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，概不就因本公告的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。 Rainmed Medical Limited 潤邁德醫療有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2297） 有關截至二零二五年六月三十日止六個月 中期業績公告之澄清公告 除上文所述外，二零二五年中期業績公告之所有其他資料維持不變。 承董事會命 潤邁德醫療有限公司 董事會主席兼執行董事 霍雲飛 香港，二零二五年九月二十八日 於本公告日期，董事會由執行董事霍雲飛先生、朱則柯先生及段靜女士；非執行董事霍雲龍博士、王霖先生及衡磊先生； 及獨立非執行董事廖船江先生、陳雪峰先生及趙暉先生組成。 茲提述潤邁德醫療有限公司（「本公司」）日期為二零二五年八月二十八日有關截至二零二五 年六月三十日止六個月之中期業績公告（「二零二五年中期業績公告」）。本公司謹此澄清， 二零二五年中期業績公告所披露之「已發行普通股加權平均數」及「每股基本及攤薄虧損」 存在無意之錯誤。本公司謹此澄清，本公司截至二零二五年六月 ...

僅 供 識 別 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論及分析 | 4 | | Corporate Governance and Other Information | 企業管治及其他資料 | 17 | | Report on Review of Interim Financial Statements | 中期財務報表之審閱報告 | 21 | | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益及其他全面收益表 | 23 | | Other Comprehensive Income | | | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 25 | | Condensed Consolidated Statement of Changes in Equi ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company turned a loss of HK$5,130 thousand into a profit of HK$20,596 thousand, primarily due to improved gross margin and a one-off gain from subsidiary disposal, despite a 41.8% revenue decrease | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 42,118 | 72,309 | -41.8% | | Gross Profit | 34,833 | 55,397 | -37.2% | | Profit/(Loss) Before Tax | 20,596 | (5,130) | N/A (Turned to Profit) | | Profit/(Loss) Attributable to Owners of the Company | 20,596 | (5,130) | N/A (Turned to Profit) | | Gross Profit Margin | 82.7% | 76.6% | +6.1pp | | Profit/(Loss) Margin Attributable to Owners of the Company | 48.9% | (7.1%) | N/A (Turned to Profit) | | Earnings/(Loss) Per Share — Basic and Diluted | HK$0.08 | (HK$0.02) | N/A (Turned to Profit) | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the 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, with comparative data, reflecting the financial performance and position during the 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) The company achieved a net profit of HK$20,596 thousand, a significant improvement from a net loss of HK$5,130 thousand in the prior period, mainly due to a gain from disposal of subsidiaries, despite a 41.8% revenue decrease | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 42,118 | 72,309 | -41.8% | | Cost of Sales | (7,285) | (16,912) | -56.9% | | Gross Profit | 34,833 | 55,397 | -37.2% | | Other Income | 8,437 | 2,463 | +242.2% | | Other Gains and Losses | 34,675 | (5,539) | N/A (Turned from Loss to Profit) | | Selling and Distribution Costs | (18,714) | (24,838) | -24.7% | | Administrative Expenses | (37,303) | (31,389) | +18.8% | | Finance Costs | (1,332) | (1,224) | +8.8% | | Profit/(Loss) Before Tax | 20,596 | (5,130) | N/A (Turned from Loss to Profit) | | Profit/(Loss) for the Period | 20,596 | (5,130) | N/A (Turned from Loss to Profit) | | Total Comprehensive Income/(Expense) for the Period | 17,248 | (3,682) | N/A (Turned from Loss to Profit) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, both non-current and current assets decreased, leading to a reduction in total assets, while net current liabilities improved, but the company remains in a net liability position with negative total equity | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 19,175 | 23,034 | -16.8% | | Current Assets | 103,594 | 112,154 | -7.6% | | Current Liabilities | 168,499 | 182,902 | -7.8% | | Net Current Liabilities | (64,905) | (70,748) | +8.3% (Decrease in Liabilities) | | Total Assets Less Current Liabilities | (45,730) | (47,714) | +4.2% (Decrease in Liabilities) | | Non-current Liabilities | 2,966 | 8,465 | -65.0% | | Net Liabilities | (48,696) | (56,179) | +13.3% (Decrease in Liabilities) | | Equity Attributable to Owners of the Company | (48,873) | (64,449) | +24.1% (Decrease in Negative Equity) | | Total Equity | (48,696) | (56,179) | +13.3% (Decrease in Negative Equity) | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, significant accounting policies, and specific circumstances and changes in financial items, including revenue, segment performance, other gains/losses, taxation, EPS, receivables/payables, and post-reporting events, providing crucial context for financial data [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with HKFRSs, disclosing the use of historical data for certain subsidiaries due to lost records after Mr. Yang Jun's retirement, the deconsolidation of Shang Ying Medical due to bankruptcy, and the company's significant going concern uncertainties mitigated by director's financial support - Due to the retirement of former executive director Mr. Yang Jun, certain books, records, and supporting documents of Shang Ying International Group and Shang Ying Retail Group were lost, leading the company to adopt the carrying amounts of assets and liabilities, performance, and cash flow data for the six months ended June 30, 2023, for consolidation purposes when preparing the financial statements[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The company has disposed of Shang Ying Capital Group, but its books and records were deemed insufficient for audit purposes, thus the company decided to adopt the carrying amounts of assets and liabilities, performance, and cash flow data for the six months ended June 30, 2024, for consolidation purposes when preparing the financial statements[12](index=12&type=chunk)[13](index=13&type=chunk) - Shang Ying Internet Medical (Shanghai) Co., Ltd. was deconsolidated as management lost control from May 6, 2024, following the acceptance of its bankruptcy liquidation application[14](index=14&type=chunk) - The company faces significant going concern uncertainties with current liabilities exceeding current assets by **HK$64,905 thousand** and total liabilities exceeding total assets by **HK$48,696 thousand**[15](index=15&type=chunk) - Non-executive Director Mr. Zhang Mingqi has agreed to provide financial support of up to **HK$50,000 thousand** to ensure sufficient working capital for the company over the next 12 months[15](index=15&type=chunk) - The company has disposed of Shang Ying International Group and Shang Ying Group, and related liabilities are not expected to result in cash outflows, which helps improve its going concern ability[15](index=15&type=chunk) [2. Significant Accounting Policies](index=9&type=section&id=2.%20Significant%20Accounting%20Policies) These condensed consolidated financial statements are prepared on a historical cost basis, with the first-time application of new and revised HKFRSs effective for annual periods beginning on or after January 1, 2025, which had no material impact on the Group's financial position or performance - The condensed consolidated financial statements are prepared on a historical cost basis[17](index=17&type=chunk) - New and revised Hong Kong Financial Reporting Standards, including amendments to HKAS 21 'Lack of Exchangeability', issued by the HKICPA and mandatory for annual periods beginning on or after January 1, 2025, were first applied[18](index=18&type=chunk) - The application of the revised HKFRSs had no material impact on the Group's current and prior period financial position, performance, and/or disclosures[18](index=18&type=chunk) [3. Revenue](index=10&type=section&id=3.%20Revenue) During the reporting period, all company revenue, totaling **HK$42,118 thousand**, was derived from footwear product sales, representing a significant 41.8% year-on-year decrease, with all revenue recognized at a point in time, primarily through retail channels | Revenue Source | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of footwear products | 42,118 | 72,309 | -41.8% | | Sales of healthcare products | — | — | N/A | | Financial services | — | — | N/A | | Online medical services | — | — | N/A | | **Total Revenue** | **42,118** | **72,309** | **-41.8%** | | **Sales Channels** | | | | | Retail | 40,546 | 70,281 | -42.3% | | Wholesale | 1,572 | 2,028 | -22.4% | | Internet | — | — | N/A | | Corporate | — | — | N/A | | **Timing of Revenue Recognition** | | | | | At a point in time | 42,118 | 72,309 | -41.8% | | Over time | — | — | N/A | [4. Operating Segments](index=11&type=section&id=4.