[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Era Global Group Holdings Limited announced unaudited interim results for the six months ended June 30, 2025, showing a 4.7% year-on-year increase in revenue, but a 17.5% decrease in gross profit, leading to a 68.5% expansion in loss attributable to company shareholders; the board does not recommend an interim dividend Financial Highlights Table | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 52.4 | 50.0 | 4.7% | | Gross Profit | 11.1 | 13.5 | -17.5% | | Gross Profit Margin | 21.2% | 26.9% | N/A | | Loss Attributable to Company Shareholders | 5.0 | 2.9 | 68.5% | | Basic Loss Per Share | 0.45 HK cents | 0.27 HK cents | 68.5% | - The Board does not recommend an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Era Global 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, reflecting the company's operating results and financial position during the reporting period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased to HKD 52,356 thousand, but gross profit decreased to HKD 11,105 thousand due to increased direct costs; administrative and other operating expenses rose, leading to an expanded loss for the period of HKD 4,958 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 52,356 | 49,990 | | Direct Costs | (41,251) | (36,529) | | Gross Profit | 11,105 | 13,461 | | Net Other Income and Losses | 2,222 | 68 | | Selling and Distribution Expenses | (11) | – | | Administrative and Other Operating Expenses | (15,574) | (14,936) | | Net Impairment Loss under Expected Credit Loss Model | (1,931) | – | | Finance Costs | (887) | (1,377) | | Loss Before Tax | (5,076) | (2,784) | | Income Tax Credit/(Expense) | 118 | (159) | | Loss for the Period | (4,958) | (2,943) | - Total comprehensive expense for the period was **(HKD 1,824 thousand)**, a narrowing from **(HKD 3,360 thousand)** in the prior year, primarily due to exchange differences[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 111,259 thousand, with non-current assets accounting for HKD 93,337 thousand; net current liabilities were **(HKD 123,963 thousand)**, resulting in total assets less current liabilities of **(HKD 30,626 thousand)** and total net liabilities of **(HKD 37,502 thousand)**, reflecting ongoing debt pressure Condensed Consolidated Statement of Financial Position | Metric (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current Assets | 93,337 | 89,564 | | Current Assets | 17,922 | 20,415 | | **LIABILITIES** | | | | Current Liabilities | 141,885 | 138,369 | | Non-current Liabilities | 6,876 | 7,288 | | **NET** | | | | Net Current Liabilities | (123,963) | (117,954) | | Net Liabilities | (37,502) | (35,678) | - As of June 30, 2025, cash and cash equivalents were **HKD 7,388 thousand**, a decrease from **HKD 10,189 thousand** as of December 31, 2024[6](index=6&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering company information, accounting policies, revenue breakdown, segment performance, asset and liability composition and changes, and dividend and loss per share calculations, offering essential context and details for understanding the financial statements [General Information and Basis of Preparation](index=6&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) Era Global Group Holdings Limited is a Hong Kong-listed investment holding company primarily engaged in Canadian hotel operations, and Chinese property and catering management; financial statements are presented in HKD, prepared on a going concern basis under HKAS 34, with auditors issuing a modified opinion on the 2024 annual report and noting material uncertainty regarding going concern - The Group's principal activities are hotel operations in Canada, and property and catering management in China[8](index=8&type=chunk) - The financial statements are prepared on a going concern basis, but the auditors' opinion on the 2024 annual report was modified due to scope limitations on interests in an associate and receivables, and includes a material uncertainty related to going concern[9](index=9&type=chunk)[10](index=10&type=chunk) [Principal Accounting Policies and Adoption of Revised HKFRSs](index=7&type=section&id=Principal%20Accounting%20Policies%20and%20Adoption%20of%20Revised%20HKFRSs) The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with the accounting policies and calculation methods used in the 2024 annual financial statements; the adoption of revised HKFRSs (such as HKAS 27) for the first time in this period had no significant impact on the Group's financial position or performance - The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with the accounting policies used in the 2024 annual financial statements[11](index=11&type=chunk) - The revised Hong Kong Financial Reporting Standards (including HKAS 27) adopted for the first time in this period had no significant impact on the Group's financial position or performance[12](index=12&type=chunk) [Disaggregation of Revenue from Contracts with Customers](index=8&type=section&id=Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) The Group's revenue primarily derives from hotel operations (Canada), property management (China), and catering management (China); in H1 2025, hotel operations revenue was HKD 29,723 thousand, property management HKD 19,203 thousand, and catering management HKD 3,430 thousand, totaling HKD 52,356 thousand, with revenue recognition primarily occurring over time Disaggregation of Revenue from Contracts with Customers | Revenue Source (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **By Type of Product or Service** | | | | Hotel Accommodation | 9,474 | 8,990 | | Food and Beverage (Hotel) | 13,659 | 12,177 | | Spa | 4,919 | 4,228 | | Marina | 1,215 | 1,278 | | Spa and Marina Product Sales | 456 | 424 | | Property Management | 19,203 | 18,924 | | Catering Services (China) | 3,430 | 3,969 | | **Total** | 52,356 | 49,990 | | **By Geographical Market** | | | | China | 22,633 | 22,893 | | Canada | 29,723 | 27,097 | | **Total** | 52,356 | 49,990 | - In H1 2025, revenue recognized over time was **HKD 38,232 thousand**, and revenue recognized at a point in time was **HKD 14,124 thousand**[13](index=13&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group is managed across three reportable segments: hotel operations, property management, and catering management; in H1 2025, hotel operations generated HKD 29,723 thousand revenue with a segment loss of HKD 438 thousand, property management HKD 19,203 thousand revenue with a segment loss of HKD 3,322 thousand, and catering management HKD 3,430 thousand revenue with a segment loss of HKD 2 thousand, with unallocated corporate expenses further expanding the loss before tax Segment Performance | Segment (HKD Thousand) | H1 2025 Revenue | H1 2025 Segment Profit/(Loss) | H1 2024 Revenue | H1 2024 Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations | 29,723 | (438) | 27,097 | (455) | | Property Management | 19,203 | (3,322) | 18,924 | (732) | | Catering Management | 3,430 | (2) | 3,969 | 159 | | **Total** | 52,356 | (3,762) | 49,990 | (1,028) | Segment Assets and Liabilities | Segment Assets/Liabilities (HKD Thousand) | Assets as of June 30, 2025 | Liabilities as of June 30, 2025 | Assets as of June 30, 2024 | Liabilities as of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations | 87,251 | 29,698 | 88,093 | 31,450 | | Property Management | 16,495 | 29,165 | 16,697 | 31,112 | | Catering Management | 2,874 | 2,542 | 5,747 | 2,540 | | **Total Segment** | 106,620 | 61,405 | 110,537 | 65,102 | [Loss Before Tax](index=12&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax calculation saw increases in staff costs, cost of inventories recognized as an expense, depreciation and amortization, and legal and professional fees, with staff costs rising to HKD 26,376 thousand and total depreciation to HKD 2,204 thousand Loss Before Tax Components | Item (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Staff Costs | 26,376 | 22,661 | | Cost of Inventories Recognized as an Expense | 7,038 | 6,136 | | Total Depreciation | 2,204 | 1,858 | | Amortisation of Intangible Assets | 824 | 823 | | Legal and Professional Fees | 2,688 | 2,239 | [Income Tax Credit/(Expense)](index=13&type=section&id=Income%20Tax%20Credit%2F(Expense)) For the six months ended June 30, 2025, the Group recorded an income tax credit of HKD 118 thousand, primarily due to a deferred tax credit of HKD 124 thousand for the year, offsetting a current tax expense (China corporate income tax) of HKD 6 thousand, compared to an income tax expense of HKD 159 thousand in the prior period Income Tax Credit/(Expense) | Item (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Tax - China Corporate Income Tax | (6) | (159) | | Deferred Tax - Current Year | 124 | – | | **Total** | 118 | (159) | [Dividends](index=13&type=section&id=Dividends) The Board has decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[24](index=24&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners of the company increased to **0.45 HK cents** from **0.27 HK cents** in the prior period; diluted loss per share is not presented due to the absence of outstanding potentially dilutive ordinary shares Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (HKD Thousand) | (4,958) | (2,943) | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 1,092,877 | 1,092,877 | | Basic Loss Per Share (HK Cents) | (0.45) | (0.27) | - Diluted loss per share is not presented as there were no outstanding potentially dilutive ordinary shares[26](index=26&type=chunk) [Right-of-Use Assets](index=14&type=section&id=Right-of-Use%20Assets) As of June 30, 2025, the Group's right-of-use assets had a carrying amount of HKD 6,823 thousand, primarily comprising office properties and car parks; additions for the period amounted to HKD 11 thousand, depreciation expense was HKD 580 thousand, and the assets were also affected by exchange adjustments Right-of-Use Assets Carrying Amounts | Item (HKD Thousand) | Office Properties | Car Parks | Total | | :--- | :--- | :--- | :--- | | January 1, 2024 (Audited) | 8,422 | 134 | 8,556 | | December 31, 2024 (Audited) | 7,083 | 72 | 7,155 | | June 30, 2025 (Unaudited) | 6,778 | 45 | 6,823 | - For the six months ended June 30, 2025, depreciation expense for right-of-use assets was **HKD 580 thousand**[27](index=27&type=chunk) [Intangible Assets](index=14&type=section&id=Intangible%20Assets) As of June 30, 2025, the Group's intangible assets (customer relationships) had a carrying amount of HKD 840 thousand, a decrease from HKD 1,623 thousand as of December 31, 2024; customer relationships are amortized on a straight-line basis over ten years, with a remaining useful life of half a year Intangible Assets (Customer Relationships) | Item (HKD Thousand) | Customer Relationships | | :--- | :--- | | Cost as of January 1, 2024 | 42,163 | | Cost as of June 30, 2025 | 42,184 | | Accumulated Amortisation and Impairment as of January 1, 2024 | 38,806 | | Accumulated Amortisation and Impairment as of June 30, 2025 | 41,344 | | Carrying Amount as of June 30, 2025 | 840 | | Carrying Amount as of December 31, 2024 | 1,623 | - The remaining useful life of intangible assets (customer relationships) is **half a year** (December 31, 2024: one year)[28](index=28&type=chunk) [Trade and Other Receivables](index=15&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables totaled HKD 10,222 thousand, slightly higher than HKD 9,961 thousand as of December 31, 2024; net trade receivables were HKD 6,998 thousand, with HKD 4,155 thousand due within 90 days, and credit loss provisions increased Trade and Other Receivables | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 6,998 | 8,356 | | Net Other Receivables | 3,224 | 1,605 | | **Total** | 10,222 | 9,961 | Trade Receivables Ageing | Trade Receivables Ageing (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 4,155 | 8,197 | | 91 to 180 days | 1,686 | 159 | | 181 to 365 days | 1,157 | – | | 1 to 2 years | – | – | | **Total** | 6,998 | 8,356 | - As of June 30, 2025, the provision for credit losses on trade receivables was **HKD 17,432 thousand**, an increase from **HKD 14,943 thousand** at the beginning of the period[29](index=29&type=chunk)[32](index=32&type=chunk) [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HKD 25,560 thousand, a slight decrease from HKD 26,934 thousand as of December 31, 2024; accrued expenses significantly increased to HKD 6,592 thousand, while bond interest payable and trade payables decreased Trade and Other Payables | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 2,598 | 2,878 | | Accrued Expenses | 6,592 | 1,925 | | Other Taxes Payable | 2,125 | 3,721 | | Bond Interest Payable | 916 | 3,016 | | Other Payables | 13,329 | 15,394 | | **Total** | 25,560 | 26,934 | Trade Payables Ageing | Trade Payables Ageing (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 1,213 | 1,375 | | 91 to 180 days | 755 | 1,111 | | 181 to 365 days | 471 | 239 | | Over 365 days | 159 | 153 | | **Total** | 2,598 | 2,878 | [Secured Bank Loans](index=17&type=section&id=Secured%20Bank%20Loans) As of June 30, 2025, the Group had secured bank loans of HKD 21,144 thousand, bearing interest at Canada prime rate plus 1.2% (effective rate 6.62%), collateralized by freehold land and buildings held for own use, and personally guaranteed by Mr. Choi Yun Chu; the Group has complied with all financial covenants, but the loans are still classified as current liabilities Secured Bank Loans | Loan Type | Effective Interest Rate | Maturity Date | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Floating-rate Secured Bank Loans | 6.62% (2024: 6.65%) | March 15, 2032 | 21,144 | 21,171 | - The loans are secured by freehold land and buildings held for own use with a carrying amount of approximately **HKD 78,986 thousand**, and personally guaranteed by Mr. Choi Yun Chu for **CAD 5,000,000**[36](index=36&type=chunk) - The Group has complied with all financial covenants, including the debt service coverage ratio requirement of not less than 1.25, but the loans are still classified as current liabilities[37](index=37&type=chunk) [Bonds](index=18&type=section&id=Bonds) As of June 30, 2025, the Group held total bonds of HKD 10,181 thousand; one bond with a principal of HKD 10,000 thousand and a 3% coupon rate was fully settled on May 23, 2025, while another bond with a principal of HKD 10,181 thousand and a 3% coupon rate remains outstanding as part of the consideration for acquiring a joint venture Bonds | Bond Type | Coupon Rate | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | | Settled Bonds (Note a) | 3% | – | 10,000 | | Outstanding Bonds (Note b) | 3% | 10,181 | 10,181 | | **Total** | | 10,181 | 20,181 | - An unlisted and unsecured bond with a principal of **HKD 10,000 thousand** was fully settled on May 23, 2025[39](index=39&type=chunk) [Capital Commitments](index=18&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's contracted capital commitments not reflected in the consolidated financial statements primarily consisted of unpaid registered capital for subsidiaries, amounting to approximately HKD 17,548 thousand, an increase from HKD 16,962 thousand as of December 31, 2024 Capital Commitments | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unpaid Registered Capital for Subsidiaries | 17,548 | 16,962 | [Financial Review](index=19&type=section&id=Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, including revenue growth, gross profit decline, and expanded loss, detailing liquidity, asset pledges, capital structure, staff costs, and foreign exchange risk management [Overall