Vanov Holdings Company Limited 環龍控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2260） 截至2025年6月30日止六個月之中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 | 未經審核之業績摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | | | | 2025年 人民幣千元 | 2024年 人民幣千元 | 變動 | | | （未經審核）（未經審核） | | | | 收益 | 102,579 | 96,537 | 6.3% | | 期內溢利及全面收益總額 | 6,727 | 18,631 | -63.9% | | EBITDA | 32,400 | 38,176 | -15.1% | 除利息、稅項、折舊及攤銷前利潤（「EBITDA」）乃基於期內溢利扣除利息支 出及收入、所得稅開支、折舊及攤銷計算，並為本公司管理層用以評估本集 團 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Kimou Environmental Holding Limited 金茂源環保控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6805） 截 至2025年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績 公 告 財 務 摘 要 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 益 753,980 657,625 經 營 所 得 溢 利 144,266 136,705 本 公 司 權 益 股 東 應 佔 溢 利 58,979 49,706 每 股 基 本 盈 利 （人 民 幣 元） 0.05 0.04 每 股 攤 薄 盈 利 （人 民 幣 元） ...

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 277,614,000, a decrease of 37.5% compared to HKD 443,154,000 for the same period in 2024[4] - The company reported a loss before tax of HKD 1,672,712,000, improved from a loss of HKD 3,527,323,000 in the prior period, indicating a reduction of 52.5%[4] - The net loss attributable to equity holders for the period was HKD 1,768,086,000, compared to HKD 3,718,071,000 in the same period last year, reflecting a 52.5% decrease[4] - The group's revenue decreased by approximately 37.4% from about HKD 0.44 million in the first half of 2024 to about HKD 0.28 million in the first half of 2025[22] - The net loss attributable to equity holders for the six months ended June 30, 2025, was approximately HKD 1.77 million, compared to a loss of approximately HKD 3.72 million for the same period in 2024[24] Fair Value Gains - Fair value gains on financial assets recognized in profit or loss amounted to HKD 2,281,983,000, significantly up from HKD 590,777,000 in the previous year, representing a 286.5% increase[4] - Fair value gains on financial assets recognized in profit or loss increased by approximately 286.3% from about HKD 0.59 million in the first half of 2024 to about HKD 2.28 million in the first half of 2025[23] - The fair value of financial assets recognized in profit or loss was approximately HKD 54.53 million as of June 30, 2025, up from approximately HKD 52.88 million as of December 31, 2024[27] Assets and Liabilities - Current assets as of June 30, 2025, totaled HKD 61,343,419,000, a slight decrease from HKD 63,016,135,000 as of December 31, 2024[5] - The net asset value decreased to HKD 60,408,546,000 from HKD 62,176,632,000, representing a decline of 2.8%[5] - Cash and bank balances increased to HKD 314,789,000 from HKD 287,680,000, showing a growth of 9.4%[5] - The total borrowings of the group were approximately HKD 0.59 million as of June 30, 2025, compared to approximately HKD 0.58 million as of December 31, 2024[27] - The group has no significant capital commitments or contingent liabilities as of June 30, 2025[29] Dividends and Shareholder Returns - The company did not declare an interim dividend for the current period, consistent with the previous year[4] - The board has resolved not to declare or distribute any interim dividend for the six months ending June 30, 2025, consistent with the previous year[39] Business Operations - The company’s primary business involves investing in listed securities with growth and capital appreciation potential, primarily in the Hong Kong market[13] - The company has not provided a breakdown of revenue and operating loss by business segment or geographical market due to its single business segment structure[13] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2025[31] Employee Costs - The total employee costs for the review period were approximately HKD 0.99 million, down from approximately HKD 1.15 million in 2024[33] Compliance and Governance - The company has adhered to the standards of conduct for securities trading by directors as outlined in the listing rules, confirming compliance for the six months ending June 30, 2025[36] - An audit committee has been established to review and supervise the financial reporting process and internal controls, having reviewed the interim results for the six months ending June 30, 2025[38] - No stock option or share incentive plans have been adopted by the company[37] Market Outlook - The outlook for the Hong Kong stock market is cautiously optimistic, with expectations of recovery in technology, consumer, and environmental sectors in the second half of 2025[26] Post-Period Events - There have been no significant post-period events from June 30, 2025, to the date of this announcement[40] - The interim report will be published on the Hong Kong Stock Exchange and the company's website at an appropriate time[41]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 Zhou Liu Fu Jewellery Co., Ltd. 周六福珠宝股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6168） 截至二零二五年六月三十日止六個月之 中期業績公告 中期業績摘要 本集團的收入由截至2024年6月30日止六個月的約人民幣2,993.9百萬元 增加約5.2%至截至2025年6月30日止六個月的約人民幣3,150.4百 萬 元。 本集團的毛利由截至2024年6月30日止六個月的約人民幣761.1百萬元增 加 約8.7%至截至2025年6月30日止六個月的約人民幣827.2百 萬 元。 本集團的淨利潤由截至2024年6月30日止六個月的約人民幣371.2百萬元 增加約11.9%至截至2025年6月30日止六個月的約人民幣415.3百 萬 元。 週六福珠寶 股 份 有 限 公 司（「本公司 ...

