| | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 附註 | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收入 | 3 | 1,818,056 | 1,728,693 | | 銷售成本 | | (1,462,113) | (1,407,643) | | 毛利 | | 355,943 | 321,050 | | 其他收入 | | 9,273 | 12,066 | | 銷售及分銷成本 | | (91,162) | (85,551) | | 行政費用 | | (115,727) | (100,772) | | 根據預期信貸損失（「預期信貸損失」）模式的 | | | | | 減值虧損，扣除撥回凈額 | 4 | (11,674) | (14,221) | | 其他收益及虧損 | 5 | (1,560) | 652 | | 其他費用 | | (23,876) | (24,997) | | 財務費用 | | (12,294) | (19,140) | | －銀行借貸利息 | | (7,796) | ...

[Company Information and Financial Highlights](index=1&type=section&id=Company%20Information%20and%20Financial%20Highlights) This section provides an overview of the company and its key financial highlights [Company Overview](index=1&type=section&id=Company%20Overview) China Qinfa Group Limited (00866) announced H1 2025 interim results, with no interim dividend recommended - Company Name: CHINA QINFA GROUP LIMITED, Stock Code: **00866**[2](index=2&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025**[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) H1 2025 saw significant revenue growth from continuing operations, but overall net loss widened due to discontinued operations, while profitability of continuing operations improved with basic earnings per share turning positive Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 1,089 | 493 | Increase 596 | | Net loss/(profit) | (162.7) | 60.8 | Loss widened | | - Profit from continuing operations | 31.0 | (43.0) | Turnaround to profit | | - Loss/(profit) from discontinued operations | (193.7) | 103.8 | Loss widened | | Profit from continuing operations attributable to equity holders of the Company | 24 | (43) | Increase 67 | | Basic earnings/(loss) per share from continuing operations | RMB **0.85** cents | RMB (**1.83**) cents | Turnaround to profit | | EBITDA from continuing operations | 165 | 29 | Increase 136 | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue from continuing operations significantly increased, leading to higher gross profit, but overall net loss for the period was driven by losses from discontinued operations, with foreign currency translation differences also negatively impacting comprehensive income Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Revenue from continuing operations | 1,089,414 | 493,413 | | Cost of sales | (852,258) | (354,225) | | Gross profit | 237,156 | 139,188 | | Operating profit/(loss) | 76,855 | (5,195) | | Net finance (costs)/income | (34,461) | 6,011 | | Profit before tax | 42,394 | 816 | | Income tax expense | (11,412) | (43,839) | | Profit/(loss) for the period from continuing operations | 30,982 | (43,023) | | Loss/(profit) for the period from discontinued operations | (193,734) | 103,830 | | Loss/(profit) for the period | (162,752) | 60,807 | | Exchange differences arising from translation of foreign operations | (30,993) | 16,898 | | Total comprehensive loss/(income) for the period | (193,745) | 77,705 | | Loss/(profit) for the period attributable to equity holders of the Company | (126,076) | 43,022 | | Loss/(profit) for the period attributable to non-controlling interests | (36,676) | 17,785 | Basic and Diluted Earnings/(Loss) Per Share | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Basic (loss)/earnings per share (continuing and discontinued) | RMB (**5.08**) cents | RMB **1.62** cents | | Diluted (loss)/earnings per share (continuing and discontinued) | RMB (**5.08**) cents | RMB **1.62** cents | | Basic earnings/(loss) per share (continuing operations) | RMB **0.85** cents | RMB (**1.83**) cents | | Diluted earnings/(loss) per share (continuing operations) | RMB **0.85** cents | RMB (**1.83**) cents | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, both non-current assets and current liabilities decreased, net current assets turned positive from negative, and net assets slightly decreased, with assets and liabilities of discontinued operations separately presented Key Data from Condensed Consolidated Statement of Financial Position | Metric (RMB thousand) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current assets | 3,711,709 | 6,553,745 | | Current assets | 5,789,135 | 2,075,584 | | Assets classified as held for sale | 3,525,856 | – | | Current liabilities | (4,969,273) | (4,170,532) | | Liabilities directly associated with assets classified as held for sale | (3,612,242) | – | | Net current assets/(liabilities) | 819,862 | (2,094,948) | | Total assets less current liabilities | 4,531,571 | 4,458,797 | | Non-current liabilities | (1,286,270) | (972,552) | | Net assets | 3,245,301 | 3,486,245 | | Total equity attributable to equity holders of the Company | 1,766,218 | 1,971,799 | | Non-controlling interests | 1,479,083 | 1,514,446 | | Total equity | 3,245,301 | 3,486,245 | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the financial statements, covering accounting policies, estimates, segment reporting, and specific financial line items [Company Background and Basis of Preparation](index=7&type=section&id=Company%20Background%20and%20Basis%20of%20Preparation) China Qinfa Group Limited, incorporated in the Cayman Islands, primarily engages in coal mining and trading in China and Indonesia, with its condensed consolidated financial statements prepared under IAS 34 and Listing Rules on a going concern basis - The Company was incorporated in the Cayman Islands on **March 4, 2008**, and listed on the Main Board of the Hong Kong Stock Exchange on **July 3, 2009**[11](index=11&type=chunk) - The Group's principal business activities include coal mining, coal trading, coal washing, coal storage, and coal blending in China and Indonesia[11](index=11&type=chunk) - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard **34** and the Listing Rules of the Stock Exchange, and on a going concern basis[13](index=13&type=chunk)[16](index=16&type=chunk) [Changes in Accounting Policies](index=8&type=section&id=Changes%20in%20Accounting%20Policies) During this interim period, the Group first adopted the revised IAS 21 "Lack of Exchangeability," which had no significant impact on its financial position or performance - The Group first adopted the revised International Accounting Standard **21** 'Lack of Exchangeability,' which became effective for annual periods beginning on or after **January 1, 2025**[17](index=17&type=chunk) - The application of the revised International Financial Reporting Standards had no significant impact on the Group's financial position and performance during the current and prior periods[17](index=17&type=chunk) [Estimates](index=8&type=section&id=Estimates) The preparation of condensed consolidated financial statements involves management judgments, estimates, and assumptions, which are consistent with those used in the consolidated financial statements for the year ended December 31, 2024 - The preparation of condensed consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of accounting policies, assets and liabilities, and income and expenses[18](index=18&type=chunk) - The significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty are the same as those applied to the consolidated financial statements for the year ended **December 31, 2024**[18](index=18&type=chunk) [Segment Reporting](index=8&type=section&id=Segment%20Reporting) The Group has only one reportable segment, the coal business, operating primarily in China and Indonesia, with a coal mining business segment in mainland China classified as a discontinued operation in H1 2025 - The Group has only one reportable segment (coal business), primarily operating in China and Indonesia, and derives the vast majority of its revenue from external customers in China and Indonesia[19](index=19&type=chunk) - During the period, a coal mining business segment operating in mainland China was classified as a discontinued operation[21](index=21&type=chunk) [Segment Results, Assets and Liabilities](index=9&type=section&id=Segment%20Results,%20Assets%20and%20Liabilities) The coal business segment saw significant growth in external customer revenue and profit before tax in H1 2025, but segment assets and liabilities decreased Coal Business Segment Performance | Metric (RMB thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue from external customers | 1,089,414 | 493,413 | | Reportable segment profit before tax | 87,751 | 389 | Coal Business Segment Assets and Liabilities | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Reportable segment assets | 5,948,704 | 8,531,314 | | Reportable segment liabilities | (5,665,088) | (7,332,228) | [Reconciliation of Reportable Segment Revenue, Profit Before Tax, Assets and Liabilities](index=10&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Revenue,%20Profit%20Before%20Tax,%20Assets%20and%20Liabilities) The reconciliation shows that unallocated head office and corporate expenses and net finance costs significantly impacted consolidated profit before tax, while the classification of assets and liabilities related to discontinued operations also affected consolidated totals Reconciliation of Profit Before Tax | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Reportable segment profit before tax | 87,751 | 389 | | Unallocated head office and corporate expenses | (10,896) | (5,584) | | Net finance (costs)/income | (34,461) | 6,011 | | Consolidated profit before tax | 42,394 | 816 | Reconciliation of Assets | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total reportable segment assets | 5,948,704 | 8,531,314 | | Assets related to discontinued operations | 3,525,856 | – | | Total consolidated assets | 9,500,844 | 8,629,329 | Reconciliation of Liabilities | Metric (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total reportable segment liabilities | 5,665,088 | 7,332,228 | | Liabilities related to discontinued operations | 3,612,242 | – | | Total consolidated liabilities | 6,255,543 | 5,143,084 | [Geographical Information](index=11&type=section&id=Geographical%20Information) All of the Group's external customer revenue is derived from China and Indonesia, with the geographical location of non-current assets showing a significant increase in Indonesia and a notable decrease in China (including Hong Kong) - All of the Group's external customer revenue is derived from the countries where the Group's entities are located (i.e., China and Indonesia)[28](index=28&type=chunk) Geographical Location of Non-current Assets | Region (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China (including Hong Kong) | 190,800 | 4,241,743 | | Indonesia | 3,520,909 | 2,312,002 | | Consolidated non-current assets | 3,711,709 | 6,553,745 | [Revenue](index=12&type=section&id=Revenue) Revenue from the sale of goods for continuing operations is recognized when control of the goods is transferred upon delivery, completing the performance obligation - Revenue from the sale of goods for continuing operations is recognized when control of the goods is transferred at a point in time, and the performance obligation is satisfied upon delivery of the goods[31](index=31&type=chunk) [Other Income, Gains and Losses](index=12&type=section&id=Other%20Income,%20Gains%20and%20Losses) Other income, gains, and losses from continuing operations primarily consist of net exchange losses and government grants, with net exchange losses decreasing in H1 2025 Other Income, Gains and Losses from Continuing Operations | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Net exchange losses | 70,821 | 74,013 | | Government grants | (1,502) | (1,579) | | Others | (3,651) | (72) | | Total | 65,668 | 72,345 | - Government grants are primarily financial subsidies received under government grant programs for business development, conditional on the entity maintaining its principal place of business within a designated area for **ten** years[32](index=32&type=chunk) [Profit Before Tax](index=13&type=section&id=Profit%20Before%20Tax) Profit before tax from continuing operations is stated after deducting depreciation and amortization expenses, with a significant increase in depreciation of property, plant, and equipment Deductions from Profit Before Tax | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 83,024 | 29,644 | | Depreciation of right-of-use assets | 3,473 | 3,030 | | Amortization of coal mining rights | 1,242 | – | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) Income tax expense from continuing operations primarily includes China corporate income tax, Indonesia withholding income tax, and Indonesia final income tax, with a significant decrease in H1 2025 Income Tax Expense from Continuing Operations | Metric (RMB thousand) | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | China corporate income tax | 555 | 51,688 | | Indonesia withholding income tax | 8,994 | – | | Indonesia final income

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。 Readboy Education Holding Company Limited COMPANY PROFILE 公司簡介 Readboy Education Holding Company Limited ("Readboy" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2385) has been listed on the Stock Exchange since 12 July 2022. The Group's primary business involves the design, development, manufacturing and selling of intelligent learning devices, as well as the provision of c ...

