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。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 截 至2025年6月30日止六個月的中期業績公告 北京昭衍新藥研究中心股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然公佈本公司及其附屬公司（「本集團」、「我 們」或「昭衍研究中心」）截 至2025年6 月30日止六個月（「報告期」）的 未 經 審 核 簡 明 中 期 業 績，連 同2024年同期的比較 數 字。 財務摘要 截 至2025年6月30日 止 六 個 月，本 集 團 錄 得 以 下 未 經 審 核 業 績： | 至2025年 | 至2024年 | 截 | 截 | 6月30日 | 6月30日 | | | ...

Interim Results for the Six Months Ended 30 June 2025 [Unaudited Financial Information](index=1&type=section&id=Unaudited%20Financial%20Information) Unaudited consolidated financial statements for H1 **2025** are presented, offering a concise financial overview [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company achieved a net profit in H1 **2025**, reversing a prior-year loss, despite a significant decrease in total revenue Key Income Statement Metrics | Metric | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | Change (HKD thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | | | | | | Brokerage-related commissions and clearing fees | 656 | 445 | 211 | 47.42% | | Asset management fees | 250 | 1,086 | (836) | -76.98% | | Interest from margin clients | 3,993 | 17,173 | (13,180) | -76.75% | | Interest on loans receivable | 4,106 | 3,126 | 980 | 31.35% | | Net realized gain/(loss) on disposal of investments held for trading | (30) | 4,238 | (4,268) | -100.71% | | Net realized gain/(loss) on trading of futures contracts | 203 | – | 203 | N/A | | Dividends from investments held for trading | 783 | – | 783 | N/A | | Film distribution license rights | 219 | 400 | (181) | -45.25% | | Entertainment event income | – | 169 | (169) | -100.00% | | **Total Revenue** | **10,180** | **26,637** | **(16,457)** | **-61.78%** | | Operating profit/(loss) | 4,601 | (11,096) | 15,697 | N/A | | Profit/(loss) before tax | 4,428 | (11,276) | 15,704 | N/A | | Profit/(loss) for the period | 4,428 | (11,276) | 15,704 | N/A | | Profit/(loss) attributable to owners of the Company | 5,375 | (11,459) | 16,834 | N/A | | Basic and diluted earnings/(loss) per share (HK cents) | 0.65 | (1.38) | 2.03 | N/A | - The company achieved a turnaround to profit, primarily due to a reversal of impairment provisions for margin loans and loans receivable of approximately **HKD 7,100 thousand** (compared to an impairment loss of **HKD 13,200 thousand** in the prior year), and a shift from a **HKD 4,900 thousand** loss to a **HKD 5,700 thousand** gain from fair value changes in listed investments held for trading[72](index=72&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets increased to **HKD 890,420 thousand** by June 30, **2025**, driven by FVOCI investments and rising current liabilities Key Financial Position Metrics | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (HKD thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Non-Current Assets** | | | | | | Property, Plant and Equipment | 7,368 | 6,738 | 630 | 9.35% | | Equity Instrument Investments (FVOCI) | 411,978 | 295,751 | 116,227 | 39.30% | | **Current Assets** | | | | | | Receivables from Clearing Houses | 57,812 | 73 | 57,739 | 79094.52% | | Margin Loans Receivable | 162,021 | 193,106 | (31,085) | -16.10% | | Loans Receivable | 125,479 | 143,172 | (17,693) | -12.36% | | Investments Held for Trading | 23,119 | 13,396 | 9,723 | 72.58% | | Bank Balances and Cash | 60,306 | 22,301 | 38,005 | 170.42% | | **Current Liabilities** | | | | | | Trade Payables | 80,492 | 10,380 | 70,112 | 675.45% | | Other Payables and Accrued Expenses | 12,434 | 2,837 | 9,597 | 338.28% | | **Net Assets** | **792,414** | **687,474** | **104,940** | **15.26%** | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes to the condensed consolidated financial statements cover preparation, policies, and financial changes [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) Condensed consolidated financial statements are prepared under HK Listing Rules Appendix D2 and HKAS 34 - 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' issued by the Hong Kong Institute of Certified Public Accountants, and have been reviewed by Crowe (HK) CPA Limited[10](index=10&type=chunk) [2. Significant Accounting Policies](index=6&type=section&id=2.%20Significant%20Accounting%20Policies) Current period condensed consolidated financial statements follow **2024** annual accounting policies - Accounting policies are consistent with those presented in the **2024** annual consolidated financial statements, except for changes expected to be reflected in the **2025** annual financial statements[11](index=11&type=chunk) [3. Changes in Accounting Policies](index=6&type=section&id=3.