Financial Performance - YesAsia Holdings Limited reported its interim results for the six months ending June 30, 2025, in compliance with the Hong Kong Stock Exchange listing rules[2]. - Revenue for the six months ended June 30, 2025, reached $243.932 million, a 49.3% increase compared to $163.348 million in the same period of 2024[12]. - Gross profit for the same period was $73.262 million, reflecting a 46.0% increase from $50.192 million year-over-year[12]. - Operating profit increased by 31.9% to $18.679 million, up from $14.164 million in the previous year[12]. - Net profit increased by over 25% to approximately $14.08 million, up from about $11.11 million in the prior period[35]. - The company reported a total comprehensive income of $15,010 thousand for the six months ended June 30, 2025, compared to $10,922 thousand in the same period of 2024[133]. - Basic earnings per share rose to 3.43 cents, up 22.5% from 2.80 cents in the same period last year[131]. - The company reported a net profit of $14,123,000 for the six months ended June 30, 2025, compared to $11,110,000 in the prior year, reflecting a 27.0% increase[158]. Customer Growth and Market Presence - The number of customers on the YesStyle platform grew to 1,728,000, a 33.7% increase from 1,292,000 in the prior year[14]. - Revenue from beauty products surged by 57.6% to $235.342 million, compared to $149.361 million in the previous year[14]. - YesStyle's revenue surged approximately 31.7% to about $164.86 million, driven by double-digit growth in non-core markets, with core market sales remaining stable and recording a 20.0% increase[35]. - The company operates multiple online platforms, including www.yesstyle.com and www.yesasia.com, to enhance its market presence[6]. - The core markets identified by the company include the United States, the United Kingdom, Australia, and Canada, indicating a strategic focus on these regions[8]. Operational Strategy and Compliance - YesAsia Holdings Limited emphasizes the importance of compliance with sanctions and regulations in its operational strategy[8]. - The company has a dedicated audit committee to oversee financial reporting and compliance, enhancing transparency[5]. - The interim results announcement reflects the company's commitment to timely and accurate financial disclosures to its stakeholders[2]. - The group has implemented appropriate internal controls and risk management measures related to sanctions, with no transactions in fully sanctioned countries during the reporting period[124]. Investment and Capital Expenditures - The company opened a second Autonomous Mobile Robot (AMR) warehouse in Hong Kong, covering approximately 147,000 square feet, to support its e-commerce logistics network[43]. - The total investment for the new AMR warehouse was approximately $10.91 million, including capital expenditures of about $8.39 million and pre-operational expenses of about $2.52 million[43]. - Capital expenditures amounted to approximately $8,605,000, an increase of about $8,437,000 or 5,022.0%, primarily for new equipment and technology at the warehouse[75]. Stock Options and Employee Incentives - The company has a total of 39,704,030 shares held by CyberWorks Ventures Limited, which is also 9.63% of the company's issued share capital[93]. - The 2016 Share Option Scheme allows for options to be granted to employees, with a maximum exercise period of 10 years from the grant date[94]. - The total number of stock options granted but not exercised as of June 30, 2025, was 686,258, with 178,382 options exercised during the six months ending on that date[96]. - The company plans to continue utilizing stock options as a tool for talent retention and motivation[107]. - The total expense for the share-based payment plan for the six months ended June 30, 2025, was $1,966,000, compared to $106,000 in the previous period[182]. Financial Position and Liquidity - As of June 30, 2025, the group's bank and cash balance, along with unused bank financing, amounted to approximately $28.49 million, a decrease of about $11.33 million from $39.82 million as of December 31, 2024[76]. - The group's debt-to-equity ratio increased from approximately 43.0% as of December 31, 2024, to about 59.9% as of June 30, 2025, mainly due to increased bank borrowings and lease liabilities related to the establishment of the new warehouse[81]. - The group plans to meet future liquidity needs through a combination of operating cash flow and available bank financing[79]. - The unutilized bank financing as of June 30, 2025, was $13,244,000, down from $24,288,000 as of December 31, 2024[172]. Market Trends and Future Outlook - The company is positioned to leverage its online presence for growth in the beauty and lifestyle sectors, aligning with market trends[8]. - The rise of K-beauty is closely tied to the global K-Pop cultural wave, with social media marketing playing a crucial role in promoting K-beauty stories[54]. - The company is optimistic about the future prospects of YesStyle and ABW as they continue to advance their global retail and wholesale expansion[47]. Employee and Management Information - The company has a total of 577 employees as of June 30, 2025, an increase from 520 employees as of December 31, 2024[123]. - The salary and allowances for key management personnel for the six months ended June 30, 2025, amounted to $989,000, an increase from $755,000 in the previous year[184]. - The equity-settled share-based payment for key management personnel increased significantly to $1,772,000 from $13,000 in the previous period[184].

Introduction and Disclaimer This section introduces the GEM market's characteristics and presents the Group's unaudited interim results for the period [Characteristics of GEM](index=1&type=section&id=Characteristics%20of%20GEM) The GEM market provides a listing platform for high-risk SMEs, requiring investors to understand potential risks, with directors fully responsible for announcement accuracy - The GEM market is positioned to provide a listing platform for high-investment-risk small and medium-sized companies, and investors should understand the potential risks[4](index=4&type=chunk) - The company's directors confirm that the information in this announcement is accurate and complete in all material respects, without misleading or fraudulent components[4](index=4&type=chunk) [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited condensed consolidated results and comparative figures for Capital Finance Holdings Limited for the six months ended June 30, 2025 - This announcement presents the Group's unaudited condensed consolidated results for the six months ended June 30, 2025[3](index=3&type=chunk)[5](index=5&type=chunk) Unaudited Condensed Consolidated Financial Statements This section presents the Group's unaudited condensed consolidated financial statements, including income, comprehensive income, financial position, equity changes, and cash flows [Unaudited Condensed Consolidated Income Statement](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Income%20Statement) The Group recorded revenue of HK$14,493 thousand for the six months ended June 30, 2025, a significant increase year-on-year, but a loss for the period of HK$7,931 thousand due to a substantial rise in income tax expense, which narrowed compared to the prior year Key Data from Condensed Consolidated Income Statement | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 14,493 | 5,968 | | Other