（於開曼群島註冊成立的有限公司） （股份代號：9955） (1) 截至2025年6月30日止六個月中期業績公告； (2) 終止須予披露交易； (3) 須予披露交易；及 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 (4) 提名委員會組成變動 本公司董事欣然宣佈本集團報告期內的未經審核綜合中期業績，連同2024年同 期的比較數字。該等中期業績已經本公司審核委員會審閱。 於本公告內，「我們」及「我們的」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經過約整，或者四捨五入至小數點後一位或 兩位。任何表格、圖表或其他地方列出的總數及金額總和之間的任何差異均由 約整造成。 – 1 – 財務摘要 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動(%) | | | 人民幣千元 | 人民幣千元 | | | | （未經審核）（未經審核） | | | | ...

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。 業務回顧 本人謹代表董事會，欣然提呈上半年度的中期報告。期內，經濟狀況仍然持續充滿挑戰。全球營商 環境受到廣泛實施的新貿易關稅政策嚴重影響，不僅增添了不確定性，亦使全球經濟前景面臨重重 困難。貿易戰終止無期、政治衝突僵持不下，以及多個地區的武裝衝突持續升級，令該等挑戰進一 步加劇。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二五年中期業績公告 廣州富力地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截 至二零二五年六月三十日止六個月之未經審核簡明綜合業績。附錄於本公告後面部份的簡明綜合中 期財務資料為本公告不可分割部份。中期業績已由本公司審核委員會審閱。 1 尤其是，美國推行全面關稅改革，對所有國家的進口貨物徵收巨額進出口關稅。此舉預計將影響全 球達美元1.2兆的貿易量，並導致國際貿易與製造業產出陷入停滯。根據世界貿易組織的資料，上 ...

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，概不會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。 HOSPITAL CORPORATION 弘和仁愛醫療集團有限公司 Hospital Corporation of China Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：3869） 截至二零二五年六月三十日止六個月中期業績公告 弘和仁愛醫療集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」、「我們」或「我們的」）截至二零二五年六月三十日止六個月（「本 期」）的未經審核綜合財務業績，連同截至二零二四年六月三十日止六個月（「去年同期」） 的比較數據。 財務摘要 截至六月三十日止六個月 | | 二零二五年 | 二零二四年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | | | （經重列） | | 收入 | 743,044 | ...

[Financial Summary](index=1&type=section&id=I.%20Financial%20Summary) The group reported a significant increase in net loss attributable to owners of the parent and a decrease in revenue for the six months ended June 30, 2025 [Performance Overview for the Six Months Ended June 30, 2025](index=1&type=section&id=1.1%20Performance%20Overview%20for%20the%20Six%20Months%20Ended%20June%2030,%202025) Beijing Dixintong Commercial Co., Ltd. reported unaudited interim results for H1 2025, with revenue decreasing by 13.80% and net loss attributable to owners of the parent increasing by 161.88% | Metric | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | YoY Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 8,219,463 | 9,535,821 | (1,316,358) | -13.80% | | Net Loss Attributable to Owners of the Parent | (76,644) | (29,267) | (47,377) | 161.88% | | Basic Loss Per Share (RMB per share) | (0.09) | (0.03) | (0.06) | 200.00% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the group's interim condensed consolidated financial statements, including the statement of profit or loss and the statement of financial position [Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=2.1%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the group's loss for the period significantly widened due to decreased revenue, reduced gross profit, and increased finance costs | Metric | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 8,219,463 | 9,535,821 | | Cost of Sales | (7,920,957) | (9,201,551) | | Gross Profit | 298,506 | 334,270 | | Other Income and Gains | 42,697 | 29,125 | | Selling and Distribution Expenses | (211,827) | (194,333) | | Administrative Expenses | (87,414) | (96,217) | | Finance Costs | (96,104) | (76,479) | | Loss Before Tax | (72,221) | (27,544) | | Loss for the Period | (73,422) | (29,077) | | Loss Attributable to Owners of the Parent | (76,644) | (29,267) | - Total comprehensive loss for the period expanded from **RMB 33,767 thousand** in 2024 to **RMB 73,371 thousand** in 2025, primarily due to the increased loss for the period[5](index=5&type=chunk) [Statement of Financial Position](index=4&type=section&id=2.2%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group experienced a decrease in total assets and net assets, with total equity significantly reduced from RMB 91,258 thousand to RMB 17,887 thousand | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Total Non-current Assets | 321,629 | 334,451 | | Total Current Assets | 9,156,442 | 10,061,524 | | Total Current Liabilities | 9,368,314 | 10,127,462 | | Net Current Liabilities | (211,872) | (65,938) | | Net Assets | 17,887 | 91,258 | | Total Equity | 17,887 | 91,258 | - Pledged deposits increased from **RMB 2,135,073 thousand** as of December 31, 2024, to **RMB 2,964,052 thousand** as of June 30, 2025[6](index=6&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=III.%20Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the interim condensed consolidated financial information, covering company details, accounting policies, segment information, and specific financial line items [Company and Group Information](index=6&type=section&id=3.1%20Company%20and%20Group%20Information) Beijing Dixintong Commercial Co., Ltd. primarily engages in mobile communication equipment sales and services, with Huafa Group controlling approximately 74.99% of total voting rights - The Group primarily engages in the sale of mobile communication equipment and accessories and the provision of related services[8](index=8&type=chunk) - Huafa Group held approximately **56.00%** of the Company's equity during the reporting period and, together with other parties, controlled approximately **74.99%** of the Company's total voting rights through a concerted action agreement[8](index=8&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=3.2%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34, with no significant impact from the adoption of the revised IAS 21 "Lack of Exchangeability" - The financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[9](index=9&type=chunk) - The revised International Accounting Standard 21 "Lack of Exchangeability" was adopted for the first time, but it had no impact on the financial information as all the Group's transaction currencies are convertible[10](index=10&type=chunk)[11](index=11&type=chunk) [Operating Segment Information](index=7&type=section&id=3.3%20Operating%20Segment%20Information) The group operates two reportable segments: traditional operations (mobile communication) and newly developed businesses (automotive, photovoltaic equipment sales), with no single customer accounting for over 10% of total revenue - The Group has two reportable operating segments: traditional operations (mobile communication related) and newly developed businesses (sales of automobiles, photovoltaic equipment, and others)[12](index=12&type=chunk) - During the reporting period, there were no customers whose individual revenue accounted for more than **10%** of the Group's total revenue[13](index=13&type=chunk) [Revenue, Other Income and Gains](index=7&type=section&id=3.4%20Revenue,%20Other%20Income%20and%20Gains) For H1 2025, total revenue decreased by 13.80% to RMB 8,219,463 thousand, driven by a significant drop in mobile communication equipment sales, offset by a surge in photovoltaic equipment sales and increased other income Revenue by Type | Revenue Type | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Sales of Mobile Communication Equipment and Accessories | 7,234,052 | 9,109,805 | -20.59% | | Sales of Photovoltaic Equipment | 665,487 | 59,143 | 1,025.22% | | Mobile Operator Service Revenue | 117,179 | 111,578 | 5.02% | | Online and Offline Sales and Marketing Service Revenue | 51,747 | 58,113 | -10.95% | | Other Service Fee Revenue | 150,998 | 161,349 | -6.54% | | **Total Revenue from Contracts with Customers** | **8,219,463** | **9,535,821** | **-13.80%** | Other Income and Gains | Other Income and Gains | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 36,304 | 14,605 | 148.58% | | Government Grants | 2,507 | 3,617 | -30.69% | | Others | 3,886 | 10,903 | -64.36% | | **Total** | **42,697** | **29,125** | **46.60%** | [Loss Before Tax](index=9&type=section&id=3.5%20Loss%20Before%20Tax) For H1 2025, loss before tax significantly increased to RMB 72,221 thousand, primarily due to higher cost of sales, depreciation, interest on lease liabilities, and impairment of financial assets Components of Loss Before Tax | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Inventories Sold and Services Rendered | 7,920,957 | 9,201,551 | | Depreciation of Property, Plant and Equipment | 7,663 | 7,065 | | Depreciation of Right-of-Use Assets | 58,749 | 56,027 | | Interest on Lease Liabilities | 4,665 | 4,019 | | Impairment and Write-off of Trade Receivables | 11,725 | 14,739 | | Impairment and Write-off of Other Receivables | 10,399 | 6,219 | | Amounts Due from Related Parties (Reversal)/Impairment | (2,975) | 2,926 | [Income Tax](index=9&type=section&id=3.6%20Income%20Tax) For H1 2025, income tax expense decreased by 21.66% to RMB 1,201 thousand, mainly due to the utilization of tax losses carried forward by profitable subsidiaries Income Tax Expense | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Total Tax Expense for the Period | 1,201 | 1,533 | -21.66% | - The decrease in income tax expense was primarily due to certain profitable subsidiaries of the Group utilizing tax losses carried forward from previous years[38](index=38&type=chunk) [Loss Per Share Attributable to Owners of the Parent](index=10&type=section&id=3.7%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For H1 2025, basic loss per share increased to RMB 0.09, up from RMB 0.03 in the prior year, primarily due to the expanded loss attributable to owners of the parent Basic Loss Per Share | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Parent | (76,644) | (29,267) | | Weighted Average Number of Ordinary Shares | 886,460,400 | 886,460,400 | | Basic Loss Per Share (RMB per share) | (0.09) | (0.03) | [Trade and Bills Receivables](index=10&type=section&id=3.8%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased to RMB 1,618,952 thousand, with a significant rise in receivables aged over 180 days Trade and Bills Receivables Summary | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 2,733,484 | 2,732,370 | | Bills Receivables | 122,673 | 3,620 | | Less: Impairment of Trade Receivables | (1,237,205) | (1,225,249) | | **Total** | **1,618,952** | **1,510,741** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 178,306 | 351,596 | | 91 to 180 days | 280,573 | 331,957 | | Over 180 days | 1,160,073 | 827,188 | [Trade and Bills Payables](index=11&type=section&id=3.9%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables significantly decreased to RMB 324,131 thousand, with notable reductions in payables aged within 180 days Trade and Bills Payables Summary | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Payables | 150,071 | 145,844 | | Bills Payables | 174,060 | 781,157 | | **Total** | **324,131** | **927,001** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 174,349 | 503,580 | | 91 to 180 days | 1,501 | 364,156 | | Over 