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。 HUA MEDICINE 華領醫藥 （於開曼群島註冊成立的有限公司） （股份代號：2552） 截至2025年6月30日止六個月的中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月未經審核綜合業績連同截至 2024年6月30日止六個月的比較數字。除另有界定者外，本公告所用詞彙與招股 章程所界定者具有相同涵義。 業務摘要 上半年公司轉型變革，华堂宁®銷售額快速增長，同比增長逾一倍，並在強勁的 商業執行及運營效率提升的帶動下，明顯轉向盈利。 1 • 於2025年上半年，我們銷售約1,764,000盒华堂宁®，較2024年同期所出售 的846,000盒增長108%。於2025年上半年，我們獨自負責所有商業銷售， 而2024年則由第三方進行商業銷售。兩個期間的單價保持不變。 • 收入同比增長112%至人民幣217.4百萬元，反映出我們在終止與拜耳的獨 家推廣服務協議後順利過渡到全面自主商業化，並擴大 ...

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。 Cutia Therapeutics 科笛集團 （於開曼群島註冊成立的有限公司） （股份代號：2487） 截至2025年6月30日止六個月中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核綜合中期業績。 管理層討論及分析 概覽 我們成立於2019年，是一家以研發驅動、專注於皮膚學創新產品的生物製藥公 司，注重在廣泛皮膚病治療及護理市場中開發全面的解決方案，以滿足患者及消 費者不斷變化的多樣化需求。我們已建立廣泛的產品組合，針對廣泛皮膚病治療 及護理市場的四個主要領域，即毛髮疾病及護理、皮膚疾病及護理、表皮麻醉以 及局部脂肪堆積管理。我們目前已有兩款主要產品獲得上市批准及有一項藥品上 市許可申請獲得國家藥監局受理。我們亦分銷海外合作夥伴開發的數款商業化產 品，並在中國上市數款產品。 我們是中國廣泛皮膚病治療及護理市場中為數不多的具備全面綜合能力的參與者 之一。我們以客戶為中心來改 ...

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。 Chervon Holdings Limited 泉峰控股有限公司 （於香港註冊成立之有限公司） （股份代號：2285） 截至2025年6月30日止六個月的中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | 變動 | | | 2025年 | 2024年 | | | | 千美元 | 千美元 | | | 收入 | 912,437 | 815,745 | 11.9% | | 毛利率 | 33.3% | 32.9% | 40個基點 | | 除稅前利潤 | 113,163 | 71,814 | 57.6% | | 期內利潤 | 95,271 | 61,619 | 54.6% | | 非香港財務報告準則計量： | | | | | 經調整純利 | 76,031 | 61,619 | 23.4% | | 經營活動所得現金淨額 | 256 ...

[Overview of Supplemental Announcement](index=1&type=section&id=Overview%20of%20Supplemental%20Announcement) This announcement clarifies the utilization of net proceeds from the share placement for general working capital to strengthen the group's financial position [Use of Proceeds from Share Placement](index=1&type=section&id=Use%20of%20Proceeds%20from%20Share%20Placement) This announcement clarifies the utilization of approximately HK$4.9 million net proceeds from the July 2024 share placement for general working capital to strengthen the group's financial position Share Placement Details | Metric | Details | | :--- | :--- | | **Placement Date** | July 16, 2024 | | **Number of Shares Placed** | 20,000,000 shares | | **Placement Price Per Share** | HK$0.25 | | **Net Proceeds** | Approximately HK$4.9 million | - The **net proceeds** are intended for the Group's general working capital to strengthen its financial position[2](index=2&type=chunk) - As of **December 31, 2024**, the **net proceeds** have been fully utilized according to the Company's previously disclosed purposes[2](index=2&type=chunk)

[Financial Summary](index=1&type=section&id=Financial%20Summary) This section provides an unaudited financial overview for the six months ended June 30, 2025, highlighting key performance indicators Unaudited Financial Summary for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 105,200 | 111,700 | (6,500) | -5.8% | | Gross Profit | 80,000 | 82,700 | (2,700) | -3.3% | | Profit | 50,600 | 49,900 | 700 | 1.4% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue decreased by **5.8%** to **HK$105.2 million**, yet profit for the period increased by **1.4%** to **HK$50.6 million** due to lower finance costs and income tax expense, with basic and diluted earnings per share remaining at **HK$0.05** Key Data from Condensed Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 105,236 | 111,671 | (6,435) | -5.8% | | Cost of sales | (25,264) | (28,964) | 3,700 | -12.8% | | Gross profit | 79,972 | 82,707 | (2,735) | -3.3% | | Other income | 1,193 | 915 | 278 | 30.4% | | Net other losses | (1,742) | (259) | (1,483) | 466.7% | | General and administrative expenses | (5,953) | (6,404) | 451 | -7.0% | | Operating profit | 73,470 | 76,959 | (3,489) | -4.5% | | Finance costs | (11,543) | (14,643) | 3,100 | -21.2% | | Profit before income tax | 61,927 | 62,316 | (389) | -0.6% | | Income tax expense | (11,369) | (12,397) | 1,028 | -8.3% | | Profit for the period | 50,558 | 49,919 | 639 | 1.3% | | Basic and diluted earnings per share (HK$) | 0.05 | 0.05 | 0.00 | 0.0% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, profit for the period was **HK$50.6 million**, and total comprehensive income for the period significantly increased to **HK$92.7 million** from **HK$17.4 million** in the prior year, driven by a favorable shift in currency translation differences Key Data from Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Profit for the period | 50,558 | 49,919 | 639 | | Exchange differences on translation | 42,098 | (32,479) | 74,577 | | Total comprehensive income for the period | 92,656 | 17,440 | 75,216 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased by approximately **3.6%** to **HK$2,227.7 million** compared to December 31, 2024, with total equity growing by approximately **6.7%** to **HK$1,472.2 million** while total liabilities slightly decreased, leading to increases in both net current assets and net assets Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | | Non-current assets | 1,232,641 | 1,232,065 | 576 | 0.05% | | Current assets | 995,085 | 917,529 | 77,556 | 8.45% | | **TOTAL ASSETS** | **2,227,726** | **2,149,594** | **78,132** | **3.63%** | | **EQUITY** | | | | | | Total equity | 1,472,174 | 1,379,518 | 92,656 | 6.72% | | **LIABILITIES** | | | | | | Non-current liabilities | 489,311 | 500,874 | (11,563) | -2.31% | | Current liabilities | 266,241 | 269,202 | (2,961) | -1.10% | | **TOTAL LIABILITIES** | **755,552** | **770,076** | **(14,524)** | **-1.89%** | | Net current assets | 728,844 | 648,327 | 80,517 | 12.42% | | Total assets less current liabilities | 1,961,485 | 1,880,392 | 81,093 | 4.31% | [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes to the condensed consolidated interim financial information, covering accounting policies, segment reporting, and specific financial statement items [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The Group's condensed consolidated interim financial information is prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and HKAS 34 'Interim Financial Reporting' issued by the HKICPA, adopting a going concern basis with sufficient working capital for the next 12 months - The interim financial information is prepared in accordance with the Hong Kong Listing Rules and HKAS 34, and should be read in conjunction with the 2024 financial statements[9](index=9&type=chunk) - The Board confirms the Group has sufficient working capital to meet its financial obligations for the next 12 months, and the financial information is prepared on a going concern basis[10](index=10&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted HKAS 21 and HKFRS 1 (Amendments) 'Lack of Exchangeability' during the period, with no significant impact on performance or financial position, while several new standards and amendments effective in 2026 and 2027 are currently being assessed for their potential impact - Amendments to standards adopted in the current period, such as HKAS 21 and HKFRS 1 'Lack of Exchangeability', have no significant impact on the Group's performance or financial position[11](index=11&type=chunk) New and Revised Standards Not Yet Effective | Standard Name | Content | Effective Date | | :--- | :--- | :--- | | HKFRS 9 and HKFRS 7 (Amendments) | Classification and Measurement of Financial Instruments | January 1, 2026 | | Annual Improvements to HKFRSs — Volume 11 | Various standard improvements | January 1, 2026 | | HKFRS 9 and HKFRS 7 (Amendments) | Contracts that Rely on Natural Energy Production for Electricity | January 1, 2026 | | HKFRS 18 | Presentation and Disclosure in Financial Statements | January 1, 2027 | | HKFRS 19 | Disclosure for Non-Publicly Accountable Subsidiaries | January 1, 2027 | | HK Interpretation 5 | Classification by a Borrower of a Term Loan that Contains a Repayment on Demand Clause | January 1, 2027 | | HKFRS 10 and HKAS 28 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group operates as a single segment, providing wastewater treatment services in China, with all revenue and non-current assets located within the country, generating **HK$49.1 million** from wastewater treatment operations and **HK$56.1 million** from service concession finance income as of June 30, 2025 - The Group is considered a single operating segment, primarily providing wastewater treatment services in China[14](index=14&type=chunk)[15](index=15&type=chunk) Revenue Sources (Six Months Ended June 30) | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Wastewater treatment operation services | 49,100 | 53,495 | | Service concession arrangement finance income | 56,136 | 58,176 | | **TOTAL REVENUE** | **105,236** | **111,671** | - All revenue is derived from customers in China, and all non-current assets are located in China[19](index=19&type=chunk) - Customer A accounts for **100%** of the Group's total revenue[18](index=18&type=chunk) [Other Income](index=8&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income increased to **HK$1.2 million**, primarily due to higher interest income Other Income Details (Six Months Ended June 30) | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 781 | 616 | | Others | 412 | 299 | | **TOTAL** | **1,193** | **915** | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was **HK$11.4 million**, an **8.1%** decrease from the prior year, primarily comprising current and deferred income tax Income Tax Expense Details (Six Months Ended June 30) | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current income tax | 6,245 | 8,777 | | Deferred income tax | 5,124 | 3,620 | | **TOTAL** | **11,369** | **12,397** | [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share remained at **HK$0.05**, consistent with the prior year, as there were no potential dilutive ordinary shares issued Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company (HK$ thousand) | 50,558 | 49,919 | | Weighted average number of ordinary shares in issue (thousand shares) | 1,000,000 | 1,000,000 | | Basic earnings per share (HK$) | 0.05 | 0.05 | | Diluted earnings per share (HK$) | 0.05 | 0.05 | [Dividends](index=9&type=section&id=Dividends) For the six months ended June 30, 2025, the Company neither paid nor declared any dividends - The Company neither paid nor declared dividends during the reporting period[25](index=25&type=chunk) [Receivables under Service Concession Arrangements](index=9&type=section&id=Receivables%20under%20Service%20Concession%20Arrangements) As of June 30, 2025, total receivables under service concession arrangements increased to **HK$1,711.9 million**, an approximate **3.1%** increase from December 31, 2024, primarily due to the appreciation of RMB against HKD Receivables under Service Concession Arrangements (As of June 30) | Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current | 489,360 | 439,135 | | Non-current | 1,222,497 | 1,221,653 | | **TOTAL** | **1,711,857** | **1,660,788** | - The total amount of receivables increased by approximately **HK$48.1 million** or **2.9%**, primarily attributable to the appreciation of RMB against HKD[50](index=50&type=chunk) [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, trade and other receivables increased to **HK$411.6 million**, a **19.8%** rise from December 31, 2024, primarily due to an increase in trade receivables, with those over **365 days** increasing due to delayed settlement by the Yinchuan Municipal Urban Management Bureau Trade and Other Receivables (As of June 30) | Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 394,221 | 326,658 | | Other receivables | 16,889 | 16,209 | | Prepayments | 440 | 607 | | **TOTAL** | **411,550** | **343,474** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 days | 19,417 | 16,240 | | 31–60 days | 21,136 | 17,302 | | 61–90 days | 19,759 | 17,999 | | 91–180 days | 48,247 | 57,780 | | 181–365 days | 112,567 | 102,373 | | Over 365 days | 173,095 | 114,964 | | **TOTAL** | **394,221** | **326,658** | - Trade receivables over **365 