income and net other gains and losses | 1,064 | 3,820 | | Administrative and other expenses | (12,862) | (12,464) | | Reversal of / (Provision for) expected credit losses on customer loans | 8,860 | (2,460) | | Finance costs | (3,173) | (4,643) | | Profit / (Loss) before income tax | 8,382 | (9,779) | | Income tax expense | (16,313) | (3,427) | | Loss for the period | (7,931) | (13,206) | | Loss for the period attributable to owners of the Company | (8,149) | (12,030) | | Basic and diluted loss per share (HK cents) | (8.68) | (29.53) | - Revenue increased by **142.8% year-on-year**, primarily driven by settlement gains from non-performing debt assets and expansion of IT solution services[5](index=5&type=chunk) - Loss for the period narrowed by **39.9%**, mainly due to the combined effect of revenue growth and reversal of expected credit losses, despite a significant increase in income tax expense[5](index=5&type=chunk) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive expense for the six months ended June 30, 2025, was HK$4,887 thousand, a significant decrease year-on-year, mainly due to a positive shift in exchange differences Key Data from Condensed Consolidated Statement of Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loss for the period | (7,931) | (13,206) | | Exchange differences arising from translation of financial statements of overseas operations | 3,451 | (4,127) | | Exchange reserve reclassified to profit or loss on disposal of subsidiaries and joint ventures | (407) | – | | Other comprehensive income / (expense) for the period, net of tax | 3,044 | (4,124) | | Total comprehensive expense for the period | (4,887) | (17,330) | - Total comprehensive expense for the period decreased by **71.8% year-on-year**, primarily due to exchange differences from overseas operations' financial statements shifting from a loss to income[7](index=7&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were HK$75,801 thousand, and net assets were HK$67,261 thousand, a decrease from the end of 2024, mainly due to a reduction in deferred tax assets and investment properties Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current assets | 16,913 | 37,892 | | Current assets | 133,509 | 117,753 | | Current liabilities | 74,621 | 74,666 | | Net current assets | 58,888 | 43,087 | | Total assets less current liabilities | 75,801 | 80,979 | | Non-current liabilities | 8,540 | 8,831 | | Net assets | 67,261 | 72,148 | | Equity attributable to owners of the Company | 32,894 | 39,517 | | Total equity | 67,261 | 72,148 | - Non-current assets significantly decreased by **55.4%**, primarily due to a reduction in deferred tax assets and the disposal of investment properties[8](index=8&type=chunk)[9](index=9&type=chunk) - Net current assets increased by **36.7%**, mainly driven by an increase in customer loans (current portion) and cash and cash equivalents[8](index=8&type=chunk)[9](index=9&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, equity attributable to owners of the Company was HK$32,894 thousand, a decrease from the beginning of the year, mainly impacted by the loss for the period and changes in exchange reserves Key Data from Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 39,517 | 32,894 | | Non-controlling interests | 32,631 | 34,367 | | Total equity | 72,148 | 67,261 | | (Loss) / Profit for the period (attributable to owners of the Company) | – | (8,149) | | Other comprehensive income for the period (attributable to owners of the Company) | – | 1,526 | - Equity attributable to owners of the Company decreased by **16.8%**, primarily due to a loss for the period of HK$8,149 thousand[10](index=10&type=chunk) - Non-controlling interests increased by **5.3%**, reflecting their share of profit and other comprehensive income for the period[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group generated net cash from operating activities of HK$12,564 thousand, net cash from investing activities of HK$2,049 thousand, and used net cash in financing activities of HK$4,165 thousand, with cash and cash equivalents increasing to HK$84,502 thousand at period-end Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 12,564 | 18,707 | | Net cash generated from investing activities | 2,049 | – | | Net cash used in financing activities | (4,165) | (21,689) | | Net increase / (decrease) in cash and cash equivalents | 10,448 | (2,982) | | Cash and cash equivalents at end of period | 84,502 | 88,250 | - Net cash generated from operating activities decreased by **32.8% year-on-year**, mainly due to lower cash generated from operations and increased income tax paid[12](index=12&type=chunk) - Investing activities shifted from no cash flow in the prior period to a net inflow of **HK$2,049 thousand**, primarily from proceeds from the disposal of investment properties[12](index=12&type=chunk) - Net cash used in financing activities significantly decreased by **80.8%**, mainly due to higher expenditures for redemption of convertible bonds and promissory notes in the prior period[12](index=12&type=chunk) Notes to the Unaudited Condensed Consolidated Financial Statements This section provides detailed notes to the unaudited condensed consolidated financial statements, covering general information, accounting policies, segment data, and specific financial items [Note 1. General Information](index=9&type=section&id=Note%201.%20General%20Information) The Company is a limited liability company incorporated in Bermuda, with its shares listed on GEM of the Stock Exchange. The Group primarily provides short-term financing services and IT solutions and consulting services for the financial industry in China and Hong Kong - The Company is incorporated in Bermuda, and its shares are listed on GEM of the Stock Exchange[13](index=13&type=chunk) - The Group's principal activities are providing short-term financing services and IT solutions and consulting services for the financial industry in China and Hong Kong[13](index=13&type=chunk) [Note 2. Basis of Preparation and Principal Accounting Policies](index=9&type=section&id=Note%202.%20Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the GEM Listing Rules, presented on a historical cost basis (except for investment properties), and with HK dollars as the functional currency. New/revised HKFRSs adopted during the period had no significant impact on results or financial position - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the GEM Listing Rules, presented in HK dollars[14](index=14&type=chunk) - New/revised Hong Kong Financial Reporting Standards adopted during the period had no significant impact on the Group's results and financial position[17](index=17&type=chunk) - The interim financial statements are unaudited by an independent auditor but have been reviewed by the Audit Committee[16](index=16&type=chunk) [Note 3. Segment Information](index=10&type=section&id=Note%203.%20Segment%20Information) The Group has only one operating segment but categorizes revenue by customer location, showing a significant increase in Hong Kong revenue and a decrease in China revenue - The Group has only one operating segment, with no further segment information analysis[18](index=18&type=chunk) Revenue by Geographical Location | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 11,963 | 800 | | China | 2,530 | 5,168 | | **Total** | **14,493** | **5,968** | - Revenue from Hong Kong increased by **1395.4% year-on-year**, while revenue from China decreased by **51.0% year-on-year**[21](index=21&type=chunk) [Note 4. Revenue, Other Income and Net Other Gains and Losses](index=11&type=section&id=Note%204.