180 days | 148,281 | 59,265 | [Dividends](index=11&type=section&id=3.10%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[25](index=25&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the group's business review, financial performance, capital expenditures, key financial ratios, and other significant matters [Business Review](index=12&type=section&id=4.1%20Business%20Review) For H1 2025, the group's mobile phone sales decreased by 35.22%, operating revenue declined by 13.80%, and net loss attributable to owners of the parent increased by 161.88% due to intensified competition Key Business Performance | Metric | H1 2025 | H1 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Mobile Phone Sales (thousand units) | 1,602 | 2,473 | (871) | -35.22% | | Operating Revenue (RMB '000) | 8,219,463 | 9,535,821 | (1,316,358) | -13.80% | | Net Loss Attributable to Owners of the Parent (RMB '000) | (76,644) | (29,267) | (47,377) | 161.88% | - The increase in loss was primarily due to intensified competition in the 3C industry and market, leading to a reduction in the Group's overall gross profit[26](index=26&type=chunk) [Financial Position and Operating Results](index=12&type=section&id=4.2%20Financial%20Position%20and%20Operating%20Results) This section details the group's H1 2025 financial performance, highlighting a 152.51% increase in net loss influenced by revenue decline, stable gross margin, increased other income, rising selling expenses, reduced administrative expenses, and higher finance costs [Overview](index=12&type=section&id=4.2.1%20Overview) For H1 2025, the group reported a net loss of RMB 73,422 thousand, a 152.51% increase, with basic loss per share rising to RMB 0.09 | Metric | Six Months Ended June 30, 2025 (RMB '000) | Six Months Ended June 30, 2024 (RMB '000) | YoY Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Loss | (73,422) | (29,077) | (44,345) | 152.51% | | Net Loss Attributable to Owners of the Parent | (76,644) | (29,267) | (47,377) | 161.88% | | Basic Loss Per Share (RMB per share) | (0.09) | (0.03) | (0.06) | 200.00% | [Operating Revenue](index=12&type=section&id=4.2.2%20Operating%20Revenue) Operating revenue decreased by 13.80% to RMB 8,219,463 thousand, primarily due to reduced retail, wholesale, and franchisee sales, despite a significant increase in photovoltaic equipment sales Revenue by Source | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 8,219,463 | 9,535,821 | -13.80% | | Sales of Mobile Communication Equipment and Accessories | 7,234,052 | 9,109,805 | -20.59% | | Sales of Photovoltaic Equipment | 665,487 | 59,143 | 1,025.22% | | Mobile Operator Service Revenue | 117,179 | 111,578 | 5.02% | | Online and Offline Sales and Marketing Services and Other Service Revenue | 202,745 | 219,462 | -7.62% | - The decrease in operating revenue was mainly due to a decline in sales from both retail and wholesale businesses, as well as sales to franchisees[28](index=28&type=chunk) [Cost of Sales](index=13&type=section&id=4.2.3%20Cost%20of%20Sales) Cost of sales decreased by 13.92% to RMB 7,920,957 thousand, consistent with the reduction in operating revenue Cost of Sales Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Cost of Sales | 7,920,957 | 9,201,551 | -13.92% | [Gross Profit and Gross Margin](index=13&type=section&id=4.2.4%20Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 10.70% to RMB 298,506 thousand, while the overall gross margin slightly increased from 3.51% to 3.63% Gross Profit and Margin Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Gross Profit | 298,506 | 334,270 | -10.70% | | Overall Gross Margin | 3.63% | 3.51% | +0.12% | [Other Income and Gains](index=14&type=section&id=4.2.5%20Other%20Income%20and%20Gains) Other income and gains increased by 46.60% to RMB 42,697 thousand, primarily driven by higher interest income Other Income and Gains Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Other Income and Gains | 42,697 | 29,125 | 46.60% | - The increase in other income and gains was mainly due to higher interest income during the period[33](index=33&type=chunk) [Selling and Distribution Expenses](index=14&type=section&id=4.2.6%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by 9.00% to RMB 211,827 thousand, primarily due to higher marketing staff and rental costs for new stores Selling and Distribution Expenses Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 211,827 | 194,333 | 9.00% | - The increase in selling and distribution expenses was due to higher marketing staff costs and rental costs for new stores[34](index=34&type=chunk) [Administrative Expenses](index=14&type=section&id=4.2.7%20Administrative%20Expenses) Administrative expenses decreased by 9.15% to RMB 87,414 thousand, primarily due to improved administrative staff efficiency and cost reductions Administrative Expenses Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative Expenses | 87,414 | 96,217 | -9.15% | - The decrease in administrative expenses was due to improved efficiency of administrative staff and reduced costs[35](index=35&type=chunk) [Finance Costs](index=14&type=section&id=4.2.8%20Finance%20Costs) Finance costs increased by 25.66% to RMB 96,104 thousand, primarily due to an increase in bank borrowings Finance Costs Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 96,104 | 76,479 | 25.66% | - The increase in finance costs was due to an increase in bank borrowings[36](index=36&type=chunk) [Other Expenses](index=14&type=section&id=4.2.9%20Other%20Expenses) Other expenses increased from negative RMB 342 thousand in 2024 to RMB 2,269 thousand in 2025, primarily due to store closure losses Other Expenses Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Other Expenses | 2,269 | (342) | - The increase in other expenses was mainly due to losses from store closures[37](index=37&type=chunk) [Income Tax Expense](index=14&type=section&id=4.2.10%20Income%20Tax%20Expense) Income tax expense decreased by 21.66% to RMB 1,201 thousand, primarily due to certain subsidiaries utilizing tax losses carried forward from previous years Income Tax Expense Summary | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Income Tax Expense | 1,201 | 1,533 | -21.66% | - The decrease in income tax expense was primarily due to certain profitable subsidiaries of the Group utilizing tax losses carried forward from previous years[38](index=38&type=chunk) [Debt - Bank and Other Borrowings](index=15&type=section&id=4.2.11%20Debt%20-%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings significantly increased to RMB 4,824,850 thousand, primarily short-term bank loans, with a substantial rise in secured bank loans Bank and Other Borrowings | Borrowing Type | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Unsecured, repayable within one year | 1,547,550 | 1,396,893 | | Secured, repayable within one year | 3,277,300 | 1,563,200 | | Other borrowings (repayable within one year) | – | 702,000 | | Long-term unsecured | – | 72,800 | | **Total** | **4,824,850** | **3,734,893** | [Capital Expenditures](index=15&type=section&id=4.3%20Capital%20Expenditures) For H1 2025, capital expenditures amounted to RMB 27,892 thousand, primarily for the acquisition of fixed assets and store renovations Capital Expenditures Summary | Metric | Six Months Ended June 30, 2025 (RMB '000) | | :--- | :--- | | Capital Expenditures | 27,892 | - Capital expenditures were primarily for the acquisition of fixed assets and store renovation expenses[40](index=40&type=chunk) [Key Financial Ratios](index=16&type=section&id=4.4%20Key%20Financial%20Ratios) As of June 30, 2025, the current ratio slightly decreased to 0.98, the debt-to-asset ratio rose to 99.72%, and the net debt-to-equity ratio significantly increased to 17,578.40% due to higher net debt and reduced total equity Key Financial Ratios Summary | Item | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 0.98 | 0.99 | (0.01) | (1.01%) | | Debt-to-Asset Ratio | 99.72% | 98.31% | 1.41% | 1.43% | | Net Debt-to-Equity Ratio | 17,578.40% | 465.89% | 17,112.51% | 3,673.08% | - The significant increase in the net debt-to-equity ratio was primarily due to an increase in net debt and a decrease in total equity[42](index=42&type=chunk) [Other Significant Matters](index=16&type=section&id=4.5%20Other%20Significant%20Matters) The group reported no significant acquisitions, disposals, or contingent liabilities, primarily faces RMB-denominated exchange rate risk, has substantial pledged assets, and no major changes in investments, equity arrangements, or share capital structure [Significant Acquisitions and Disposals](index=16&type=section&id=4.5.1%20Significant%20Acquisitions%20and%20Disposals) For H1 2025, the group had no significant acquisitions or disposals - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals[42](index=42&type=chunk) [Contingent Liabilities](index=16&type=section&id=4.5.2%20Contingent%20Liabilities) For H1 2025, the group had no contingent liabilities - For the six months ended June 30, 2025, the Group had no contingent liabilities[42](index=42&type=chunk) [Exchange Rate Risk](index=16&type=section&id=4.5.3%20Exchange%20Rate%20Risk) Operating primarily in mainland China with most transactions in RMB, the group faces foreign currency risk from USD and HKD-denominated bank deposits and receivables, without hedging - The Group's principal operations are located in mainland China, with most transactions settled in RMB, and foreign currency risk arises from bank deposits and other receivables denominated in USD and HKD[42](index=42&type=chunk) - The Group has not hedged its foreign currency risk[42](index=42&type=chunk) [Pledge of Assets](index=17&type=section&id=4.5.4%20Pledge%20of%20Assets) As of June 30, 2025, the group had RMB 2,964,052 thousand in pledged deposits and RMB 191,251 thousand in financial assets measured at fair value through profit or loss Pledged Assets | Type of Pledged Assets | Amount (RMB '000) | | :--- | :--- | | Pledged Deposits | 2,964,052 | | Financial Assets Measured at Fair Value Through Profit or Loss | 191,251 | [Significant Investments](index=17&type=section&id=4.5.5%20Significant%20Investments) For H1 2025, the group had no other significant investment projects - For the six months ended June 30, 2025, the Group had no other significant investment projects[44](index=44&type=chunk) [Equity Arrangements](index=17&type=section&id=4.5.6%20Equity%20Arrangements) For H1 2025, the group did not undertake any equity subscriptions and has not yet formulated an equity plan - For the six months ended June 30, 2025, the Group did not undertake any equity subscriptions[45](index=45&type=chunk) - As of the date of this announcement, the Group has not yet formulated an equity plan[45](index=45&type=chunk) [Share Capital](index=17&type=section&id=4.5.7%20Share%20Capital) For H1 2025, there were no significant changes in the company's share capital structure - For the six months ended June 30, 2025, there were no significant changes in the Company's share capital structure[46](index=46&type=chunk) [Significant Events After Reporting Period](index=17&type=section&id=4.5.8%20Significant%20Events%20After%20Reporting%20Period) As of the announcement date, the group had no significant events after June 30, 2025, requiring disclosure - As of the date of this announcement, the Group had no significant events after June 30, 2025, requiring disclosure[47](index=47&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=4.6%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group had 2,357 employees with remuneration expenses of approximately RMB 152,522 thousand, offering various training programs and compensation including base salary, performance pay, and social benefits Employee Information | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 2,357 | 2,478 | -121 | | Staff Costs and Employee Benefits Expenses (RMB '000) | 152,522 | 150,521 | +2,001 | - Remuneration includes position-based salaries, performance-based salaries, social insurance, and housing provident funds[48](index=48&type=chunk) - The Group conducts various forms of employee training, including professional ethics, product and business knowledge, and management skills training[48](index=48&type=chunk) [Business Outlook for H2 2025](index=18&type=section&id=V.