Financial Performance](index=19&type=section&id=Overall%20Financial%20Performance) In H1 2025, the Group's revenue increased by 4.7% year-on-year to HKD 52.4 million, driven by higher hotel operations revenue; however, gross profit decreased by 17.5% to HKD 11.1 million due to increased direct costs related to property management, and administrative expenses and expected credit losses led to a 68.5% expansion in loss for the period to HKD 5.0 million - Revenue increased by **4.7%** from approximately **HKD 50.0 million** in H1 2024 to approximately **HKD 52.4 million** in H1 2025, primarily driven by an increase of approximately **HKD 2.6 million** in hotel operations revenue[41](index=41&type=chunk) - Gross profit decreased by **HKD 2.4 million** from approximately **HKD 13.5 million** in H1 2024 to approximately **HKD 11.1 million** in H1 2025, mainly due to increased direct costs related to property management[42](index=42&type=chunk) - Loss for the period increased from approximately **HKD 2.9 million** in H1 2024 to approximately **HKD 5.0 million** in H1 2025, primarily impacted by increased administrative expenses and expected credit losses[42](index=42&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current liabilities increased to approximately HKD 124 million, and the current ratio decreased to approximately 0.13 times, indicating increased liquidity pressure; bank balances and cash decreased to approximately HKD 7.4 million Liquidity and Financial Resources | Metric (HKD Million) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 124 | 118 | Increase by 6 | | Current Ratio | 0.13 times | 0.15 times | Decrease | | Bank Balances and Cash | 7.4 | 10.2 | Decrease by 2.8 | [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged freehold land and buildings held for own use with a value of approximately HKD 75.9 million as collateral for bank financing, an increase from HKD 71.8 million as of December 31, 2024 - As of June 30, 2025, the Group pledged freehold land and buildings held for own use with a value of approximately **HKD 75.9 million** as collateral for bank financing[44](index=44&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) In H1 2025, the Group primarily supported its liquidity needs through cash generated from operations, secured bank loans, bonds, and loans from controlling shareholders - The Group supported its liquidity needs through cash generated from operations, secured bank loans, bonds, and loans from controlling shareholders[45](index=45&type=chunk) [Capital Commitments and Contingent Liabilities](index=20&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities; capital commitments primarily consisted of unpaid registered capital for subsidiaries, amounting to approximately HKD 17.5 million, a slight increase from the end of last year - As of June 30, 2025, the Group had no significant contingent liabilities[46](index=46&type=chunk) - Capital commitments for unpaid registered capital of subsidiaries amounted to approximately **HKD 17.5 million**[46](index=46&type=chunk) [Employees and Remuneration Policies](index=20&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had approximately 433 employees, with staff costs increasing by 16.4% year-on-year to approximately HKD 26.4 million, primarily due to the expansion of hotel operations and property management businesses; remuneration policies are based on industry practice, employee performance, and experience, offering discretionary bonuses and other benefits Employees and Staff Costs | Metric | June 30, 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 433 | N/A | N/A | | Staff Costs (HKD Million) | 26.4 | 22.7 | Increase by 3.7 (16.4%) | - The increase in staff costs was primarily due to the expansion of hotel operations and property management businesses[47](index=47&type=chunk) [Foreign Exchange Fluctuations and Hedging](index=20&type=section&id=Foreign%20Exchange%20Fluctuations%20and%20Hedging) The Group considers its foreign currency risk not significant, as operations in China and Canada are primarily denominated in RMB and CAD, respectively, with revenues and costs measured in the entities' functional currencies; therefore, no hedging instruments were used in H1 2025, but the Board will continue to monitor and consider future hedging needs - The Group considers its foreign currency risk not significant, primarily because its operations in China and Canada are denominated in RMB and CAD, respectively[48](index=48&type=chunk) - No forward foreign exchange contracts were entered into during H1 2025, and the Board will continue to monitor and consider hedging when necessary[48](index=48&type=chunk)[49](index=49&type=chunk) [Business Review and Outlook](index=21&type=section&id=Business%20Review%20and%20Outlook) This section provides a detailed review of the Group's three core business segments' performance and an outlook on future market conditions and company strategy; hotel operations and property management businesses achieved growth, while catering management faced challenges, and management is actively taking measures to improve financial performance and explore new business opportunities [Hotel Operations](index=21&type=section&id=Hotel%20Operations) In H1 2025, hotel operations revenue increased by 9.7% year-on-year to approximately HKD 29.7 million, accounting for 56.8% of the Group's total revenue; growth was primarily driven by higher average room rates and improved performance in the food and beverage and spa segments, with occupancy remaining at approximately 80.2% Hotel Operations Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 29.7 | 27.1 | Increase by 2.6 (9.7%) | | Percentage of Total Revenue | 56.8% | N/A | N/A | | Occupancy Rate | 80.2% | 82.2% | Slight Decrease | - Revenue growth was primarily due to higher average room rates and improved performance in the food and beverage and spa segments[50](index=50&type=chunk) [Property Management](index=21&type=section&id=Property%20Management) In H1 2025, property management revenue increased by 1.5% year-on-year to approximately HKD 19.2 million, accounting for 36.7% of the Group's total revenue; the increase was primarily attributable to higher revenue from labor dispatch services Property Management Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 19.2 | 18.9 | Increase by 0.3 (1.5%) | | Percentage of Total Revenue | 36.7% | N/A | N/A | - The increase in revenue was primarily due to higher revenue from labor dispatch services[51](index=51&type=chunk) [Catering Management](index=21&type=section&id=Catering%20Management) In H1 2025, catering management revenue decreased by 13.6% year-on-year to approximately HKD 3.4 million, accounting for 6.6% of the Group's total revenue; the revenue reduction was primarily due to a decrease in the total number of customers amid intense competition in the Chinese market Catering Management Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 3.4 | 4.0 | Decrease by 0.5 (13.6%) | | Percentage of Total Revenue | 6.6% | N/A | N/A | - The decrease in revenue was primarily due to a reduction in the total number of customers amid intense competition in the Chinese market[52](index=52&type=chunk) [Outlook](index=21&type=section&id=Outlook) Despite challenges such as economic instability and market saturation, the overall outlook for Canadian hotel operations and Chinese property management businesses remains stable; the management team is actively implementing measures to reduce operating losses, improve financial performance, and continuously explore new business opportunities to deliver shareholder returns - The overall outlook for Canadian hotel operations and Chinese property management businesses remains stable, despite challenges such as economic instability and market saturation[53](index=53&type=chunk) - The management team is implementing various measures to reduce operating losses and improve financial performance, while continuously exploring new business opportunities[54](index=54&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) This section covers other important information regarding the Group's corporate governance, directors' securities transactions, dealings in listed securities, audit committee operations, and interim report publication, emphasizing the company's commitment to high governance standards and transparency [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules, and has complied with its provisions throughout the six months ended June 30, 2025 - The Group has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules throughout the reporting period[55](index=55&type=chunk) [Standard Code for Securities Transactions by Directors](index=22&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and confirms that all directors complied with its provisions during the period ended June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors complied with its provisions during the reporting period[56](index=56&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[57](index=57&type=chunk) [Audit Committee and Review of Financial Statements](index=22&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Board's Audit Committee has reviewed and discussed accounting principles, financial reporting procedures, internal control matters, and the unaudited condensed financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting principles, standards, and requirements - The Audit Committee has reviewed and confirmed the unaudited condensed financial statements for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles[58](index=58&type=chunk) - The Audit Committee comprises three independent non-executive directors, at least one of whom possesses appropriate professional qualifications and experience in financial matters[58](index=58&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%202025%20Interim%20Report) This interim results announcement has been published on the company's website and the HKEX website; the 2025 interim report is expected to be dispatched to shareholders on or before September 30, 2025, and simultaneously published on the company's and HKEX websites - This interim results announcement has been published on the company's website and the HKEX website[59](index=59&type=chunk) - The 2025 interim report is expected to be dispatched to shareholders and published on or before September 30, 2025[59](index=59&type=chunk) [Acknowledgement](index=23&type=section&id=Acknowledgement) The Board extends its sincere gratitude to shareholders, business partners, senior management, and staff for their continued support and valuable contributions to the Group - The Board expresses its sincere gratitude to shareholders, business partners, senior management, and staff[60](index=60&type=chunk) [Board of Directors](index=23&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises four executive directors, including Mr. Choi Yun Chu (Chairman and Executive Director), and three independent non-executive directors, including Ms. Lai Cheuk Yu - As of the announcement date, the Board of Directors comprises four executive directors (Mr. Choi Yun Chu, Mr. Chan Kin, Mr. Tai Kwok Keung, Ms. Hung Hung Kai) and three independent non-executive directors (Ms. Lai Cheuk Yu, Mr. Wong Heung Yeung, Mr. Lok Hor Wai)[61](index=61&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 12,593,839 thousand, a decrease of 7.7% compared to HKD 13,639,486 thousand in 2024[4] - Profit attributable to owners of the company for the same period was HKD 263,523 thousand, down 20.2% from HKD 330,288 thousand in 2024[4] - Basic earnings per share decreased to HKD 42.11, a decline of 20.2% from HKD 52.78 in the previous year[4] - Gross profit for the six months was HKD 579,120 thousand, compared to HKD 804,243 thousand in 2024, reflecting a significant decrease[6] - Total comprehensive income for the period was HKD 368,916 thousand, down from HKD 442,720 thousand in 2024[7] - Customer contract revenue for the six months ended June 30, 2025, was HKD 12,584,609, a decrease of 7.7% from HKD 13,630,638 in 2024[14] - Total revenue for the six months ended June 30, 2025, was HKD 12,593,839, down from HKD 13,639,486 in 2024, reflecting a decline of 7.7%[16] - Revenue from the sale of electronic components and semiconductors was HKD 12,529,065 for the six months ended June 30, 2025, compared to HKD 13,569,461 in 2024, a decrease of 7.7%[14] - The company reported basic earnings per share of HKD 0.42 for the six months ended June 30, 2025, down from HKD 0.53 in 2024[21] - The company's gross profit was HKD 579,120,000, down 28% from HKD 804,243,000 year-on-year, resulting in a gross margin of 4.6% compared to 5.9% in the previous year[33] - The net profit attributable to shareholders for the same period was HKD 263,523,000, a decrease of 20.2% from HKD 330,288,000 in the prior year[33] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 15.00 per share, unchanged from the previous year[4] - The company plans to distribute an interim dividend of HKD 0.15 per share, consistent with the previous year[26] Assets and Liabilities - Current assets increased to HKD 9,317,950 thousand from HKD 9,154,134 thousand at the end of 2024, indicating improved liquidity[8] - Cash and cash equivalents rose significantly to HKD 4,507,011 thousand from HKD 2,927,070 thousand, showing a strong cash position[8] - Total liabilities decreased slightly to HKD 7,099,921 thousand from HKD 7,154,103 thousand, indicating better financial management[9] - Net assets increased to HKD 3,296,331 thousand from HKD 3,083,874 thousand, reflecting growth in shareholder equity[9] - As of June 30, 2025, the company maintained a current ratio of 131%, up from 128% at the end of 2024, and reported a net cash position of HKD 1,940,546,000, significantly higher than HKD 736,368,000 at the end of 2024[34] Cash Flow and Management - The company recorded a significant operating cash inflow of HKD 1,355,057,000 for the six months ended June 30, 2025, compared to an outflow of HKD 898,414,000 in the same period last year[34] - The company is focusing on cash flow management and capital expenditure in light of ongoing challenges from trade tensions and high interest rates[32] Customer and Revenue Concentration - The major customer, Customer A, contributed HKD 6,894,988 in revenue for the six months ended June 30, 2025, up from HKD 6,684,525 in 2024, representing an increase of 3.1%[17] - The five largest customers accounted for 66.2% of total revenue during the review period, up from 63.3% as of December 31, 2024[23] Employee and Operational Costs - The company incurred total employee costs of HKD 85,450 for the six months ended June 30, 2025, compared to HKD 88,557 in 2024, reflecting a decrease of 3.5%[19] - The company’s trade receivables aging analysis showed that HKD 585,109 was not overdue as of June 30, 2025, compared to HKD 943,715 in 2024[23] Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules, with no significant deviations noted for the six months ending June 30, 2025[40] - The audit committee has reviewed the accounting principles, internal controls, and risk management for the unaudited interim financial statements for the six months ending June 30, 2025[41] - All directors have complied with the standard code of conduct for securities trading during the six months ending June 30, 2025[42] Future Outlook and Strategy - The company aims to enhance its competitive position in the Greater China region through economies of scale and strong financial backing[32] - The company has employed approximately 500 staff in the Greater China region, ensuring competitive compensation and benefits[38] - The company plans to issue the interim report to shareholders and publish it on the Hong Kong Stock Exchange and its own website at an appropriate time[43] - The chairman expressed gratitude to all employees for their contributions during challenging times, as well as to shareholders, customers, suppliers, and business partners for their ongoing support[44]