%20Revenue%2C%20Other%20Income%20and%20Net%20Other%20Gains%20and%20Losses) The Group's revenue primarily comprises interest income from customer loans, settlement gains from non-performing debt assets, and IT solution and consulting income. Other income and net losses are mainly affected by exchange differences, bank interest income, and gains from disposal of subsidiaries Revenue Components | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from customer loans | 3,193 | 5,168 | | Settlement gains from non-performing debt assets | 8,500 | – | | IT solution and consulting income | 2,800 | 800 | | **Total Revenue** | **14,493** | **5,968** | Other Income and Net Other Gains and Losses | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net exchange differences | (50) | (250) | | Bank interest income | 464 | 754 | | Gain on early redemption of convertible bonds | – | 3,099 | | Gain on disposal of subsidiaries and a joint venture | 417 | – | | **Total** | **1,064** | **3,820** | - Settlement gains from non-performing debt assets of **HK$8,500 thousand** were the primary driver of revenue growth in the current period[22](index=22&type=chunk) - Other income and net other gains and losses decreased, mainly because there was a gain from early redemption of convertible bonds in the prior period, but none in the current period[22](index=22&type=chunk) [Note 5. Finance Costs](index=12&type=section&id=Note%205.%20Finance%20Costs) Finance costs for the current period were HK$3,173 thousand, a decrease from the prior period, mainly due to zero interest expense on convertible bonds, though interest expense on promissory notes increased Finance Cost Components | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Convertible bonds | – | 4,321 | | Promissory notes | 3,128 | 269 | | Lease liabilities | 45 | 53 | | **Total** | **3,173** | **4,643** | - Finance costs decreased by **31.7% year-on-year**, primarily due to zero interest expense on convertible bonds[24](index=24&type=chunk) [Note 6. Profit / (Loss) Before Income Tax](index=12&type=section&id=Note%206.%20Profit%20%2F%20%28Loss%29%20Before%20Income%20Tax) The Group's profit before income tax was HK$8,382 thousand, compared to a loss in the prior period, mainly benefiting from the reversal of expected credit losses on customer loans and an increase in staff costs Factors Affecting Profit / (Loss) Before Income Tax | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Staff costs | 7,582 | 6,313 | | Auditor's remuneration | 480 | 569 | | Service costs | 1,566 | – | | Depreciation of property, plant and equipment | 157 | 125 | | Depreciation of right-of-use assets | 247 | 543 | - Staff costs increased by **20.1% year-on-year**, mainly due to higher salaries, allowances, and other benefits[25](index=25&type=chunk) - New service costs of **HK$1,566 thousand** were incurred in the current period[25](index=25&type=chunk) [Note 7. Income Tax Expense](index=13&type=section&id=Note%207.%20Income%20Tax%20Expense) Income tax expense for the current period significantly increased to HK$16,313 thousand, primarily due to a substantial rise in deferred tax expense, as well as dividend withholding tax and China current tax expense Income Tax Expense Components | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | China current tax expense | 369 | 880 | | Withholding tax on dividends | 547 | 1,629 | | Deferred tax expense | 15,397 | 918 | | **Income Tax Expense** | **16,313** | **3,427** | - Income tax expense significantly increased by **376.0% year-on-year**, mainly driven by deferred tax expense rising from HK$918 thousand to HK$15,397 thousand[27](index=27&type=chunk) - The Group is exempt from income tax in Bermuda, Cayman Islands, and British Virgin Islands, while its Chinese subsidiaries are subject to a 25% corporate income tax rate, with small-profit enterprises enjoying preferential rates[28](index=28&type=chunk) [Note 8. Dividends](index=14&type=section&id=Note%208.%20Dividends) The Board of Directors does not recommend the payment of any dividend for the interim period - The Directors do not recommend the payment of any dividend for the interim period (2024: Nil)[29](index=29&type=chunk) [Note 9. Loss Per Share](index=14&type=section&id=Note%209.%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was 8.68 HK cents, a significant narrowing from 29.53 HK cents in the prior period, mainly due to reduced loss and an increased weighted average number of ordinary shares Loss Per Share Calculation Data | Indicator | 2025 (HK$ thousand / thousand shares) | 2024 (HK$ thousand / thousand shares) | | :--- | :--- | :--- | | Loss attributable to owners of the Company used for basic loss per share | (8,149) | (12,030) | | Weighted average number of ordinary shares used for basic loss per share | 93,841 | 40,733 | | **Basic and Diluted Loss Per Share (HK cents)** | **(8.68)** | **(29.53)** | - Basic and diluted loss per share for 2025 are equal as there are no potential dilutive ordinary shares[30](index=30&type=chunk) - Basic and diluted loss per share for 2024 were also equal due to the anti-dilutive effect of convertible bonds[30](index=30&type=chunk) [Note 10. Right-of-use Assets](index=15&type=section&id=Note%2010.%20Right-of-use%20Assets) The Group obtains right-of-use assets for office properties and staff quarters through lease arrangements, with lease terms ranging from 2 to 16 years. No new right-of-use assets were added during the interim period, and total cash outflow for leases was approximately HK$244 thousand - The Group leases office properties and staff quarters, with lease terms ranging from 2 to 16 years[33](index=33&type=chunk) - No right-of-use assets were added during the interim period[34](index=34&type=chunk) - Total cash outflow for leases was approximately **HK$244 thousand**, with a weighted average effective interest rate of **3.55% per annum**[34](index=34&type=chunk) [Note 11. Investment Properties](index=16&type=section&id=Note%2011.%20Investment%20Properties) The Group disposed of a residential property in Beijing during the interim period for a total consideration of approximately HK$2,043 thousand, resulting in a zero balance for investment properties at period-end Changes in Investment Properties | Item | For the period from January 1, 2025 to June 30, 2025 (HK$ thousand) | | :--- | :--- | | At beginning of reporting period | 2,043 | | Disposal | (2,043) | | **At end of reporting period** | **–** | - The Group disposed of a residential property in Beijing on February 27, 2025, for a consideration of approximately **HK$2,043 thousand**[36](index=36&type=chunk) - The disposal was completed, and no significant gain or loss was recognized[36](index=36&type=chunk) [Note 12. Repossessed Assets](index=16&type=section&id=Note%2012.%20Repossessed%20Assets) The Group's repossessed assets primarily consist of real estate properties in Beijing, with a carrying amount of HK$1,622 thousand, and are expected to be sold within a reasonable timeframe Carrying Amount of Repossessed Assets | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Repossessed properties – real estate properties in Beijing | 1,622 | 1,575 | - The estimated market value of repossessed assets is approximately **HK$1,648 thousand**, comprising properties obtained through court proceedings or control[37](index=37&type=chunk) - The Group plans to sell these properties within a reasonable time after gaining ownership, not expected within 12 months from the end of the reporting period[37](index=37&type=chunk) [Note 13. Customer Loans](index=17&type=section&id=Note%2013.