交 运 燃 气 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：1407） 截 至2025年6月30日止六個月的中期業績公告 財務摘要 – 1 – • 截 至2025年6月30日 止 六 個 月（「本期間」）收 入 為 人 民 幣180.2百萬元， 較2024年同期減少6.9%。 • 本期間毛利為人民幣28.6百 萬 元，與 2024 年同期的人民幣28.1 百 萬 元 相 比 保 持 穩 定。本 期 間 毛 利 率 為15.9%，較2024年同期 的 14.5%有所改善。 • 本期間純利為人民幣13.4百 萬 元，較2024年同期減少14.1%。 • 董事會決議不宣派截至2025年6月30日 止 六 個 月 的 中 期 股 息。 未經審核中期業績 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 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group experienced a slight revenue decrease, a significant increase in loss for the period due to fair value losses, but a notable reduction in underlying loss 2025 Interim Financial Summary | Indicator | June 30, 2025 (HKD Million) | June 30, 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 235.0 | 240.6 | -2.3% | | EBITDA excluding fair value loss on investment properties | 78.4 | 85.0 | -7.8% | | Loss for the period | 204.5 | 162.6 | +25.8% | | Fair value loss on investment properties (net of US deferred income tax) | 195.6 | 144.2 | +35.6% | | Underlying loss excluding fair value loss on investment properties and related impact | 8.9 | 18.4 | -51.6% | | Interim dividend per ordinary share | HKD 3 cents | HKD 4 cents | -25.0% | [Condensed Consolidated Financial Information](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Information) This section presents the group's condensed consolidated financial statements, including the statements of profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=I.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20-%20Unaudited) For the six months ended June 30, 2025, the group's revenue slightly decreased, while operating loss and loss for the period significantly widened due to a substantial increase in fair value loss on investment properties, with net finance costs decreasing Key Data from Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 234,971 | 240,589 | -2.3% | | Gross profit | 150,742 | 139,090 | +8.4% | | Fair value loss on investment properties | (198,561) | (129,824) | +52.9% | | Operating loss | (143,259) | (69,247) | +106.9% | | Net finance costs | (60,025) | (75,719) | -20.7% | | Loss for the period | (204,531) | (162,567) | +25.8% | | Loss per share (basic and diluted) | HKD (0.70) | HKD (0.55) | +27.3% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=II.%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20-%20Unaudited) Total comprehensive loss for the period widened compared to the prior year, primarily due to an increased loss for the period, partially offset by a narrower fair value change loss on financial assets in other comprehensive income Key Data from Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | (204,531) | (162,567) | +25.8% | | Fair value change of financial assets at fair value through other comprehensive income | (646) | (1,276) | -49.3% | | Total comprehensive income for the period | (205,177) | (163,852) | +25.2% | | Total comprehensive income attributable to owners of the Company | (202,394) | (158,896) | +27.4% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=III.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20as%20at%20June%2030%2C%202025%20-%20Unaudited) As of June 30, 2025, the group's total assets and total equity both decreased, primarily due to a reduction in investment property value, while non-current liabilities significantly increased and current liabilities substantially decreased Key Data from Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total assets | 11,335,048 | 11,533,101 | -1.7% | | Investment properties | 9,095,152 | 9,294,986 | -2.1% | | Cash and cash equivalents | 146,512 | 123,438 | +18.7% | | Total equity | 8,320,022 | 8,541,246 | -2.6% | | Non-current liabilities | 2,748,056 | 2,348,768 | +17.0% | | Current liabilities | 266,970 | 643,087 | -58.5% | | Total liabilities | 3,015,026 | 2,991,855 | +0.8% | [Notes to the Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the basis of preparation, accounting policies, revenue, segment information, and other key financial items [Basis of Preparation and Accounting Policies](index=6&type=section&id=%28I%29%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial information is prepared under the historical cost convention, in accordance with HKAS 34 "Interim Financial Reporting" and HKFRS, with accounting policies consistent with the 2024 annual report, except for a new amendment on "Lack of Exchangeability" which has no material impact - The condensed consolidated interim financial information is prepared on the historical cost basis, except for investment properties, financial assets at fair value through other comprehensive income, and derivative financial instruments, which are measured at fair value[8](index=8&type=chunk) - The accounting policies are consistent with those adopted in the 2024 annual report, with the adoption of HKAS 21 (Amendment) "Lack of Exchangeability" having no material impact on the group's results and financial position[8](index=8&type=chunk)[9](index=9&type=chunk) [Revenue and Segment Information](index=7&type=section&id=%28II%29%20Revenue%20and%20Segment%20Information) The group's revenue primarily stems from property leasing, property-related services, hotel operations, and catering, with operating segments divided geographically into Hong Kong and the US, where Hong Kong contributes the majority of revenue, but US property leasing revenue declined [Revenue Recognized During the Period](index=7&type=section&id=%28a%29%20Revenue%20Recognized%20During%20the%20Period) Total revenue for the period slightly decreased by 2.3%, primarily due to reduced investment property leasing income, partially offset by a slight increase in hotel and catering operations revenue Revenue Source Analysis (For the Six Months Ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Property leasing—investment properties | 158,229 | 164,119 | -3.6% | | Property leasing—properties for sale | 13,257 | 13,791 | -3.8% | | Property related services | 14,653 | 14,710 | -0.4% | | Hotel operations | 39,799 | 39,587 | +0.5% | | Catering operations | 9,033 | 8,382 | +7.8% | | **Total revenue** | **234,971** | **240,589** | **-2.3%** | [Operating Segment Analysis](index=7&type=section&id=Operating%20Segment%20Analysis) Hong Kong segment revenue remained stable, but US segment property leasing revenue significantly declined, with Hong Kong's underlying loss narrowing while the US segment shifted from profit to loss, and fair value loss on investment properties primarily originated from Hong Kong - The chief operating decision maker segments the business into two operating segments, Hong Kong and the US, based on geographical location[14](index=14&type=chunk) - There are no sales between operating segments[13](index=13&type=chunk) Segment Revenue (For the Six Months Ended June 30) | Segment | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong total revenue | 210,026 | 209,746 | +0.1% | | US total revenue | 24,945 | 30,843 | -19.2% | | **Total** | **234,971** | **240,589** | **-2.3%** | Segment Results - Underlying Loss (For the Six Months Ended June 30) | Segment Results | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong loss for the period | (191,889) | (201,679) | -4.9% | | US loss/(profit) for the period | (12,642) | 39,112 | Shift to loss | | **Total** | **(204,531)** | **(162,567)** | **+25.8%** | Segment Assets (As at June 30) | Segment Assets | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong segment assets | 10,860,914 | 11,041,562 | -1.6% | | US segment assets | 474,134 | 491,539 | -3.5% | | **Total** | **11,335,048** | **11,533,101** | **-1.7%** | [Cost of Sales and Administrative Expenses](index=10&type=section&id=%28III%29%20Cost%20of%20Sales%20and%20Administrative%20Expenses) Total cost of sales and administrative expenses decreased compared to the prior period, primarily due to reduced investment property-related expenses, partially offset by a slight increase in hotel and catering operating expenses Total Cost of Sales and Administrative Expenses (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total cost of sales and administrative expenses | 176,312 | 181,059 | -2.6% | | Investment property related expenses | 29,936 | 34,045 | -12.1% | | Hotel and catering operations related expenses | 36,145 | 35,098 | +3.0% | [Other (Losses)/Gains, Net](index=10&type=section&id=%28IV%29%20Other%20%28Losses%29%2FGains%2C%20Net) Net other losses for the period amounted to HKD 3,357 thousand, primarily due to realized and unrealized losses on derivative financial instruments, contrasting with a gain recorded in the prior period Other (Losses)/Gains, Net (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Dividend income | 652 | 670 | -2.7% | | Net realized and unrealized losses on derivative financial instruments | (3,973) | - | Shift