[Company Information](index=1&type=section&id=Company%20Information) [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no representation as to its accuracy or completeness, and accept no liability for any loss arising from reliance on its contents - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited bear no responsibility for the content of this announcement[1](index=1&type=chunk) [Company Overview](index=1&type=section&id=Company%20Overview) Beijing-Shanghai High-Speed Railway Technology Holdings Limited (Stock Code: 1522) is pleased to announce its unaudited condensed consolidated results for the six months ended June 30, 2025 - Beijing-Shanghai High-Speed Railway Technology Holdings Limited (Stock Code: 1522) released its unaudited condensed consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [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 significantly increased by 20.7% to 565,862 thousand HKD, and net profit surged from 3,645 thousand HKD to 23,172 thousand HKD, primarily driven by improved operating profit and share of results of joint ventures and associates Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 565,862 | 468,982 | | Cost of sales | (359,320) | (279,332) | | Gross profit | 206,542 | 189,650 | | Operating profit | 27,777 | 7,605 | | Profit before tax | 31,031 | 3,627 | | Profit for the period | 23,172 | 3,645 | | Profit attributable to equity holders of the company | 24,876 | 9,636 | | Basic and diluted earnings per share (HKD) | 0.0119 | 0.0046 | - Revenue increased by **20.7% year-on-year**, from **468,982 thousand HKD** to **565,862 thousand HKD**[3](index=3&type=chunk) - Profit for the period significantly increased to **23,172 thousand HKD**, compared to **3,645 thousand HKD** in the same period last year[3](index=3&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income turned from a loss of 18,211 thousand HKD in the prior year to a gain of 52,956 thousand HKD, mainly due to the reversal of foreign currency translation differences from overseas operations Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the period | 23,172 | 3,645 | | Exchange differences on translation of overseas operations | 52,392 | (17,174) | | Total comprehensive income/(expense) for the period | 52,956 | (18,211) | | Total comprehensive income/(expense) attributable to equity holders of the company | 46,913 | (11,856) | - Total comprehensive income for the period turned from a loss of **18,211 thousand HKD** in 2024 to a gain of **52,956 thousand HKD** in 2025[4](index=4&type=chunk) - Exchange differences on translation of overseas operations turned from a loss of **17,174 thousand HKD** in 2024 to a gain of **52,392 thousand HKD** in 2025, which is the main reason for the positive total comprehensive income[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were 3,257,328 thousand HKD, and net assets were 2,942,349 thousand HKD, remaining stable compared to the end of 2024, with net current assets increasing to 1,690,000 thousand HKD, indicating good liquidity Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Non-current assets | 1,599,956 | 1,510,193 | | Current assets | 3,233,160 | 3,269,578 | | Current liabilities | 1,575,788 | 1,579,613 | | Net current assets | 1,657,372 | 1,689,965 | | Total assets less current liabilities | 3,257,328 | 3,200,158 | | Non-current liabilities | 257,809 | 316,385 | | Net assets | 2,942,349 | 2,940,943 | | Total equity attributable to equity holders of the company | 2,772,182 | 2,775,601 | - Net current assets increased from **1,657,372 thousand HKD** as of December 31, 2024, to **1,689,965 thousand HKD** as of June 30, 2025[5](index=5&type=chunk) - Non-current liabilities decreased from **316,385 thousand HKD** as of December 31, 2024, to **257,809 thousand HKD** as of June 30, 2025[6](index=6&type=chunk) [Notes to the Unaudited Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) [1 General Information](index=6&type=section&id=1%20General%20Information) Beijing-Shanghai High-Speed Railway Technology Holdings Limited was incorporated in the Cayman Islands in 2011 and transferred its listing from GEM to the Main Board of the Stock Exchange on December 6, 2013 - The company was incorporated in the Cayman Islands on **January 7, 2011**[7](index=7&type=chunk) - The company's shares were transferred from the GEM Board to the Main Board of the Stock Exchange on **December 6, 2013**[7](index=7&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with the Listing Rules of the Stock Exchange and International Accounting Standard 34, adopting the same accounting policies as the 2024 annual consolidated financial report, except for changes expected to be reflected in the 2025 annual consolidated financial statements - The interim financial information is prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[8](index=8&type=chunk) - The same accounting policies are adopted as those used in the 2024 annual consolidated financial report, except for changes in accounting policies expected to be reflected in the 2025 annual consolidated financial statements[8](index=8&type=chunk) [3 Changes in Accounting Policies](index=6&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group has applied amendments to IAS 21 regarding foreign currency changes, but these amendments have no significant impact on the interim financial information as the Group has no non-exchangeable foreign currency transactions - The Group has applied the amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability"[10](index=10&type=chunk) - These amendments have no significant impact on this interim financial information as the Group has not entered into any foreign currency transactions that are not exchangeable into other currencies[10](index=10&type=chunk) [4 Revenue and Segment Reporting](index=7&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group's principal businesses include software and hardware products and services for high-speed rail, intercity rail, suburban rail, and subway, as well as professional data integration services and smart software and hardware products and services in the railway transportation sector, with total revenue of 565,862 thousand HKD for the six months ended June 30, 2025, representing a 20.7% year-on-year increase - The Group's principal businesses include providing high-speed rail, intercity rail, suburban rail, and subway software and hardware products and services, as well as professional data integration services and smart software and hardware products and services in the railway transportation sector[12](index=12&type=chunk) Revenue Breakdown by Major Service Items and Customer Geographical Location (For the six months ended June 30) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **By Major Service Items** | | | | Smart Passenger Information Services | 251,791 | 156,395 | | Digital Urban Rail Services | 176,686 | 165,240 | | Innovation and Development | 137,385 | 147,347 | | **By Customer Geographical Location** | | | | Mainland China | 547,825 | 455,541 | | Hong Kong, China | 10,702 | 10,979 | | Overseas | 7,335 | 2,462 | | **Total Revenue** | **565,862** | **468,982** | [4(a) Revenue](index=7&type=section&id=4(a)%20Revenue) The Group's revenue primarily derives from Smart Passenger Information Services, Digital Urban Rail Services, and Innovation and Development businesses, with total revenue reaching 565,862 thousand HKD for the period, a 20.7% year-on-year increase, driven by significant growth in Smart Passenger Information Services revenue and a slight decrease in Innovation and Development business revenue Revenue Breakdown by Major Service Items (For the six months ended June 30) | Service Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Smart Passenger Information Services | 251,791 | 156,395 | | Digital Urban Rail Services | 176,686 | 165,240 | | Innovation and Development | 137,385 | 147,347 | | **Total** | **565,862** | **468,982** | - Revenue from Smart Passenger Information Services increased by **61.0% year-on-year**, from **156,395 thousand HKD** to **251,791 thousand HKD**[13](index=13&type=chunk) - Revenue from Innovation and Development business decreased by **6.8% year-on-year**, from **147,347 thousand HKD** to **137,385 thousand HKD**[13](index=13&type=chunk) [4(b) Segment Reporting](index=8&type=section&id=4(b)%20Segment%20Reporting) The Group has reorganized its internal reporting structure and now presents four reportable segments: Smart Passenger Information Services, Digital Urban Rail Services, Innovation and Development, and Investments in Business Expansion, with segment results measured by gross profit and other expenses not allocated to segments, showing significant profit growth in the Smart Passenger Information Services segment - The Group has reorganized its internal reporting structure and now presents four reportable segments: Smart Passenger Information Services, Digital Urban Rail Services, Innovation and Development, and Investments in Business Expansion[14](index=14&type=chunk) - Segment results are measured by gross profit, and other income and expense items are not allocated to individual segments[15](index=15&type=chunk) Reportable Segment Profit (For the six months ended June 30) | Segment | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Smart Passenger Information Services | 125,724 | 84,248 | | Digital Urban Rail Services | 31,527 | 30,429 | | Innovation and Development | 49,291 | 74,973 | | Investments in Business Expansion (Share of results of joint ventures and associates) | 16,436 | 2,429 | | **Total Reportable Segment Profit** | **206,542** | **189,650** | [4(c) Operating Seasonality](index=10&type=section&id=4(c)%20Operating%20Seasonality) The Group's business is affected by industry seasonality, with revenue and segment profit typically higher in the second half of the year than in the first half, and both revenue and gross profit increased for the 12 months ended June 30, 2025 - The Group's business is affected by industry seasonality, with revenue and segment profit typically higher in the second half of the year than in the first half[21](index=21&type=chunk) Revenue and Gross Profit for the Past 12 Months (As of June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 1,753,653 | 1,632,975 | | Gross profit | 636,579 | 592,282 | [5 Profit Before Tax](index=10&type=section&id=5%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was 31,031 thousand HKD, a significant increase from 3,627 thousand HKD in the prior year, primarily due to increased finance costs, higher inventory costs, and increased staff costs Profit Before Tax Components (For the six months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Finance costs | (7,107) | (4,599) | | Amortisation of intangible assets | 8,644 | 9,125 | | Cost of inventories | 228,818 | 135,504 | | Depreciation expenses | 26,524 | 23,966 | | Staff costs | 125,951 | 114,281 | | Government grants | (8,810) | (6,420) | - Finance costs increased by **54.5% year-on-year**, from **4,599 thousand HKD** to **7,107 thousand HKD**[22](index=22&type=chunk) - Inventory costs significantly increased by **68.8% year-on-year**, from **135,504 thousand HKD** to **228,818 thousand HKD**[23](index=23&type=chunk) [5(a) Finance Costs](index=10&type=section&id=5(a)%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs amounted to 7,107 thousand HKD, a 54.5% increase from the prior year, mainly due to higher interest on other borrowings and bank borrowings Finance Costs Details (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on bank borrowings | 1,572 | 1,429 | | Interest on other borrowings | 4,696 | 2,297 | | Interest on lease liabilities | 839 | 873 | | **Total** | **7,107** | **4,599** | - Interest on other borrowings increased by **104.4% year-on-year**, from **2,297 thousand HKD** to **4,696 thousand HKD**[22](index=22&type=chunk) [Other Expenses/Income](index=11&type=section&id=Other%20Expenses%2FIncome) During the period, inventory costs significantly increased, staff costs and depreciation expenses also rose, while government grants and interest income both grew, and net foreign exchange losses decreased Other Expenses/Income Details (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Cost of inventories | 228,818 | 135,504 | | Staff costs | 125,951 | 114,281 | | Depreciation expenses | 26,524 | 23,966 | | Interest income | (3,260) | (2,658) | | Government grants | (8,810) | (6,420) | | Net foreign exchange losses | 612 | 996 | - Inventory costs increased by **68.8% year-on-year**, from **135,504 thousand HKD** to **228,818 thousand HKD**[23](index=23&type=chunk) - Staff costs increased by **10.2% year-on-year**, from **114,281 thousand HKD** to **125,951 thousand HKD**[23](index=23&type=chunk) [6 Income Tax](index=11&type=section&id=6%20Income%20Tax) For the six months ended June 30, 2025, income tax expense was 7,859 thousand HKD, compared to a credit of 18 thousand HKD in the prior year, primarily comprising China corporate income tax provision and withholding tax on equity transfers, with some Chinese subsidiaries enjoying a preferential tax rate of 15% as high-tech enterprises Income Tax Details (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax – China corporate income tax | 10,472 | 6,122 | | Current tax – Hong Kong profits tax | 522 | 807 | | Deferred tax | (3,135) | (6,947) | | **Total** | **7,859** | **(18)** | - China corporate income tax provision increased from **6,122 thousand HKD** in 2024 to **10,472 thousand HKD** in 2025[25](index=25&type=chunk) - Some Chinese subsidiaries, as high-tech enterprises, enjoy a preferential China corporate income tax rate of **15%**[28](index=28&type=chunk) [7 Basic and Diluted Earnings Per Share](index=12&type=section&id=7%20Basic%20and%20Diluted%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share significantly increased to 0.0119 HKD from 0.0046 HKD in the prior year, with no difference between basic and diluted earnings per share as the Group has no dilutive ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 0.0119 | 0.0046 | | Profit attributable to ordinary equity holders of the company | 24,876 thousand | 9,636 thousand | | Weighted average number of ordinary shares in issue | 2,097,146,727 | 2,097,146,727 | - Basic earnings per share increased by **158.7% year-on-year**, from **0.0046 HKD** to **0.0119 HKD**[27](index=27&type=chunk) - The Group has no dilutive ordinary shares in circulation, thus there is no difference between basic and diluted earnings per share[27](index=27&type=chunk) [8 Contract Assets and Contract Liabilities](index=13&type=section&id=8%20Contract%20Assets%20and%20Contract%20Liabilities) As of June 30, 2025, net contract assets increased to 848,356 thousand HKD, and contract liabilities for advances received for performance obligations significantly grew to 80,562 thousand HKD, reflecting increased business activities Contract Assets and Contract Liabilities (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Contract assets (net) | 848,356 | 735,056 | | Contract liabilities (advances received for performance obligations) | 80,562 | 38,604 | - Net contract assets increased from **735,056 thousand HKD** as of December 31, 2024, to **848,356 thousand HKD** as of June 30, 2025[29](index=29&type=chunk) - Contract liabilities (advances received for performance obligations) increased by **108.7% year-on-year**, from **38,604 thousand HKD** to **80,562 thousand HKD**[29](index=29&type=chunk) [9 Trade and Other Receivables](index=14&type=section&id=9%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to 1,201,534 thousand HKD, a decrease from the end of 2024, with net trade receivables decreasing but bills receivable increasing, and a new receivable of 74,564 thousand HKD from the disposal of a joint venture Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Trade receivables | 807,660 | 1,031,338 | | Bills receivable | 273,346 | 230,281 | | Trade receivables and bills receivable (net) | 1,036,781 | 1,213,638 | | Consideration receivable from disposal of a joint venture | 74,564 | – | | **Total** | **1,201,534** | **1,285,764** | - Trade receivables decreased from **1,031,338 thousand HKD** as of December 31, 2024, to **807,660 thousand HKD** as of June 30, 2025[30](index=30&type=chunk) - Bills receivable increased from **230,281 thousand HKD** as of December 31, 2024, to **273,346 thousand HKD** as of June 30, 2025[30](index=30&type=chunk) [10 Trade and Other Payables](index=15&type=section&id=10%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to 1,311,695 thousand HKD, a slight decrease from the end of 2024, with new dividends payable to equity holders of 50,332 thousand HKD, while payables for the acquisition of a subsidiary were settled Trade and Other Payables (As of June 30) | Item | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Trade payables and bills payable | 1,102,053 | 1,093,566 | | Accrued expenses and other payables | 95,644 | 123,804 | | Payables for acquisition of a subsidiary | – | 80,730 | | Dividends payable to equity holders | 50,332 | – | | **Total** | **1,311,695** | **1,356,920** | - Payables for the acquisition of a subsidiary decreased from **80,730 thousand HKD** as of December 31, 2024, to **zero** as of June 30, 2025[33](index=33&type=chunk) - New dividends payable to equity holders of **50,332 thousand HKD**[33](index=33&type=chunk) [11 Dividends](index=15&type=section&id=11%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, while a final dividend of 2.4 HK cents per ordinary share, totaling 50,332 thousand HKD, attributable to the previous financial year, was approved during the