%20Customer%20Loans) Total customer loans amounted to HK$101,115 thousand, a significant decrease from the end of 2024, with a notable reduction in loss allowance. The Group applies an expected credit loss model, and loans overdue for more than 90 days are considered credit-impaired Total Customer Loans and Loss Allowance | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Gross customer loans | 101,115 | 153,890 | | Less: Loss allowance | (52,011) | (105,106) | | **Net customer loans** | **49,104** | **48,784** | Credit Quality Analysis of Customer Loans | Category | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Not past due or credit-impaired | 38,133 | 36,220 | | Past due but not credit-impaired (within 30 days) | 5,615 | – | | Past due but not credit-impaired (30 to 90 days) | 2,278 | 4,753 | | Past due and credit-impaired (over 90 days) | 55,089 | 112,917 | | **Total** | **101,115** | **153,890** | - Gross customer loans decreased by **34.3%**, and loss allowance decreased by **50.5%**, leading to a slight increase in net customer loans[38](index=38&type=chunk)[42](index=42&type=chunk) - The proportion of credit-impaired loans overdue for more than 90 days decreased from **73.4%** at the end of 2024 to **54.5%** of the total[40](index=40&type=chunk) - Loss allowance accounted for approximately **51.4%** of the total gross carrying amount of all customer loans (December 31, 2024: approximately **68.3%**)[42](index=42&type=chunk) [Note 14. Amounts Due to Directors](index=19&type=section&id=Note%2014.%20Amounts%20Due%20to%20Directors) As of June 30, 2025, amounts due to directors were zero, compared to HK$995 thousand at the end of 2024, and these amounts were unsecured, interest-free, and repayable on demand - Amounts due to directors were zero as of June 30, 2025, a decrease from **HK$995 thousand** at the end of 2024[9](index=9&type=chunk) - These amounts were unsecured, interest-free, and repayable on demand[44](index=44&type=chunk) [Note 15. Amounts Due to Shareholders](index=19&type=section&id=Note%2015.%20Amounts%20Due%20to%20Shareholders) As of June 30, 2025, amounts due to shareholders were HK$400 thousand, and these amounts were unsecured, interest-free, and repayable on demand - Amounts due to shareholders were **HK$400 thousand** as of June 30, 2025, compared to zero at the end of 2024[9](index=9&type=chunk) - These amounts were unsecured, interest-free, and repayable on demand[45](index=45&type=chunk) [Note 16. Promissory Notes](index=20&type=section&id=Note%2016.%20Promissory%20Notes) The carrying amount of promissory notes was HK$72,367 thousand, a slight decrease from the end of 2024. A portion of promissory notes was early redeemed during the period, resulting in a gain of approximately HK$166 thousand Changes in Promissory Notes | Item | For the period from January 1, 2025 to June 30, 2025 (HK$ thousand) | | :--- | :--- | | At beginning of reporting period | 73,804 | | Actual interest expense | 3,128 | | Interest payments | (339) | | Early redemption | (4,226) | | **Carrying amount at end of reporting period** | **72,367** | - The carrying amount of promissory notes decreased by **HK$1,437 thousand**, mainly due to early redemption[46](index=46&type=chunk) - Promissory notes with a total principal amount of **HK$4,060 thousand** were early redeemed during the period, resulting in a gain of approximately **HK$166 thousand**[46](index=46&type=chunk) [Note 17. Issued Share Capital](index=21&type=section&id=Note%2017.%20Issued%20Share%20Capital) As of June 30, 2025, the Company's issued and fully paid share capital was HK$938 thousand, comprising 93,841 thousand ordinary shares, consistent with the end of 2024. New shares were issued through a placing in 2024 Issued Share Capital | Item | Number of Shares (thousand shares) | Amount (HK$ thousand) | | :--- | :--- | :--- | | At January 1, 2024 | 78,201 | 782 | | New shares issued upon placing | 15,640 | 156 | | **At June 30, 2025** | **93,841** | **938** | - On February 28, 2024, the Company placed **15,640,000 new ordinary shares**, raising net proceeds of approximately **HK$7,820 thousand**[47](index=47&type=chunk) - Share issue premium of approximately **HK$7,355 thousand** was credited to the share premium account[47](index=47&type=chunk) [Note 18. Related Party Transactions](index=22&type=section&id=Note%2018.%20Related%20Party%20Transactions) Related party transactions during the period included lease payments to non-controlling interests of a non-wholly owned subsidiary and the sale of customer loans to a registered shareholder of a subsidiary - Lease payments of approximately **HK$118 thousand** were made to non-controlling interests of a non-wholly owned subsidiary[50](index=50&type=chunk) - Consideration of approximately **HK$1,027 thousand** was received from the sale of customer loans to a registered shareholder of a subsidiary[50](index=50&type=chunk) [Note 19. Events After the Reporting Period](index=22&type=section&id=Note%2019.%20Events%20After%20the%20Reporting%20Period) After the reporting period, Beijing Zhicheng Zhuoshi Management Consulting Services Co., Ltd., an indirect wholly-owned subsidiary of the Company, completed its deregistration on July 31, 2025 - Beijing Zhicheng Zhuoshi Management Consulting Services Co., Ltd. completed its deregistration on July 31, 2025[49](index=49&type=chunk) Management Discussion and Analysis This section reviews the Group's business and financial performance, outlines future strategies, and discusses liquidity, capital structure, and human resources [Business and Financial Review](index=23&type=section&id=Business%20and%20Financial%20Review) The Group's revenue significantly increased to HK$14,493 thousand during the interim period, primarily driven by settlement gains from non-performing debt assets and expansion of IT solution services. Loss for the period narrowed, but income tax expense substantially increased - Total revenue was approximately **HK$14,493 thousand**, an increase of approximately **HK$8,525 thousand year-on-year**, mainly from settlement gains on non-performing debt assets in Hong Kong's short-term financing services and expansion of IT solution services for the financial industry[51](index=51&type=chunk) - Other income and net other gains and losses decreased by approximately **HK$2,756 thousand**, mainly due to no gain from early redemption of convertible bonds during the interim period[51](index=51&type=chunk) - Reversal of expected credit losses on customer loans was approximately **HK$8,860 thousand**, a decrease of approximately **HK$11,320 thousand** compared to the prior period's provision, mainly due to a reduction in the total balance of customer loans[52](index=52&type=chunk) - Income tax expense significantly increased by approximately **HK$12,886 thousand** to **HK$16,313 thousand**, primarily due to the reversal of temporary differences related to expected credit loss provisions arising from the disposal of customer loans[53](index=53&type=chunk) - Loss attributable to owners of the Company was approximately **HK$8,149 thousand**, a decrease from the prior period, mainly due to the combined effect of increased revenue, reversal of loss provisions, and increased income