days** increased, primarily due to delayed settlement procedures by the Yinchuan Municipal Urban Management Bureau[27](index=27&type=chunk) [Borrowings](index=11&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings decreased by **3.4%** to **HK$601.1 million** from December 31, 2024, primarily due to repayment of long-term loans, with all borrowings secured by contractual rights to Group revenue and land use rights Borrowings Details (As of June 30) | Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current portion of long-term borrowings | 364,667 | 384,742 | | Current portion of long-term borrowings | 218,253 | 218,950 | | Short-term borrowings | 18,190 | 18,411 | | **TOTAL** | **601,110** | **622,103** | - Borrowings decreased by approximately **HK$21.0 million** or **3.4%**, primarily due to the repayment of long-term loans of approximately **HK$38.7 million**[53](index=53&type=chunk)[54](index=54&type=chunk) - Borrowings are secured by contractual rights to revenue generated by the Group and land use rights where the wastewater treatment plants are located[28](index=28&type=chunk) [Trade and Other Payables](index=11&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased to **HK$27.6 million** from December 31, 2024, with a significant portion of trade payables aged over **90 days** Trade and Other Payables (As of June 30) | Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 16,278 | 17,933 | | Retention payables | 469 | 489 | | Other payables and accrued expenses | 10,861 | 9,732 | | **TOTAL** | **27,608** | **28,154** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 days | 723 | 915 | | 31–60 days | 574 | 679 | | 61–90 days | 657 | 737 | | Over 90 days | 15,979 | 13,947 | | **TOTAL** | **17,933** | **16,278** | [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive overview of the Group's business operations, strategic outlook, and detailed financial performance review for the reporting period [Business Review](index=12&type=section&id=Business%20Review) The Group operates and manages three wastewater treatment facilities in Yinchuan, Ningxia, China, providing services under a **30-year** Transfer-Operate-Transfer (TOT) model, with a total daily treatment capacity of **375,000 cubic meters** as of June 30, 2025, and processed approximately **37.8 million cubic meters** during the period, a **0.5%** decrease due to lower inflow, while strictly adhering to discharge standards without significant quality issues - The Group operates and manages three wastewater treatment facilities in Yinchuan, Ningxia, China, providing services under a **30-year** Transfer-Operate-Transfer (TOT) model[30](index=30&type=chunk) - As of June 30, 2025, the total daily wastewater treatment capacity is **375,000 cubic meters**, with discharge standards meeting Class I-A and quasi-Class IV water standards[30](index=30&type=chunk) - During the reporting period, the total volume of wastewater treated was approximately **37.8 million cubic meters**, a decrease of approximately **0.5%** compared to the same period last year, primarily due to generally lower wastewater inflow[31](index=31&type=chunk) - The Group strictly adheres to national policy discharge standards and has not encountered any significant quality issues or interruptions[31](index=31&type=chunk) - Revenue for the reporting period was approximately **HK$105.2 million**, with profit after tax of approximately **HK$50.6 million**, showing an increase in profit despite a decrease in revenue[31](index=31&type=chunk) [Development Strategies and Prospects](index=13&type=section&id=Development%20Strategies%20and%20Prospects) China's economy showed resilient growth in H1 2025 but is projected to slow to **4.5%** for the full year, impacted by US tariffs, a weak labor market, and a sluggish property sector, with the Group focusing on new water tariff finalization, expansion and upgrade projects, compensation agreements, operational excellence, and exploring M&A opportunities - China's economy showed resilience in H1 2025, but full-year growth is projected to slow to approximately **4.5%**, impacted by US tariffs, a weak labor market, and a sluggish property sector, with the central government expected to provide additional fiscal support[34](index=34&type=chunk) - In the second half of the year, the Group will focus on finalizing new water tariffs and the finalization of Phase I of the Second Treatment Plant, Phase I (upgrade project) of the Fourth Treatment Plant, and Phase II (expansion project) of the Fourth Treatment Plant[34](index=34&type=chunk) - The Group will continue to finalize the compensation agreement with the Yinchuan Municipal Government regarding the closure of the First Treatment Plant[35](index=35&type=chunk) - Operationally, the Group will continue to ensure robust operations, stable compliance with discharge standards, cost optimization, and enhanced management efficiency[35](index=35&type=chunk) - The Group will explore potential merger and acquisition opportunities for wastewater treatment assets in Yinchuan, Ningxia, and other regions in China to expand its footprint[35](index=35&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) This section provides a detailed review of the reporting period's financial performance, highlighting a **5.8%** revenue decrease, a **1.4%** profit increase, and improved liquidity and capital resources, alongside changes in key income statement and balance sheet items [Revenue](index=14&type=section&id=Revenue) Total revenue decreased by **5.8%** from **HK$111.7 million** to **HK$105.2 million**, with wastewater treatment operation services revenue declining by **8.2%** due to reduced operating costs, and service concession arrangement finance income decreasing by **3.6%** primarily from a lower opening balance of receivables Revenue Composition and Changes (Six Months Ended June 30) | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Wastewater treatment operation services | 49,100 | 53,500 | (4,400) | -8.2% | | Service concession arrangement finance income | 56,100 | 58,200 | (2,100) | -3.6% | | **TOTAL REVENUE** | **105,200** | **111,700** | **(6,500)** | **-5.8%** | - The decrease in wastewater treatment operation services revenue is primarily attributable to reduced wastewater treatment operating costs, particularly chemical costs, leading to lower revenue recognized based on actual costs and a reasonable profit margin[37](index=37&type=chunk) - The decrease in service concession arrangement finance income is primarily due to a lower opening balance of receivables under service concession arrangements[37](index=37&type=chunk) [Cost of Sales](index=14&type=section&id=Cost%20of%20Sales) Cost of sales decreased by **12.8%** from **HK$29.0 million** to **HK$25.3 million**, with wastewater treatment operating costs falling by **18.0%** due to lower chemical costs, and other cost of sales decreasing by **1.1%** primarily from reduced repair and maintenance expenses Cost of Sales Composition and Changes (Six Months Ended June 30) | Cost of Sales Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Wastewater treatment operating costs | 16,400 | 20,000 | (3,600) | -18.0% | | Other cost of sales | 8,900 | 9,000 | (100) | -1.1% | | **TOTAL COST OF SALES** | **25,300** | **29,000** | **(3,700)** | **-12.8%** | - Wastewater treatment operating costs decreased primarily due to a reduction in chemical costs of approximately **HK$2.0 million**[39](index=39&type=chunk) - Other cost of sales decreased primarily due to a reduction in repair and maintenance costs of approximately **HK$0.5 million**[40](index=40&type=chunk) [Gross Profit and Gross Profit Margin](index=15&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit decreased by **3.3%** from **HK$82.7 million** to **HK$80.0 million**, primarily due to reduced revenue from wastewater treatment operation services, while the gross profit margin increased from **74.1%** to **76.0%** Gross Profit and Gross Profit Margin Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 80,000 | 82,700 | (2,700) | -3.3% | | Gross Profit Margin | 76.0% | 74.1% | 1.9% | - | - The decrease in gross profit is primarily due to reduced revenue generated from wastewater treatment operation services[41](index=41&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) Other income increased by **33.3%** from **HK$0.9 million** to **HK$1.2 million**, primarily due to higher interest income resulting from increased cash and bank balances Other Income Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other Income | 1,200 | 900 | 300 | 33.3% | - The increase in other income is primarily due to higher interest income of approximately **HK$0.2 million** resulting from increased cash and bank balances[42](index=42&type=chunk) [Net Other Losses](index=15&type=section&id=Net%20Other%20Losses) Net other losses significantly increased by **466.7%** from **HK$0.3 million** to **HK$1.7 million**, primarily due to a court-ordered payment of approximately **HK$1.6 million** to a contractor Net Other Losses Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Other Losses | 1,700 | 300 | 1,400 | 466.7% | - The increase in net other losses is primarily due to a court-ordered payment of approximately **HK$1.6 million** to a contractor[43](index=43&type=chunk) [General and Administrative Expenses](index=15&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased by **6.3%** from **HK$6.4 million** to **HK$6.0 million**, primarily due to reduced staff welfare expenses General and Administrative Expenses Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 6,000 | 6,400 | (400) | -6.3% | - The decrease in general and administrative expenses is primarily due to a reduction in staff welfare expenses of approximately **HK$0.3 million**[44](index=44&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs decreased by **21.2%** from **HK$14.6 million** to **HK$11.5 million**, primarily due to a reduction in the People's Bank of China's 5-year Loan Prime Rate and the repayment of approximately **HK$48.4 million** in bank borrowings Finance Costs Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Finance Costs | 11,500 | 14,600 | (3,100) | -21.2% | - The decrease in finance costs is primarily due to a reduction in the People's Bank of China's 5-year Loan Prime Rate and the repayment of approximately **HK$48.4 million** in bank borrowings[45](index=45&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by **8.1%** from **HK$12.4 million** to **HK$11.4 million**, with the effective tax rate falling from **19.9%** to **18.4%**, primarily benefiting from the extension of China's environmental industry tax incentive policy, reducing the corporate income tax rate from **25.0%** to **15.0%** until 2027 Income Tax Expense and Effective Tax Rate Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Income Tax Expense | 11,400 | 12,400 | (1,000) | -8.1% | | Effective Tax Rate | 18.4% | 19.9% | -1.5% | - | - The decrease in the effective tax rate is primarily due to the extension of China's environmental industry tax incentive policy by the Chinese tax authorities, reducing the corporate income tax rate from **25.0%** to **15.0%** until 2027[46](index=46&type=chunk) [Profit for the Period and Total Comprehensive Income](index=16&type=section&id=Profit%20for%20the%20Period%20and%20Total%20Comprehensive%20Income) Profit for the period increased by **1.4%** from **HK$49.9 million** to **HK$50.6 million**, while total comprehensive income significantly rose from **HK$17.4 million** to **HK$92.7 million**, primarily due to currency translation differences arising from the appreciation of RMB against HKD Profit for the Period and Total Comprehensive Income Changes (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 50,600 | 49,900 | 700 | 1.4% | | Total Comprehensive Income | 92,700 | 17,400 | 75,300 | 432.8% | - The significant increase in total comprehensive income is