to loss | | Net (loss)/gain on disposal of property, plant and equipment | (36) | 377 | Shift to loss | | **Total** | **(3,357)** | **1,047** | **Shift to loss** | [Finance Income and Costs](index=11&type=section&id=%28V%29%20Finance%20Income%20and%20Costs) Net finance costs significantly decreased, primarily benefiting from a substantial reduction in interest expenses on bank loans Finance Income and Costs (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 1,118 | 1,395 | -19.8% | | Interest expense on bank loans | (61,143) | (77,114) | -20.7% | | **Net finance costs** | **(60,025)** | **(75,719)** | **-20.7%** | [Income Tax Expense](index=11&type=section&id=%28VI%29%20Income%20Tax%20Expense) Income tax expense for the period significantly decreased, primarily due to a shift from deferred income tax liability to income in the US, offsetting the increase in Hong Kong profits tax Income Tax Expense (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Current income tax—Hong Kong profits tax | (2,894) | (1,541) | +87.8% | | Current income tax—US tax | (18) | (13) | +38.5% | | Deferred income tax—Hong Kong | (1,248) | (1,698) | -26.5% | | Deferred income tax—US | 2,913 | (14,349) | Shift to income | | **Income tax expense for the period** | **(1,247)** | **(17,601)** | **-92.9%** | - The Hong Kong profits tax rate is **16.5%**, and overseas subsidiaries had no estimated assessable profits for the period, except for minimum US state tax[22](index=22&type=chunk) [Loss Per Share](index=12&type=section&id=%28VII%29%20Loss%20Per%20Share) Both basic and diluted loss per share for the period were HKD 0.70, widening from the prior period, reflecting the increased loss for the period Loss Per Share (For the Six Months Ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Basic and diluted loss per share | (0.70) | (0.55) | +27.3% | - Diluted loss per share is equal to basic loss per share as there are no potential dilutive ordinary shares[25](index=25&type=chunk) [Dividends](index=12&type=section&id=%28VIII%29%20Dividends) The Board has declared an interim dividend of HKD 3 cents per ordinary share, a decrease from the prior period Interim Dividends Declared (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interim dividend per ordinary share | HKD 3 cents | HKD 4 cents | -25.0% | | Total dividends declared | 8,630 | 11,507 | -25.0% | [Trade and Other Receivables](index=12&type=section&id=%28IX%29%20Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade receivables increased, primarily comprising rent and management fee receivables, with most due within 30 days Ageing Analysis of Net Trade Receivables (As at June 30) | Ageing | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | 0 to 30 days | 2,071 | 1,450 | +42.8% | | 31 to 60 days | 215 | 367 | -41.4% | | 61 to 90 days | 257 | - | New | | Over 90 days | 173 | - | New | | **Total** | **2,716** | **1,817** | **+49.5%** | - Trade receivables primarily consist of rent and management fees, with no credit period for lease receivables and a 30-day credit period for management fee receivables[28](index=28&type=chunk) [Trade and Other Payables](index=13&type=section&id=%28X%29%20Trade%20and%20Other%20Payables) As of June 30, 2025, trade payables decreased, with the majority due within 30 days Ageing Analysis of Trade Payables (As at June 30) | Ageing | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | 0 to 30 days | 6,327 | 8,362 | -24.3% | | 31 to 60 days | 403 | 179 | +125.1% | | 61 to 90 days | 349 | 15 | +2226.7% | | Over 90 days | - | 16 | Zeroed out | | **Total** | **7,079** | **8,572** | **-17.4%** | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's review of the group's performance, financial position, and future outlook, including operational highlights and financial resources [Performance Review](index=14&type=section&id=Performance) The group's interim total revenue slightly decreased, with core property leasing stable but US leasing revenue down, while hotel and catering revenue slightly rose, and comprehensive loss widened due to increased fair value loss on investment properties, though underlying loss narrowed due to reduced interest expenses - Total revenue decreased by **2.3%** to **HKD 235.0 million**, with core property leasing business remaining stable, but US operations leasing revenue declined by **3.6%**, while hotel and catering operations revenue slightly increased by **1.8%**[30](index=30&type=chunk) - Comprehensive loss expanded to **HKD 204.5 million**, with loss per share at **HKD 0.70**, primarily due to an increase in fair value loss on investment properties (net of US deferred income tax) to **HKD 195.6 million**[30](index=30&type=chunk) - Excluding fair value losses, EBITDA was **HKD 78.4 million**, and underlying loss narrowed to **HKD 8.9 million**, mainly benefiting from a **HKD 16.0 million** reduction in interest expenses, though offset by decreased profit contribution from US operations[31](index=31&type=chunk) - Investment property valuation decreased by **2.1%** to **HKD 9,095.2 million**, and total equity decreased to **HKD 8,320.0 million**[31](index=31&type=chunk) [Dividend Policy](index=14&type=section&id=Dividends) The Board has declared an interim dividend of HKD 3 cents per ordinary share, a decrease from the prior period - The Board declared an interim dividend of **HKD 3 cents** per ordinary share (2024: HKD 4 cents)[32](index=32&type=chunk) [Outlook](index=14&type=section&id=Outlook) The global economic and political environment remains uncertain, but a clearer picture is expected after US tariff policy meetings; Hong Kong benefits from interest rate cuts and talent attraction schemes, boosting residential leasing demand and positively impacting the property market, with an anticipated economic recovery, stable GDP, and favorable outlook for mainland China, while low and stable interest rates will benefit the group's performance - The global economic and political environment remains highly unpredictable, with a clearer picture expected after the US tariff policy meeting[33](index=33&type=chunk) - Hong Kong benefits from recent significant interest rate cuts and government talent attraction schemes, leading to a surge in residential leasing demand and positively impacting property market absorption and stability[33](index=33&type=chunk) - Hong Kong's economy is expected to recover, with GDP remaining stable, and mainland China's GDP outlook is more favorable compared to other parts of the world[34](index=34&type=chunk) - The group holds a more positive view on the outlook for the remainder of the year, with low and stable interest rates expected to benefit performance, and will continue to pursue a prudent policy[34](index=34&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) The group's business review indicates a rebound in Hong Kong residential property leasing income, offset by declines in industrial and commercial property leasing, while hotel occupancy rates rose but average daily room rates fell, and the US office leasing market remained weak with decreasing rents and occupancy [Hong Kong Operations](index=16&type=section&id=Hong%20Kong%20Operations) Hong Kong gross rental income slightly decreased, with residential property leasing income rebounding but offset by declines in industrial and commercial property leasing, while hotel room and catering revenue increased, and hotel occupancy rates rose despite a decrease in average daily room rates - Hong Kong gross rental income slightly decreased by **0.4%** to **HKD 146.5 million**, with residential property leasing income rebounding, but industrial and commercial property leasing income declined[36](index=36&type=chunk) - Hotel room and catering revenue increased by **1.8%** to **HKD 48.8 million**; the average occupancy rates for The Jervois and The Figo increased to **83.1%** and **93.5%** respectively[36](index=36&type=chunk) - The average daily room rates for The Jervois and The Figo decreased to **HKD 1,067** and **HKD 1,250** respectively[36](index=36&type=chunk) - The increase in occupancy rates for both hotels was primarily due to an increase in mainland visitors attending sports and concert events in Hong Kong[36](index=36&type=chunk) [US Operations](index=16&type=section&id=US%20Operations) Gross rental income for Montgomery Plaza in the US significantly decreased by 19.2%, with office occupancy rates falling, reflecting a persistent downward trend in San Francisco's financial district rents and occupancy that is unlikely to reverse in the short term - Gross rental income for Montgomery Plaza in the US decreased by **19.2%** to **HKD 24.9 million**[37](index=37&type=chunk) - Montgomery Plaza's office occupancy rate decreased from **65%** to **45%**[37](index=37&type=chunk) - Rents and occupancy rates in San Francisco's