福耀玻璃工業集團股份有限公司 重要提示 五. 董事局決議通過的本報告期利潤分配預案或公積金轉增股本預案 2025年上半年本公司按中國企業會計準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,711,711元，按國際財務報告準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,424,175元。 2025年上半年本公司按中國企業會計準則編製的母公司報表的淨利潤為人民幣5,489,977,256元，加上2025 年年初未分配利潤人民幣8,717,965,322元，扣減當年已分配的2024年度利潤人民幣4,697,538,358元，截至 2025年6月30日可供股東分配的利潤為人民幣9,510,404,220元。 綜合考慮投資者的合理回報，兼顧公司可持續發展，本公司擬進行2025年中期利潤分配。本公司擬訂的2025 年中期利潤分配方案為：公司擬以實施2025年中期權益分派的股權登記日登記的總股數為基數，向2025年中 期權益分派的股權登記日登記在冊的本公司A股股東和H股股東派發現金股利，每股分配現金股利人民幣0.90 元（含稅），本公司剩餘未分配利潤結轉入2025年下 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 2025年半年度報告摘要 一. 重要提示 – 1 – 1. 南 京 熊 猫 電 子 股 份 有 限 公 司（「公 司」或「本公司」）及 其 子 公 司（「本 集團」）截止2025年6月30日止六個月（「本報告期」）的業績摘要如下。 本 報 告 內 的 財 務 報 表 未 經 審 核。本 半 年 度 報 告 摘 要 來 自 半 年 度 報 告 全 文，投 資 者 欲 了 解 詳 細 內 容，應 當 仔 細 閱 讀 同 時 刊 載 於 上 海 證 券 交 易 所 網 站 等 中 國 證 券 監 督 管 理 委 員 會（「中國證監會」） 指 定 網 站 上 的 半 年 度 報 告 全 文。 2. 本 公 司 董 事 會、監 事 會 及 董 事、監 事、高 級 管 理 人 員 保 證 半 年 度報告內容的真實 性、準 確 性、完 整 性，不 存 ...

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。 Health and Happiness (H&H) International Holdings Limited 健合(H&H)國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1112） 截至二零二五年六月三十日止六個月的 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 二零二五年 | 截至六月三十日止六個月 二零二四年 | 變 動 | | | 人民幣百萬元 | 人民幣百萬元 | | | | （未 經 審 核） | （未 經 審 核） | | | 收 入 | 7,019.2 | 6,692.1 | +4.9% | | 毛 利 | 4,389.1 | 4,072.3 | +7.8% | | EBITDA* | 1,033.1 | 1,098.4 ...

[Company Announcement Summary](index=1&type=section&id=Company%20Announcement%20Summary) This section provides a high-level overview of the company's financial performance for the six months ended June 30, 2025 [Summary for the Six Months Ended June 30, 2025](index=1&type=section&id=Summary%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) During the reporting period, the company's revenue slightly increased by 0.5%, while gross profit and profit attributable to owners of the company both decreased by 4.5%, with gross profit margin falling by 1.2 percentage points. Basic and diluted earnings per share both declined, and the interim dividend remained unchanged at HK 3.0 cents per share Key Financial Highlights for H1 2025 | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,028.6 | 1,023.4 | 0.5% | | Gross Profit | 233.8 | 244.9 | (4.5)% | | Profit Attributable to Owners of the Company | 50.9 | 53.3 | (4.5)% | | Basic EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Diluted EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Dividend Per Share (HK Cents) | 3.0 | 3.0 | – | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement details revenue, cost of sales, gross profit, various expenses, operating profit, finance income and costs, share of profit/loss of associates and joint ventures, income tax expense, and total comprehensive income for the six months ended June 30, 2025, with comparative figures Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 1,028,584 | 1,023,353 | | Cost of Sales | (794,822) | (778,485) | | Gross Profit | 233,762 | 244,868 | | Operating Profit | 59,736 | 64,041 | | Profit for the Period | 50,214 | 51,667 | | Profit Attributable to Owners of the Company | 50,909 | 53,273 | | Basic EPS (HK Cents) | 7.0 | 7.4 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides detailed classified data on assets, liabilities, and equity, including non-current assets, current assets, non-current liabilities, current liabilities, and shareholders' equity, as of June 30, 2025, and December 31, 2024 Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 556,706 | 554,067 | | Total Current Assets | 1,340,416 | 1,441,268 | | Total Assets | 1,897,122 | 1,995,335 | | Total Equity | 1,274,641 | 1,263,337 | | Total Non-current Liabilities | 22,719 | 17,868 | | Total Current Liabilities | 599,762 | 714,130 | | Total Liabilities | 622,481 | 731,998 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides explanatory notes to the interim condensed consolidated financial information, detailing the basis of preparation, accounting policies, segment information, and other financial disclosures [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 and presented in HK$ Thousand, without full annual financial statement notes, and is unaudited - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting", is unaudited, and presented in **HK$ Thousand**[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Accounting Policies](index=6&type=section&id=Accounting%20Policies) The accounting policies applied in the reporting period are consistent with the 2024 annual consolidated financial statements, with exceptions for income tax estimation and the adoption of new revised standards - Accounting policies are consistent with the prior year, except for income tax estimation and the adoption of new standards[11](index=11&type=chunk) [Amendments to Standards Adopted by the Group](index=6&type=section&id=Amendments%20to%20Standards%20Adopted%20by%20the%20Group) The group adopted amendments to HKAS 21 and HKFRS 1 "Lack of Exchangeability" from January 1, 2025, with no significant expected impact - The Group adopted amendments to Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1 (Amendments) "Lack of Exchangeability" from January 1, 2025, with no significant expected impact[12](index=12&type=chunk) [Amendments to Standards Issued But Not Yet Effective](index=7&type=section&id=Amendments%20to%20Standards%20Issued%20But%20Not%20Yet%20Effective) Several new revised standards, effective in 2026 or 2027, are being assessed by the group, with no significant impact initially anticipated - Several new revised standards will be effective in 2026 or 2027, covering financial instrument classification and measurement, and financial statement presentation and disclosure, with the Group assessing their impact and initially expecting no significant effect[13](index=13&type=chunk)[14](index=14&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The board categorizes the group's business into three segments: travel amenities, operating supplies and equipment, and healthcare and hygiene products, with performance assessed by customer location [Business Segments](index=8&type=section&id=Business%20Segments) This section details the financial performance of the group's three primary business segments: travel amenities, operating supplies and equipment, and healthcare and hygiene products - The Group primarily engages in the manufacturing and sale of travel amenities, sale of operating supplies and equipment, and manufacturing and sale of healthcare and hygiene products[15](index=15&type=chunk) H1 2025 Revenue and Segment Profit Before Income Tax by Business Segment | Business Segment | Revenue (HK$ Thousand) | Segment Profit Before Income Tax (HK$ Thousand) | | :--- | :--- | :--- | | Travel Amenities Business | 877,566 | 48,567 | | Operating Supplies and Equipment Business | 95,723 | 5,552 | | Healthcare and Hygiene Products Business | 55,295 | 1,918 | | Others | 64 | (64) | | **Total** | **1,028,648** | **55,973** | [Geographical Segments](index=9&type=section&id=Geographical%20Segments) This section provides a breakdown of the group's revenue from external customers and total assets by geographical region H1 2025 Geographical Revenue from External Customers | Region | Revenue (HK$ Thousand) | | :--- | :--- | | Hong Kong | 138,415 | | PRC | 208,012 | | North America | 158,169 | | Europe | 147,603 | | Asia Pacific | 172,536 | | Australia | 51,255 | | Others | 1,576 | | **Subtotal: Travel Amenities Business** | **877,566** | | PRC | 65,180 | | Others | 30,543 | | **Subtotal: Operating Supplies and Equipment Business** | **95,723** | | North America | 52,395 | | Hong Kong | 982 | | Others | 1,918 | | **Subtotal: Healthcare and Hygiene Products Business** | **55,295** | | **Total** | **1,028,584** | Total Assets by Geographical Region as of June 30, 2025 and December 31, 2024 | Region | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | PRC | 654,117 | 678,366 | | Hong Kong | 800,803 | 823,900 | | Australia | 1,909 | 1,808 | | Cambodia | 417,727 | 433,413 | | Other Regions | 3,647 | 215 | | **Total** | **1,897,122** | **1,995,335** | [Expenses by Nature](index=12&type=section&id=Expenses%20by%20Nature) This section details various expenses and income recognized in cost of sales, distribution costs, administrative expenses, and net reversal of impairment losses on financial assets, including inventory costs, depreciation, amortization, employee benefits, transportation, and net exchange gains Expenses/(Income) by Nature | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 556,311 | 527,755 | | Depreciation of property, plant and equipment | 27,587 | 26,368 | | Employee benefit expenses | 263,010 | 267,852 | | Transportation expenses | 45,081 | 39,275 | | Net exchange gain | (15,201) | (4,745) | | Advertising costs | 5,326 | 6,401 | [Other Income, Net](index=12&type=section&id=Other%20Income%2C%20Net) For the six months ended June 30, 2025, net other income was HK$3,629 thousand, primarily from rental income, scrap sales, and government grants, with government grants decreasing from the prior period Other Income, Net | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Rental income | 1,119 | 1,124 | | Scrap sales income | 215 | 319 | | Government grants | 1,533 | 2,507 | | Others | 762 | 1,244 | | **Total** | **3,629** | **5,194** | [Finance Income and Costs](index=13&type=section&id=Finance%20Income%20and%20Costs) For the six months ended June 30, 2025, net finance income was HK$1,027 thousand, a slight decrease from HK$1,077 thousand in the prior period, mainly due to reduced interest expenses on borrowings and lease liabilities, alongside a decrease in finance income Finance Income and Costs | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest expense on borrowings | (698) | (1,506) | | Interest expense on lease liabilities | (98) | (175) | | Finance costs | (796) | (1,681) | | Finance income | 1,823 | 2,758 | | **Net finance income** | **1,027** | **1,077** | [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HK$11,097 thousand, a decrease from the prior period, calculated based on applicable tax rates in the jurisdictions where the group operates Income Tax Expense | Item | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 6,276 | 9,583 | | PRC Enterprise Income Tax | 3,338 | 2,983 | | Other overseas profits tax | 1,672 | 1,156 | | Deferred income tax | (189) | (132) | | **Total** | **11,097** | **13,590** | - Hong Kong Profits Tax rate is **16.5%**, PRC Enterprise Income Tax rate is **25%**, Macau Complementary Income Tax rate is **12%**, and Cambodia Enterprise Income Tax rate is **20%**[23](index=23&type=chunk) [Trade and Bills Receivables](index=14&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, net trade and bills receivables amounted to HK$573,501 thousand, a decrease from December 31, 2024, with credit terms ranging from 15 to 180 days Aging Analysis of Trade and Bills Receivables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 1 to 30 days | 249,084 | 321,831 | | 31 to 60 days | 127,149 | 137,556 | | 61 to 90 days | 77,094 | 108,220 | | 91 to 180 days | 115,078 | 160,070 | | Over 180 days | 94,007 | 91,330 | | **Total** | **662,412** | **819,007** | - The Group grants credit terms ranging from **15 to 180 days**[25](index=25&type=chunk) [Amount Due from an Associate](index=14&type=section&id=Amount%20Due%20from%20an%20Associate) As of June 30, 2025, the amount due from an associate was HK$2,605 thousand, a decrease from December 31, 2024, representing trade receivables with a 90-day credit term Aging Analysis of Amount Due from an Associate | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 1 to 30 days | 1,000 | 3,304 | | 31 to 60 days | 1,452 | – | | 61 to 90 days | 145 | – | | Over 90 days | 8 | 69 | | **Total** | **2,605** | **3,373** | - The credit term granted to the associate is **90 days**[27](index=27&type=chunk) [Pledged Bank Deposits](index=15&type=section&id=Pledged%20Bank%20Deposits) As of June 30, 2025, pledged bank deposits amounted to HK$11,766 thousand, serving as collateral for a letter of credit from a Hong Kong bank Pledged Bank Deposits | Date | Amount (HK$ Thousand) | | :--- | :--- | | June 30, 2025 | 11,766 | | December 31, 2024 | 11,636 | - Bank deposits of **US$1,500,000** (approximately **HK$11,766 thousand**) are pledged as collateral for a letter of credit from a Hong Kong bank[29](index=29&type=chunk) [Cash and Cash Equivalents](index=15&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, total cash and cash equivalents were HK$421,161 thousand, an increase from December 31, 2024, with certain bank balances in China and India subject to foreign exchange controls Cash and Cash Equivalents | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank balances and cash | 348,177 | 251,658 | | Short-term bank deposits | 72,984 | 76,963 | | **Total** | **421,161** | **328,621** | - Bank balances and cash held by the Group in the PRC and India, approximately **HK$147,265 