%20Business%20Outlook%20for%20H2%202025) This section outlines the group's strategic initiatives for H2 2025, focusing on channel synergy, ecosystem expansion, new energy development, and lean management to enhance operational efficiency [Deepen Channel Synergy, Solidify Retail Foundation](index=18&type=section&id=5.1%20Deepen%20Channel%20Synergy,%20Solidify%20Retail%20Foundation) Dixintong plans to upgrade core offline stores, strengthen online partnerships with platforms like JD.com and Douyin, and build private domain traffic focusing on member value to create an integrated online-offline retail matrix - Offline retail will accelerate the structural upgrade of core stores, improving operational efficiency and the proportion of profitable stores[49](index=49&type=chunk) - Online retail will strengthen and deepen cooperation with platforms such as JD.com, Douyin, and Kuaishou, and systematically expand multi-category authorizations[49](index=49&type=chunk) - Private domain development will focus on member value and user operations, creating an integrated online and offline operational matrix[49](index=49&type=chunk) [Focus on Core Business, Expand Ecosystem Value Circle](index=18&type=section&id=5.2%20Focus%20on%20Core%20Business,%20Expand%20Ecosystem%20Value%20Circle) The company will maintain its mobile phone focus, deepen strategic partnerships with brands like Huawei, expand IoT categories including PC and smart home appliances, and enhance after-market services through digital platforms for recycling and value-added services - Strengthen strategic cooperation with brands such as Huawei, Honor, and Xiaomi, jointly developing marketing plans[50](index=50&type=chunk) - Expand IoT business categories, including PCs, smart home appliances, and AI hardware, fully empowering the development of various branch company businesses[50](index=50&type=chunk) - Optimize digital platforms to drive an increase in recycling business conversion rates and refine the operation of value-added services such as repair insurance[50](index=50&type=chunk) [Insight into Market Trends, Strategic Layout for New Energy](index=19&type=section&id=5.3%20Insight%20into%20Market%20Trends,%20Strategic%20Layout%20for%20New%20Energy) Building on household photovoltaic business, the group will adapt to industry policies, optimize partner strategies, and selectively enter the commercial and industrial photovoltaic market, while deepening supply chain cooperation with industry leaders to diversify new energy business - Building on the household photovoltaic business, the Group will flexibly respond to industry policies, expand its business footprint when appropriate, and seize opportunities to enter the commercial and industrial photovoltaic market[51](index=51&type=chunk) - Deepen cooperation with industry leaders in the photovoltaic supply chain to promote multi-channel and three-dimensional development of the new energy business[51](index=51&type=chunk) [Deepen Lean Management, Enhance Operational Efficiency](index=19&type=section&id=5.4%20Deepen%20Lean%20Management,%20Enhance%20Operational%20Efficiency) Dixintong will implement comprehensive cost reduction and efficiency improvement measures by optimizing inventory management, enhancing financial control mechanisms, and leveraging digital systems to strengthen risk management and boost operational efficiency and profitability - Optimize control mechanisms across all supply chain segments, including inventory management, to reduce inventory backlog and capital occupation[52](index=52&type=chunk) - Improve budget management, cost accounting, and performance allocation mechanisms to enhance financial management's support and monitoring capabilities for business operations[52](index=52&type=chunk) - Deepen the application of digital system functions to empower operational management upgrades, improve the risk management system, and promote a dual improvement in operational efficiency and effectiveness[52](index=52&type=chunk) [Other Information](index=20&type=section&id=VI.%20Other%20Information) This section covers interim dividends, corporate governance, securities trading standards, share transactions, audit committee details, publication of results, and board information [Interim Dividends](index=20&type=section&id=6.1%20Interim%20Dividends) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[53](index=53&type=chunk) [Corporate Governance Practices](index=20&type=section&id=6.2%20Corporate%20Governance%20Practices) The company adopted and complied with the HKEX Corporate Governance Code, with the Chairman and CEO roles combined under Ms. Xu Jili, deemed to be in the company's best interest - The Company has adopted the Corporate Governance Code of the Hong Kong Stock Exchange and complied with all applicable code provisions during the reporting period[54](index=54&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Ms. Xu Jili, an arrangement the Board believes helps maintain the Company's operational efficiency and serves its best interests[54](index=54&type=chunk) [Standard Code for Securities Transactions](index=20&type=section&id=6.3%20Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, with all directors and supervisors confirming compliance during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, and all directors and supervisors have confirmed compliance with the code during the reporting period[55](index=55&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=6.4%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For H1 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities, and the company held no treasury shares - 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[56](index=56&type=chunk) - As of June 30, 2025, the Company held no treasury shares[56](index=56&type=chunk) [Audit Committee](index=20&type=section&id=6.5%20Audit%20Committee) The Audit Committee, comprising two independent non-executive directors and one non-executive director, reviewed the group's unaudited interim condensed consolidated results for H1 2025 - The Audit Committee comprises Mr. Cai Zhenhui (Chairman), Mr. Lü Tingjie (Independent Non-executive Director), and Ms. Pan Anran (Non-executive Director)[57](index=57&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated results for the six months ended June 30, 2025[57](index=57&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=21&type=section&id=6.6%20Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is published on the HKEX and company websites, with the interim report to be made available to shareholders in due course - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.dixintong.com)[58](index=58&type=chunk) - The Company's 2025 interim report, containing all information required by the Listing Rules, will be published on the HKEX and the Company's respective websites for shareholders' review in due course[58](index=58&type=chunk) [Board Information](index=21&type=section&id=6.7%20Board%20Information) As of the announcement date, the Board comprises executive directors Ms. Xu Jili, Ms. Xu Liping, and Mr. Liu Donghai; non-executive directors Mr. Xie Hui, Mr. Jia Zhaojie, and Ms. Pan Anran; and independent non-executive directors Mr. Lü Tingjie, Mr. Lü Pingbo, and Mr. Cai Zhenhui - The executive directors are Ms. Xu Jili, Ms. Xu Liping, and Mr. Liu Donghai[60](index=60&type=chunk) - The non-executive directors are Mr. Xie Hui, Mr. Jia Zhaojie, and Ms. Pan Anran[60](index=60&type=chunk) - The independent non-executive directors are Mr. Lü Tingjie, Mr. Lü Pingbo, and Mr. Cai Zhenhui[60](index=60&type=chunk)