financial district continue to decline, a trend unlikely to reverse in the short term[37](index=37&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) The group's total bank borrowings slightly increased, and total equity decreased, leading to a rise in the net gearing ratio; the group closely monitors cash flow and funding needs, possessing sufficient committed bank facilities, thus maintaining a sound financial position Key Data on Liquidity and Financial Resources (As at June 30) | Indicator | 2025 (HKD Million) | December 31, 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total bank borrowings | 2,658.3 | 2,629.7 | +1.1% | | Outstanding long-term bank loans | 2,603.6 | 2,479.7 | +5.0% | | Total equity | 8,320.0 | 8,541.2 | -2.6% | | Net gearing ratio (total liabilities to equity ratio) | 32.0% | 30.8% | +1.2 percentage points | - The group closely reviews and monitors its cash flow position and funding requirements to ensure sound financial flexibility and liquidity[38](index=38&type=chunk) - The group has sufficient committed bank facilities to meet current and future business needs, maintaining a sound financial position[38](index=38&type=chunk) [Capital Expenditure](index=16&type=section&id=Capital%20Expenditure) Capital expenditure for the period significantly decreased, but capital commitments increased, primarily for additions to property, plant and equipment, property improvements, and construction works, expected to be funded by future operating income, bank borrowings, and other financing avenues Capital Expenditure and Commitments (As at June 30) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Capital expenditure during the period | 1.3 | 10.6 | -87.7% | | Capital commitments | 15.0 | 13.6 | +10.3% | - Capital expenditure and commitments primarily relate to additions to property, plant and equipment, property improvements, and construction works[39](index=39&type=chunk) - These commitments are expected to be funded by future operating income, bank borrowings, and other applicable financing avenues[39](index=39&type=chunk) - There were no significant changes in the group's capital structure[40](index=40&type=chunk) [Financial Policies and Objectives](index=17&type=section&id=Financial%20Policies%20and%20Objectives) The group's financial policies aim to enhance financial operations management and reduce borrowing costs, maintain adequate cash levels, and consider diverse funding sources to ensure cost-effectiveness and efficiency of financial resources - Financial policies aim to strengthen the management of financial operations and reduce borrowing costs[41](index=41&type=chunk) - Maintain adequate levels of cash and cash equivalents to meet short-term funding needs[41](index=41&type=chunk) - Consider various funding sources to utilize financial resources in the most cost-effective and efficient manner[41](index=41&type=chunk) [Foreign Currency Exchange Risk](index=17&type=section&id=Foreign%20Currency%20Exchange%20Risk) The group's loans and cash are primarily denominated in HKD and USD and repaid in their respective currencies, thus posing no significant foreign exchange fluctuation risk, with no foreign currency hedging activities undertaken during the period - The group's loans and cash are primarily denominated in HKD and USD, with principal and interest repaid in their respective loan currencies, thus posing no significant foreign exchange fluctuation risk[42](index=42&type=chunk) - As of June 30, 2025, the group had no foreign currency hedging activities[43](index=43&type=chunk) [Pledged Bank Borrowings and Assets](index=17&type=section&id=Pledged%20Bank%20Borrowings%20and%20Assets) The group's total bank borrowings amount to HKD 2,658.3 million, secured by certain investment properties, land and buildings, and their rental income, and the group has entered into fixed interest rate swap contracts to stabilize funding costs - Total pledged bank borrowings amounted to **HKD 2,658.3 million**, secured by investment properties and land and buildings with a total carrying amount of **HKD 7,686.2 million**, along with their rental income[44](index=44&type=chunk) - Interest on bank borrowings is calculated at floating rates (spread plus HIBOR or SOFR)[44](index=44&type=chunk) - A fixed interest rate swap contract with a notional principal value of **HKD 200 million** and a fixed interest rate of **3.06%** was entered into in April 2025 to stabilize funding costs[44](index=44&type=chunk) Maturity Profile of Long-Term Bank Loans (As at June 30) | Maturity Period | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within one year | 87,077 | 360,540 | | In the second year | 1,853,478 | 1,834,951 | | In the third to fifth years | 663,085 | 284,253 | | **Total** | **2,603,640** | **2,479,744** | [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group had no significant contingent liabilities or guarantees - As of June 30, 2025, the group had no significant contingent liabilities or guarantees[46](index=46&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group employed 265 full-time employees, offering competitive remuneration and benefits, with directors' remuneration recommended by the Remuneration Committee, and the company has not adopted any share option scheme - As of June 30, 2025, the group employed a total of **265** full-time employees (2024: 257 employees)[48](index=48&type=chunk) - Employees enjoy competitive remuneration levels, with benefits including discretionary bonuses, insurance, medical schemes, and a Mandatory Provident Fund Scheme[48](index=48&type=chunk) - Directors' remuneration is recommended by the Remuneration Committee based on operating results, individual duties and performance, and market data[48](index=48&type=chunk) - The Company has not adopted any share option scheme[49](index=49&type=chunk) [Material Investments and Future Plans](index=18&type=section&id=Material%20Investments%20and%20Future%20Plans) There were no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the period, and the group will continue to enhance and modernize its real estate portfolio while closely monitoring economic developments to review business plans - For the six months ended June 30, 2025, there were no material investments held, nor any material acquisitions or disposals of subsidiaries, associates, and joint ventures[50](index=50&type=chunk) - The group will continue its efforts to enhance and modernize its real estate portfolio[51](index=51&type=chunk) - The group will closely monitor economic developments and regularly review business plans for material investments and capital assets[51](index=51&type=chunk) [Share-Related Matters](index=18&type=section&id=Share-Related%20Matters) This section covers the declaration of interim dividends, record date arrangements, and the absence of share repurchases, sales, or redemptions during the period [Interim Dividend and Record Date](index=18&type=section&id=Interim%20Dividend%20and%20Record%20Date) The Board resolved to declare an interim dividend of HKD 3 cents per ordinary share, payable on September 29, 2025, to shareholders registered on the share register as of September 12, 2025 - The Board resolved to declare an interim dividend of **HKD 3 cents** per ordinary share (2024: HKD 4 cents)[52](index=52&type=chunk) - The dividend will be paid on September 29, 2025, to shareholders registered on the Company's share register at the close of business on September 12, 2025[52](index=52&type=chunk) [Repurchase, Sale or Redemption of the Company's Shares](index=19&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Shares) During the period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's shares - During the period, the Company did not redeem any of its shares[53](index=53&type=chunk) - Neither the Company nor any of its subsidiaries repurchased or sold any of the Company's shares during the period[53](index=53&type=chunk) [Corporate Governance](index=19&type=section&id=Corporate%20Governance) The Company complies with the Listing Rules' Corporate Governance Code, though the Chairman and Chief Executive roles are combined, which the Board believes facilitates effective strategic planning and implementation, with power and authority balance assured, and all directors confirm compliance with the standard code for securities transactions by directors - The Company complies with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for the combined roles of Chairman and Chief Executive[54](index=54&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive provides strong and consistent leadership, facilitating strategic planning and implementation, with an adequate balance of power and authority assured[54](index=54&type=chunk) - All directors confirm compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, during