%20Changes%20in%20Accounting%20Policies) HKAS 21 (Revised) 'Lack of Exchangeability' applied from Jan 1, **2025**, with no significant impact - Hong Kong Accounting Standard 21 (Revised) 'Lack of Exchangeability' was applied, effective January 1, **2025**, but had no significant impact on the financial position and performance for the current and prior periods[12](index=12&type=chunk) [4. Revenue](index=7&type=section&id=4.%20Revenue) Total revenue for H1 **2025** significantly decreased, driven by lower margin interest and asset management fees Revenue Breakdown | Revenue Source | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | Change (HKD thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Brokerage-related commissions and clearing fees | 656 | 445 | 211 | 47.42% | | Asset management fees | 250 | 1,086 | (836) | -76.98% | | Interest from margin clients | 3,993 | 17,173 | (13,180) | -76.75% | | Interest on loans receivable | 4,106 | 3,126 | 980 | 31.35% | | Net realized gain/(loss) on disposal of investments held for trading | (30) | 4,238 | (4,268) | -100.71% | | Net realized gain/(loss) on trading of futures contracts | 203 | – | 203 | N/A | | Dividends from investments held for trading | 783 | – | 783 | N/A | | Film distribution license rights | 219 | 400 | (181) | -45.25% | | Entertainment event income | – | 169 | (169) | -100.00% | | **Total Revenue** | **10,180** | **26,637** | **(16,457)** | **-61.78%** | - Brokerage-related commission income, clearing fee income, and film distribution license rights income fall under Hong Kong Financial Reporting Standard 15, while interest income, dividend income, investment disposals, futures contract trading, and entertainment event income are from other sources[13](index=13&type=chunk) [5. Segment Reporting](index=8&type=section&id=5.%20Segment%20Reporting) The Group manages business across four segments; most were profitable in H1 **2025**, while entertainment recorded a loss - The Group's operating segments include securities brokerage and asset management, providing financing, securities trading, and entertainment, with key operating decision-makers regularly reviewing each segment's revenue and performance[14](index=14&type=chunk)[16](index=16&type=chunk) Segment Performance Overview | Segment | June 30, 2025 Segment Revenue (HKD thousand) | June 30, 2024 Segment Revenue (HKD thousand) | June 30, 2025 Segment Results (

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 截至二零二五年六月三十日止六個月中期業績公佈 財務摘要 * 僅供識別 – 1 – 1. 截至二零二五年六月三十日止六個月的收入同比減少約人民幣 93.1 百萬元或 8.3% 至約人民幣 1,022.2 百萬元 2. 截至二零二五年六月三十日止六個月的毛利同比減少約人民幣 22.9 百萬元或 10.9% 至約人民幣 187.3 百萬元 3. 截至二零二五年六月三十日止六個月的毛利率同比減少約 0.5 個百分點至約 18.3% 4. 截至二零二五年六月三十日止六個月的本公司權益股東應佔虧損淨額為約人民幣 70.4 百萬元，截至二零二四年六月三十日止六個月的本公司權益股東應佔純利為約 人民幣 26.6 百萬元 5. 截至二零二五年六月三十日止六個月的每股基本虧損約人民幣 0.152 元，截至二零 二四年六月三十日止六個月的每股基本盈利約人民幣 0.065 元 6. 不建議派付截至二零二五年六月三十日止六個月的中期 ...

Sling Group Holdings Limited 森浩集團股份有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：8285） 截至2025年6月30日止六個月 中期業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位乃為相比起聯交所主板上市的其他公司帶有更高投資風險的中小型公司提供 上市的市場。有意投資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後方 作出投資決定。 由於在GEM上市的公司一般為中小型公司，在GEM買賣的證券可能會承受較於聯交所 主板買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本公佈的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會對本公佈的全部或任何部分內容所產生或因依賴該 等內容而引致的任何損失承擔任何責任。 本公佈乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定提供有關森浩集團股 份有限公司（「本公司」）的資料。本公司董事（「董事」）願對此共同及個別承擔全部責任。 董事在作出一切合理查詢後確認，就彼等深知及確信，本公佈所載資料在各重大方面均 ...

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 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。 Zhongzhi Pharmaceutical Holdings Limited 中智藥業控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股份代號：3737） 截至二零二五年六月三十日止六個月之 中期業績 財 務 摘 要： 本集團截至二零二五年六月三十日止六個月的收益約為人民幣880.5百 萬 元，與 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 相 較 減 少19.1%。 本集團截至二零二五年六月三十日止六個月的毛利約為人民幣482.5百 萬 元，與 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 相 較 減 少23.0%。毛 利 率 與 截 至 二零二四年六月三十日止六個月相較減少2.8個百分點至約54.8%。 母公司擁有人應佔利潤約為人民幣8.8百 萬 元，與 截 至 二 零 二 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈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。 BUILD KING HOLDINGS LIMITED （利基控股有限公司）* 截至二零二五年六月三十日止六個月 中期業績公佈 財務表現摘要 每股權益**增加百分比 1% 權益 2,678,000,000港元 每股權益 2.16港元 集團收入 6,900,000,000港元 本公司擁有人應佔溢利 179,000,000港元 每股中期股息 4港仙 ** 權益指本公司擁有人應佔權益 * 僅供識別 – 1 – 業績 利基控股有限公司（「本公司」）董事會（「董事會」）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中期業績，連同去年同期之比 較數字如下： （於百慕達註冊成立之有限公司） （股份代號：00240） 簡明綜合損益表 簡明綜合損益及其他全面收益表 | | | 於二零二五年 | 於二零二四年 | | --- | --- | --- | --- | | | 附註 | 六月三十 ...