[Interim Results and Operations Summary](index=1&type=section&id=Interim%20Results%20and%20Operations%20Summary) The Group's H1 2025 revenue decreased by 4.5% to RMB 523.3 million, gross profit fell 5.1%, and loss for the period significantly narrowed to RMB 6.6 million Financial Highlights | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 523.3 | 548.1 | -4.5 | | Gross Profit | 105.5 | 111.2 | -5.1 | | Loss for the Period | (6.6) | (14.9) | -55.7 | | Loss Attributable to Owners of the Parent | (7.5) | (15.1) | -50.3 | | GFA Under Management (million sq.m.) | 78.8 | 80.3 (Dec 31, 2024) | -1.9 | | Interim Dividend | Nil | Nil | - | Revenue by Business Segment | Business Segment | H1 2025 Revenue (RMB million) | Proportion of Total Revenue (%) | H1 2024 Revenue (RMB million) | Proportion of Total Revenue (%) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management Services | 404.0 | 77.2 | 411.8 | 75.1 | -1.9 | | Non-Owner Value-Added Services | 18.3 | 3.5 | 32.3 | 5.9 | -43.4 | | Community Value-Added Services | 62.1 | 11.9 | 62.2 | 11.3 | 0.0 | | Commercial Operation Management Services | 38.9 | 7.4 | 41.9 | 7.7 | -7.2 | | **Total** | **523.3** | **100.0** | **548.1** | **100.0** | **-4.5** | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides the Group's interim condensed consolidated financial statements, detailing the income statement, comprehensive income, and financial position as of June 30, 2025 [Interim Condensed Consolidated Income Statement](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue was RMB 523,284 thousand, gross profit RMB 105,529 thousand, and loss for the period significantly narrowed to RMB 6,575 thousand, with basic and diluted loss per share attributable to owners of the parent at RMB (0.01) Interim Condensed Consolidated Income Statement | Metric | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 523,284 | 548,136 | | Cost of Sales | (417,755) | (436,984) | | **Gross Profit** | **105,529** | **111,152** | | Other Income and Gains | 5,686 | 27,382 | | Administrative Expenses | (67,694) | (81,162) | | Net Impairment Loss on Financial Assets | (6,679) | (17,103) | | Fair Value Loss on Investment Properties | (32,081) | (33,780) | | Loss Before Tax | (1,416) | (1,115) | | Income Tax Expense | (5,159) | (13,761) | | **Loss for the Period** | **(6,575)** | **(14,876)** | | Loss Attributable to Owners of the Parent | (7,520) | (15,133) | | Basic and Diluted Loss Per Share | RMB (0.01) | RMB (0.01) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group recorded a total comprehensive loss of RMB 6,580 thousand, narrowed from RMB 14,886 thousand in the prior period, primarily due to loss for the period and exchange differences from translating foreign operations Interim Condensed Consolidated Statement of Comprehensive Income | Metric | For the six months ended June 30, 2025 (RMB thousand) | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | (6,575) | (14,876) | | Exchange Differences on Translating Foreign Operations | (5) | (10) | | **Total Comprehensive Loss for the Period** | **(6,580)** | **(14,886)** | | Attributable to Owners of the Parent | (7,525) | (15,143) | | Attributable to Non-Controlling Interests | 945 | 257 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were RMB 934,977 thousand, with net assets at RMB 837,515 thousand, non-current assets totaling RMB 659,676 thousand, and current assets RMB 1,077,171 thousand, while trade receivables increased and cash and bank balances slightly decreased Interim Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-Current Assets | 659,676 | 687,630 | | Total Current Assets | 1,077,171 | 1,086,857 | | Total Current Liabilities | 801,870 | 789,600 | | Net Current Assets | 275,301 | 297,257 | | Total Assets Less Current Liabilities | 934,977 | 984,887 | | Total Non-Current Liabilities | 97,462 | 140,625 | | **Net Assets** | **837,515** | **844,262** | | Total Equity | 837,515 | 844,262 | - Trade receivables increased from **RMB 342,377 thousand** as of December 31, 2024, to **RMB 398,727 thousand** as of June 30, 2025[7](index=7&type=chunk) - Cash and bank balances decreased from **RMB 572,211 thousand** as of December 31, 2024, to **RMB 548,429 thousand** as of June 30, 2025[7](index=7&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the interim condensed consolidated financial information, covering company details, basis of preparation, accounting policies, segment information, revenue, and other financial disclosures [1. Company Information](index=6&type=section&id=1.%20Company%20Information) The Company was incorporated in the Cayman Islands on December 17, 2018, with its subsidiaries primarily engaged in property management, non-owner value-added services, community value-added services, and commercial operation management services in Mainland China - The Company was incorporated in the Cayman Islands on **December 17, 2018**[9](index=9&type=chunk) - Subsidiaries primarily provide property management, non-owner value-added services, community value-added services, and commercial operation management services in Mainland China[9](index=9&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024 - Interim condensed consolidated financial statements are prepared in accordance with **IAS 34 Interim Financial Reporting**[10](index=10&type=chunk) - These statements should be read in conjunction with the Group's annual consolidated financial statements for the year ended **December 31, 2024**[10](index=10&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=6&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies adopted for the interim financial information are consistent with the annual consolidated financial statements, except for the initial adoption of amended IFRSs, such as IAS 12 (Amendments), which had no impact on the interim condensed consolidated financial information - Accounting policies are consistent with the 2024 annual consolidated financial statements, except for the initial adoption of amended IFRSs[10](index=10&type=chunk) - Amended **IAS 12 (Lack of Exchangeability)** had no impact on the interim condensed consolidated financial information[11](index=11&type=chunk) [4. Operating Segment Information](index=7&type=section&id=4.%20Operating%20Segment%20Information) The Group primarily engages in property management, with integrated resources,

[Condensed Interim Consolidated Statement of Comprehensive Income](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Legion Consortium Limited recorded an unaudited condensed consolidated loss of SGD 1,565,981 for the six months ended June 30, 2025, compared to a profit of SGD 3,259,948 in the same period of 2024, driven by a 5.7% revenue decrease and significantly increased administrative expenses [Condensed Interim Consolidated Statement of Comprehensive Income](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Legion Consortium Limited recorded an unaudited condensed consolidated loss of SGD 1,565,981 for the six months ended June 30, 2025, compared to a profit of SGD 3,259,948 in the same period of 2024, driven by a 5.7% revenue decrease and significantly increased administrative expenses Condensed Interim Consolidated Statement of Comprehensive Income | Indicator | June 30, 2025 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Revenue | 29,638,378 | 31,443,294 | | Cost of services | (19,895,682) | (21,171,137) | | Gross profit | 9,742,696 | 10,272,157 | | Other income | 505,688 | 952,151 | | Other gains and losses | (308,514) | 193,209 | | Selling expenses | (183,758) | (80,909) | | Administrative expenses | (10,660,145) | (7,275,588) | | Finance costs | (193,430) | (315,614) | | Loss/Profit before tax | (1,097,463) | 3,745,406 | | Income tax expense | (468,518) | (485,458) | | Loss/Profit and other comprehensive loss/income for the period | (1,565,981) | 3,259,948 | | Basic and diluted loss/earnings per share (SGD cents) | (0.12) | 0.26 | [Condensed Interim Consolidated Statement of Financial Position](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were SGD 72,779,000, a decrease from SGD 78,620,014 as of December 31, 2024, reflecting adjustments in asset structure with increased net current assets but reduced total liabilities and net assets [Condensed Interim Consolidated Statement of Financial Position](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were SGD 72,779,000, a decrease from SGD 78,620,014 as of December 31, 2024, reflecting adjustments in asset structure with increased net current assets but reduced total liabilities and net assets Condensed Interim Consolidated Statement of Financial Position | Indicator | June 30, 2025 (SGD) | December 31, 2024 (SGD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 37,630,691 | 41,437,061 | | Current assets | 35,148,309 | 37,182,953 | | **Total assets** | **72,779,000** | **78,620,014** | | **Liabilities** | | | | Current liabilities | 10,889,494 | 17,914,876 | | Non-current liabilities | 8,819,820 | 6,069,471 | | **Total liabilities** | **19,709,314** | **23,984,347** | | **Net assets** | **53,069,686** | **54,635,667** | | **Equity** | | | | Total equity attributable to owners of the Company | 52,123,359 | 53,676,214 | | Non-controlling interests | 946,327 | 959,453 | | **Total equity** | **53,069,686** | **54,635,667** | [Notes to the Condensed Interim Consolidated Financial Statements](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes on the condensed interim consolidated financial statements, covering general information, basis of preparation, adoption of new standards, revenue, expenses, and other financial disclosures [1 General Information](index=4&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Legion Consortium Limited, incorporated in the Cayman Islands, operates primarily in Singapore and Hong Kong, providing trucking, freight forwarding, and value-added transportation services, with its shares listed on the HKEX since January 13, 2021 - The company is an investment holding company, with its subsidiaries primarily engaged in trucking services, freight forwarding services, and value-added transportation services[6](index=6&type=chunk) - The Company's shares were listed on The Stock Exchange of Hong Kong Limited on **January 13, 2021**[7](index=7&type=chunk) - Mirana Holdings Limited is the direct and ultimate holding company of the Company[7](index=7&type=chunk) [2 Basis of Preparation](index=5&type=section&id=2%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The unaudited condensed interim consolidated financial statements for the six months ended June 30, 2025, are prepared in accordance with IAS 34 and HKEX Listing Rules, and should be read in conjunction with the annual financial statements for the year ended December 31, 2024 - The interim financial statements are prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Stock Exchange[8](index=8&type=chunk) - The interim financial statements should be read in conjunction with the Company's annual financial statements for the year ended December 31, 2024[8](index=8&type=chunk) - The interim financial statements are prepared on a historical cost basis[10](index=10&type=chunk) [3 Adoption of New and Revised Standards](index=6&type=section&id=3%20%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E6%BA%96%E5%89%87) During this interim period, the Group first applied IAS 21 (Amendment) 'Lack of Exchangeability', with no significant impact on its financial position or performance - International Accounting Standard 21 (Amendment) "Lack of Exchangeability" was first applied during this interim period[13](index=13&type=chunk) - The application of the revised International Financial Reporting Standards had no significant impact on the Group's financial position and performance[13](index=13&type=chunk) [4 Revenue and Segment Information](index=6&type=section&id=4%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from trucking, freight forwarding, and value-added transportation services. Total revenue for the six months ended June 30, 2025, was SGD 29,638,378, a decrease from SGD 31,443,294 in the prior year - The Group's revenue represents the fair value of consideration received and