the period[54](index=54&type=chunk) [Independent Review](index=19&type=section&id=Independent%20Review) The Audit Committee has reviewed this interim financial information, which was also reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410, with no disagreements - The Audit Committee has reviewed the group's principal accounting policies and the condensed consolidated interim financial information, with no disagreements[55](index=55&type=chunk) - The condensed consolidated interim financial information is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410[55](index=55&type=chunk) [Publication of Interim Report](index=20&type=section&id=Interim%20Report) The 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course and published on the HKEX website and the Company's website - The 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders in due course[56](index=56&type=chunk) - The Interim Report will be published on the HKEX website and the Company's website at www.tsld.com[56](index=56&type=chunk) [Board Composition](index=20&type=section&id=By%20Order%20of%20the%20Board) As of the date of this announcement, the Board comprises ten directors, including five executive directors, one non-executive director, and four independent non-executive directors - The Board comprises ten directors, including five executive directors (Mr. Ma Ching Wai, Mr. Ma Ching Hang, Mr. Ma Ching Yeung, Mr. Ma Ching Kuen, and Ms. Ma Ching Sau), one non-executive director (Mr. Cheung Wing Yui), and four independent non-executive directors (Mr. Chow Kwok Hoon, Mr. Yiu Kai Chung, Mr. Chan Lung Ching, and Mr. Ho Chi Keung)[57](index=57&type=chunk)

Financial Performance - Total operating revenue for the six months ended June 30, 2025, was HKD 2,644,984, an increase from HKD 133,553 in the same period of 2024[2] - Revenue for the same period was HKD 2,641,505, compared to HKD 129,565 in 2024, reflecting a significant growth[2] - Gross profit reached HKD 1,842,309, up from HKD 106,468 year-on-year[2] - Profit before tax for the period was HKD 1,748,078, compared to HKD 148,219 in the previous year, indicating a substantial increase[2] - Net profit for the period was HKD 780,882, compared to HKD 102,631 in 2024, representing a growth of approximately 661%[3] - Basic earnings per share increased to HKD 35.96 from HKD 5.03 in the previous year[3] - Operating profit for the six months ended June 30, 2025, was HKD 2,644,984,000, compared to HKD 133,553,000 in the previous year[14] - The company reported a pre-tax profit of HKD 1,748,078,000 for the six months ended June 30, 2025, up from HKD 148,219,000 in the same period of 2024[20] - The company recorded a significant increase in net profit attributable to shareholders of HKD 782,191,000 for the first half of 2025, compared to HKD 103,669,000 in the same period of 2024, representing an increase of approximately 655%[28] - Basic earnings per share for the first half of 2025 were HKD 35.96, up from HKD 5.03 in the first half of 2024[28] - The company achieved a gross profit of HKD 1,842,309,000 in the first half of 2025, compared to HKD 106,468,000 in the same period of 2024[28] Assets and Liabilities - Total assets as of June 30, 2025, were HKD 14,165,791, compared to HKD 12,873,295 at the end of 2024[8] - Non-current assets increased to HKD 8,262,293 from HKD 7,988,893 year-on-year[6] - Current liabilities decreased to HKD 7,507,067 from HKD 7,768,329, improving the company's financial position[8] - Total equity rose to HKD 12,982,568 from HKD 11,892,297, reflecting a strong capital position[8] - As of June 30, 2025, the group's total liabilities amounted to HKD 4,023,286,000, a decrease from HKD 5,398,212,000 as of December 31, 2024, with approximately 36.51% being borrowings[50] - The group's borrowings stood at HKD 1,468,813,000, representing about 11.43% of the equity attributable to equity holders, an increase from 9.47% as of December 31, 2024[50] - The current ratio improved to 1.79 times from 1.63 times as of December 31, 2024, while the debt-to-equity ratio decreased to 67.63% from 74.41%[52] - The total value of mortgaged assets as of June 30, 2025, was approximately HKD 3,620,000,000, an increase from HKD 2,290,000,000 as of December 31, 2024[53] Revenue Sources - Revenue from property sales amounted to HKD 2,511,298,000, while golf club services generated HKD 25,472,000, and media and entertainment business contributed HKD 722,000[14] - Revenue from property development and sales was HKD 2,615,311,000, accounting for approximately 98.88% of the total operating revenue during the review period[32] - The company delivered properties from the first phase of the Tang Chen Jun Pin project, resulting in recognized sales revenue of approximately HKD 2,512,060,000, which constituted about 94.98% of total operating revenue[33] - The company’s property investment segment contributed a profit of HKD 80,239,000, down from HKD 93,979,000 in the previous year[29] - The company’s securities trading business recorded a profit of HKD 12,182,000, recovering from a loss of HKD 12,594,000 in the same period of 2024[29] - The rental income and property management fees from the commercial and industrial properties in Pudong generated approximately HKD 42,070,000, accounting for about 1.59% of the total operating income during the review period[36] - The golf club in Pudong generated income of HKD 25,472,000, representing about 0.96% of total operating income, and recorded a classified profit of HKD 3,698,000 during the review period[43] Taxation and Expenses - The company reported a total tax expense of HKD 967,196,000 for the six months ended June 30, 2025, compared to HKD 45,588,000 in the previous year[21] - Financing costs decreased to HKD 4,157,000 in the first half of 2025 from HKD 7,728,000 in the same period of 2024[19] - The company recognized a net impairment loss of HKD 14,853,000 on property, plant, and equipment during the reporting period[18] - The estimated taxable profit for subsidiaries in mainland China was provisioned at 25% for corporate income tax[23] Dividends and Share Issuance - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2025, compared to no interim dividend for the same period in 2024[28] - The group issued 92,624,630 new shares at HKD 2.5612 each as part of a scrip dividend plan, replacing a total cash dividend of HKD 237,231,000[47] Future Outlook and Strategy - The company remains cautiously optimistic about the long-term economic development in mainland China, focusing on high-end residential property development[56] - The group plans to maintain a balanced allocation of resources across different regions and business categories while exploring potential investment opportunities[56] - The management will continue to adopt a conservative approach in managing the group's securities trading portfolio, emphasizing stable recurring income securities[56] Other Information - The company applied new accounting standards effective from January 1, 2025, with no significant impact on financial performance or disclosures[3] - The group completed the acquisition of the remaining 30% equity in the residential development project in Macau, now holding 100% interest, but did not record any sales revenue during the review period due to a sluggish market[40] - The group recorded an unrealized loss of approximately HKD 48,450,000 from fair value changes of the investment properties in the first half of 2025[36] - The group generated income of HKD 3,479,000 from the securities trading business in Hong Kong, representing about 0.13% of total operating income, with a net gain of HKD 12,184,000 from available-for-sale securities investments[41] - The Shanghai Jin Jiang Tang Chen Intercontinental Hotel recorded an average occupancy rate of approximately 75.34%, with the group sharing a net profit of HKD 7,866,000 from this investment[44] - The group reported cash and cash equivalents of HKD 1,613,777,000 as of June 30, 2025, a decrease of approximately 57.67% compared to the previous year[49] - The net cash outflow during the review period was HKD 573,350,000, primarily due to tax payments and construction costs for properties under development[49] - The group holds a 13.483% equity interest in Shanghai Zhangjiang Microelectronics Port Co., with a fair value of HKD 224,273,000, accounting for about 1.03% of total assets[46]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Vital Innovations Holdings Limited 維太創科控股有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：6133） 截至2025年6月30日止六個月 中期業績公告 維太創科控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「本期間」）之未經 審核簡明綜合中期業績連同2024年同期的比較數字。 1 簡明綜合損益及其他全面收益表 截至2025年6月30日止六個月 截至6月30日止六個月 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收益 | 6 | 449,008 | 495,278 | | 銷售成本 | | (447,277) | ( ...

[Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Income Statement](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) The Group's loss before tax and loss for the period for the six months ended June 30, 2025, narrowed due to significantly reduced finance costs, despite a decrease in total revenue Interim Condensed Consolidated Income Statement Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 10,726 | 12,249 | | Cost of Inventories Sold | (3,403) | (4,342) | | Other Income | 2,107 | 3,108 | | Other Gains | – | 82 | | Employee Benefit Expenses | (6,038) | (5,383) | | Other Operating Expenses | (6,826) | (8,761) | | Finance Costs | (7,791) | (13,075) | | Share of Loss of Joint Ventures | (1,171) | (1,946) | | Loss Before Tax | (12,396) | (18,068) | | Income Tax Expense | (2) | (99) | | Loss for the Period | (12,398) | (18,167) | | Attributable to Owners of the Parent | (9,505) | (14,398) | | Basic and Diluted Loss Per Share Attributable to Ordinary Equity Holders of the Parent (RMB cents) | (0.95) | (1.44) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive loss for the period decreased, primarily due to a narrower loss for the period, partially offset by negative foreign exchange differences from overseas operations Interim Condensed Consolidated Statement of Comprehensive Income Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (12,398) | (18,167) | | Exchange Differences on Translation of Overseas Operations | (2,902) | 473 | | Total Comprehensive Loss for the Period | (15,300) | (17,694) | | Attributable to Owners of the Company | (12,407) | (13,925) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and net assets decreased as of June 30, 2025, compared to December 31, 2024, with a significant reduction in current assets, particularly trade receivables and cash equivalents Interim Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 496,645 | 500,636 | | Total Current Assets | 195,473 | 226,267 | | Total Current Liabilities | 362,412 | 380,603 | | Net Current Liabilities | (166,939) | (154,336) | | Total Assets Less Current Liabilities | 329,706 | 346,300 | | Total Non-current Liabilities | 5,884 | 7,178 | | Net Assets | 323,822 | 339,122 | | Equity Attributable to Owners of the Parent | 271,132 | 283,539 | | Total Equity | 323,822 | 339,122 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) The unaudited condensed interim financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34, and should be read with the annual financial statements for the year ended December 31, 2024 - The financial statements are prepared in accordance with Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[10](index=10&type=chunk) - They should be read in conjunction with the company's annual financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [2. Summary of Significant Accounting Policies](index=6&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) The company adopted all new and revised HKFRSs effective January 1, 2025, which did not result in significant changes to accounting policies, financial statement presentation, or reported amounts, except as disclosed - The company has adopted all new and revised Hong Kong Financial Reporting Standards (HKFRSs) effective from January 1, 2025[11](index=11&type=chunk) - The adoption of new standards has not resulted in significant changes to accounting policies, financial statement presentation, or reported amounts[11](index=11&type=chunk) [3. Segment Information](index=7&type=section&id=3.%20Segment%20Information) The Group primarily operates property leasing, production and sale of education equipment, consulting services, and loan financing, with property leasing and education equipment sales being main revenue sources, both declining and resulting in segment losses in H1 2025 Segment Revenue and Results (RMB thousands) | Segment | Six Months Ended June 30, 2025 Revenue | Six Months Ended June 30, 2025 Results | Six Months Ended June 30, 2024 Revenue | Six Months Ended June 30, 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Property Leasing | 5,506 | (1,146) | 5,717 | 723 | | Production and Sale of Education Equipment | 5,220 | (2,330) | 6,532 | (4,966) | | Consultancy Services | – | (1,069) | – | – | | Loan Financing | – | – | – | – | | Total Segments | 10,726 | (4,545) | 12,249 | (4,243) | | Loss Before Tax | | (12,396) | | (18,068) | Geographical Revenue (RMB thousands) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Mainland China | 9,555 | 10,882 | | Hong Kong | 1,171 | 1,367 | | Total | 10,726 | 12,249 | Geographical Non-current Assets (RMB thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mainland China | 352,790 | 354,082 | | Hong Kong | 132,401 | 135,088 | | Total | 485,191 | 489,170 | [4. Revenue, Other Income and Other Gains](index=9&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Other%20Gains) Total revenue decreased due to reduced education equipment sales and a slight decline in property rental income, while other income also fell due to lower bank interest and investment income, and other gains were negligible Revenue Analysis (RMB thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Sale of Education Equipment | 5,220 | 6,532 | | Fixed Payment Rental Income from Investment Properties Operating Leases | 5,506 | 5,717 | | Total | 10,726 | 12,249 | Other Income Analysis (RMB thousands) | Income Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Bank Interest Income | 1,878 | 2,365 | | Investment Income from Financial Assets at Fair Value Through Profit or Loss | 24 | 743 | | Others | 205 | – | | Total | 2,107 | 3,108 | Other Gains Analysis (RMB thousands) | Gain Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Exchange Gain | – | 82 | [5. Finance Costs](index=11&type=section&id=5.%20Finance%20Costs) Finance costs significantly decreased by 40.4% due to loan repayments, primarily reflected in lower interest expenses for loans from the ultimate holding company and bank loans Finance Costs Analysis (RMB thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Interest Expense on Loans from Ultimate Holding Company | 7,688 | 11,598 | | Interest Expense on Bank Loans | 103 | 1,477 | | Total | 7,791 | 13,075 | - Finance costs decreased by approximately **40.4%** year-on-year, primarily due to loan repayments[49](index=49&type=chunk) [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) The Group's loss before tax decreased, resulting from the combined effect of various expense and income items, including reduced depreciation, amortization, and cost of inventories sold Components of Loss Before Tax (RMB thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 1,058 | 1,051 | | Depreciation of Right-of-Use Assets | 567 | 567 | | Amortization of Intangible Assets | 495 | 494 | | Investment Income from Financial Assets at Fair Value Through Profit or Loss | (24) | (743) | | Net Exchange Gain | – | 82 | | Cost of Inventories Sold | 3,403 | 4,342 | [7. Income Tax Expense](index=12&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense for the period was minimal, primarily from current tax in mainland China, with Hong Kong profits tax at 16.5% and mainland China corporate income tax rates at 15% or 25% - The Hong Kong profits tax rate is **16.5%**[23](index=23&type=chunk) - The corporate income tax rate for high-tech enterprises in mainland China is **15%**, while other subsidiaries are subject to a **25%** rate[24](index=24&type=chunk) Income Tax Expense Analysis (RMB thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Current Tax - Current Period Expense | 2 | – | | Current Tax - Underprovision in Prior Years | – | 34 | | Deferred Tax | – | 65 | | Total Tax Expense for the Period | 2 | 99 | [8. Dividends](index=13&type=section&id=8.