period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[35](index=35&type=chunk) Dividends Approved Attributable to Prior Financial Year (For the six months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Final dividend per ordinary share | 2.4 cents | 2.5 cents | | Total | 50,332 | 52,429 | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Market and Operating Environment](index=16&type=section&id=Market%20and%20Operating%20Environment) In the first half of 2025, the rail transit industry maintained steady growth with increased domestic railway fixed asset investment and passenger volume, and new urban rail lines opened, while overseas markets, especially in Africa and Asia, showed considerable growth potential, and technological innovations like AI and demand for existing line upgrades presented opportunities, but challenges included local procurement preferences, intensified industry competition, and pressure on civil communication business revenue - National railway fixed asset investment completed approximately **RMB 355.9 billion** in the first half, an increase of approximately **5.5% year-on-year**[37](index=37&type=chunk) - National railway passenger traffic reached approximately **2.24 billion trips** in the first half, an increase of approximately **6.7% year-on-year**[37](index=37&type=chunk) - Artificial intelligence provides impetus for intelligent upgrades in rail transit, demand for renovation of existing lines continues to be released, and overseas market expansion has considerable potential[38](index=38&type=chunk) - Market challenges include customer preference for local procurement, intensified industry competition, uncertainty in AI technology implementation, and downward pressure on civil communication business revenue[38](index=38&type=chunk) [Performance Overview](index=17&type=section&id=Performance%20Overview) In the first half, the Group's revenue grew by 20.7% to 565.9 million HKD, and profit attributable to equity holders significantly increased by 158.2% to 24.9 million HKD, with the Group reorganizing its business segments, establishing an Innovation and Development Business Unit, and renaming the "Data and Integration Services Business Unit" to "Digital Urban Rail Services Business Unit," while new contracts and successful bids amounted to approximately RMB 1.14 billion, and orders on hand increased by 11.8% to 3.61 billion HKD First Half Performance Overview (As of June 30) | Indicator | 2025 (million HKD) | Year-on-year Growth Rate | | :--- | :--- | :--- | | Revenue | 565.9 | 20.7% | | Gross profit | 206.5 | 8.9% | | Gross profit margin | 36.5% | Down 3.9 percentage points | | Profit attributable to equity holders | 24.9 | 158.2% | - The Group reorganized its business segments, established an Innovation and Development Business Unit, and renamed the "Data and Integration Services Business Unit" to "Digital Urban Rail Services Business Unit"[40](index=40&type=chunk) - New contracts and successful bids amounted to approximately **RMB 1.14 billion**; orders on hand were approximately **3.61 billion HKD**, an increase of approximately **11.8%** compared to the end of 2024[40](index=40&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) The Group's revenue increased by 20.7% in the first half, primarily driven by strong growth in Smart Passenger Information Services, while gross profit margin decreased due to the cooperation agreement with Beijing Infrastructure Investment Co., Ltd. taking effect, sales, general and administrative expenses remained stable, R&D expenses slightly increased, share of results of joint ventures and associates significantly improved, but foreign exchange losses were incurred from the disposal of Metro Technology equity, fair value change gains increased, and profit attributable to equity holders significantly grew by 158.2% - The Group's revenue for the period was approximately **565.9 million HKD**, an increase of approximately **96.9 million HKD** or **20.7%** compared to the same period last year[41](index=41&type=chunk) - Gross profit margin was approximately **36.5%**, a decrease of **3.9 percentage points** compared to the same period last year, mainly due to the cooperation agreement signed with Beijing Infrastructure Investment Co., Ltd. taking effect, leading to the accrual of resource occupation fees[44](index=44&type=chunk) - Profit attributable to equity holders of the company was approximately **24.9 million HKD**, an increase of approximately **158.2%** compared to the same period last year[49](index=49&type=chunk) [Revenue](index=17&type=section&id=Revenue%20(Financial%20Review)) Total revenue for the period reached 565.9 million HKD, a 20.7% year-on-year increase, with Smart Passenger Information Services revenue growing by 61.0%, Digital Urban Rail Services revenue by 6.9%, and Innovation and Development business revenue decreasing by 6.8%, while revenue from mainland China increased by 20.3% and overseas market revenue by 197.9% Revenue by Business Segment (As of June 30) | Business Segment | 2025 (million HKD) | % of Total Revenue | Year-on-year Growth Rate | | :--- | :--- | :--- | :--- | | Smart Passenger Information Services | 251.8 | 44.5% | 61.0% | | Digital Urban Rail Services | 176.7 | 31.2% | 6.9% | | Innovation and Development | 137.4 | 24.3% | -6.8% | - Overseas market revenue was approximately **7.3 million HKD**, an increase of approximately **4.9 million HKD** or **197.9%** compared to the same period last year, mainly affected by the delivery cycle of Indian projects[43](index=43&type=chunk) [Cost of Sales and Gross Profit](index=18&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) During the period, cost of sales increased by 28.6% to 359.3 million HKD, and gross profit increased by 8.9% to 206.5 million HKD, while gross profit margin decreased by 3.9 percentage points to 36.5%, primarily due to the accrual of resource occupation fees following the cooperation agreement with Beijing Infrastructure Investment Co., Ltd. taking effect - Cost of sales was approximately **359.3 million HKD**, an increase of approximately **80.0 million HKD** or **28.6%** compared to the same period last year[44](index=44&type=chunk) - Gross profit was approximately **206.5 million HKD**, an increase of approximately **16.9 million HKD** or **8.9%** compared to the same period last year[44](index=44&type=chunk) - Gross profit margin was approximately **36.5%**, a decrease of **3.9 percentage points** compared to the same period last year, mainly due to the accrual of resource occupation fees[44](index=44&type=chunk) [Selling, General and Administrative Expenses](index=19&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) During the period, selling, general and administrative expenses were approximately 109.2 million HKD, a 2.9% year-on-year increase, maintaining overall stability - Selling, general and administrative expenses were approximately **109.2 million HKD**, an increase of approximately **3.1 million HKD** or **2.9%** compared to the same period last year[45](index=45&type=chunk) [Research and Development Expenses](index=19&type=section&id=Research%20and%20Development%20Expenses) During the period, research and development expenses were approximately 84.9 million HKD, a 2.1% year-on-year increase, mainly due to new R&D projects for business expansion - Research and development expenses were approximately **84.9 million HKD**, an increase of approximately **1.8 million HKD** or **2.1%** compared to the same period last year[46](index=46&type=chunk) - The increase in research and development expenses was mainly due to new R&D projects for business expansion[46](index=46&type=chunk) [Share of Results of Joint Ventures and Associates](index=19&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures%20and%20Associates) During the period, investment income was approximately 16.4 million HKD, an increase of 14.0 million HKD year-on-year, mainly due to improved performance of some joint ventures and associates, while a loss of approximately 6.4 million HKD was incurred from the disposal of 49% equity in Metro Technology, primarily due to exchange losses - Investment income was approximately **16.4 million HKD**, an increase of approximately **14.0 million HKD** compared to the same period last year[47](index=47&type=chunk) - A loss of approximately **6.4 million HKD** was incurred from the disposal of 49% equity in Beijing Metro Technology Development Co., Ltd., mainly due to exchange losses[47](index=47&type=chunk) [Fair Value Changes in Financial Instruments](index=19&type=section&id=Fair%20Value%20Changes%20in%20Financial%20Instruments) During the period, fair value change gains were approximately 0.4 million HKD, an increase of approximately 2.2 million HKD compared to the prior year, mainly due to fair value changes in associate companies Youdao Technology and Jishi Huiying - Fair value change gains were approximately **0.4 million HKD**, an increase of approximately **2.2 million HKD** compared to the same period last year[48](index=48&type=chunk) - The increase in gains was mainly due to fair value changes in associate companies Youdao Technology and Beijing Jishi Huiying Venture Capital Center (Limited Partnership)[48](index=48&type=chunk) [Profit Attributable to Equity Holders of the Company](index=19&type=section&id=Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) During the period, profit attributable to equity holders of the company was approximately 24.9 million HKD, a significant increase of 158.2% compared to the prior year - Profit attributable to equity holders of the company was approximately **24.9 million HKD**, an increase of approximately **158.2%** compared to the same period last year[49](index=49&type=chunk) [Liquidity, Financial and Capital Resources](index=19&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, the company's capital structure remained stable with no change in issued shares, cash and bank balances decreased, but net cash from operating activities significantly increased, total borrowings decreased, gearing ratio dropped to 38.4%, and current ratio remained at 2.1, indicating a robust financial position, with foreign exchange risk deemed insignificant and no material contingent liabilities - As of June 30, 2025, the company's issued shares were **2,097,146,727** with a par value of **0.01 HKD** per share, consistent with the end of 2024[50](index=50&type=chunk) - As of June 30, 2025, the Group's cash and bank balances were approximately **678.2 million HKD**, a decrease from **761.2 million HKD** at the end of 2024[51](index=51&type=chunk) - Net cash generated from operating activities for the period was approximately **28.3 million HKD**, an increase of approximately **32.4 million HKD** in net inflow compared to the same period last year, mainly due to increased collections during the period[51](index=51&type=chunk) - As of June 30, 2025, the Group's gearing ratio was approximately **38.4%**, a decrease from **39.2%** as of December 31, 2024[54](index=54&type=chunk) [Capital Structure](index=19&type=section&id=Capital%20Structure) As of June 30, 2025, the company's issued shares totaled 2,097,146,727 with a par value of 0.01 HKD per share, consistent with the end of 2024 - As of June 30, 2025, the company's issued shares were **2,097,146,727** with a par value of **0.01 HKD** per share, consistent with December 31, 2024[50](index=50&type=chunk) [Cash Position](index=20&type=section&id=Cash%20Position) As of June 30, 2025, cash and bank balances were approximately 678.2 million HKD, a decrease from the end of 2024, while net cash from operating activities significantly increased, net cash used in investing activities increased, and net cash used in financing activities increased Cash Flow Overview (As of June 30) | Item | 2025 (million HKD) | 2024 (million HKD) | | :--- | :--- | :--- | | Cash and bank balances (end of period) | 678.2 | 761.2 | | Net cash from operating activities | 28.3 | -4.1 (net outflow) | | Net cash used in investing activities | 87.6 | 8.5 | | Net cash used in financing activities | 32.1 | 5.2 | - Net cash generated from operating activities was approximately **28.3 million HKD**, an increase of approximately **32.4 million HKD** in net inflow compared to the same period last year, mainly due to increased collections during the period[51](index=51&type=chunk) - Net cash used in investing activities was approximately **87.6 million HKD**, an increase of approximately **79.1 million HKD** in net outflow compared to the same period last year, mainly due to the payment of the fourth installment of approximately **83.9 million HKD** for the acquisition of 95% equity in Huaqi Smart[51](index=51&type=chunk) [Borrowings and Pledges of Group's Assets](index=20&type=section&id=Borrowings%20and%20Pledges%20of%20Group%27s%20Assets) As of June 30, 2025, the Group's total borrowings were approximately 345.4 million HKD, a decrease from 2024, with 210 million HKD being a loan from a subsidiary of the ultimate holding company, secured by a 30% equity interest in Huajun Development Co., Ltd. - As of June 30, 2025, the Group's borrowings were approximately **345.4 million HKD**, a decrease from **384.8 million HKD** in 2024[52](index=52&type=chunk) - Of this, **210 million HKD** was a loan from a subsidiary of Beijing Infrastructure Investment Co., Ltd., the company's ultimate holding company[52](index=52&type=chunk) - The rights and interests in **30%** of the issued share capital of Huajun Development Co., Ltd. held by the company have been pledged to a subsidiary of the company's ultimate holding company[52](index=52&type=chunk) [Working Capital and Gearing Ratio](index=20&type=section&id=Working%20Capital%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's net current assets were approximately 1,690.0 million HKD, current ratio was approximately 2.1, and gearing ratio was approximately 38.4%, indicating robust working capital and a low leverage level Working Capital and Gearing Ratio (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current assets | 3,269.6 million HKD | 3,233.2 million HKD | | Current liabilities | 1,579.6 million HKD | 1,575.8 million HKD | | Net current assets | 1,690.0 million HKD | 1,657.4 million HKD | | Current ratio | 2.1 | 2.1 | | Gearing ratio | 38.4% | 39.2% | - The gearing ratio decreased from **39.2%** as of December 31, 2024, to **38.4%** as of June 30, 2025[54](index=54&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group's principal subsidiaries earn revenue and incur costs in their local currencies, and the directors believe that foreign exchange risk has no significant impact - The Group's principal subsidiaries earn revenue and incur costs in their local currencies[55](index=55&type=chunk) - The directors believe that the Group's foreign exchange risk has no significant impact[55](index=55&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[56](index=56&type=chunk) [Segment Business Analysis](index=21&type=section&id=Segment%20Business%20Analysis) The Group adheres to a "3+2" business structure, focusing on Smart Passenger Information Services, Digital Urban Rail Services, and Innovation and Development as its three core business segments, continuously enhancing product competitiveness and service quality through R&D innovation and customer orientation, with significant growth in Smart Passenger Information Services revenue and gross profit, steady improvement in Digital Urban Rail Services revenue and gross profit, and a decrease in Innovation and Development business revenue and gross profit but active expansion into emerging markets - The Group focuses on three core business segments: Smart Passenger Information Services, Digital Urban Rail Services, and Innovation and Development businesses[57](index=57&type=chunk) - Smart Passenger Information Services business revenue increased by **61.0%**, and gross profit increased by **49.2%**, mainly due to key projects reaching delivery milestones[58](index=58&type=chunk) - Innovation and Development business revenue decreased by **6.8%**, and gross profit decreased by **34.3%**, mainly due to the completion of large-scale projects in the prior period and new projects not yet delivered[62](index=62&type=chunk) [Smart Passenger Information Services Business](index=21&type=section&id=Smart%20Passenger%20Information%20Services%20Business) This business provides PIS systems, integrated in-vehicle cloud platforms, and other software and hardware products for passenger travel scenarios in high-speed rail, intercity rail, and subway, with revenue growing by 61.0% to 251.8 million HKD and gross profit by 49.2% to 125.7 million HKD during the period, primarily due to the delivery of key projects, while new contracts and successful bids amounted to approximately RMB 350 million, and the company actively expanded into new data security segments and overseas markets - Smart Passenger Information Services business revenue for the period was approximately **251.8 million HKD**, an increase of approximately **61.0%** compared to the same period last year[58](index=58&type=chunk) - Gross profit achieved was approximately **125.7 million HKD**, an increase of approximately **49.2%** compared to the same period last year[58](index=58&type=chunk) - New contracts and successful bids amounted to approximately **RMB 350 million**, including the Beijing Rail Transit Line 22 CCTV, PIS, and PA system integration project[58](index=58&type=chunk)[59](index=59&type=chunk) - Leveraging its advantages in commercial cryptography application security assessment qualifications, the company implemented