receivable for trucking services, freight forwarding services, and value-added transportation services provided to external customers[14](index=14&type=chunk) Revenue by Source and Segment Results | Revenue Source | June 30, 2025 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Trucking services | 13,912,186 | 12,124,000 | | Freight forwarding services | 10,220,122 | 13,676,497 | | Value-added transportation services | 5,506,070 | 5,642,797 | | **Total Revenue** | **29,638,378** | **31,443,294** | | **Segment Results** | | | | Trucking services | 4,949,298 | 4,565,540 | | Freight forwarding services | 3,440,587 | 4,083,920 | | Value-added transportation services | 1,352,811 | 1,622,697 | | **Total Segment Results** | **9,742,696** | **10,272,157** | [5 Other Income](index=8&type=section&id=5%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period was SGD 505,688, a significant decrease from SGD 952,151 in 2024, primarily comprising government grants, interest income, rental income, and yard facility income Other Income Breakdown | Item | June 30, 2025 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Government grants | 158,069 | 426,267 | | Interest income | 108,795 | 293,457 | | Rental income | 161,350 | 153,100 | | Yard facility income | 77,474 | 79,327 | | **Total** | **505,688** | **952,151** | - Government grants primarily include Enterprise Development Grant, Wage Credit Scheme, Special Employment Credit, and corporate income tax rebates[18](index=18&type=chunk) [6 Other Gains and Losses](index=8&type=section&id=6%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) The period recorded other losses of SGD 308,514, compared to gains of SGD 193,209 in 2024, primarily due to increased net foreign exchange losses Other Gains and Losses Breakdown | Item | June 30, 2025 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Net gain on disposal of property and equipment | — | 1,817 | | Net foreign exchange loss/gain | (308,514) | 191,392 | | **Total** | **(308,514)** | **193,209** | - The shift from gain to loss was mainly due to increased net foreign exchange losses for the six months ended June 30, 2025, reflecting increased currency volatility and unfavorable exchange rate movements[41](index=41&type=chunk) [7 Finance Costs](index=9&type=section&id=7%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs for the period were SGD 193,430, down from SGD 315,614 in 2024, mainly from lease liabilities and bank borrowings Finance Costs Breakdown | Item | June 30, 2025 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Interest on bank borrowings | 25,737 | 17,233 | | Interest on lease liabilities | 167,588 | 298,381 | | Other interest | 105 | — | | **Total** | **193,430** | **315,614** | [8 Loss/Profit Before Tax](index=9&type=section&id=8%20%E9%99%A4%E7%A8%85%E5%89%8D%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E6%BA%A2%E5%88%A9) The period's loss before tax was SGD 1,097,463, compared to a profit of SGD 3,745,406 in 2024, influenced by depreciation, amortization, and total staff costs Components of Loss/Profit Before Tax | Item | June 30, 2025 (SGD) | June 30, 2024 (SGD) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 5,327,300 | 4,895,054 | | Depreciation of investment properties | 94,570 | 94,571 | | Amortisation of intangible assets | 57,264 | 70,419 | | Directors' remuneration | 784,172 | 886,266 | | Other staff costs (salaries and benefits) | 5,964,429 | 4,294,544 | | Central Provident Fund contributions | 437,508 | 416,369 | | **Total staff costs** | **7,186,109** | **5,597,179** | - Of the total staff costs, **SGD 1,495,019** was charged to cost of services and **SGD 5,691,090** was charged to administrative expenses[21](index=21&type=chunk) [9 Income Tax Expense](index=10&type=section&id=9%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for the period was approximately SGD 468,518, consistent with SGD 485,458 in 2024, calculated at 17% of estimated taxable profit with exemptions and rebates - Income tax expense was **SGD 468,518** (2024: SGD 485,458)[23](index=23&type=chunk) - Singapore corporate income tax is calculated at **17%**, with a **75% tax exemption** on the first SGD 10,000 of taxable income and a **50% tax exemption** on the subsequent SGD 190,000 of taxable income[23](index=23&type=chunk) - A corporate income tax rebate of up to **SGD 40,000** was granted to the Group for the Year of Assessment 2025, as per the Singapore Budget 2025[23](index=23&type=chunk) [10 Dividends](index=10&type=section&id=10%20%E8%82%A1%E6%81%AF) No dividends were declared by the Company or any Group entity during or after the six months ended June 30, 2025 and 2024 - No dividends were declared by the Company for the six months ended June 30, 2025 and 2024[24](index=24&type=chunk) [11 Loss/Earnings Per Share](index=10&type=section&id=11%20%E6%AF%8F%E8%82%A1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E7%9B%88%E5%88%A9) Basic loss per share was 0.12 Singapore cents, compared to earnings of 0.26 Singapore cents in 2024, primarily due to the shift from profit to loss attributable to owners. Diluted loss per share is the same as basic due to no dilutive securities Loss/Earnings Per Share Calculation | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Loss/Profit for the period attributable to owners of the Company (SGD) | (1,552,855) | 3,270,180 | | Weighted average number of ordinary shares in issue | 1,250,000,000 | 1,250,000,000 | | Basic and diluted loss/earnings per share (SGD cents) | (0.12) | 0.26 | - Diluted loss/earnings per share is the same as basic loss/earnings per share as the Group had no dilutive potential ordinary shares convertible into shares[25](index=25&type=chunk) [12 Trade Receivables](index=11&type=section&id=12%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Net trade receivables were SGD 16,477,049 as of June 30, 2025, an increase from SGD 15,506,508 as of December 31, 2024. The Group generally grants credit terms of 30 to 90 days Trade Receivables Breakdown | Item | June 30, 2025 (SGD) | December 31, 2024 (SGD) | | :--- | :--- | :--- | | Trade receivables | 16,528,359 | 15,558,318 | | Provision for doubtful debts | (51,310) | (51,810) | | **Net** | **16,477,049** | **15,506,508** | - The Group generally grants credit terms of **30 to 90 days** from the invoice date of trade receivables[26](index=26&type=chunk) Aging Analysis of Trade Receivables | Aging | June 30, 2025 (SGD) | December 31, 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 5,865,415 | 6,098,372 | | 31 to 60 days | 3,963,496 | 3,629,282 | | 61 to 90 days | 2,180,175 | 1,821,246 | | 91 to 180 days | 1,299,472 | 1,172,512 | | 181 days to 1 year | 535,567 | 547,370 | | Over 1 year | 2,684,234 | 2,289,536 | | **Total** | **16,528,359** | **15,558,318** | [13 Trade and Other Payables](index=12&type=section&id=13%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables were SGD 5,334,509 as of June 30, 2025, a decrease from SGD 6,370,207 as of December 31, 2024, with current portion at SGD 4,020,445 and non-current at SGD 1,314,064 Trade and Other Payables Breakdown | Item | June 30, 2025 (SGD) | December 31, 2024 (SGD) | | :--- | :--- | :--- | | Trade payables | 1,914,051 | 1,721,775 | | Other payables | 200,105 | 1,377,000 | | Goods and Services Tax payable | 319,133 | 62,088 | | Payables for acquisition of property, plant and equipment | — | 66,731 | | Customer deposits | 1,329,063 | 1,329,063 | | Accrued operating expenses | 1,344,085 | 1,546,419 | | Deferred government grants | 228,072 | 267,131 | | **Total** | **5,334,509** | **6,370,207** | | **Analyzed as:** | | | | – Current | 4,020,445 | 5,056,143 | | – Non-current | 1,314,064 | 1,314,064 | - Non-current trade and other payables arise from customer deposits for yard leases and investment property leases[27](index=27&type=chunk) Aging Analysis of Trade Payables | Aging | June 30, 2025 (SGD) | December 31, 2024 (SGD) | | :--- | :--- | :--- | | Within 30 days | 1,037,429 | 1,078,229 | | 31 to 60 days | 575,205 | 394,317 | | 61 to 90 days | 234,218 | 145,389 | | Over 90 days | 67,199 | 103,840 | | **Total** | **1,914,051** | **1,721,775** | [14 Share Capital](index=13&type=section&id=14%20%E8%82%A1%E6%9C%AC) The Company's authorized share capital is 2,000,000,000 ordinary shares of HKD 0.01 each, totaling HKD 20,000,000. Issued and fully paid share capital is 1,250,000,000 ordinary shares, totaling SGD 2,133,905, unchanged during the period Share Capital Structure | Item | Number of Ordinary Shares | Par Value (HKD) | Share Capital (HKD) | | :--- | :--- | :--- | :--- | | Authorized share capital of the Company: at beginning/end of period | 2,000,000,000 | 0.01 | 20,000,000 | | **Item** | **Number of Ordinary Shares** | **Share Capital (SGD)** | | | Issued and fully paid by the Company: at beginning/end of period | 1,250,000,000 | 2,133,905 | | [Business Review and Outlook](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) This section provides an overview of the Group's integrated logistics services in Singapore, its established market position, and strategic plans for future expansion and operational enhancements [Business Review](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group is an integrated logistics service provider in Singapore, offering trucking, freight forwarding, and value-added transportation services, with established infrastructure, market reputation, customer base, modern fleet, strategic yards, and experienced management - The Group is a logistics service provider in Singapore, offering trucking, freight forwarding, transportation, and value-added transportation services[30](index=30&type=chunk) - The Group has established a strong foundation through well-developed infrastructure, a solid market reputation, and a prestigious customer base, expanding its corporate footprint in the Singapore region[30](index=30&type=chunk) - As of June 30, 2025, the Group's fleet included **57 prime movers**, **485 trailers**, and **23 flatbed trucks**, managing three logistics yards of approximately **48,980 square meters** and three warehouses of approximately **32,343 square meters**[30](index=30&type=chunk) [Outlook](index=14&type=section&id=%E5%B1%95%E6%9C%9B) The Group aims to achieve long-term strategic goals by increasing logistics transparency, improving financing, expanding transportation, enhancing value-added services, and extending warehousing, while strategically investing in infrastructure and managing external pressures like diesel prices, interest rates, and labor costs - The Group expects that increasing transparency in logistics operations and improving access to funding will facilitate its expansion strategies and