%20Dividends) No dividends were paid or proposed for ordinary shareholders for the six months ended June 30, 2025 - No dividends were paid or proposed during the current or prior periods[26](index=26&type=chunk) [9. Loss Per Share](index=13&type=section&id=9.%20Loss%20Per%20Share) Basic and diluted loss per share decreased to RMB 0.95 cents due to a reduction in loss attributable to ordinary equity holders of the parent Loss Per Share Calculation Data | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss Attributable to Ordinary Equity Holders of the Parent (RMB thousands) | (9,505) | (14,398) | | Weighted Average Number of Ordinary Shares in Issue for the Period | 998,553,360 | 998,553,360 | | Basic and Diluted Loss Per Share (RMB cents) | (0.95) | (1.44) | - The company had no potential dilutive ordinary shares in issue during either period[28](index=28&type=chunk) [10. Investment Properties](index=13&type=section&id=10.%20Investment%20Properties) The Group's investment properties in Hong Kong and mainland China are fair valued by independent professional valuers, with no unrealized losses from revaluation recognized in the income statement for the period, differences mainly from exchange adjustments - Investment properties are located in Hong Kong and mainland China, with fair values estimated by independent professional valuers[29](index=29&type=chunk) - No unrealized losses from revaluation of investment properties were recognized in the income statement for the period, with differences primarily due to exchange adjustments[29](index=29&type=chunk) [11. Inventories](index=14&type=section&id=11.%20Inventories) Total inventories increased, primarily due to an increase in finished goods, partially offset by impairment losses on inventories recognized during the period Inventories Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 7,158 | 7,344 | | Finished Goods | 5,276 | 2,940 | | Impairment Loss on Inventories | (1,243) | – | | Total | 11,191 | 10,284 | [12. Trade and Other Receivables](index=14&type=section&id=12.%20Trade%20and%20Other%20Receivables) Trade and other receivables significantly decreased, mainly due to a substantial decline in deposits, prepayments, and other receivables, with a slight reduction in trade receivables Trade and Other Receivables Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Net of Provision for Credit Losses) | 7,750 | 8,457 | | Deposits, Prepayments and Other Receivables (Net of Provision for Credit Losses) | 2,042 | 23,050 | | Recoverable Value Added Tax | 352 | 293 | | Total | 10,144 | 31,800 | Ageing Analysis of Trade Receivables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 Month | 313 | 4,153 | | 1 to 2 Months | 416 | 444 | | 2 to 3 Months | – | – | | Over 3 Months | 7,021 | 3,860 | | Total | 7,750 | 8,457 | [13. Cash and Cash Equivalents](index=15&type=section&id=13.%20Cash%20and%20Cash%20Equivalents) Total cash and cash equivalents decreased, with both bank balances and time deposits showing a decline Cash and Cash Equivalents Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | 113,322 | 113,457 | | Time Deposits | 54,780 | 64,940 | | Total | 168,102 | 178,397 | [14. Trade and Other Payables](index=15&type=section&id=14.%20Trade%20and%20Other%20Payables) Total trade and other payables increased, primarily due to higher accrued expenses and other payables, despite a reduction in trade payables and other taxes payable Trade and Other Payables Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 1,061 | 2,811 | | Accrued Expenses and Other Payables | 16,116 | 9,805 | | Other Taxes Payable | 412 | 1,568 | | Total | 17,589 | 14,184 | Ageing Analysis of Trade Payables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 Month | 277 | 371 | | 1 to 2 Months | 227 | 252 | | 2 to 3 Months | 40 | 332 | | Over 3 Months | 517 | 1,856 | | Total | 1,061 | 2,811 | [15. Share Capital](index=15&type=section&id=15.%20Share%20Capital) The company's share capital remained unchanged, with a stable number of issued ordinary shares - The authorized share capital consists of **20,000,000,000** shares with a par value of **HKD 0.10** each[32](index=32&type=chunk) Share Capital Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and Fully Paid 998,553,360 Ordinary Shares | 81,257 | 81,257 | Summary of Share Capital Movements | Date | Number of Shares Issued | Share Capital (RMB thousands) | | :--- | :--- | :--- | | As at January 1, 2024, December 31, 2024, January 1, 2025 and June 30, 2025 | 998,553,360 | 81,257 | [16. Pledged Assets](index=16&type=section&id=16.%20Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets, unlike December 31, 2024, when investment properties and property, plant and equipment were pledged for mortgage facilities - As of June 30, 2025, the Group had no pledged assets[37](index=37&type=chunk) - As of December 31, 2024, the Group had pledged investment properties with a market value of approximately **RMB 120 million** and property, plant and equipment with a net book value of approximately **RMB 25.03 million**[37](index=37&type=chunk) [17. Related Party Transactions](index=16&type=section&id=17.%20Related%20Party%20Transactions) The Group engaged in various related party transactions, including loan interest income from a joint venture, significant loan interest expenses paid to the ultimate holding company, and rental income from an intermediate holding company, with related party balances including amounts due from a joint venture and a large amount due to the ultimate holding company Related Party Transactions (RMB thousands) | Transacting Party | Transaction Type | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | | A Joint Venture | Loan Interest Income | 236 | 342 | | Ultimate Holding Company | Loan Interest Expense | 7,688 | 11,598 | | An Intermediate Holding Company | Rental Income | 127 | 117 | Related Party Balances (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amounts Due from a Joint Venture | 6,036 | 5,786 | | Amounts Due to a Joint Venture | – | 20,000 | | Amounts Due to Ultimate Holding Company | 342,000 | 344,000 | | Amounts Due to an Intermediate Holding Company | 21 | 21 | - The RMB-denominated loan from the ultimate holding company is unsecured, bears a fixed weighted average annual interest rate of **4.52%**, and is due on December 31, 2026, but is classified as a current liability due to the absence of a right to extend the repayment period[41](index=41&type=chunk) [18. Approval of Interim Financial Information](index=17&type=section&id=18.