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 的 任 何 損 失 承 擔 任 何 責 任。 Akeso, Inc. 康方生物科技（開曼）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9926） 截 至2025年6月30日 止 六 個 月 中 期 業 績 公 告 董 事 會 謹 此 公 布 本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績。 截 至2025年6月30日 止 六 個 月，本 集 團 毛 利 為 人 民 幣1,120.7百 萬 元，截 至2024年6月30日 止 六 個 月 為 人 民 幣943.2百 萬 元，同 比 增 長18.82%，這 主 要 歸 因 於 商 業 銷 售 收 入 的 變 化。截 至2025年6月30日 止 六 個 月 商 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 238,025,000, representing a 22.5% increase from HKD 194,250,000 in the same period of 2024[4] - Gross profit for the same period was HKD 90,631,000, up 20.9% from HKD 74,925,000 year-on-year[4] - The company reported a loss before tax of HKD 11,644,000, significantly improved from a loss of HKD 84,423,000 in the previous year[4] - Total comprehensive loss for the period was HKD 35,326,000, compared to HKD 95,644,000 in the same period last year, indicating a reduction of 63.1%[5] - The basic and diluted loss per share for the period was HKD 1.62, compared to HKD 11.11 in the previous year, indicating a significant improvement[5] - The group recorded a loss of HKD 11,871,000 for the six months ended June 30, 2025, compared to a loss of HKD 84,423,000 for the same period in 2024[13][19] - The group reported a pre-tax loss of HKD 11,644,000 for the six months ended June 30, 2025, compared to a pre-tax loss of HKD 84,423,000 for the same period in 2024[19] - The group reported a loss attributable to shareholders of HKD 12,240,000 for the six months ended June 30, 2025, compared to a loss of HKD 84,008,000 in the same period of 2024[29] - The group reported a loss attributable to owners of approximately HKD 12,240,000, a significant reduction of 85.4% compared to a loss of HKD 84,008,000 in the same period last year[34] Assets and Liabilities - Non-current assets totaled HKD 244,062,000 as of June 30, 2025, compared to HKD 229,851,000 at the end of 2024, showing a growth of 6.2%[6] - Current assets amounted to HKD 477,652,000, slightly up from HKD 464,310,000 at the end of 2024[6] - The total equity attributable to owners of the company decreased from HKD 507,013,000 as of December 31, 2024, to HKD 464,861,000 as of June 30, 2025, a decline of approximately 8.3%[7] - The group’s total liabilities included lease liabilities of HKD 94,927,000 as of June 30, 2025, compared to HKD 61,746,000 as of December 31, 2024, indicating an increase of approximately 53.7%[7] - The net asset value of the group was HKD 451,675,000 as of June 30, 2025, down from HKD 494,562,000 as of December 31, 2024, a decrease of approximately 8.6%[7] - The total assets of the group amounted to HKD 721,714,000, with classified assets of HKD 717,956,000[20] - The total liabilities of the group as of June 30, 2025, were HKD 270,039,000, with classified liabilities of HKD 256,910,000[20] Cash Flow and Financial Support - The company’s cash and cash equivalents decreased to HKD 46,085,000 from HKD 56,834,000, a decline of 18.9%[6] - The group's cash and cash equivalents decreased from HKD 57,733,000 as of December 31, 2024, to HKD 46,085,000 as of June 30, 2025, a reduction of approximately 20.2%[13] - The group received financial support of HKD 38,000,000 from the ultimate controlling party to ensure operational continuity for the next 15 months[13] Operational Highlights - The group has reclassified its operational segments to focus on manufacturing toys and lighting products as a single reportable segment[17] - The group’s trade receivables as of June 30, 2025, were HKD 112,643,000, up from HKD 74,701,000 as of December 31, 2024[30] - The group’s non-current assets in Vietnam decreased to HKD 154,072,000 as of June 30, 2025, from HKD 184,334,000 as of December 31, 2024[22] - The group’s depreciation expenses for property, plant, and equipment were HKD 9,112,000 for the six months ended June 30, 2025, compared to HKD 15,918,000 in the same period of 2024[25] - The group’s net foreign exchange loss for the six months ended June 30, 2025, was HKD 25,438,000, compared to a loss of HKD 601,000 in the same period of 2024[25] - Sales of original brand manufacturing products like "Fart Ninjas" and "Gazillion" increased, offsetting declines in other product lines, contributing to improved profitability for the six months ending June 30, 2025[55] - The company is focusing on maintaining customer loyalty in North America and Canada through a rich product offering and optimized inventory management[56] - The main manufacturing base is located in Vietnam, where the company is enhancing supply chain efficiency to reduce production costs[57] - The company has acquired land in Da Nang, Vietnam, to strengthen its local presence and support its diversification strategy in the real estate market[58] - The company is implementing cost control measures and advancing automation to improve competitiveness despite a challenging operating environment[56] Corporate Governance and Compliance - The board has adopted a corporate governance code based on the Hong Kong Stock Exchange rules, ensuring compliance throughout the year[66] - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting standards[69] - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website[70] - The board consists of five executive directors and three independent non-executive directors as of the announcement date[71] - The chairman of the board is Zheng Rongbin, with the announcement dated August 26, 2025[72] Dividends and Shareholder Information - The group declared an interim dividend of HKD 0.01 per share, down from HKD 0.045 per share in 2024[26] - The interim cash dividend declared is HKD 0.01 per share for the six months ended June 30, 2025, down from HKD 0.045 in 2024[64] - The company has not purchased, sold, or redeemed any of its shares during the six months ending June 30, 2025[65] Economic and Market Conditions - The company faces economic uncertainty due to government spending cuts and high tariffs affecting imports, leading to reduced consumer spending, particularly on essential goods[54] - The group plans to focus on innovation and licensed products to adapt to economic and geopolitical uncertainties[62] - No significant investments or acquisitions were reported for the period ending June 30, 2025[51] - No major sales or important corporate events were noted for the period ending June 30, 2025[52] Environmental and Social Responsibility - The company is committed to environmental responsibility through various green office initiatives and plans to implement further environmental measures in its operations[59] - The company emphasizes compliance with applicable laws and regulations, ensuring employee welfare and maintaining strong relationships with stakeholders[60][61] Cost Management - Distribution and selling costs decreased by approximately 23.5% to about HKD 58,873,000, primarily due to reduced advertising expenses[39] - Administrative expenses decreased by approximately 17.0% to about HKD 65,731,000, including reductions in salaries, office rent, and depreciation[40]