tax expense[53](index=53&type=chunk) [Outlook](index=24&type=section&id=Outlook) Despite stable economic operations in China, competition in short-term financing is intensifying. The Group plans to leverage IT technologies like blockchain, AI, and large models for digital transformation, explore RWA applications in digital finance, and integrate IT solutions into traditional short-term financing to enhance competitiveness and revenue - China's economy is generally stable, but competition in the short-term financing sector is intensifying, making the pawn and micro-loan environment increasingly challenging[54](index=54&type=chunk) - The Group intends to leverage IT technologies such as blockchain, AI, and large models to drive digital transformation and explore innovative applications of Real World Assets (RWA) in digital finance[55](index=55&type=chunk) - Independently developing an AI intelligent service platform, including application scenarios such as intelligent data processing, intelligent risk control, intelligent settlement, and intelligent customer service[55](index=55&type=chunk) - Integrating IT technology solutions into traditional short-term financing services and actively seeking new business opportunities in China and/or Hong Kong to diversify revenue streams[55](index=55&type=chunk)[56](index=56&type=chunk) [Material Investments, Acquisitions and Disposals](index=25&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) Except as disclosed in this announcement, the Group did not undertake any other material investments, acquisitions, or disposals of subsidiaries or associates during the interim period - No other material investments, acquisitions, or disposals occurred during the interim period[57](index=57&type=chunk) [Future Plans for Material Investments and Capital Assets](index=25&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) Except as disclosed in this announcement, the Group currently has no definite intentions or specific plans for any material investments or capital assets - The Group currently has no definite intentions or specific plans for any material investments or capital assets[58](index=58&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group held cash and cash equivalents of approximately HK$84,502 thousand, with a gearing ratio of 2.2 and a debt ratio of 0.55. Management will monitor debt levels and consider equity fundraising to reduce financing costs - As of June 30, 2025, the Group's other debts were approximately **HK$72,367 thousand**, and cash and cash equivalents were approximately **HK$84,502 thousand**[59](index=59&type=chunk) - The gearing ratio was approximately **2.2** (December 31, 2024: **1.9**), and the debt ratio was approximately **0.55** (December 31, 2024: **0.54**)[60](index=60&type=chunk) - The Group will seek future financing and raise funds through equity fundraising activities to further reduce financing costs[59](index=59&type=chunk) [Capital Structure](index=26&type=section&id=Capital%20Structure) The Group's capital structure primarily consists of promissory notes, with no bank borrowings during the interim period. A portion of promissory notes was early redeemed, and new promissory notes were issued to settle maturing debts (i) Bank Borrowings](index=26&type=section&id=%28i%29%20Bank%20Borrowings) - As of June 30, 2025, and December 31, 2024, there were no outstanding bank borrowings[61](index=61&type=chunk) (ii) Promissory Notes](index=26&type=section&id=%28ii%29%20Promissory%20Notes) Summary of Promissory Notes | Issue Date | Principal Amount (HK$) | Annual Interest Rate | Principal Repayment Due Date | Principal Amount Redeemed (HK$) | Principal Amount Outstanding (HK$) | | :--- | :--- | :--- | :--- | :--- | :--- | | August 5, 2024 | 6,720,000 | 8% | August 4, 2026 | – | 6,720,000 | | August 5, 2024 | 63,664,650 | 8% | December 31, 2025 | (4,060,000) | 59,604,650 | | December 23, 2024 | 2,000,000 | 7% | December 23, 2025 | – | 2,000,000 | - The Company issued new promissory notes to settle the maturing new 2023 convertible bonds and maturing promissory notes[62](index=62&type=chunk)[63](index=63&type=chunk) - On March 26, 2025, promissory notes with a total principal amount of **HK$4,060 thousand** were early redeemed, resulting in a gain of approximately **HK$166 thousand**[63](index=63&type=chunk) [Fund Raising Activities](index=27&type=section&id=Fund%20Raising%20Activities) The Company did not undertake any fundraising activities during the interim period. In 2024, new shares were issued through a placing, raising approximately HK$7,511 thousand - The Company did not undertake any fundraising activities during the interim period[65](index=65&type=chunk) - On February 28, 2024, the Company placed **15,640,000 ordinary shares**, raising net proceeds of approximately **HK$7,511 thousand**[64](index=64&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group's business is primarily denominated in RMB, resulting in minimal foreign exchange risk. There is currently no foreign exchange hedging policy, but it will be closely monitored, and hedging instruments will be considered in the future - The Group's majority of business transactions, assets, and liabilities are primarily denominated in RMB, resulting in minimal foreign exchange risk[66](index=66&type=chunk) - RMB conversion is subject to foreign exchange controls by the Chinese government[66](index=66&type=chunk) - The Group currently has no foreign exchange hedging policy but will monitor and consider using hedging instruments in the future[66](index=66&type=chunk) [Pledge of Assets](index=28&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, and December 31, 2024, the Group had no pledged assets - The Group had no pledged assets[67](index=67&type=chunk) [Employees Information and Remuneration Policy](index=28&type=section&id=Employees%20Information%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 46 employees, with staff costs of approximately HK$7,582 thousand. Salaries and benefits are maintained at competitive levels and determined discretionarily based on performance - The Group employed **46 employees** (December 31, 2024: **39 employees**)[68](index=68&type=chunk) - Staff costs (excluding directors' emoluments) for the interim period were approximately **HK$7,582 thousand** (2024: **HK$6,313 thousand**)[68](index=68&type=chunk) - Employee remuneration is determined discretionarily based on performance under an annually reviewed salary and bonus system, with contributions to statutory Mandatory Provident Fund schemes and medical plans[68](index=68&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities[70](index=70&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) Details of significant events after the interim period are provided in Note 19 to the unaudited condensed consolidated financial statements - Details of events after the reporting period are provided in Note 19 to the financial statements[71](index=71&type=chunk) Other Information This section covers directors' and major shareholders' interests, share option schemes, corporate governance, and other relevant disclosures [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=28&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2025, none of the Company's directors or chief executives had any disclosable interests or short positions in the shares, underlying shares, and debentures of the Company or any of its associated corporations - Directors and chief executives