%20Approval%20of%20Interim%20Financial%20Information) The interim financial information was approved and authorized for issue by the Board of Directors on August 27, 2025 - The interim financial information was approved and authorized for issue by the Board of Directors on **August 27, 2025**[40](index=40&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[42](index=42&type=chunk) [Business Review](index=18&type=section&id=Business%20Review) The Group's core businesses include investment property leasing, production and sale of digital Chinese calligraphy education equipment, consulting services, and loan financing, with both property leasing and education equipment sales revenue declining, and consulting and loan financing businesses generating no revenue, the latter to be terminated - The Group is primarily engaged in investment property leasing, production and sale of digital Chinese calligraphy education equipment and related learning and teaching systems, provision of consulting services, and loan financing[43](index=43&type=chunk) [Property Leasing](index=18&type=section&id=Property%20Leasing) Property Leasing Revenue | Year | Rental Income (RMB thousands) | | :--- | :--- | | Six Months Ended June 30, 2025 | 5,510 | | Six Months Ended June 30, 2024 | 5,720 | - Rental income accounted for **51.3%** of the Group's total revenue[44](index=44&type=chunk) - Due to unfavorable market conditions for commercial properties in Hong Kong, one investment property remains vacant, and the company is actively seeking suitable tenants[44](index=44&type=chunk) [Production and Sale of Digital Chinese Calligraphy Education Equipment](index=18&type=section&id=Production%20and%20Sale%20of%20Digital%20Chinese%20Calligraphy%20Education%20Equipment) Education Equipment Sales Revenue | Year | Revenue (RMB thousands) | | :--- | :--- | | Six Months Ended June 30, 2025 | 5,220 | | Six Months Ended June 30, 2024 | 6,530 | - This business segment's revenue accounted for **48.7%** of the Group's total revenue[45](index=45&type=chunk) - The decrease in revenue was due to global economic instability, leading customers to be more cautious in entering sales contracts, resulting in widespread delays in classroom installation projects[45](index=45&type=chunk) [Consultancy Services](index=18&type=section&id=Consultancy%20Services) - The consultancy services business did not generate any revenue during the period[46](index=46&type=chunk) - Consultancy services are primarily provided to property developers engaged in new district construction projects in China[46](index=46&type=chunk) [Loan Financing](index=18&type=section&id=Loan%20Financing) - The loan financing business did not generate any revenue or grant any new loans during the period[47](index=47&type=chunk) - After careful consideration, the Group decided to terminate this business in 2025[47](index=47&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) The Group's financial performance showed a narrowed net loss, primarily due to a significant decrease in finance costs; however, total revenue, other income, and other operating expenses all decreased, while employee benefit expenses increased, and liquidity ratios slightly declined, though management believes cash resources are sufficient [Revenue and Results](index=19&type=section&id=Revenue%20and%20Results) Revenue and Results Overview (RMB thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 10,730 | 12,250 | | Loss Attributable to Equity Holders of the Parent | 9,510 | 14,400 | | Loss Per Share (RMB cents) | 0.95 | 1.44 | | Cost of Inventories Sold | 3,400 | 4,340 | | Other Income | 2,110 | 3,110 | | Employee Benefit Expenses | 6,040 | 5,380 | | Other Operating Expenses | 6,830 | 8,760 | | Finance Costs | 7,790 | 13,080 | - The reduction in loss was primarily due to a decrease in finance costs resulting from loan repayments[48](index=48&type=chunk) - Other income decreased by approximately **32.2%**, mainly attributable to lower bank interest income and investment income[48](index=48&type=chunk) - Employee benefit expenses increased by approximately **12.3%**, primarily due to higher employee salaries[48](index=48&type=chunk) - Other operating expenses decreased by approximately **22.0%**, mainly due to reduced professional fees and labor costs[48](index=48&type=chunk) [Financial Resources and Liquidity](index=19&type=section&id=Financial%20Resources%20and%20Liquidity) Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets (RMB millions) | 195 | 226 | | Current Ratio | 0.54 | 0.59 | | Outstanding Bank and Other Borrowings (RMB thousands) | 5,970 | 7,640 | | Gearing Ratio | 38% | 35% | - The Directors believe the Group has sufficient cash resources to meet its commitments and current working capital requirements[50](index=50&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) - As of June 30, 2025, the number of issued ordinary shares of the company was **998,553,360**, which was the same as at December 31, 2024[51](index=51&type=chunk) - The Group's capital structure comprises debt (including bank borrowings) and equity attributable to owners of the parent (including share capital and reserves)[51](index=51&type=chunk) [Pledged Assets](index=20&type=section&id=Pledged%20Assets) - As of June 30, 2025, the Group had no pledged assets[52](index=52&type=chunk) - As of December 31, 2024, the Group had pledged investment properties with a market value of approximately **RMB 120 million** and property, plant and equipment with a net book value of approximately **RMB 25.03 million**[52](index=52&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no unutilized bank credit facilities[53](index=53&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=Foreign%20Exchange%20Risk) - The Group's financial statements are presented in RMB, and its business transactions are primarily conducted in HKD, RMB, and USD[54](index=54&type=chunk) - The Group has not entered into any hedging arrangements for foreign exchange, but will continue to closely monitor its foreign exchange exposure[54](index=54&type=chunk) [Capital Commitments](index=20&type=section&id=Capital%20Commitments) Capital Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Contribution Payable to Joint Venture | 22,000 | 24,000 | [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities[56](index=56&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) Number of Employees | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 109 | | December 31, 2024 | 110 | - Employee remuneration is determined based on individual performance and experience, prevailing industry practices, current market conditions, and applicable labor laws[57](index=57&type=chunk) - In addition to basic salaries, employees receive performance-linked bonuses and other staff benefits[57](index=57&type=chunk) [Outlook](index=21&type=section&id=Outlook) Facing complex global economic conditions and intense market competition, the Group will continue to focus on existing core businesses, plan to develop trading business to optimize revenue structure, strengthen cost control and risk management, and with financial support from the controlling shareholder, accelerate asset acquisitions to improve core businesses and create greater shareholder value - The global economic situation remains complex and volatile, with increasingly fierce market competition[58](index=58&type=chunk) - The Group will continue to focus on investment property leasing, production and sale of digital Chinese calligraphy education equipment and related learning and teaching systems, and provision of consulting services[58](index=58&type=chunk) - The Group also plans to develop a trading business at an appropriate time to expand its business scope and optimize its revenue structure[58](index=58&type=chunk) - The Group will further strengthen cost control and risk management to improve operational efficiency and profitability[58](index=58&type=chunk) - Qingdao City Construction Investment (Group) Co, Ltd, the controlling shareholder, has issued a letter of financial support to the Group to support operations and accelerate potential acquisitions of quality assets[58](index=58&type=chunk) [Change in Use of Proceeds from Rights Issue](index=21&type=section&id=Change%20in%20Use%20of%20Proceeds%20from%20Rights%20Issue) The Group changed the use of unutilized net proceeds from the rights issue, allocating RMB 36.4 million to repay bank loans to improve