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Key Financial Indicators](index=1&type=section&id=Key%20Financial%20Indicators) For the six months ended June 30, 2025, the Group's loss significantly narrowed, mainly due to a smaller decrease in property value changes, with underlying profit showing a modest increase Key Financial Performance Comparison (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company | (158,400) | (388,900) | 230,500 | -59.27% | | Decrease in value of investment properties and completed property inventories | (214,800) | (443,300) | 228,500 | -51.55% | | Underlying profit attributable to owners of the Company (excluding property changes) | 56,400 | 54,300 | 2,100 | 3.87% | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) Revenue increased by 6.35% for the six months ended June 30, 2025, with operating loss significantly narrowing due to reduced property fair value and joint venture losses Key Data from Condensed Consolidated Interim Statement of Profit or Loss (HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,302,141 | 1,224,403 | 77,738 | 6.35% | | Operating loss | (32,372) | (144,205) | 111,833 | -77.55% | | Fair value changes of investment properties | (107,196) | (210,927) | 103,731 | -49.18% | | Share of losses of joint ventures | (83,321) | (200,847) | 117,526 | -58.52% | | Loss before income tax | (139,086) | (371,741) | 232,655 | -62.58% | | Loss attributable to owners of the Company | (158,430) | (388,916) | 230,486 | -59.26% | [Condensed Consolidated Interim Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive loss significantly narrowed, driven by reduced period loss and a positive currency translation difference Key Data from Condensed Consolidated Interim Statement of Comprehensive Income (HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (158,430) | (388,916) | 230,486 | -59.26% | | Currency translation differences – Group | 79,545 | (59,230) | 138,775 | -234.38% | | Other comprehensive income / (loss) for the period, net of tax | 46,577 | (59,392) | 105,969 | -178.43% | | Total comprehensive loss for the period attributable to owners of the Company | (111,853) | (448,308) | 336,455 | -75.05% | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets, liabilities, and equity decreased, mainly due to reduced investment properties and interests in joint ventures Key Data from Condensed Consolidated Interim Statement of Financial Position (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total assets | 5,945,157 | 6,158,836 | (213,679) | -3.47% | | Total liabilities | 2,553,963 | 2,641,434 | (87,471) | -3.31% | | Total equity | 3,391,194 | 3,517,402 | (126,208) | -3.59% | | Investment properties | 1,366,723 | 1,473,317 | (106,594) | -7.24% | | Interests in joint ventures | 1,493,969 | 1,591,570 | (97,601) | -6.13% | | Trade receivables | 788,447 | 865,107 | (76,660) | -8.86% | | Cash and cash equivalents | 883,592 | 719,846 | 163,746 | 22.75% | [Condensed Consolidated Interim Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners decreased, mainly due to period loss and dividends, partially offset by positive currency translation differences Key Data from Condensed Consolidated Interim Statement of Changes in Equity (HK$ thousand) | Metric | June 30, 2025 | January 1, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total equity at end of period | 3,391,194 | 4,474,267 | (1,083,073) | -24.21% | | Loss for the period | (158,430) | (388,916) | 230,486 | -59.26% | | Currency translation differences | 79,545 | (59,230) | 138,775 | -234.38% | | Dividends paid to owners of the Company | (14,355) | (14,355) | 0 | 0.00% | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Interim financial information is prepared under HKAS 34, using historical cost with fair value adjustments for certain financial instruments and investment properties; new standards adopted have no significant impact [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) Interim financial information is prepared under HKAS 34, using historical cost convention with fair value adjustments for derivative financial instruments, financial assets, and investment properties - Interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants - Interim financial information is prepared on the historical cost convention, modified by the revaluation of derivative financial instruments, financial assets at fair value through other comprehensive income, and investment properties carried at fair value [Adopted and Unadopted Standards](index=7&type=section&id=Adopted%20and%20Unadopted%20Standards) The Group adopted revised HKAS 21 and HKFRS 1 on January 1, 2025, with no significant financial impact; HKFRS 18 will affect statement presentation and disclosures - The Group has first applied the revised standards: HKAS 21 and HKFRS 1 Amendments "Lack of Exchangeability" for the annual reporting period beginning January 1, 2025[11](index=11&type=chunk) - The application of the above revised standards has had no impact on the amounts recognised in prior periods and is not expected to have a significant impact on the current or future periods[11](index=11&type=chunk) - HKFRS 18 will introduce new requirements for presentation in the consolidated statement of comprehensive income, including classifying all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations, and requiring disclosure of management-defined performance measures[15](index=15&type=chunk) - Interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[10](index=10&type=chunk) - The Group has first applied the revised standards: HKAS 21 and HKFRS 1 Amendments "Lack of Exchangeability" for the annual reporting period beginning January 1, 2025, and is not expected to have a significant impact on the current or future periods[11](index=11&type=chunk) - HKFRS 18 will introduce new requirements for presentation in the consolidated statement of comprehensive income, including classifying all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations, and requiring disclosure of management-defined performance measures, but is not expected to have a significant impact on operating results and financial position[15](index=15&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The Group operates in EMS and Property Holding segments; EMS saw profit growth, Property Holding narrowed losses, and Asia (excluding Hong Kong) and North America are key revenue sources [Overview of Operating Segments](index=8&type=section&id=Overview%20of%20Operating%20Segments) The Group's operating segments are Electronic Manufacturing Services (EMS) and Property Holding, with performance regularly reviewed by key operating decision-makers for resource allocation - The Group is currently organised into two operating segments: Electronic Manufacturing Services (EMS) and Property Holding[17](index=17&type=chunk) - The chief