had no disclosable interests or short positions in the shares, underlying shares, and debentures of the Company or its associated corporations[72](index=72&type=chunk) [Directors' Right to Acquire Shares or Debentures](index=29&type=section&id=Directors%27%20Right%20to%20Acquire%20Shares%20or%20Debentures) During the interim period, neither the Company nor any of its subsidiaries was a party to any arrangement that would enable any director or chief executive to acquire benefits by purchasing shares or debt securities of the Company or any other body corporate - During the interim period, neither the Company nor its subsidiaries participated in any arrangement enabling directors or chief executives to benefit from purchasing shares or debt securities[73](index=73&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=29&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Mr. Ye Zhijian and his wholly-owned company, Hengxin Zhitou Technology (Hong Kong) Limited, were substantial shareholders of the Company, holding 28.35% of the issued shares Substantial Shareholders' Shareholdings | Name of Substantial Shareholder | Nature of Interest / Capacity | Number of Ordinary Shares Held | Percentage of Company's Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Ye Zhijian | Interest in controlled corporation | 26,600,000 | 28.35% | | Hengxin Zhitou Technology (Hong Kong) Limited | Beneficial owner | 26,600,000 | 28.35% | - Mr. Ye Zhijian is deemed to be interested in the **26,600,000 shares** of the Company held by Hengxin Zhitou Technology (Hong Kong) Limited[75](index=75&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The Company's share option scheme was adopted on June 18, 2024, to reward eligible participants. As of the end of the interim period, there were no outstanding share options or unvested awards - The share option scheme was adopted on June 18, 2024, for a period of ten years, aiming to reward eligible participants[77](index=77&type=chunk) - Eligible participants include directors, employees, and service providers[77](index=77&type=chunk) - At the beginning and end of the interim period, there were no outstanding share options or unvested awards, nor were any share options granted, vested, lapsed, cancelled, or exercised[77](index=77&type=chunk) [Compliance with the Standard of Dealings by Directors in Securities](index=30&type=section&id=Compliance%20with%20the%20Standard%20of%20Dealings%20by%20Directors%20in%20Securities) The Company has adopted a code of conduct no less exacting than the GEM Listing Rules, and all directors have confirmed compliance with this code during the interim period - The Company has adopted a code of conduct no less exacting than the GEM Listing Rules, and all directors have confirmed compliance[78](index=78&type=chunk) [Changes in Directors' Information](index=31&type=section&id=Changes%20in%20Directors%27%20Information) After the reporting period, several changes occurred in the Company's Board of Directors, including the resignation of an independent non-executive director, appointment of an executive director and chairman, appointment of an independent non-executive director, resignation of an executive director, and appointment of a CEO - Mr. Chan Yik Wah resigned as an independent non-executive director, effective April 1, 2025[79](index=79&type=chunk) - Mr. Tsang Chi Wan was appointed as an executive director and chairman, effective April 14, 2025, and June 6, 2025, respectively[79](index=79&type=chunk) - Ms. Qiu Mengru was appointed as an executive director and chief executive officer, effective June 6, 2025[79](index=79&type=chunk) - Mr. Zhang Wei and Ms. Zhang Yanwen resigned as executive director and independent non-executive director, respectively, effective June 6, 2025[79](index=79&type=chunk) [Interests in Competing Business](index=32&type=section&id=Interests%20in%20Competing%20Business) During the interim period, none of the Company's directors, controlling shareholders, or substantial shareholders, or their respective close associates, engaged in any business that competes or may compete with the Group's business, or had any other conflicts of interest with the Group - Directors, controlling shareholders, or substantial shareholders and their close associates did not engage in any business competing with the Group's business or have conflicts of interest[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the interim period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[81](index=81&type=chunk) [Corporate Governance Practices](index=32&type=section&id=Corporate%20Governance%20Practices) The Company is committed to continuously improving its corporate governance practices and complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules during the interim period - The Company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules during the interim period[82](index=82&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[83](index=83&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's interim financial statements and believes they are prepared in compliance with applicable accounting standards, the GEM Listing Rules, and other legal requirements, with adequate disclosures - The Audit Committee has reviewed the interim financial statements and believes they comply with applicable accounting standards, GEM Listing Rules, and other legal requirements[84](index=84&type=chunk) [By Order of the Board](index=32&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by the Board of Directors, represented by Chairman Mr. Tsang Chi Wan, and specifies the announcement date and the list of current executive and independent non-executive directors - This announcement was issued by Mr. Tsang Chi Wan, Chairman and Executive Director, on August 22, 2025[85](index=85&type=chunk)[86](index=86&type=chunk) - This announcement will be published on the Stock Exchange website and the Company's website for at least seven days[86](index=86&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佈之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 NANYANG HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：212） 二零二五年中期業績公佈 | 集團財務摘要 | | | | | --- | --- | --- | --- | | | 未經審核 | | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 變 動 | | | 港幣千元 | 港幣千元 | | | 收入與其他收益 | 169,417 | 144,185 | 17% | | 本 公 司 股 權 持 有 人 應 佔 溢 利╱（虧 損） | 27,528 | (43,740) | 163% | | 本 公 司 股 權 持 有 人 應 佔 溢 利 經 扣 除： | | | | | －投資物業公平值之變動及相關 | | | | | 稅務影響 | 119,226 | 142,7 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 截至二零二五年六月三十日止六個月 之未經審核中期業績 天 安 中 國 投 資 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司 （「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 業 績 連 同 二零二四年同期之比較數字如下： 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | | | （未經審核） | | | --- | --- | --- | --- | --- | --- | | | | | | 截至六月三十日止六個月 | | | | | | | 二零二五年 | 二零二四年 | | | | | 附 註 | 千港元 | 千港元 | | 除稅前溢利 | | | | 4,462,013 | 232,010 | | | 項 | 稅 | (6) | (2,106,022) | (97,8 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Marketingforce Management Ltd 邁 富 時 管 理 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2556） 截至2025年6月30日止六個月的 中期業績公告 邁富時管理有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附 屬公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期間」）之未經審核 綜合中期業績，連同截至2024年6月30日止六個月之比較數字。於本公告內，「邁富 時」、「我們」、「我們的」均指本集團，而如文義另有所指，則指本公司。 財務摘要 截至6月30日止六個月 | | 2025年 人民幣千元 | 2024年 人民幣千元 | 同比變化 | | --- | --- | --- | --- | | | （未經審核） | （未經審核） | | | 收入 | 928,293 | 739,443 | ...