%20Operating%20Segments) The company primarily operates in footwear product trading, generating **HK$42,118 thousand** in revenue but incurring a segment loss of **HK$11,886 thousand**, while healthcare, financial services, and online medical services segments had no revenue and were stagnant, with revenue mainly from Hong Kong and Macau Segment Performance | Segment | Revenue for Six Months Ended June 30, 2025 (HK$ thousand) | Segment Results for Six Months Ended June 30, 2025 (HK$ thousand) | Revenue for Six Months Ended June 30, 2024 (HK$ thousand) | Segment Results for Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Trading of footwear products | 42,118 | (11,886) | 72,309 | 2,428 | | Trading of healthcare products | — | — | — | — | | Financial services | — | — | — | — | | Online medical services | — | — | — | — | | **Total** | **42,118** | **(11,886)** | **72,309** | **2,428** | Geographical Revenue | Geographical Location | Revenue for Six Months Ended June 30, 2025 (HK$ thousand) | Revenue for Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 37,548 | 64,592 | -41.9% | | Macau | 4,570 | 7,717 | -40.8% | | **Total** | **42,118** | **72,309** | **-41.8%** | [5. Other Gains and Losses](index=12&type=section&id=5.%20Other%20Gains%20and%20Losses) Other gains and losses turned from a loss of **HK$5,539 thousand** in the prior period to a gain of **HK$34,675 thousand**, primarily due to a one-off gain of **HK$34,668 thousand** from the disposal of subsidiaries | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net exchange gain | 7 | 7 | | Loss on deconsolidation of a subsidiary | — | (5,554) | | Gain on disposal of subsidiaries | 34,668 | — | | Gain on disposal of property, plant and equipment | — | 8 | | **Total** | **34,675** | **(5,539)** | [6. Profit/(Loss) Before Tax](index=13&type=section&id=6.%20Profit%2F(Loss)%20Before%20Tax) The company achieved a profit before tax of **HK$20,596 thousand**, a significant improvement from a loss of **HK$5,130 thousand** in the prior period, mainly influenced by the gain on disposal of subsidiaries, with depreciation and staff costs being major expense items | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 5,224 | 8,033 | | Staff costs (including directors' emoluments) | 27,558 | 21,608 | | Reversal of provision for inventories | (4,041) | (10,520) | | Cost of inventories recognized (including net reversal of provision) | 7,285 | 16,912 | [7. Taxation](index=13&type=section&id=7.%20Taxation) During the reporting period, no tax provision was made in Hong Kong, Macau, Australia, Taiwan, and Mainland China, primarily due to sufficient brought-forward tax losses offsetting current taxable profits or the absence of taxable profits from relevant operating entities - Hong Kong Profits Tax: No provision was made as brought-forward tax losses were sufficient to offset estimated current taxable profits[29](index=29&type=chunk) - Macau Complementary Tax: No provision was made as no taxable profits exceeding **MOP600,000** were generated[29](index=29&type=chunk) - Australia, Taiwan, and Mainland China: No income tax provision was made as relevant operating subsidiaries/branches had no taxable profits in both periods[29](index=29&type=chunk)[30](index=30&type=chunk) [8. Dividends](index=14&type=section&id=8.%20Dividends) During the reporting period, no dividends were paid, declared, or proposed, and the Board has decided not to pay an interim dividend - No dividends were paid, declared, or proposed during the reporting period, and the Board has decided not to pay a dividend for the interim period[31](index=31&type=chunk) [9. Earnings/(Loss) Per Share](index=14&type=section&id=9.%20Earnings%2F(Loss)%20Per%20Share) The company achieved basic and diluted earnings per share of **HK$0.08**, a turnaround from a loss of **HK$0.02** per share in the prior period, primarily based on a profit attributable to owners of the company of **HK$20,596 thousand** | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the period attributable to owners of the company | HK$20,596 thousand | (HK$5,130) thousand | | Weighted average number of ordinary shares | 242,845,000 shares | 242,845,000 shares | | Basic and diluted earnings/(loss) per share | HK$0.08 | (HK$0.02) | [10. Trade and Other Receivables](index=15&type=section&id=10.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables were **HK$4,417 thousand**, a slight decrease from **HK$4,544 thousand** as of December 31, 2024, with most receivables due within 30 days and credit terms ranging from 30 to 90 days | Ageing | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 3,296 | 4,122 | | 31 to 60 days | 765 | 337 | | 61 to 90 days | 352 | 85 | | Over 90 days | 4 | — | | **Total** | **4,417** | **4,544** | [11. Trade and Other Payables](index=15&type=section&id=11.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables increased to **HK$5,281 thousand** from **HK$3,975 thousand** as of December 31, 2024, with an average credit period of 30 days | Ageing | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 1,247 | 2,398 | | 31 to 60 days | 1,807 | 32 | | 61 to 90 days | 495 | — | | Over 90 days | 1,732 | 1,545 | | **Total** | **5,281** | **3,975** | [12. Events After the Reporting Period](index=16&type=section&id=12.%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company completed the disposals of Shang Ying Retail Group and Shang Ying Capital Group on September 11, 2025 - On September 11, 2025, the Group entered into a sale and purchase agreement with an independent third party for the disposal of its subsidiary, Shang Ying Retail Group, which has been completed[35](index=35&type=chunk) - On September 11, 2025, the Group entered into a sale and purchase agreement with an independent third party for the disposal of Shang Ying Capital Group, which has been completed[36](index=36&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the business performance and financial condition for the reporting period, highlighting decreased footwear revenue and stagnant other businesses, outlining future focus on footwear product diversification and financial advisory, and disclosing liquidity, financial resources, foreign exchange risk, and human resources [Business Review and Future Development](index=17&type=section&id=Business%20Review%20and%20Future%20Development) During the reporting period, 100% of the company's revenue came from footwear business, which saw a 41.8% year-on-year decline due to weak consumer sentiment and economic uncertainty, while healthcare, financial services, and online medical services remained stagnant, with future plans to diversify footwear products, explore new brands and markets, and develop financial advisory services [Footwear Business](index=17&type=section&id=Footwear%20Business) Footwear business revenue was approximately **HK$42,100 thousand**, a year-on-year decrease of about **41.8%**, primarily due to weak consumer sentiment and ongoing economic uncertainty - Footwear business revenue for the reporting period was approximately **HK$42,100 thousand**, a decrease of about **41.8%** compared to the prior period[38](index=38&type=chunk) - The decrease in revenue was primarily due to weak consumer sentiment and ongoing economic uncertainty, creating a challenging environment for Hong Kong's retail sector[38](index=38&type=chunk) [Healthcare Business](index=17&type=section&id=Healthcare%20Business) During the reporting period, the healthcare business segment generated zero revenue, primarily due to business stagnation - Healthcare business segment revenue for the reporting period was **zero**, primarily due to business stagnation[39](index=39&type=chunk) [Financial Services](index=17&type=section&id=Financial%20Services) During the reporting period, DSG Group's financial services business generated zero revenue due to stagnation, and DSG Securities (Hong Kong) Limited applied to reduce its regulated activities - DSG Group's financial services business generated **zero** revenue, primarily due to business stagnation[40](index=40&type=chunk) - DSG Securities (Hong Kong) Limited applied for and received approval to reduce its Type 1 regulated activity (dealing in securities)[40](index=40&type=chunk) [Online Medical Services Business](index=18&type=section&id=Online%20Medical%20Services%20Business) During the reporting period, online medical services business revenue was zero due to business stagnation, and its primary operating