thousand** and **HK$29 thousand** respectively, are subject to foreign exchange control restrictions on remittance[30](index=30&type=chunk) [Trade Payables](index=15&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables were HK$207,752 thousand, a significant decrease from December 31, 2024, with an aging analysis provided by invoice date Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 1 to 30 days | 184,479 | 236,267 | | 31 to 60 days | 14,564 | 17,542 | | 61 to 90 days | 5,245 | 6,497 | | Over 90 days | 3,464 | 3,408 | | **Total** | **207,752** | **263,714** | [Borrowings](index=16&type=section&id=Borrowings) As of June 30, 2025, the group's total borrowings were HK$17,751 thousand, a decrease from December 31, 2024, comprising secured bank borrowings and other borrowings, with unutilized bank facilities of approximately HK$399,575 thousand Borrowings Structure | Type | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current borrowings | 1,899 | 1,844 | | Current borrowings | 15,852 | 24,253 | | **Total** | **17,751** | **26,097** | - Bank borrowings are secured by certain of the Group's property, plant and equipment and right-of-use assets, while other borrowings are secured by personal guarantees from non-controlling interests[32](index=32&type=chunk) - As of June 30, 2025, the Group had unutilized bank facilities of approximately **HK$399,575 thousand**[33](index=33&type=chunk) [Share Capital](index=16&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was 10,000,000,000 shares at HK$0.01 each, totaling HK$100,000 thousand, with issued and fully paid share capital of 734,262,697 shares, totaling HK$7,343 thousand, unchanged from the prior year Share Capital Details | Item | Number of Shares | Amount (HK$ Thousand) | | :--- | :--- | :--- | | Authorised share capital (HK$0.01 par value per share) | 10,000,000,000 | 100,000 | | Issued and fully paid share capital | 734,262,697 | 7,343 | [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were HK 7.0 cents, a decrease from HK 7.4 cents in the prior period, with no dilutive potential ordinary shares [Basic Earnings Per Share](index=17&type=section&id=Basic%20Earnings%20Per%20Share) This section details the calculation of basic earnings per share for the six months ended June 30, 2025, based on profit attributable to owners of the company and the weighted average number of ordinary shares Basic Earnings Per Share Calculation | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for the Period (HK$ Thousand) | 50,909 | 53,273 | | Weighted average number of ordinary shares in issue (Thousand shares) | 723,839 | 723,839 | | **Basic EPS Attributable to Owners of the Company (HK Cents)** | **7.0** | **7.4** | [Diluted Earnings Per Share](index=17&type=section&id=Diluted%20Earnings%20Per%20Share) For the six months ended June 30, 2025, diluted earnings per share were identical to basic earnings per share due to the absence of dilutive potential ordinary shares - For the six months ended June 30, 2025, diluted earnings per share attributable to owners of the Company were the same as basic earnings per share due to the absence of issued potential dilutive ordinary shares[38](index=38&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board resolved to declare an interim dividend of HK 3.0 cents per share for the six months ended June 30, 2025, totaling approximately HK$22,028 thousand, consistent with the prior period Dividends Declared and Paid | Dividend Type | Declaration Date | Dividend Per Share (HK Cents) | Total Amount (HK$ Thousand) | | :--- | :--- | :--- | :--- | | 2024 Final Dividend | Approved on May 22, 2025 | 7.0 | 51,398 (Paid) | | 2025 Interim Dividend | Board Resolution | 3.0 | 22,028 | [Capital Commitments](index=17&type=section&id=Capital%20Commitments) As of June 30, 2025, the group's contracted but unprovided capital commitments amounted to approximately HK$14,670 thousand, a decrease from December 31, 2024 Capital Commitments | Date | Amount (HK$ Thousand) | | :--- | :--- | | June 30, 2025 | 14,670 | | December 31, 2024 | 21,055 | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review and analysis of the group's financial performance, business operations, and strategic outlook for the reporting period [Financial Review](index=18&type=section&id=Financial%20Review) This section reviews the group's key financial performance for the six months ended June 30, 2025, including revenue, gross profit, profit attributable to owners of the company, earnings per share, dividends, liquidity, borrowing structure, asset pledges, foreign exchange risk, and capital commitments [Key Financial Highlights](index=18&type=section&id=Key%20Financial%20Highlights) This section presents a summary of the group's key financial performance metrics for the six months ended June 30, 2025, and the comparative period Key Financial Highlights | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,028.6 | 1,023.4 | 0.5% | | Gross Profit | 233.8 | 244.9 | (4.5)% | | Profit Attributable to Owners of the Company | 50.9 | 53.3 | (4.5)% | | Basic EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Diluted EPS (HK Cents) | 7.0 | 7.4 | (5.4)% | | Dividend Per Share (HK Cents) | 3.0 | 3.0 | – | [Revenue](index=18&type=section&id=Revenue) This section analyzes the group's revenue performance, broken down by business segment, for the six months ended June 30, 2025 Revenue by Business Segment | Business Segment | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Share (2025) | Share (2024) | | :--- | :--- | :--- | :--- | :--- | | Travel Amenities Business | 877.6 | 857.8 | 85.3% | 83.8% | | Operating Supplies and Equipment Business | 95.7 | 82.3 | 9.3% | 8.0% | | Healthcare and Hygiene Products Business | 55.3 | 83.3 | 5.4% | 8.2% | | **Total Revenue** | **1,028.6** | **1,023.4** | **100%** | **100%** | - The Group's total revenue slightly increased by **0.5%**, with growth in the travel amenities and operating supplies and equipment businesses, while the healthcare and hygiene products business experienced a decline in revenue[42](index=42&type=chunk) [Gross Profit and Gross Profit Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) This section examines the group's gross profit and gross profit margin for the six months ended June 30, 2025, and the factors influencing their changes Gross Profit and Gross Profit Margin | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 233.8 | 244.9 | (4.5)% | | Gross Profit Margin | 22.7% | 23.9% | (1.2) percentage points | - The decrease in gross profit was primarily due to an increase in **cost of sales**[43](index=43&type=chunk) [Profit Attributable to Owners of the Company](index=18&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) This section presents the profit attributable to owners of the company for the six months ended June 30, 2025, and its change compared to the prior period Profit Attributable to Owners of the Company | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 50.9 | 53.3 | (4.5)% | [Earnings Per Share](index=19&type=section&id=Earnings%20Per%20Share) This section provides the basic and diluted earnings per share for the six months ended June 30, 2025, and their changes from the prior period Earnings Per Share | Metric | H1 2025 (HK Cents) | H1 2024 (HK Cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS | 7.0 | 7.4 | (5.4)% | | Diluted EPS | 7.0 | 7.4 | (5.4)% | [Interim Dividend](index=19&type=section&id=Interim%20Dividend) This section details the interim dividend declared for the six months ended June 30, 2025, and its comparison to the prior period Interim Dividend | Metric | H1 2025 (HK Cents) | H1 2024 (HK Cents) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend Per Share | 3.0 | 3.0 | – | [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) This section discusses the group's liquidity management policy, available bank financing facilities, and key liquidity metrics - The Group adheres to a prudent capital management policy and maintains available standby bank financing facilities[47](index=47&type=chunk) Cash and Cash Equivalents and Net Assets | Metric | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 421.1 | 328.6 | | Net Assets | 1,274.6 | 1,263.3 | [Borrowings](index=20&type=section&id=Borrowings) This section provides an overview of the group's borrowings, including their maturity profile, currency denomination, and interest rate characteristics Borrowings Maturity Profile | Repayment Period | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Within 1 year | 11.3 | 14.6 | | Between 1 and 2 years | 4.8 | 9.7 | | Between 2 and 5 years | 0.8 | 0.9 | | Over 5 years | 0.9 | 0.9 | | **Total** | **17.8** | **26.1** | Borrowings by Currency | Currency | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | HKD | 2.3 | 4.0 | | USD | 13.4 | 20.2 | | JPY | 2.1 | 1.9 | | **Total** | **17.8** | **26.1** | - The Group's borrowings are primarily denominated in **USD**, with most at **floating interest rates**[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Pledge of Group Assets](index=21&type=section&id=Pledge%20of%20Group%20Assets) This section outlines the group's assets pledged as collateral for bank borrowings and other borrowings Carrying Value of Pledged Assets | Asset Type | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Property, plant and equipment | 13.5 | 14.2 | | Right-of-use assets | 25.0 | 25.5 | | Bank deposits | 11.8 | 11.6 | | **Total** | **50.3** | **51.3** | - Bank borrowings are secured by certain of the Group's property, plant and equipment, right-of-use assets, and bank deposits, while some other borrowings are secured by personal guarantees from non-controlling interests[53](index=53&type=chunk) [Gearing Ratio](index=22&type=section&id=Gearing%20Ratio) This section states the group's gearing ratio as of June 30, 2025, and December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group's gearing ratio was **not applicable**[55](index=55&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) This section describes the group's primary foreign exchange risk exposure, mainly to RMB, and its management approach - The Group primarily faces foreign exchange risk mainly denominated in **RMB**, currently without a hedging policy, managing it by increasing revenue denominated in the same currency[56](index=56&type=chunk) [Capital Commitments and Contingent Liabilities](index=22&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) This section addresses the group's capital commitments and contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had **no significant contingent liabilities**[57](index=57&type=chunk) [Business Review](index=22&type=section&id=Business%20Review) This section reviews the performance of the group's three core businesses—travel amenities, operating supplies and equipment, and healthcare and hygiene products—for H1 2025, analyzing revenue, gross profit, and gross profit margin changes, and discussing macroeconomic impacts [Macroeconomic Environment](index=22&type=section&id=Macroeconomic%20Environment) This section discusses the complex and volatile global economic environment in H1 2025, characterized by easing inflation, recovering international air travel, but also policy instability, rising tariffs, and geopolitical conflicts - In H1 2025, the global economic environment was complex and volatile, with easing inflation and recovering international air travel demand and capacity, yet policy instability, soaring tariffs, and geopolitical conflicts continued to constrain global economic growth, challenging the business operating environment[58](index=58&type=chunk) [Travel Amenities Business](index=22&type=section&id=Travel%20Amenities%20Business) This section analyzes the financial performance of the travel amenities business, including revenue, gross profit, and gross profit margin, and discusses the challenges faced despite growth in international passenger numbers Travel Amenities Business Financial Performance | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 877.6 | 857.8 | 2.3% | | Gross Profit | 194.9 | 201.8 | (3.4)% | | Gross Profit Margin | 22.2% | 23.5% | (1.3) percentage points | - Despite continuous growth in international passenger numbers, macroeconomic instability, supply chain pressures, and intense industry competition pose challenges to the travel amenities business[59](index=59&type=chunk) Travel Amenities Business Regional Revenue | Region | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Share (2025) | Share (2024) | | :--- | :--- | :--- | :--- | :--- | | PRC | 208.0 | 235.1 | 23.7% | 27.4% | | Hong Kong | 138.4 | 109.8 | 15.8% | 12.8% | | North America | 158.2 | 176.1 | 18.0% | 20.5% | | Europe | 147.6 | 124.6 | 16.8% | 14.5% | | Other Asia Pacific | 172.5 | 176.4 | 19.7% | 20.6% | | Australia | 51.3 | 34.3 | 5.8% | 4.0% | [Operating Supplies and Equipment Business](index=23&type=section&id=Operating%20Supplies%20and%20Equipment%20Business) This section reviews the financial performance of the operating