cryptographic assessment projects in Guiyang, Urumqi, and other regions, opening up new data security segments[59](index=59&type=chunk) [Digital Urban Rail Services Business](index=22&type=section&id=Digital%20Urban%20Rail%20Services%20Business) This business provides AFC, TCC, weak current and communication professional integration services, as well as smart products like rail cloud and urban rail big data for subway owners and operators, with revenue growing by 6.9% to 176.7 million HKD and gross profit increasing by 3.6% to 31.5 million HKD during the period, mainly due to revenue recognition from projects such as the Beijing Subway Line 13 capacity upgrade project, while new contracts and successful bids amounted to approximately RMB 760 million, and the company achieved an independent subsystem procurement management model for communication integration projects outside Beijing - Digital Urban Rail Services business revenue for the period was approximately **176.7 million HKD**, an increase of approximately **6.9%** compared to the same period last year[60](index=60&type=chunk) - Gross profit achieved was approximately **31.5 million HKD**, an increase of approximately **3.6% year-on-year**[60](index=60&type=chunk) - New contracts and successful bids amounted to approximately **RMB 760 million**, including the automatic fare collection system equipment procurement project for Beijing Subway Line 22[60](index=60&type=chunk)[61](index=61&type=chunk) - Won bids for the Beijing Subway existing line structural safety assurance platform construction project and the Line 22 vehicle health management system and big data analysis platform project, promoting intelligent operation and maintenance of rail transit equipment[61](index=61&type=chunk) [Innovation and Development Business](index=23&type=section&id=Innovation%20and%20Development%20Business) This business explores new incremental businesses through engineering support, technology services, etc., based on existing civil communication and "Smart+" businesses, with revenue decreasing by 6.8% to 137.4 million HKD and gross profit decreasing by 34.3% to 49.3 million HKD during the period, mainly due to the completion of large-scale PPP projects, while new contracts and successful bids amounted to approximately RMB 25 million, and the company accelerated expansion into emerging markets such as subway edge cloud business, computing power services, IoT, and park dedicated lines - Innovation and Development business revenue for the period was approximately **137.4 million HKD**, a decrease of approximately **6.8%** compared to the same period last year[62](index=62&type=chunk) - Gross profit achieved was approximately **49.3 million HKD**, a decrease of approximately **34.3%** compared to the same period last year[62](index=62&type=chunk) - New contracts and successful bids amounted to approximately **RMB 25 million**[62](index=62&type=chunk) - Accelerated expansion of subway edge cloud business scale and actively deployed in emerging markets such as computing power services, IoT, and park dedicated lines[63](index=63&type=chunk) [Investments and Joint Ventures](index=24&type=section&id=Investments%20and%20Joint%20Ventures) In the first half, the Group aimed to improve its industrial layout and strengthen its industrial ecosystem, enhancing post-investment management and strategic synergy, completing the disposal of 49% equity in Metro Technology and no longer holding any equity, while invested companies such as Jingcheng Metro, Beijing Ruyixing Technology, and Youdao Technology made progress in their respective fields, including optimizing operational services, deepening business innovation, promoting industry-education integration, and participating in smart city construction - In the first half, the Group publicly listed and disposed of its **49%** equity interest in Metro Technology on the Beijing Stock Exchange, and all equity transfer procedures have been completed, with the Group no longer holding any equity interest in Metro Technology[66](index=66&type=chunk) - Beijing Ruyixing Technology deepened cooperation with Douyin APP, launching a "short video platform QR code payment for rides" service and enabling payment services for five major international card organizations[67](index=67&type=chunk) - Beijing Jingzhiwang Smart Technology Development Co., Ltd. deeply participated in the construction of Beijing's new smart city, completing the cloud platform software R&D for the sub-center hub project and making significant progress in the dual-smart dedicated network project[67](index=67&type=chunk) [Research and Development Innovation](index=26&type=section&id=Research%20and%20Development%20Innovation) The Group adheres to a "R&D + Innovation" core strategy, focusing on rail transit industry development trends and advancing scientific research projects, with significant progress in key projects, orderly deployment and breakthroughs in AI technology, especially in foundational models, development platforms, and security solutions, and in terms of technical applications, building systematic AI solutions, upgrading pantograph video analysis algorithm libraries, and releasing a preview version of rDAS to empower digital and intelligent upgrades for rail transit enterprises, with R&D investment of approximately 84.9 million HKD during the period, holding 158 patents and 657 software copyrights - The project "Research and Demonstration of Key Technologies for One-Network Operation of Regional (Suburban) Railways and Urban Rail Transit" undertaken by the Group for the Beijing Municipal Science and Technology Commission has completed the initial drafts of demand documents, research reports, integrated clearing rules documents, and preliminary design work[69](index=69&type=chunk) - AI technology layout and breakthroughs are progressing in an orderly manner, with continuous investment and key breakthroughs in foundational models, development platforms, and security solutions[69](index=69&type=chunk) - Released a preview version of rDAS, achieving a closed loop of data management, analysis, and intelligent decision-making, which has been implemented in the Beijing Rail Transit Network iTCC renovation project[70](index=70&type=chunk) - R&D investment for the period was approximately **84.9 million HKD**, an increase of approximately **2.1%** compared to the same period last year[71](index=71&type=chunk) - As of June 30, 2025, the Group held **158 patents** and **657 software copyrights**[71](index=71&type=chunk) [Outlook](index=27&type=section&id=Outlook) Looking ahead, the Group will seize the opportunities for industry digitalization and intelligence brought by the "AI+" initiative, accelerating the application of large model technology in rail transit scenarios, while capitalizing on the market expansion for renovation and upgrades driven by the resonance of policies and equipment cycles, and deeply exploring the potential of the maintenance and upgrade incremental market, and in terms of overseas business expansion, deepening the "localization cooperation" and "following vehicle manufacturers" models, focusing on "Belt and Road" regional markets, and enhancing international market share and brand influence - The government work report proposes to continuously advance the "AI+" initiative and support the widespread application of large models, injecting strong momentum into the integration of AI technology with real industries such as rail transit[72](index=72&type=chunk) - The resonance of policies and equipment cycles drives the accelerated expansion of the rail transit renovation and upgrade market, with demand for equipment replacement in old lines gradually being released, and the market space for maintenance and upgrades continuously expanding[73](index=73&type=chunk) - The "Belt and Road" initiative continues to deepen, and the international rail transit market shows strong growth potential, with huge potential investment space in Southeast Asia, the Middle East, and Africa before 2030[74](index=74&type=chunk) - The Group will focus on innovative applications of AI and large model technologies, accelerating the transformation of results, empowering products and services, and building a new paradigm for cost reduction and efficiency improvement[72](index=72&type=chunk) - The Group will deepen the "localization cooperation" and "following vehicle manufacturers" dual-track model, focusing on expanding into "Belt and Road" regional markets such as Southeast Asia, and enhancing international market share and brand influence[74](index=74&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 609 employees, with total staff costs of approximately 126.0 million HKD, and the Group reviews its remuneration system based on market wage levels and employee performance, offering various benefits and professional training - As of June 30, 2025, the Group had **609 employees**, a decrease from **623** as of December 31, 2024[75](index=75&type=chunk) - In the first half of 2025, total staff costs (including directors' emoluments) were approximately **126.0 million HKD**, an increase from **114.3 million HKD** in the first half of 2024[75](index=75&type=chunk) - The remuneration system is reviewed with reference to market wage levels and employee performance, and in addition to basic salaries, bonuses are paid based on the Group's performance and employee contributions[75](index=75&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not declare an interim dividend for the six months ended June 30, 2025, to retain cash for ongoing business development and future investment opportunities - The Board does not declare an interim dividend for the six months ended June 30, 2025[76](index=76&type=chunk) - The Group will retain cash to fund its ongoing business development and future investment opportunities[76](index=76&type=chunk) [Significant Acquisitions or Disposals](index=29&type=section&id=Significant%20Acquisitions%20or%20Disposals) On March 27, 2025, the company's subsidiary, Urban Rail Investment, sold 49% equity in Metro Technology to Beijing Metro for a consideration of RMB 68,332,215, and upon completion of the disposal, the Group no longer holds any equity in Metro Technology - The company's subsidiary, Urban Rail Investment, sold **49%** equity in Metro Technology to Beijing Metro for a consideration of **RMB 68,332,215** (approximately **74,208,785 HKD**)[77](index=77&type=chunk) - Upon completion of the disposal, the Group no longer holds any equity interest in Metro Technology[77](index=77&type=chunk) [Material Investments Held and Future Plans](index=29&type=section&id=Material%20Investments%20Held%20and%20Future%20Plans) The Group holds a 49% equity interest in Jingcheng Metro, which is primarily engaged in subway line investment, construction, operation, and management, with the Group's share of Jingcheng Metro's net assets amounting to approximately 266.1 million HKD and share of profit approximately 10.9 million HKD as of June 30, 2025, and no other material investments or capital asset plans during the period apart from those disclosed - The Group holds a **49%** equity interest in Beijing Jingcheng Metro Co., Ltd., which is primarily engaged in subway line investment, construction, operation, management, and value-added services[78](index=78&type=chunk) - As of June 30, 2025, the carrying value of the Group's share of Jingcheng Metro's net assets accounted for using the equity method was approximately **266.1 million HKD**[78](index=78&type=chunk) - In the first half of 2025, the Group's share of Jingcheng Metro's profit was approximately **10.9 million HKD**[78](index=78&type=chunk) - For the six months ended June 30, 2025, there were no other material investments, significant acquisitions or disposals of subsidiaries and associates, or other material investment or capital asset plans[79](index=79&type=chunk) [Standard Code for Securities Transactions](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted a code of conduct for securities transactions that is no less stringent than the Model Code set out in Appendix C3 of the Listing Rules, and the directors have confirmed compliance with this code for the six months ended June 30, 2025, with no instances of non-compliance by any employees observed - The company has adopted a code of conduct for securities transactions by directors and employees that is no less stringent than the Model Code set out in Appendix C3 of the Listing Rules[80](index=80&type=chunk) - The directors have confirmed compliance with the code for securities transactions and the Model Code for the six months ended June 30, 2025[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held during the period - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[81](index=81&type=chunk) - During the period, neither the company nor its subsidiaries held any treasury shares[81](index=81&type=chunk) [Audit Committee](index=30&type=section&id=Audit%20Committee) The company has established an Audit Committee in accordance with the Listing Rules, with primary responsibilities including advising on audit scope and external auditor appointment, reviewing financial statements, monitoring internal control and risk management systems, and reviewing internal audit functions, and as of June 30, 2025, the Audit Committee comprised three independent non-executive directors - The company has established an Audit Committee in accordance with the Listing Rules, and its terms of reference have been adopted with reference to the Corporate Governance Code[82](index=82&type=chunk) - The Audit Committee's primary responsibilities include advising on the audit scope and the appointment of external auditors, reviewing financial statements, and monitoring internal control and risk management systems[82](index=82&type=chunk) - As of June 30, 2025, the Audit Committee comprised Mr. Luo Zhenbang (Chairman), Mr. Huang Lixin, and Ms. Wu Ying'en, three independent non-executive directors[82](index=82&type=chunk) [Review of Interim Financial Report](index=31&type=section&id=Review%20of%20Interim%20Financial%20Report) The interim financial report is unaudited but has been reviewed by the company's independent auditor, BDO Limited, in accordance with Hong Kong Standard on Review Engagements 2410, and the Audit Committee has reviewed the report and deemed it compliant with applicable accounting standards, Listing Rules, and other statutory requirements - The interim financial report is unaudited but has been reviewed by the company's independent auditor, BDO Limited, in accordance with Hong Kong Standard on Review Engagements 2410[83](index=83&type=chunk) - The Audit Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025, and considers it to have complied with applicable accounting standards, the requirements of the Listing Rules, and other applicable statutory requirements[83](index=83&type=chunk) [Compliance with Corporate Governance Code](index=31&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Board believes that the company has complied with the Corporate Governance Code for the six months ended June 30, 2025 - The Board believes that the company has complied with the Corporate Governance Code for the six months ended June 30, 2025[84](index=84&type=chunk) [Events After Reporting Period](index=31&type=section&id=Events%20After%20Reporting%20Period) As of the date of this announcement, no other material events have occurred after the reporting period - As of the date of this announcement, no other material events have occurred after the reporting period[85](index=85&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the company's website and the website of Hong Kong Exchanges and Clearing Limited, and the company's 2025 interim report will be published on the aforementioned websites at a later date - This interim results announcement is published on the company's website (www.biitt.cn) and the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk)[86](index=86&type=chunk) - The company's 2025 interim report will be published on the aforementioned websites at a later date[86](index=86&type=chunk)

（股份代號：2597) 截至2025年6月30日止六個月之中期業績公告 財務摘要 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。 Beijing Xunzhong Communication Technology Co., Ltd. 北京訊眾通信技術股份有限公司 （於中華人民共合國註冊成立的股份有限公司） 項目 董事會欣然宣佈本集團截至2025年6月30日止六個月之未經審核合併中期業績， 連同2024年同期的比較數字。該業績乃按照《企業會計準則》以及上市規則的披露 要求而編製。 （除另有指明外，以下資料披露乃基於按照《企業會計準則》編製的未經審核合併 財務報表，金額單位為人民幣元。） 1 | 項目 | 附註 | 2025年6月30日 | 2024年12月31日 | | --- | --- | --- | --- | | 流動負債： | | | | | 短期借款 | | 247,189,695.27 | 255,292,974.25 | | 交易性金融 ...

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。 Fangzhou Inc. 方舟云康控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6086） 截 至2025年6月30日止六個月的 中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審核簡明 綜合中期業績，連同2024年同期的比較數字如下。該等中期業績已由 審核委員會及本公司核數師畢馬威會計師事務所審閱。 於本公告中，「我們」指本公司，倘文義另有所指，則指本集團。本公告 所載若干金額及百分比數字已經約整，或約整至小數點後一位或兩位 數。任何表格、圖表或其他地方所列總額與當中所列各數字總和之間 的差異乃因約整所致。 – 1 – 此job內 文size和heading size 已加大2pt，leading不 變 此job內 文size和heading size 已加大2pt，leading不 變 財務及業務亮點 我們在2025年上半年的強勁財務業績，反映出我們戰略規劃的堅 ...

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佈之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 - 1 - - 2 - ➢ 於截至二零二五年六月三十日止六個月，本集團錄得股東應佔綜合虧損 港幣382,700,000元，而於二零二四年同期錄得之虧損為港幣422,600,000 元。 ➢ 物業及酒店為本集團兩大主要業務。本集團主要在香港及內地從事物業 業務，由於兩地房地產市況低迷，導致自物業分部產生之收入較二零二 四年同期減少。 ➢ 然而，透過本公司之主要上市附屬公司Regal Hotels International Holdings Limited富豪酒店國際控股有限公司進行之酒店業務繼續表現 穩定，所貢獻之收入較上一比較期間增加。 ➢ 於回顧期間內，本集團之毛利為港幣403,300,000元。經主要計及投資物 業之公平值虧損及待售物業之減值虧損港幣200,800,000元以及各項行政 及其他費用後，本集團錄得減除折舊、融資成本及稅項前之經營業務虧 損為港幣14,500,000元。 ➢ 本集團於香港 ...