entity, Shang Ying Medical, has entered bankruptcy proceedings - Online medical services business revenue for the reporting period was **zero**, primarily due to business stagnation[41](index=41&type=chunk) - Shang Ying Medical (an indirect non-wholly owned subsidiary of the company) has entered bankruptcy proceedings in China due to its inability to repay outstanding employee wages[41](index=41&type=chunk) [Outlook](index=18&type=section&id=Outlook) The company anticipates continued global economic instability and a contracting Hong Kong retail sector, with future focus on diversifying footwear products, exploring new brands and markets, and developing financial advisory services - The overall global economic environment remains unstable, and the Hong Kong retail sector is showing a general contraction trend[42](index=42&type=chunk) - Future efforts will focus on diversifying footwear products, exploring potential business collaborations, and introducing new brands with growth potential and high gross profit margins[42](index=42&type=chunk) - DSG Group will continue to focus on developing its financial advisory business and exploring new market opportunities, such as Singapore[42](index=42&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) The financial review analyzes changes in key financial metrics, including revenue, cost of sales, gross profit, staff costs, depreciation, and finance costs, attributing the profit before tax primarily to a one-off gain from subsidiary disposal [Revenue](index=18&type=section&id=Revenue) Total revenue for the reporting period was approximately **HK$42,100 thousand**, a decrease of about **41.8%** compared to the prior period, mainly due to reduced footwear business revenue | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 42,100 | 72,300 | -41.8% | - The decrease in revenue was primarily due to reduced footwear business revenue[43](index=43&type=chunk) [Cost of Sales](index=19&type=section&id=Cost%20of%20Sales) Cost of sales was approximately **HK$7,300 thousand**, representing about **17.3%** of revenue, a significant decrease from **HK$16,900 thousand** (23.4% of revenue) in the prior period, mainly due to reduced footwear product revenue | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 7,300 | 16,900 | -56.8% | | Cost of Sales as % of Revenue | 17.3% | 23.4% | -6.1pp | - The decrease in cost of sales was primarily due to reduced footwear product revenue[48](index=48&type=chunk) [Gross Profit](index=19&type=section&id=Gross%20Profit) Gross profit was approximately **HK$34,800 thousand**, a year-on-year decrease of about **37.2%**, while the gross profit margin improved to approximately **82.7%**, up from **76.6%** in the prior period | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 34,800 | 55,400 | -37.2% | | Gross Profit Margin | 82.7% | 76.6% | +6.1pp | [Staff Costs](index=20&type=section&id=Staff%20Costs) Staff costs were approximately **HK$27,600 thousand**, representing about **65.6%** of revenue, an increase from **HK$21,600 thousand** (29.9% of revenue) in the prior period, with a significant rise in its proportion to revenue | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Staff Costs | 27,600 | 21,600 | +27.8% | | Staff Costs as % of Revenue | 65.6% | 29.9% | +35.7pp | [Depreciation](index=20&type=section&id=Depreciation) Depreciation represented approximately **12.4%** of revenue, an increase from **11.1%** in the prior period | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Depreciation as % of Revenue | 12.4% | 11.1% | +1.3pp | [Finance Costs](index=20&type=section&id=Finance%20Costs) Finance costs were approximately **HK$1,300 thousand**, a slight increase from **HK$1,200 thousand** in the prior period, primarily comprising interest expenses on lease liabilities | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 1,300 | 1,200 | +8.3% | - Finance costs primarily comprise interest expenses arising from lease liabilities[52](index=52&type=chunk) [Profit/(Loss) Before Tax](index=20&type=section&id=Profit%2F(Loss)%20Before%20Tax) Profit before tax was approximately **HK$20,600 thousand**, a turnaround from a loss of **HK$5,100 thousand** in the prior period, primarily attributable to a one-off gain of approximately **HK$34,700 thousand** from the disposal of subsidiaries | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit/(Loss) Before Tax | 20,600 | (5,100) | - The turnaround to profit was primarily attributable to a one-off gain of approximately **HK$34,700 thousand** from the disposal of subsidiaries[53](index=53&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) The company's working capital is primarily from internal cash flow, bank borrowings, and shareholder financial support, with a slight decrease in bank balances and cash, improved but still negative net current liabilities, and assets pledged for borrowings and financing [Bank Balances and Cash](index=20&type=section&id=Bank%20Balances%20and%20Cash) As of June 30, 2025, bank balances and cash were approximately **HK$23,000 thousand**, a decrease of about **2.6%** from December 31, 2024, mainly due to reduced footwear business sales | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 23,000 | 23,400 | -2.6% | - The decrease in bank balances and cash was primarily due to reduced sales in the footwear business[54](index=54&type=chunk) [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, investment properties, leasehold land, and buildings were pledged to secure borrowings and financing granted to the Group - Investment properties, leasehold land, and buildings were pledged to secure borrowings and financing granted to the Group[55](index=55&type=chunk) [Gearing Ratio](index=21&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was approximately **-44.2%**, a decrease from **-26.7%** as of December 31, 2024, primarily due to losses incurred during the reporting period, partially offset by current period profits | Metric | As of June 30, 2025 | As of December 31, 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Gearing Ratio | -44.2% | -26.7% | -17.5pp | - The negative gearing ratio was primarily due to losses incurred by the Group during the reporting period, though this impact was partially offset by profits in the current period[56](index=56&type=chunk) [Significant Investments and Acquisitions/Disposals of Subsidiaries, Associates and Joint Ventures](index=21&type=section&id=Significant%20Investments%20and%20Acquisitions%2FDisposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the reporting period, the company held no significant investments and undertook no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group held no significant investments and undertook no material acquisitions or disposals of subsidiaries, associates, or joint ventures[57](index=57&type=chunk) [Treasury Policy](index=21&type=section&id=Treasury%20Policy) The company's treasury policy aims to enhance control over treasury operations and reduce borrowing costs, striving to maintain adequate cash and cash equivalents, and is regularly reviewed and assessed for effectiveness - The treasury policy aims to improve control over treasury operations and reduce borrowing costs[58](index=58&type=chunk) - The company is committed to maintaining adequate levels of cash and cash equivalents to meet short-term funding requirements[58](index=58&type=chunk) - The Board reviews and assesses the Group's treasury policy from time to time to ensure its adequacy and effectiveness[58](index=58&type=chunk) [Announcement under Rule 3.7 of the Takeovers Code](index=21&type=section&id=Announcement%20under%20Rule%203.7%20of%20the%20Takeovers%20Code) The company received letters regarding the appointment of joint and several receivers and managers for pledged shares, with receivers potentially seeking buyers, but the offer period ended on June 2, 2025, as an offer for the pledged shares was deemed unlikely to materialize soon - The company received letters regarding the appointment of joint and several receivers and managers for **123,993,617 shares** of the company (approximately **51.06%** of the issued shares) held by Shang Ying Financial Holdings Limited[59](index=59&type=chunk) - The receivers might seek potential buyers for the pledged shares, a transaction that was suspended in April 2021 