[Company Information and Report Declaration](index=1&type=section&id=Company%20Information%20and%20Report%20Declaration) [Company Profile and Board Declaration](index=1&type=section&id=Company%20Profile%20and%20Board%20Declaration) RMH HOLDINGS LIMITED (Des Holdings Limited) announced its unaudited interim results for the six months ended June 30, 2025, with the Board confirming the announcement's accuracy and completeness - Company Name: RMH HOLDINGS LIMITED (Des Holdings Limited), Stock Code: **8437**[2](index=2&type=chunk) - Reporting Period: Unaudited results for the six months ended June 30, 2025[2](index=2&type=chunk) - The Board confirms the announcement complies with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited and assumes full responsibility for its accuracy, completeness, and non-misleading nature[2](index=2&type=chunk)[3](index=3&type=chunk) [GEM Market Characteristics and Risk Warning](index=2&type=section&id=GEM%20Market%20Characteristics%20and%20Risk%20Warning) The GEM market, a listing platform for SMEs, entails higher investment risks, significant market volatility, and no guaranteed liquidity - The GEM market is designed for small and medium-sized companies, with investment risks higher than other listed companies on the Stock Exchange[5](index=5&type=chunk)[9](index=9&type=chunk) - GEM securities may experience significant market volatility, and a highly liquid market cannot be guaranteed[6](index=6&type=chunk)[9](index=9&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this report's content and make no statement regarding its accuracy or completeness[7](index=7&type=chunk)[9](index=9&type=chunk) [Financial Highlights and Performance Overview](index=3&type=section&id=Financial%20Highlights%20and%20Performance%20Overview) [Summary of Key Financial Data](index=3&type=section&id=Summary%20of%20Key%20Financial%20Data) For the six months ended June 30, 2025, the Group's revenue decreased, shifting from profit to loss, with lower EPS and no interim dividend Key Financial Data for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,094 | 2,357 | (263) | -11.2% | | (Loss) Profit | (387) | 879 | (1,266) | -144.0% | | Earnings per Share (Singapore cents) | 0.03 | 0.08 | (0.05) | -62.5% | - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, Group revenue was S$2,094 thousand, a **11.2%** decrease year-on-year, turning from a S$879 thousand profit to a S$387 thousand loss, mainly due to significantly reduced other operating income and increased costs Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,094 | 2,357 | (263) | -11.2% | | Other operating income | 181 | 2,833 | (2,652) | -93.6% | | Employee benefit expenses | (928) | (1,119) | 191 | -17.1% | | Other operating expenses | (738) | (1,822) | 1,084 | -59.5% | | Finance costs | (133) | (81) | (52) | 64.2% | | (Loss) Profit before tax | (387) | 879 | (1,266) | -144.0% | | (Loss) Profit for the period | (387) | 879 | (1,266) | -144.0% | | (Loss) Profit attributable to owners of the Company | (377) | 1,180 | (1,557) | -132.0% | - Other comprehensive income (expense) for the period was **S$682 thousand**, primarily from exchange differences on translating foreign operations, compared to an expense of **S$215 thousand** in the prior period[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were S$277 thousand, total current assets were S$4,640 thousand, with net current liabilities of S$19,592 thousand and net liabilities of S$24,200 thousand, indicating significant going concern uncertainty Condensed Consolidated Statement of Financial Position (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 277 | 345 | (68) | -19.7% | | Current assets | 4,640 | 3,622 | 1,018 | 28.1% | | Current liabilities | 24,232 | 23,782 | 450 | 1.9% | | Net current liabilities | (19,592) | (20,160) | 568 | -2.8% | | Net liabilities | (24,200) | (24,412) | 212 | -0.9% | | Cash and cash equivalents | 557 | 566 | (9) | -1.6% | | Trade and other receivables | 3,468 | 2,402 | 1,066 | 44.4% | | Trade and other payables | 18,601 | 18,616 | (15) | -0.1% | | Borrowings | 584 | 112 | 472 | 421.4% | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **S$19,592 thousand**, and cash and cash equivalents were insufficient to settle outstanding balances, indicating significant uncertainty regarding its ability to continue as a going concern[17](index=17&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the deficit in equity attributable to owners of the Company decreased from **S$19,496 thousand** at the beginning of the year to **S$19,274 thousand**, primarily due to a **S$377 thousand** loss for the period and **S$682 thousand** in other comprehensive income Condensed Consolidated Statement of Changes in Equity (Summary) | Item | January 1, 2025 (S$'000) | June 30, 2025 (S$'000) | Change (S$'000) | | :--- | :--- | :--- | :--- | | Deficit in equity attributable to owners of the Company | (19,496) | (19,274) | 222 | | Non-controlling interests | (4,916) | (4,926) | (10) | | Total deficit | (24,412) | (24,200) | 212 | | Profit (Loss) for the period | - | (377) | (377) | | Other comprehensive expense for the period | - | 678 | 678 | - Exchange fluctuation reserve increased from **S$70 thousand** at the beginning of the year to **S$752 thousand**, reflecting a positive impact from exchange differences[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities was S$1,358 thousand, compared to a net inflow of S$7,260 thousand in the prior period; there was no cash outflow from investing activities, and net cash inflow from financing activities was S$739 thousand, with cash and cash equivalents at period-end of S$557 thousand Condensed Consolidated Statement of Cash Flows (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | | :--- | :--- | :--- | :--- | | Cash (used in) generated from operating activities | (1,358) | 7,260 | (8,618) | | Cash (used in) generated from investing activities | – | (6,463) | 6,463 | | Cash used in financing activities | 739 | (330) | 1,069 | | Net (decrease) increase in cash and cash equivalents | (619) | 447 | (1,066) | | Cash and cash equivalents at end of period | 557 | 558 | (1) | - Cash outflow from operating activities was primarily due to loss before tax and an increase in trade and other receivables[20](index=20&type=chunk) - Cash inflow from financing activities mainly resulted from **S$1,392 thousand** in borrowings, partially offset by repayment of lease liabilities[21](index=21&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=11&type=section&id=General%20Information) The Company was incorporated in the Cayman Islands on March 22, 2017, and listed on GEM of the Stock Exchange on October 13, 2017, with its Hong Kong headquarters at Cosco Tower, 183 Queen's Road Central - The Company was incorporated as an exempted company in the Cayman Islands on March 22, 2017[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company's shares have been listed on GEM of the Stock Exchange since October 13, 2017[23](index=23&type=chunk)[24](index=24&type=chunk) [Basis of Preparation and Going Concern](index=12&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) The condensed consolidated financial statements are prepared in accordance with IFRSs and presented in Singapore Dollars; as of June 30, 2025, the Group had net current liabilities of approximately S$19,592 thousand and insufficient cash to settle debts, indicating significant going concern uncertainty, which management is addressing through various measures including accelerated receivables collection, communication with liquidators, business streamlining, and seeking new financing - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and presented in Singapore Dollars (S$)[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **S$19,592 thousand**, and cash and cash equivalents of approximately **S$557 thousand** were insufficient to immediately settle debts, raising significant doubt about its ability to continue as a going concern[27](index=27&type=chunk)[29](index=29&type=chunk) - Management has implemented several measures to mitigate liquidity pressure and support going concern, including: - Accelerating the collection of trade and other receivables to replenish liquidity[33](index=33&type=chunk) - Actively communicating with Singapore liquidators and financial institutions to verify debt responsibilities and guarantee obligations[34](index=34&type=chunk) - Streamlining non-core businesses and assets, expanding new segments to improve asset utilization efficiency, and reducing operating costs[36](index=36&type=chunk) - Actively seeking other financing options, including introducing new investors, subscribing to debt instruments or new shares, to settle existing debts and support future operations and capital expenditures[36](index=36&type=chunk) [Adoption of New and Revised Standards](index=15&type=section&id=Adoption%20of%20New%20and%20Revised%20Standards) During the period, the Group adopted all relevant and effective new and revised International Financial Reporting Standards, which did not significantly impact accounting policies or financial statement amounts, and management anticipates no material impact from future IFRSs adoption - The Group has adopted all relevant new and revised International Financial Reporting Standards effective for annual periods beginning on or after January 1, 2024[38](index=38&type=chunk)[40](index=40&type=chunk) - The adoption of these standards did not result in changes to accounting policies or have a significant impact on the amounts reported for the current or prior years[38](index=38&type=chunk)[40](index=40&type=chunk) [Critical Accounting Estimates and Judgements](index=16&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) The Group continuously evaluates critical accounting estimates and judgments based on historical experience and reasonable expectations of future events, with significant judgments and estimation uncertainties in the current period being similar to those in the 2024 annual report - Estimates and judgments are made based on past experience and reasonable expectations of future events and are continuously evaluated[41](index=41&type=chunk)[43](index=43&type=chunk) - Significant judgments and sources of estimation uncertainty made by management in applying accounting policies during the current period are similar to those described in the annual report for the year ended December 31, 2024[42](index=42&type=chunk)[43](index=43&type=chunk) [Revenue and Segment Information](index=17&type=section&id=Revenue%20and%20Segment%20Information) For the six months ended June 30, 2025, the Group's total revenue decreased by **11.2%** year-on-year to **S$2,094 thousand**, with treatment services revenue significantly increasing by **110.3%** to **S$1,306 thousand** (62.4% of total revenue), dental services revenue decreasing by **13.9%** to **S$788 thousand**, and trade sales revenue being zero compared to **S$820 thousand** in the prior period Revenue Breakdown and Segment Revenue (Summary) | Business Segment | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | 2025 % of Total | 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Treatment services | 1,306 | 621 | 685 | 110.3% | 62.4% | 26.3% | | Dental services | 788 | 916 | (128) | -13.9% | 37.6% | 38.9% | | Trade sales | – | 820 | (820) | -100.0% | 0.0% | 34.8% | | **Total** | **2,094** | **2,357** | **(263)** | **-11.2%** | **100.0%** | **100.0%** | - Revenue from treatment services is recognized "over time," while revenue from dental services and trade sales is recognized "at a point in time"[46](index=46&type=chunk) - The treatment services segment turned from a loss to a profit, while the dental services and trade sales segments saw expanded losses[48](index=48&type=chunk) [Other Operating Income](index=18&type=section&id=Other%20Operating%20Income) For the six months ended June 30, 2025, other operating income significantly decreased by **93.6%** to **S$181 thousand**, primarily due to a large reversal of impairment losses and foreign exchange gains in the prior period Other Operating Income (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other income | 181 | 27 | 154 | 570.4% | | Foreign exchange gains | – | 162 | (162) | -100.0% | | Reversal of impairment losses | – | 2,644 | (2,644) | -100.0% | | **Total** | **181** | **2,833** | **(2,652)** | **-93.6%** | - The prior period included a **S$2,644 thousand** reversal of impairment losses, which was absent in the current period[50](index=50&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs increased by **64.2%** year-on-year to **S$133 thousand**, mainly due to increased interest expenses on lease liabilities Finance Costs (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest expense on borrowings | 15 | 9 | 6 | 66.7% | | Interest expense on lease liabilities | 118 | 72 | 46 | 63.9% | | **Total** | **133** | **81** | **52** | **64.2%** | [Loss Before Tax](index=19&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the loss before tax was **S$387 thousand**, with major expenses including **S$214 thousand** in professional and consulting fees and **S$928 thousand** in employee benefit expenses Loss Before Tax by Deducted Items (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Professional and consulting fees | 214 | 964 | (750) | -77.8% | | Directors' remuneration | 189 | 202 | (13) | -6.4% | | Other staff costs (salaries, bonuses and other benefits) | 718 | 890 | (172) | -19.3% | | Contributions to retirement benefit schemes | 21 | 27 | (6) | -22.2% | | **Total employee benefit expenses** | **928** | **1,119** | **(191)** | **-17.1%** | - Professional and consulting fees significantly decreased by **77.8%** year-on-year, positively contributing to loss reduction[52](index=52&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) No income tax expense was provided for continuing operations in the current or prior periods, with Hong Kong profits tax at **16.5%** and Chinese subsidiary corporate income tax at **25%** - No income tax was provided for continuing operations in the current or prior periods[53](index=53&type=chunk)[56](index=56&type=chunk) - Hong Kong profits tax rate is **16.5%**, and the corporate income tax rate for Chinese subsidiaries is **25%**[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Earnings (Loss) Per Share](index=20&type=section&id=Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, earnings per share attributable to owners of the Company were **S$0.03 cents**, a significant decrease from **S$0.08 cents** in the prior period, with no potential dilutive ordinary shares during the period Earnings (Loss) Per Share | Item | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (S$'000) | 305 | 965 | (660) | | Weighted average number of ordinary shares (thousands) | 1,082,258 | 1,282,007 | (199,749) | | Earnings per Share (Singapore cents) | 0.03 | 0.08 | (0.05) | - No potential dilutive ordinary shares were issued for the six months ended June 30, 2025 and 2024, thus no diluted loss per share information is presented[59](index=59&type=chunk)[63](index=63&type=chunk) [Dividends](index=21&type=section&id=Dividends) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[60](index=60&type=chunk)[64](index=64&type=chunk) [Property, Plant