primarily due to currency translation differences arising from the appreciation of RMB (functional currency) against HKD (reporting currency)[47](index=47&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company remained at **HK$0.05** per share - Basic and diluted earnings per share remained at **HK$0.05** per share, consistent with the prior year[48](index=48&type=chunk) [Receivables under Service Concession Arrangements](index=17&type=section&id=Receivables%20under%20Service%20Concession%20Arrangements) Total receivables under service concession arrangements increased by **2.9%** from **HK$1,660.8 million** to **HK$1,708.9 million**, primarily due to the appreciation of RMB against HKD Changes in Receivables under Service Concession Arrangements | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Current portion | 486,400 | 439,100 | 47,300 | 10.8% | | Non-current portion | 1,222,500 | 1,221,700 | 800 | 0.1% | | **TOTAL** | **1,708,900** | **1,660,800** | **48,100** | **2.9%** | - The increase in total receivables is primarily due to the appreciation of RMB against HKD[50](index=50&type=chunk) [Trade and Other Receivables](index=17&type=section&id=Trade%20and%20Other%20Receivables) Trade and other receivables increased by **19.8%** from **HK$343.5 million** to **HK$411.6 million**, primarily due to an increase in trade receivables Changes in Trade and Other Receivables | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade and Other Receivables | 411,600 | 343,500 | 68,100 | 19.8% | - The increase is primarily due to a rise in trade receivables of approximately **HK$67.6 million**[51](index=51&type=chunk) [Cash and Bank Balances](index=17&type=section&id=Cash%20and%20Bank%20Balances) Cash and bank balances decreased by **28.2%** from **HK$133.6 million** to **HK$95.9 million**, primarily due to the repayment of approximately **HK$48.4 million** in bank borrowings Changes in Cash and Bank Balances | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 95,900 | 133,600 | (37,700) | -28.2% | - The decrease in cash and bank balances is primarily due to the repayment of approximately **HK$48.4 million** in bank borrowings[52](index=52&type=chunk) [Borrowings](index=18&type=section&id=Borrowings) Total borrowings decreased by **3.4%** from **HK$622.1 million** to **HK$601.1 million**, primarily due to the repayment of approximately **HK$38.7 million** in long-term loans Changes in Total Borrowings | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Borrowings | 601,100 | 622,100 | (21,000) | -3.4% | - The decrease in borrowings is primarily due to the repayment of approximately **HK$38.7 million** in long-term loans[54](index=54&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, net current assets increased to **HK$728.8 million** and net assets increased to **HK$1,472.2 million**, indicating an improvement in liquidity and capital resources Changes in Liquidity and Capital Resources | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Current Assets | 728,800 | 648,300 | | Net Assets | 1,472,200 | 1,379,500 | [Gearing Ratio](index=18&type=section&id=Gearing%20Ratio) The gearing ratio (net debt divided by total equity) decreased from **35.4%** as of December 31, 2024, to **34.3%** as of June 30, 2025, indicating a reduction in financial leverage Changes in Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 34.3% | 35.4% | [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities or outstanding litigations - The Group had no significant contingent liabilities or outstanding litigations at the end of the reporting period[57](index=57&type=chunk) [Interim Dividends](index=18&type=section&id=Interim%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024 - The Board does not recommend the payment of an interim dividend[58](index=58&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section covers additional information including corporate governance compliance, audit committee review, post-reporting period events, and securities transactions by directors [Compliance with Corporate Governance Code](index=18&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has consistently applied and complied with all applicable provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules during the reporting period - The Company has consistently applied and complied with all applicable provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules[59](index=59&type=chunk) [Audit Committee](index=19&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's unaudited interim results, discussed accounting policies with senior management and external auditors, and comprises two independent non-executive directors, one of whom possesses professional accounting qualifications, and one non-executive director - The Audit Committee has reviewed the Group's unaudited interim results and discussed the accounting policies adopted[60](index=60&type=chunk) - The Audit Committee comprises two independent non-executive directors, one of whom possesses professional accounting qualifications, and one non-executive director[60](index=60&type=chunk) [Review of Condensed Consolidated Interim Financial Information](index=19&type=section&id=Review%20of%20Condensed%20Consolidated%20Interim%20Financial%20Information) The Company's unaudited condensed consolidated interim financial information has been reviewed by independent auditor PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410 - The unaudited condensed consolidated interim financial information has been reviewed by independent auditor PricewaterhouseCoopers[61](index=61&type=chunk) [Events After the Reporting Period](index=19&type=section&id=Events%20After%20the%20Reporting%20Period) There have been no significant subsequent events for the Group after the reporting period and up to the date of this announcement - No significant events occurred after the reporting period[62](index=62&type=chunk) [Standard Code for Securities Transactions by Directors](index=19&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all directors have confirmed full compliance with the code during the reporting period - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all directors have confirmed full compliance[63](index=63&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of June 30, 2025, the Company held no treasury shares - During the reporting period, neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities[64](index=64&type=chunk) - As of June 30, 2025, the Company held no treasury shares[64](index=64&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=20&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement has been published on the HKEX website and the Company's website, with the interim report to be made available on the aforementioned websites in due course - The interim results announcement has been published on the HKEX and Company websites, and the interim report will be published in due course[65](index=65&type=chunk) [Acknowledgement](index=20&type=section&id=Acknowledgement) The Board extends its sincere gratitude to shareholders for their support and to the Group's staff for their hard work and contributions - The Board expresses its gratitude to shareholders and staff[66](index=66&type=chunk)

[Report Overview](index=2&type=section&id=Report%20Overview) [GEM Characteristics and Disclaimer](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimer) The report highlights GEM as a listing platform for SMEs, noting higher investment risks and advising investors to exercise caution, with HKEX and the Stock Exchange disclaiming responsibility for the report's content - The GEM market is positioned for small and medium-sized companies, entailing higher investment risks, potential for significant market volatility, and no guarantee of high liquidity[2](index=2&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this report, make no representation, and accept no liability for any loss[2](index=2&type=chunk) [Directors' Responsibility Statement](index=2&type=section&id=Directors'%20Responsibility%20Statement) The company's directors jointly and severally accept full responsibility for this report, confirming that the information contained is accurate, complete, not misleading or fraudulent in all material respects, and without omission - The company's directors jointly and severally accept full responsibility for this report, confirming the information is accurate, complete, not misleading or fraudulent, and without omission[3](index=3&type=chunk) [Interim Results](index=3&type=section&id=Interim%20Results) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group turned from profit to loss, recording a net loss of HK$2,668 thousand, compared to a net profit of HK$2,315 thousand in the prior period, with revenue decreasing by 14.8% and gross profit significantly declining by 58.5% Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 66,692 | 78,296 | (11,604) | -14.8% | | Cost of Sales | (61,294) | (65,298) | 4,004 | -6.1% | | Gross Profit | 5,398 | 12,998 | (7,600) | -58.5% | | Operating (Loss) Profit | (2,009) | 4,358 | (6,367) | -146.1% | | (Loss) Profit for the Period | (2,668) | 2,315 | (4,983) | -215.3% | | Basic and Diluted (Loss) Earnings Per Share (HK cents per share) | (1.64) | 1.43 | (3.07) | -214.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HK$110,441 thousand, a 12.4% decrease from December 31, 2024, with both net assets and total equity declining Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 110,441 | 126,118 | (15,677) | -12.4% | | Total Liabilities | 46,369 | 59,380 | (13,011) | -21.9% | | Net Assets/Total Equity | 64,072 | 66,738 | (2,666) | -4.0% | | Current Assets | 101,073 | 116,820 | (15,747) | -13.5% | | Current Liabilities | 46,366 | 59,324 | (12,958) | -21.8% | [Unaudited Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities shifted from an inflow of HK$676 thousand to an outflow of HK$6,994 thousand, while net cash from investing activities increased and net cash from financing activities turned from outflow to inflow Key Data from Condensed Consolidated Statement of Cash Flows | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Cash (Used in) From Operating Activities | (6,994) | 676 | (7,670) | | Net Cash From Investing Activities | 7,383 | 1,992 | 5,391 | | Net Cash From (Used in) Financing Activities | 708 | (3,869) | 4,577 | | Net Increase in Cash and Cash Equivalents | 1,097 | (1,201) | 2,298 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the Group's total equity was HK$64,072 thousand, a decrease of HK$2,666 thousand from the beginning of the year, primarily due to the loss for the period Key Data from Condensed Consolidated Statement of Changes in Equity | Metric | Balance as at January 1, 2025 (HK$ thousand) | Loss for the Period (HK$ thousand) | Other Comprehensive Income (HK$ thousand) | Balance as at June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Total | 66,738 | (2,668) | 2 | 64,072 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=7&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, primarily provides supply, installation, and renovation services for building mechanical ventilation and air-conditioning systems; its shares were listed on GEM on February 27, 2018, and the interim financial statements, though unaudited, have been reviewed by the audit committee - The Group primarily engages in the supply, installation, and renovation services for building mechanical ventilation and air-conditioning systems[8](index=8&type=chunk) - The Company's shares were listed on GEM of the Stock Exchange on February 27, 2018[9](index=9&type=chunk) - The interim financial statements are unaudited but have been reviewed by the Company's audit committee[10](index=10&type=chunk) [Basis of Preparation](index=8&type=section&id=Basis%20of%20Preparation) The interim financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules disclosure