operating decision-maker assesses the performance of the operating segments based on segment results (operating segment profit or loss before other income, other gains – net, and finance costs – net, but excluding corporate and unallocated expenses)[18](index=18&type=chunk) [Segment Results and Assets](index=9&type=section&id=Segment%20Results%20and%20Assets) EMS segment revenue and results grew, while the Property Holding segment significantly narrowed its loss; EMS assets slightly increased, and Property Holding assets decreased Segment Results Comparison (For the six months ended June 30, HK$ thousand) | Metric | EMS Segment (2025) | EMS Segment (2024) | Property Holding Segment (2025) | Property Holding Segment (2024) | | :--- | :--- | :--- | :--- | :--- | | External revenue | 1,271,379 | 1,193,142 | 30,762 | 31,261 | | Segment results | 81,769 | 64,347 | (179,677) | (409,914) | | Share of losses of joint ventures | – | – | (83,322) | (200,847) | | Fair value changes of investment properties | – | – | (107,196) | (210,927) | Segment Assets Comparison (HK$ thousand) | Metric | EMS Segment (June 30, 2025) | EMS Segment (December 31, 2024) | Property Holding Segment (June 30, 2025) | Property Holding Segment (December 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Segment assets | 2,741,369 | 2,725,170 | 1,536,625 | 1,655,939 | | Interests in joint ventures | – | – | 1,493,969 | 1,591,970 | | Total reportable segment assets | 2,741,369 | 2,725,170 | 3,030,594 | 3,247,509 | [Geographical Market Analysis](index=11&type=section&id=Geographical%20Market%20Analysis) Group revenue primarily from Asia (ex-Hong Kong), Europe, and North America, with significant growth in the latter two; non-current assets are concentrated in Hong Kong and Asia (ex-Hong Kong) Revenue Analysis by Geographical Market (For the six months ended June 30, HK$ thousand) | Region | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | North America | 208,972 | 157,169 | 51,803 | 32.96% | | Asia (excluding Hong Kong) | 699,471 | 775,133 | (75,662) | -9.76% | | Europe | 307,457 | 198,497 | 108,960 | 54.90% | | Hong Kong | 86,241 | 93,604 | (7,363) | -7.87% | | **Total** | **1,302,141** | **1,224,403** | **77,738** | **6.35%** | Non-current Assets Analysis by Geographical Market (HK$ thousand) | Region | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Asia (excluding Hong Kong) | 262,559 | 248,080 | 14,479 | 5.84% | | Hong Kong | 2,984,543 | 3,197,570 | (213,027) | -6.66% | | **Total** | **3,247,113** | **3,445,665** | **(198,552)** | **-5.76%** | - For the six months ended June 30, 2025, approximately **HK$628.39 million** and **HK$152.19 million** of revenue were derived from two major external customers, both attributable to the EMS segment[22](index=22&type=chunk) - The Group is currently organised into two operating segments: Electronic Manufacturing Services (EMS) and Property Holding[17](index=17&type=chunk) Segment Results Comparison (For the six months ended June 30, HK$ thousand) | Metric | EMS Segment (2025) | EMS Segment (2024) | Property Holding Segment (2025) | Property Holding Segment (2024) | | :--- | :--- | :--- | :--- | :--- | | External revenue | 1,271,379 | 1,193,142 | 30,762 | 31,261 | | Segment results | 81,769 | 64,347 | (179,677) | (409,914) | | Share of losses of joint ventures | – | – | (83,322) | (200,847) | | Fair value changes of investment properties | – | – | (107,196) | (210,927) | Revenue Analysis by Geographical Market (For the six months ended June 30, HK$ thousand) | Region | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | North America | 208,972 | 157,169 | 51,803 | 32.96% | | Asia (excluding Hong Kong) | 699,471 | 775,133 | (75,662) | -9.76% | | Europe | 307,457 | 198,497 | 108,960 | 54.90% | | Hong Kong | 86,241 | 93,604 | (7,363) | -7.87% | | **Total** | **1,302,141** | **1,224,403** | **77,738** | **6.35%** | [Other (Losses) / Gains – Net](index=12&type=section&id=Other%20(Losses)%20%2F%20Gains%20%E2%80%93%20Net) For the six months ended June 30, 2025, the Group recorded other net losses, primarily from increased exchange losses offsetting gains from asset sales Other (Losses) / Gains – Net (For the six months ended June 30, HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | 650 | 1,288 | (638) | -49.53% | | Exchange (losses) / gains – net | (8,444) | 9,689 | (18,133) | -187.15% | | **Total** | **(7,794)** | **10,977** | **(18,771)** | **-171.01%** | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense increased, mainly due to higher overseas taxes partially offset by a decrease in deferred income tax Income Tax Expense (For the six months ended June 30, HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current income tax – Hong Kong profits tax | (290) | 3,498 | (3,788) | -108.29% | | Current income tax – Overseas tax | 20,688 | 13,010 | 7,678 | 59.02% | | Withholding tax on dividends paid by PRC-incorporated subsidiaries | 8,072 | 8,611 | (539) | -6.26% | | Deferred income tax | (9,126) | (7,944) | (1,182) | 14.88% | | **Total** | **19,344** | **17,175** | **2,169** | **12.63%** | - Hong Kong profits tax is provided at a rate of **16.5%**, while PRC subsidiaries are subject to enterprise income tax at **25%**, except for Wah Gao Technology (Suzhou) Co., Ltd., which is taxed at **15%**[25](index=25&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board resolved to pay an interim dividend of HK$0.0275 per share, consistent with the prior year, totaling HK$13.158 million - The Board has resolved to declare an interim dividend of **HK$0.0275** per share (2024: HK$0.0275 per share)[27](index=27&type=chunk) - The dividend will be payable on **September 26, 2025**, to shareholders whose names appear on the register of members on **September 12, 2025**[27](index=27&type=chunk) - The interim dividend amounts to **HK$13.158 million** (2024: HK$13.158 million) and has not been recognised as a liability in this interim financial information[27](index=27&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share significantly narrowed to HK$0.33; no diluted loss per share was reported due to the absence of dilutive ordinary shares Loss Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company (HK$ thousand) | (158,430) | (388,916) | 230,486 | -59.26% | | Weighted average number of ordinary shares outstanding (thousand shares) | 478,484 | 478,484 | 0 | 0.00% | | Basic loss per share (HK$) | (0.33) | (0.81) | 0.48 | -59.26% | - No diluted loss per share is presented for both periods as there were no potential dilutive ordinary shares outstanding during either period[29](index=29&type=chunk) [Interests in Joint Ventures](index=13&type=section&id=Interests%20in%20Joint%20Ventures) As of June 30, 2025, total interests in joint ventures decreased, primarily due to the share of losses from joint ventures, including fair value losses on investment properties Interests in Joint Ventures (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Share