Financial Performance - For the six months ended June 30, 2025, the company reported a revenue of HKD 116,135,000, a decrease of 27.1% compared to HKD 159,263,000 for the same period in 2024[3] - The gross profit for the same period was HKD 13,986,000, down 45.5% from HKD 25,674,000 in 2024[3] - The company recorded a loss before tax of HKD 99,352,000, an improvement from a loss of HKD 155,776,000 in the previous year, representing a 36.2% reduction in losses[5] - The total comprehensive loss for the period was HKD 52,655,000, significantly lower than HKD 157,892,000 in the prior year[5] - The company reported a pre-tax loss of HKD 155,776,000 for the six months ended June 30, 2025, compared to a pre-tax loss of HKD 140,569,000 for the same period in 2024[24] - The group recorded a consolidated revenue of HKD 116,135,000 for the six months ended June 30, 2025, a decrease of 27.1% or HKD 43,128,000 compared to HKD 159,263,000 in the same period last year[34] - Gross profit for the period was HKD 13,986,000, down 45.5% or HKD 11,688,000 from HKD 25,674,000 year-on-year, with a gross margin of 12.0%, down 4.1% from 16.1%[34] - The group reported a loss of HKD 67,703,000 for the period, an improvement from a loss of HKD 140,569,000 in the previous year[34] Assets and Liabilities - The company's total assets decreased to HKD 1,726,201,000 from HKD 1,591,044,000 as of December 31, 2024, reflecting a growth of 8.5%[6] - Current liabilities were reported at HKD 962,459,000, down from HKD 999,030,000, indicating a reduction of 3.7%[7] - The net asset value of the company decreased to HKD 1,061,223,000 from HKD 1,113,116,000, a decline of 4.7%[7] - The company's inventory as of June 30, 2025, was HKD 101,208,000, a decrease of 6.4% from HKD 108,487,000[6] - Trade receivables, net of credit loss provisions, amounted to HKD 188,126,000 as of June 30, 2025, down from HKD 214,721,000 at the end of 2024[26] - Total trade and other payables were HKD 941,488,000 as of June 30, 2025, compared to HKD 975,635,000 at the end of 2024[27] - As of June 30, 2025, the group's current assets were approximately HKD 783,246,000, down from HKD 1,040,716,000 as of December 31, 2024[38] - The group's total equity decreased by 4.7% to HKD 1,061,223,000 as of June 30, 2025, compared to HKD 1,113,116,000 at the end of 2024[38] - The group had cash and bank deposits of approximately HKD 612,971,000 as of June 30, 2025, down from HKD 653,530,000 at the end of 2024[37] Dividends and Financial Costs - The company did not declare any interim dividends for the six months ended June 30, 2025[22] - The group has not proposed any interim dividend for the six months ended June 30, 2025[34] - The company incurred a total financial cost of HKD 4,100,000 for the six months ended June 30, 2025, a decrease from HKD 4,742,000 in 2024[17] - The company reported a total of HKD 31,649,000 in tax credits for the six months ended June 30, 2025, compared to HKD 15,207,000 in 2024[21] Business Segments - The company continues to focus on its core segments, including household products and PVC pipes, with total segment revenue of HKD 116,135,000 for the period[12] - The home products segment generated revenue of HKD 12,085,000, a decline of 67.8% from HKD 37,494,000 year-on-year, resulting in a loss of HKD 17,104,000[35] - Revenue from PVC pipes and fittings was HKD 103,373,000, down 14.1% from HKD 120,407,000, with a loss of HKD 15,614,000 recorded in this segment[35] Governance and Compliance - The company has adopted a set of standards for directors' securities trading that are less stringent than those outlined in the Listing Rules Appendix 10[45] - All directors have confirmed compliance with the adopted standards for securities trading conduct[45] - The board includes both executive and non-executive directors, ensuring a diverse governance structure[47] Economic Outlook - The board will assess the impact of the global economy on the group's business and implement appropriate cost control measures to improve operational efficiency[36]

Announcement Overview [Disclaimer and Company Information](index=1&type=section&id=1.1%20Disclaimer%20and%20Company%20Information) This announcement presents the unaudited condensed consolidated interim results of Jia Ge Peng You Holdings Limited for the six months ended June 30, 2025, reviewed by the audit committee - This announcement is issued by Hong Kong Exchanges and Clearing Limited, presenting the unaudited condensed consolidated interim results of **Jia Ge Peng You Holdings Limited (Stock Code: 1450)** for the six months ended June 30, 2025[1](index=1&type=chunk)[2](index=2&type=chunk) [Key Financial Highlights](index=1&type=section&id=1.2%20Key%20Financial%20Highlights) For the six months ended June 30, 2025, continuing operations generated **RMB 618,861 thousand** revenue and **RMB 55,367 thousand** profit, with adjusted net profit decreasing to **RMB 72,262 thousand** Key Financial Highlights (thousand RMB) | Indicator | Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 618,861 | 563,645 | | Gross Profit | 270,687 | 303,186 | | Profit for the Period | 55,367 | 88,418 | | **Discontinued Operations** | | | | Revenue | 57,459 | 58,418 | | Gross Profit | 25,257 | 17,412 | | Profit (Loss) for the Period | 983 | (4,605) | | **Consolidated Total** | | | | Revenue | 676,320 | 622,063 | | Gross Profit | 295,944 | 320,598 | | Profit for the Period | 56,350 | 83,813 | | **Non-HKFRS Measures** | | | | Adjusted Net Profit (Loss) | 72,262 | 110,707 | Management Discussion and Analysis [Business Review](index=2&type=section&id=2.1%20Business%20Review) In H1 2025, the Group's new media services revenue grew by **9.8%**, but net profit declined **37.4%** due to rising traffic costs and R&D, while traditional broadcasting business was divested for asset optimization [Macroeconomic and Industry Environment](index=2&type=section&id=2.1.1%20Macroeconomic%20and%20Industry%20Environment) In H1 2025, China's economy recovered steadily, but the live e-commerce industry faced rising traffic acquisition costs and slowing user growth, pressuring average profit margins - In H1 2025, China's economy saw steady recovery, but the live e-commerce industry faced challenges of rising traffic acquisition costs and slowing user growth, leading to pressure on average industry profit margins[4](index=4&type=chunk) [New Media Services Business Performance](index=2&type=section&id=2.1.2%20New%20Media%20Services%20Business%20Performance) New media services revenue grew **9.8%** to approximately **RMB 620 million**, driven by matrix live streaming, but net profit declined **37.4%** to **RMB 55.4 million** due to rising traffic costs and R&D investment - New media services business revenue reached approximately **RMB 620 million**, a year-on-year increase of approximately **9.8%**, primarily benefiting from matrix live streaming room development and multi-platform layout[5](index=5&type=chunk) - New media services business net profit was approximately **RMB 55.4 million**, a year-on-year decrease of approximately **37.4%**, primarily due to increased platform traffic acquisition costs and R&D and operation investment in the 'Friend Cloud' intelligent system[5](index=5&type=chunk) - The company optimizes live e-commerce business using the 'Friend Cloud' intelligent system, enhancing traffic efficiency and replicability through differentiated operational strategies and a matrix model (main and vertical accounts synergy)[6](index=6&type=chunk)[7](index=7&type=chunk) [Strategy and Operational Optimization](index=3&type=section&id=2.1.3%20Strategy%20and%20Operational%20Optimization) The Group strengthened its leading position by integrating supply chains and collaborating with local governments on 'export-to-domestic' initiatives, while also enhancing compliance, risk control, and employee welfare - The Group consolidated its leading industry position, strengthening the supply chain closed-loop via the 'industrial belt + brand + live streaming room' model, and collaborated with local governments on the 'export-quality goods to domestic sales' program, serving over a thousand foreign trade enterprises[7](index=7&type=chunk) - The company signed the **'Shanghai Live E-commerce Industry Self-Regulation Convention'**, built a multi-dimensional risk control system, and launched an **'employee care fund'**, strengthening corporate social responsibility and talent competitiveness[8](index=8&type=chunk) [Corporate Social Responsibility and Honors](index=3&type=section&id=2.1.4%20Corporate%20Social%20Responsibility%20and%20Honors) The company received prestigious awards like 'Hangzhou Credit Management Demonstration Enterprise' and 'Ecological Value Creation MCN', affirming its compliant governance and social value creation - The Group received awards such as **'Hangzhou Credit Management Demonstration Enterprise'** and **'Ecological Value Creation MCN'**, demonstrating its compliant governance and social value creation capabilities[8](index=8&type=chunk) [Divestment of Traditional Broadcasting Business](index=3&type=section&id=2.1.5%20Divestment%20of%20Traditional%20Broadcasting%20Business) The Group divested its traditional broadcasting business subsidiary on July 31, 2025, to optimize asset structure, release cash flow, and reallocate resources to high-potential new media areas - The Group signed an agreement on **March 28, 2025**, to sell **100% equity** of its traditional broadcasting business subsidiary, with the transaction completed on **July 31, 2025**, to optimize asset structure, release cash flow, and concentrate resources on high-potential areas[9](index=9&type=chunk)[10](index=10&type=chunk) [Future Outlook](index=4&type=section&id=2.2%20Future%20Outlook) The Group will focus on intelligent transformation, refined operations, professionalizing vertical live streaming, deepening 'Friend Cloud' system application, and strengthening data-driven decisions and regional industrial collaboration - Future focus will be on intelligent and technological transformation and refined operations, accelerating the professionalization of vertical live streaming rooms, and precisely matching users through algorithm recommendations[11](index=11&type=chunk) - Deepen the application of the **'Friend Cloud' intelligent system**, optimizing efficiency and costs in core links such as supply chain management and tiered traffic operations[11](index=11&type=chunk) - Accelerate strategic collaboration with regional industrial belts, integrate and optimize supply chain resources, and continuously improve the systematic governance structure, establishing a full-cycle risk control system[11](index=11&type=chunk) Financial Performance Analysis [Key Items of Consolidated Income Statement](index=5&type=section&id=3.1%20Key%20Items%20of%20Consolidated%20Income%20Statement) Continuing operations revenue grew **9.8%**, but gross profit and margin declined due to rising traffic costs; sales and administrative expenses optimized, while net finance costs shifted to expense, leading to a decrease in profit for the period, though discontinued operations turned profitable [Revenue](index=5&type=section&id=3.1.1%20Revenue) New media services revenue grew **9.8%** year-on-year to approximately **RMB 618.9 million**, driven by matrix live streaming and multi-platform expansion New Media Services Business Revenue (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 618,861 | 563,645 | 9.8% | [Cost of Sales and Gross Profit](index=5&type=section&id=3.1.2%20Cost%20of%20Sales%20and%20Gross%20Profit) New media services cost of sales increased **33.7%** to **RMB 348.2 million**, leading to a gross profit decrease to **RMB 270.7 million** and a **10.1 percentage point** drop in gross margin to **43.7%** New Media Services Business Cost of Sales and Gross Profit (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 348,174 | 260,459 | Increased 33.7% | | Gross Profit | 270,687 | 303,186 | Decreased 10.7% | | Gross Margin | 43.7% | 53.8% | Decreased 10.1 percentage points | [Selling and Administrative Expenses](index=5&type=section&id=3.1.3%20Selling%20and%20Administrative%20Expenses) Selling expenses slightly increased to **RMB 153.6 million** but optimized to **24.8%** of revenue, while administrative expenses decreased by **RMB 2.8 million** to **RMB 61.9 million**, optimizing to **10.0%** of revenue Selling and Administrative Expenses (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 153,641 | 151,072 | Increased 2.5 million RMB | | Selling Expenses as % of Revenue | 24.8% | 26.8% | Decreased 2.0 percentage points | | Administrative Expenses | 61,920 | 64,700 | Decreased 2.8 million RMB | | Administrative Expenses as % of Revenue | 10.0% | 11.5% | Decreased 1.5 percentage points | [Other Income and Finance Costs](index=6&type=section&id=3.1.4%20Other%20Income%20and%20Finance%20Costs) Net other income increased to **RMB 16.0 million** due to government grants, while net finance costs shifted from income to an expense of approximately **RMB 0.8 million**, driven by higher borrowing interest and lower deposit interest Other Income and Finance Costs (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Other Income | 15,969 | 15,139 | Increased 0.8 million RMB | | Net Finance (Costs) Income | (800) | 866 | Decreased 1.7 million RMB (shifted from income to expense) | [Income Tax Expense](index=6&type=section&id=3.1.5%20Income%20Tax%20Expense) New media services income tax expense was approximately **RMB 14.9 million**, consistent with the prior period, with China's corporate tax rates varying for high-tech and small low-profit enterprises New Media Services Business Income Tax Expense (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Income Tax Expense | 14,928 | 15,001 | - China's standard corporate income tax rate is **25%**, with high-tech enterprises enjoying a **15%** preferential rate, and small low-profit enterprises receiving tax benefits[66](index=66&type=chunk)[67](index=67&type=chunk) [Profit for the Period from Continuing Operations](index=6&type=section&id=3.1.6%20Profit%20for%20the%20Period%20from%20Continuing%20Operations) Profit for the period from continuing operations decreased to approximately **RMB 55.4 million**, primarily due to lower gross profit driven by rising platform traffic acquisition costs Profit for the Period from Continuing Operations (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 55,367 | 88,418 | Decreased 37.4% | [Profit from Discontinued Operations](index=12&type=section&id=3.1.7%20Profit%20from%20Discontinued%20Operations) Discontinued operations (broadcasting business) achieved a turnaround, recording a profit of **RMB 983 thousand** for the interim period, compared to a **RMB 4,605 thousand** loss in the prior period Profit from Discontinued Operations (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit (Loss) from Discontinued Operations | 983 | (4,605) | [Non-HKFRS Measures](index=7&type=section&id=3.2%20Non-HKFRS%20Measures) Adjusted net profit, a non-HKFRS measure, helps compare operating results by excluding non-indicative items; for continuing operations, it decreased to **RMB 71,279 thousand** for the six months ended June 30, 2025 - The company uses adjusted net profit as a supplementary financial measure to eliminate the impact of non-cash, one-off, or non-operating items, aiding in the comparison of operating results[21](index=21&type=chunk)[22](index=22&type=chunk) Non-HKFRS Measures Reconciliation (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period from Continuing Operations | 55,367 | 88,418 | | Adjustment for: Share-based Payment Expenses | 15,912 | 26,894 | | Adjusted Net Profit from Continuing Operations | 71,279 | 115,312 | [Earnings Per Share](index=14&type=section&id=3.3%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted EPS from continuing and discontinued operations were **RMB 4.24 cents** and **RMB 4.20 cents**, respectively, while continuing operations EPS were **RMB 4.26 cents** and **RMB 4.23 cents** Earnings Per Share (RMB cents) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Continuing and Discontinued Operations** | | | | Basic Earnings Per Share | 4.24 | 6.35 | | Diluted Earnings Per Share | 4.20 | 6.17 | | **Continuing Operations** | | | | Basic Earnings Per Share | 4.26 | 6.62 | | Diluted Earnings Per Share | 4.23 | 6.43 | Financial Position and Liquidity [Cash Flow](index=8&type=section&id=4.1%20Cash%20Flow) Net cash inflow from operating activities significantly increased to **RMB 138.5 million**, while investing activities shifted to a **RMB 24.3 million** net inflow, and financing activities resulted in a **RMB 38.2 million** net outflow due to loan repayments Cash Flow (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 138,509 | 20,263 | Increased 583.5% | | Net Cash Inflow (Outflow) from Investing Activities | 24,280 | (10,925) | Shifted from outflow to inflow | | Net Cash Outflow (Inflow) from Financing Activities | (38,170) | 49,683 | Shifted from inflow to outflow | | Cash and Cash Equivalents at End of Period | 238,963 | 208,244 | Increased 14.7% | [Key Items of Statement of Financial Position](index=8&type=section&id=4.2%20Key%20Items%20of%20Statement%20of%20Financial%20Position) As of June 30, 2025, total bank and other borrowings significantly decreased to **RMB 20.0 million**, with current assets at **RMB 573.4 million** and liabilities at **RMB 233.5 million**, improving the current ratio to **2.46** and reducing the gearing ratio to **-39.8%** [Bank and Other Borrowings](index=8&type=section&id=4.2.1%20Bank%20and%20Other%20Borrowings) Total bank and other borrowings significantly decreased from **RMB 212.1 million** to **RMB 20.0 million** by June 30, 2025, mainly due to reclassification of liabilities related to assets held for sale Bank and Other Borrowings (thousand RMB) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Bank and Other Borrowings | 20,000 | 212,057 | Decreased 90.6% | [Current Assets and Liabilities](index=8&type=section&id=4.2.2%20Current%20Assets%20and%20Liabilities) As of June 30, 2025, current assets were approximately **RMB 573.4 million** and liabilities **RMB 233.5 million**, with the current ratio improving from **1.50** to **2.46**, indicating significant liquidity enhancement Current Assets and Liabilities (thousand RMB) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Assets | 573,395 | 704,241 | Decreased 18.5% | | Current Liabilities | 233,492 | 470,902 | Decreased 50.4% | | Current Ratio | 2.46 | 1.50 | Increased 0.96 | [Gearing Ratio](index=10&type=section&id=4.2.3%20Gearing%20Ratio) The gearing ratio significantly decreased from **17.0%** to **-39.8%** by June 30, 2025, primarily due to increased bank balances and cash, and reclassification of liabilities related to assets held for sale Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | -39.8% | 17.0% | Decreased 56.8 percentage points | [Risk Management](index=9&type=section&id=4.3%20Risk%20Management) The Group faces minimal foreign exchange risk in HKD, USD, and JPY, with no hedging used, and interest rate risk from floating-rate borrowings is largely offset by cash, with no significant impact expected [Foreign Exchange Risk](index=9&type=section&id=4.3.1%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk exposure to HKD, USD, and JPY is considered minimal by management, with no material adverse impact on operations and no hedging instruments used - The Group is primarily exposed to foreign exchange risk in **HKD, USD, and JPY**, but management considers the impact minimal, with no material adverse effect on normal operations[29](index=29&type=chunk) - During the interim period, the Group did not use any financial instruments to hedge foreign exchange risk[29](index=29&type=chunk) [Interest Rate Risk](index=9&type=section&id=4.3.2%20Interest%20Rate%20Risk) Interest rate risk from floating-rate borrowings is largely offset by cash, with no significant impact expected; new media services had no secured borrowings, while broadcasting business had some loans secured by buildings - Interest rate risk primarily arises from floating-rate borrowings, partially offset by floating-rate cash, and management expects interest rate changes to have no significant impact on interest-bearing assets[30](index=30&type=chunk) - As of **June 30, 2025**, the new media services segment had no secured borrowings; the broadcasting business had **RMB 12,000,000** bank borrowings secured by buildings[31](index=31&type=chunk) Significant Events and Corporate Governance [Significant Investments, Acquisitions and Disposals](index=10&type=section&id=5.1%20Significant%20Investments,%20Acquisitions%20and%20Disposals) The Group made no significant investments during the interim period but divested its traditional broadcasting business subsidiary on July 31, 2025, to optimize asset structure and reallocate resources - The Group had no significant investments during the interim period[33](index=33&type=chunk) - The company signed an agreement on **March 28, 2025**, to sell **100% equity** of its traditional broadcasting business subsidiary, with the transaction completed on **July 31, 2025**, to optimize asset structure, release cash flow, and concentrate resources on high-potential areas[33](index=33&type=chunk) [Post Balance Sheet Events](index=11&type=section&id=5.2%20Post%20Balance%20Sheet%20Events) On August 5, 2025, the Group agreed to acquire **100% equity** of Hangzhou Jia Ge Peng You Education Technology Co., Ltd. to enhance new media services, integrate customer resources, and expand revenue streams - On **August 5, 2025**, the Group signed an agreement to conditionally acquire **100% equity** of Hangzhou Jia Ge Peng You Education Technology Co., Ltd., aiming to enhance new media services and live e-commerce capabilities, integrate customer resources, and expand revenue streams[38](index=38&type=chunk) [Dividends](index=10&type=section&id=5.3%20Dividends) The Board does not recommend the payment of any interim dividend for the current interim period - The Board does not recommend the payment of any interim dividend for the interim period[35](index=35&type=chunk)[70](index=70&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=5.4%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count decreased to **1,279**, with a remuneration policy covering salary, benefits, share awards, and social security contributions Employee Headcount | Date | Employee Headcount | | :--- | :--- | | June 30, 2025 | 1,279 | | December 31, 2024 | 1,475 | - The company has formulated a remuneration policy, including basic salary, allowances, benefits, and share awards, and contributes to social insurance, medical insurance, housing provident fund, and mandatory provident fund for employees[37](index=37&type=chunk) [Share Award Scheme](index=11&type=section&id=5.5%20Share%20Award%20Scheme) The company adopted a share award scheme in 2022 to recognize employee contributions, granting **10,473,300** award shares to selected participants on April 10, 2025 - The company adopted a share award scheme in **2022**, aiming to recognize and reward employee contributions[39](index=39&type=chunk)[77](index=77&type=chunk) - On **April 10, 2025**, the Board resolved to grant a total of **10,473,300** award shares to certain selected participants[39](index=39&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk) [Contingent Liabilities](index=10&type=section&id=5.6%20Contingent%20Liabilities) As of June 30, 2025, the Directors were unaware of any significant matters that might result in material contingent liabilities - As of **June 30, 2025**, the Directors were unaware of any significant matters that might give rise to material contingent liabilities[34](index=34&type=chunk)[87](index=87&type=chunk) [Corporate Governance and Directors' Information](index=35&type=section&id=5.7%20Corporate%20Governance%20and%20Directors'%20Information) The Group complied with the Corporate Governance Code, with Board changes including new appointments and resignations, and all Directors confirmed compliance with the Securities Trading Code, while the Audit Committee reviewed key financial and governance matters [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=5.7.1%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93](index=93&type=chunk) [Compliance with Corporate Governance Code](index=35&type=section&id=5.7.2%20Compliance%20with%20Corporate%20Governance%20Code) The Company complied with the applicable code provisions of the Corporate Governance Code during the interim period - The Company complied with the applicable code provisions of the Corporate Governance Code during the interim period[94](index=94&type=chunk) [Changes in Directors' Information](index=35&type=section&id=5.7.3%20Changes%20in%20Directors'%20Information) Board changes included Mr. Li Jun's resignation and Ms. Zhao Huili's appointment to the Nomination Committee, Mr. Kong Huawei's appointment as Chief Independent Non-executive Director, and Mr. Lu Zhisen's resignation as Executive Director - **Mr. Li Jun** resigned as a member of the Nomination Committee, **Ms. Zhao Huili** was appointed as a member of the Nomination Committee, **Mr. Kong Huawei** was appointed as Chief Independent Non-executive Director, and **Mr. Lu Zhisen** resigned as Executive Director[95](index=95&type=chunk) [Standard Code for Securities Transactions by Directors](index=36&type=section&id=5.7.4%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a securities trading code, no less exacting than the Listing Rules' Standard Code, and all Directors confirmed compliance during the interim period - The Company adopted a securities trading code, and all Directors confirmed compliance with this code during the interim period[96](index=96&type=chunk) [Audit Committee](index=36&type=section&id=5.7.5%20Audit%20Committee) The Audit Committee, composed of three independent non-executive Directors, reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters without disagreement - The Audit Committee, comprising three independent non-executive Directors, reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, with no disagreements[97](index=97&type=chunk) [Publication](index=36&type=section&id=5.7.6%20Publication) This interim results announcement is available on the HKEX and Company websites, with the 2025 interim report to be provided to shareholders in due course - This interim results announcement has been published on the **HKEX website** and the **Company's website**, and the **2025 interim report** will be made available to shareholders at the appropriate time[98](index=98&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 JINSHANG BANK CO., LTD.* 晉 商 銀 行 股 份 有 限 公 司 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2558） 截至2025年6月30日止六個月之 中期業績公告 晉商銀行股份有限公司*（「本行」）董事（「董事」）會（「董事會」）欣然宣佈本行及其附屬公司 截至2025年6月30日止六個月之未經審計合併中期業績。本公告列載本行2025年中期報 告全文，並符合《香港聯合交易所有限公司證券上市規則》中有關中期業績初步公告附載 資料的要求。本行2025年中期報告將於2025年9月登載於本行網站(www.jshbank.com)及 香港聯合交易所有限公司網站(www.hkexnews.hk) ，印刷版本將寄發予已表示希望收取本 行公司通訊之印刷版本的本行H股股東。 - 1 - 發佈中期業績公告 本中期業績公告的中英文版本可在本 ...