the gearing ratio and reduce finance costs, rather than leaving funds idle for investment opportunities, with remaining funds for investment expected to be fully utilized by December 31, 2025, as no suitable opportunities were identified by June 30, 2025 - The net proceeds from the rights issue amounted to approximately **RMB 159.9 million**[59](index=59&type=chunk) - The Board decided to utilize approximately **RMB 36.4 million** of the **RMB 105.75 million** allocated for investment opportunities to repay bank loans due in August 2024, instead of allowing the entire allocated amount to remain idle[60](index=60&type=chunk) - The change in use aims to improve the Group's gearing ratio and reduce finance costs[60](index=60&type=chunk) - As of June 30, 2025, **RMB 74.56 million** had been used to settle bank loans, and **RMB 15.99 million** had been used for general working capital[61](index=61&type=chunk) - The expected timeline for the utilization of unutilized net proceeds has been changed from June 30, 2025, to **December 31, 2025**[63](index=63&type=chunk) [Corporate Governance Code](index=22&type=section&id=Corporate%20Governance%20Code) The company complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the period - The company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the period[65](index=65&type=chunk) [Standard Code for Securities Transactions by Directors](index=22&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and confirmed all directors complied with it during the period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[66](index=66&type=chunk) - The company has made specific and reasonable inquiries to all Directors and is satisfied that they have complied with the Standard Code throughout the period[66](index=66&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=23&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares on the Stock Exchange, and held no treasury shares as of June 30, 2025 - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange[67](index=67&type=chunk) - As of June 30, 2025, the company held no treasury shares[67](index=67&type=chunk) [Events After the Reporting Period](index=23&type=section&id=Events%20After%20the%20Reporting%20Period) Except as disclosed, no events after the reporting period had a significant impact on the company's financial position - Save as disclosed above, no events after the reporting period had a significant impact on the company's financial position[68](index=68&type=chunk) [Auditor, Audit Committee and Review of Interim Results](index=23&type=section&id=Auditor%2C%20Audit%20Committee%20and%20Review%20of%20Interim%20Results) The company's Audit Committee, comprising four independent non-executive directors, reviews accounting principles, oversees audit and financial reporting processes, and risk management and internal control systems, and has reviewed the financial information in this announcement - The Audit Committee comprises four independent non-executive Directors and reports to the Board[69](index=69&type=chunk) - The primary duties of the Audit Committee are to review the accounting principles and practices adopted by the Group, oversee the audit and financial reporting processes, and risk management and internal control systems[69](index=69&type=chunk) - The financial information contained in this announcement is unaudited and has been reviewed by the Audit Committee[69](index=69&type=chunk) [Board of Directors](index=23&type=section&id=Board%20of%20Directors) This announcement lists the names and positions of executive and independent non-executive directors as of the announcement date - The executive directors are Mr Cui Mingshou (Chairman), Mr Wang Yimei (Vice Chairman), and Mr Hu Liang[71](index=71&type=chunk) - The independent non-executive directors are Mr Yin Desheng, Mr Li Xue, Mr Wang Yaping, and Ms Qi Yan[71](index=71&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 不 會 就 因 本 公 告 全 部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 STAR SHINE HOLDINGS GROUP LIMITED 應星控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1440） 截 至2025年6月30日止六個月之未經審核中期業績公告 應 星 控 股 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2025年6月30日 止 六 個 月（「中期期間」）的 未 經 審 核中期業績，連同截至2024年6月30日止六個月的比較數字。 於 本 公 告 內，「我 們」指 本 公 司 及 倘 文 義 另 有 指 明 則 指 本 集 團。 主要財務摘要 – 1 – • 於 中 期 期 間，本 集 團 的 收 益 約 為 人 民 幣288.6百 萬 元，較2024年同期增加 約5.6%。 • 於中 ...

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。 KWG Living Group Holdings Limited 合景悠活集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3913） 截至2025年6月30日止六個月的未經審核中期業績公告 中期業績摘要 截至2025年6月30日止六個月的未經審核中期業績 合景悠活集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，本公司及其附 屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月之未經審核簡明合併財務 業績連同截至2024年6月30日止六個月之同期比較數字。截至2025年6月30日止六個月之 未經審核簡明合併中期財務資料（「中期財務資料」）已由本公司審核委員會（「審核委員 會」）審閱。 – 1 – • 截至2025年6月30日止六個月收入約人民幣1,658.1百萬元，較2024年同期下降 13.8%。 • 截至2025年6月30日止六個月毛利約人民幣418 ...

[2024 Annual Report Supplementary Announcement](index=1&type=section&id=2024%20Annual%20Report%20Supplementary%20Announcement) [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement supplements the 2024 Annual Report of Japan Kyosei Group Co., Ltd., ensuring comprehensive information disclosure - This announcement serves as a supplementary document to the Japan Kyosei Group Co., Ltd.'s 2024 Annual Report, providing additional information[3](index=3&type=chunk)[4](index=4&type=chunk) [Supplementary Information on Share Option Scheme](index=1&type=section&id=Supplementary%20Information%20on%20Share%20Option%20Scheme) This section supplements disclosures on share options available for grant as of January 1 and December 31, 2024, and under the new share option scheme Key Data for Share Option Scheme | Metric | Number of Options | | :--- | :--- | | Number of options available for grant as of January 1, 2024 | 11,236,749 | | Number of options available for grant as of December 31, 2024 | 11,236,749 | | Number of options available for grant under the new share option scheme | 0 | [Other Information Unchanged and Board Members](index=2&type=section&id=Other%20Information%20Unchanged%20and%20Board%20Members) This supplementary announcement's disclosures do not affect other 2024 Annual Report content and list the Board of Directors' composition as of the announcement date - All other information in the 2024 Annual Report remains unchanged, except for this supplementary disclosure[6](index=6&type=chunk) - As of August 27, 2025, the Board of Directors comprises one Executive Director (Dr. Hiroshi Kaneko), one Non-Executive Director (Mr. Chung Ho Wai), and three Independent Non-Executive Directors (Mr. Wong Chung Chuen, Ms. Tang Ying Sum, and Ms. Ha Sze Wan)[7](index=7&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2025年中期業績公告 中 國 鋁 業 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（統 稱「本集團」）截 至2025年6月30日 止6個月期間之未經審計 中 期 業 績。本 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交易所有限公司證券上市規則中有關中期業績初步公告附載的資料的 要 求。2025年中報將於2025年9月30日或之前刊載於香港聯交所的網站 www.hkex.com.hk及本公司的網站www.chalco.com.cn。 目 錄 | 2 | 釋義 | | --- | --- | | 7 | 公司資料 | | 10 | 行業情況及市場回顧 | | 13 | 業務回顧 | | 17 | 前景與展望 | | 17 | ...

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之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） – 2 – – 1 – 簡明綜合損益及其他全面收入報表 （股份代號：563） 截至二零二五年六月三十日止六個月 截至二零二五年六月三十日止六個月之 中期業績公告 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 以下人士應佔期內（虧損）溢利： | | | | | 本公司擁有人 | | (492,139) | (231,564) | | 非控股權益 | | (70,288) | 43,263 | | | | (562,427) | (188,301) | | 以下人士應佔期內全面（開支）收入總額： | | | | | 本公司擁有人 | | (72,342) | (574,499) | | 非控 ...