requirements, using the historical cost convention, with no significant impact on financial performance or position from new and revised HKFRSs applied this period - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the disclosure requirements of the GEM Listing Rules[11](index=11&type=chunk) - The application of new and revised Hong Kong Financial Reporting Standards during the period had no significant impact on the Group's financial performance and position[11](index=11&type=chunk) [Revenue and Segment Information](index=9&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue is derived from building mechanical ventilation and air-conditioning system services in Hong Kong and Macau, operating as a single segment; for the six months ended June 30, 2025, construction contract revenue was HK$66,692 thousand, a 14.8% year-on-year decrease - The Group's revenue is derived from building mechanical ventilation and air-conditioning system services in Hong Kong and Macau, with only one operating segment[12](index=12&type=chunk) Construction Contract Revenue | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Construction Contract Revenue | 66,692 | 78,296 | -14.8% | [Geographical Information](index=10&type=section&id=Geographical%20Information) Revenue primarily originated from Hong Kong, accounting for 98.4% of total revenue, with Macau contributing a smaller portion; Hong Kong revenue decreased by 14.8% year-on-year, and Macau revenue decreased by 15.1% Revenue by Geographical Location | Region | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Hong Kong | 65,609 | 77,020 | -14.8% | | Macau | 1,083 | 1,276 | -15.1% | | Total | 66,692 | 78,296 | -14.8% | [Major Customer Information](index=10&type=section&id=Major%20Customer%20Information) Customer A and Customer B are the Group's major clients, contributing 74.6% and 16.7% of total revenue respectively, with revenue from both major clients decreasing Major Customer Revenue | Customer | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Customer A | 49,767 | 61,543 | -19.29% | | Customer B | 11,143 | 14,221 | -21.65% | [Expenses by Nature](index=11&type=section&id=Expenses%20by%20Nature) Material costs significantly decreased by 36.4%, while subcontractor costs increased by 16.9%; employee benefit expenses slightly rose, and net impairment losses on trade receivables and contract assets shifted from provision to reversal Expenses by Nature | Expense Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Material Costs | 16,871 | 26,518 | -36.4% | | Subcontractor Costs | 38,707 | 33,102 | 16.9% | | Employee Benefit Expenses | 9,687 | 8,746 | 10.8% | | Net Impairment Loss (Reversal) Provision for Trade Receivables | (262) | 118 | -322.0% | | Net Impairment Loss (Reversal) Provision for Contract Assets | (219) | 263 | -183.3% | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) Income tax expense significantly decreased by 73.6%, primarily due to a reduction in deferred income tax, while Hong Kong Profits Tax and Macau Complementary Income Tax rates remained unchanged Income Tax Expense | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Income Tax Expense | 334 | 1,266 | -73.6% | | Deferred Income Tax | 334 | 1,068 | -68.7% | [Hong Kong Profits Tax](index=12&type=section&id=Hong%20Kong%20Profits%20Tax) Hong Kong Profits Tax operates under a two-tiered tax rate system, with the first HK$2,000,000 of assessable profits taxed at 8.25% and the remainder at 16.5% - Hong Kong Profits Tax operates under a two-tiered tax rate system: the first **HK$2,000,000** of assessable profits is taxed at **8.25%**, and the remainder at **16.5%**[18](index=18&type=chunk) [Macau Complementary Income Tax](index=12&type=section&id=Macau%20Complementary%20Income%20Tax) Macau Complementary Income Tax is levied at a fixed rate of 12% on assessable income exceeding MOP600,000 - Macau Complementary Income Tax is levied at a fixed rate of **12%** on assessable income exceeding **MOP600,000** (approximately **HK$582,000**)[19](index=19&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board does not recommend the payment of any dividends for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of any dividends for the six months ended June 30, 2025[20](index=20&type=chunk) [Basic and Diluted (Loss) Earnings Per Share](index=13&type=section&id=Basic%20and%20Diluted%20%28Loss%29%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was 1.64 HK cents, compared to earnings per share of 1.43 HK cents in the prior period, with no potentially dilutive shares outstanding during the period Basic and Diluted (Loss) Earnings Per Share | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | (Loss) Profit Attributable to Owners of the Company (HK$ thousand) | (2,668) | 2,315 | | Weighted Average Number of Ordinary Shares in Issue | 162,250,000 | 162,250,000 | | Basic (Loss) Earnings Per Share (HK cents per share) | (1.64) | 1.43 | - The Company had no potentially dilutive shares outstanding during the period, thus diluted (loss) earnings per share equals basic (loss) earnings per share[22](index=22&type=chunk) [Property, Plant and Equipment](index=13&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, additions to property, plant and equipment amounted to HK$512,000, with no additions in the prior period Additions to Property, Plant and Equipment | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Additions to Property, Plant and Equipment | 512 | 0 | [Trade and Other Receivables, Deposits and Prepayments](index=14&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, total trade and other receivables, deposits, and prepayments amounted to HK$19,222 thousand, a significant decrease of 35.9% from December 31, 2024 Trade and Other Receivables, Deposits and Prepayments | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Trade Receivables (net of impairment) | 13,806 | 27,514 | -49.9% | | Other Receivables and Deposits | 1,068 | 1,017 | 5.0% | | Prepayments | 4,348 | 1,456 | 198.6% | | Total | 19,222 | 29,987 | -35.9% | [Trade Receivables](index=14&type=section&id=Trade%20Receivables) Trade receivables have a credit period ranging from 30 to 45 days; as of June 30, 2025, trade receivables (net of impairment) were HK$13,806 thousand, a 49.9% decrease from December 31, 2024 - The credit period for trade receivables ranges from **30 to 45 days**[25](index=25&type=chunk) Ageing Analysis of Trade Receivables (net of impairment) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 9,540 | 9,235 | | 31 to 60 days | – | 5,072 | | 61 to 90 days | 4,048 | 8,928 | | 91 to 180 days | 136 | 728 | | 181 to 365 days | 82 | – | | Over one year | – | 3,551 | | Total | 13,806 | 27,514 | [Pledged Bank Deposits and Cash and Cash Equivalents](index=15&type=section&id=Pledged%20Bank%20Deposits%20and%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, pledged bank deposits were zero, compared to HK$7,352 thousand on December 31, 2024, while cash and cash equivalents increased to HK$10,827 thousand Pledged Bank Deposits and Cash and Cash Equivalents | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Pledged bank deposits | – | 7,352 | | Cash and cash equivalents | 10,827 | 16,576 | | Bank overdrafts | – | (6,848) | | Total | 10,827 | 9,728 | - Pledged bank deposits refer to deposits pledged for the Group's bank financing, which were no longer present as of June 30, 2025[28](index=28&type=chunk) [Trade Payables and Retention Monies](index=16&type=section&id=Trade%20Payables%20and%20Retention%20Monies) As of June 30, 2025, total trade payables and retention monies amounted to HK$24,334 thousand, a 19.1% decrease from December 31, 2024, with credit terms generally ranging from 30 to 60 days Trade Payables and Retention Monies | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Trade Payables | 16,386 | 21,714 | -24.6% | | Retention Monies Payable | 7,948 | 8,361 | -5.0% | | Total | 24,334 | 30,075 | -19.1% | - The credit period granted by subcontractors and suppliers for trade payables generally ranges from **30 to 60 days** after the issuance of invoices or application for interim payments[29](index=29&type=chunk) Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 9,365 | 10,173 | | 31 to 60 days | 2,978 | 5,163 | | 61 to 90 days | 1,119 | 3,916 | | 91 to 180 days | 363 | 1,628 | | 181 days to one year | 1,774 | 47 | | Over one year | 787 | 787 | | Total | 16,386 | 21,714 | [Bank Borrowings](index=17&type=section&id=Bank%20Borrowings) As of June 30, 2025, total bank borrowings were HK$19,383 thousand, a 23.0% decrease from December 31, 2024; these borrowings are secured by corporate guarantees, personal guarantees from a director, and properties held by the director, with effective annual interest rates ranging from 3.0% to 6.0% Total Bank Borrowings | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Bank borrowings | 19,383 | 18,317 | 5.8% | | Bank overdrafts | – | 6,848 | -100.0% | | Total | 19,383 | 25,165 | -23.0% | - Bank borrowings are secured by corporate guarantees (**HK$47,971 thousand**), personal guarantees from Mr. Chung Chi Keung (**HK$30,000 thousand** and **HK$9,000 thousand**), a director, and properties held by Mr. Chung[34](index=34&type=chunk) - The effective annual interest rate for bank borrowings ranges from **3.0% to 6.0%** (December 31, 2024: 3.0% to 6.625%)[33](index=33&type=chunk) Maturity Analysis of Bank Borrowings | Maturity Period | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within one year | 12,245 | 17,565 | | 1 to 2 years | 943 | 929 | | 2 to 5 years | 3,004 | 2,960 | | Over 5 years | 3,191 | 3,711 | | Total | 19,383 | 25,165 | [Share Capital](index=19&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued share capital was HK$6,490 thousand, comprising 162,250,000 ordinary shares of HK$0.04 each, consistent with December 31, 2024 Issued and Fully Paid Share Capital | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Par value per share | HK$0.04 | HK$0.04 | | Number of shares | 162,250,000 | 162,250,000 | | Total (HK$ thousand) | 6,490 | 6,490 | [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group provided corporate guarantees of approximately HK$13,853 thousand to a customer as indemnity for four construction contracts, none of which were enforced during the period - The Group provided corporate guarantees of approximately **HK$13,853 thousand** to a customer as indemnity for four construction contracts[36](index=36&type=chunk) - No corporate guarantees were enforced for the six months ended June 30, 2025, or for the year ended December 31, 2024[36](index=36&type=chunk) [Related Party Disclosures](index=20&type=section&id=Related%20Party%20Disclosures) Total remuneration for key management personnel (Board and senior management) amounted to HK$3,416 thousand, slightly higher than the prior period Key Management Personnel Remuneration | Remuneration Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change Rate | | :--- | :--- | :--- | :--- | | Salaries and other benefits | 3,389 | 3,380 | 0.3% | | Contributions to retirement benefit schemes | 27 | 27 | 0.0% | | Total | 3,416 | 3,407 | 0.3% | [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=21&type=section&id=Business%20Review%20and%20Outlook) The Group primarily provides mechanical ventilation and air-conditioning system services in Hong Kong and Macau; despite economic recovery, the Hong Kong construction market remains weak with intensified competition, facing challenges like high financial costs, weak demand, and labor shortages; the period recorded a loss mainly due to project delays reducing revenue and cost overruns; future plans include cautious exploration of new revenue streams, resource optimization, and identifying investment opportunities - The Group primarily provides mechanical ventilation and air-conditioning system supply, installation, and renovation services in Hong Kong and Macau[38](index=38&type=chunk) - The Hong Kong