[Financial and Business Summary](index=1&type=section&id=Financial%20and%20Business%20Summary) This summary presents key financial and business indicators for the six months ended June 30, 2025, compared to the same period in 2024, showing a decrease in revenue but a narrowed loss attributable to owners of the parent Financial and Business Summary for the Six Months Ended June 30, 2025 | Metric | Six Months Ended June 30, 2025 (HKD million) | Six Months Ended June 30, 2024 (HKD million) | % Change | | :--- | :--- | :--- | :--- | | Revenue | 1,186.0 | 1,392.0 | -14.8% | | Gross Profit | 403.8 | 414.2 | -2.5% | | Profit/(Loss) from Operating Activities Before Depreciation, Finance Costs and Tax | (24.7) | 78.0 | Not Applicable | | Loss Attributable to Owners of the Parent | (613.4) | (676.3) | -9.3% | | Basic Loss Per Ordinary Share Attributable to Owners of the Parent | HKD (0.59) | HKD (0.64) | -7.8% | | **At Period End** | **As at June 30, 2025** | **As at December 31, 2024** | **% Change** | | Book Value of Net Asset Value Per Ordinary Share Attributable to Owners of the Parent | HKD 7.13 | HKD 7.61 | -6.3% | | Adjusted Net Asset Value Per Ordinary Share Attributable to Owners of the Parent | HKD 12.57 | HKD 13.12 | -4.2% | [Overall Performance Overview](index=2&type=section&id=Overall%20Performance%20Overview) This section outlines the Group's financial performance, key business segments, and future outlook for the first half of 2025, showing narrowed overall loss despite reduced property income due to market downturn, with stable hotel operations and active non-core asset disposals [Financial Results](index=2&type=section&id=Financial%20Results) The Group's consolidated loss attributable to shareholders decreased in the first half of 2025, driven by stable hotel growth but offset by lower property segment income and fair value losses on investment properties - For the six months ended June 30, 2025, the Group recorded a consolidated loss attributable to shareholders of **HKD 613.4 million**, a narrowing from **HKD 676.3 million** in the same period of 2024[5](index=5&type=chunk)[6](index=6&type=chunk) - Property segment revenue decreased compared to the same period in 2024, primarily due to the sluggish real estate market conditions in Hong Kong and Mainland China[5](index=5&type=chunk)[6](index=6&type=chunk) - Hotel business performance was stable, with increased revenue contribution compared to the previous comparative period[5](index=5&type=chunk)[6](index=6&type=chunk) - Gross profit was **HKD 403.8 million** (2024: HKD 414.2 million), with an operating loss of **HKD 24.7 million** (2024: profit of HKD 78.0 million), primarily impacted by fair value losses on investment properties and impairment losses on properties held for sale totaling approximately **HKD 200.8 million**[5](index=5&type=chunk)[6](index=6&type=chunk) - Depreciation expenses for Hong Kong hotel properties amounted to **HKD 335.4 million**, adversely affecting reported results but having no impact on cash flow[5](index=5&type=chunk) [Business Review](index=4&type=section&id=Business%20Review) The Group comprises four listed companies with diversified business interests including property, hotels, aircraft ownership and leasing, and financial asset investments, conducted through Regal Hotels International Holdings Limited and P&R Holdings Limited - The Group consists of four listed companies with diversified business interests, including property, hotels, aircraft ownership and leasing, and financial assets and other investments[9](index=9&type=chunk) - The Group directly holds approximately **69.3%** controlling interest in Regal Hotels International Holdings Limited, which in turn holds approximately **74.9%** of the fund units in Regal Real Estate Investment Trust[9](index=9&type=chunk) - The Group conducts its Hong Kong property development and investment business through P&R Holdings Limited, a **50/50** joint venture with Regal[9](index=9&type=chunk) - P&R also holds a beneficial controlling interest in Cosmopolitan International Holdings Limited, which primarily engages in property development in China[10](index=10&type=chunk) [Outlook](index=6&type=section&id=Outlook) Despite anticipated challenging economic conditions, management is actively planning to dispose of certain non-core assets to strengthen the Group's financial foundation - Management is taking proactive steps, planning to dispose of certain non-core assets held by the Group across various segments[17](index=17&type=chunk) - The objective is to strengthen the Group's financial foundation, despite the overall economic environment potentially remaining challenging[17](index=17&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's diversified business segments, including property development and investment, construction, hotel ownership and management, aircraft leasing, and financial asset investments, analyzing market conditions and operational updates for various projects and subsidiaries [Business Review](index=6&type=section&id=Business%20Review) The Group's core businesses encompass property development and investment, construction, hotel ownership and management, asset management, aircraft ownership and leasing, and other investments, primarily conducted through its listed subsidiaries Regal, Regal REIT, and Cosmopolitan, with P&R Holdings Limited as a key property joint venture - The Group's significant investments and principal businesses include property development and investment, construction and building-related businesses, hotel ownership, hotel operation and management, asset management, aircraft ownership and leasing, and other investments[18](index=18&type=chunk) - Regal, a major listed subsidiary of the Group, has business interests including hotel ownership (through Regal REIT), hotel operation and management, asset management, property development and investment (through P&R), and aircraft ownership and leasing[18](index=18&type=chunk) - Cosmopolitan, a listed subsidiary held through P&R, primarily engages in property development and investment in China, as well as other investments[19](index=19&type=chunk) [Property](index=5&type=section&id=Property) The Group's property business faces challenges in Hong Kong and China, yet the Hong Kong residential market shows stable signs, with ongoing residential and commercial projects, active disposal of remaining units and non-core overseas assets, and retention of some properties for recurring income [P&R Holdings Limited (P&R) Property Projects](index=7&type=section&id=P%26R%20Holdings%20Limited%20(P%26R)%20Property%20Projects) P&R, a key entity for the Group's Hong Kong property development, continues sales of the luxury residential project Mount Regalia, holds properties like We Go MALL and iclub Mong Kok Hotel for recurring income, and plans new commercial/residential developments in Shau Kei Wan and Castle Peak Road - Overall demand in the Hong Kong residential property market remains relatively stable, with continuous growth in total sales transactions and a narrowing trend in property price declines[11](index=11&type=chunk) - Mount Regalia (Kau To, Sha Tin) has sold or agreed to sell **21 garden houses** and **77 apartment units**, generating total sales of **HKD 5,218.5 million**, with **3 houses** and **59 apartment units** currently remaining for sale[24](index=24&type=chunk) - P&R holds properties such as We Go MALL (Ma On Shan, Sha Tin), iclub Mong Kok Hotel, and iclub AMTD Sheung Wan Hotel (P&R holds **50%** interest) to generate recurring and operating income[12](index=12&type=chunk)[21](index=21&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - P&R owns two commercial/residential development sites in Kam Wa Street, Shau Kei Wan, and Castle Peak Road, with the Castle Peak Road project having successfully consolidated **100%** ownership and currently in discussions with the government for a conservation and development proposal[12](index=12&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Regal Hotels International Holdings Limited](index=9&type=section&id=Regal%20Hotels%20International%20Holdings%20Limited) Regal Hotels International Holdings Limited successfully operates Regala Skycity Hotel in Hong Kong and achieved strong sales for The Alto residential project, while actively disposing of overseas properties in London and Lisbon to optimize its asset portfolio - Regala Skycity Hotel (Hong Kong International Airport) officially opened in April 2023, featuring **1,208 rooms and suites**, and has received BEAM Plus Gold and EarthCheck Design Gold certifications[30](index=30&type=chunk) - The remaining **123 residential units** at The Alto (Queen's Road West, Hong Kong) were relaunched for sale, with **120 units** sold or agreed to be sold to date, generating total sales of **HKD 898.7 million**[31](index=31&type=chunk) - Regal Group retains **8 garden houses** at Regalia Bay (Stanley, Hong Kong), with some continuing to be offered for sale[33](index=33&type=chunk) - Regal Group has entered into a conditional agreement to dispose of its wholly-owned subsidiary holding the property at **41 Kingsway, London, UK**, for a purchase price of **GBP 19.5 million** (approximately **HKD 204.1 million**), with the transaction pending shareholder approval[35](index=35&type=chunk) - Regal Group has entered into an agreement to dispose of its project company holding the property at **Rua Dos Fanqueiros 156, Lisbon, Portugal**, for a cash consideration of **EUR 9.3 million** (approximately **HKD 83.9 million**), expected to complete by May 2026[36](index=36&type=chunk) [Cosmopolitan International Holdings Limited](index=11&type=section&id=Cosmopolitan%20International%20Holdings%20Limited) Cosmopolitan International Holdings Limited continues sales of remaining commercial and parking units at its China property developments in Chengdu and Tianjin, albeit slowly due to subdued market demand, while its Xinjiang project involves afforestation for future real estate development land acquisition - Sales of commercial units and parking spaces at the Chengdu project – Regal International Plaza – are ongoing but progressing relatively slowly; internal construction of the hotel has been completed and property ownership certificates obtained[38](index=38&type=chunk)[39](index=39&type=chunk) - Sales of commercial units at the Tianjin project – Regal New Gate – continue, with a total area of **16,050 square meters** sold for approximately **RMB 374.1 million**; the overall Tianjin real estate market, particularly for commercial properties, remains weak[40](index=40&type=chunk)[41](index=41&type=chunk) - The Xinjiang project involves afforestation on approximately **4,300 mu** of land to acquire about **1,843 mu** for real estate development, with the Group having the right to participate in bidding and receive compensation for afforestation costs[42](index=42&type=chunk) [Construction and Building-Related Businesses](index=13&type=section&id=Construction%20and%20Building-Related%20Businesses) The Group's wholly-owned Paliburg Engineering Limited serves as the main contractor for P&R's residential projects and the Group's Hong Kong hotel projects, providing construction management services, while the development consultancy division offers professional support for internal projects from feasibility to completion - Paliburg Engineering Limited provides main contractor services for P&R's residential projects and the Group's Hong Kong hotel projects, and is responsible for construction management[43](index=43&type=chunk) - The development consultancy division offers professional services such as development appraisal, project management, construction, interior design, quality control, and quantity surveying to support development projects of Group member companies[43](index=43&type=chunk) [Financial Assets and Other Investments](index=13&type=section&id=Financial%20Assets%20and%20Other%20Investments) The Group maintains a substantial investment portfolio encompassing listed securities, investment funds, private equity, bonds, and treasury products, which recorded a net loss during the review period - The Group holds a substantial investment portfolio, including listed securities and other investments, covering investment funds, private equity, bonds, and treasury products[44](index=44&type=chunk) - During the review period, the Group recorded a net loss in its financial asset investment business[44](index=44&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) This section reviews the Group's financial position, including asset valuation, capital resources, cash flow, debt levels, and gearing ratios, highlighting the impact of revaluing Hong Kong hotel properties on adjusted net asset value and outlining funding strategies and asset pledges [Asset Values](index=14&type=section&id=Asset%20Values) The Group's Hong Kong hotel properties are accounted for at cost less accumulated depreciation, but their market value significantly exceeds book value; for reference, the Group presents an adjusted net asset value per ordinary share of **HKD 12.57** after revaluing hotel properties to market value - The total market value of the Group's hotel properties in Hong Kong significantly exceeds their total book value, due to the requirement to account for accumulated depreciation[8](index=8&type=chunk)[45](index=45&type=chunk) Unaudited Adjusted Net Asset Value Attributable to Owners of the Parent | Metric | As at June 30, 2025 (HKD million) | Per Ordinary Share (HKD) | | :--- | :--- | :--- | | Book Value of Net Asset Value Attributable to Owners of the Parent | 7,952.5 | 7.13 | | Adjustment for Revaluation of the Group's Hong Kong Hotel Property Portfolio to Market Value and Reversal of Related Deferred Tax Liabilities | 6,056.2 | 5.44 | | Unaudited Adjusted Net Asset Value Attributable to Owners of the Parent | 14,008.7 | 12.57 | [Capital Resources and Funding](index=14&type=section&id=Capital%20Resources%20and%20Funding) The Group adopts prudent funding and financial policies, primarily using internal funds and bank loans for property development projects, and periodically reviews interest rate hedging instruments and considers foreign exchange hedging for overseas investments to manage risks - The Group's overall business operations consistently adopt prudent funding and financial policies, with cash balances primarily held as bank deposits[46](index=46&type=chunk) - Funding for Hong Kong property development projects is partly from internal resources, with the remainder provided through bank loans covering a portion of land premiums and most construction costs[46](index=46&type=chunk) - Funding for China and overseas development projects primarily utilizes internal funds and proceeds from pre-sale units, with project loans potentially arranged[46](index=46&type=chunk) - Management reviews the use of interest rate hedging instruments based on business and operational needs and may consider using USD or HKD to hedge part or all of overseas investment amounts to control foreign exchange fluctuation risks[47](index=47&type=chunk) [Cash Flow](index=15&type=section&id=Cash%20Flow) During the review period, the Group's net cash flow from operating activities significantly increased, while net interest expenses decreased - Net cash flow from operating activities was **HKD 198.3 million** (2024: HKD 21.0 million)[48](index=48&type=chunk) - Net interest expenses were **HKD 472.9 million** (2024: HKD 593.5 million)[48](index=48&type=chunk) [Debt and Gearing Ratio](index=15&type=section&id=Debt%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's cash and bank balances decreased, leading to an increase in debt net of cash and a higher gearing ratio; however, the adjusted gearing ratio is lower when total assets are adjusted by revaluing Hong Kong hotel properties to market value - Cash and bank balances together with time deposits amounted to **HKD 982.6 million** (December 31, 2024: HKD 1,404.2 million)[49](index=49&type=chunk) - Debt net of cash and bank balances together with time deposits was **HKD 18,524.7 million** (December 31, 2024: HKD 18,332.2 million)[49](index=49&type=chunk) - The gearing ratio was **52.8%** (December 31, 2024: 50.8%)[49](index=49&type=chunk) - After adjusting for the revaluation of Hong Kong hotel properties to market value, the adjusted gearing ratio was **40.4%** (December 31, 2024: 38.9%)[49](index=49&type=chunk) [Lease Liabilities](index=15&type=section&id=Lease%20Liabilities) As of June 30, 2025, the Group's lease liabilities slightly decreased compared to December 31, 2024 - Lease liabilities amounted to **HKD 9.2 million** (December 31, 2024: HKD 10.8 million)[51](index=51&type=chunk) [Pledged Assets](index=16&type=section&id=Pledged%20Assets) A significant portion of the Group's properties under development, property, plant and equipment, investment properties, right-of-use assets, properties held for sale, time deposits, and bank balances are pledged to secure bank loans and related bank guarantees - As of June 30, 2025, a total of **HKD 28,511.3 million** in properties under development, property, plant and equipment, investment properties, right-of-use assets, properties held for sale, time deposits, and bank balances were pledged to secure bank loans and lease guarantees[52](index=52&type=chunk) - Certain ordinary shares held by a listed subsidiary with a market value of **HKD 54.2 million**, along with equity interests in certain property-holding companies and other assets, were also pledged to secure other debts[52](index=52&type=chunk)[53](index=53&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments) Details of the Group's capital commitments as of June 30, 2025, will be presented in the interim financial statements - Details of capital commitments are contained in the condensed consolidated financial statements in the Company's interim report for the six months ended June 30, 2025, to be published on or before September 30, 2025[54](index=54&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) Details of