supplies and equipment business, highlighting revenue and gross profit growth driven by the Chinese hotel construction pipeline, and outlining future strategies Operating Supplies and Equipment Business Financial Performance | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 95.7 | 82.3 | 16.3% | | Gross Profit | 22.3 | 19.4 | 14.9% | | Gross Profit Margin | 23.3% | 23.5% | (0.2) percentage points | - Benefiting from the growth in China's hotel construction pipeline, both revenue and gross profit for this business segment achieved growth[61](index=61&type=chunk) - The Group will continue to focus on market demand, optimize product structure, enhance competitiveness through innovative R&D and strict quality control, and actively seize opportunities in the global tourism industry, especially Southeast Asian hotel projects, to expand its customer network[62](index=62&type=chunk) [Healthcare and Hygiene Products Business](index=23&type=section&id=Healthcare%20and%20Hygiene%20Products%20Business) This section analyzes the financial performance of the healthcare and hygiene products business, noting a decline in revenue and gross profit due to reduced demand for pandemic-related products, but an increase in gross profit margin Healthcare and Hygiene Products Business Financial Performance | Metric | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 55.3 | 83.3 | (33.6)% | | Gross Profit | 16.6 | 23.7 | (30.0)% | | Gross Profit Margin | 30.0% | 28.4% | 1.6 percentage points | - Reduced market demand for pandemic prevention products and shifts in customer purchasing behavior led to a decline in revenue and gross profit for this business, yet the gross profit margin increased against the trend[63](index=63&type=chunk)[64](index=64&type=chunk) - The Group will adjust strategies based on market demand, diversify existing products, identify new customer needs, actively promote production line transformation and upgrading, and seize growth opportunities arising from increased global health awareness[63](index=63&type=chunk) [Prospects and Strategies](index=24&type=section&id=Prospects%20and%20Strategies) This section outlines the group's vision, outlook on global tourism, strategic deployment in Cambodia, commitment to sustainable development, importance of partnerships, and operational strategies to address market changes for sustainable growth and profitability [Global Tourism Industry: Opportunities and Challenges](index=24&type=section&id=Global%20Tourism%20Industry%3A%20Opportunities%20and%20Challenges) This section discusses the global tourism industry's challenges, including weak economic growth and geopolitical tensions, alongside projected international traveler growth, and the group's strategy to monitor market dynamics and adapt operations - The Group aims to become a leading international brand focused on travel amenities and personal care products, creating ideal value for stakeholders, with a strong commitment to environmental protection and sustainable development[65](index=65&type=chunk) - The global tourism industry faces challenges such as weak economic growth, high travel costs, rising tariffs, and geopolitical tensions, yet the UNWTO still forecasts a **3% to 5% growth** in international travelers for 2025[66](index=66&type=chunk) - The Group will closely monitor market dynamics, flexibly adjust operational strategies and service systems, optimize resource allocation to strengthen core competitiveness, and strive for sustainable business development in a complex and volatile market environment[66](index=66&type=chunk) [Cambodia Plant Layout to Seize Southeast Asian Market Opportunities](index=24&type=section&id=Cambodia%20Plant%20Layout%20to%20Seize%20Southeast%20Asian%20Market%20Opportunities) This section explains the group's strategic establishment of a plant in Cambodia to address international trade barriers and supply chain restructuring, enhancing local service capabilities and capturing Southeast Asian market opportunities - To address international trade tariff barriers and supply chain restructuring challenges, the Group established a plant in Cambodia to enhance local service capabilities and seize Southeast Asian market opportunities[67](index=67&type=chunk) - The Group will continue to assess the impact of US tariff policies on its business and operations, closely monitor global supply chain dynamics, strengthen its business footprint in Cambodia and surrounding regions, and adjust strategies as necessary to mitigate potential risks[67](index=67&type=chunk) [Continued Commitment to Sustainable Development Goals](index=25&type=section&id=Continued%20Commitment%20to%20Sustainable%20Development%20Goals) This section highlights the group's ongoing commitment to ESG principles, integrating them into its development strategy, exploring business innovation, and promoting eco-friendly manufacturing processes to meet growing demand for sustainable operations and green products - The Group continues to prioritize Environmental, Social, and Governance (ESG) concepts, integrating them into its development strategy, actively exploring business innovation, and implementing eco-friendly manufacturing processes to meet the growing market demand for sustainable operations and green products[68](index=68&type=chunk) - The Group will continue to deepen its ESG implementation, actively fulfill its social and corporate responsibilities, and contribute to achieving global sustainable development goals[68](index=68&type=chunk) [Building Lasting Partnerships with Quality Products and Services](index=25&type=section&id=Building%20Lasting%20Partnerships%20with%20Quality%20Products%20and%20Services) This section emphasizes the group's philosophy of "win-win cooperation," leveraging superior products and services as core competitive advantages, continuously innovating to meet customer needs, and strengthening quality control to enhance satisfaction - The Group adheres to the philosophy of "win-win cooperation," leveraging excellent products and quality services as core competitive advantages, continuously innovating to meet the needs of existing and potential customers[69](index=69&type=chunk) - The Group will continue to strengthen quality control to enhance customer satisfaction and, while maintaining existing strategic partnerships, actively explore new potential customer segments to drive win-win growth[69](index=69&type=chunk) [Continued Prudent Operations, Cost Efficiency, and Productivity Enhancement to Address Market Changes](index=25&type=section&id=Continued%20Prudent%20Operations%2C%20Cost%20Efficiency%2C%20and%20Productivity%20Enhancement%20to%20Address%20Market%20Changes) This section outlines the group's strategy to operate with prudent management principles, strategically optimize operations, leverage its Cambodian production base, and strengthen R&D to enhance core competitiveness amidst global political and economic uncertainties - Facing profound changes in the global political and economic landscape and increasing uncertainties, the Group will operate with prudent management principles and strategically optimize its operations[70](index=70&type=chunk) - The Group will fully leverage its Cambodian production base as a strategic gateway to the Southeast Asian market to enhance cost efficiency and service capabilities, and strengthen R&D to reinforce core competitive advantages and seize new industry opportunities[70](index=70&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group employed approximately 7,500 people, with employee benefit expenses of about HK$263.0 million, and remuneration is determined by market terms and individual qualifications, complemented by various benefits and performance assessment plans - As of June 30, 2025, the Group had approximately **7,500 employees**[71](index=71&type=chunk) Employee Benefit Expenses | Metric | H1 2025 (HK$ Million) | | :--- | :--- | | Employee benefit expenses (including directors' emoluments) | 263.0 | - The Group's remuneration is determined by market terms and individual qualifications, offering discretionary bonuses, social/medical insurance, share award schemes, continuous education and training courses, and key performance indicator assessment plans[71](index=71&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) This section covers additional corporate information, including transactions in listed securities, corporate governance practices, audit committee review, directors' securities dealings, interim dividend declaration, and share register closure [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72](index=72&type=chunk) [Corporate Governance Code](index=26&type=section&id=Corporate%20Governance%20Code) The group has complied with all code provisions of the Corporate Governance Code, except for a deviation from code provision C.2.1 regarding the appointment of a chief executive officer - The Group has complied with all provisions of the Corporate Governance Code, except for a deviation from code provision C.2.1, where the CEO's duties are jointly performed by all executive directors, including the Chairman[73](index=73&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The company's Audit Committee, comprising three independent non-executive directors, has reviewed the group's unaudited interim condensed consolidated results for the six months ended June 30, 2025 - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim condensed consolidated results for the six months ended June 30, 2025[74](index=74&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance during the reporting period - Following enquiry, all directors of the Company confirmed compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers during the reporting period[75](index=75&type=chunk) [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HK 3.0 cents per share for the six months ended June 30, 2025, payable on September 30, 2025, to shareholders on record as of September 19, 2025 - The Board announced an interim dividend of **HK 3.0 cents per share** for the six months ended June 30, 2025[76](index=76&type=chunk) - The interim dividend will be paid on **September 30, 2025**, to shareholders whose names appear on the register of members on **September 19, 2025**[76](index=76&type=chunk) [Closure of Register of Members and Record Date](index=26&type=section&id=Closure%20of%20Register%20of%20Members%20and%20Record%20Date) To determine eligibility for the interim dividend, the company's share register will be closed from September 18 to September 19, 2025, with the record date set for September 19, 2025 - The register of members will be closed from **September 18 to September 19, 2025**, with the record date set for **September 19, 2025**, to determine eligibility for the interim dividend[77](index=77&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company achieved significant profit growth in the first half of 2025, with substantial increases in revenue and EBITDA, alongside a strengthened balance sheet with higher total assets and equity Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 782,719 | 617,387 | 26.8% | | Gross Profit | 406,221 | 324,925 | 25.0% | | Profit/(Loss) Before Income Tax | 1,920,144 | (347,014) | 653.3% | | Profit/(Loss) for the Period | 1,511,315 | (349,957) | 531.9% | | Total Comprehensive Income/(Loss) for the Period | 1,517,410 | (349,335) | 534.4% | | EBITDA (Non-IFRS Measure) | 1,938,507 | (328,864) | 698.6% | | Adjusted EBITDA (Non-IFRS Measure) | 2,083,372 | (188,424) | 1,205.7% | Balance Sheet Highlights as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 19,147,196 | 14,538,817 | | Total Liabilities | 16,528,202 | 13,303,310 | | Total Equity | 2,618,994 | 1,235,507 | | Equity Attributable to Owners of the Company | 2,611,169 | 1,228,336 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The company reported a significant turnaround from loss to profit for the period, driven by increased revenue and other net gains, despite higher operating expenses Interim Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 782,719 | 617,387 | | Cost | (376,498) | (292,462) | | Gross Profit | 406,221 | 324,925 | | Selling and Marketing Expenses | (128,785) | (108,883) | | General and Administrative Expenses | (299,857) | (290,244) | | Research and Development Expenses | (186,972) | (147,469) | | Other Income | 141,256 | 89,489 | | Other Gains/(Losses) – Net | 2,047,468 | (2,378) | | Impairment Loss on Financial Assets | (5,938) | (3,391) | | Operating Profit/(Loss) | 1,973,393 | (137,951) | | Net Finance Costs | (2,041) | (6,366) | | Share of Net Loss of Associates Accounted for Using the Equity Method | (51,208) | (202,697) | | Profit/(Loss) Before Income Tax | 1,920,144 | (347,014) | | Income Tax Expense | (408,829) | (2,943) | | Profit/(Loss) for the Period | 1,511,315 | (349,957) | | Basic Earnings/(Loss) Per Share (RMB per share) | 1.42 | (0.34) | | Diluted Earnings/(Loss) Per Share (RMB per share) | 1.39 | (0.34) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The company's total assets and equity significantly increased by June 30, 2025, reflecting growth in both non-current and current assets, while liabilities also rose Interim Condensed Consolidated Statement of Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 962,937 | 874,585 | | Total Current Assets | 18,184,259 | 13,664,232 | | **Total Assets** | **19,147,196** | **14,538,817** | | **Liabilities** | | | | Total Non-current Liabilities | 143,309 | 164,052 | | Total Current Liabilities | 16,384,893 | 13,139,258 | | **Total Liabilities** | **16,528,202** | **13,303,310** | | **Equity** | | | | Equity Attributable to Owners of the Company | 2,611,169 | 1,228,336 | | Non-controlling Interests | 7,825 | 7,171 | | **Total Equity** | **2,618,994** | **1,235,507** | [Notes to the Interim Condensed Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Financial%20Information) This section provides essential context for the financial statements, detailing the basis of preparation, accounting policies, revenue, expenses, earnings per share, investments, financial assets and liabilities, cash flows, and post-reporting period events [1 General Information](index=6&type=section&id=1%20General%20Information) Established in China in 2009 and listed on the HKEX in March 2024, the company and its subsidiaries primarily provide global digital payment and value-added services, controlled by Mr Zhang Zhengyu - The company was established in China in 2009, restructured into a joint-stock company in 2020, and listed on the Main Board of the Hong Kong Stock Exchange on March 28, 2024[10](index=10&type=chunk)[11](index=11&type=chunk) - The company primarily provides global digital payment and value-added services in China, with Mr Zhang Zhengyu as the ultimate controlling party[10](index=10&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared under IAS 34, consistent with 2024 annual policies, and incorporates new standards with no significant expected financial impact - The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual consolidated financial statements, as it does not include all notes from the annual statements[13](index=13&type=chunk) [(a) New and Amended Standards Adopted by the Group](index=6&type=section&id=(a)%20New%20and%20Amended%20Standards%20Adopted%20by%20the%20Group) The group adopted new and amended standards, including IAS 21 (Revised) "Lack of Exchangeability," effective January 1, 2025, with no significant financial impact - The company adopted IAS 21 (Revised) "Lack of Exchangeability," effective January 1, 2025, with no significant impact on past, current, or future periods[14](index=14&type=chunk)[15](index=15&type=chunk) [(b) New Standards, Amendments and Interpretations Not Yet Adopted](index=7&type=section&id=(b)%20New%20Standards%2C%20Amendments%20and%20Interpretations%20Not%20Yet%20Adopted) New standards like IFRS 18 "Presentation and Disclosure in Financial Statements" are not yet mandatory, with no significant impact expected beyond profit or loss presentation - New standards such as IFRS 18 "Presentation and Disclosure in Financial Statements" are not yet mandatorily applied, and are not expected to have a significant impact on the entity or foreseeable future transactions, except for the presentation of the statement of profit or loss[16](index=16&type=chunk)[18](index=18&type=chunk) [3 Revenue and Segment Information](index=7&type=section&id=3%20Revenue%20and%20Segment%20Information) The company's revenue is primarily derived from digital payment services (global and domestic) and value-added services, with business segmented into global payment, domestic payment, value-added services, and other reportable segments - The Group's principal activities include digital payment services, value-added services, and others[19](index=19&type=chunk) - Management assesses operating segments from a product perspective, identifying four reportable segments: global payment, domestic payment, value-added services, and others[21](index=21&type=chunk)[23](index=23&type=chunk) [(a) Revenue](index=7&type=section&id=(a)%20Revenue) Revenue details are presented by business line, showing contributions from digital payment services, value-added services, and other sources Revenue Breakdown by Business Line | Business Line | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Digital Payment Services | 683,980 | 541,888 | | Value-Added Services | 89,588 | 66,773 | | Revenue from Other Sources | 9,151 | 8,726 | | **Total** | **782,719** | **617,387** | [(b) Segment Information](index=8&type=section&id=(b)%20Segment%20Information) Segment performance, assets, and liabilities are detailed for global payment, domestic payment, value-added services, and other segments Segment Performance for the Six Months Ended June 30, 2025 | Indicator (RMB thousands) | Global Payment | Domestic Payment | Value-Added Services | Others | Unallocated Amounts | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 472,804 | 211,176 | 89,588 | 9,151 | – | – | 782,719 | | Segment Gross Profit | 343,615 | 42,042 | 17,773 | 2,791 | – | – | 406,221 | | Profit/(Loss) for the Period | 127,107 | (26,553) | (9,458) | (33,541) | 1,453,760 | – | 1,511,315 | Segment Assets and Liabilities as of June 30, 2025 | Indicator (RMB thousands) | Global Payment | Domestic Payment | Value-Added Services | Others | Unallocated Amounts | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Segment Assets | 13,848,625 | 3,485,984 | 173,670 | 1,552,194 | 4,374,169 | (4,287,446) | 19,147,196 | | Segment Liabilities | 14,458,120 | 3,148,713 | 88,956 | 1,158,991 | 792,264 | (3,118,842) | 16,528,202 | [4 Expenses by Nature](index=9&type=section&id=4%20Expenses%20by%20Nature) For the six months ended June 30, 2025, total expenses were RMB 992,112 thousand, mainly driven by employee benefits, fees to financial institutions, and service fees to channel partners Expenses by Nature for the Six Months Ended June 30, 2025 | Expense Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefits | 467,917 | 385,701 | | Fees Paid to Financial Institutions and Payment Networks | 226,011 | 154,431 | | Service Fees Paid to Channel Partners | 136,493 | 116,699 | | Marketing and Promotion Expenses | 40,778 | 32,038 | | Research and Development Expenses | 186,972 | 147,469 | | **Total (Cost, Selling and Marketing Expenses, General and Administrative Expenses, and Research and Development Expenses)** | **992,112** | **839,058** | [5 Other Income](index=10&type=section&id=5%20Other%20Income) For the six months ended June 30, 2025, other income totaled RMB 141,256 thousand, mainly from interest and gains on segregated customer funds and government grants Other Income for the Six Months Ended June 30, 2025 | Source of Income | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income and Gains on Funds Segregated for Customers | 127,509 | 87,134 | | Government Grants | 13,747 | 2,355 | | **Total** | **141,256** | **89,489** | [6 Other Gains/(Losses) – Net](index=10&type=section&id=6%20Other%20Gains%2F(Losses)%20%E2%80%93%20Net) For the six months ended June 30, 2025, net other gains reached RMB 2,047,468 thousand, primarily from the disposal of Lianlian equity and related dilution gains Other Gains/(Losses) – Net for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Gain on Disposal of Investments Accounted for Using the Equity Method | 1,601,460 | – | | Dilution Gain | 452,181 | – | | Gain on Disposal of Financial Assets at Fair Value Through Profit or Loss | 4,351 | 894 | | Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss | (2,999) | (15,921) | | Net Foreign Exchange (Loss)/Gain | (6,106) | 12,754 | | **Total** | **2,047,468** | **(2,378)** | - The company completed the disposal of a **14.56%** equity interest in Lianlian in February 2025 and a capital increase in March 2025, recognizing a disposal gain of approximately **RMB 1,601,460 thousand** and a dilution gain of approximately **RMB 452,181 thousand**[27](index=27&type=chunk)[28](index=28&type=chunk) [7 Income Tax Expense](index=11&type=section&id=7%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense significantly increased to RMB 408,829 thousand, mainly due to the reversal of deferred tax credits related to Lianlian equity Income Tax Expense for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense | 6,127 | 8,827 | | Deferred Income Tax Expense/(Credit) | 402,702 | (5,884) | | **Total** | **408,829** | **2,943** | - The significant increase in 2025 income tax expense is primarily due to the **RMB 294,545 thousand** deferred income tax asset recognized in 2024 being debited to the statement of profit or loss, as taxable profits from the disposal of Lianlian equity could offset temporary differences[29](index=29&type=chunk) [8 Earnings/(Loss) Per Share](index=11&type=section&id=8%20Earnings%2F(Loss)%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were **RMB 1.42** and diluted earnings per share were **RMB 1.39**, a significant improvement from the prior year's loss per share of **RMB 0.34** - Basic earnings per share are calculated by dividing the profit attributable to owners of the company by the weighted average number of ordinary shares outstanding (excluding treasury shares and shares held by the trustee)[30](index=30&type=chunk) - Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding for the assumed conversion of all potentially dilutive ordinary shares, such as share options[32](index=32&type=chunk) [(a) Basic Earnings/(Loss) Per Share](index=11&type=section&id=(a)%20Basic%20Earnings%2F(Loss)%20Per%20Share) Basic earnings per share are detailed, showing net profit attributable to owners and the weighted average number of ordinary shares outstanding Basic Earnings/(Loss) Per Share for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Profit/(Loss) Attributable to Owners of the Company | 1,510,810 | (351,294) | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 1,061,827 | 1,048,153 | | **Basic Earnings/(Loss) Per Share (RMB per share)** | **1.42** | **(0.34)** | [(b) Diluted Earnings/(Loss) Per Share](index=12&type=section&id=(b)%20Diluted%20Earnings%2F(Loss)%20Per%20Share) Diluted earnings per share are presented, including adjustments for potentially dilutive ordinary shares in the weighted average share count Diluted Earnings/(Loss) Per Share for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Profit/(Loss) Attributable to Owners of the Company | 1,510,810 | (351,294) | | Weighted Average Number of Ordinary Shares Used in Calculating Diluted Earnings Per Share (thousands of shares) | 1,085,296 | 1,048,153 | | **Diluted Earnings/(Loss) Per Share (RMB per share)** | **1.39** | **(0.34)** | [9 Investments Accounted for Using the Equity Method](index=12&type=section&id=9%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, total investments accounted for using the equity method were **RMB 400,973 thousand**, primarily in Lianlian, with a significantly reduced share of net loss of **RMB 51,208 thousand** due to decreased equity interest Investments Accounted for Using the Equity Method and Share of Net Loss of Associates Investments Accounted for Using the Equity Method | Investee Entity | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Lianlian | 400,973 | – | | Zhejiang Zhongpulian Technology Co., Ltd. | – | – | | **Total** | **400,973** | **–** | Share of Net Loss of Associates | Investee Entity | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Lianlian | (51,208) | (201,500) | | Zhongpulian Technology | – | (1,197) | | **Total** | **(51,208)** | **(202,697)** | [(a) Investment in Lianlian](index=13&type=section&id=(a)%20Investment%20in%20Lianlian) The investment in Lianlian is detailed, showing changes in carrying amount, including dilution gains and share of net loss Changes in Investment in Lianlian | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying Amount at Beginning of Period | – | 291,157 | | Dilution Gain | 452,181 | – | | Share of Net Loss Accounted for Using the Equity Method | (51,208) | (201,500) | | **Carrying Amount at End of Period** | **400,973** | **89,657** | - As of June 30, 2025, the company's equity interest in Lianlian decreased from **45.2%** as of December 31, 2024, to **17.6%**, but it still retains significant influence[36](index=36&type=chunk)[37](index=37&type=chunk) [10 Trade Receivables](index=14&type=section&id=10%20Trade%20Receivables) As of June 30, 2025, net trade receivables increased to **RMB 124,528 thousand**, with the majority falling within the 3-month aging category Carrying Amount and Aging Analysis of Trade Receivables Carrying Amount of Trade Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 140,397 | 103,149 | | Less: Impairment Allowance | (15,869) | (10,111) | | **Net Amount** | **124,528** | **93,038** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 97,423 | 84,013 | | 3 to 6 months | 26,863 | 10,963 | | 6 months to 1 year | 9,939 | 2,796 | | Over 1 year | 6,172 | 5,377 | | **Total** | **140,397** | **103,149** | [11 Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=11%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss were **RMB 344,447 thousand**, including unlisted equity, wealth management products, and listed equity securities, with gains from disposals and fair value losses recognized Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Included in Current Assets** | | | | Unlisted Equity Investments | 178,865 | 178,865 | | Wealth Management Products | 82,285 | 87,970 | | Listed Equity Securities | 13,934 | 16,804 | | **Included in Non-current Assets** | | | | Unlisted Equity Investments | 69,363 | 69,363 | | **Total** | **344,447** | **353,002** | - The company holds a **4.84%** equity interest in Hangzhou Qulian Technology Co., Ltd., which is classified as a current asset due to the intention to sell[41](index=41&type=chunk) - Wealth management products primarily invest in capital-guaranteed funds of short-term foreign currency funds, with an expected annual return rate ranging from **3.5% to 3.7%**[43](index=43&type=chunk) - The company holds **12.96%** voting rights in Queen Bee Capital Co., Ltd. but without significant influence, thus classified as a financial asset at fair value through profit or loss[43](index=43&type=chunk) [12 Cash and Cash Equivalents, Funds Segregated for Customers and Restricted Cash](index=16&type=section&id=12%20Cash%20and%20Cash%20Equivalents%2C%20Funds%20Segregated%20for%20Customers%20and%20Restricted%20Cash) As of June 30, 2025, cash and cash equivalents were **RMB 1,560,722 thousand**, and funds segregated for customers and restricted cash totaled **RMB 16,038,446 thousand**, primarily representing customer funds held Cash and Cash Equivalents, Funds Segregated for Customers and Restricted Cash Cash and Cash Equivalents, Funds Segregated for Customers and Restricted Cash | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash at Bank | 17,598,975 | 13,128,945 | | Cash on Hand | 193 | 208 | | **Total** | **17,599,168** | **13,129,153** | | Less: Funds Segregated for Customers and Restricted Cash | (16,038,446) | (12,606,903) | | **Cash and Cash Equivalents** | **1,560,722** | **522,250** | Details of Funds Segregated for Customers and Restricted Cash | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Funds Segregated for Customers | 16,029,038 | 12,597,785 | | Transaction Deposits for Payment Business | 7,785 | 8,228 | | Others | 1,623 | 890 | | **Total** | **16,038,446** | **12,606,903** | - Funds segregated for customers primarily refer to funds collected on behalf of customers and payable upon their request, as well as service fees earned by the Group from completed digital payment services that have not been withdrawn from separate accounts[46](index=46&type=chunk) [13 Trade Payables](index=17&type=section&id=13%20Trade%20Payables) As of June 30, 2025, total trade payables were **RMB 93,035 thousand**, mainly for service fees and fees to financial institutions, with most settled within 90 days Details and Aging Analysis of Trade Payables Details of Trade Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Service Fees Payable | 70,502 | 51,758 | | Fees Payable to Financial Institutions and Payment Networks | 21,578 | 21,524 | | Others | 955 | 1,428 | | **Total** | **93,035** | **74,710** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 90 days | 78,167 | 54,749 | | 91 to 180 days | 5,900 | 5,335 | | 181 days to 1 year | 1,995 | 5,928 | | Over 1 year | 6,973 | 8,698 | | **Total** | **93,035** | **74,710** | [14 Accrued Expenses and Other Payables](index=17&type=section&id=14%20Accrued%20Expenses%20and%20Other%20Payables) As of June 30, 2025, total accrued expenses and other payables were **RMB 16,069,426 thousand**, predominantly amounts payable to merchants and customers, reflecting the company's payment service nature Details of Accrued Expenses and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Amounts Payable to Merchants and Other Customers | 15,877,462 | 12,466,651 | | Staff Costs and Accrued Benefits | 81,140 | 130,791 | | VAT and Other Taxes Payable | 8,487 | 7,483 | | Others | 101,414 | 85,833 | | **Total** | **16,069,426** | **12,691,508** | - **98.8%** of accrued expenses and other payables represent amounts payable to merchants and other customers, referring to funds processed by the company for them, which are to be settled on contractual settlement dates[48](index=48&type=chunk)[49](index=49&type=chunk) [15 Borrowings](index=18&type=section&id=15%20Borrowings) As of June 30, 2025, total borrowings were **RMB 326,495 thousand**, comprising long-term secured and short-term unsecured bank loans, with interest rates of **3.4%** for long-term and **2.35% to 3.90%** for short-term Borrowings Details | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Borrowings Included in Non-current Liabilities** | | | | Secured Bank Borrowings | 134,300 | 136,850 | | **Borrowings Included in Current Liabilities** | | | | Unsecured Bank Borrowings | 181,008 | 331,232 | | Current Portion of Secured Long-term Bank Borrowings | 11,187 | 11,231 | | **Total** | **326,495** | **479,313** | - Long-term borrowing interest rate is **3.4%** (December 31, 2024: **4.0%**), with principal repayable semi-annually before September 20, 2037[53](index=53&type=chunk) - Short-term borrowings have a maturity of one year or less, with annual interest rates ranging from **2.35% to 3.90%** (December 31, 2024: **3.15% to 4.05%**)[53](index=53&type=chunk) [16 Dividends](index=18&type=section&id=16%20Dividends) For the six months ended June 30, 2025, the company neither paid nor declared any dividends - For the six months ended June 30, 2025, the company neither paid nor declared any dividends[51](index=51&type=chunk) [17 Events After the Reporting Period](index=18&type=section&id=17%20Events%20After%20the%20Reporting%20Period) In July 2025, the company completed a placement of **38,400,000** shares at **HK$10.25** each, raising net proceeds of approximately **HK$387.25 million** - In July 2025, the company completed the placement of **38,400,000** shares at **HK$10.25** per share, with net proceeds of approximately **HK$387.25 million**[52](index=52&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's H1 2025 operating performance and financial position, highlighting significant growth in payment businesses, a turnaround to profitability driven by associate equity disposal gains, and discussions on liquidity, capital structure, expenses, and future strategic initiatives [Performance Review](index=19&type=section&id=Performance%20Review) As a leading digital payment provider, the company achieved significant H1 2025 performance growth, with digital payment TPV reaching **RMB 2.1 trillion** (up **32.0%**) and total revenue up **26.8%**, while continuing to leverage global licenses and explore AI and blockchain - The company is a leading digital payment solutions provider in China, possessing an extensive global license portfolio (**65 payment licenses and related qualifications**) and a robust technology platform, being the only company holding money transmitter licenses in all US states[54](index=54&type=chunk)[55](index=55&type=chunk) Key Operating Data for H1 2025 | Indicator | 2025 H1 | Year-on-year Change | | :--- | :--- | :--- | | Digital Payment Business Total Payment Volume (TPV) | RMB 2.1 trillion | 32.0% | | Total Revenue | RMB 782.7 million | 26.8% | | Digital Payment Business Total Revenue | RMB 684.0 million | 26.2% | | Cumulative Number of Customers Served | 7.9 million | - | [Global Payment](index=19&type=section&id=Global%20Payment) The company strengthened its global payment operations, completing infrastructure reconstruction and expanding into new markets in Southeast Asia, the Middle East, and Latin America - The company strengthened its global operational capabilities in global payments, completed payment infrastructure reconstruction, and actively expanded into new markets in Southeast Asia, the Middle East, and Latin America[57](index=57&type=chunk) Global Payment Business Performance in H1 2025 | Indicator | 2025 H1 | Year-on-year Change | | :--- | :--- | :--- | | Total Payment Volume (TPV) | RMB 198.5 billion | 94.0% | | Total Revenue | RMB 472.8 million | 27.0% | [Domestic Payment](index=20&type=section&id=Domestic%20Payment) In domestic payments, the company deepened its industry payment ecosystem, enhanced SaaS collaboration, and strengthened services for private domain e-commerce clients - The company deepened its full-link industry payment layout in domestic payments, enhanced SaaS ecosystem collaboration through innovative platform merchant cooperation models, and strengthened service capabilities for private domain e-commerce clients[58](index=58&type=chunk) Domestic Payment and Value-Added Services Business Performance in H1 2025 | Indicator | 2025 H1 | Year-on-year Change | | :--- | :--- | :--- | | Domestic Payment Business Total Payment Volume (TPV) | RMB 1.9 trillion | 27.6% | | Domestic Payment Business Total Revenue | RMB 211.2 million | 24.6% | | Value-Added Services Total Revenue | RMB 89.6 million | 34.2% | [Outlook](index=20&type=section&id=Outlook) The company plans to enhance global compliance, strengthen license synergy, and integrate AI and blockchain technologies into cross-border payment innovations - The company will continue to deepen its global compliance advantages, strengthen the synergistic efficiency of its global licenses, and consolidate its "internal connection, external movement" strategic development pattern[59](index=59&type=chunk) - The company will deeply integrate AI technology applications and actively explore the use of innovative technologies like blockchain and new models such as digital asset exchanges in cross-border payments[59](index=59&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section reviews H1 2025 financial performance, including revenue, costs, gross profit, expenses, other gains/losses, income tax, and non-IFRS measures, highlighting revenue and gross profit growth, a profit turnaround from associate equity disposal, and improved operating efficiency [Revenue](index=20&type=section&id=Revenue) Revenue details are presented by service type, showing growth in digital payment services, particularly global and domestic payments, and value-added services Revenue Breakdown for the Six Months Ended June 30, 2025 | Revenue Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Digital Payment Services | 683,980 | 541,888 | 142,092 | 26.2 | | －Global Payment | 472,804 | 372,374 | 100,430 | 27.0 | | －Domestic Payment | 211,176 | 169,514 | 41,662 | 24.6 | | Value-Added Services | 89,588 | 66,773 | 22,815 | 34.2 | | Others | 9,151 | 8,726 | 425 | 4.9 | | **Total** | **782,719** | **617,387** | **165,332** | **26.8** | - The growth in value-added services revenue is primarily due to the strong growth of the virtual bank card business[63](index=63&type=chunk) [Cost](index=22&type=section&id=Cost) Costs increased by **28.7%** to **RMB 376.5 million**, driven by digital payment and value-added services, particularly service fees for virtual bank card and digital marketing expansion - Costs increased by **28.7%** year-on-year to **RMB 376.5 million**, primarily driven by digital payment business service costs (up **25.6%**) and value-added service costs (up **47.1%**)[65](index=65&type=chunk) - The growth in value-added service costs is mainly due to increased service fees paid to channel partners resulting from the rapid expansion of virtual bank card business and digital marketing services[65](index=65&type=chunk) [Gross Profit and Gross Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by **25.0%** to **RMB 406.2 million**, with overall gross margin slightly decreasing to **51.9%**, primarily due to a decline in value-added services gross margin Gross Profit and Gross Margin for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | Gross Margin (2025) | Gross Margin (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Gross Profit | 406,221 | 324,925 | 81,296 | 25.0 | 51.9% | 52.6% | | Global Payment Services Gross Profit | 343,615 | 270,176 | 73,439 | 27.2 | 72.7% | 72.6% | | Domestic Payment Services Gross Profit | 42,042 | 34,107 | 7,935 | 23.3 | 19.9% | 20.1% | | Value-Added Services Gross Profit | 17,773 | 17,946 | (173) | (1.0) | 19.8% | 26.9% | - The gross margin for value-added services decreased by **7.0 percentage points**, primarily because the relatively lower-margin virtual card business is still in its ramp-up phase[66](index=66&type=chunk) [Selling and Marketing Expenses](index=22&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses increased by **18.3%** to **RMB 128.8 million**, driven by increased promotional activities for customer acquisition and slightly higher sales staff wage costs Selling and Marketing Expenses for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 128,785 | 108,883 | 19,902 | 18.3 | | Less: Share-based Payment Expenses | 8,945 | 7,497 | 1,448 | 19.3 | | **Adjusted Selling and Marketing Expenses** | **119,840** | **101,386** | **18,454** | **18.2** | - The increase in selling and marketing expenses is primarily due to increased promotional activities across the company's platforms to expand customer acquisition and industry coverage, along with a slight increase in sales staff wage costs[68](index=68&type=chunk) [General and Administrative Expenses](index=23&type=section&id=General%20and%20Administrative%20Expenses) Adjusted general and administrative expenses increased by **2.9%** to **RMB 194.9 million**, mainly due to strategic investments in blockchain, partially offset by the absence of one-off listing expenses General and Administrative Expenses for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 299,857 | 290,244 | 9,613 | 3.3 | | Less: Share-based Payment Expenses | 105,000 | 93,075 | 11,925 | 12.8 | | Less: Listing Expenses | – | 7,799 | (7,799) | (100) | | **Adjusted General and Administrative Expenses** | **194,857** | **189,370** | **5,487** | **2.9** | - The increase in adjusted general and administrative expenses is primarily due to increased strategic investments in blockchain-based initiatives, partially offset by the absence of additional one-off listing expenses during the reporting period[70](index=70&type=chunk) [Research and Development Expenses](index=23&type=section&id=Research%20and%20Development%20Expenses) Adjusted R&D expenses increased by **29.5%** to **RMB 157.0 million**, driven by continuous investment in innovative businesses, particularly in blockchain and AI, and a one-off **RMB 6.7 million** team optimization cost Research and Development Expenses for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and Development Expenses | 186,972 | 147,469 | 39,503 | 26.8 | | Less: Share-based Payment Expenses | 29,978 | 26,281 | 3,697 | 14.1 | | **Adjusted Research and Development Expenses** | **156,994** | **121,188** | **35,806** | **29.5** | - The increase in research and development expenses is primarily due to continuous investment in innovative businesses, particularly in enhancing technological capabilities and expanding application scenarios in areas such as blockchain and artificial intelligence, as well as a one-off **RMB 6.7 million** structural optimization cost for the R&D team[72](index=72&type=chunk) [Other Income](index=24&type=section&id=Other%20Income) Other income increased by **57.8%** to **RMB 141.3 million**, primarily driven by higher interest income and gains on funds segregated for customers due to sustained TPV growth - Other income increased by **57.8%** year-on-year to **RMB 141.3 million**, primarily driven by the sustained and stable growth of TPV, leading to increased interest income and gains on funds segregated for customers[73](index=73&type=chunk) [Other Gains/(Losses) – Net](index=24&type=section&id=Other%20Gains%2F(Losses)%20%E2%80%93%20Net) Net other gains significantly increased to **RMB 2,047.5 million**, primarily due to a **RMB 1,601.5 million** gain from the disposal of Lianlian equity and a **RMB 452.2 million** dilution gain - Net other gains significantly increased to **RMB 2,047.5 million**, primarily due to a **RMB 1,601.5 million** gain recognized from the disposal of Lianlian equity and a **RMB 452.2 million** dilution gain[74](index=74&type=chunk) [Impairment Loss on Financial Assets](index=24&type=section&id=Impairment%20Loss%20on%20Financial%20Assets) Impairment loss on financial assets was **RMB 5.9 million**, an increase of **RMB 2.5 million** year-on-year, consistent with the rising trend in trade receivables - Impairment loss on financial assets was **RMB 5.9 million**, a year-on-year increase of **RMB 2.5 million**, consistent with the increasing trend in trade receivables[75](index=75&type=chunk) [Net Finance Costs](index=24&type=section&id=Net%20Finance%20Costs) Net finance costs were **RMB 2.0 million**, a year-on-year decrease of **RMB 4.3 million**, primarily due to lower interest costs from repaying a significant amount of borrowings - Net finance costs were **RMB 2.0 million**, a year-on-year decrease of **RMB 4.3 million**, primarily due to lower interest costs resulting from the repayment of a significant amount of borrowings[76](index=76&type=chunk) [Share of Net Loss of Associates Accounted for Using the Equity Method](index=24&type=section&id=Share%20of%20Net%20Loss%20of%20Associates%20Accounted%20for%20Using%20the%20Equity%20Method) Share of net loss of associates was **RMB 51.2 million**, a **74.7%** year-on-year decrease, mainly due to the company's reduced equity interest in Lianlian - Share of net loss of associates was **RMB 51.2 million**, a year-on-year decrease of **74.7%**, primarily due to the company's reduced equity interest in Lianlian[77](index=77&type=chunk) [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income tax expense was **RMB 408.8 million**, a significant year-on-year increase of **RMB 405.9 million**, mainly due to the reversal of deferred tax assets related to the Lianlian investment - Income tax expense was **RMB 408.8 million**, a significant year-on-year increase of **RMB 405.9 million**, primarily due to the reversal of deferred tax assets (related to the Lianlian investment) recognized at the end of the previous year[78](index=78&type=chunk) [Non-IFRS Measures](index=25&type=section&id=Non-IFRS%20Measures) Non-IFRS measures, including EBITDA and Adjusted EBITDA, are presented to facilitate comparability of operating performance across periods and companies - Non-IFRS measures (EBITDA and Adjusted EBITDA) are used to facilitate comparison of operating performance across different periods and companies[79](index=79&type=chunk) Reconciliation of Non-IFRS Measures for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 1,511,315 | (349,957) | | Add: Income Tax Expense | 408,829 | 2,943 | | Add: Net Finance Costs | 2,041 | 6,366 | | Add: Depreciation and Amortization | 16,322 | 16,784 | | **EBITDA (Non-IFRS Measure)** | **1,938,507** | **(323,864)** | | Add: Share-based Payment Expenses | 144,865 | 127,641 | | Add: Listing Expenses | – | 7,799 | | **Adjusted EBITDA (Non-IFRS Measure)** | **2,083,372** | **(188,424)** | | **Adjusted Profit/(Loss) for the Period (Non-IFRS Measure)** | **1,656,180** | **(214,517)** | [Liquidity and Financial Resources, Treasury Policy and Capital Structure](index=26&type=section&id=Liquidity%20and%20Financial%20Resources%2C%20Treasury%20Policy%20and%20Capital%20Structure) This section details the company's liquidity, financial resources, treasury policy, and capital structure, highlighting increased cash and cash equivalents, improved operating cash flow, significant investment cash inflow, and a gearing ratio of approximately **12.5%** [Cash Flow](index=26&type=section&id=Cash%20Flow) Cash flow analysis shows a decrease in net cash used in operating activities, a significant increase in net cash from investing activities, and an increase in net cash used in financing activities Cash Flow for the Six Months Ended June 30, 2025 | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash (Used in)/From Operating Activities | (21,142) | (102,890) | | Net Cash From/(Used in) Investing Activities | 1,505,628 | (106,916) | | Net Cash (Used in)/From Financing Activities | (446,632) | 590,270 | | **Net Increase in Cash and Cash Equivalents** | **1,037,854** | **380,464** | | Cash and Cash Equivalents at Beginning of Period | 522,250 | 189,840 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 618 | 5,284 | | **Cash and Cash Equivalents at End of Period** | **1,560,722** | **575,588** | - Net cash from investing activities was primarily due to proceeds of **RMB 1,601.5 million** from the disposal of a portion of Lianlian's equity[85](index=85&type=chunk) - Net cash used in financing activities primarily included **RMB 278.8 million** injected into the award trust fund and **RMB 160.6 million** in loan repayments[86](index=86&type=chunk) [Borrowings](index=27&type=section&id=Borrowings) As of June 30, 2025, bank borrowings totaled **RMB 326.5 million**, with long-term rates at **3.4%** and short-term rates between **2.35% and 3.90%**, and the company has **RMB 1,053.8 million** in unused credit facilities - As of June 30, 2025, the company's bank borrowings amounted to **RMB 326.5 million**, with long-term borrowing interest rates at **3.4%** and short-term borrowing annual interest rates ranging from **2.35% to 3.90%**[87](index=87&type=chunk)[53](index=53&type=chunk) - The company has approximately **RMB 1,053.8 million** in unused credit facilities and has complied with its borrowing covenants[87](index=87&type=chunk) [Capital Expenditure](index=28&type=section&id=Capital%20Expenditure) Capital expenditure for the period was **RMB 5.1 million**, primarily for the acquisition of property, equipment, and intangible assets like computer software - Capital expenditure during the reporting period was **RMB 5.1 million**, primarily for the acquisition of property and equipment, and intangible assets such as computer software[88](index=88&type=chunk) [Funds Segregated for Customers and Restricted Cash](index=28&type=section&id=Funds%20Segregated%20for%20Customers%20and%20Restricted%20Cash) Funds segregated for customers and restricted cash increased by **RMB 3,431.6 million** to **RMB 16,038.4 million**, driven by growth in TPV and revenue - Funds segregated for customers and restricted cash amounted to **RMB 16,038.4 million**, an increase of **RMB 3,431.6 million** from the end of 2024, primarily due to the growth in TPV and revenue[89](index=89&type=chunk) [Accrued Expenses and Other Payables](index=28&type=section&id=Accrued%20Expenses%20and%20Other%20Payables) Accrued expenses and other payables increased by **RMB 3,377.9 million** to **RMB 16,069.4 million**, with **98.8%** being amounts payable to merchants and other customers, consistent with segregated funds growth - Accrued expenses and other payables amounted to **RMB 16,069.4 million**, an increase of **RMB 3,377.9 million** from the end of 2024, with **98.8%** representing amounts payable to merchants and other customers, consistent with the growth trend of funds segregated for customers[90](index=90&type=chunk) [Trade Receivables](index=28&type=section&id=Trade%20Receivables) The increase in trade receivables is primarily due to revenue growth and changes in customer mix, including longer settlement cycles with commercial banks and large enterprises - The increase in trade receivables is primarily due to revenue growth and changes in customer mix, with longer settlement cycles resulting from collaborations with more commercial banks and large enterprises[91](index=91&type=chunk) [Trade Payables](index=28&type=section&id=Trade%20Payables) Trade payables increased by **RMB 18.3 million** to **RMB 93.0 million**, mainly due to higher service fees and processing fees in line with revenue growth - Trade payables amounted to **RMB 93.0 million**, an increase of **RMB 18.3 million** from the end of 2024, primarily due to increased service fees and processing fees in line with revenue growth[92](index=92&type=chunk) [Prepayments, Other Receivables and Other Current Assets](index=29&type=section&id=Prepayments%2C%20Other%20Receivables%20and%20Other%20Current%20Assets) Prepayments, other receivables, and other current assets increased by **RMB 27.1 million** to **RMB 185.5 million**, mainly due to increased card organization payment channel deposit requirements from global payment transaction volume growth - The balance of prepayments, other receivables, and other current assets was **RMB 185.5 million**, an increase of **RMB 27.1 million** from the end of 2024, primarily due to increased card organization deposit requirements for payment channels driven by the growth in global payment transaction volume[93](index=93&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the company pledged investment properties, buildings, and land use rights with a net book value of **RMB 159.0 million**, **RMB 98.3 million**, and **RMB 2.7 million**, respectively, for **RMB 145.5 million** in bank borrowings - As of June 30, 2025, the company pledged investment properties with a net book value of **RMB 159.0 million**, buildings of **RMB 98.3 million**, and land use rights of **RMB 2.7 million** to secure **RMB 145.5 million** in bank borrowings[94](index=94&type=chunk) [Contingent Liabilities](index=29&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no contingent liabilities - As of June 30, 2025, the company had no contingent liabilities[95](index=95&type=chunk) [Share Pledges](index=29&type=section&id=Share%20Pledges) A total of **92,316,555** unlisted shares, representing approximately **8.55%** of total issued shares held by controlling shareholder Mr Lü Zhonglin, were judicially frozen due to his personal civil case disputes - A total of **92,316,555** unlisted shares, representing approximately **8.55%** of the total issued shares held by controlling shareholder Mr Lü