and resumed in January 2022[59](index=59&type=chunk) - The receivers ceased to be the joint and several receivers and managers for the pledged shares effective June 2, 2025, and the offer period ended on the same day[60](index=60&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) The company's sales and purchases are denominated in multiple currencies, exposing it to foreign exchange fluctuation risk, with RMB and MOP markets being relatively small and undeveloped, and future exchange rates subject to various factors; risk is managed by closely monitoring rate changes, but no foreign currency forward contracts are used for hedging - The Group's sales and purchases are largely denominated in HKD, RMB, MOP, SGD, EUR, USD, and AUD[61](index=61&type=chunk) - RMB is not a freely convertible currency, and the MOP currency market is relatively small and undeveloped, potentially leading to significant exchange rate fluctuations in the future[61](index=61&type=chunk) - The Group manages its foreign currency risk by closely monitoring foreign currency exchange rate movements, but as of June 30, 2025, it had not entered into any foreign currency forward contracts to hedge foreign currency risk[61](index=61&type=chunk) [Human Resources](index=22&type=section&id=Human%20Resources) As of June 30, 2025, the company employed **107 employees**, a slight decrease from **111** as of December 31, 2024, with remuneration determined by market terms, individual qualifications, and experience, and regular training conducted to enhance staff performance | Metric | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 107 employees | 111 employees | -4 employees | - Remuneration packages are generally determined with reference to prevailing market terms, individual qualifications, and experience[62](index=62&type=chunk) - Various training activities, such as product and service knowledge, management skills, and local consumer laws, were conducted during the reporting period to enhance staff performance[62](index=62&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Board has resolved not to declare an interim dividend for the reporting period - The Board has resolved not to declare an interim dividend for the reporting period[63](index=63&type=chunk) [Purchase, Sale and Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20and%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held as of the reporting date - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[64](index=64&type=chunk) - As of June 30, 2025, and the date of this announcement, the company held no treasury shares[64](index=64&type=chunk) [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The company reviewed its corporate governance practices, confirming compliance with the Corporate Governance Code in Appendix C1 of the Listing Rules, with directors also confirming adherence to the Model Code for Securities Transactions by Directors, and the Audit Committee reviewing key accounting policies, risk management, and internal control systems [Compliance with the Model Code for Securities Transactions by Directors](index=23&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and following specific enquiries, directors confirmed compliance throughout the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules as its own code of conduct for directors' dealings in the company's securities[66](index=66&type=chunk) - Following specific enquiries made to the directors, each of them confirmed their compliance with the required standards set out in the Model Code throughout the reporting period[66](index=66&type=chunk) [Audit Committee](index=23&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's significant accounting policies with management and discussed risk management, internal control systems, and financial reporting matters, including the reviewed consolidated financial statements for the reporting period - The Audit Committee comprises three independent non-executive directors: Ms. Wong Lam, Mr. Li Liang, and Mr. Du Jianfeng[67](index=67&type=chunk) - The Audit Committee, together with management, reviewed the Group's significant accounting policies and discussed risk management, internal control systems, and financial reporting matters, including the reviewed consolidated financial statements for the reporting period[67](index=67&type=chunk) [Other Important Matters](index=23&type=section&id=Other%20Important%20Matters) This section covers significant post-reporting period events, publication information for the interim results announcement and report, acknowledgements to various parties, and updates on the continued suspension of trading in the company's shares [Significant Events After the Reporting Period](index=23&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) Other than those disclosed in Note 12 to the financial statements and above, no other significant events occurred after the reporting period - Other than those disclosed in Note 12 to the consolidated financial statements and above, no other significant events occurred after the reporting period[68](index=68&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The company's interim results announcement has been published on the HKEX and company websites, and the interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published online in due course - The company's interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.s-culture.com)[69](index=69&type=chunk) - The company's 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the aforementioned websites in due course[69](index=69&type=chunk) [Acknowledgements](index=23&type=section&id=Acknowledgements) The Board extends its gratitude to the Group's management and all staff for their efforts and dedication, and thanks shareholders, business partners, collaborators, bankers, and auditors for their support - The Board expresses its sincere gratitude to the Group's management and all staff for their tireless efforts and dedication, and also thanks its shareholders, business partners and collaborators, bankers, and auditors for their strong support to the Group[70](index=70&type=chunk) [Continued Suspension of Trading](index=24&type=section&id=Continued%20Suspension%20of%20Trading) The company's shares have been suspended from trading on the Stock Exchange since 9:00 a.m. on April 2, 2024, and will remain suspended until the resumption guidance is met, with shareholders and potential investors advised to exercise caution when dealing in the company's securities - The company's shares have been suspended from trading on the Stock Exchange since 9:00 a.m. on April 2, 2024, and will continue to be suspended until the resumption guidance is met[71](index=71&type=chunk) - Shareholders and potential investors of the company are reminded to exercise caution when dealing in the company's securities[72](index=72&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。 TATA Health International Holdings Limited TATA健康國際控股有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1255） 截至二零二四年十二月三十一日止年度的 全年業績公告 | 財務摘要 | | | | | | --- | --- | --- | --- | --- | | | | | 二零二四年 | 二零二三年 | | 收入 | | 千港元 | 124,455 | 207,542 | | 毛利 | | 千港元 | 84,948 | 150,762 | | 除稅前虧損 | | 千港元 | (68,031) | (35,420) | | 本公司擁有人應佔虧損 | | 千港元 | (68,338) | (32,294) | | 毛利率 | | % | 68.3 | 72.6 | | 本公司擁有人應佔虧損率 | | % | (54.9) | (15.6) ...

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。 Bradaverse Education (Int'l) Investments Group Limited 源宇宙教育（國際）投資集團有限公司 （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：1082） 截 至2025年6月30日止年度 的全年業績公告 財務摘要 截 至2025年6月30日止年度︰ 於2025年6月30日︰ – 本 集 團 流 動 比 率（界 定 為 總 流 動 資 產 除 以 總 流 動 負 債）約 為1.61倍，而 以 總 債 務 除 以 總 權 益 及 總 債 務（總 債 務 指 負 債 總 額 減 去 應 付 稅 項、遞 延 稅 項 負 債 及 應 付 股 息（如 有）之 和）之 和 表 示 的 資 本 負 債 比 率 約 為45.71%。 董事會不建議就截至2025年6月30日 止 年 度 派 付 末 期 股 息（2024年：零 港 元）。 – 1 – – 本集團 ...

02 ANE (Cayman) Inc. • INTERIM REPORT 2025 Corporate Information 公司資料 ANE (Cayman) Inc. 安能物流集團有限公司 (A company incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 9956 中期報告 2025 INTERIM REPORT ANE endless possibilities 無限可能 安能 CONTENTS 目錄 | 02 | Corporate Information | | --- | --- | | | 公司資料 | | 06 | Management Discussion and Analysis 管理層討論與分析 | | | Corporate Governance and Other Information | | 34 | 企業管治及其他資料 | | 97 | Independent Review Report | | | 獨立審閱報告 | | | Int ...