the Group's contingent liabilities as of June 30, 2025, will be presented in the interim financial statements - Details of contingent liabilities are contained in the interim financial statements[55](index=55&type=chunk) [Dividends](index=16&type=section&id=Dividends) The Board of Directors resolved not to declare an interim dividend for the financial year ending December 31, 2025 - The Board of Directors resolved not to declare an interim dividend for the financial year ending December 31, 2025 (2024: nil)[56](index=56&type=chunk) [Interim Results](index=17&type=section&id=Interim%20Results) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of comprehensive income, and statement of financial position, with detailed notes on accounting policies, segment information, revenue analysis, finance costs, taxation, and post-reporting date events [Condensed Consolidated Income Statement](index=17&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group recorded a loss attributable to owners of the parent of **HKD 613.4 million**, an improvement from the prior year, despite a decrease in revenue, primarily due to significantly reduced finance costs Key Data from Condensed Consolidated Income Statement | Metric | Six Months Ended June 30, 2025 (HKD million) | Six Months Ended June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Revenue | 1,186.0 | 1,392.0 | | Gross Profit | 403.8 | 414.2 | | Other Income and Gains (Net) | 15.4 | 112.2 | | Fair Value Loss on Investment Properties (Net) | (168.0) | (101.7) | | Operating Loss | (370.8) | (278.6) | | Finance Costs | (521.4) | (651.9) | | Loss Before Tax | (894.0) | (933.5) | | Loss Attributable to Owners of the Parent | (613.4) | (676.3) | [Condensed Consolidated Statement of Comprehensive Income](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive loss was **HKD 839.9 million**, a narrowing from the prior year, mainly influenced by exchange differences and fair value changes in cash flow hedges Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | Six Months Ended June 30, 2025 (HKD million) | Six Months Ended June 30, 2024 (HKD million) | | :--- | :--- | :--- | | Loss for the Period | (899.4) | (1,021.3) | | Other Comprehensive Income/(Loss) | 59.5 | (52.3) | | Total Comprehensive Loss for the Period | (839.9) | (1,073.6) | | Attributable to Owners of the Parent | (566.7) | (711.6) | - Exchange differences on translation of overseas operations resulted in a gain of **HKD 107.5 million** (2024: loss of HKD 61.6 million)[61](index=61&type=chunk) [Condensed Consolidated Statement of Financial Position](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and net assets, as well as net current assets, decreased compared to December 31, 2024, reflecting changes in the asset and liability structure Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Total Non-Current Assets | 25,988.6 | 26,893.0 | | Total Current Assets | 9,066.3 | 9,227.8 | | Total Current Liabilities | (7,965.0) | (7,697.1) | | Net Current Assets | 1,101.3 | 1,530.7 | | Net Assets | 12,698.7 | 13,479.8 | | Equity Attributable to Owners of the Parent | 7,952.5 | 8,484.9 | - Properties under development (current assets) decreased from **HKD 1,868.9 million** to **HKD 657.7 million**[62](index=62&type=chunk) - Properties held for sale increased from **HKD 5,211.4 million** to **HKD 6,322.8 million**[62](index=62&type=chunk) [Notes](index=22&type=section&id=Notes) These notes provide detailed explanations and supplementary information for the condensed consolidated financial statements, covering accounting policies, segment information, revenue composition, finance costs, taxation, earnings per share calculation, and significant post-reporting date events [Accounting Policies and Basis of Preparation](index=22&type=section&id=Accounting%20Policies%20and%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34, adopting revised HKFRS for the first time, with HKAS 21 amendments on lack of exchangeability having no impact, and are based on a going concern assumption considering future cash flows, asset disposal plans, and refinancing arrangements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants[64](index=64&type=chunk) - The amendments to HKAS 21 'Lack of Exchangeability' have no impact on the condensed consolidated financial statements, as all the Group's transaction currencies are exchangeable[65](index=65&type=chunk) - The condensed consolidated financial statements are prepared on the assumption that the Group can continue as a going concern, considering estimated cash flows for the next twelve months, contracted sales of property assets, plans for disposal of non-core assets, and bank loan refinancing arrangements[66](index=66&type=chunk)[67](index=67&type=chunk) [Segment Information](index=23&type=section&id=Segment%20Information) The Group's operations are categorized into seven segments: property development and investment, construction and building-related businesses, hotel operation and management and hotel ownership, asset management, financial asset investment, aircraft ownership and leasing, and other businesses, with management monitoring each segment's performance based on adjusted profit/loss before tax - The composition of the Group's business units is classified based on the products and services of each business unit, totaling **seven** operating business segments[68](index=68&type=chunk)[70](index=70&type=chunk) - Segment performance is assessed based on the profit/(loss) of the reported segment, which measures adjusted profit/(loss) before tax[68](index=68&type=chunk) Revenue and Segment Results Before Depreciation by Business Segment | Segment | 2025 H1 Sales to External Customers (HKD million) | 2024 H1 Sales to External Customers (HKD million) | 2025 H1 Segment Results Before Depreciation (HKD million) | 2024 H1 Segment Results Before Depreciation (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Property Development and Investment | 248.4 | 491.0 | (204.8) | (117.1) | | Construction and Building-Related Businesses | 15.4 | 8.8 | (8.1) | (4.3) | | Hotel Operation and Management and Hotel Ownership | 878.8 | 841.2 | 248.6 | 251.2 | | Asset Management | – | – | (6.6) | (6.5) | | Financial Asset Investment | 0.8 | 2.4 | (0.5) | (65.4) | | Aircraft Ownership and Leasing | – | 11.8 | – | 78.2 | | Other | 42.6 | 36.8 | 1.0 | 2.3 | | **Total** | **1,186.0** | **1,392.0** | **29.6** | **138.4** | [Analysis of Revenue, Other Income and Gains (Net)](index=25&type=section&id=Analysis%20of%20Revenue%2C%20Other%20Income%20and%20Gains%20(Net)) The Group's total revenue decreased primarily due to a significant reduction in property sales revenue, despite growth in hotel operation and management services income, while other income and gains net significantly declined due to lower gains from disposal of property, plant and equipment and reduced interest and dividend income Revenue Source Analysis | Revenue Source | 2025 H1 (HKD million) | 2024 H1 (HKD million) | | :--- | :--- | :--- | | Proceeds from Property Sales | 216.6 | 455.7 | | Hotel Operation and Management Services | 848.6 | 808.7 | | Construction and Building-Related Revenue | 11.1 | 4.5 | | Property Management Fees | 4.3 | 4.3 | | Other Businesses | 42.6 | 36.8 | | Rental Income (Hotel Properties, Investment Properties, Aircraft, Other) | 59.6 | 77.1 | | Interest Income (Financial Assets, Finance Leases) | 2.6 | 3.3 | | Dividend Income from Listed Investments | 0.8 | 1.6 | | Loss on Disposal of Listed Investments (Net) | (0.2) | – | | **Total Revenue** | **1,186.0** | **1,392.0** | Analysis of Other Income and Gains (Net) | Source | 2025 H1 (HKD million) | 2024 H1 (HKD million) | | :--- | :--- | :--- | | Bank Interest Income | 6.1 | 12.7 | | Other Interest Income | 8.0 | 11.2 | | Dividend Income from Unlisted Investments | 5.1 | 9.6 | | Loss on Disposal of Unlisted Investments | (5.5) | – | | Gain on Disposal of Property, Plant and Equipment Items | 0.1 | 69.2 | | Other | 1.6 | 9.5 | | **Total** | **15.4** | **112.2** | [Analysis of Profit from Property Sales and Depreciation](index=26&type=section&id=Analysis%20of%20Profit%20from%20Property%20Sales%20and%20Depreciation) The Group's net profit from property sales slightly decreased, and the total depreciation of property, plant and equipment and right-of-use assets also saw a minor reduction - Net profit from property sales was **HKD 73.7 million** (2024: HKD 77.0 million)[75](index=75&type=chunk) - Depreciation of property, plant and equipment was **HKD 176.1 million** (2024: HKD 184.1 million)[75](index=75&type=chunk) - Depreciation of right-of-use assets was **HKD 170.0 million** (2024: HKD 172.5 million)[75](index=75&type=chunk) [The Group's Finance Costs](index=27&type=section&id=The%20Group%27s%20Finance%20Costs) The Group's total finance costs significantly decreased, primarily due to a reduction in interest on bank loans Finance Cost Analysis | Item | 2025 H1 (HKD million) | 2024 H1 (HKD million) | | :--- | :--- | :--- | | Interest on Bank Loans | 475.8 | 608.6 | | Interest on Other Debts | 15.5 | 15.9 | | Interest Expense on Contract Revenue | 0.7 | 2.5 | | Interest on Lease Liabilities | 0.2 | 0.3 | | Amortization of Debt Establishment Costs | 24.9 | 25.8 | | Fair Value Change of Derivative Financial Instruments – Cash Flow Hedges | 2.9 | (3.9) | | Other Loan Costs | 1.4 | 2.8 | | **Total Finance Costs** | **521.4** | **651.9** | [Income Tax Expense for the Period](index=28&type=section&id=Income%20Tax%20Expense%20for%20the%20Period) The Group's income tax expense for the period significantly decreased, mainly due to a negative adjustment for China Land Appreciation Tax and the impact of deferred tax Income Tax Expense Analysis | Item | 2025 H1 (HKD million) | 2024 H1 (HKD million) | | :--- | :--- | :--- | | Current – Hong Kong Tax Expense for the Period | 12.5 | 11.3 | | Current – China and Overseas Tax Expense for the Period | – | 7.6 | | Underprovision in Prior Years | 0.3 | – | | China Land Appreciation Tax | (3.0) | 78.6 | | Deferred Tax | (4.4) | (9.7) | | **Total Tax Expense for the Period** | **5.4** | **87.8** | - Provision for Hong Kong profits tax is calculated at the applicable tax rate of **16.5%**[77](index=77&type=chunk) - China Land Appreciation Tax is levied at progressive rates ranging from **30% to 60%**, except for sales of ordinary residential properties where the appreciation value does not exceed **20%** of the total deductible items[78](index=78&type=chunk) [Dividends](index=29&type=section&id=Dividends) No dividends were paid or declared by the Group during the six months ended June 30, 2025, nor have any been declared subsequent to the reporting period end - No dividends were paid or declared during the six months ended June 30, 2025, and no dividends have been declared subsequent to the end of the reporting period (2024: nil)[79](index=79&type=chunk) [Loss Per Ordinary Share Attributable to Owners of the Parent](index=18&type=section&id=Loss%20Per%20Ordinary%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the period ended June 30, 2025, the basic loss per ordinary share attributable to owners of the parent was **HKD (0.59)**, an improvement from the prior year, with no dilution adjustment as there were no potentially dilutive ordinary shares - The basic loss per ordinary share for the period ended June 30, 2025, was **HKD (0.59)** (2024: HKD (0.64))[4](index=4&type=chunk)[59](index=59&type=chunk) - The loss calculation has been adjusted for accrued distributions of **HKD 39.5 million** (2024: HKD 39.6 million) attributable to Regal Group's perpetual securities[79](index=79&type=chunk) - As the Company has no ordinary shares issued that would have a potential dilutive effect, no adjustment has been made to the basic loss per ordinary share[79](index=79&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=29&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of June 30, 2025, the Group's trade receivables from customers slightly increased, with most aged within three months; the Group maintains strict control over outstanding amounts and does not have excessive credit risk concentration - Trade receivables from customers amounted to **HKD 118.0 million** (December 31, 2024: HKD 113.7 million)[79](index=79&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Within 3 months | 98.3 | 93.2 | | 4 to 6 months | 9.7 | 8.1 | | 7 to 12 months | 6.8 | 8.7 | | Over 1 year | 12.6 | 16.2 | | **Total** | **127.4** | **126.2** | | Impairment | (9.4) | (12.5) | | **Net** | **118.0** | **113.7** | - Trade receivables from customers generally have credit terms of **30 to 90 days** and are recognized and carried at their original invoice amounts less impairment[80](index=80&type=chunk) [Trade and Other Payables](index=30&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's trade payables to debtors significantly decreased, with most aged within three months - Trade payables to debtors amounted to **HKD 41.0 million** (December 31, 2024: HKD 77.1 million)[80](index=80&type=chunk) Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Within 3 months | 37.7 | 71.2 | | 4 to 6 months | 1.2 | 5.4 | | 7 to 12 months | 1.9 | 0.1 | | Over 1 year | 0.2 | 0.4 | | **Total** | **41.0** | **77.1** | - Trade payables to debtors are non-interest bearing and generally have repayment terms within **90 days**[80](index=80&type=chunk) [Events After the Reporting Period](index=30&type=section&id=Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, Regal Group entered into an agreement with an independent third-party buyer to dispose of its wholly-owned subsidiary (owning a London property) for a total purchase price of **GBP 19.5 million**, pending approval from the ultimate listed parent company's shareholders - On July 29, 2025, Regal Group entered into a share purchase agreement with an independent third-party buyer to dispose of its wholly-owned subsidiary (owning the property at **41 Kingsway, London, UK**) for a total purchase price of **GBP 19.5 million** (equivalent to approximately **HKD 204.1 million**)[80](index=80&type=chunk) - The completion of this transaction is subject to, among other things, the passing of relevant resolutions by the shareholders of the Group's ultimate listed parent company, Century City International Holdings Limited[80](index=80&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) This section covers the company's listed securities transactions, review of interim results, compliance with corporate governance (including the unseparated roles of Chairman and CEO), and the composition of the Board of Directors during the reporting period [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[81](index=81&type=chunk) [Review of Results](index=31&type=section&id=Review%20of%20Results) The Group's condensed consolidated financial statements for the six months ended June 30, 2025, though unaudited, have been reviewed by external auditor Ernst & Young and the Audit Committee - The Group's condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the Company's external auditor, Ernst & Young[82](index=82&type=chunk) - The Audit Committee has reviewed the Group's condensed consolidated financial statements with the Company's external auditor, including the accounting standards and practices adopted[82](index=82&type=chunk) [Corporate Governance](index=31&type=section&id=Corporate%20Governance) The Company has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited during the six months ended June 30, 2025, with the exception of the unseparated roles of Chairman and Chief Executive Officer, which is due to the practical needs of the Group's corporate operational structure - The Company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the six months ended June 30, 2025[83](index=83&type=chunk) - The roles of Chairman and Chief Executive Officer are not segregated and are not performed by two separate individuals, which is due to the practical needs of the Group's corporate operational structure[83](index=83&type=chunk) [Board of Directors](index=32&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises executive and independent non-executive directors, with Mr. Lo Yuk Sui serving as Chairman and Chief Executive Officer - The Board of Directors includes executive directors and independent non-executive directors[84](index=84&type=chunk)[85](index=85&type=chunk) - Mr. Lo Yuk Sui serves as Chairman and Chief Executive Officer[85](index=85&type=chunk)