construction market faces a weak sentiment, intensified competition, high financial costs, weak demand, labor shortages, inflationary pressure, and project delays[38](index=38&type=chunk) - The Group secured a new project in July 2025 with an initial contract sum exceeding **HK$175 million**[38](index=38&type=chunk) - The Group recorded a loss of approximately **HK$2.7 million** for the period, primarily due to project delays caused by economic downturn, resulting in a revenue decrease of approximately **HK$11.6 million**, and cost overruns from delayed completion of several projects[39](index=39&type=chunk) - The Group will continue to explore cooperation with new clients, develop new revenue streams, optimize resource utilization and efficiency, and identify other investment opportunities[40](index=40&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) Revenue, cost of sales, gross profit, and gross margin all decreased this period, leading to a shift from profit to loss; administrative and income tax expenses declined, while the current ratio improved and the gearing ratio decreased - The Group recognized a loss of approximately **HK$2.7 million** for the relevant period, compared to a profit of approximately **HK$2.3 million** in the prior period[46](index=46&type=chunk) Key Liquidity and Financial Resources Metrics | Metric | June 30, 2025 | December 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets (HK$ million) | 110.4 | 126.1 | -12.4% | | Total Liabilities (HK$ million) | 46.4 | 59.4 | -21.9% | | Shareholders' Equity (HK$ million) | 64.0 | 66.7 | -4.0% | | Total Interest-bearing Borrowings (HK$ million) | 19.4 | 25.2 | -23.0% | | Current Ratio | 2.2 times | 2.0 times | 10.0% | | Gearing Ratio | 30.4% | 38.0% | -19.9% | [Revenue](index=22&type=section&id=Revenue) Revenue decreased by 14.8% year-on-year to HK$66.7 million, primarily due to reduced work volume in existing projects (especially Kai Tak and Chek Lap Kok), partially offset by revenue growth from new projects (Wong Chuk Hang) and some existing projects (Tseung Kwan O) Revenue Change | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 66.7 | 78.3 | -14.8% | - The decrease in revenue was primarily due to a reduction in work volume from existing projects of approximately **HK$35.4 million**, partially offset by increased revenue from new projects (Wong Chuk Hang) of approximately **HK$21.1 million** and increased work volume from existing projects (Tseung Kwan O) of approximately **HK$3.5 million**[41](index=41&type=chunk) [Cost of Sales](index=22&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 6.1% year-on-year to HK$61.3 million, primarily due to reduced material costs, partially offset by increased subcontractor costs resulting from delayed completion of certain projects Cost of Sales Change | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Cost of Sales | 61.3 | 65.3 | -6.1% | - The decrease in cost of sales was primarily due to reduced material costs, partially offset by increased subcontractor costs resulting from delayed completion of certain projects[42](index=42&type=chunk) [Gross Profit and Gross Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit significantly decreased by 58.5% year-on-year to HK$5.4 million, with gross margin falling from 16.6% to 8.1%, primarily due to project cost overruns caused by delayed completion of certain projects Gross Profit and Gross Margin Change | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Gross Profit (HK$ million) | 5.4 | 13.0 | -58.5% | | Gross Margin | 8.1% | 16.6% | -51.2% | - The decrease in gross profit and gross margin was primarily due to project cost overruns resulting from delayed completion of certain Group projects[43](index=43&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 4.8% year-on-year to HK$8.0 million, primarily due to a reduction in legal and professional fees Administrative Expenses Change | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative Expenses | 8.0 | 8.4 | -4.8% | - The decrease in administrative expenses was primarily due to a reduction in legal and professional fees[44](index=44&type=chunk) [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) Income tax expense decreased by 76.9% year-on-year to HK$0.3 million, primarily due to a reduction in deferred income tax resulting from lower utilization of tax losses carried forward from prior years Income Tax Expense Change | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Income Tax Expense | 0.3 | 1.3 | -76.9% | - The decrease in income tax expense was primarily due to a reduction in deferred income tax resulting from lower utilization of tax losses carried forward from prior years[45](index=45&type=chunk) [Loss/Profit for the Period](index=23&type=section&id=Loss%2FProfit%20for%20the%20Period) The Group recognized a loss of approximately HK$2.7 million for the period, compared to a profit of approximately HK$2.3 million in the prior period, primarily impacted by the aforementioned revenue decline and cost overruns Loss/Profit for the Period | Metric | Six Months Ended June 30, 2025 (HK$ million) | Six Months Ended June 30, 2024 (HK$ million) | Change (HK$ million) | | :--- | :--- | :--- | :--- | | (Loss) Profit for the Period | (2.7) | 2.3 | (5.0) | [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) Total assets and liabilities both decreased; total interest-bearing borrowings fell by 23.0% to HK$19.4 million, and the current ratio improved from 2.0 times to 2.2 times, indicating enhanced liquidity Key Liquidity Metrics | Metric | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 110.4 | 126.1 | -12.4% | | Total Liabilities | 46.4 | 59.4 | -21.9% | | Total Interest-bearing Borrowings | 19.4 | 25.2 | -23.0% | | Current Ratio | 2.2 times | 2.0 times | 10.0% | - The Group's borrowings and bank balances are primarily denominated in Hong Kong Dollars, with no significant foreign exchange rate fluctuation risk during the period[47](index=47&type=chunk) [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) The gearing ratio decreased from 38.0% to 30.4%, primarily due to the combined effect of reduced total interest-bearing borrowings and a decrease in total equity resulting from the net loss for the period Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Gearing Ratio | 30.4% | 38.0% | -19.9% | - The decrease in the gearing ratio was primarily due to the combined effect of reduced total interest-bearing borrowings and a decrease in total equity resulting from the net loss for the period[48](index=48&type=chunk) [Capital Structure](index=24&type=section&id=Capital%20Structure) The Company's shares were listed on GEM on February 27, 2018; following placing and share consolidation, as of June 30, 2025, the issued share capital was HK$6,490 thousand, comprising 162,250,000 ordinary shares of HK$0.04 each - The Company's shares were listed on GEM of the Stock Exchange on February 27, 2018[49](index=49&type=chunk) - As of June 30, 2025, the Company's issued share capital was **HK$6,490 thousand**, comprising **162,250,000** ordinary shares of **HK$0.04** each[50](index=50&type=chunk) [Capital Commitments](index=24&type=section&id=Capital%20Commitments) As of June 30, 2025, and December 31, 2024, the Group had no capital commitments contracted but not yet provided for - The Group had no capital commitments contracted but not yet provided for[51](index=51&type=chunk) [Future Plans for Material Investments and Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) Except as disclosed in this report, as of June 30, 2025, the Group had no future plans for material investments or capital assets - The Group had no future plans for material investments or capital assets[52](index=52&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=24&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the relevant period, the Group had no material acquisitions or disposals of subsidiaries and associated companies - The Group had no material acquisitions or disposals of subsidiaries and associated companies during the relevant period[53](index=53&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) Except for corporate guarantees disclosed in Note 14 to the financial statements, the Group had no other material contingent liabilities at the end of the reporting period - Except for corporate guarantees disclosed in Note 14 to the financial statements, the Group had no other material contingent liabilities at the end of the reporting period[54](index=54&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) The Group's operations are primarily transacted in Hong Kong Dollars and Macau Pataca, with directors deeming foreign exchange risk to be minimal, and no derivative instruments or financial tools were entered into to hedge foreign exchange risk during the period - The Group's operations are primarily transacted in Hong Kong Dollars and Macau Pataca, with foreign exchange risk deemed minimal[55](index=55&type=chunk) - No derivative instruments or financial tools were entered into during the period to hedge foreign exchange risk[55](index=55&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) Except for pledged bank deposits disclosed in Note 10 to the financial statements, the Group had no other pledges of assets at the end of the reporting period - Except for pledged bank deposits disclosed in Note 10 to the financial statements, the Group had no other pledges of assets at the end of the reporting period[56](index=56&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 254 staff, including 207 subcontractor-nominated workers; staff costs (including directors' emoluments) were approximately HK$9.7 million, a 9.0% year-on-year increase; the company offers competitive remuneration, retirement benefits, medical benefits, and training subsidies Employee and Remuneration Information | Metric | June 30, 2025 | June 30, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total number of employees | 254 | Not applicable | Not applicable | | Staff costs (HK$ million) | 9.7 | 8.9 | 9.0% | - The Group promotes employees based on individual performance and development potential, offering a competitive remuneration package, retirement benefits, medical benefits, and subsidized training courses[57](index=57&type=chunk) [Dividends](index=26&type=section&id=Dividends) The Board does not recommend the payment of any dividends for the relevant period, consistent with the prior period - The Board does not recommend the payment of any dividends for the relevant period[58](index=58&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) As of the date of this report, no significant events have occurred after June 30, 2025 - As of the date of this report, no significant events have occurred after June 30, 2025[59](index=59&type=chunk) [Disclosure of Interests](index=26&type=section&id=Disclosure%20of%20Interests) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares or Debentures](index=26&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures) As of June 30, 2025, Mr. Chung Chi Keung, Chairman and Chief Executive Officer, held 83,062,500 shares through his wholly-owned Wing Fung Capital Limited, representing 51.19% of the issued share capital, making him the Company's controlling shareholder Directors' and Chief Executive's Shareholdings | Director Name | Capacity/Nature of Interest | Number of Shares Interested | Long/Short Position | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Chung | Interest in controlled corporation | 83,062,500 | Long position | 51.19% | - Mr. Chung holds shares through his wholly-owned Wing Fung Capital Limited, is deemed to have an interest, and serves as an Executive Director, Chairman and Chief Executive Officer, and controlling shareholder of the Company[60](index=60&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares or Debentures](index=27&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures) As