applicable Corporate Governance Code provisions, except for a remuneration committee exemption, and all directors confirmed compliance with the Model Code for securities transactions - The Company has complied with all applicable code provisions contained in Appendix C1, the Corporate Governance Code, of the Listing Rules[44](index=44&type=chunk) - The Company is exempted from establishing a remuneration committee as executive directors and senior management will not receive any directors' fees or remuneration from the Company[44](index=44&type=chunk) - All directors confirmed compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the reporting period[45](index=45&type=chunk)