Zhonglin, were judicially frozen due to his personal civil case disputes[96](index=96&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) As of June 30, 2025, the company's gearing ratio was approximately **12.5%** - As of June 30, 2025, the company's gearing ratio was approximately **12.5%**[97](index=97&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers significant investments and disposals, future plans, foreign exchange risk, employee and remuneration policies, use of global offering proceeds, corporate governance, securities transactions by directors, share repurchases, interim dividend policy, and audit committee work [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the period, the company disposed of a portion of its equity in Lianlian, reducing its stake to **17.63%**, with the transaction completed in February and March 2025, classified as a discloseable transaction [Disposal of Equity Interest in Lianlian](index=30&type=section&id=Disposal%20of%20Equity%20Interest%20in%20Lianlian) The company disposed of a portion of its equity in Lianlian, reducing its stake to **17.63%**, a transaction completed in February and March 2025 and classified as a discloseable transaction - During the reporting period, the company disposed of a portion of its equity interest in Lianlian, reducing its shareholding to **17.63%**, with the disposal completed in February 2025 and the capital increase completed in March 2025[98](index=98&type=chunk)[99](index=99&type=chunk) - This disposal constitutes a discloseable transaction for the company but is exempt from the shareholder approval requirements under Chapter 14 of the Listing Rules[99](index=99&type=chunk) [Future Plans for Material Investments and Capital Assets](index=30&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the company had no material investment and capital asset plans beyond those disclosed in the prospectus - As of June 30, 2025, the company had no other material investment and capital asset plans beyond those disclosed in the prospectus[100](index=100&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=Foreign%20Exchange%20Risk) Operating globally, the company manages foreign exchange risk through "back-to-back" transaction strategies and real-time quotation platforms, effectively reducing exchange rate fluctuation exposure - The company mitigates foreign exchange risk by employing "back-to-back" transaction strategies and real-time reference quotation platforms to shorten transaction time intervals[101](index=101&type=chunk) [Material Investments and Significant Events During the Reporting Period](index=31&type=section&id=Material%20Investments%20and%20Significant%20Events%20During%20the%20Reporting%20Period) As of June 30, 2025, the company had not made any material investments valued at **5%** or more of its total assets - As of June 30, 2025, the company had not made any material investments valued at **5%** or more of its total assets[102](index=102&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had **1,025** employees (91% in China, 9% overseas) with total benefits of **RMB 467.9 million**, focusing on talent attraction, retention, and motivation through training, social security, and labor relations - As of June 30, 2025, the company had **1,025** employees, with **91%** in China and **9%** overseas[103](index=103&type=chunk) - Total employee benefits, including directors' remuneration, amounted to **RMB 467.9 million**[103](index=103&type=chunk) - The company attracts, retains, and motivates talent through high-standard recruitment, regular training, online learning platforms, social security schemes, and share option and award trust schemes[103](index=103&type=chunk)[104](index=104&type=chunk) [Use of Proceeds](index=32&type=section&id=Use%20of%20Proceeds) Of the **HK$548.0 million** net proceeds from the global offering, approximately **HK$278.9 million** (**50.9%**) was utilized by June 30, 2025, mainly for enhancing technological capabilities, with no change in intended use - The net proceeds from the global offering were approximately **HK$548.0 million**, of which approximately **HK$278.9 million** had been utilized as of June 30, 2025, representing approximately **50.9%** of the total[105](index=105&type=chunk) Details of Use of Net Proceeds from Global Offering | Purpose | Percentage of Net Proceeds | Estimated Net Proceeds Allocated (HK$ million) | Net Proceeds Utilized as of June 30, 2025 (HK$ million) | Remaining Amount (HK$ million) | | :--- | :--- | :--- | :--- | :--- | | Enhancing Technological Capabilities | 60.0% | 328.8 | 251.5 | 77.3 | | Expanding Global Business Operations | 30.0% | 164.4 | – | 164.4 | | Future Strategic Investments and Acquisitions | 5.0% | 27.4 | – | 27.4 | | General Corporate Purposes and Working Capital Needs | 5.0% | 27.4 | 27.4 | – | | **Total** | **100.0%** | **548.0** | **278.9** | **269.1** | [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company adheres to high corporate governance standards, adopting the HKEX Listing Rules' Corporate Governance Code, with a highly independent Board of Directors comprising four executive and three independent non-executive directors - The company adopted the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules and complied with all relevant principles and code provisions during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) - The Board of Directors comprises four executive directors and three independent non-executive directors, demonstrating strong independence[108](index=108&type=chunk) [Securities Transactions by Directors and Supervisors](index=34&type=section&id=Securities%20Transactions%20by%20Directors%20and%20Supervisors) The company adopted the Standard Code for securities transactions by directors, supervisors, and relevant employees, with all personnel strictly complying during the reporting period - The company adopted the Standard Code to regulate securities transactions by directors, supervisors, and relevant employees, and all relevant personnel strictly complied during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, the company repurchased **771,000** H shares on the HKEX for a total of **HK$4,679,872.85**, aiming to benefit the company and create shareholder value Details of Share Repurchases in H1 2025 | Month of Repurchase | Number of Shares Repurchased | Highest Price Per Share (HK$) | Lowest Price Per Share (HK$) | Total Consideration (HK$) | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 13,500 | 6.00 | 5.97 | 80,985.15 | | May 2025 | 757,500 | 6.30 | 5.94 | 4,598,887.70 | | **Total** | **771,000** | | | **4,679,872.85** | - The share repurchases aim to benefit the company and create value for shareholders; otherwise, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[113](index=113&type=chunk) [Interim Dividend](index=35&type=section&id=Interim%20Dividend) Considering the long-term interests of shareholders and the company, the Board did not recommend an interim dividend for the reporting period - The Board did not recommend the payment of an interim dividend for the reporting period (interim dividend for the six months ended June 30, 2024: nil)[114](index=114&type=chunk) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, reviewed this announcement and interim financial information, confirming compliance with accounting principles, laws, and regulations, and sufficient disclosure - The Audit Committee, comprising three independent non-executive directors, reviewed this announcement and the interim financial information, deeming them compliant with applicable accounting principles and relevant laws and regulations[115](index=115&type=chunk) [Scope of Work of PricewaterhouseCoopers](index=35&type=section&id=Scope%20of%20Work%20of%20PricewaterhouseCoopers) The interim condensed consolidated financial information is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with ISRE 2410 - The interim condensed consolidated financial information is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with International Standard on Review Engagements 2410[116](index=116&type=chunk) [Events After Reporting Period](index=36&type=section&id=Events%20After%20Reporting%20Period) In July 2025, the company completed a placement of **38,400,000** new H shares, raising net proceeds of approximately **HK$387.25 million** for blockchain innovation, global business expansion, and general corporate purposes - In July 2025, the company completed the placement of **38,400,000** new H shares, with net proceeds of approximately **HK$387.25 million**[117](index=117&type=chunk) - The proceeds from the placement will be used for innovation and application of blockchain and other innovative technologies in global payment (**50%**), global business and license expansion (**30%**), and general corporate purposes (**20%**)[117](index=117&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report](index=36&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%202025%20Interim%20Report) This interim results announcement is published on the company and HKEX websites, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published online - This interim results announcement has been published on the company's website and the HKEX website, and the interim report will be dispatched to shareholders and published on the website in accordance with the Listing Rules[119](index=119&type=chunk) [Definitions](index=37&type=section&id=Definitions) This section defines key terms and abbreviations used throughout the report, including company names, financial reporting standards, business entities, share types, and regulatory bodies, to ensure clarity - This section provides definitions of key terms and abbreviations used throughout the report, including company names, financial reporting standards, business entities, share types, and regulatory bodies[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)

Financial Highlights Steve Leung Design Group Limited announced interim results for the six months ended June 30, 2025, showing the company successfully turned losses into profits, with both revenue and gross profit increasing, though gross profit margin slightly decreased, basic earnings per share turned positive, total remaining contracts and current ratio improved, and cash position remained strong Financial Highlights for H1 2025 (million HKD) | Metric | 2025 (million HKD) | 2024 (million HKD) | | :--- | :--- | :--- | | Revenue for the Period | 194.6 | 164.5 | | Profit (Loss) for the Period | 1.0 | (7.4) | | Basic Earnings (Loss) Per Share (HK cents) | 0.14 | (0.54) | | Net Asset Value Per Share (HKD) | 0.28 (as at June 30, 2025) | 0.28 (as at December 31, 2024) | | Total Remaining Contracts | 538.5 (as at June 30, 2025) | 507.1 (as at December 31, 2024) | | Bank Balances and Cash | 112.7 (as at June 30, 2025) | 140.9 (as at December 31, 2024) | - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[9](index=9&type=chunk) Condensed Consolidated Financial Statements This section provides Steve Leung Design Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income and condensed consolidated statement of financial position for the six months ended June 30, 2025, detailing key financial data such as revenue, costs, profits, assets, liabilities, and equity, compared with the same period last year or the end of last year [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Company's revenue increased by 18.3% to HKD 194.6 million, and gross profit increased by 14.2% to HKD 73.0 million, successfully turning losses into profits for the period with a recorded profit of HKD 0.971 million, compared to a loss of HKD 7.374 million in the same period last year, basic earnings per share was 0.14 HK cents, a significant improvement from basic loss per share of 0.54 HK cents last year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (thousand HKD) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 194,592 | 164,514 | | Cost of Sales | (121,593) | (100,583) | | Gross Profit | 72,999 | 63,931 | | Other Gains and Losses | 874 | (2,937) | | Impairment Losses on Trade Receivables and Contract Assets under ECL Model | (9,793) | (5,390) | | Other Income | 2,325 | 1,021 | | Selling Expenses | (10,159) | (7,706) | | Administrative Expenses | (51,202) | (51,507) | | Finance Costs | (1,239) | (2,000) | | Profit (Loss) Before Tax | 3,805 | (4,588) | | Income Tax Expense | (2,834) | (2,786) | | Profit (Loss) for the Period | 971 | (7,374) | | Exchange Differences from Overseas Operations | 3,518 | (890) | | Total Comprehensive Income (Expense) for the Period | 4,489 | (8,264) | Earnings (Loss) Per Share (HK cents) | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic | 0.14 | (0.54) | | Diluted | 0.14 | (0.54) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As at June 30, 2025, total assets less current liabilities was HKD 347.3 million, a slight decrease from HKD 348.1 million as at December 31, 2024, net current assets increased to HKD 238.6 million while