of June 30, 2025, other than directors, Wing Fung Capital Limited, as beneficial owner, held 83,062,500 shares, representing 51.19% of the issued share capital, making it a substantial shareholder Substantial Shareholders' Shareholdings | Shareholder Name | Capacity/Nature of Interest | Number of Shares Interested | Long/Short Position | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Wing Fung Capital Limited | Beneficial owner | 83,062,500 | Long position | 51.19% | [Other Corporate Governance and Risk Information](index=28&type=section&id=Other%20Corporate%20Governance%20and%20Risk%20Information) [Directors' Right to Acquire Shares](index=28&type=section&id=Directors'%20Right%20to%20Acquire%20Shares) During the relevant period, neither the Company nor any of its associated corporations entered into any arrangements enabling directors to acquire benefits by subscribing for shares or debentures of the Company or any other body corporate - During the relevant period, neither the Company nor any of its associated corporations entered into any arrangements enabling directors to acquire benefits by subscribing for shares or debentures of the Company or any other body corporate[65](index=65&type=chunk) [Purchase, Sale and Redemption of Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20Listed%20Securities) During the relevant period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - During the relevant period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[66](index=66&type=chunk) - As of June 30, 2025, the Company held no treasury shares[66](index=66&type=chunk) [Code of Conduct for Securities Transactions by Directors](index=28&type=section&id=Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Group has adopted a code of conduct for directors' securities transactions no less stringent than the GEM Listing Rules, and all directors confirmed compliance with the relevant standards - The Group has adopted a code of conduct for directors' securities transactions, the terms of which are no less stringent than those set out in the GEM Listing Rules[67](index=67&type=chunk) - All directors confirmed compliance with the required standards of dealing in securities during the relevant period[67](index=67&type=chunk) [Corporate Governance Code](index=28&type=section&id=Corporate%20Governance%20Code) The Company has adopted and complied with the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, though the roles of Chairman and Chief Executive Officer are combined in Mr. Chung, which the Board believes is in the Group's best interest - The Company's corporate governance practices are based on the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[69](index=69&type=chunk) - The roles of Chairman and Chief Executive Officer are combined in Mr. Chung, which the Board believes is in the best interest of the Group[69](index=69&type=chunk) [Competing Interests](index=29&type=section&id=Competing%20Interests) During the relevant period, the directors were unaware of any business or interest of directors, controlling shareholders, or their close associates that competed or might compete with the Group's business, nor any other conflicts of interest - During the relevant period, the directors were unaware of any business or interest of directors or controlling shareholders or their close associates that competed or might compete with the Group's business, nor any other conflicts of interest[71](index=71&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Mr. Choi Hiu Fai serving as Chairman and possessing the required professional qualifications; the Committee has reviewed the Group's unaudited condensed consolidated results and deemed them compliant with applicable accounting standards and GEM Listing Rules - The Audit Committee comprises three independent non-executive directors, with primary responsibilities including advising on the appointment of external auditors, reviewing financial statements, and monitoring risk management and internal control procedures[72](index=72&type=chunk) - Mr. Choi Hiu Fai serves as the Chairman of the Audit Committee and possesses the appropriate professional qualifications as required by the GEM Listing Rules[73](index=73&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated results and is of the opinion that they have complied with applicable accounting standards and the GEM Listing Rules and made adequate disclosures[73](index=73&type=chunk) [Key Risks and Uncertainties](index=30&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks including adverse impacts from epidemic outbreaks on operations and financial performance, reliance on successful bidding, inaccurate project duration and cost estimates, cost overruns and project delays, credit and liquidity risks from dependence on major customers, and reliance on key management - Epidemic outbreaks may lead to work suspensions, delayed material deliveries, increased costs, and other operational disruptions[74](index=74&type=chunk) - Business relies on successful bidding, and failure to secure contracts will impact revenue streams[74](index=74&type=chunk) - Incorrect or inaccurate estimates of project duration when determining bid prices may adversely affect profitability and financial performance[74](index=74&type=chunk) - Cost overruns and delays or defects in project progress by suppliers/subcontractors will adversely affect operations and financial results[74](index=74&type=chunk) - Reliance on major customers may expose the Group to credit and liquidity risks[74](index=74&type=chunk) - Reliance on key management may lead to significant adverse impacts on business operations and profitability if key team members depart[75](index=75&type=chunk) [Changes in Directors' Information](index=31&type=section&id=Changes%20in%20Directors'%20Information) Mr. Lai Wai Ming resigned as an independent non-executive director and committee member, while Mr. Chan King Lun was appointed as an independent non-executive director and committee chairman/member; Ms. Lai Suk Fan was appointed as a Nomination Committee member, and Mr. Chung Chi Keung ceased to be a Nomination Committee member, all effective June 27, 2025 - Mr. Lai Wai Ming resigned as an independent non-executive director, chairman of the Remuneration Committee, and a member of both the Audit Committee and Nomination Committee, effective **June 27, 2025**[78](index=78&type=chunk) - Mr. Chan King Lun was appointed as an independent non-executive director, chairman of the Remuneration Committee, and a member of both the Audit Committee and Nomination Committee, effective **June 27, 2025**[78](index=78&type=chunk) - Executive Director Ms. Lai Suk Fan was appointed as a member of the Nomination Committee, and Executive Director Mr. Chung Chi Keung ceased to be a member of the Nomination Committee, both effective **June 27, 2025**[78](index=78&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 Qingdao Port International Co., Ltd. 青島港國際股份有限公司 截至2025年6月30日止六個月之中期業績 財務摘要 截至2025年6月30日止六個月： • 本公司營業收入為人民幣94.34億元，較去年同期增長4.04%； • 歸屬於母公司股東的淨利潤為人民幣28.42億元，較去年同期增長7.58%；及 • 基本每股收益為人民幣0.44元，較去年同期增長7.32%。 董事會欣然宣佈本集團截至2025年6月30日止六個月期間之未經審計的中期合併業績。 該中期業績已由董事會審計委員會審閱。以下呈列的本集團未經審計中期合併資產負債 表、未經審計中期合併利潤表及附註1至11乃摘自本集團截至2025年6月30日止六個月之 未經審計的中期合併財務信息。 1 合併資產負債表 （於中華人民共和國成立的股份有限公司） （股份代號：06198） 2025 年 6 月 30 日 （除特別註明 ...

Business Review [Overall Performance Overview](index=1&type=section&id=Overall%20Performance%20Overview) The Group's revenue for the first half of 2025 decreased by 8.6% year-on-year to HKD 9.476 billion, and profit attributable to owners of the Company decreased by 13.2% year-on-year to HKD 1.042 billion, primarily due to reduced property deliveries, inventory impairment provisions, and fair value losses on investment properties Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Revenue | HKD 9.476 billion | -8.6% | | Profit Attributable to Owners of the Company | HKD 1.042 billion | -13.2% | - The decline in revenue and profit was primarily due to reduced sales recognition from property deliveries, significant impairment provisions for real estate inventories, and fair value losses on investment properties[3](index=3&type=chunk) - The Board resolved to declare an interim dividend of **42 HK cents per share** for 2025, consistent with 2024, payable on or about October 15, 2025[4](index=4&type=chunk) [Infrastructure and Environmental Protection](index=1&type=section&id=Infrastructure%20and%20Environmental%20Protection) The Infrastructure and Environmental Protection segment reported a profit of HKD 933 million for the first half, a year-on-year decrease of 11.6%, accounting for approximately 92.2% of the Group's net profit, with stable cash flow from toll roads and active market expansion in water and environmental businesses Profit Contribution from Infrastructure and Environmental Protection Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Profit | HKD 933 million | -11.6% | | Percentage of Group's Net Profit | 92.2% | - | - The decline in profit was mainly due to no longer sharing profits from the sale of Hangzhou Bay Bridge equity at the end of last year and losses from the sale of Canvest Environmental Protection Group equity, partially offset by compensation from early redemption of Canvest's exchangeable bonds[59](index=59&type=chunk) - Toll road business saw stable growth in traffic volume and toll revenue, primarily benefiting from increased travel during holidays[6](index=6&type=chunk) [Toll Roads](index=1&type=section&id=Toll%20Roads) The Group's three toll roads achieved growth in total traffic volume and toll revenue in H1 2025, with specific highways showing increases, while the Group actively addresses inspections and plans for operational enhancements and digital transformation Toll Road Operating Data for H1 2025 | Toll Road | Net Profit (HKD) | YoY Change in Net Profit | Toll Revenue (HKD) | YoY Change in Toll Revenue | Traffic Volume (Vehicles) | YoY Change in Traffic Volume | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai-Beijing Expressway (Shanghai Section) | HKD 186 million | -2.6% | HKD 305 million | +8.4% | 21.85 million | +6.0% | | Shanghai-Kunming Expressway (Shanghai Section) | HKD 287 million | +2.8% | HKD 458 million | +2.9% | 36.52 million | -1.9% | | Shanghai-Chongqing Expressway (Shanghai Section) | HKD 75 million | -0.6% | HKD 256 million | +5.4% | 18.95 million | +6.2% | | **Total** | **HKD 548 million** | **+0.5%** | **HKD 1.019 billion** | **+5.1%** | **77.32 million** | **+2.1%** | - In the second half, the company will strengthen holiday traffic management, advance maintenance projects, implement flood and typhoon prevention measures, and promote intelligent transportation and digital transformation[6](index=6&type=chunk) [Water/Clean Energy](index=2&type=section&id=Water%2FClean%20Energy) The Group continues to expand its water and solid waste businesses, with SIIC Environment achieving 7.1% net profit growth through optimized financing, CEWC growing revenue by 2.5% and adding projects, Canvest Environmental completing privatization, and Everbright Greentech's waste-to-energy projects showing increased processing and power generation Performance of Key Water/Environmental Subsidiaries | Company | Revenue (RMB/HKD) | YoY Change in Revenue | Net Profit (RMB/HKD) | YoY Change in Net Profit | | :--- | :--- | :--- | :--- | :--- | | SIIC Environment | RMB 3.177 billion | -4.4% | RMB 344 million | +7.1% | | CEWC | HKD 980 million | +2.5% | HKD 120 million | -8.0% | | Canvest Environmental (Waste Input Volume) | 8.6175 million tons | +4.3% | On-grid Power Generation 3.093 billion kWh | +9.1% | - SIIC Environment's net profit growth was mainly due to optimized financing structure, leading to a **12.5% year-on-year decrease** in finance costs[9](index=9&type=chunk) - Canvest Environmental Protection Group delisted from the Stock Exchange on June 2, 2025, with the Company