Annual Performance Overview The Group achieved revenue of HKD 151 million in FY2025, a slight decrease of 0.7% year-on-year, with profit significantly increasing to HKD 27.06 million from HKD 5.724 million in the prior year, and basic earnings per share rising to 8.05 HK cents [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's FY2025 revenue was HKD 151 million, a slight 0.7% decrease year-on-year, while profit for the year significantly increased to HKD 27.06 million from HKD 5.724 million in the previous year, with basic earnings per share reaching 8.05 HK cents Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 151,280 | 152,279 | -0.66% | | Gross Profit | 92,895 | 93,513 | -0.66% | | Profit Before Tax | 24,716 | 3,812 | +548.37% | | Profit for the Year | 27,060 | 5,724 | +372.77% | | Total Comprehensive Income for the Year | 46,108 | 15,938 | +189.29% | | Basic Earnings Per Share (HK Cents) | 8.05 | 2.18 | +269.27% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased significantly to HKD 222 million from HKD 165 million in the prior year, with net current assets also rising to HKD 135 million from HKD 97.644 million, indicating continuous financial improvement Consolidated Statement of Financial Position (HKD Thousand) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 90,228 | 70,840 | +27.37% | | Current Assets | 217,347 | 171,576 | +26.69% | | Current Liabilities | 81,978 | 73,932 | +10.88% | | Net Current Assets | 135,369 | 97,644 | +38.65% | | Total Assets Less Current Liabilities | 225,597 | 168,484 | +33.90% | | Net Assets | 222,112 | 165,412 | +34.28% | | Total Equity | 222,112 | 165,412 | +34.28% | Notes to the Consolidated Financial Statements This section details the basis of preparation, accounting standard updates, revenue breakdown, depreciation, income tax, dividends, earnings per share, inventory, and accounts receivable/payable [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The consolidated financial statements are prepared on a historical cost basis, except for defined benefit retirement plans, and comply with Hong Kong Financial Reporting Standards and generally accepted accounting principles - Financial statements are primarily prepared on a historical cost basis, adhering to Hong Kong Financial Reporting Standards and generally accepted accounting principles issued by the Hong Kong Institute of Certified Public Accountants[7](index=7&type=chunk) [2. Application of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=2.%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted new and revised HKFRS effective July 1, 2024, with no material impact on current or prior period financial performance, and is currently assessing the impact of HKFRS 18 - The Group first applied new and revised Hong Kong Financial Reporting Standards effective on or after July 1, 2024, with no material impact on financial performance or position[8](index=8&type=chunk) - The Group is assessing the impact of adopting HKFRS 18 (Presentation and Disclosure in Financial Statements), which will affect the presentation of profit or loss[9](index=9&type=chunk)[10](index=10&type=chunk) [3. Revenue and Segment Information](index=6&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily stems from technology businesses (system sales and services, system product leasing) and cultural product sales, totaling HKD 151 million in FY2025, with technology businesses contributing HKD 126 million and system product leasing HKD 25.478 million - The Group's operating and reportable segments are categorized as sales of cultural products, technology: system sales (including software licenses and services), and technology: leasing of system products[13](index=13&type=chunk) Revenue by Source (HKD Thousand) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Technology—System Sales (including software licenses) | 72,621 | 80,446 | -9.60% | | Technology—Provision of Installation and Maintenance Services | 53,181 | 47,278 | +12.49% | | Technology—Leasing of System Products | 25,478 | 24,555 | +3.76% | | **Total Revenue** | **151,280** | **152,279** | **-0.66%** | Segment Results (HKD Thousand) | Segment Result | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of Cultural Products | (1,068) | (470) | +127.23% (Loss Widened) | | Technology: System Sales (including software licenses and services) | 13,887 | 16,151 | -14.02% | | Technology: Leasing of System Products | 3,406 | 2,537 | +34.25% | | **Total Segment Results** | **16,225** | **18,218** | **-10.94%** | [4. Depreciation](index=8&type=section&id=4.%20Depreciation) In FY2025, depreciation of property, plant, and equipment amounted to HKD 11.26 million, and right-of-use assets depreciation was HKD 4.096 million, both recognized as general and administrative expenses Depreciation by Type (HKD Thousand) | Depreciation Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 11,260 | 9,401 | +19.77% | | Depreciation of Right-of-Use Assets | 4,096 | 3,743 | +9.43% | [5. Income Tax](index=9&type=section&id=5.%20Income%20Tax) Income tax credit increased to HKD 2.344 million in FY2025 from HKD 1.912 million in FY2024, with key tax rates including Germany at 31.43%, Malaysia at 24%, and the UK at 25%, and UK R&D tax credit rising to 20% Income Tax Credit (HKD Thousand) | Tax Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Current Tax | (2,280) | 1,178 | | Under/(Over) Provision in Prior Years | (64) | (3,090) | | **Income Tax Credit** | **(2,344)** | **(1,912)** | - The UK R&D expenditure credit increased from **10% in 2024 to 20%**, which can be carried forward to offset future corporate tax liabilities[19](index=19&type=chunk) [6. Dividends](index=9&type=section&id=6.%20Dividends) No dividends were paid or proposed by the Group for the year ended June 30, 2025 - No dividends were paid or proposed for both FY2025 and FY2024[20](index=20&type=chunk) [7. Earnings Per Share](index=10&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share significantly increased to 8.05 HK cents in FY2025 from 2.18 HK cents in FY2024, with diluted earnings per share being identical due to the absence of potential ordinary shares Earnings Per Share Analysis | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Year (HKD Thousand) | 27,060 | 5,724 | +372.77% | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 335,989 | 262,434 | +28.03% | | **Basic Earnings Per Share (HK Cents)** | **8.05** | **2.18** | **+269.27%** | [8. Inventories](index=10&type=section&id=8.%20Inventories) As of June 30, 2025, total inventories were HKD 18.77 million, slightly lower than HKD 20.255 million in 2024, including HKD 0.55 million in finished goods (cultural products) stored in a renowned security company's insured warehouse Inventories by Type (HKD Thousand) | Inventory Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Raw Materials | 7,158 | 7,525 | -4.88% | | Work-in-Progress | 2,947 | 3,657 | -19.42% | | Finished Goods | 8,665 | 9,073 | -4.49% | | **Total Inventories** | **18,770** | **20,255** | **-7.33%** | - Finished goods include **HKD 0.55 million** of cultural products (precious gemstones and artworks) stored in an insured warehouse of a world-renowned security company[22](index=22&type=chunk) [9. Trade and Other Receivables](index=11&type=section&id=9.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to HKD 46.761 million from HKD 40.015 million in 2024, with trade receivables having credit terms of 30 to 180 days and the majority being current Receivables by Type (HKD Thousand) | Receivable Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables | 19,073 | 11,381 | +67.58% | | Other Receivables | 27,688 | 28,634 | -3.29% | | **Total** | **46,761** | **40,015** | **+16.86%** | Aging Analysis of Trade Receivables (HKD Thousand) | Aging Analysis (Trade Receivables) | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0-60 Days | 15,973 | 10,630 | | 61-90 Days | 2,884 | 661 | | 91-180 Days | 203 | 90 | | Over 180 Days | 13 | — | | **Total** | **19,073** | **11,381** | - The Group extends credit terms of **30 to 180 days** to trade customers and regularly assesses customer creditworthiness[23](index=23&type=chunk) [10. Loans Receivable](index=12&type=section&id=10.%20Loans%20Receivable) As of June 30, 2025, net loans receivable were HKD 2.684 million, slightly up from HKD 2.628 million in 2024, being unsecured, personally guaranteed, denominated in RMB, with an 8% annual interest rate, and due within 12 months Loans Receivable (HKD Thousand) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loans Receivable | 2,764 | 2,733 | +1.14% | | Less: Provision for Impairment Loss | (80) | (105) | -23.81% | | **Net Amount** | **2,684** | **2,628** | **+2.13%** | - Loans receivable are unsecured, personally guaranteed, denominated in RMB, bear a fixed annual interest rate of **8%**, and are due within twelve months from the drawdown date[24](index=24&type=chunk) [11. Trade and Other Payables](index=12&type=section&id=11.