and Equipment](index=21&type=section&id=Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group did not acquire any property, plant and equipment, compared to **S$1,760 thousand** acquired in the prior period - For the six months ended June 30, 2025, the Group acquired **S$0** in property, plant and equipment (2024: **S$1,760 thousand**)[61](index=61&type=chunk)[65](index=65&type=chunk) [Intangible Assets](index=21&type=section&id=Intangible%20Assets) Intangible assets primarily refer to software purchased from suppliers, with an estimated useful life of 5 years - Intangible assets refer to software purchased from vendors, with an estimated useful life of 5 years[62](index=62&type=chunk)[66](index=66&type=chunk) [Right-of-use Assets](index=22&type=section&id=Right-of-use%20Assets) As of June 30, 2025, the carrying amount of right-of-use assets was **S$42 thousand**, a decrease from **S$61 thousand** as of December 31, 2024, mainly due to exchange adjustments Right-of-use Assets (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Cost | 4,883 | 5,126 | | Accumulated depreciation | 4,841 | 5,065 | | Carrying amount | 42 | 61 | - Both cost and accumulated depreciation decreased due to exchange adjustments[68](index=68&type=chunk) [Trade and Other Receivables](index=23&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to **S$3,468 thousand**, a **44.4%** increase from December 31, 2024; trade receivables significantly increased, with a high proportion over 90 days past due, and the Group made loss provisions for trade and some other receivables Trade and Other Receivables (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 2,520 | 705 | 1,815 | 257.4% | | Deposits | – | 2,099 | (2,099) | -100.0% | | Prepayments | 349 | 301 | 48 | 15.9% | | Other receivables (net of loss allowance) | 599 | (703) | 1,302 | -185.2% | | **Total** | **3,468** | **2,402** | **1,066** | **44.4%** | - The average credit period for trade receivables is **90 days**[70](index=70&type=chunk)[71](index=71&type=chunk) Ageing Analysis of Trade Receivables (Based on Invoice Date) | Ageing | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | 0–30 days | 13 | – | | Over 90 days | 2,507 | 705 | | **Total** | **2,520** | **705** | [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **S$18,601 thousand**, largely consistent with December 31, 2024; other payables primarily include amounts due to Singapore liquidating subsidiaries, for which the Group has received demand letters and is negotiating repayment Trade and Other Payables (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 112 | 104 | 8 | 7.7% | | Accrued expenses | 2,501 | 2,594 | (93) | -3.6% | | Other payables | 13,484 | 13,226 | 258 | 2.0% | | Amounts due to directors | 1,053 | 1,105 | (52) | -4.7% | | Contract liabilities | 1,451 | 1,587 | (136) | -8.6% | | **Total** | **18,601** | **18,616** | **(15)** | **-0.1%** | - Other payables primarily include **S$6,945 thousand** due to Singapore liquidating subsidiaries; the Group has received demand letters from the liquidator for **S$6,800 thousand** and is negotiating repayment[77](index=77&type=chunk)[78](index=78&type=chunk) Ageing Analysis of Trade Payables (Based on Invoice Date) | Ageing | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | 0–30 days | 7 | 35 | | Over 90 days | 105 | 69 | | **Total** | **112** | **104** | [Lease Liabilities](index=26&type=section&id=Lease%20Liabilities) As of June 30, 2025, total lease liabilities amounted to **S$3,519 thousand**, with **S$963 thousand** due within 12 months Lease Liabilities (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Amounts payable within 12 months | 963 | 970 | (7) | -0.7% | | Amounts payable after 12 months | 2,556 | 3,202 | (646) | -20.2% | | **Total** | **3,519** | **4,172** | **(653)** | **-15.6%** | [Financial Guarantee Liabilities](index=27&type=section&id=Financial%20Guarantee%20Liabilities) As of June 30, 2025, the Company provided corporate guarantees totaling **S$6,000 thousand** for bank financing to Singapore liquidating subsidiaries, of which **S$4,076 thousand** was utilized; due to the subsidiaries' failure to repay, the Company has made full provision for the outstanding principal and accrued interest - The Company provided corporate guarantees totaling **S$6,000 thousand** for bank financing to Singapore liquidating subsidiaries, of which **S$4,076 thousand** has been utilized[83](index=83&type=chunk)[84](index=84&type=chunk) - Due to the subsidiaries' failure to repay, the Company has made full provision for the outstanding principal and accrued interest[83](index=83&type=chunk)[84](index=84&type=chunk) - The related borrowings bear interest at fixed annual rates ranging from **3% to 4.5%**[83](index=83&type=chunk)[84](index=84&type=chunk) [Share Capital](index=27&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was **500,000,000 shares** with a par value of **HK$0.20**, totaling **HK$100,000 thousand**; issued and fully paid share capital was **66,600,000 shares**, amounting to **S$2,303 thousand**, with no new shares issued during the period Share Capital Details | Item | Number of Shares | Par Value (HK$) | Share Capital (HK$'000) | | :--- | :--- | :--- | :--- | | Authorized share capital | 500,000,000 | 0.20 | 100,000 | | Issued and fully paid shares | 66,600,000 | - | 2,303 (S$'000) | - As of June 30, 2025, the number of issued and fully paid shares and the share capital amount remained unchanged from December 31, 2024, with no new shares issued during the period[88](index=88&type=chunk) [Related Party Transactions](index=28&type=section&id=Related%20Party%20Transactions) As of June 30, 2025, the Group's amount payable to related party Guangdong Tianban Grand Health Industry Co., Ltd. was **S$2,329 thousand**, an increase from December 31, 2024; this amount is unsecured, interest-free, and repayable by March 5, 2027 Related Party Balances (Summary) | Related Party Name | Relationship | Nature of Business | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Tianban Grand Health Industry Co., Ltd. | Related party | Amount payable to a related party | 2,329 | 1,395 | - The amount payable to the related party is unsecured, interest-free, and repayable by March 5, 2027[91](index=91&type=chunk) - This related party is jointly controlled by a legal person of a domestic subsidiary[91](index=91&type=chunk) [Management Discussion and Analysis](index=30&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=30&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Company's revenue decreased by **11.2%** year-on-year, primarily due to changes in business structure in 2025 and reduced contributions from Hong Kong healthcare products; current revenue mainly stems from Hong Kong treatment services, Hong Kong healthcare products, and mainland China dental clinics - The Company's revenue decreased by **11.2%** year-on-year, mainly due to changes in business structure in 2025[93](index=93&type=chunk)[96](index=96&type=chunk) - Since December 2024, the Group's revenue contributions primarily come from original Hong Kong treatment services, Hong Kong healthcare products, and dental clinics in mainland China, with a reduced contribution from Hong Kong healthcare products[93](index=93&type=chunk)[96](index=96&type=chunk) [Business Outlook](index=30&type=section&id=Business%20Outlook) The Group primarily operates in dental implant and dermatological medical aesthetics and treatment services, with a two-year business development plan in place; the Company sees significant potential in the mainland China and Hong Kong markets, considers its current business model viable, and plans to focus resources on dental and dermatological services while maintaining a prudent and proactive investment strategy - The Group primarily operates in dental implant and dermatological medical aesthetics and treatment services, having formulated a two-year business development plan and operational objectives in 2023[94](index=94&type=chunk)[97](index=97&type=chunk) - For the six months ended June 30, 2025, dental services revenue accounted for approximately **37.6%** of total revenue, and dermatological medical aesthetics and treatment services revenue accounted for approximately **62.4%**[94](index=94&type=chunk)[97](index=97&type=chunk) - The Company believes the vast population base and aging trend in mainland China and Hong Kong offer broad market space for future development, and its existing business model is viable and effective[95](index=95&type=chunk)[97](index=97&type=chunk) - The Company will concentrate its main resources to actively support and promote the continuous development of dental business and dermatological medical aesthetics and treatment services, while maintaining a prudent and proactive investment strategy[98](index=98&type=chunk)[100](index=100&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) This section provides a detailed review of the Group's financial performance for the six months ended June 30, 2025, including revenue composition, changes in costs and expenses, and their impact on the loss for the period [Revenue Analysis](index=31&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, the Group's total revenue decreased by **11.2%** year-on-year to **S$2,094 thousand**; treatment services revenue significantly increased by **110.3%** to **S$1,306 thousand**, becoming the primary income source; dental services revenue decreased by **13.9%** to **S$788 thousand**; and trade sales revenue was zero, compared to **S$820 thousand** in the prior period Revenue Details | Business Type | June 30, 2025 (S$'000) | % of Total | June 30, 2024 (S$'000) | % of Total | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Treatment services | 1,306 | 62.4 | 621 | 26.3 | 685 | 110.3% | | Dental services | 788 | 37.6 | 916 | 38.9 | (128) | -13.9% | | Trade sales | – | – | 820 | 34.8 | (820) | -100.0% | | **Total** | **2,094** | **100.0** | **2,357** | **100.0** | **(263)** | **-11.2%** | - The decrease in trade sales revenue (primarily from stem cell supplements and other medical products) from **S$820 thousand** to **S$0** was the main reason for the overall revenue decline[104](index=104&type=chunk)[108](index=108&type=chunk) [Consumables and Medical Supplies Used](index=32&type=section&id=Consumables%20and%20Medical%20Supplies%20Used) For the six months ended June 30, 2025, the cost of consumables and medical supplies used was **S$494 thousand**, a slight year-on-year decrease consistent with reduced revenue from prescription and dispensing services; costs are primarily influenced by quantities used and procurement costs Cost of Consumables and Medical Supplies Used | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Consumables and medical supplies used | 494 | 519 | (25) | -4.8% | - The decrease in cost is consistent with the reduction in revenue generated from prescription and dispensing services[105](index=105&type=chunk)[109](index=109&type=chunk) - Costs are primarily influenced by the quantity of medicines and consumables used and their procurement costs, depending on the number of patient visits, treatment procedures, and complexity[106](index=106&type=chunk)[109](index=109&type=chunk) [Other Operating Income](index=32&type=section&id=Other%20Operating%20Income) For the six months ended June 30, 2025, other operating income was **S$181 thousand**, a significant decrease from **S$2,833 thousand** in the prior period, mainly due to a large reversal of impairment losses on investments in joint ventures and foreign exchange gains in the prior period Other Operating Income Composition | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Other income | 181 | 27 | | Foreign exchange gains | – | 162 | | Reversal of impairment losses | – | 2,644 | | **Total** | **181** | **2,833** | - The prior period included a **S$2,644 thousand** reversal of impairment losses and **S$162 thousand** in foreign exchange gains, both absent in the current period[50](index=50&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk) [Other Direct Costs](index=33&type=section&id=Other%20Direct%20Costs) Other direct costs primarily consist of laboratory fees for outsourced blood, urine, and other testing services, as the Group opts for outsourcing due to insufficient internal demand to support related investments - Other direct costs primarily arise from laboratory fees for providing patient blood, urine, and other testing services[111](index=111&type=chunk)[114](index=114&type=chunk) - The Group chooses to outsource medical testing services because internal demand is insufficient to support the necessary investment in developing expertise and internal infrastructure[112](index=112&type=chunk)[114](index=114&type=chunk) [Employee Benefit Expenses](index=33&type=section&id=Employee%20Benefit%20Expenses) For the six months ended June 30, 2025, employee benefit expenses were **S$928 thousand**, a **17.1%** year-on-year decrease, while the total number of employees increased from **33** in the prior period to **38** Employee Benefit Expenses Composition | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Directors' remuneration | 189 | 202 | (13) | -6.4% | | Other staff costs (salaries, bonuses and other benefits) | 718 | 890 | (172) | -19.3% | | Contributions to retirement benefit schemes | 21 | 27 | (6) | -22.2% | | **Total employee benefit expenses** | **928** | **1,119** | **(191)** | **-17.1%** | - As of June 30, 2025, the total number of employees (excluding directors) was **38**, an increase from **33** in the prior period[117](index=117&type=chunk)[118](index=118&type=chunk) [Depreciation of Property, Plant and Equipment](index=34&type=section&id=Depreciation%20of%20Property,%20Plant%20and%20Equipment) Depreciation is calculated using the straight-line method, primarily covering professional medical equipment, computer office equipment, and leasehold improvements; depreciation methods, useful lives, and residual values are regularly reviewed - Depreciation is recognized on a straight-line basis over the estimated useful lives of each component of property, plant and equipment[118](index=118&type=chunk)[120](index=120&type=chunk) - Key categories include: - Professional equipment, mainly medical equipment used in clinics (e.g., skin laser equipment)[121](index=121&type=chunk) - Computer and office equipment used for operations at various premises[121](index=121&type=chunk) - Leasehold improvements for leased operational premises[121](index=121&type=chunk) - Depreciation methods, useful lives, and residual values are reviewed and adjusted at each reporting period end, with medical and office equipment generally depreciated over three to five years[119](index=119&type=chunk)[120](index=120&type=chunk) [Depreciation of Right-of-use Assets](index=35&type=section&id=Depreciation%20of%20Right-of-use%20Assets) Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset, with increased depreciation primarily due to the adoption of new accounting standards - Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset[122](index=122&type=chunk)[127](index=127&type=chunk) - The increase in depreciation is primarily due to the adoption of new accounting standards[122](index=122&type=chunk)[127](index=127&type=chunk) [Other Operating Expenses](index=35&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly decreased by **59.5%** year-on-year to **S$738 thousand**, primarily including rent and property maintenance, administrative fees, and professional and consulting fees Other Operating Expenses | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other