of net assets | 521,374 | 604,695 | (83,321) | -13.78% | | Loans to joint ventures | 972,595 | 986,875 | (14,280) | -1.45% | | **Total** | **1,493,969** | **1,591,570** | **(97,601)** | **-6.13%** | - Share of losses from joint ventures includes fair value losses on investment properties owned by joint ventures (net of deferred income tax) of approximately **HK$97.775 million** (2024: HK$214.327 million)[31](index=31&type=chunk) - Loans to joint ventures are unsecured, interest-free, and repayment arrangements are subject to agreements with joint venture partners[30](index=30&type=chunk) [Trade Receivables](index=14&type=section&id=Trade%20Receivables) As of June 30, 2025, total trade receivables decreased, mainly due to a reduction in amounts aged 61-90 days and over 90 days Trade Receivables (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total trade receivables | 788,907 | 865,545 | (76,638) | -8.85% | | Less: Impairment allowance | (460) | (438) | (22) | 5.02% | | **Net** | **788,447** | **865,107** | **(76,660)** | **-8.86%** | Trade Receivables Aging Analysis (HK$ thousand) | Aging | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 60 days | 530,242 | 506,851 | 23,391 | 4.62% | | 61 to 90 days | 127,918 | 180,405 | (52,487) | -29.10% | | Over 90 days | 130,747 | 178,289 | (47,541) | -26.67% | | **Total** | **788,907** | **865,545** | **(76,638)** | **-8.85%** | - The Group grants credit periods to trade customers ranging mainly from **30 to 120 days**, with no interest charged[32](index=32&type=chunk) [Trade Payables](index=15&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables slightly decreased, with a reduction in 0-60 day amounts and an increase in over 90 day amounts Trade Payables Aging Analysis (HK$ thousand) | Aging | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 60 days | 313,930 | 376,770 | (62,840) | -16.68% | | 61 to 90 days | 49,587 | 47,815 | 1,772 | 3.71% | | Over 90 days | 177,587 | 123,436 | 54,151 | 43.87% | | **Total** | **541,104** | **548,021** | **(6,917)** | **-1.26%** | [Loans](index=15&type=section&id=Loans) As of June 30, 2025, total loans decreased, with a reduction in non-current loans and an increase in current loans Loan Composition (HK$ thousand) | Loan Type | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trust receipt bank loans, unsecured | 283,445 | 223,390 | 60,055 | 26.89% | | Short-term bank loans, unsecured | 295,000 | 299,000 | (4,000) | -1.34% | | Short-term bank loans, secured | 115,700 | 115,700 | 0 | 0.00% | | Portion of long-term bank loans, repayable within one year, secured | 97,609 | 104,408 | (6,799) | -6.51% | | Portion of long-term bank loans, repayable after one year, secured | 741,026 | 876,430 | (135,404) | -15.45% | | **Total Loans** | **1,532,780** | **1,618,928** | **(86,148)** | **-5.32%** | | Non-current | 741,026 | 876,430 | (135,404) | -15.45% | | Current | 791,754 | 742,498 | 49,256 | 6.63% | [Business Review](index=16&type=section&id=Business%20Review) [Performance Review](index=16&type=section&id=Performance%20Review) The Group's loss significantly narrowed for the six months ended June 30, 2025, due to reduced property value decreases, increased EMS profit, and lower net finance costs, resulting in a modest underlying profit increase and improved loss per share - Loss attributable to owners of the Company was **HK$158.4 million**, a significant narrowing from **HK$388.9 million** in the prior year[38](index=38&type=chunk) - Reported results include a decrease in the value of investment properties and completed property inventories of **HK$214.8 million**, a smaller decrease compared to **HK$443.3 million** in the prior year[38](index=38&type=chunk) - Underlying profit attributable to owners of the Company (excluding property changes) was **HK$56.4 million**, an increase from **HK$54.3 million** in the prior year, primarily due to a **HK$17.4 million** increase in EMS segment profit and a **HK$3.3 million** decrease in net finance costs[38](index=38&type=chunk) - Loss per share was **HK$0.33**, compared to **HK$0.81** in the prior year[39](index=39&type=chunk) - The Group's revenue was **HK$1,302.1 million**, an increase from **HK$1,224.4 million** in the prior year[39](index=39&type=chunk) - Operating loss was **HK$32.4 million**, a significant narrowing from **HK$144.2 million** in the prior year[39](index=39&type=chunk) [Electronic Manufacturing Services (EMS) Segment](index=17&type=section&id=Electronic%20Manufacturing%20Services%20(EMS)%20Segment) The EMS segment achieved significant revenue and segment profit growth for the six months ended June 30, 2025, driven by increased external customer sales and improved cost efficiency - EMS segment revenue was **HK$1,271.4 million**, an increase from **HK$1,193.1 million** in the prior year[40](index=40&type=chunk) - EMS segment profit was **HK$81.8 million**, a **27.1%** increase from **HK$64.3 million** in the prior year[40](index=40&type=chunk) - The increase in segment net profit was due to increased sales to external customers and improved cost efficiency[40](index=40&type=chunk) [Property Holding Segment](index=17&type=section&id=Property%20Holding%20Segment) The Property Holding segment maintained stable revenue while significantly narrowing its segment loss, indicating an improvement in operating performance - The Property Holding segment recorded revenue of **HK$30.8 million**, close to **HK$31.3 million** in the prior year[41](index=41&type=chunk) - Segment loss for the period was **HK$179.7 million**, a significant narrowing from **HK$409.9 million** in the prior year[41](index=41&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains sufficient bank facilities and cash reserves, with total bank loans and net gearing ratio decreasing, indicating a healthy liquidity position - As of June 30, 2025, the Group's total bank facilities amounted to **HK$2,806.2 million** (December 2024: HK$2,908.9 million)[42](index=42&type=chunk) - Total bank loans amounted to **HK$1,532.8 million** (December 2024: HK$1,618.9 million)[42](index=42&type=chunk) - Cash and cash equivalents, short-term bank deposits, and restricted cash totaled **HK$1,427.1 million** (December 2024: HK$1,335.5 million)[42](index=42&type=chunk) - The Group's net gearing ratio as of June 30, 2025, was **0.03** (December 2024: 0.08), indicating reduced financial leverage[42](index=42&type=chunk) [Foreign Exchange and Risk Management](index=17&type=section&id=Foreign%20Exchange%20and%20Risk%20Management) The Group primarily sells in USD, with costs in multiple currencies, and does not use hedging products, but will closely monitor RMB fluctuations for currency risk - The majority of the Group's sales are denominated in **USD**, while costs and expenses are primarily denominated in **USD, HKD, JPY, RMB, and VND**[43](index=43&type=chunk) - The Group does not use any foreign exchange hedging products, consistent with its prudent financial risk