current liabilities decreased, and equity attributable to owners of the Company increased to HKD 308.3 million Condensed Consolidated Statement of Financial Position (thousand HKD) | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 13,821 | 15,509 | | Right-of-use Assets | 35,210 | 40,174 | | Intangible Assets | 1,080 | 1,251 | | Goodwill | 1,182 | 1,166 | | Rental Deposits | 5,308 | 5,377 | | Deferred Tax Assets | 52,060 | 51,558 | | **Total Non-current Assets** | **108,661** | **115,035** | | **Current Assets** | | | | Inventories | 27 | 26 | | Trade Receivables | 158,919 | 138,730 | | Other Receivables, Deposits and Prepayments | 11,534 | 9,390 | | Contract Assets | 84,429 | 90,323 | | Tax Recoverable | 247 | 247 | | Restricted Bank Balances | 2,265 | 2,720 | | Bank Balances and Cash | 112,671 | 140,883 | | **Total Current Assets** | **370,092** | **382,319** | | **Current Liabilities** | | | | Trade Payables | 53,943 | 50,625 | | Other Payables and Accrued Expenses | 14,120 | 20,242 | | Bank Borrowings | 5,000 | 20,000 | | Lease Liabilities | 17,752 | 17,506 | | Contract Liabilities | 18,333 | 19,384 | | Tax Liabilities | 22,337 | 21,510 | | **Total Current Liabilities** | **131,485** | **149,267** | | **Net Current Assets** | **238,607** | **233,052** | | **Total Assets Less Current Liabilities** | **347,268** | **348,087** | | **Total Equity** | **318,548** | **314,059** | | **Total Non-current Liabilities** | **28,720** | **34,028** | Notes to the Condensed Consolidated Financial Information This section details the basis of preparation for the condensed consolidated financial statements, significant accounting policies, revenue and segment information, changes and composition of various assets and liabilities, and key financial notes including income tax, earnings per share, and contingent liabilities, providing deeper context for understanding the Company's financial position and operating results [1. General Information and Basis of Preparation](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The Company was incorporated in the Cayman Islands, its shares are listed on the Hong Kong Stock Exchange, the ultimate holding company is Jangho Group Co., Ltd., and the condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules of the Stock Exchange and presented in HKD - The Company was incorporated on December 9, 2016, under the Companies Act of the Cayman Islands, and its shares were listed on the Hong Kong Stock Exchange on July 5, 2018[15](index=15&type=chunk) - The Company's ultimate holding company is Jangho Group Co., Ltd., whose shares are listed on the Shanghai Stock Exchange[15](index=15&type=chunk) - The condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix D2 of the Listing Rules, and are presented in HKD[15](index=15&type=chunk)[16](index=16&type=chunk) [2. Significant Accounting Policies](index=6&type=section&id=2.%20%E9%87%8D%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with the 2024 annual consolidated financial statements, except

中期業績 方 正 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）提 呈 本 公 司 及 其 附 屬 公 司（統 稱 「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 簡 明 綜 合 財 務 報 表，連 同 二 零 二 四 年 同 期 之 比 較 數 字。中 期 簡 明 綜 合 財 務 報 表 未 經 審 核，惟 已 經 本 公 司 之 審 核 委 員 會 審 閱。 簡明綜合損益表 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （於百慕達註冊成立之有限公司） （股份代號：00418） 截至二零二五年六月三十日止六個月之 中期業績 – 1 – 簡明綜合全面收入表 截至二零二五年六月三十日止六個月 | 截至六月三十日止六個月 | | --- | | | | | | | | | 二零二五年 | | 二零二四年 | | | ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2883） 截至2025年6月30日止六個月 中期業績公告 財務摘要 - 1 - 1、 收入為人民幣23,295.1百萬元 2、 經營利潤為人民幣2,908.6百萬元 3、 本期利潤為人民幣2,076.8百萬元 4、 每股基本盈利為人民幣0.41元 本公司截至2025年6月30日止六個月中期業績未經審計。 中期簡明合併損益表 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 | | | | （未經審計） | （未經審計） | | 收入 | 5 | 23,320,327 | 22,528,544 | | 銷售附加稅 | | (25,256) | (31,881) | | 收入，扣除銷 ...

Financial Performance - For the six months ended June 30, 2025, the company recorded an unaudited loss attributable to shareholders of approximately HKD 150.8 million, compared to a profit of HKD 1 million in the same period last year, representing a negative variance of HKD 151.8 million[13]. - The group reported a revenue of HKD 2,605.8 million for the six months ended June 30, 2025, a decrease of 1.1% compared to HKD 2,635.9 million in the same period of 2024[46]. - The group incurred a loss of HKD 150.8 million for the six months ended June 30, 2025, compared to a profit of HKD 1.0 million in the same period of 2024[46]. - Total revenue for the six months ended June 30, 2025, was HKD 2,605.8 million, a slight decrease of 1.0% from HKD 2,635.9 million in 2024[57]. - Operating cash flow for the six months ended June 30, 2025, was a net outflow of HKD 6.1 million, a significant decrease from a net inflow of HKD 145.4 million in 2024[54]. - The company reported an increase in cash and cash equivalents to HKD 791.1 million as of June 30, 2025, compared to HKD 549.2 million at the end of the same period in 2024[54]. - The group’s financial expenses for the six months ended June 30, 2025, were HKD 143.3 million, a decrease from HKD 169.5 million in the same period of 2024[46]. - The company incurred a tax expense of HKD 15.98 million for the six months ended June 30, 2025, compared to HKD 3.99 million in 2024[60]. - The basic loss per share for the six months ended June 30, 2025, was HKD 0.0157, compared to earnings per share of HKD 0.0001 in 2024[62]. Research and Development - The increase in research and development investment was significant, rising from HKD 72.9 million in 2024 to HKD 235.3 million in 2025, an increase of HKD 162.4 million[13]. - Research and development expenditures amounted to approximately HKD 235.3 million during the reporting period[42]. - The company is in the late-stage development of the cancer vaccine seviprotimut-L, which is currently being tested as an adjuvant therapy for melanoma patients post-surgery[17]. - The company is expanding its innovative therapeutic cancer vaccine combinations targeting various tumor-associated antigens, with promising laboratory results presented at the AACR annual meeting[18]. - The company is utilizing AI to drive the exploration and development of new cancer vaccines, showcasing progress at the AACR annual meeting[19]. - The company plans to continue investing in biotech research and development, acknowledging the high-risk, high-reward nature of the industry[24]. - The company is focused on early cancer detection through liquid biopsy tests, utilizing AI technology for precise predictions[21]. Dividends and Shareholder Returns - The company announced no interim dividend for the 2025 fiscal year, consistent with the previous year[15]. - The company did not declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[63]. Business Segments Performance - The healthcare products business reported a profit increase of 3% to HKD 160.5 million, compared to HKD 156.4 million last year[22]. - Vitaquest successfully launched new products in the first half of 2025, despite challenging market conditions, and managed to attract new customers[22]. - The agricultural business reported a profit of HKD 130.1 million, slightly down from HKD 134 million last year, primarily due to rising costs and price pressures[23]. - The Australian salt business experienced good growth in both sales and profits, attributed to effective operational strategies and price management[23]. - The vineyard business provided stable profits and cash flow during the review period, benefiting from long-term leases with reputable winemakers[23]. - The agricultural-related business generated revenue of HKD 891.6 million, up 2.9% from HKD 869.6 million in 2024, while the health products business saw a decline to HKD 1,636.7 million from HKD 1,680.8 million[57]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all applicable provisions[82]. - The board of directors is responsible for establishing and monitoring corporate culture, setting long-term strategic goals, and ensuring effective communication with shareholders[83]. - The company has implemented various governance policies, including anti-fraud, anti-bribery, and whistleblowing policies, to maintain accountability and ethical standards[82]. - The board consists of 11 members, including 6 executive directors and 4 independent non-executive directors, ensuring over one-third of the board is independent[84]. - The chairman and CEO roles are held by different individuals, with the chairman responsible for overall strategic direction and oversight[84]. - The company has established a code of conduct for directors' securities trading, ensuring compliance with the listing rules[86]. - The internal audit department reviews the effectiveness of the group's risk management and internal control systems, providing constructive recommendations[87]. - The audit committee, composed entirely of independent non-executive directors, oversees the financial reporting system and risk management[88]. - The remuneration committee advises on the compensation policies for all directors and senior management[90]. - The nomination committee reviews the board's structure and composition at least annually, ensuring diversity and effectiveness[91]. - The sustainability committee monitors the management of the group's sustainability measures and provides recommendations to the board[92]. - The company maintains effective communication with shareholders and stakeholders, promoting good corporate governance practices[85]. Economic and Market Conditions - The overall economic outlook remains unstable due to geopolitical uncertainties, but the company is confident in strengthening its operational foundation[24]. - The global economic growth continues to slow, potentially leading to market contractions and increased volatility[98]. - The labor market is experiencing significant structural changes, with high employee turnover posing challenges for recruitment and training[99]. - Supply chain disruptions due to geopolitical tensions have led to rising costs and unpredictable delivery times[100]. - The company faces intense competition and rapid technological changes in its operating markets, which may adversely affect its business performance[101]. - Industry trends, including market conditions and interest rate cycles, may pose significant risks to the company's financial performance[105]. - The group faces potential financial impacts due to high interest rates, which may increase financial costs and affect overall business performance[106]. - The group's liquidity is dependent on the successful renewal or refinancing of bank loans and other funding sources[107]. - Currency fluctuations could adversely impact the group's financial condition and potential income, as subsidiaries may operate in different currencies[109]. - Economic sanctions affecting business partners, suppliers, or customers may disrupt operations and lead to financial losses[113]. - Compliance with local, national, and international regulations may impose additional operational costs and risks to the group's business performance[114]. Risks and Challenges - Research and development efforts require substantial resources and time, with no guarantee of positive outcomes from trials[102]. - The ability to attract and retain qualified research personnel is critical for the company's success in product commercialization[103]. - The company's success partly depends on obtaining and enforcing patent rights, with uncertainties regarding the scope and validity of such patents[104]. - Asset impairment risks may affect the group's performance, as any decline in recoverable value below book value must be recognized in the profit and loss statement[108]. - Cybersecurity risks are increasing due to the rapid expansion of technology, which may significantly impact the group's operations and reputation[111]. - The group operates through non-wholly owned subsidiaries and joint ventures, and any changes in partnerships could affect business strategies and performance[112]. - Climate change poses risks to the group's assets and operations, affecting demand, supply, quality, and pricing of products, particularly in agriculture[122]. - The group acknowledges the potential for future public health emergencies, which could negatively impact business operations and financial performance[125]. - Historical performance does not guarantee future results, and actual performance may differ significantly from forward-looking statements due to various risks and uncertainties[126].

經調整期內虧損指未計股份支付開支人民幣16,165,000元（截至2024年6月30日止六個月：人 民幣17,634,000元）影響的期內虧損。《國際財務報告準則》並未對經調整期內虧損一詞進行界 定。使用該非《國際財務報告準則》計量作為分析工具具有局限性， 閣下不應視其為獨立於或 可代替本集團根據《國際財務報告準則》所呈報的經營業績或財務狀況的分析。我們對有關經 調整數字的呈列未必可與其他公司所呈列的類似計量指標相比。然而，我們認為，該非《國際 財務報告準則》計量可通過消除管理層認為不能反映本集團核心經營表現的項目的潛在影響， 反映本集團的核心經營業績，從而有助於在適用限度內比較不同期間及不同公司的核心經營表 現。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Keymed Biosciences Inc. 康諾亞生物醫藥科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2162） 截至2025年6月30日止六個月之 中期業績公告；及 首席 ...