operating expenses | 738 | 1,822 | (1,084) | -59.5% | - Other operating expenses include rent and property maintenance, administrative fees, professional and consulting fees, net foreign exchange losses, and other expenses[123](index=123&type=chunk)[128](index=128&type=chunk) [Finance Costs](index=35&type=section&id=Finance%20Costs) Finance costs are primarily attributable to interest expenses on term loans and lease liabilities under IFRS 16 - Finance costs comprise interest expenses on term loans and lease liabilities under IFRS 16[124](index=124&type=chunk)[129](index=129&type=chunk) [Income Tax Expense](index=35&type=section&id=Income%20Tax%20Expense) No provision for income tax expense was made for the six months ended June 30, 2025 - No provision for income tax expense was made for the six months ended June 30, 2025[125](index=125&type=chunk)[130](index=130&type=chunk) [Loss for the Period](index=35&type=section&id=Loss%20for%20the%20Period) Due to the combined impact of the aforementioned factors, the Group recorded a loss of **S$387 thousand** for the six months ended June 30, 2025, a **144%** significant decrease from a profit of **S$879 thousand** in the prior period (Loss) Profit for the Period | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | (Loss) Profit for the period | (387) | 879 | (1,266) | -144.0% | - The loss for the period was primarily influenced by the combined effects of decreased revenue, significantly reduced other operating income, and increased finance costs[131](index=131&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[132](index=132&type=chunk)[136](index=136&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=36&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total deficit was **S$24,200 thousand**, with net current liabilities of **S$19,592 thousand**; the Group primarily funds its operations through internal cash flow, bank loans, and new share issuance, with an asset-liability ratio of **120.32%** and a net cash outflow from operating activities of **S$1,358 thousand** - As of June 30, 2025, the Group's total deficit was approximately **S$24,200 thousand** (December 31, 2024: **S$24,412 thousand**)[134](index=134&type=chunk)[137](index=137&type=chunk) - The Group primarily funds its operations through internally generated cash flows, bank loans, and the issuance of new shares[134](index=134&type=chunk)[137](index=137&type=chunk) Capital Structure and Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank balances and cash | S$557 thousand | S$566 thousand | | Net current liabilities | S$19,592 thousand | S$20,160 thousand | | Asset-liability ratio | 120.32% | 116.3% | | Net cash from operating activities | (S$1,358) thousand | S$7,260 thousand | [Material Investments, Major Acquisitions and Disposals of Subsidiaries](index=37&type=section&id=Material%20Investments,%20Major%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group primarily transferred a joint venture to the subsidiary's consolidated financial statements - For the six months ended June 30, 2025, the Group primarily transferred a joint venture to the subsidiary's consolidated financial statements[138](index=138&type=chunk)[142](index=142&type=chunk) [Foreign Exchange Risk](index=37&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in Singapore, Hong Kong, and mainland China, with transactions settled in Singapore Dollars and Hong Kong Dollars; management believes the Group's business is not exposed to significant foreign exchange risk as there are no material financial assets or liabilities denominated in currencies other than the functional currency of the operating entities, and no foreign currency hedging was undertaken in historical periods - The Group primarily conducts business in Singapore, Hong Kong, and mainland China, with most transactions settled in Singapore Dollars and Hong Kong Dollars, respectively[139](index=139&type=chunk)[143](index=143&type=chunk) - Management believes the business is not exposed to any significant foreign exchange risk, as there are no material financial assets or liabilities denominated in currencies other than the respective functional currencies of the operating entities[139](index=139&type=chunk)[143](index=143&type=chunk) - No foreign currency hedging was undertaken during the historical record period[139](index=139&type=chunk)[143](index=143&type=chunk) [Future Plans for Material Investments and Capital Assets](index=37&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group will continue to diversify its services and product offerings through mergers and acquisitions to meet medical, health, and beauty needs, actively seeking acquisition targets and cooperation opportunities, especially in Hong Kong, the Greater Bay Area, Singapore, and ASEAN regions - The Group will continue to diversify its services and product offerings through mergers and acquisitions to meet individuals' medical, health, and beauty needs[140](index=140&type=chunk)[144](index=144&type=chunk) - It will actively seek acquisition targets and cooperation opportunities to explore further collaborations in Hong Kong, the Greater Bay Area, Singapore, and ASEAN[140](index=140&type=chunk)[144](index=144&type=chunk) [Contingent Liabilities](index=37&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[141](index=141&type=chunk)[145](index=145&type=chunk) [Employees and Remuneration Policies](index=38&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had **38** employees (excluding doctors), with staff costs of **S$928 thousand**; remuneration is determined based on market compensation, job performance, time commitment, and responsibilities, with internal/external training and year-end discretionary bonuses provided to attract and retain talent - As of June 30, 2025, the Group had **38** employees (including part-time staff but excluding doctors), an increase from **33** in the prior period[146](index=146&type=chunk)[148](index=148&type=chunk) Staff Costs | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Staff costs (including directors' remuneration) | 928 | 1,119 | - Remuneration is determined based on comparable market compensation, job performance, time commitment, and individual responsibilities, with training and year-end discretionary bonuses provided to attract and retain talent[146](index=146&type=chunk)[148](index=148&type=chunk) [Pledge of the Group's Assets](index=38&type=section&id=Pledge%20of%20the%20Group's%20Assets) As of June 30, 2025, and December 31, 2024, the Group had no pledged assets - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[147](index=147&type=chunk)[149](index=149&type=chunk) [Corporate Governance and Other Information](index=39&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=39&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Li Zongshun, the Company's Vice Chairman, held a long position of **300,000** ordinary shares, representing approximately **0.45%** of the share capital; other directors and chief executives held no other disclosable interests or short positions in shares, underlying shares, or debentures Directors' Long Positions in the Company's Ordinary Shares | Director Name | Nature of Interest | Number of Shares | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Li Zongshun | Beneficial owner | 300,000 | 0.45% | - Mr. Li Zongshun's shareholding is adjusted based on the share consolidation effective November 26, 2024[153](index=153&type=chunk)[154](index=154&type=chunk) - Save as disclosed above, no other directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures required to be disclosed under the Securities and Futures Ordinance[155](index=155&type=chunk)[157](index=157&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=40&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Dr. Loh Teck Hiong and his spouse Ms. Fung Yuen Yee held **10,501,200** shares through Brisk Success, representing **15.77%** equity; Mr. Li Mingcheng held **6,648,400** shares through HK MZ Health Investment Management Group Limited, representing **9.98%** equity, and beneficially owned **34,800** shares Substantial Shareholders' Long Positions in the Company's Ordinary Shares | Shareholder Name/Name | Capacity/Nature of Interest | Number of Shares Interested | % of the Company's Interest | | :--- | :--- | :--- | :--- | | Loh Teck Hiong | Interest in controlled corporation | 10,501,200 | 15.77% | | Brisk Success | Beneficial owner | 10,501,200 | 15.77% | | Fung Yuen Yee | Spouse's interest | 10,501,200 | 15.77% | | Li Mingcheng | Interest in controlled corporation | 6,648,400 | 9.98% | | Li Mingcheng | Beneficial owner | 34,800 | 0.05% | | HK MZ Health Investment Management Group Limited | Beneficial owner | 6,648,400 | 9.98% | - Dr. Loh Teck Hiong holds **70%** equity in Brisk Success and is therefore deemed to have an interest in the shares held by Brisk Success[160](index=160&type=chunk) - Ms. Fung Yuen Yee, as Dr. Loh Teck Hiong's spouse, is deemed to have an interest in all shares in which Dr. Loh has an interest[160](index=160&type=chunk) [Compliance with the Model Code](index=42&type=section&id=Compliance%20with%20the%20Model%20Code) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers under the GEM Listing Rules, and all directors have confirmed compliance with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[162](index=162&type=chunk)[166](index=166&type=chunk) - All directors have confirmed compliance with the Model Code for the six months ended June 30, 2025[162](index=162&type=chunk)[166](index=166&type=chunk) [Corporate Governance Practices](index=42&type=section&id=Corporate%20Governance%20Practices) The Board is committed to achieving high standards of corporate governance, has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules, and confirms compliance with all applicable code provisions for the six months ended June 30, 2025 - The Board is committed to achieving high standards of corporate governance to manage business risks, enhance transparency, achieve high levels of accountability, and protect stakeholders' interests[163](index=163&type=chunk)[167](index=167&type=chunk) - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules as its own corporate governance code[164](index=164&type=chunk)[167](index=167&type=chunk) - The Company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2025[164](index=164&type=chunk)[167](index=167&type=chunk) [Share Option Scheme](index=43&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on September 22, 2017; for the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled, with **600,000** options remaining unexercised at period-end and zero options available for grant - The Company adopted a share option scheme on September 22, 2017[168](index=168&type=chunk)[169](index=169&type=chunk) - For the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the share option scheme[168](index=168&type=chunk)[169](index=169&type=chunk) Share Option Movements (Summary) | Item | January 1, 2025 | Granted | Exercised | Lapsed | Cancelled | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employee share options | 600,000 | – | – | – | – | 600,000 | [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[171](index=171&type=chunk)[174](index=174&type=chunk) [Rights to Acquire Shares or Debentures by Directors](index=44&type=section&id=Rights%20to%20Acquire%20Shares%20or%20Debentures%20by%20Directors) For the six months ended June 30, 2025, no rights to acquire benefits through the acquisition of Company shares or debentures were granted to or exercised by any director or their spouse/minor children, nor did the Company enter into any related arrangements - For the six months ended June 30, 2025, no rights to acquire benefits through the acquisition of the Company's shares or debentures were granted to or exercised by any director or their respective spouses or children under 18 years of age[172](index=172&type=chunk)[175](index=175&type=chunk) - Neither the Company, its holding company, nor any of its subsidiaries or fellow subsidiaries entered into any arrangements enabling directors to acquire such rights in any other body corporate[172](index=172&type=chunk)[175](index=175&type=chunk) [Compliance with the Code of Conduct for Securities Transactions by Directors](index=44&type=section&id=Compliance%20with%20the%20Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions that is no less exacting than the GEM Listing Rules, and all directors have confirmed continuous compliance with this code for the six months ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules[173](index=173&type=chunk)[176](index=176&type=chunk) - All directors confirmed continuous compliance with the required dealing standards and the Company's adopted code of conduct throughout the six months ended June 30, 2025[173](index=173&type=chunk)[176](index=176&type=chunk) [Compliance with Non-Competition Undertaking](index=45&type=section&id=Compliance%20with%20Non-Competition%20Undertaking) The independent non-executive directors have reviewed the implementation of the non-competition deed and believe that the controlling shareholders have complied with the non-competition undertaking for the six months ended June 30, 2025 - Controlling shareholders Brisk Success and Dr. Loh have undertaken not to directly or indirectly engage in any business that competes with or is similar to the Group's business[177](index=177&type=chunk)[181](index=181&type=chunk) - The independent non-executive directors believe that the controlling shareholders have complied with the undertakings under the non-competition deed for the six months ended June 30, 2025[178](index=178&type=chunk)[182](index=182&type=chunk) [Dividends](index=45&type=section&id=Dividends) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025[179](index=179&type=chunk)[183](index=183&type=chunk) [Events After the Reporting Period](index=45&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the six months ended June 30, 2025, and up to the date of this report - No significant events occurred after the six months ended June 30, 2025, and up to the date of this report[180](index=180&type=chunk)[184](index=184&type=chunk) [Audit Committee](index=46&type=section&id=Audit%20Committee) The Company's Audit Committee, established on September 22, 2017, comprises three independent non-executive directors, chaired by Mr. Zhou Yingnan; its primary responsibilities include reviewing and monitoring financial reporting processes and internal control systems, and it has reviewed the unaudited condensed consolidated financial statements for the current period - The Audit Committee was established on September 22, 2017, in compliance with the GEM Listing Rules and the Corporate Governance Code[185](index=185&type=chunk)[189](index=189&type=chunk) - The committee consists of three independent non-executive directors, with Mr. Zhou Yingnan serving as Chairman[185](index=185&type=chunk)[189](index=189&type=chunk) - Its main responsibilities include reviewing and monitoring financial reporting processes and internal control systems, and it has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[186](index=186&type=chunk)[189](index=189&type=chunk)