recovering approximately **HKD 2.329 billion** from share proceeds and approximately **HKD 1.7 billion** from exchangeable bonds through privatization[12](index=12&type=chunk) [Healthcare](index=4&type=section&id=Healthcare) The Healthcare segment reported a profit of HKD 141 million for the first half, a significant year-on-year increase of 118.4%, accounting for approximately 14.0% of the Group's net profit, primarily driven by a one-off gain recognized by Shanghai Pharmaceuticals Holding Co., Ltd Profit Contribution from Healthcare Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Profit | HKD 141 million | +118.4% | | Percentage of Group's Net Profit | 14.0% | - | - Shanghai Pharmaceuticals Holding Co., Ltd. reported a **1.61% increase** in revenue to **RMB 141.901 billion** and a **39.5% increase** in net profit to **RMB 834 million**, mainly due to a one-off gain recognized by Shanghai Pharmaceuticals[14](index=14&type=chunk) [New Frontier Business](index=4&type=section&id=New%20Frontier%20Business) The New Frontier Business, primarily photovoltaic power plants, had a capacity of 740 MW as of June 2025, with on-grid power generation decreasing by 8.9% year-on-year due to increased curtailment, prompting the team to focus on power trading and project acquisitions Photovoltaic Power Plant Business Data | Indicator | H1 2025 | | :--- | :--- | | Photovoltaic Power Plant Asset Scale | 740 MW | | On-grid Power Generation | 472,489,600 kWh | | YoY Change in On-grid Power Generation | -8.9% | - The decrease in on-grid power generation was primarily due to increased power curtailment[15](index=15&type=chunk) [Real Estate](index=4&type=section&id=Real%20Estate) The Real Estate segment incurred a loss of HKD 465 million in the first half, a 2.56-fold increase in loss year-on-year, representing negative 46.0% of the Group's net profit, mainly due to reduced property deliveries, inventory impairment provisions, and investment property valuation write-downs Loss Contribution from Real Estate Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Loss | HKD 465 million | Increased by approximately 2.56 times | | Percentage of Group's Net Profit | -46.0% | - | - The increased loss was primarily due to reduced sales recognition from property deliveries, significant impairment of inventories for some projects, and fair value losses on investment properties[3](index=3&type=chunk)[16](index=16&type=chunk)[59](index=59&type=chunk) [Shanghai Industrial Development](index=4&type=section&id=Shanghai%20Industrial%20Development) Shanghai Industrial Development's H1 revenue increased by 19.7% to RMB 1.232 billion, but reported a loss attributable to owners of RMB 754 million, mainly due to significant inventory impairment from the real estate downturn, with signed sales of RMB 290 million and rental income of RMB 200 million Shanghai Industrial Development Operating Data for H1 2025 | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 1.232 billion | +19.7% | | Loss Attributable to Owners | RMB 754 million | - | | Contracted Sales | RMB 290 million | - | | Property Delivery and Sales Recognition | RMB 284 million | - | | Rental Income | RMB 200 million | - | - The loss was mainly due to the real estate industry still being in a stabilization phase, with significant impairment indicators for inventories of some company projects[17](index=17&type=chunk) [SIIC Urban Development](index=4&type=section&id=SIIC%20Urban%20Development) SIIC Urban Development's H1 revenue decreased by 38.7% to HKD 1.828 billion, resulting in a loss attributable to owners of HKD 492 million, primarily due to reduced gross profit from property sales and lower delivery sales across multiple projects, with contracted sales of RMB 689 million and rental income of HKD 365 million SIIC Urban Development Operating Data for H1 2025 | Indicator | Amount (HKD/RMB) | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.828 billion | -38.7% | | Loss Attributable to Owners | HKD 492 million | - | | Contracted Sales | RMB 689 million | -69.8% | | Property Delivery Amount | HKD 1.349 billion | - | | Rental Income | HKD 365 million | - | - The decline in revenue was mainly due to reduced delivery sales across multiple projects compared to the same period last year, and the loss was primarily due to lower gross profit from property sales revenue[18](index=18&type=chunk) [Consumer Goods](index=5&type=section&id=Consumer%20Goods) The Consumer Goods segment reported a profit of HKD 403 million for the first half, a year-on-year increase of 26.0%, accounting for approximately 39.8% of the Group's net profit, with Nanyang Tobacco and Wing Fat Printing achieving steady growth, the latter benefiting significantly from business structure optimization and cost reduction Profit Contribution from Consumer Goods Segment | Indicator | H1 2025 (HKD) | Year-on-year change | | :--- | :--- | :--- | | Profit | HKD 403 million | +26.0% | | Percentage of Group's Net Profit | 39.8% | - | - Nanyang Tobacco actively responded to market changes, achieving steady improvement in operating performance; Wing Fat Printing, despite a decline in alcohol packaging sales, saw overall stable growth driven by tobacco, pharmaceutical, and e-cigarette packaging businesses[20](index=20&type=chunk) [Tobacco](index=5&type=section&id=Tobacco) Nanyang Tobacco's H1 revenue increased by 16.4% to HKD 1.273 billion, with net profit up 20.0% to HKD 337 million and sales volume growing by 31.1% to over 746,000 cases, despite a decline in Hong Kong and Macau duty-paid markets due to tax hikes, offset by strong overseas sales Nanyang Tobacco Operating Data for H1 2025 | Indicator | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.273 billion | +16.4% | | Net Profit | HKD 337 million | +20.0% | | Sales Volume | 746,000 cases | +31.1% | - Sales in the Hong Kong and Macau duty-paid markets decreased year-on-year, primarily due to significant tobacco tax increases in Hong Kong for two consecutive years[21](index=21&type=chunk) - The company will continue to deepen its market orientation, systematically launch new products, enhance product structure and brand influence, and accelerate the implementation of intelligent technologies[22](index=22&type=chunk) [Printing](index=5&type=section&id=Printing) Wing Fat Printing's H1 revenue increased by 1.1% to HKD 759 million, with net profit surging by 46.7% to HKD 69.94 million, primarily driven by stable growth in tobacco and pharmaceutical packaging and molded pulp businesses, alongside optimized business structure and cost reduction at core factories Wing Fat Printing Operating Data for H1 2025 | Indicator | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 759 million | +1.1% | | Net Profit | HKD 69.94 million | +46.7% | - The significant increase in net profit was primarily due to optimized business structure and cost reduction and efficiency improvements at core factories, substantially enhancing overall profitability[23](index=23&type=chunk) - In the second half, the company will continue to implement the strategy of "expanding markets through external collaboration and improving efficiency through internal cost reduction" to ensure the achievement of full-year performance targets[24](index=24&type=chunk) Outlook [Outlook](index=6&type=section&id=Outlook) For H2 2025, the Group anticipates uncertainties from geopolitical tensions and trade unilateralism, alongside opportunities from China's economic stabilization and policy support, committing to prudent operations, innovation-driven development, business transformation, integrated finance and industry, comprehensive risk management, and asset structure optimization to enhance competitiveness and shareholder value - The Infrastructure and Environmental Protection segment will continue to optimize its business layout, expand market share, and consolidate its leading position; toll roads will further enhance operational efficiency[26](index=26&type=chunk) - The Real Estate segment will closely monitor policy developments, optimize operating strategies, revitalize existing assets, accelerate destocking and cash collection, and anticipates marginal improvement in the industry[26](index=26&type=chunk) - Nanyang Tobacco will implement a high-quality development strategy, improve operational efficiency, and accelerate the application of intelligent technologies; Wing Fat Printing will continue its strategy of "expanding markets through external collaboration and improving efficiency through internal cost reduction"[27](index=27&type=chunk) Interim Dividend [Interim Dividend](index=7&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of 42 HK cents per share for 2025, consistent with 2024, payable on or about October 15, 2025, to shareholders registered on September 26, 2025 Interim Dividend Information | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend (per share) | 42 HK cents | 42 HK cents | | Record Date | September 26, 2025 | - | | Payment Date | On or about October 15, 2025 | - | Other Corporate Governance and Reporting Information [Closure of Register of Members](index=7&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will close its register of members on September 26, 2025, requiring all transfer documents to be submitted by 4:30 p.m. on September 25, 2025 - The register of members will be closed on **September 26, 2025**, with the deadline for submitting transfer documents being **4:30 p.m. on September 25, 2025**[30](index=30&type=chunk) [Review of Interim Results](index=7&type=section&id=Review%20of%20Interim%20Results) The Company's Audit Committee has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The interim results have been reviewed by the Audit Committee[31](index=31&type=chunk) [Corporate Governance](index=7&type=section&id=Corporate%20Governance) For the six months ended June 30, 2025, the Company has complied with all applicable code provisions of Part 2 of the Corporate Governance Code in Appendix C1 to the Listing Rules of the Stock Exchange - The Company has complied with all applicable provisions of the Stock Exchange's Corporate Governance Code[32](index=32&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=7&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed their respective listed securities - Neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities during this period[33](index=33&type=chunk) [Publication of Interim Report](index=7&type=section&id=Publication%20of%20Interim%20Report) The 2025 Interim Report will be dispatched to shareholders in mid-September 2025 and published on the Stock Exchange's "Disclosure of Interests" website and the Company's website - The interim report will be published in mid-September 2025[34](index=34&type=chunk) [Board of Directors](index=7&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises four Executive Directors (Ms. Leng Weiqing, Mr. Zhang Qian, Mr. Yao Jiayong, and Mr. Xu Youli) and two Independent Non-executive Directors (Mr. Leung Pak To, Peter and Mr. Yuan Tianfan) - The Board of Directors consists of **four Executive Directors** and **two Independent Non-executive Directors**[35](index=35&type=chunk) Interim Results [Condensed Consolidated Statement of Profit or Loss](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue decreased by 8.6% to HKD 9.476 billion, gross profit decreased by 24.1% to HKD 2.512 billion, profit for the period decreased by 44.0% to HKD 788.169 million, and profit attributable to owners of the Company decreased by 13.2% to HKD 1.042 billion, with basic and diluted earnings per share at HKD 0.958 Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 9,476,025 | 10,369,131 | -8.6% | | Gross Profit | 2,511,966 | 3,307,543 | -24.1% | | Profit Before Tax | 1,164,894 | 2,059,388 | -43.4% | | Profit for the Period | 788,169 | 1,408,494 | -44.0% | | Profit Attributable to Owners of the Company | 1,041,797 | 1,200,896 | -13.2% | | Basic Earnings