management policy[43](index=43&type=chunk) - The Group is aware of the currency risk from RMB fluctuations and will closely monitor and actively manage the associated risks[43](index=43&type=chunk) [Capital Structure](index=17&type=section&id=Capital%20Structure) The Group's capital structure remained stable with no significant changes since December 31, 2024 - The Group's capital structure has not undergone significant changes since December 31, 2024, including bank loans, cash and cash equivalents, short-term bank deposits, restricted cash, and equity attributable to owners of the parent company[44](index=44&type=chunk) [Employees](index=18&type=section&id=Employees) As of June 30, 2025, the Group employed approximately 2,500 staff, with compensation based on job nature, qualifications, and experience, offering bonuses, insurance, and training - As of June 30, 2025, the Group employed approximately **2,500** staff[45](index=45&type=chunk) - Compensation policy is determined by the nature of work, qualifications, and experience of employees, offering year-end bonuses, employee-related insurance benefits, and discretionary bonuses[45](index=45&type=chunk) - The Group also provides internal and external training courses to its employees[45](index=45&type=chunk) [Outlook](index=18&type=section&id=Outlook) For H2 2025, US tariffs, high interest rates, and commodity prices will persist; EMS revenue is expected to be slightly lower, but the Group will invest in Vietnam, expand its customer base, and enhance efficiency, with stable property rental income - US tariff policies, high interest rates, and high commodity prices are expected to persist in the second half of 2025, impacting the EMS business outlook[46](index=46&type=chunk) - The Group anticipates that EMS business revenue in the second half of 2025 will be slightly lower than that recorded in the first half of 2025[46](index=46&type=chunk) - The Group will continue to enhance its dual production bases in Mainland China and Vietnam, investing in the Vietnam factory to expand capacity, improve technical capabilities, and cultivate skilled talent[46](index=46&type=chunk) - The Group is committed to expanding its customer base, particularly in areas with stable long-term demand such as industrial electronics and new energy, and enhancing operational efficiency through increased automation and lean manufacturing[46](index=46&type=chunk) - In the property segment, Hong Kong commercial properties are almost fully leased, providing stable rental income, and the Group maintains hedging strategies to mitigate the impact of high interest rates on finance costs[46](index=46&type=chunk) [Awards and Recognition](index=18&type=section&id=Awards%20and%20Recognition) The Company and its subsidiary, Wang's Electronics Ltd., received the "Caring Company" logo for the thirteenth consecutive year, recognizing their active community involvement and good corporate citizenship - The Company and its wholly-owned subsidiary, Wang's Electronics Limited, have been awarded the "Caring Company" logo by The Hong Kong Council of Social Service for the **thirteenth consecutive year**[47](index=47&type=chunk) - These accolades recognise the Group's active participation in community activities and its role as a good corporate citizen[47](index=47&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[48](index=48&type=chunk) [Corporate Governance](index=19&type=section&id=Corporate%20Governance) [Corporate Governance Code](index=19&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code for the six months ended June 30, 2025, with three deviations: combined Chairman/CEO roles, no anonymous whistleblowing, and Remuneration Committee scope - The Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with certain deviations[49](index=49&type=chunk) - Deviation from Code Provision C.2.1: The roles of Chairman and Chief Executive Officer are combined and held by Mr. Wong Chung Mat, who the Company believes possesses a thorough understanding and extensive experience, with the Board and independent non-executive directors providing effective checks and balances[49](index=49&type=chunk)[51](index=51&type=chunk) - Deviation from Code Provision D.2.3: The Company's existing whistleblowing policy does not accept anonymous reports, as they are difficult to follow up and investigate effectively, and are expected to place an undue burden on management resources; however, all reports are treated with strict confidentiality[49](index=49&type=chunk) - Deviation from Code Provision E.1.2(i): The terms of reference of the Remuneration Committee do not include reviewing and/or approving matters relating to share schemes as described in Chapter 17 of the Listing Rules; the Company believes the Board as a whole can more effectively discharge its responsibilities in overseeing matters related to such schemes[50](index=50&type=chunk)[52](index=52&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=20&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The Company adopted the Model Code, and all directors confirmed compliance with its required standards for the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[53](index=53&type=chunk) - Following specific enquiry with all Directors, all Directors have confirmed compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[53](index=53&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed accounting principles, internal controls, and financial reporting, including the unaudited interim financial information - The Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group with management[54](index=54&type=chunk) - The Audit Committee discussed auditing, internal control, and financial reporting matters, including the review of the unaudited interim financial information for the six months ended June 30, 2025[54](index=54&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Publication of Results and Interim Report](index=20&type=section&id=Publication%20of%20Results%20and%20Interim%20Report) This results announcement is published on the Company's and HKEX websites, with the 2025 Interim Report to be published on these sites in due course - This results announcement is published on the Company's website www.wih.com.hk/investor07.asp and the HKEX website www.hkexnews.hk[55](index=55&type=chunk) - The 2025 Interim Report will be published on the aforementioned websites in due course[55](index=55&type=chunk) [Board of Directors](index=20&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises five executive directors and four independent non-executive directors - The executive directors are Mr. Wong Chung Mat, Ms. Wong Yin Man, Dr. Chan Tze Wah, Mr. Hung Wing Shun, and Mr. Chan Wai Ming[55](index=55&type=chunk) - The independent non-executive directors are Dr. Lee Ka Cheung, Dr. Yeung Sun Sai, Mr. Yip Tin Yeung, and Mr. Law Wai Ho[55](index=55&type=chunk)