[Financial Summary and Interim Results Announcement](index=1&type=section&id=I.%20Financial%20Summary%20and%20Interim%20Results%20Announcement) This section presents the unaudited interim financial results for the six months ended June 30, 2025, including a financial summary and the interim results announcement [Financial Summary](index=1&type=section&id=1.1%20Financial%20Summary) Wai Chi Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, showing a slight revenue decrease but growth in gross profit and profit attributable to owners, with improved earnings per share Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,127,460 | 1,166,073 | -3.3% | | Gross Profit | 166,545 | 132,255 | +25.9% | | Gross Profit Margin | 14.8% | 11.3% | +3.5 pp | | Profit for the Period Attributable to Owners of the Company | 28,505 | 23,967 | +18.9% | | Basic and Diluted Earnings Per Share (HK cents) | 12.97 | 10.90 | +19.0% | [Interim Results Announcement](index=1&type=section&id=1.2%20Interim%20Results%20Announcement) The Board is pleased to announce the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income and statement of financial position for the six months ended June 30, 2025 - This announcement covers the unaudited condensed consolidated statement of profit or loss and other comprehensive income for Wai Chi Holdings Limited and its subsidiaries for the six months ended June 30, 2025, and the unaudited condensed consolidated statement of financial position as at June 30, 2025[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section provides the condensed consolidated statements of profit or loss, comprehensive income, and financial position for the interim period [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported revenue of HK$1,127,460 thousand, gross profit of HK$166,545 thousand, profit before tax of HK$38,262 thousand, profit for the period of HK$27,984 thousand, and profit attributable to owners of HK$28,505 thousand Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,127,460 | 1,166,073 | | Cost of Sales | (960,915) | (1,033,818) | | Gross Profit | 166,545 | 132,255 | | Other Income | 33,156 | 47,976 | | Selling and Distribution Expenses | (20,145) | (22,176) | | Administrative Expenses | (75,561) | (64,106) | | Research and Development Expenses | (37,803) | (34,175) | | Finance Costs | (27,930) | (32,027) | | Profit Before Tax | 38,262 | 27,747 | | Income Tax Expense | (10,278) | (3,483) | | Profit for the Period | 27,984 | 24,264 | | Profit for the Period Attributable to Owners of the Company | 28,505 | 23,967 | | Basic and Diluted Earnings Per Share (HK cents) | 12.97 | 10.90 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was HK$34,844 thousand, a significant increase from HK$22,803 thousand in the prior year, mainly due to exchange differences from translating foreign operations Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 27,984 | 24,264 | | Exchange Differences Arising from Translation of Financial Statements of Foreign Operations | 6,860 | (406) | | Total Comprehensive Income for the Period | 34,844 | 22,803 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 35,425 | 22,503 | - Total comprehensive income for the period significantly increased, primarily due to exchange differences arising from the translation of financial statements of foreign operations, which turned from a loss of **HK$406 thousand** in 2024 to a gain of **HK$6,860 thousand** in 2025[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, the Group's total assets less current liabilities were HK$958,953 thousand, and net assets increased to HK$931,405 thousand, primarily driven by an increase in reserves, with net current assets also improving Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 389,722 | 402,662 | | Current Assets | 2,441,834 | 2,353,829 | | Current Liabilities | 1,872,603 | 1,828,378 | | Net Current Assets | 569,231 | 525,451 | | Total Assets Less Current Liabilities | 958,953 | 928,113 | | Non-current Liabilities | 27,548 | 31,552 | | Net Assets | 931,405 | 896,561 | | Equity Attributable to Owners of the Company | 928,796 | 893,371 | | Reserves | 926,599 | 891,174 | - Net current assets increased from **HK$525,451 thousand** as at December 31, 2024, to **HK$569,231 thousand** as at June 30, 2025[8](index=8&type=chunk) - Total equity increased from **HK$896,561 thousand** as at December 31, 2024, to **HK$931,405 thousand** as at June 30, 2025, primarily driven by an increase in reserves[9](index=9&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the general information, accounting policies, revenue, segment information, and other financial components of the interim results [General Information](index=6&type=section&id=3.1%20General%20Information) Wai Chi Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX, primarily engages in investment holding, with subsidiaries manufacturing and trading LED backlight and lighting products, and high-tech electronic components and products, using HKD as its presentation currency - Wai Chi Holdings Limited was incorporated on August 16, 2013, under the Companies Law of the Cayman Islands, and its shares were listed on the Main Board of the Stock Exchange of Hong Kong on November 18, 2014[10](index=10&type=chunk) - The Company primarily engages in investment holding, while its subsidiaries' main businesses are the manufacture and trading of LED backlight and LED lighting products, and the trading of high-tech electronic components and products[11](index=11&type=chunk) - The Group adopts **Hong Kong Dollars** as its presentation currency, with Hong Kong subsidiaries using **Hong Kong Dollars** as their functional currency and PRC subsidiaries using **Renminbi**[11](index=11&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=3.2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, applying consistent accounting policies as the previous year, with no significant impact from the first-time application of HKAS 21 (Amendment) - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants[12](index=12&type=chunk) - The condensed consolidated interim financial information has been prepared on the historical cost basis, except for certain financial instruments measured at fair value[13](index=13&type=chunk) - Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability" was first applied during this interim period, but it had no significant impact on financial performance and position[14](index=14&type=chunk) [Revenue and Other Income](index=7&type=section&id=3.3%20Revenue%20and%20Other%20Income) For the six months ended June 30, 2025, the Group's total revenue was HK$1,127,460 thousand, primarily from LED backlight product sales, though semiconductor memory chip revenue significantly decreased, while other income, mainly bank interest and government grants, also saw a year-on-year reduction Revenue Breakdown by Major Product Line | Product Line | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | LED Backlight | 1,103,134 | 899,515 | | LED Lighting | 22,932 | 49,115 | | Semiconductor Memory Chip | 1,394 | 217,443 | | **Total Revenue** | **1,127,460** | **1,166,073** | Other Income Breakdown | Other Income Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 24,546 | 27,762 | | Net Exchange (Loss) Gain | (874) | 1,938 | | Government Grants | 7,607 | 15,835 | | Miscellaneous Income | 1,877 | 2,200 | | **Total Other Income** | **33,156** | **47,976** | - Government grant income decreased from **HK$15,835 thousand** in 2024 to **HK$7,607 thousand** in 2025, primarily due to reduced grants for research projects and additional VAT deductions[15](index=15&type=chunk) [Segment Information](index=8&type=section&id=3.4%20Segment%20Information) The Group is segmented into LED backlight, LED lighting, and semiconductor memory chip operations, with LED backlight being the primary revenue and profit contributor, especially strong in automotive displays, while semiconductor memory chip revenue significantly declined due to strategic adjustments - The Group's reportable operating segments include LED backlight, LED lighting, and semiconductor memory chip[18](index=18&type=chunk) [Segment Revenue and Results](index=8&type=section&id=3.4.1%20Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, the LED backlight segment saw significant growth in both revenue and profit, while the semiconductor memory chip segment experienced a substantial revenue decline, with segment profit excluding unallocated items like central administrative expenses and directors' emoluments Segment Revenue and Profit (For the Six Months Ended June 30, 2025) | Segment | Revenue (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | LED Backlight | 1,103,134 | 67,772 | | LED Lighting | 22,932 | 2,384 | | Semiconductor Memory Chip | 1,394 | 1,082 | | **Total** | **1,127,460** | **71,238** | | Profit Before Tax | | 38,262 | Segment Revenue and Profit (For the Six Months Ended June 30, 2024) | Segment | Revenue (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | LED Backlight | 899,515 | 52,176 | | LED Lighting | 49,115 | 2,834 | | Semiconductor Memory Chip | 217,443 | 12,555 | | **Total** | **1,166,073** | **67,565** | | Profit Before Tax | | 27,747 | - The LED backlight segment's revenue increased by **22.6%** year-on-year, and its segment profit increased by **29.9%** year-on-year[17](index=17&type=chunk)[19](index=19&type=chunk) - The semiconductor memory chip segment's revenue significantly decreased by **99.4%** year-on-year, and its segment profit decreased by **91.4%** year-on-year[17](index=17&type=chunk)[19](index=19&type=chunk) [Segment Assets and Liabilities](index=9&type=section&id=3.4.2%20Segment%20Assets%20and%20Liabilities) As at June 30, 2025, both assets and liabilities of the LED backlight segment increased, while those of the semiconductor memory chip segment significantly decreased, reflecting the Group's strategic contraction in this business Segment Assets (HK$ thousand) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | LED Backlight | 1,711,291 | 1,622,910 | | LED Lighting | 104,144 | 69,774 | | Semiconductor Memory Chip | 1,564 | 129,071 | | **Total Segment Assets** | **1,816,999** | **1,821,755** | | Total Consolidated Assets | 2,831,556 | 2,756,491 | Segment Liabilities (HK$ thousand) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | LED Backlight | 1,360,191 | 1,406,310 | | LED Lighting | 62,809 | 68,929 | | Semiconductor Memory Chip | 1,531 | 3,961 | | **Total Segment Liabilities** | **1,424,531** | **1,479,200** | | Total Consolidated Liabilities | 1,900,151 | 1,859,930 | - Semiconductor memory chip segment assets significantly decreased from **HK$129,071 thousand** as at December 31, 2024, to **HK$1,564 thousand** as at June 30, 2025[20](index=20&type=chunk) [Revenue Analysis by Major Product](index=10&type=section&id=3.4.3%20Revenue%20Analysis%20by%20Major%20Product) Within LED backlight products, mid-size backlights were the primary growth driver, while revenue from both LED lighting and semiconductor memory chips significantly declined Revenue by Product Category (HK$ thousand) | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | **LED Backlight** | | | | - Small Size | 103,271 | 92,189 | | - Mid Size | 952,916 | 769,242 | | - Large Size | 46,947 | 38,084 | | Subtotal | 1,103,134 | 899,515 | | **LED Lighting** | | | | - Indoor Lighting | 22,620 | 48,556 | | - Outdoor Lighting | 312 | 559 | | Subtotal | 22,932 | 49,115 | | **Semiconductor Memory Chip** | 1,394 | 217,443 | | **Total** | **1,127,460** | **1,166,073** | - Revenue from mid-size LED backlight products increased by **23.9%** year-on-year, serving as the primary driver for LED backlight business growth[21](index=21&type=chunk) - Revenue from indoor LED lighting decreased by **53.4%** year-on-year, and outdoor lighting revenue decreased by **44.1%** year-on-year[21](index=21&type=chunk) [Revenue by Product Application](index=11&type=section&id=3.4.4%20Revenue%20by%20Product%20Application) Automotive display backlights remain the core of the LED backlight business with continuous revenue growth, while public lighting services generated no subsequent revenue due to project completion Revenue by Product Application (HK$ thousand) | Product Application | 2025 | 2024 | | :--- | :--- | :--- | | **LED Backlight** | | | | - Automotive Displays | 1,017,696 | 823,079 | | - Equipment Displays | 73,758 | 64,815 | | - Televisions | 11,680 | 11,621 | | Subtotal | 1,103,134 | 899,515 | | **LED Lighting** | | | | - Commercial Lighting | 22,932 | 35,838 | | - Public Lighting | – | 13,277 | | Subtotal | 22,932 | 49,115 | | **Semiconductor Memory Chip** | 1,394 | 217,443 | | **Total** | **1,127,460** | **1,166,073** | - Revenue from automotive display backlights increased by **23.6%** year-on-year, making it the largest contributor to the LED backlight business[23](index=23&type=chunk) - Public lighting services generated no additional revenue in the first half of 2025, compared to **HK$13,277 thousand** in the same period of 2024[23](index=23&type=chunk) [Finance Costs](index=11&type=section&id=3.5%20Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were HK$27,930 thousand, a decrease from the prior year, primarily due to lower interest on bank and other borrowings Finance Costs Breakdown (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 27,447 | 31,824 | | Interest on Lease Liabilities | 483 | 203 | | **Total Finance Costs** | **27,930** | **32,027** | - Interest on bank and other borrowings decreased from **HK$31,824 thousand** in 2024 to **HK$27,447 thousand** in 2025[23](index=23&type=chunk) [Income Tax Expense](index=12&type=section&id=3.6%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense increased to HK$10,278 thousand, primarily due to the gradual utilization and eventual expiration of previously available tax concessions and attributes, with two PRC subsidiaries enjoying a preferential 15% tax rate as high-tech enterprises Income Tax Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax | 10,278 | 3,483 | - Income tax expense increased from **HK$3,483 thousand** in 2024 to **HK$10,278 thousand** in 2025[24](index=24&type=chunk) - Wai Chi Opto (Shenzhen) Co., Ltd. and Huizhou Wai Chi Electronics Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[25](index=25&type=chunk) [Components of Profit for the Period](index=13&type=section&id=3.7%20Components%20of%20Profit%20for%20the%20Period) For the six months ended June 30, 2025, the Group's total staff costs, inventory costs, and depreciation expenses slightly decreased, but net exchange differences turned from a gain to a loss Key Components of Profit for the Period (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total Staff Costs | 163,027 | 170,859 | | Cost of Inventories Recognized as Expense | 960,915 | 1,033,818 | | Net Exchange Loss (Gain) | 874 | (1,938) | | Depreciation of Property, Plant and Equipment | 24,201 | 26,325 | | Depreciation of Right-of-Use Assets | 4,560 | 5,703 | | Net Loss on Disposal of Property, Plant and Equipment | 23 | 3,473 | - Total staff costs decreased by **4.6%** year-on-year, and cost of inventories decreased by **7.0%** year-on-year[27](index=27&type=chunk) - Net exchange differences turned from a gain of **HK$1,938 thousand** in 2024 to a loss of **HK$874 thousand** in 2025[27](index=27&type=chunk) [Dividends and Earnings Per Share](index=13&type=section&id=3.8%20Dividends%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, the Board did not recommend any interim dividend, and basic and diluted earnings per share increased to 12.97 HK cents, with diluted earnings per share being equal to basic earnings per share due to no potential dilutive ordinary shares - No dividends were paid or proposed for the six months ended June 30, 2025[28](index=28&type=chunk) Earnings Per Share (HK cents) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 12.97 | 10.90 | - As there were no potential dilutive ordinary shares outstanding during the period, diluted earnings per share were equal to basic earnings per share[29](index=29&type=chunk) [Financial