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to HKD 47.314 million from HKD 43.521 million in 2024, with trade payables amounting to HKD 4.129 million and credit terms of 30 to 60 days Payables by Type (HKD Thousand) | Payable Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 4,129 | 3,308 | +24.82% | | Other Payables | 43,185 | 40,213 | +7.39% | | **Total** | **47,314** | **43,521** | **+8.72%** | - Credit terms for purchases of goods range from **30 to 60 days**[26](index=26&type=chunk) Management Discussion and Analysis This section provides an overview of financial performance, brand repositioning, revenue and profitability analysis, business review across segments, future outlook, and financial management strategies [Financial Performance Overview](index=14&type=section&id=Financial%20Performance) The Group achieved success in government sector business due to advanced technology and working capital management, while facing UK domestic challenges and global headwinds, with Multitone investing in AI for critical messaging solutions - The Group's success in the government sector business is attributed to offering extended credit terms and rapid project execution, requiring excellent liquidity and inventory management capabilities[27](index=27&type=chunk) - The UK market faces domestic challenges such as high interest rates, increased National Insurance contributions, and National Living Wage adjustments, alongside global headwinds like geopolitical tensions and trade friction[27](index=27&type=chunk) - Multitone continues to invest in new technologies, including artificial intelligence, to solidify its position as a leading provider of critical messaging solutions[27](index=27&type=chunk) [Brand Repositioning Initiative](index=14&type=section&id=Brand%20Repositioning%20Initiative) The Group announced a brand repositioning initiative to unify its identity, enhance trust and credibility among stakeholders, strengthen market position, and become a leading provider of integrated communication and automation solutions - The Group announced brand repositioning initiative, aiming to unify its identity, enhance trust and credibility, and strengthen its market position[28](index=28&type=chunk) - The Group's vision is to become a leading provider of integrated communication and automation solutions, helping people leverage opportunities presented by applications and the Internet of Things[28](index=28&type=chunk) [Revenue Analysis](index=14&type=section&id=Revenue) For the year ended June 30, 2025, the Group's total revenue was approximately HKD 151 million, a slight decrease of 0.7% from HKD 152 million in the prior year, primarily influenced by the UK subsidiary Multitone Electronics PLC Total Revenue (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 151 | 152 | -0.7% | - The slight decrease in revenue was primarily due to the delivery of a backlog of orders following the resolution of supply chain issues and the early fulfillment of emergency service orders in the prior year[29](index=29&type=chunk) [Profitability Analysis](index=15&type=section&id=Profitability%20Analysis) The Group's profit attributable to owners significantly increased to HKD 27.1 million in FY2025, driven by gains from financial assets and reduced distribution costs, while gross profit margin remained stable, reflecting sustained core business profitability - The increase in profit was primarily due to a combination of gains from financial assets in the current year (compared to a loss in the prior year) and reduced distribution costs[30](index=30&type=chunk) - The overall gross profit margin percentage remained relatively stable throughout the year, reflecting sustained profitability in core operations[30](index=30&type=chunk) Profit Attributable to Owners of the Group (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Group | 27.1 | 5.7 | +375.44% | [Profit Attributable to Owners of the Company](index=15&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) As of June 30, 2025, profit attributable to owners of the Group was approximately HKD 27.1 million, a substantial increase from HKD 5.7 million in the prior year Profit Attributable to Owners of the Group (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Group | 27.1 | 5.7 | +375.44% | [Distribution Costs](index=15&type=section&id=Distribution%20Costs) Distribution costs for FY2025 were approximately HKD 25.9 million, a slight decrease from HKD 27.5 million in the prior period, mainly due to reduced sales Distribution Costs (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Distribution Costs | 25.9 | 27.5 | -5.82% | [General and Administrative Expenses](index=15&type=section&id=General%20and%20Administrative%20Expenses) Total general and administrative expenses for the reporting period were approximately HKD 56.9 million, an increase of 4.6% from HKD 54.4 million in the prior period General and Administrative Expenses (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | General and Administrative Expenses | 56.9 | 54.4 | +4.60% | [Finance Costs](index=15&type=section&id=Finance%20Costs) Finance costs decreased to approximately HKD 0.3 million during the year, compared to approximately HKD 0.5 million in FY2024 Finance Costs (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 0.3 | 0.5 | -40.00% | [Business Review](index=15&type=section&id=Business%20Review) The Group's diversified business includes securities investment, technology system products, cultural product trading, and lending, with significant expansion in securities investment and innovation in technology, while cultural products faced economic slowdowns - The Group's business is diversified, encompassing securities investment, technology system products, cultural product trading, and lending operations[34](index=34&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) [Securities Investment](index=15&type=section&id=Securities%20Investment) As of June 30, 2025, the Group's Hong Kong-listed securities investments at fair value through profit or loss significantly increased to approximately HKD 10.5 million from HKD 0.4 million in 2024, comprising three listed securities Financial Assets at Fair Value Through Profit or Loss (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss | 10.5 | 0.4 | +2525.00% | Securities Investment Portfolio (HKD) | Company Name | Equity Percentage (2025) | Investment Cost (HKD) | Fair Value Gain/(Loss) (HKD) | Fair Value (HKD) | | :--- | :--- | :--- | :--- | :--- | | China Environmental Resources Group Limited (1130) | 3.00% | 3,331,600 | 5,317,800 | 8,649,400 | | Champion Technology Holdings Limited (92) | 0.89% | 1,951,848 | (257,064) | 1,694,784 | | Starry China Media Holdings Limited (6698) | 0.03% | 2,676,500 | (2,481,570) | 194,930 | | **Total** | | **7,959,948** | **2,579,166** | **10,539,114** | [Technology Business — System Products](index=16&type=section&id=Technology%20Business%20%E2%80%94%20System%20Products) Multitone successfully launched the cloud-based Nucleus™ messaging solution with AWS, plans AI integration, and continues EkoTek® product success in Germany, with new anti-vandalism devices expected - Successfully launched Multitone Nucleus™, a new cloud-based messaging solution, in collaboration with AWS to provide resilient cross-device critical communication applications[36](index=36&type=chunk) - Future development of Multitone Nucleus™ will incorporate artificial intelligence technology elements, offering clinical collaboration features for healthcare and operational support for property management and retail[36](index=36&type=chunk) - The EkoTek® product series continues its success in the German personal safety, lone worker, and nurse call markets, with new **IK10-rated anti-vandalism and anti-ligature devices** expected to launch in Q4 2025[37](index=37&type=chunk) [Cultural Products](index=17&type=section&id=Cultural%20Products) As of June 30, 2025, the Group's cultural product inventories (precious gemstones and artworks) were valued at approximately HKD 0.55 million, a slight decrease from HKD 0.567 million in 2024, primarily due to reduced consumer spending amid an economic slowdown Cultural Product Inventory Value (HKD) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Cultural Product Inventory Value | 550,000 | 567,000 | -3.00% | - Cultural product trading was affected by reduced consumer spending due to the overall economic slowdown[38](index=38&type=chunk) [Lending Business](index=17&type=section&id=Lending%20Business) The Group's Chinese subsidiary provided an RMB 2.5 million unsecured loan with an 8% annual interest rate and personal guarantee, for 6-12 months, as an occasional non-core business adhering to strict credit assessment and KYC procedures - The Group's Chinese subsidiary provided an **RMB 2.5 million** loan with an **8% annual interest rate**, a term of **six to twelve months**, and a personal guarantee[39](index=39&type=chunk) - The lending business is not a primary or core operation of the company, conducted only occasionally by its mainland China subsidiary, and does not actively seek borrowers[39](index=39&type=chunk) - The Group adheres to strict credit assessment and Know Your Customer (KYC) procedures, including verifying the identity of borrowers and guarantors, proof of address, and business registration certificates[40](index=40&type=chunk)[41](index=41&type=chunk) [Outlook](index=19&type=section&id=Outlook) The Group faces a challenging business environment with UK industrial action and global economic slowdowns, but will focus on core healthcare and emergency services markets, expand into new markets, and invest in new products like Multitone Nucleus™ and AI technology - The Group faces a challenging business environment, with disruptions from UK industrial action and a global economic slowdown, though inflation is moderating[46](index=46&type=chunk) - The Group will continue to target the core UK healthcare and emergency services markets while actively exploring new markets[47](index=47&type=chunk) [Macroeconomic and Industry Trends](index=19&type=section&id=Macroeconomic%20and%20Industry%20Trends) The economic outlook indicates moderate but slowing growth, with persistent but moderating inflation, while global uncertainties like geopolitical tensions and trade policy changes continue to cloud the economic landscape - The economic outlook shows moderate but slowing growth, with inflation moderating but central banks closely monitoring its persistence[46](index=46&type=chunk) - Global uncertainties, including geopolitical tensions and evolving trade policies, continue to cloud the economic outlook[46](index=46&type=chunk) [Short-to-Medium Term Business Development](index=19&type=section&id=Short-to-Medium%20Term%20Business%20Development) The Multitone Nucleus™ platform is positioned as a core hub for real-time communication and collaboration, particularly in critical industries, generating stable subscription-based revenue, with further investment planned for AI-driven analytics - The Multitone Nucleus™ platform serves as a core hub for real-time communication and collaboration, particularly in critical industries like healthcare and public safety, expected to generate stable revenue through subscription models and long-term service contracts[48](index=48&type=chunk) - The Group will further invest in developing advanced software features for the platform, such as **AI-driven analytics**, predictive alerting systems, and enhanced security protocols[48](index=48&type=chunk) - The international sales team secured its first significant order, providing critical communication solutions to the **Falkland Islands