[Announcement and Company Information](index=1&type=section&id=Announcement%20and%20Company%20Information) [HKEX Disclaimer](index=1&type=section&id=HKEX%20Disclaimer) HKEX and the Stock Exchange are not responsible for the accuracy or completeness of this announcement and disclaim liability for any losses arising from its content - HKEX and the Stock Exchange bear no responsibility for the content of this announcement, make no representation as to its accuracy or completeness, and accept no liability for any loss arising from or in reliance upon its contents[1](index=1&type=chunk) [Company Information](index=1&type=section&id=Company%20Information) BitStrat Holdings Limited (formerly UTS MARKETING SOLUTIONS HOLDINGS LIMITED) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The company name has changed from UTS MARKETING SOLUTIONS HOLDINGS LIMITED to **BitStrat Holdings Limited** (比特策略控股有限公司)[2](index=2&type=chunk) - This announcement presents the unaudited condensed consolidated interim results for the six months ended **June 30, 2025**[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company experienced a decrease in both revenue and net profit, leading to a reduction in basic earnings per share Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Revenue | 45,224 | 46,479 | | Other income | 927 | 1,277 | | Other gains and losses | (198) | (127) | | Staff costs | (27,615) | (29,826) | | Depreciation | (2,672) | (2,401) | | Other operating expenses | (8,892) | (5,806) | | Operating profit | 6,774 | 9,596 | | Finance costs | (145) | (165) | | Profit before tax | 6,629 | 9,431 | | Income tax expense | (2,029) | (2,483) | | Profit and total comprehensive income for the period | 4,600 | 6,948 | | Basic earnings per share | 1.15 sen | 1.74 sen | [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and net assets increased, with a rise in net current assets, despite a significant increase in current liabilities primarily due to a loan from the ultimate holding company Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (thousand MYR) | December 31, 2024 (thousand MYR) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 4,699 | 4,530 | | Right-of-use assets | 4,798 | 4,962 | | Sublease receivables | – | 99 | | **Total non-current assets** | **9,497** | **9,591** | | **Current assets** | | | | Trade receivables | 23,815 | 21,290 | | Sublease receivables | 214 | 228 | | Other receivables | 3,168 | 3,100 | | Financial assets measured at amortized cost | 5,917 | 9,525 | | Tax recoverable | 728 | 632 | | Pledged bank deposits | 1,299 | 4,853 | | Bank and cash balances | 48,236 | 14,387 | | **Total current assets** | **83,377** | **54,015** | | **Current liabilities** | | | | Accruals and other payables | 6,007 | 5,630 | | Lease liabilities | 2,579 | 3,011 | | Loan from ultimate holding company | 33,706 | – | | Dividends payable | – | 9,451 | | Current tax liabilities | 606 | 290 | | **Total current liabilities** | **42,898** | **18,382** | | **Net current assets** | **40,479** | **35,633** | | **Total assets less current liabilities** | **49,976** | **45,224** | | **Non-current liabilities** | | | | Lease liabilities | 2,250 | 2,098 | | Deferred tax liabilities | 145 | 145 | | **Total non-current liabilities** | **2,395** | **2,243** | | **Net assets** | **47,581** | **42,981** | | **Total equity** | **47,581** | **42,981** | [Notes to the Condensed Consolidated Financial Statements](index=3&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=3&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, primarily provides outbound telemarketing services and customer contact center facilities for promoting financial products and related activities - The company was incorporated in the Cayman Islands as an exempted company with limited liability on **August 23, 2016**[4](index=4&type=chunk) - The Group is principally engaged in the provision of outbound telemarketing services and customer contact center facilities for the promotion of financial products[5](index=5&type=chunk) [Basis of Preparation](index=3&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual consolidated financial statements - The condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and the Listing Rules of the Stock Exchange[6](index=6&type=chunk) - The accounting policies and methods of computation used in preparing these financial statements are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2024, except for specific amendments[6](index=6&type=chunk) [New and Revised HKFRSs](index=3&type=section&id=New%20and%20Revised%20HKFRSs) The Group first applied HKAS 21 amendments from January 1, 2025, without changing accounting policies or making retrospective adjustments, and did not early adopt other forthcoming standards - The Group first applied the amendments to **HKAS 21 "Lack of Exchangeability"** from January 1, 2025[7](index=7&type=chunk) - The Group did not change its accounting policies or make retrospective adjustments due to the adoption of the aforementioned amendments[7](index=7&type=chunk) - The Group has not early adopted any new or revised standards that have been issued but are not yet effective for the preparation of these condensed interim financial statements[8](index=8&type=chunk) [Fair Value Measurement](index=3&type=section&id=Fair%20Value%20Measurement) The carrying amounts of the Group's financial assets and liabilities approximate their respective fair values - The carrying amounts of the Group’s financial assets and financial liabilities as reflected in the condensed consolidated statement of financial position approximate their respective fair values[9](index=9&type=chunk) [Revenue and Segment Information](index=4&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from telemarketing services in Malaysia, and management considers there to be only one operating segment due to similar business risks - The Group's revenue is derived from telemarketing services in **Malaysia**[10](index=10&type=chunk) - The Group's chief operating decision-maker considers there to be only one operating segment, as it is principally engaged in telemarketing services in Malaysia and faces similar business risks[11](index=11&type=chunk) - All non-current assets and the Group's revenue from external customers during the period are located in Malaysia[12](index=12&type=chunk) [Other Operating Expenses](index=4&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly increased, mainly due to a rise in consulting fees and legal and professional fees Other Operating Expenses (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Auditor's remuneration | 230 | 275 | | Event expenses | 1,290 | 1,329 | | Consulting fees | 3,521 | 608 | | Legal and professional fees | 598 | 143 | | Training expenses | 257 | 277 | | Repair and maintenance expenses | 292 | 273 | | Utilities expenses | 271 | 305 | | Others | 2,433 | 2,596 | | **Total** | **8,892** | **5,806** | [Income Tax Expense](index=5&type=section&id=Income%20Tax%20Expense) The Group calculates income tax in Malaysia at a statutory rate of 24% and makes no provision for profit tax in the Cayman Islands, BVI, and Hong Kong due to no assessable profits - Malaysia income tax is calculated at the statutory rate of **24%** based on the estimated assessable profit[15](index=15&type=chunk) - The Group has no assessable profits in the Cayman Islands, British Virgin Islands, and Hong Kong, thus no provision for profit tax is made[15](index=15&type=chunk) [Profit for the Period](index=5&type=section&id=Profit%20for%20the%20Period) Profit for the period is stated after deducting or including items such as gain on disposal of property, plant and equipment, modification loss on financial assets, impairment loss on financial assets, and staff costs Profit for the Period after Deducting/(Crediting) Items (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | (3) | (3) | | Modification loss on financial assets measured at amortized cost | 78 | 198 | | Impairment loss/(reversal of impairment loss) on financial assets measured at amortized cost | 6 | (99) | | Staff costs (including directors' emoluments) | | | | — Salaries, bonuses and allowances | 24,163 | 26,105 | | — Contributions to retirement benefit schemes | 3,059 | 3,303 | | — Social insurance contributions | 393 | 418 | | **Total staff costs** | **27,615** | **29,826** | - The Group recognized an impairment loss of approximately **MYR6,000** on financial assets measured at amortized cost during the period, compared to a reversal of impairment loss of MYR99,000 in the prior period, mainly due to a deterioration in financial condition and credit rating of loan advances[18](index=18&type=chunk) [Dividends](index=6&type=section&id=Dividends) The Board did not declare an interim dividend for the six months ended June 30, 2025 and 2024, while a special dividend was distributed in the prior period of 2024 Dividends (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Special dividend — HK$0.04 (equivalent to MYR0.024) per ordinary share | – | 9,808 | - The Board did not declare an interim dividend for the six months ended **June 30, 2025 and 2024**[19](index=19&type=chunk) [Earnings Per Share](index=6&type=section&id=Earnings%20Per%20Share) Basic earnings per share for the six months ended June 30, 2025, decreased to 1.15 sen from 1.74 sen in the prior year, with no diluted earnings per share presented due to the absence of dilutive potential ordinary shares Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic earnings per share | 1.15 sen | 1.74 sen | | Diluted earnings per share | Not applicable | Not applicable | - Basic earnings per share is calculated based on the profit attributable to owners of the company of approximately **MYR4,600,000** (2024: MYR6,948,000) and the weighted average number of ordinary shares in issue of **400,000,000 shares**[20](index=20&type=chunk) - There were no potential ordinary shares with dilutive effect during the period, so diluted earnings per share is not presented[21](index=21&type=chunk) [Property, Plant and Equipment](index=6&type=section&id=Property,%20Plant%20and%20Equipment) The Group's cost of purchasing property, plant and equipment increased during the period, and a gain was recognized from the disposal of assets with zero net book value - For the six months ended June 30, 2025, the Group purchased property, plant and equipment at a cost of approximately **MYR657,000**, an increase from MYR404,000 in the same period of 2024[22](index=22&type=chunk) - A gain on disposal of approximately **MYR3,000** was recognized from the disposal of property, plant and equipment with a net book value of approximately zero[22](index=22&type=chunk) [Right-of-Use Assets](index=6&type=section&id=Right-of-Use%20Assets) The Group entered into new lease agreements for office properties during the period, recognizing right-of-use assets and lease liabilities - The Group entered into several new lease agreements for the use of office properties for a term of **2 to 3 years**[23](index=23&type=chunk) - At the commencement of the leases, the Group recognized right-of-use assets of approximately **MYR2,020,000** and lease liabilities of approximately **MYR2,020,000**[23](index=23&type=chunk) [Trade Receivables](index=7&type=section&id=Trade%20Receivables) The Group's trade receivables typically have a 30-day credit period, with strict monitoring of overdue amounts, and total trade receivables at period-end were MYR23,815 thousand - The credit period for trade receivables is generally **30 days**, and the Group maintains strict control over overdue receivables[24](index=24&type=chunk) Ageing Analysis of Trade Receivables (As of Statement of Financial Position Date) | Ageing | June 30, 2025 (thousand MYR) | December 31, 2024 (thousand MYR) | | :--- | :--- | :--- | | 0 to 30 days | 14,371 | 8,247 | | 31 to 60 days | 4,688 | 6,820 | | 61 to 90 days | 3,110 | 3,068 | | 91 to 120 days | – | 882 | | 121 to 180 days | – | 1,050 | | Over 180 days | 1,646 | 1,223 | | **Total** | **23,815** | **21,290** | [Financial Assets Measured at Amortized Cost](index=7&type=section&id=Financial%20Assets%20Measured%20at%20Amortized%20Cost) The Group's financial assets measured at amortized cost primarily consist of loans advanced to independent third parties, with a decrease in total principal and recognition of impairment losses Financial Assets Measured at Amortized Cost (As of June 30) | Item | June 30, 2025 (thousand MYR) | December 31, 2024 (thousand MYR) | | :--- | :--- | :--- | | Loans receivable | 5,957 | 8,851 | | Interest receivable | – | 708 | | **Subtotal** | **5,957** | **9,559** | | Less: Impairment loss | (40) | (34) | | **Total** | **5,917** | **9,525** | | Analyzed as: Current assets | 5,917 | 9,525 | - The amounts refer to loans advanced to an independent third party, with a total principal amount of **MYR6,000,000** (December 31, 2024: MYR9,000,000)[26](index=26&type=chunk) - The advances are unsecured, bear interest at **12% per annum**, and are repayable on or before September 30, 2025; the second installment repayment date was extended, and the third installment was settled during the period[27](index=27&type=chunk) - An impairment loss of approximately **MYR6,000** was recognized for the six months ended June 30, 2025 (June 30, 2024: reversal of impairment loss of approximately MYR99,000)[28](index=28&type=chunk) [Loan from Ultimate Holding Company](index=8&type=section&id=Loan%20from%20Ultimate%20Holding%20Company) On June 27, 2025, Microhash International Pte Limited, the company's ultimate holding company, granted an unsecured, interest-free loan of approximately MYR33,706,000 to the company, repayable on demand - The ultimate holding company, Microhash International Pte Limited, granted a loan of approximately **MYR33,706,000** (equivalent to USD8,000,000) to the company on June 27, 2025[29](index=29&type=chunk) - The loan is unsecured, interest-free, and repayable on demand[29](index=29&type=chunk) [Share Capital](index=8&type=section&id=Share%20Capital) The company's authorized and issued and fully paid share capital remained unchanged during the reporting period, consisting of ordinary shares at HK$0.01 each Share Capital Structure (As of June 30, 2025) | Item | Number of Shares | Amount (thousand HKD) | Equivalent Amount (thousand MYR) | | :--- | :--- | :--- | :--- | | **Authorized share capital:** | | | | | Ordinary shares of HK$0.01 each | 10,000,000,000 | 100,000 | | | **Issued and fully paid share capital:** | | | | | Ordinary shares of HK$0.01 each | 400,000,000 | 4,000 | 2,199 | - The authorized share capital and issued and fully paid share capital remained unchanged from January 1, 2024, to June 30, 2025[30](index=30&type=chunk) [Related Party Transactions](index=9&type=section&id=Related%20Party%20Transactions) Total remuneration for the Group's key management personnel slightly decreased during the reporting period, comprising short-term employee benefits, retirement benefit scheme contributions, and social insurance contributions Key Management Personnel Remuneration (Six Months Ended June 30) | Item | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Short-term employee benefits | 3,496 | 3,518 | | Contributions to retirement benefit schemes | 500 | 515 | | Social insurance contributions | 10 | 8 | | **Total remuneration paid to key management personnel** | **4,004** | **4,043** | [Share-based Payment Transactions](index=9&type=section&id=Share-based%20Payment%20Transactions) The Group adopted a share option scheme in 2017 to incentivize eligible participants, but no share options have been granted as of the publication date of these interim financial statements - The Group conditionally adopted a share option scheme on **June 14, 2017**, to incentivize eligible participants and enhance their performance efficiency[32](index=32&type=chunk) - The total number of shares that may be issued upon the exercise of all options granted under the scheme shall not exceed **10%** of the total issued shares[33](index=33&type=chunk) - No share options have been granted by the Group as of the publication date of the condensed consolidated financial statements[35](index=35&type=chunk) [Contingent Liabilities](index=9&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities as of **June 30, 2025** (December 31, 2024: Nil)[36](index=36&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=10&type=section&id=Business%20Review) The Group primarily operates telemarketing services and customer contact centers in Malaysia, with net profit decreasing year-on-year for the six months ended June 30, 2025, due to reduced revenue and increased operating expenses offsetting lower staff costs - The Group is principally engaged in the provision of outbound telemarketing services and customer contact center facilities for the promotion of financial products[37](index=37&type=chunk) - As of June 30, 2025, the Group operated **eight customer contact centers** in Kuala Lumpur, Malaysia, and one branch contact center in Melaka[37](index=37&type=chunk) - Net profit for the six months ended June 30, 2025, was approximately **MYR4.60 million**, a decrease of approximately MYR2.35 million compared to MYR6.95 million in the same period of 2024[37](index=37&type=chunk) - The decrease in net profit was mainly due to a reduction in revenue of approximately MYR1.26 million and an increase in other operating expenses of MYR3.09 million, which offset a decrease in staff costs of approximately MYR2.21 million[37](index=37&type=chunk) [Financial Review](index=10&type=section&id=Financial%20Review) During the reporting period, the Group experienced a slight decline in revenue, reduced other income, and increased other losses, while staff costs decreased due to fewer employees, but depreciation and other operating expenses rose, leading to a decline in both net profit and net profit margin [Revenue](index=10&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue slightly decreased, primarily due to a reduction in the number of service seats booked monthly, though revenue generated per seat remained stable Revenue by Industry Category (Six Months Ended June 30) | Industry Category | 2025 (thousand MYR) | 2024 (thousand MYR) | | :--- | :--- | :--- | | Insurance industry | 27,483 | 27,126 | | Banking and finance industry | 5,100 | 5,728 | | Others | 12,641 | 13,625 | | **Total** | **45,224** | **46,479** | - For the six months ended June 30, 2025, the Group's revenue was approximately **MYR45.22 million**, a decrease of approximately **2.71%** compared to MYR46.48 million in the same period of 2024[38](index=38&type=chunk) - The overall average number of service seats booked monthly decreased by **4.05%** to approximately **1,066 seats**, but the revenue generated per seat per month remained relatively stable at **MYR7,071** (2024: MYR6,972)[39](index=39&type=chunk)[40](index=40&type=chunk) [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income decreased, mainly due to a reduction in imputed and accrued interest income from loan advances - Other income decreased by approximately **MYR0.35 million**, primarily due to a reduction in imputed and accrued interest income from loan advances[41](index=41&type=chunk) [Other Gains and Losses](index=11&type=section&id=Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, other losses increased by approximately MYR71,000 compared to the same period last year - Other losses increased by approximately **MYR71,000** compared to the same period in 2024[42](index=42&type=chunk) [Staff Costs](index=11&type=section&id=Staff%20Costs) For the six months ended June 30, 2025, staff costs decreased due to a reduction in the average number of employees, while the total monthly