Per Share | HKD 0.958 | HKD 1.105 | -13.2% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income for the period was HKD 2.728 billion, a significant improvement from a loss of HKD 319.074 million in the prior year, with total comprehensive income attributable to owners of the Company reaching HKD 2.150 billion, primarily due to positive foreign exchange differences from overseas operations Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Profit for the Period | 788,169 | 1,408,494 | | Other Comprehensive Income (Expense) for the Period | 1,940,159 | (1,727,568) | | Total Comprehensive Income (Expense) for the Period | 2,728,328 | (319,074) | | Total Comprehensive Income Attributable to Owners of the Company | 2,149,733 | 243,740 | - Other comprehensive income shifted from an expense in the prior period to income in the current period, primarily due to a positive change in foreign exchange differences on translation of overseas operations[38](index=38&type=chunk) [Condensed Consolidated Statement of Financial Position](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HKD 131.37 billion from HKD 128.344 billion at year-end 2024, with total equity growing to HKD 80.331 billion, reflecting a slight decrease in non-current assets and a significant increase in net current assets Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Non-current Assets | 99,737,201 | 102,522,625 | | Current Assets | 65,831,814 | 65,990,068 | | Current Liabilities | 34,199,030 | 40,168,739 | | Net Current Assets | 31,632,784 | 25,821,329 | | Total Assets Less Current Liabilities | 131,369,985 | 128,343,954 | | Total Equity | 80,330,557 | 78,293,330 | - Net current assets increased from **HKD 25.821 billion** to **HKD 31.633 billion**, indicating improved liquidity[40](index=40&type=chunk) - Equity attributable to owners of the Company increased from **HKD 47.571 billion** to **HKD 49.155 billion**[40](index=40&type=chunk) [Notes](index=12&type=section&id=Notes) This section provides detailed explanations for the interim financial statements, covering review status, basis of preparation, significant accounting policies, segment information, taxation, items deducted/included in profit for the period, dividends, earnings per share, and aging analysis of trade receivables/payables - The condensed consolidated financial statements have been reviewed by Deloitte Touche Tohmatsu[41](index=41&type=chunk) - The amendments to HKFRS "Lack of Exchangeability" were applied for the first time in this period, but had no material impact on the financial position and performance[44](index=44&type=chunk) [Segment Information](index=13&type=section&id=Segment%20Information) Segment information reveals that Infrastructure and Environmental Protection remains the primary source of revenue and profit, despite a profit decline; Real Estate shifted from profit to an expanded loss; Consumer Goods and Healthcare segments showed significant profit growth, while asset and liability structures across segments remained relatively stable H1 2025 Segment Revenue and Segment Profit (Loss) Attributable to Owners of the Company After Tax | Segment | Revenue (HKD '000) | Segment Profit (Loss) Attributable to Owners of the Company After Tax (HKD '000) | | :--- | :--- | :--- | | Infrastructure and Environmental Protection | 4,432,900 | 933,312 | | Real Estate | 3,142,524 | (465,432) | | Consumer Goods | 1,900,601 | 403,315 | | Healthcare | - | 141,477 | | Consolidated Total | 9,476,025 | 1,041,797 | - The Real Estate segment shifted from a profit in the prior period to a loss in the current period, with a significant increase in the loss amount[45](index=45&type=chunk)[46](index=46&type=chunk) - Consumer Goods and Healthcare segments showed significant growth in their contribution to profit attributable to owners of the Company[45](index=45&type=chunk)[46](index=46&type=chunk) [Taxation](index=15&type=section&id=Taxation) Total taxation for the period was HKD 377 million, down from HKD 651 million in the prior year, primarily comprising Hong Kong profits tax, China land appreciation tax, and China corporate income tax, which included HKD 99.132 million in withholding tax Taxation Components | Tax Type | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 52,164 | 52,259 | | China Land Appreciation Tax | 50,039 | 67,743 | | China Corporate Income Tax | 511,363 | 561,739 | | Under (Over) Provision in Prior Periods | (31,433) | (35,999) | | Deferred Tax for the Period | (205,408) | 5,152 | | **Total** | **376,725** | **650,894** | - China corporate income tax included **HKD 99.132 million** in China withholding tax, an increase from the prior period[49](index=49&type=chunk) - Some PRC subsidiaries enjoy a **preferential tax rate of 15%** or corporate income tax exemptions/reductions[50](index=50&type=chunk) [Profit for the Period Deducted (Included) the Following Items](index=16&type=section&id=Profit%20for%20the%20Period%20Deducted%20(Included)%20the%20Following%20Items) Profit for the period was adjusted by deducting various expenses, including amortization of intangible assets, toll road operating rights, depreciation of property, plant and equipment, right-of-use assets, impairment losses on trade receivables, and net fair value losses on investment properties, while including dividend income, government compensation, fair value gains on financial assets, and net exchange gains Key Items Deducted (Included) in Profit for the Period | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Amortisation of other intangible assets | 412,663 | 259,869 | | Amortisation of toll road operating rights | 377,815 | 339,570 | | Net fair value loss on investment properties | 454,542 | 36,804 | | Impairment loss on trade receivables | 122,567 | 8,159 | | Dividend income from investments | (51,690) | (3,762) | | Government compensation for toll road operating rights | (212,244) | (190,740) | | Net exchange (gain) loss | (54,340) | 26,869 | - Net fair value loss on investment properties significantly increased from **HKD 36.804 million** to **HKD 454.542 million**[51](index=51&type=chunk) - Impairment loss on trade receivables significantly increased from **HKD 8.159 million** to **HKD 122.567 million**[51](index=51&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company decreased to HKD 0.958 from HKD 1.105 in the prior year, with the weighted average number of ordinary shares used in the calculation remaining unchanged Earnings Per Share Data | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (HKD '000) | 1,041,797 | 1,200,896 | | Basic and Diluted Earnings Per Share (HKD) | 0.958 | 1.105 | | Weighted Average Number of Ordinary Shares | 1,087,211,600 | 1,087,211,600 | [Trade and Other Receivables](index=17&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables increased to HKD 7.342 billion from HKD 6.763 billion at year-end 2024, with a notable increase in receivables outstanding for more than 365 days Aging Analysis of Trade Receivables | Aging | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Within 30 days | 1,385,407 | 1,192,689 | | 31-60 days | 508,161 | 548,503 | | 61-90 days | 497,875 | 504,205 | | 91-180 days | 1,095,094 | 1,180,031 | | 181-365 days | 1,625,943 | 1,601,723 | | Over 365 days | 2,229,101 | 1,735,593 | | **Total** | **7,341,581** | **6,762,744** | - Trade receivables outstanding for more than 365 days increased from **HKD 1.736 billion** to **HKD 2.229 billion**, a growth of approximately **28.4%**[55](index=55&type=chunk) [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables decreased to HKD 4.791 billion from HKD 5.729 billion at year-end 2024, with a significant reduction in payables due within 30 days Aging Analysis of Trade Payables | Aging | June 30, 2025 (HKD '000) | December 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Within 30 days | 1,216,434 | 3,071,754 | | 31-60 days | 180,706 | 272,984 | | 61-90 days | 159,068 | 125,802 | | 91-180 days | 279,244 | 340,136 | | 181-365 days | 1,096,814 | 447,631 | | Over 365 days | 1,858,966 | 1,470,550 | | **Total** | **4,791,232** | **5,728,857** | - Trade payables due within 30 days significantly decreased from **HKD 3.072 billion** to **HKD 1.216 billion**, a reduction of approximately **60.4%**[57](index=57&type=chunk) Financial Review [Financial Performance Analysis](index=18&type=section&id=Financial%20Performance%20Analysis) Revenue decreased by 8.6% year-on-year, primarily due to reduced property deliveries and lower construction revenue from SIIC Environment, partially offset by increased cigarette sales from consumer goods, while the Group's gross margin declined by 5.4 percentage points due to real estate inventory impairment provisions, and segment profit contributions diverged - The decline in revenue was mainly due to reduced sales recognition from real estate property deliveries and a year-on-year decrease in SIIC Environment's construction revenue, though partially offset by increased cigarette sales from the consumer goods segment[58](index=58&type=chunk) - The overall gross profit margin decreased by **5.4 percentage points** year-on-year, primarily due to impairment provisions for real estate inventories[61](index=61&type=chunk) - Other income, profits, and losses decreased, mainly due to increased losses recorded from fair value changes of investment properties[61](index=61&type=chunk) - The disposal of interests in associates/a subsidiary shifted from a profit in the prior period to a loss in the current period, primarily due to losses incurred from the disposal of Canvest Environmental Protection Group[63](index=63&type=chunk) [Group Financial Position](index=19&type=section&id=Group%20Financial%20Position) As of June 30, 2025, equity attributable to owners of the Company increased to HKD 49.155 billion from year-end 2024, with total loans at approximately HKD 58.513 billion, 65.3% of which are unsecured, and the Group maintains robust liquidity with ample bank balances and short-term investments, committed to optimizing its capital structure Key Data on Group Financial Position | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | HKD 49.155 billion | HKD 47.571 billion | | Total Loans | HKD 58.513 billion | HKD 59.492 billion | | Percentage of Unsecured Loans | 65.3% | 65.6% | | Bank Balances and Short-term Investments | HKD 28.534 billion | HKD 28.514 billion | | Contracted Capital Commitments | HKD 2.968 billion | HKD 3.338 billion | - Total loans slightly decreased, with loan proportions in USD and other currencies, RMB, and HKD being **0.1%**, **96.1%**, and **3.8%**, respectively[66](index=66&type=chunk) - The Group provided bank credit facility guarantees for property buyers, associates, and joint ventures, totaling approximately **HKD 2.831 billion**[68](index=68&type=chunk) - The Group maintains ample liquidity and a robust interest coverage ratio, and will periodically review market conditions to optimize its capital structure[69](index=69&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部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。 於百慕達註冊成立之有限公司 ) (股份代號：1199) 2025年中期業績公佈 公佈截至2025年6月30日止六個月業績 ● 本公司股權持有人應佔利潤同比上升 30.6%至 181,796,000 美元 財務摘要 百萬美元 | | 2025 年 | 2024 年 | | 變動 | | --- | --- | --- | --- | --- | | | 上半年 | 上半年 | | (%) | | 收入 | 806.0 | 709.8 | | +13.6 | | 銷售成本 | 586.9 | 511.2 | | +14.8 | | 毛利 | 219.1 | 198.6 | | +10.3 | | 毛利率 (%) | 27.2 | 28.0 | -0.8 | 百分點 | | 應佔合營公司及聯營公司利潤 | 175.8 | 155.4 | | +13.1 | | 本公司股權持有人應佔利潤 | 181.8 | 13 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：392） 截至2025年6月30日止六個月之 中期業績公佈 業績摘要 股價亮點 • 2025年上半年，本公司股價漲幅達23.6%，凸顯公司的防禦屬性。 業務亮點 財務亮點 • 營業收入約為人民幣445.29億元，同比上升5.2%。 • 本公司股東應佔溢利約為人民幣34.04億元，同比上升8.1%；經營性股東應佔溢利約為 人民幣32.79億元，同比上升4.1%。 • 每股基本及攤薄盈利為人民幣2.71元。 • 派發中期股息每股85港仙（可選擇港元或人民幣）。 • 北京燃氣依託南港LNG項目與國內大型供應企業簽訂了3年共450萬噸LNG代加工合 同。 • 北控水務緊抓化債政策機遇，推動不良資產處置，提升當期回款率，加大降本增效力 度，經營性現金流和自由現金流明顯改善。 • 北控環境污泥協同處置量和對外供汽量增長顯著，產能利用率、運營效率保持較高水 平。 • 德國EE ...