strengthen its market position[31](index=31&type=chunk) - Long-term strategic objectives include expanding transportation operations, enhancing value-added transportation services, and extending business into warehousing services[32](index=32&type=chunk) - The Company remains vigilant regarding external pressures such as diesel price volatility, interest rate fluctuations, labor shortages, and rising wage costs, and will adhere to prudent cost management and seek strategic partnerships[32](index=32&type=chunk) [Financial Review](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a detailed analysis of the Group's financial performance, including revenue, gross profit, other income, administrative expenses, and overall profitability for the period [Revenue](index=15&type=section&id=%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's revenue was SGD 29.6 million, a 5.7% decrease year-on-year, primarily due to a significant reduction in freight forwarding services sales, despite growth in trucking services and stable value-added services - Revenue for the six months ended June 30, 2025, was **SGD 29.6 million**, a **5.7% decrease** from **SGD 31.4 million** in the same period of 2024[33](index=33&type=chunk) - The revenue decrease was mainly due to soft market demand, leading to a significant reduction in sales volume for freight forwarding services[33](index=33&type=chunk) [Trucking Services](index=16&type=section&id=%E8%B2%A8%E8%BB%8A%E9%81%8B%E8%BC%B8%E6%9C%8D%E5%8B%99) Trucking services revenue was approximately SGD 13.9 million for the six months ended June 30, 2025, a 14.9% year-on-year increase, driven by sustained customer demand, market expansion, and enhanced operational capabilities - Trucking services revenue was approximately **SGD 13.9 million** (2024: SGD 12.1 million), representing a **14.9% increase**[34](index=34&type=chunk) - The revenue growth was primarily due to sustained customer demand for trucking services, reflecting the Company's expanding market position and enhanced operational capabilities[34](index=34&type=chunk) [Freight Forwarding Services](index=16&type=section&id=%E8%B2%A8%E9%81%8B%E4%BB%A3%E7%90%86%E6%9C%8D%E5%8B%99) Freight forwarding services revenue was approximately SGD 10.2 million for the six months ended June 30, 2025, a 25.5% year-on-year decrease, attributed to reduced import/export demand, economic uncertainty, global supply chain disruptions, and increased market competition - Freight forwarding services revenue was approximately **SGD 10.2 million** (2024: SGD 13.7 million), representing a **25.5% decrease**[35](index=35&type=chunk) - The revenue decrease was mainly due to reduced import and export freight demand in the first half of 2025, with economic uncertainty and global supply chain disruptions negatively impacting trade volumes[35](index=35&type=chunk) - Increased competition in the freight forwarding market further pressured prices and margins[35](index=35&type=chunk) [Value-Added Transportation Services](index=16&type=section&id=%E5%A2%9E%E5%80%BC%E9%81%8B%E8%BC%B8%E6%9C%8D%E5%8B%99) Value-added transportation services revenue was approximately SGD 5.5 million for the six months ended June 30, 2025, a slight 1.8% year-on-year decrease, influenced by land area for container storage, throughput, and service complexity, with overall stable service levels and customer demand - Value-added transportation services revenue was approximately **SGD 5.5 million** (2024: SGD 5.6 million), representing a **slight 1.8% decrease**[36](index=36&type=chunk)[37](index=37&type=chunk) - This revenue stream is primarily influenced by the land area available for storing containers, as well as the throughput and complexity of transportation services provided[37](index=37&type=chunk) [Gross Profit and Gross Profit Margin](index=17&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) For the six months ended June 30, 2025, the Group's gross profit was approximately SGD 9.7 million with a gross profit margin of 32.9%, remaining relatively stable compared to the prior year (SGD 10.3 million, 32.8%). Trucking services saw a margin decrease, freight forwarding an increase, and value-added services a decrease - The Group's gross profit was approximately **SGD 9.7 million** (2024: SGD 10.3 million), with a gross profit margin of approximately **32.9%** (2024: 32.8%)[38](index=38&type=chunk)[39](index=39&type=chunk) - Trucking services gross profit margin decreased from **38.0% to 35.6%**, mainly due to increased competition and rising costs[39](index=39&type=chunk) - Freight forwarding services gross profit margin increased from **29.9% to 33.7%**, driven by improved pricing strategies and enhanced operational efficiency[39](index=39&type=chunk) - Value-added transportation services gross profit margin decreased from **28.6% to 24.6%**, primarily due to rising operating costs and lower utilization of warehousing facilities[39](index=39&type=chunk) [Other Income](index=18&type=section&id=5%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's other income was approximately SGD 0.5 million, a decrease from SGD 1.0 million in the prior year, primarily related to government grants, interest income, and investment property rental income - The Group's other income was approximately **SGD 0.5 million** (2024: SGD 1.0 million)[40](index=40&type=chunk) - Other income is primarily related to government grants, interest income, and investment property rental income[40](index=40&type=chunk) [Other Gains and Losses](index=18&type=section&id=6%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) For the six months ended June 30, 2025, the Group recorded other losses of approximately SGD 0.3 million, compared to gains of approximately SGD 0.2 million in the prior year, mainly due to increased net foreign exchange losses - The Group's other gains and losses amounted to approximately **SGD 0.3 million loss** (2024: SGD 0.2 million gain)[41](index=41&type=chunk) - The shift from gain to loss was mainly due to increased net foreign exchange losses for the six months ended June 30, 2025[41](index=41&type=chunk) [Administrative Expenses](index=18&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, administrative expenses significantly increased to SGD 10.7 million from SGD 7.3 million in the prior year, primarily due to one-off strategic expenses like financial advisor appointments for business spin-off feasibility, client management service handover, and the company's 30th-anniversary celebration - The Group's administrative expenses were approximately **SGD 10.7 million** (2024: SGD 7.3 million)[42](index=42&type=chunk) - The increase in administrative expenses was mainly due to one-off strategic expenses incurred during the period, including the appointment of financial advisors to assess the feasibility of a freight forwarding business spin-off[42](index=42&type=chunk)[43](index=43&type=chunk) - Additional consultancy costs and expenses related to the Group's 30th-anniversary celebration also contributed to the increase in administrative expenses[43](index=43&type=chunk) [Income Tax Expense](index=19&type=section&id=9%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the Group's income tax expense was approximately SGD 0.5 million, consistent with the prior year, primarily for corporate income tax under Singapore tax regulations - The Group's income tax expense was approximately **SGD 0.5 million** (2024: SGD 0.5 million)[44](index=44&type=chunk) - As operations are based in Singapore, the Group is subject to corporate income tax under Singapore's tax regulations[44](index=44&type=chunk) [Loss/Profit for the Period](index=19&type=section&id=%E6%9C%9F%E5%85%A7%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E6%BA%A2%E5%88%A9) The Group recorded a loss of SGD 1.57 million, compared to a profit of SGD 3.26 million in the prior year. Net profit margin decreased from 10.5% to 5.3%. The loss was primarily due to decreased market demand, rising operating costs, reduced other income, and increased operating expenses - The Group recorded a **loss of SGD 1.57 million** (2024: profit of SGD 3.26 million)[45](index=45&type=chunk) - The decrease in net profit was mainly due to lower market demand, rising operating costs, reduced other income, and increased operating expenses[45](index=45&type=chunk) - The Group's net profit margin decreased from approximately **10.5%** for the six months ended June 30, 2024, to approximately **5.3%** for the six months ended June 30, 2025[45](index=45&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2) This section details the Group's liquidity management, gearing ratio, foreign currency risk, asset pledges, and future plans for investments and capital assets [Liquidity](index=20&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91) The Group's working capital needs are primarily financed through funds generated from operations and bank borrowings. As of June 30, 2025, bank balances and cash were approximately SGD 12.1 million, a decrease from SGD 14.47 million as of December 31, 2024. Bank financing credit facilities were approximately SGD 0.3 million - Working capital requirements are financed through a combination of funds generated from operations and bank borrowings[47](index=47&type=chunk) - As of June 30, 2025, bank balances and cash amounted to approximately **SGD 12.1 million** (December 31, 2024: SGD 14.47 million)[47](index=47&type=chunk) - As of June 30, 2025, the Group's bank financing credit facilities amounted to approximately **SGD 0.3 million** (December 31, 2024: SGD 0.4 million)[48](index=48&type=chunk) [Gearing Ratio](index=21&type=section&id=%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's gearing ratio was approximately 22.5%, a decrease from 27.7% as of December 31, 2024, primarily due to reduced bank borrowings and lease liabilities, indicating strengthened capital structure and lower financial leverage - As of June 30, 2025, the Group's gearing ratio was approximately **22.5%** (December 31, 2024: 27.7%)[49](index=49&type=chunk) - The decrease in the gearing ratio was mainly due to a reduction in bank borrowings and lease liabilities, indicating the Group's continuous efforts to strengthen its capital structure and reduce financial leverage[49](index=49&type=chunk) [Foreign Currency Exchange Risk](index=21&type=section&id=%E5%A4%96%E5%B9%A3%E5%8C%AF%E5%85%8C%E9%A2%A8%E9%9A%AA) The Group primarily transacts in Singapore Dollars and currently has no foreign currency hedging policy, but maintains a conservative approach to minimize exchange rate fluctuation risks - The Group primarily transacts in Singapore Dollars, which is the functional currency