Assets](index=14&type=section&id=3.9%20Financial%20Assets) The Group holds investments in life insurance policies at fair value through profit or loss and unlisted equity investments at fair value through other comprehensive income, with the latter held for medium to long-term strategic purposes [Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=3.9.1%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group holds two life insurance policies with total insured amounts of approximately US$1,750,000 and US$3,492,000, both with Wai Chi Opto as the beneficiary, which can be terminated at any time to recover cash value Life Insurance Policy Investments (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Life Insurance Policy Investments | 7,983 | 7,983 | - The Group's subsidiary, Wai Chi Opto, entered into life insurance policies with an insurance company, insuring directors Mr. Chan Chung Po and Ms. Yiu Kwan Yu, with total insured amounts of approximately **US$1,750,000** and **US$3,492,000**, respectively[30](index=30&type=chunk)[31](index=31&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=14&type=section&id=3.9.2%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) The Group holds HK$13,626 thousand in unlisted equity investments, not held for trading, but for medium to long-term strategic purposes, with short-term fair value fluctuations not recognized in profit or loss Financial Assets at Fair Value Through Other Comprehensive Income (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unlisted Equity Investments | 13,626 | 13,626 | - This unlisted equity investment is issued by a private entity incorporated in Taiwan and is held for medium to long-term strategic purposes[32](index=32&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=3.10%20Trade%20and%20Bills%20Receivables) As at June 30, 2025, the Group's net trade receivables moderately increased, while bills receivables decreased, with an average credit period of 15 to 180 days and most trade receivables aged within 90 days Total Trade and Bills Receivables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 1,005,838 | 980,962 | | Bills Receivables | 133,598 | 170,361 | | **Total** | **1,139,436** | **1,151,323** | - Net trade receivables increased by approximately **2.5%** from **HK$980,962 thousand** as at December 31, 2024, to **HK$1,005,838 thousand** as at June 30, 2025[33](index=33&type=chunk) Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 90 days | 966,498 | 875,005 | | 91 to 180 days | 19,849 | 83,002 | | 181 to 365 days | 19,491 | 22,955 | | **Total** | **1,005,838** | **980,962** | [Trade and Bills Payables and Other Payables](index=16&type=section&id=3.11%20Trade%20and%20Bills%20Payables%20and%20Other%20Payables) As at June 30, 2025, the Group's trade payables slightly decreased, bills payables slightly increased, and other payables and accrued expenses also declined, with an average credit period of 30 to 90 days for goods purchased Trade and Bills Payables and Other Payables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 543,035 | 570,854 | | Bills Payables | 813,670 | 796,634 | | Other Payables and Accrued Expenses | 57,255 | 75,797 | | **Total** | **1,413,960** | **1,443,285** | - Trade payables decreased by **4.9%** from **HK$570,854 thousand** as at December 31, 2024, to **HK$543,035 thousand** as at June 30, 2025[36](index=36&type=chunk) - The average credit period for purchases of goods is **30 to 90 days**[36](index=36&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the industry, business performance, and future outlook, highlighting key operational and strategic developments [Industry Review](index=17&type=section&id=4.1%20Industry%20Review) In the first half of 2025, the global economy saw cautious recovery, China's GDP grew by approximately 5.3%, and the new energy vehicle market surged with a 40.3% year-on-year sales increase, benefiting the LED backlight industry, which faces challenges like price competition, overcapacity, trade tariffs, and Southeast Asian competition, driving a shift towards high-value-added products - China's GDP grew by approximately **5.3%** year-on-year in the first half of 2025, with stable industrial output[38](index=38&type=chunk) - China's new energy vehicle sales surged by **40.3%** year-on-year, reaching **6.94 million units** and accounting for **44.3%** of all new car sales, with NEV exports growing by **75.2%** to **1.06 million units**[39](index=39&type=chunk) - The LED backlight industry benefited from the growth in the new energy vehicle market, with strong demand for automotive display panels and a nearly **488%** increase in China's LED module exports[40](index=40&type=chunk) - The industry faces challenges including a approximately **5%** reduction in exports to North America due to US tariffs and increased competition from Southeast Asia, prompting a shift towards high-value-added areas such as Mini/Micro LED and automotive-grade LED products[41](index=41&type=chunk) [Business Review](index=18&type=section&id=4.2%20Business%20Review) During the review period, the Group's total revenue slightly decreased, but core LED segment revenue grew, with strong performance in LED backlight business, especially automotive display backlights, while LED lighting and semiconductor memory chip revenues significantly declined due to strategic adjustments, and the Group continued to invest in quality control and R&D to maintain market competitiveness - The Group's total revenue for the review period was approximately **HK$1,127,460,000**, a slight decrease of approximately **3.3%** compared to approximately **HK$1,166,073,000** in the same period of 2024[43](index=43&type=chunk) - Revenue from the core LED business segment was approximately **HK$1,126,066,000**, an increase of approximately **18.7%** compared to the same period in 2024[43](index=43&type=chunk) [Overview](index=18&type=section&id=4.2.1%20Overview) The Group focuses on its core LED product business, particularly automotive display LED backlights, effectively controlling costs and improving efficiency through product R&D, quality assurance, and an ERP system, resulting in a slight decrease in total revenue but growth in the LED segment, while semiconductor memory chip revenue significantly reduced - The Group continues to focus on its core LED product business, particularly LED backlights for automotive displays[42](index=42&type=chunk) - The ERP system effectively controls costs and enhances financial management and operational efficiency through real-time monitoring, information exchange, and data management[42](index=42&type=chunk) - Revenue from the semiconductor memory chip business was approximately **HK$1,394,000**, a **99.4%** decrease from the same period last year, primarily reflecting the Group's strategic positioning[43](index=43&type=chunk) [LED Backlight Business](index=18&type=section&id=4.2.2%20LED%20Backlight%20Business) The LED backlight business is the Group's largest contributor, with automotive display backlight orders remaining high and gross profit margin increasing, driven by new energy vehicle technology, mass production of high-value-added display components, strengthened domestic supply chains, and upgraded automated production lines, leading to significant growth LED Backlight Product Revenue (HK$ thousand) | Product Application | 2025 | 2024 | | :--- | :--- | :--- | | Automotive Displays | 1,017,696 | 823,079 | | Television Displays | 11,680 | 11,621 | | Other Industrial Equipment Displays | 73,758 | 64,815 | | **Total** | **1,103,134** | **899,515** | - Orders for automotive display backlight products remained high, accounting for approximately **92.3%** (2024: 91.5%) of total LED backlight product sales[45](index=45&type=chunk) - The gross profit margin of the LED backlight business increased from **13.3%** in the same period last year to **14.6%** in the review period[45](index=45&type=chunk) - Revenue from other industrial equipment display backlights increased by approximately **13.8%**, primarily driven by technological advancements, especially in emerging fields such as low-altitude aircraft and robotics[47](index=47&type=chunk) [Lighting Services Business](index=19&type=section&id=4.2.3%20Lighting%20Services%20Business) Total revenue from the lighting services business significantly decreased, primarily because public lighting services generated no additional revenue due to the completion of independent projects, and commercial lighting revenue also declined Lighting Services Revenue (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Commercial Lighting | 22,932 | 35,838 | | Public Lighting | – | 13,277 | | **Total** | **22,932** | **49,115** | - Total lighting services revenue decreased from **HK$49,115 thousand** in 2024 to **HK$22,932 thousand** in 2025[48](index=48&type=chunk) - Public lighting services generated no additional revenue during the review period, compared to **HK$13,277 thousand** in the same period last year[48](index=48&type=chunk) [Semiconductor Memory Chip Business](index=20&type=section&id=4.2.4%20Semiconductor%20Memory%20Chip%20Business) Revenue from the semiconductor memory chip business significantly decreased by 99.4%, primarily reflecting the Group's strategic decision to treat it as a non-core business, limiting resource allocation and utilizing existing facilities to generate supplementary income Semiconductor Memory Chip Business Revenue (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Semiconductor Memory Chip Business Revenue | 1,394 | 217,443 | - Revenue significantly decreased by **99.4%**, primarily reflecting the Group's strategic decision to treat this area as a non-core business, limiting resource commitment and utilizing existing facilities to generate supplementary income[49](index=49&type=chunk) [Quality Control](index=20&type=section&id=4.2.5%20Quality%20Control) The Group ensures product excellence from design to manufacturing through stringent quality control procedures, particularly dedicating significant efforts to the automotive display backlight segment to meet high industry standards, holding multiple quality and environmental management system certifications such as ISO 9001 and ISO 14001 - The Group has established stringent quality control procedures to ensure product excellence at all stages of design, manufacturing, and storage, with significant efforts dedicated to the automotive display backlight segment to meet the rigorous safety requirements of the automotive industry[50](index=50&type=chunk) - The Group's quality and environmental management systems have been awarded **ISO 9001:2008** and **ISO 14001:2004** certifications[51](index=51&type=chunk) [Research and Development](index=20&type=section&id=4.2.6%20Research%20and%20Development) The Group highly prioritizes R&D, conducting market research to understand customer needs, actively participating in new product design, improving existing products, optimizing production processes, promoting new technologies, and assessing industry trends, holding 278 registered patents in China as of June 30, 2025, with plans to further strengthen its R&D center and talent pool - The Group's R&D activities include co-developing new product designs with customers, improving the quality, efficiency, and functionality of existing products, standardizing and optimizing production processes and capacity, introducing and promoting new production technologies and materials, and evaluating future prospects and development trends in the LED industry[53](index=53&type=chunk) - As at June 30, 2025, the Group held **278** registered patents in China[53](index=53&type=chunk) [Outlook](index=21&type=section&id=4.3%20Outlook) For the second half of 2025, the global economy is expected to recover moderately amid ongoing geopolitical uncertainties, with a promising electric vehicle market where Chinese regulatory measures may curb overcompetition and global trade patterns stabilize, driving diversified growth in the LED backlight display market, particularly in automotive applications, low-altitude aircraft, and robotics, as the Group continues to focus on technological innovation, cost optimization, global market expansion, upstream resource integration, and international collaborations - The global economy is expected to experience a moderate recovery in the second half of 2025, with ongoing geopolitical uncertainties and challenges from trade protectionism[54](index=54&type=chunk) - The electric vehicle market shows promising prospects, with Chinese regulatory measures expected to curb overcompetition, global trade patterns stabilizing, and Chinese EV manufacturers demonstrating strong competitiveness in emerging markets, especially Southeast Asia[55](index=55&type=chunk) - The LED backlight display market is showing diversified growth trends in areas such as automotive applications, low-altitude aircraft, and robotics[56](index=56&type=chunk) - The Group's strategic direction focuses on technological innovation, cost optimization, and global market expansion, having achieved breakthroughs in Mini LED technology, and will further deepen integration with upstream resources and seek international collaborations[57](index=57&type=chunk) [Financial Review](index=22&type=section&id=V.