cost per employee remained stable - Staff costs decreased by approximately **MYR2.21 million (7.41%)** from approximately MYR29.83 million to approximately MYR27.62 million[43](index=43&type=chunk) - The average number of employees per month decreased from **1,330 to 1,233**[43](index=43&type=chunk) - The total staff cost per employee per month remained relatively stable at approximately **MYR3,733** (2024: MYR3,738)[43](index=43&type=chunk) [Depreciation](index=11&type=section&id=Depreciation) For the six months ended June 30, 2025, depreciation expense increased, primarily due to the renewal of new lease agreements for office properties - Depreciation expense increased by approximately **MYR0.27 million (11.25%)** to approximately MYR2.67 million[44](index=44&type=chunk) - The increase was mainly due to the renewal of new lease agreements for the use of office properties during the review period[44](index=44&type=chunk) [Other Operating Expenses](index=12&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly increased, mainly due to higher consulting costs incurred to improve telemarketing service performance - Other operating expenses increased by approximately **MYR3.08 million (53.01%)** to approximately MYR8.89 million[45](index=45&type=chunk) - The increase was mainly due to higher consulting costs related to analytical reviews aimed at improving the Group's telemarketing service performance and manpower deployment[45](index=45&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased, primarily due to reduced utilization of overdraft facilities - Finance costs decreased by approximately **MYR20,000** to approximately MYR0.14 million[46](index=46&type=chunk) - The decrease was due to reduced utilization of overdraft facilities[46](index=46&type=chunk) [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) The Group recorded a provision for income tax expense during the reporting period, which was lower than in the prior year Provision for Income Tax Expense (Six Months Ended June 30) | Year | Provision for Income Tax Expense (million MYR) | | :--- | :--- | | 2025 | 2.03 | | 2024 | 2.48 | [Profit and Net Profit Margin](index=12&type=section&id=Profit%20and%20Net%20Profit%20Margin) Affected by the aforementioned factors, the Group's net profit and net profit margin both declined during the period Profit and Net Profit Margin (Six Months Ended June 30) | Year | Profit After Tax (million MYR) | Net Profit Margin | | :--- | :--- | :--- | | 2025 | 4.60 | 10.17% | | 2024 | 6.95 | 14.95% | [Liquidity, Financial Resources and Capital Structure](index=12&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group primarily relies on internal funds for operational needs, maintaining a sound liquidity position, though effective interest rates for bank facilities and lease liabilities have fluctuated [Financial Resources](index=12&type=section&id=Financial%20Resources) The Group primarily uses internally generated funds to meet working capital requirements, with net cash inflow from operating activities decreasing during the period, but still able to fulfill repayment obligations - The Group generally meets its working capital requirements and capital expenditures for plant and equipment with its internally generated funds[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group generated net cash inflow from operating activities of approximately **MYR4.60 million** (2024: MYR6.58 million)[49](index=49&type=chunk) - The Group is able to meet its repayment obligations when debts fall due and has not experienced any significant difficulties in rolling over existing bank facilities[49](index=49&type=chunk) [Bank Facilities and Lease Liabilities](index=13&type=section&id=Bank%20Facilities%20and%20Lease%20Liabilities) The Group's available and unutilized bank facilities significantly decreased, with a lower average effective interest rate; total lease liabilities slightly decreased, with a marginal increase in the average effective interest rate - As of June 30, 2025, the Group's available and unutilized bank facilities were approximately **MYR1.37 million** (December 31, 2024: MYR16.1 million)[50](index=50&type=chunk) - The average effective interest rate for the Group's bank facilities was **2.85%** (December 31, 2024: 9.02%)[50](index=50&type=chunk) - As of June 30, 2025, the Group's current and non-current lease commitments totaled approximately **MYR4.83 million** (December 31, 2024: MYR5.11 million)[50](index=50&type=chunk) - The average effective interest rate for leases was **4.86%** (December 31, 2024: 4.81%)[50](index=50&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) The Group's bank facilities are secured by pledged bank deposits, with the pledged amount significantly reduced compared to the end of last year - As of June 30, 2025, the Group's bank facilities were secured by pledged bank deposits of approximately **MYR1.30 million** (December 31, 2024: MYR4.85 million)[51](index=51&type=chunk) [Gearing Ratio](index=13&type=section&id=Gearing%20Ratio) The Group's gearing ratio decreased, indicating a sound liquidity position - The Group's gearing ratio as of June 30, 2025, was approximately **10.1%** (December 31, 2024: 11.9%)[52](index=52&type=chunk) - The Group maintains a sound liquidity position to meet its operational needs[52](index=52&type=chunk) [Factors Affecting Operating Results and Financial Position](index=14&type=section&id=Factors%20Affecting%20Operating%20Results%20and%20Financial%20Position) The Group faces risks related to labor cost control and delayed settlement of accounts by major customers, and has implemented measures to manage these risks [Ability to Obtain Sufficient Labor and Control Staff Costs](index=14&type=section&id=Ability%20to%20Obtain%20Sufficient%20Labor%20and%20Control%20Staff%20Costs) As a labor-intensive business, the Group's staff costs represent a high proportion of revenue, and it attracts and retains employees through performance-linked commissions and training - The customer contact services industry is a service-based and labor-intensive business[53](index=53&type=chunk) - For the six months ended June 30, 2025, total staff costs were approximately **MYR27.62 million**, accounting for **61.1% of revenue** (2024: 64.2%)[53](index=53&type=chunk) - The Group attracts and retains employees and improves service quality through performance-linked commissions, incentives, and regular training[54](index=54&type=chunk) [Delayed Settlement of Accounts by Top Five Customers](index=14&type=section&id=Delayed%20Settlement%20of%20Accounts%20by%20Top%20Five%20Customers) The Group's revenue is highly dependent on a few major customers, posing a risk of delayed payments, which is managed through strict monitoring of trade receivables collection - Sales to the top five customers accounted for approximately **69.7%** of total revenue for the six months ended June 30, 2025 (2024: 73.7%), all of whom are insurance companies and charitable organizations[55](index=55&type=chunk) - The Group may be exposed to the risk of delayed payments from customers and has monitored the recovery of trade receivables from time to time[55](index=55&type=chunk) - As of June 30, 2025, the Group recorded trade receivables of approximately **MYR23.8 million**, of which approximately **MYR14.7 million (61.3%)** was settled after the period-end[55](index=55&type=chunk) [Capital Commitments](index=15&type=section&id=Capital%20Commitments) As of June 30, 2025, and December 31, 2024, the Group had no significant capital commitments contracted but not yet incurred - As of **June 30, 2025, and December 31, 2024**, the Group had no significant capital commitments contracted but not yet incurred[56](index=56&type=chunk) [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of **June 30, 2025**[57](index=57&type=chunk) [Advances to an Entity](index=15&type=section&id=Advances%20to%20an%20Entity) The Group advanced MYR12,000,000 to Mightyprop, of which MYR6,000,000 has been repaid, with the remaining MYR6,000,000 due by September 30, 2025, accruing interest at 12% per annum - UTSM, a wholly-owned subsidiary of the Group, advanced **MYR12,000,000** to Mightyprop, originally for the acquisition of a 2% equity interest in Mightyprop, but the acquisition did not proceed[58](index=58&type=chunk) - Mightyprop repaid **MYR3,000,000** each in December 2024 and June 2025, with the remaining **MYR6,000,000** due on or before September 30, 2025, accruing interest at **12% per annum**[59](index=59&type=chunk) - As of June 30, 2025, the total principal amount of the Group's advances to Mightyprop was **MYR6 million**[60](index=60&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count decreased, and its remuneration policy includes fixed salaries, performance-linked commissions, allowances, and annual bonuses, increments, and promotions based on performance evaluations - As of June 30, 2025, the Group had **1,228 employees** (June 30, 2024: 1,326 employees)[61](index=61&type=chunk) - Total staff costs for the six months ended June 30, 2025, were approximately **MYR27.62 million** (2024: MYR29.83 million)[61](index=61&type=chunk) - The remuneration policy includes fixed salaries, performance-linked commissions and allowances, and annual discretionary performance bonuses, salary increments, and promotions based on performance evaluations[61](index=61&type=chunk) [Foreign Exchange Risk](index=16&type=section&id=Foreign%20Exchange%20Risk) The Group primarily conducts business transactions in Malaysian Ringgit, exposing it to minor foreign exchange risk, with no current hedging policy, but management closely monitors the risk - The Group primarily conducts business transactions, assets, and liabilities in **Malaysian Ringgit**, exposing it to minor foreign exchange risk[62](index=62&type=chunk) - The Group currently has no hedging policy for foreign exchange transactions, assets, and liabilities, but management closely monitors foreign exchange risk from time to time[62](index=62&type=chunk) [Material Investments Held](index=16&type=section&id=Material%20Investments%20Held) As of June 30, 2025, the Group held no material investments - As of **June 30, 2025**, the Group held no material investments[63](index=63&type=chunk) [Future Plans for Material Investments or Capital Assets](index=16&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Except as disclosed in this announcement, there are no other specific plans for material investments or capital assets as of June 30, 2025 - As of **June 30, 2025**, there are no other specific plans for material investments or capital assets, except as disclosed in this announcement[64](index=64&type=chunk) [Material Acquisitions or Disposals](index=16&type=section&id=Material%20Acquisitions%20or%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals - For the six months ended **June 30, 2025**, the Group had no material acquisitions or disposals[65](index=65&type=chunk) [Recent Developments and No Material Adverse Changes](index=17&type=section&id=Recent%20Developments%20and%20No%20Material%20Adverse%20Changes) The company's name change became effective on July 2, 2025, and there have been no material adverse changes in business operations since December 31, 2024 - The company passed a special resolution on June 26, 2025, to change its English name to **BitStrat Holdings Limited** and adopt the Chinese dual foreign name 比特策略控股有限公司, effective **July 2, 2025**[66](index=66&type=chunk) - There have been no material adverse changes in the Group's business operations since **December 31, 2024**[66](index=66&type=chunk) [Outlook and Future Prospects](index=17&type=section&id=Outlook%20and%20Future%20Prospects) The Group anticipates a robust overall outlook for the second half of 2025, continuing efforts to enhance productivity and actively seeking new collaboration opportunities and digital currency-related business ventures for long-term development - The Group expects the overall outlook for the second half of 2025 to remain **sound and resilient**, provided there are no significant changes in existing outbound telemarketing service seats[67](index=67&type=chunk) - The Group continues to identify potential opportunities to increase the number of service seats through collaboration with new database owners, new insurance companies, or Islamic banks[67](index=67&type=chunk) - The Group is also actively exploring business opportunities and investments related to **digital currencies** to improve long-term development[67](index=67&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025** (June 30, 2024: Nil)[68](index=68&type=chunk) [Events After Reporting Period](index=17&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after June 30, 2025, and up to the date of this announcement, other than those disclosed herein - No significant events occurred after **June 30, 2025**, and up to the date of this announcement[69](index=69&type=chunk) [Purchase, Sale or Redemption of Shares](index=17&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Shares) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[70](index=70&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) [Competing Interests](index=18&type=section&id=Competing%20Interests) For the six months ended June 30, 2025, no director, controlling shareholder, or their close associates held any business or interest that directly or indirectly competes with the Group's business - For the six months ended June 30, 2025, none of the Directors, controlling shareholders of the company, or any of their respective close associates owned any business or interest that competes or may compete, directly or indirectly, with the Group's business[71](index=71&type=chunk) [Sufficiency of Public Float](index=18&type=section&id=Sufficiency%20of%20Public%20Float) The company has restored the minimum public float of 25% required by the Listing Rules through a private placement, after it was previously insufficient due to a mandatory cash offer - Immediately following the close of the offer on June 13, 2025, the public held approximately **16.24%** of the issued share capital, which was below the minimum requirement[72](index=72&type=chunk) - Through a private placement of **35,028,000 shares**, the company has restored the minimum public float of **25%** as required by Rule 8.08(1)(a) of the Listing Rules[73](index=73&type=chunk) [Standard Code for Securities Transactions](index=19&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in **Appendix C3** of the Listing Rules[75](index=75&type=chunk) - Following specific enquiries made to all Directors, they have confirmed that they have complied with the required standards set out in the Model Code for the six months ended **June 30, 2025**[75](index=75&type=chunk) [Corporate Governance Code](index=19&type=section&id=Corporate%20Governance%20Code) The company is committed to maintaining good corporate governance standards, with deviations from code provisions regarding the combined roles of Chairman and Chief Executive and the lack of an independent internal audit function, which the Board believes are effective arrangements - The company has complied with the code provisions of the Corporate Governance Code as set out in **Appendix C1** of the Listing Rules, with two deviations[76](index=76&type=chunk) - Deviation one: The roles of Chairman and Chief Executive are not segregated, both held by Mr. Lo Cho Chun, but the Board believes this structure does not impair the balance of power[76](index=76&type=chunk) - Deviation two: The company does not have an independent internal audit function, but the Board believes the existing financial team's regular reviews and risk management system are effective[76](index=76&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The company's Audit Committee, comprising three independent non-executive directors, has reviewed the interim results for the six months ended June 30, 2025, without raising any objections - The company established an Audit Committee on **June 14, 2017**, comprising three independent non-executive directors, with Mr. Cheuk Ho Kan as Chairman[77](index=77&type=chunk) - The Audit Committee has reviewed the interim results for the six months ended **June 30, 2025**, and has not raised any objections regarding the accounting treatments adopted by the Group[77](index=77&type=chunk) - These interim results have been reviewed by the company's auditor, RSM Hong Kong, in accordance with **Hong Kong Standard on Review Engagements 2410**[78](index=78&type=chunk) [Publication of Financial Information](index=20&type=section&id=Publication%20of%20Financial%20Information) This interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to relevant shareholders and published on the aforementioned websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.bitstrat.hk)[79](index=79&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to relevant shareholders who have requested it and published on the aforementioned websites in due course[79](index=79&type=chunk) [Board Information](index=20&type=section&id=Board%20Information) As of the announcement date, the Board comprises three executive directors and three independent non-executive directors, with Mr. Lo Cho Chun serving as Chairman and Executive Director - As of the date of this announcement, the Board includes three executive directors (Mr. Lo Cho Chun, Mr. Chan Ka Chun, and Mr. Lee Koon Yew) and three independent non-executive directors (Ms. Lau Mei, Mr. Cheuk Ho Kan, and Mr. Choi Yun Kai)[81](index=81&type=chunk) - Mr. Lo Cho Chun serves as the **Chairman and Executive Director**[80](index=80&type=chunk)[81](index=81&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 截至二零二五年六月三十日止半年度的 中期業績公告 和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至二零二五年六月三十日止半年度（「報告 期」）的未經審核綜合業績。該等業績已由本公司的審核委員會審閱（「審核委員 會」）。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 1 | | 截至六月三十日止半年度 | | | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | 千美元 | 千美元 | | | （未經審核） | （未經審核） | | 收入 | 101,315 | 23,701 | | 銷售成本 | (4,855) | (1,185) | | 其他收入及收益 | 6,1 ...