for all of the Group's operating subsidiaries[50](index=50&type=chunk) - The Group currently has no foreign currency hedging policy but adopts a conservative approach to foreign currency management to ensure that the risk of foreign currency exchange rate fluctuations is minimized[50](index=50&type=chunk) [Pledge of Assets](index=21&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, approximately SGD 0.3 million in deposits were pledged to a financial institution as security for letter of credit facilities - **SGD 0.3 million** (December 31, 2024: SGD 0.4 million) in deposits were pledged to a financial institution as security for letter of credit facilities[51](index=51&type=chunk) [Material Investments, Material Acquisitions and Disposals of Subsidiaries, Associates or Joint Ventures](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%88%96%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD) For the six months ended June 30, 2025, the Group held no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures[52](index=52&type=chunk) [Future Plans for Material Investments and Capital Assets](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of June 30, 2025, the Group had no future plans for material investments or capital assets other than those disclosed in the Company's prospectus dated December 30, 2020 - As of June 30, 2025, the Group had no other future plans for material investments or capital assets other than those disclosed in the Company's prospectus dated December 30, 2020[53](index=53&type=chunk) [Use of Net Proceeds](index=23&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E6%B7%A8%E9%A1%8D%E7%94%A8%E9%80%94) The Group has fully utilized the net proceeds of HKD 41.5 million from its listing, primarily for expanding the trucking services fleet, increasing freight forwarding services, working capital, purchasing pallet racking systems, and acquiring properties - The net proceeds from the Company's listing were approximately **HKD 41.5 million** (equivalent to approximately SGD 7.2 million)[58](index=58&type=chunk) - The Board resolved to change the use of unutilized net proceeds to enhance utilization, avoid rental expenses, and generate other income[58](index=58&type=chunk) Use of Net Proceeds | Intended Use of Net Proceeds | Original Allocation (HKD million) | Revised Allocation (HKD million) | Net Proceeds Utilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | | Strategic acquisitions | 17.7 | — | — | | Expansion of the fleet for the trucking services segment | 16.5 | 16.5 | (16.5) | | Increase and strengthen our freight forwarding services segment | 2.5 | 2.5 | (2.5) | | Working capital and other general corporate purposes | 0.2 | 0.2 | (0.2) | | Purchase of pallet racking systems | 4.6 | 4.6 | (4.6) | | Acquisition of properties | — | 17.7 | (17.7) | | **Total** | **41.5** | **41.5** | **(41.5)** | - As of June 30, 2025, the Group had fully utilized the net proceeds[59](index=59&type=chunk) [Other Information](index=22&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers additional information regarding the Group's employees, share schemes, capital commitments, contingent liabilities, significant events, compliance, corporate governance, and publication details [Employees](index=22&type=section&id=%E5%93%A1%E5%B7%A5) As of June 30, 2025, the Group had 229 employees, with total staff costs of approximately SGD 7.2 million. The company regularly reviews compensation policies and provides training to attract and retain high-quality staff - As of June 30, 2025, the Group had **229 employees** (December 31, 2024: 227 employees)[54](index=54&type=chunk) - Total staff costs for the six months ended June 30, 2025, amounted to approximately **SGD 7.2 million** (2024: SGD 5.6 million)[54](index=54&type=chunk) - The Group regularly reviews its employees' remuneration policies and benefits and provides adequate job training to attract and retain high-quality employees[54](index=54&type=chunk) [Share Option Scheme and Share Award Scheme](index=22&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83%E5%8F%8A%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) As of the announcement date, the Group has no share option scheme or share award scheme under Chapter 17 of the Listing Rules - As of the date of this announcement, the Group has no share option scheme or share award scheme under Chapter 17 of the Listing Rules[55](index=55&type=chunk) [Capital Commitments](index=22&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had capital commitments of approximately SGD 7.2 million for the acquisition of property, plant, and equipment - As of June 30, 2025, the Group had capital commitments of approximately **SGD 7.2 million** (December 31, 2024: nil) for the acquisition of property, plant and equipment[56](index=56&type=chunk) [Contingent Liabilities](index=22&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities (December 31, 2024: nil)[57](index=57&type=chunk) [Significant Events](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6) Rejoice Container Services (Pte) Ltd, a wholly-owned subsidiary, entered into construction contracts totaling SGD 7,380,000 with Soon He Construction Pte. Ltd. for the construction and addition/alteration of a three-story single-user industrial building - Rejoice Container Services (Pte) Ltd entered into an initial construction contract with Soon He Construction Pte. Ltd. for a total of **SGD 5,408,000** for the construction of a new three-story single-user industrial building[60](index=60&type=chunk) - Subsequently, an additional construction contract was entered into for a total of **SGD 1,972,000** for additions and alterations to the building[60](index=60&type=chunk) - The initial and additional construction contracts (on a combined basis) constitute a major transaction for the Company[60](index=60&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=24&type=section&id=%E9%81%B5%E5%AE%88%E4%B8%8A%E5%B8%82%E7%99%BC%E8%A1%8C%E4%BA%BA%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) Following specific inquiries, all Directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules from the listing date to the announcement date - The Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules[61](index=61&type=chunk) - All Directors have complied with the required standards of conduct and the Model Code from the listing date up to the date of this announcement[61](index=61&type=chunk) [Corporate Governance](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code during the period, except for the non-segregation of Chairman and CEO roles, both held by Mr. Wong Chun Hing. The Board believes this structure provides strong, consistent leadership for effective business planning and execution, and will be reviewed periodically - The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, except for the non-segregation of the roles of Chairman and Chief Executive Officer[62](index=62&type=chunk)[63](index=63&type=chunk) - Mr. Wong Chun Hing holds the positions of Chairman, Executive Director, and Chief Executive Officer of the Company[63](index=63&type=chunk) - The Board believes this structure provides strong and consistent leadership for the Group, facilitating effective and efficient planning and execution of business decisions and strategies[63](index=63&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) 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, and up to the announcement date - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[65](index=65&type=chunk) [Sufficiency of Public Float](index=25&type=section&id=%E5%85%85%E8%B6%B3%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) Based on publicly available information and to the best of the Directors' knowledge, the Company maintained a sufficient public float of its shares in accordance with Listing Rules during the six months ended June 30, 2025, and up to the announcement date - The Directors confirm that the Company maintained a sufficient public float of its shares in accordance with the Listing Rules[66](index=66&type=chunk) [Audit Committee](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025, discussed accounting principles with management, and deemed the results prepared in compliance with applicable accounting standards, requirements, and Listing Rules, with adequate disclosures - The Audit Committee has reviewed the Group's unaudited consolidated financial statements for the six months ended June 30, 2025[67](index=67&type=chunk) - The Audit Committee believes that the results were prepared in compliance with applicable accounting standards and requirements, as well as the Listing Rules, and that adequate disclosures have been made[67](index=67&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=26&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement is published on the HKEX website www.hkexnews.hk and the Company's website www.legionconsortium.com. The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement is published on the HKEX website and the Company's website[68](index=68&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and published on the aforementioned websites in due course[68](index=68&type=chunk) [Board of Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) This section outlines the composition of the Company's Board of Directors, including its Executive and Independent Non-executive Directors, and the dual role held by Mr. Wong Chun Hing as Chairman, CEO, and Executive Director [Board of Directors](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) The Company's Board comprises three Executive Directors (Mr. Wong Chun Hing, Mr. Wong Hong Hock, and Ms. Fan Jia Si) and three Independent Non-executive Directors (Mr. Yeo Teck Chuan, Mr. Ho Wing Sum, and Mr. Chiu Ka Kai). Mr. Wong Chun Hing also serves as Chairman, CEO, and Executive Director - The Board includes three Executive Directors: Mr. Wong Chun Hing, Mr. Wong Hong Hock, and Ms. Fan Jia Si[70](index=70&type=chunk) - The Board includes three Independent Non-executive Directors: Mr. Yeo Teck Chuan, Mr. Ho Wing Sum, and Mr. Chiu Ka Kai[70](index=70&type=chunk) - Mr. Wong Chun Hing serves as Chairman, Chief Executive Officer, and Executive Director[69](index=69&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 New Ray Medicine International Holding Limited （於百慕達註冊成立之有限公司） （股份代號：6108） 截至二零二五年六月三十日止六個月之 中期業績公告 財務概要 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月： 於 二 零 二 五 年 六 月 三 十 日： • 本 集 團 於 二 零 二 五 年 六 月 三 十 日 的 資 產 負 債 比 率（界 定 為 銀 行 及 其 他 借 款 總 額 除 以 總 權 益）為 零（二 零 二 四 年 十 二 月 三 十 一 日：零）。 – 1 – • 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 錄 得 收 益 約44,701,000港 元，較 二 零 二 ...