%20Financial%20Review) This section offers a detailed financial analysis of revenue, gross profit, expenses, taxation, and key balance sheet items for the interim period [Revenue](index=22&type=section&id=5.1%20Revenue) For the six months ended June 30, 2025, the Group's total revenue decreased by 3.3% year-on-year, with LED backlight product sales growing by 22.6% driven by automotive display backlights, LED lighting product sales decreasing by 53.3%, and semiconductor memory chip business revenue significantly declining by 99.4% Revenue Breakdown (HK$ thousand) | Product Category | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | LED Backlight Products | 1,103,134 | 899,515 | +22.6% | | LED Lighting Products | 22,932 | 49,115 | -53.3% | | Semiconductor Memory Chip Business | 1,394 | 217,443 | -99.4% | | **Total Revenue** | **1,127,460** | **1,166,073** | **-3.3%** | - The increase in LED backlight product sales was primarily driven by increased sales of automotive display backlights[58](index=58&type=chunk) [Gross Profit](index=23&type=section&id=5.2%20Gross%20Profit) During the review period, the Group's overall gross profit increased by 25.9% year-on-year, with gross profit margin rising by 3.5 percentage points to 14.8%, primarily due to increased LED backlight product sales, while the LED segment saw improved gross profit and margin, and the semiconductor memory chip business experienced a significant gross profit decline but an improved gross profit margin Gross Profit and Gross Profit Margin (HK$ thousand) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Overall Gross Profit | 166,545 | 132,255 | +25.9% | | Overall Gross Profit Margin | 14.8% | 11.3% | +3.5 pp | | LED Segment Gross Profit | 166,490 | 128,438 | +29.6% | | LED Segment Gross Profit Margin | 14.8% | 13.5% | +1.3 pp | | Semiconductor Memory Chip Business Gross Profit | 55 | 3,817 | -98.6% | | Semiconductor Memory Chip Business Gross Profit Margin | 4.0% | 1.8% | +2.2 pp | - The overall increase in gross profit was primarily due to increased sales of LED backlight products[59](index=59&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=5.3%20Selling%20and%20Distribution%20Expenses) For the six months ended June 30, 2025, the Group's selling and distribution expenses decreased by 9.2% year-on-year, primarily comprising staff costs, sales commissions, and transportation costs Selling and Distribution Expenses (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Selling and Distribution Expenses | 20,145 | 22,176 | - Selling and distribution expenses decreased by approximately **9.2%** year-on-year[60](index=60&type=chunk) [Administrative and Research and Development Expenses](index=23&type=section&id=5.4%20Administrative%20and%20Research%20and%20Development%20Expenses) For the six months ended June 30, 2025, the Group's combined administrative and R&D expenses increased by 15.3% year-on-year, primarily through resource integration to enhance management efficiency Administrative and Research and Development Expenses (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Administrative and Research and Development Expenses | 113,364 | 98,281 | - Combined administrative and research and development expenses increased by approximately **15.3%** year-on-year[61](index=61&type=chunk) [Other Income](index=23&type=section&id=5.5%20Other%20Income) During the review period, the Group's other income decreased by 30.9% year-on-year, primarily due to reduced bank interest income and government grants Other Income (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Other Income | 33,156 | 47,976 | - Other income decreased by approximately **30.9%** year-on-year, primarily due to reduced bank interest income and government grants[62](index=62&type=chunk) [Taxation](index=24&type=section&id=5.6%20Taxation) During the review period, the Group's tax expense significantly increased year-on-year, primarily due to the gradual utilization and eventual expiration of previously available tax concessions and attributes, with two PRC subsidiaries enjoying a preferential 15% corporate income tax rate as high-tech enterprises Tax Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Tax Expense | 10,278 | 3,483 | - The increase in tax expense was primarily due to the gradual utilization and eventual expiration of previously available tax concessions and attributes[63](index=63&type=chunk) - Wai Chi Opto (Shenzhen) Co., Ltd. and Huizhou Wai Chi Electronics Co., Ltd. are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[63](index=63&type=chunk) [Inventories](index=24&type=section&id=5.7%20Inventories) As at June 30, 2025, the Group's inventories increased by 38.6% year-on-year, primarily due to enhanced production capacity in preparation for higher anticipated order volumes Inventories (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Inventories | 353,259 | 254,828 | - Inventories increased by approximately **38.6%**, due to enhanced production capacity and active preparation for higher anticipated order volumes[64](index=64&type=chunk) [Trade Receivables](index=24&type=section&id=5.8%20Trade%20Receivables) As at June 30, 2025, the Group's net trade receivables moderately increased by 2.5% Trade Receivables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 1,005,838 | 980,962 | - Net trade receivables moderately increased by approximately **2.5%**[65](index=65&type=chunk) [Trade Payables](index=24&type=section&id=5.9%20Trade%20Payables) As at June 30, 2025, the Group's trade payables decreased by 4.9% year-on-year, representing normal operational fluctuations Trade Payables (HK$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 543,035 | 570,854 | - Trade payables decreased by **4.9%**, which is a minor fluctuation within normal operations[66](index=66&type=chunk) [Interim Dividend](index=24&type=section&id=5.10%20Interim%20Dividend) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025[67](index=67&type=chunk) [Other Information](index=24&type=section&id=VI.%20Other%20Information) This section covers corporate governance, directors' securities transactions, audit committee review, interim report publication, and board composition [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=6.1%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[68](index=68&type=chunk) [Corporate Governance Practices](index=25&type=section&id=6.2%20Corporate%20Governance%20Practices) The Company is committed to maintaining good corporate governance and complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with the only non-compliance being Mr. Chan Chung Po serving as both CEO and Chairman - The Company has applied and complied with the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules[69](index=69&type=chunk) - Mr. Chan Chung Po, the Chief Executive Officer, also serves as the Chairman of the Company, which is the only deviation from Code Provision C.2.1 (separation of roles of chairman and chief executive)[69](index=69&type=chunk) [Model Code for Securities Transactions by Directors](index=25&type=section&id=6.3%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code during the review period - The Company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code throughout the review period[70](index=70&type=chunk) [Audit Committee](index=25&type=section&id=6.4%20Audit%20Committee) The Audit Committee reviewed the unaudited interim financial report for the six months ended June 20, 2025, on August 25, 2025, meeting with management and external auditors to assess accounting policies - The Audit Committee reviewed the unaudited interim financial report for the six months ended June 30, 2025, and met with management and external auditors on August 25, 2025, to review the financial statements and assess accounting policies[71](index=71&type=chunk) [Publication of Interim Report](index=25&type=section&id=6.5%20Publication%20of%20Interim%20Report) The Company's 2025 interim report will be dispatched to shareholders and published on the Company's and HKEX websites in due course - The Company's 2025 interim report will be dispatched to its shareholders and published on the Company's website www.waichiholdings.com and the HKEX website www.hkexnews.hk in due course[72](index=72&type=chunk) [Acknowledgement](index=26&type=section&id=6.6%20Acknowledgement) The Board extends its sincere gratitude to all shareholders who trust the management, as well as to business partners and banking institutions for their continuous support of the Group - The Board extends its sincere gratitude to all shareholders of the Company who fully trust the Group's management, as well as to business partners and banking institutions for their continuous support[73](index=73&type=chunk) [Board of Directors](index=26&type=section&id=6.7%20Board%20of%20Directors) As of the announcement date, the Company's Board of Directors comprises executive directors Mr. Chan Chung Po (Chairman and CEO), Ms. Luk Fong, Ms. Yiu Kwan Yu, and Ms. Yung Kin Fai, along with independent non-executive directors Mr. Au Yeung Tin Wah, Mr. Ho Chi Wai, and Mr. Yu Chun Yu - The executive directors of the Company are Mr. Chan Chung Po (Chairman and Chief Executive Officer), Ms. Luk Fong, Ms. Yiu Kwan Yu, and Ms. Yung Kin Fai[74](index=74&type=chunk) - The independent non-executive directors of the Company are Mr. Au Yeung Tin Wah, Mr. Ho Chi Wai, and Mr. Yu Chun Yu[74](index=74&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬城控股有限公司 MILLION CITIES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：2892） 有關截至2024年12月31日止年度的年度報告補充公告 茲提述萬城控股有限公司（「本公司」）截至2024年12月31日止年度的年度報告（「2024 年年報」）。除本公告另有界定者外，本公告所用詞彙與2024年年報所界定者具有相 同涵義。 董事會謹此向本公司股東及潛在投資者提供以下有關購股權計劃的補充資料，有關 資料載於二零二四年年報董事會報告「購股權計劃」一節。 1. 可供發行之股份總數 – 1 – 購股權的可獲行使期將由董事會全權酌情釐定，惟不得於授出購股權十年後行 使購股權。 3. 已授出購股權歸屬期 購股權計劃對歸屬期無任何最低要求。 本補充公告所載資料並不會對載於2024年年報內其他資料構成影響，且除上文所披 露者外，2024年年報內所有其他資料保持不變。 ...

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布之內容概不負責，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布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。 萬華媒體集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：426） 截至二零二五年六月三十日止三個月之第一季業績公布 萬華媒體集團有限公司（「本公司」）董事（「董事」）宣布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三個月之未經審核綜合業績，連同於二零二四年同期之比較數字如下： 綜合收益表 截至二零二五年六月三十日止三個月 | | | (未經審核) | | | --- | --- | --- | --- | | | | 截至六月三十日止三個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 營業額 | 2 | 10,449 | 8,552 | | 已售貨品成本 | | (9,553) | (7,875) | | 毛利 | | 896 | 677 | | 其他收入 | 3 | 78 | 102 | | 銷售及分銷支出 | | ( ...

[Financial Statements](index=1&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue decreased by 29.7% to 160,979 thousand RMB, but loss for the period significantly narrowed by 92.0% to 14,626 thousand RMB, primarily due to reduced administrative and finance costs, improving loss per share to 0.08 RMB cents. Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 160,979 | 229,087 | -29.7% | | Cost of sales | (73,658) | (110,537) | -33.4% | | Gross profit | 87,321 | 118,550 | -26.3% | | Other gains/(losses) – net | 10,364 | (2,687) | N/A | | Administrative expenses | (34,856) | (177,210) | -80.3% | | Finance costs | (47,777) | (58,039) | -17.7% | | Loss for the period | (14,626) | (182,664) | -92.0% | | Loss for the period attributable to owners of the Company | (11,874) | (163,727) | -92.7% | | Basic and diluted loss per share (RMB cents) | (0.08) | (1.09) | -92.7% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income turned from a loss of 155,643 thousand RMB to a gain of 48,548 thousand RMB, driven by fair value changes in financial assets and increased exchange differences. Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Loss for the period | (11,874) | (163,727) | | Net fair value change of financial assets measured at fair value through other comprehensive income | 17,398 | (20,609) | | Exchange differences on translation of financial statements of overseas operations | 43,024 | 28,693 | | Other comprehensive income for the period (net of tax) | 60,422 | 8,084 | | Total comprehensive income for the period | 48,548 | (155,643) | | Total comprehensive income for the period attributable to owners of the Company | 51,300 | (136,706) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, the Group's total assets less current liabilities decreased to 3,190,476 thousand RMB, while net assets increased to 2,380,089 thousand RMB, with shifts in non-current and current asset components. Key Data from Condensed Consolidated Statement of Financial Position | Metric | As at June 30, 2025 (thousand RMB) | As at December 31, 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Solar power plants | 1,347,799 | 1,397,635 | -3.6% | | Financial assets measured at fair value through other comprehensive income | 434,415 | 559,211 | -22.3% | | Total non-current assets | 2,370,037 | 2,565,118 | -7.6% | | **Current assets** | | | | | Trade and other receivables | 2,023,709 | 1,989,400 | +1.7% | | Cash and cash equivalents | 53,059 | 76,705 | -30.8% | | Total current assets | 2,237,337 | 2,203,088 | +1.6% | | **Current liabilities** | | | | | Trade and other payables | 421,773 | 470,319 | -10.3% | | Loans and borrowings | 963,573 | 967,383 | -0.4% | | Total current liabilities | 1,416,898 | 1,479,014 | -4.2% | | **Non-current liabilities** | | | | | Loans and borrowings | 717,644 | 846,661 | -15.3% | | Total non-current liabilities | 810,387 | 951,603 | -14.8% | | Net assets | 2,380,089 | 2,337,589 | +1.8% | | Total equity | 2,380,089 | 2,337,589 | +1.8% | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated interim financial information was prepared under HKAS 34 and authorized for issue on August 25, 2025, reviewed by the audit committee and approved by the board, but not audited. - Interim financial information was prepared under Hong Kong Accounting Standard **34** and authorized for issue on **August 25, 2025**[11](index=11&type=chunk) - This report was not audited by the auditor but was reviewed by the audit committee and approved by the board of directors[12](index=12&type=chunk) [2. Significant Accounting Policies](index=7&type=section&id=2.%20Significant%20Accounting%20Policies) The Group's accounting policies are consistent with the 2024 annual report, with new standards adopted having no material impact on the current financial statements. - Accounting policies are consistent with the **2024** annual report, except for the adoption of new standards[13](index=13&type=chunk) - The adoption of Hong Kong Accounting Standard **21** (Revised) "Lack of Exchangeability" has **no material impact** on the current financial statements[13](index=13&type=chunk) - Several new or revised Hong Kong Financial Reporting Standards have been issued but are not yet effective, and the Group cannot yet determine if they will lead to **significant changes**[14](index=14&type=chunk) [3. Revenue](index=8&type=section&id=3.%20Revenue) For the six months ended June 30, 2025, total revenue decreased by 29.7% to 160,979 thousand RMB, primarily due to the cessation of solar power plant operation and maintenance services and health management services after business disposals. Revenue Breakdown by Category | Revenue Category | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Electricity sales | 104,255 | 130,030 | -19.8% | | Interest income from provision of financial services | 56,724 | 55,837 | +1.6% | | Provision of solar power plant operation and maintenance services | – | 37,871 | -100% | | Health management services | – | 5,349 | -100% | | **Total Revenue** | **160,979** | **229,087** | **-29.7%** | - Electricity sales revenue includes renewable energy subsidies of approximately **66,129 thousand RMB** (prior period **2024**: **84,889 thousand RMB**)[17](index=17&type=chunk) [4. Other Gains/(Losses) – Net](index=8&type=section&id=4.%20Other%20Gains%2F(Losses)%20%E2%80%93%20Net) For the six months ended June 30, 2025, the Group recorded net other gains of 10,364 thousand RMB, a significant improvement from a loss of 2,687 thousand RMB in the prior period, mainly due to increased property rental income and reduced rectification expenses. Other Gains/(Losses) – Net Breakdown | Metric | Six Months Ended June 30, 2025 (thousand RMB) | Six Months Ended June 30, 2024 (thousand RMB) | | :--- | :--- | :--- | | Interest income | 6,392 | 6,788 | | Net exchange (losses)/gains | (3,458) | 1,903 | | Property rental income | 6,171 | – | | Solar power plant rectification expenses | – | (10,932) | | Others | 1,259 | (446) | | **Total** | **10,364** | **(2,687)** | [5. Finance Costs](index=9&type=section&id=5.%20Finance%20Costs) For the six months ended June

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。 HAIDILAO INTERNATIONAL HOLDING LTD. 海底撈國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6862） 截至2025年6月30日止六個月的中期業績 及 中期股息及暫停辦理過戶登記手續公告 海底撈國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期」）的未經 審核綜合業績，連同2024年同期的比較數字。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。本公告所載若干金額 及百分比數字已作四捨五入調整或已四捨五入取至小數點後一位或兩位數。任何 表格、圖表或其他地方所示總額與所列數額總和的任何差異乃因四捨五入所致。 主要財務摘要 截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | （人民幣千元） | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Green Tea Group Limited 綠茶集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6831） 綜合損益表 截至2025年6月30日止六個月－未經審核 （以人民幣列示） | | 附註 | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | | 人民幣千元 | 人民幣千元 | | 收入 | 3 | 2,290,375 | 1,859,826 | | 其他收入 | | 12,913 | 15,793 | | 所用原材料及耗材 | | (693,170) | (589,397) | | 員工成本 | | (591,066) | (480,310) | | 使用權資產折舊 | | (109,548) | (97,873) | | 其他租金及相關開支 | | (48,030) | (34,596) | ...

截至2025年6月30日止六個月的中期業績公告 上海復宏漢霖生物技術股份有限公司（「本公司」或「復宏漢霖」）董事會（「董事 會」）欣然宣佈根據國際財務報告準則（「國際財務報告準則」）編製的本公司及其附 屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月（「報告期」）之未 經審計綜合財務業績。 財務摘要： 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 1. 截至2025年6月30日止六個月，本集團的總收入約人民幣2,819.5百萬元， 較截至2024年6月30日止六個月約人民幣2,746.1百萬元增加約人民幣73.4 百萬元，增長約2.7%。該收入主要來自藥物銷售，向客戶提供的研究與開 發（「研發」）服務及授權許可收入。 2. 截至2025年6月30日止六個月，本集團確認 ...