Government**[49](index=49&type=chunk) [Product Development and Innovation](index=20&type=section&id=Product%20Development%20and%20Innovation) The next-generation Multitone Evolve™ two-way device is in pilot production, expected in Q4 2025 as a successor to traditional pagers, while Project Aura plans a GBP 1 million investment for the next-gen EkoTek® with higher bandwidth and IoT support - The next-generation **Multitone Evolve™** two-way device is in pilot production, anticipated for launch in Q4 2025 as the successor to traditional paging devices[50](index=50&type=chunk) - A **GBP 1 million** (approximately **HKD 10.9 million**) Project Aura R&D initiative will commence in the new fiscal year to develop the next generation of the EkoTek® product series, offering higher bandwidth and IoT support[51](index=51&type=chunk) [Market Expansion](index=20&type=section&id=Market%20Expansion) The UK remains the Group's largest market, with new products offering unique selling propositions, while German sales declined, a new Polish distributor was appointed for the EU, Oceania performed strongly, and the US market is seeking new partners - The UK remains the Group's largest market, with new products Multitone Nucleus™ and Multitone Evolve™ offering integrated critical messaging services for both cloud and on-premise deployments[52](index=52&type=chunk) - German sales decreased to **HKD 30.59 million** from **HKD 33.57 million** in the prior period, with a new Polish distributor, Pewna Lacznosc, appointed to expand international sales[53](index=53&type=chunk) - Sales performance in the Oceania region was strong, primarily driven by the sale of third-party wireless telephone products to Australia and EkoTek® products to New Zealand[55](index=55&type=chunk) - Measures have been taken to identify new partners in the US market, with progress expected in the new fiscal year to re-establish sales operations[56](index=56&type=chunk) [Financial Management](index=21&type=section&id=現金流動性及財務資源) The Group maintains a strong financial position with ample liquidity, no borrowings, and a zero loan-to-equity ratio, having raised funds through placings for working capital and property acquisition, while prudently managing foreign exchange risk - The Group maintains a positive and healthy financial position, with **no borrowings** and a **zero loan-to-equity ratio**[57](index=57&type=chunk) - The Group primarily relies on internal operating resources and capital markets for funding its operations and business development[65](index=65&type=chunk) [Cash Liquidity and Financial Resources](index=21&type=section&id=Cash%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total liquidity was approximately HKD 138.7 million, with net current assets of HKD 135.4 million, no borrowings, and a zero loan-to-equity ratio, requiring significant cash reserves due to extended credit terms for government clients Cash Liquidity and Financial Resources (HKD) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total Liquidity (Cash and Cash Equivalents) | 138,700,000 | 109,000,000 | +27.25% | | Current Assets | 217,300,000 | 172,000,000 | +26.34% | | Current Liabilities | 82,000,000 | 74,000,000 | +10.81% | | Net Current Assets | 135,400,000 | 98,000,000 | +38.16% | | Borrowings | No | No | N/A | | Loan-to-Equity Ratio | Zero | Zero | N/A | - The UK subsidiary's operating cash flow grew steadily, but it needs to maintain significantly larger cash reserves due to extended credit terms required by government clients[58](index=58&type=chunk) [Fundraising Activities](index=21&type=section&id=Fundraising%20Activities) The Group conducted two placings in 2024 and 2025, raising net proceeds of approximately HKD 14.8 million and HKD 10.5 million respectively, primarily for general working capital and the acquisition of Hong Kong industrial property Placing Activities and Use of Proceeds (HKD) | Placing Year | Net Proceeds Raised (HKD) | Intended Use | Actual Use (as of Jun 30, 2025) | Unutilized Net Proceeds (as of Jun 30, 2025) | | :--- | :--- | :--- | :--- | :--- | | 2024 | 14,800,000 | General working capital | 10,500,000 | 4,300,000 | | 2025 | 10,500,000 | General working capital and acquisition of Hong Kong industrial property | 9,300,000 | 1,200,000 | [Treasury Policy](index=23&type=section&id=Treasury%20Policy) The Group adheres to prudent financial management, maintaining positive liquid assets and low borrowings, managing foreign exchange risk by matching income and expenses, and avoiding speculative derivatives, resulting in low interest rate risk - The Group adheres to prudent financial management principles, maintaining positive liquid assets and reasonably low borrowings[65](index=65&type=chunk) - The Group directly manages foreign exchange risk by matching foreign currency income and expenditures, avoiding speculative derivative instruments or structured products[65](index=65&type=chunk)[66](index=66&type=chunk) - The Group's borrowing level is low, and management considers interest rate risk to be low[68](index=68&type=chunk) [Commitments for Capital Expenditure](index=24&type=section&id=Commitments%20for%20Capital%20Expenditure) As of June 30, 2025, the Group had no commitments for capital expenditure - As of June 30, 2025, the Group had no commitments for capital expenditure[69](index=69&type=chunk) [Pledges](index=24&type=section&id=Pledges) Property, plant, and equipment with a total book value of approximately HKD 11.1 million were pledged as collateral for the UK subsidiary's defined benefit retirement plan Pledged Property, Plant and Equipment (HKD Million) | Pledged Asset | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Book Value of Property, Plant and Equipment | 11.1 | 10.1 | +9.90% | - The pledged assets serve as collateral for the UK subsidiary's defined benefit retirement plan[70](index=70&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[71](index=71&type=chunk) [Significant Investments and Future Plans](index=24&type=section&id=Significant%20Investments%20and%20Future%20Plans) For the year ended June 30, 2025, the Group held no significant investments, nor were there any major acquisitions or disposals of subsidiaries, associates, or joint ventures, or future plans for significant investments or capital assets - For the year ended June 30, 2025, the Group had no significant investments, major acquisitions or disposals of subsidiaries, or future plans for capital assets[72](index=72&type=chunk) [Remuneration Policy](index=24&type=section&id=Remuneration%20Policy) The Group employs approximately 163 full-time and part-time staff globally, with employee costs of HKD 76 million in FY2025, and remuneration is determined by market levels, employee capabilities, performance, qualifications, and experience, with a share option scheme adopted for incentives Employee Costs and Headcount (HKD Million) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Employee Costs | 76 | 79 | -3.80% | | Number of Employees | 163 | N/A | N/A | - Remuneration is benchmarked against market levels and determined based on employee capabilities, performance, qualifications, and experience[73](index=73&type=chunk) - A share option scheme has been adopted as an incentive for directors, eligible employees, and consultants[74](index=74&type=chunk) [Final Dividend](index=24&type=section&id=Final%20Dividend) The Directors do not recommend the payment of any final dividend for the year ended June 30, 2025 - The Directors do not recommend the payment of any final dividend for the year ended June 30, 2025[75](index=75&type=chunk) Other Information This section covers transactions in listed securities, the scope of the auditor's work, corporate governance practices, and the audit committee's review of financial matters [Transactions in Listed Securities](index=25&type=section&id=Transactions%20in%20Listed%20Securities) For the year 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 year ended June 30, 2025, neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities[76](index=76&type=chunk) [Scope of Work of Cheng & Cheng CPA Limited](index=25&type=section&id=Scope%20of%20Work%20of%20Cheng%20%26%20Cheng%20CPA%20Limited) The figures in the preliminary announcement's consolidated financial statements and related notes have been agreed upon by the auditor, Cheng & Cheng CPA Limited, but their work does not constitute an assurance engagement, thus no guarantee is provided for this announcement - The financial figures in the preliminary announcement's consolidated financial statements have been agreed upon by the auditor, Cheng & Cheng CPA Limited, but their work does not constitute an assurance engagement, and no guarantee is provided for this announcement[77](index=77&type=chunk) [Corporate Governance Code](index=25&type=section&id=Corporate%20Governance%20Code) The Group complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for FY2025, except for Code Provision C.2.1 regarding the separation of Chairman and CEO roles, with the Chairman overseeing strategy and executive directors managing daily operations - The Group complied with the Corporate Governance Code, except for the absence of a Chief Executive Officer, with Chairman Mr. Chan Kwun Wah, Stephen, assuming overall strategic planning responsibilities[78](index=78&type=chunk) - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout FY2025[79](index=79&type=chunk) [Audit Committee](index=26&type=section&id=Audit%20Committee) The Company's Audit Committee reviewed the Group's adopted accounting principles and practices, internal controls, financial reporting matters, and the annual results for the year ended June 30, 2025 - The Audit Committee reviewed the Group's accounting principles, internal controls, financial reporting matters, and the annual results for FY2025[80](index=80&type=chunk)

(於開曼群島註冊成立之有限公司) (股份代號: 8156) 2025 年報 (Incorporated in the Cayman Islands with limited liability) Sinopharm Tech Holdings Limited Sinopharm Tech Holdings Limited 國藥科技股份有限公司 國藥科技股份有限公司 (Stock Code: 8156) 2025 ANNUAL REPORT Sin o p h arm Tech H oldin 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波動風 險，同時無法保證在GEM買賣之證券會有高流通量的市場。 gs Limited 國藥科技股份有限公 司 ANNUAL REPORT 2025 年報 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市的市場。有意投資 之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 香港交易及結算所有限公司及 ...