Financial Performance - Revenue for the six months ended June 30, 2025, was approximately RMB 1.374 billion, with a gross margin of about 40%[5] - Net profit attributable to the company's owners was approximately RMB 256 million, representing a net profit margin of 19%[5] - Total comprehensive income for the period was RMB 281 million, compared to RMB 497 million in the previous year[7] - The total profit for the period ended June 30, 2025, was RMB 272,946, compared to RMB 491,226 for the same period in 2024, indicating a decrease of 44.5%[16] - Basic earnings per share for the period was RMB 0.13, down from RMB 0.26 in the previous year[7] - Basic earnings per share for the six months ending June 30, 2025, was RMB 0.129, based on a profit of RMB 256,117,000 and a weighted average of 1,975,217,000 shares[26] - Gross profit reached RMB 550 million, with a gross margin of approximately 40%[34] - Gross profit was RMB 550.3 million, a decrease of 36.0% compared to RMB 860.1 million in the same period of 2024, with a gross margin of 40.0%, down 11.5 percentage points from 51.5% in 2024[48] - Net profit for the period was RMB 272.9 million, a decrease of 44.4% from RMB 491.2 million in 2024, with profit attributable to owners of the company at RMB 256.1 million, down 48.9% from RMB 501.2 million in 2024[53] Cash Flow and Assets - Cash inflow from operating activities reached RMB 112 million, an increase of 45% compared to the same period last year[5] - Total cash and bank balances (excluding pledged bank deposits) reached RMB 1.644 billion, an increase of 8% from the end of 2024[5] - The company had cash and bank balances of RMB 1,643.8 million as of June 30, 2025, compared to RMB 1,518.3 million at the end of 2024, with a current ratio of 1.54[58] - Trade receivables decreased to RMB 339,455,000 as of June 30, 2025, from RMB 437,440,000 at the end of 2024[29] - Contract assets increased to RMB 1,526,320,000 as of June 30, 2025, compared to RMB 1,461,817,000 at the end of 2024[32] - Total assets less current liabilities amounted to RMB 3.781 billion as of June 30, 2025[9] - Total equity as of June 30, 2025, was approximately RMB 3,742.6 million, a decrease of about RMB 199.0 million from the beginning of 2025[57] Project and Market Performance - Total construction area of newly acquired projects was 19.89 million square meters, a year-on-year increase of approximately 13.9%[5] - Total sales amount for acquired projects was approximately RMB 41.9 billion, reflecting a growth of about 2% year-on-year[5] - Revenue from construction services, the largest source of income, was RMB 1,361.2 million, accounting for 99.0% of total revenue, down 17.0% from RMB 1,640.0 million in 2024 due to intensified competition and a downturn in the real estate market[46] - The company delivered 45 projects, creating homes for approximately 25,600 owners, with a total delivery area of 4.65 million square meters, leading the industry with a 60% share of the top ten companies' delivery area[39] - The company maintained a project delivery satisfaction rate of 92%, achieving its goal of creating value for clients[39] - The company’s order backlog at the end of June 2025 totaled 126.5 million square meters, with 38.4% of this area still to be developed, ensuring quality growth[44] - The company’s marketing revenue reached RMB 41.9 billion, continuing to lead the construction service industry sales rankings despite overall market pressure[41] Tax and Income - The income tax expense for the six months ended June 30, 2025, was RMB 79,033, a decrease of 51.0% from RMB 161,081 in 2024[23] - The company’s effective corporate income tax rate for qualifying subsidiaries in China was 5% during the period, benefiting from preferential tax policies[24] - Other income for the period was RMB 46.4 million, down 29.2% from RMB 65.5 million in 2024, primarily due to a decline in interest income from lower market deposit rates[49] - The total other income for the six months ended June 30, 2025, was RMB 46,403, down from RMB 65,525 in the previous year, reflecting a decrease of 29.2%[20] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring compliance with applicable laws and regulations[70] - The board of directors confirmed adherence to the standard code for securities trading during the reporting period, with no violations reported by employees[71] - The interim financial results for the six months ended June 30, 2025, were reviewed by the audit committee and approved by the board, with a review report issued by Ernst & Young[72] - The board expressed gratitude to shareholders, customers, suppliers, banks, professional advisors, and employees for their continued support[75] - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[77] Employee and Operational Insights - The company employed 2,543 staff as of June 30, 2025, an increase of 7% from 2,377 employees at the end of 2024, due to new project demands[65] - The service cost for the period was RMB 823.9 million, an increase of 1.8% from RMB 809.5 million in 2024, primarily due to the increase in new construction projects[47] - The company has restructured its internal reporting structure, merging the commercial and government construction segments for strategic decision-making[14] Other Notable Information - The company declared an interim dividend of RMB 0.076 per share (equivalent to HKD 0.083308)[5] - The company declared a final dividend of RMB 0.24 per share, totaling HKD 527,460,000 (equivalent to RMB 482,400,000) for the year ending June 30, 2025[10] - The company reported a net exchange gain of RMB 485 for the six months ended June 30, 2025, compared to a net loss of RMB 1,735 in the same period of 2024[21] - No significant events occurred after June 30, 2025, up to the date of this announcement[73] - The interim report for the six months ended June 30, 2025, will be sent to shareholders and published on the company and Hong Kong Stock Exchange websites[74]