Introduction [Company Information and GEM Characteristics](index=1&type=section&id=Company%20Information%20and%20GEM%20Characteristics) This announcement by China Shuifa Xingye New Materials Holding Co., Ltd. discloses the unaudited interim results for the six months ended June 30, 2025, with the company listed on the GEM board, which targets small and medium-sized companies and carries higher investment risks and market volatility - The company is China Shuifa Xingye New Materials Holding Co., Ltd., stock code **8073**, incorporated in Bermuda[2](index=2&type=chunk) - The GEM market provides a listing platform for small and medium-sized companies, entailing higher investment risks and potential for significant market volatility[2](index=2&type=chunk) [Interim Results Announcement](index=2&type=section&id=Interim%20Results%20Announcement) The Board is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries for the six months ended June 30, 2025 - The announcement covers the unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) Financial Highlights [Key Financial Indicators](index=2&type=section&id=Key%20Financial%20Indicators) For the six months ended June 30, 2025, the company's revenue increased by 28.0%, gross profit by 37.9%, profit before tax by 88.2%, and profit for the period by 48.9%, with improvements in both gross profit margin and net profit margin Six-Month Financial Summary | Indicator | 2025 (RMB thousands) | 2022 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 70,281 | 54,923 | +28.0% | | Gross Profit | 29,098 | 21,094 | +37.9% | | Profit Before Tax | 11,976 | 6,364 | +88.2% | | Profit for the Period | 8,882 | 5,965 | +48.9% | | Gross Profit Margin | 41.4% | 38.4% | +3.0pp | | Net Profit Margin | 12.6% | 10.9% | +1.7pp | | Earnings Per Share – Basic and Diluted | RMB 0.016 | RMB 0.013 | +23.1% | Condensed Consolidated Statement of Comprehensive Income [Statement of Comprehensive Income Details](index=3&type=section&id=Statement%20of%20Comprehensive%20Income%20Details) For the six months ended June 30, 2025, the company's revenue was RMB 70,281 thousands, cost of sales was RMB 41,183 thousands, and gross profit was RMB 29,098 thousands, with other income, gains and losses significantly increasing and income tax expense significantly rising Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2022 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 70,281 | 54,923 | | Cost of Sales | (41,183) | (33,829) | | Gross Profit | 29,098 | 21,094 | | Other Income, Gains and Losses | 2,030 | 1,016 | | Selling and Distribution Expenses | (2,059) | (2,007) | | Administrative Expenses | (12,506) | (10,207) | | Finance Costs | (489) | (1,006) | | Impairment Loss on Trade Receivables | (4,098) | (2,526) | | Profit Before Tax | 11,976 | 6,364 | | Income Tax Expense | (3,094) | (399) | | Profit for the Period | 8,882 | 5,965 | | Total Comprehensive Income for the Period | 9,583 | 6,915 | - Profit attributable to owners of the Company increased from **RMB 6.725 million** in 2024 to **RMB 8.359 million** in 2025[8](index=8&type=chunk) [Earnings Per Share](index=4&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were RMB 0.016, an increase from RMB 0.013 in the prior year period Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2022 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | RMB 0.016 | RMB 0.013 | Condensed Consolidated Statement of Financial Position [Statement of Financial Position Details](index=5&type=section&id=Statement%20of%20Financial%20Position%20Details) As of June 30, 2025, the company's total non-current assets slightly decreased, total current assets remained stable, and total current liabilities decreased, leading to an increase in both net current assets and total assets less current liabilities, with total equity growing to RMB 183,703 thousands Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 60,058 | 61,622 | | Total Non-Current Assets | 84,900 | 85,286 | | **Current Assets** | | | | Inventories | 29,461 | 25,620 | | Trade and Bills Receivables | 86,516 | 70,906 | | Cash and Cash Equivalents | 6,625 | 49,969 | | Total Current Assets | 172,597 | 172,050 | | **Current Liabilities** | | | | Trade Payables | 37,851 | 26,432 | | Short-Term Borrowings | 5,000 | 30,000 | | Total Current Liabilities | 72,430 | 80,871 | | Net Current Assets | 100,167 | 91,179 | | Total Assets Less Current Liabilities | 185,067 | 176,465 | | **Total Equity** | 183,703 | 173,262 | Notes to the Financial Statements [Basis of Presentation](index=7&type=section&id=Basis%20of%20Presentation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the GEM Listing Rules, adopting the going concern basis of accounting - The financial statements are prepared in accordance with International Accounting Standard 34 and the GEM Listing Rules, adopting the going concern basis of accounting[13](index=13&type=chunk) [Accounting Policies](index=7&type=section&id=Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, with certain equity investments and financial assets measured at fair value and presented in RMB, and the first-time application of IFRS amendments had no significant impact this period - The financial statements are prepared on a historical cost basis, with certain assets measured at fair value, and presented in RMB[14](index=14&type=chunk) - First-time application of amendments to International Financial Reporting Standards (IAS 21 amendments) had no significant impact on financial position and performance[15](index=15&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from the sale of ITO conductive films, smart dimming products, and LED display and projection systems, considered a single reportable segment, with smart dimming product sales revenue significantly increasing by 39.5% while ITO conductive film sales revenue decreased by 11.0% - The Group's main business is the sale of ITO conductive films, smart dimming products, and LED display and projection systems, considered a single operating segment[16](index=16&type=chunk) Classified Revenue Information (For the six months ended June 30) | Category of Goods or Services | 2025 (RMB thousands) | 2022 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sale of ITO Conductive Films | 8,101 | 9,062 | -11.0% | | Sale and Installation of Smart Dimming Products | 55,780 | 39,966 | +39.5% | | Sale of Other Products | 6,400 | 5,895 | +8.6% | | Total Revenue from Customer Contracts | 70,281 | 54,923 | +28.0% | [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense significantly increased to RMB 3,094 thousands, primarily due to the recognition of current tax in Mainland China Income Tax Expense (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2022 (RMB thousands) | | :--- | :--- | :--- | | Current Tax – Mainland China | 3,065 | – | | Deferred Tax | 29 | 399 | | Total Income Tax Expense | 3,094 | 399 | [Dividend Policy](index=8&type=section&id=Dividend%20Policy) The Board does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[19](index=19&type=chunk) [Earnings