CONTENTS 目錄 7 Management Discussion and Analysis 管理層討論及分析 15 Other Information 其他資料 2025 INTERIM REPORT 中期報告 2025 INTERIM REPORT 中期報告 21 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 23 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 2 Corporate Information 公司資料 6 Key Highlights 摘要重點 24 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 26 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 28 Condensed ...

[Company Overview and Financial Highlights](index=1&type=section&id=Company%20Overview%20and%20Financial%20Highlights) This section presents the company's financial performance for the year, highlighting revenue growth and increased losses [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FY2025 highlights show significant revenue growth, substantial loss increase, and no final dividend Financial Highlights Comparison: FY2025 vs FY2024 | Metric | Year Ended June 30, 2025 (HK$ thousand) | Year Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 566,159 | 229,786 | | Loss Before Tax | (272,965) | (162,246) | | Loss for the Year Attributable to Owners of the Company | (282,145) | (131,964) | | Loss Per Share — Basic (HK cents) | (20.61) | (9.64) | - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section provides a detailed overview of the company's financial position and performance through its comprehensive income and financial position statements [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) FY2025 revenue grew, but increased expenses led to a wider loss before tax and attributable to owners Key Data from Consolidated Statement of Comprehensive Income (2025 vs 2024) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 566,159 | 229,786 | | Gaming taxes and levies | (180,731) | (17,792) | | Cost of sales | (112,183) | (79,564) | | Gross profit | 273,245 | 132,430 | | Other income | 44,250 | 17,895 | | Net other losses | (82,638) | (15,506) | | Fair value change of investment properties | (23,315) | (14,145) | | Selling and marketing expenses | (74,494) | (4,220) | | General and administrative expenses | (326,550) | (204,639) | | Finance costs | (91,824) | (70,633) | | Loss before tax | (272,965) | (162,246) | | Income tax (expense)/credit | (9,180) | 30,282 | | Loss for the year attributable to Owners of the Company | (282,145) | (131,964) | | Basic loss per share (HK cents) | (20.61) | (9.64) | - Gross profit margin decreased from **57.6% in 2024** to **48.3% in 2025**, primarily due to increased gaming taxes and levies after taking over casino operations[3](index=3&type=chunk)[73](index=73&type=chunk) - Share of results of associates turned from a loss of **HK$4,090 thousand in 2024** to a gain of **HK$5,686 thousand in 2025**[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased, but net assets and equity decreased, with non-current liabilities up Key Data from Consolidated Statement of Financial Position (2025 vs 2024) | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Assets** | | | | Property, plant and equipment | 793,127 | 1,069,582 | | Investment properties | 336,000 | – | | Loans receivable | 99,992 | 57,602 | | Total assets | 2,536,098 | 2,324,298 | | **Liabilities** | | | | Total current liabilities | 238,279 | 600,621 | | Total non-current liabilities | 1,524,723 | 706,888 | | Total liabilities | 1,763,002 | 1,307,509 | | **Equity** | | | | Net assets | 773,096 | 1,016,789 | | Total equity | 773,096 | 1,016,789 | - Net current assets significantly increased from **HK$16,151 thousand in 2024** to **HK$524,609 thousand in 2025**[5](index=5&type=chunk) - Promissory notes were reclassified from **HK$441,291 thousand in current liabilities in 2024** to **HK$467,986 thousand in non-current liabilities in 2025**, significantly impacting the current liability structure[5](index=5&type=chunk)[6](index=6&type=chunk)[62](index=62&type=chunk) - Bank borrowings substantially increased, with non-current bank borrowings rising from **HK$578,360 thousand in 2024** to **HK$930,134 thousand in 2025**[6](index=6&type=chunk)[67](index=67&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) This section outlines financial statement preparation, covering company nature, business, standards, and currencies - The company is an investment holding company primarily engaged in hotel operations, gaming operations (under a provisional license), and live poker events[8](index=8&type=chunk) - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance, adhering to the disclosure requirements of the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The company's functional currency is the Philippine Peso, but the consolidated financial statements are presented in Hong Kong Dollars for the convenience of Hong Kong-listed companies and shareholders[11](index=11&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=7&type=section&id=Adoption%20of%20New%20and%20Revised%20Hong%20Financial%20Reporting%20Standards) This section details new and revised HKFRS adopted, focusing on liability classification and future presentation impacts - This year marked the first application of amendments to **HKAS 1 (Revised)** and **HK Interpretation 5**, clarifying guidance on classifying liabilities as current or non-current and assessing non-current liabilities with covenants[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - These amendments had no significant impact on the Group's financial position or performance for the current and prior years[12](index=12&type=chunk)[16](index=16&type=chunk) - HKFRS 18 'Presentation and Disclosure in Financial Statements', issued but not yet effective, is expected to change how the company presents results in the statement of comprehensive income and discloses information in the notes, but will only affect presentation, not financial position or performance[18](index=18&type=chunk) [Segment Reporting](index=9&type=section&id=Segment%20Reporting) The Group's business is divided into hotel, gaming, and live events segments, with gaming dominating revenue and assets - The Group has three reportable segments: hotel operations (Philippine hotel business), gaming operations (operating gaming business under a provisional license and leasing gaming venues), and live events (live poker activities)[21](index=21&type=chunk) Segment Revenue and Results for FY2025 | Segment | Revenue (HK$ thousand) | Proportion | Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hotel Operations | 56,211 | 9.9% | (19,613) | | Gaming Operations | 509,948 | 90.1% | (234,889) | | Live Events | – | 0% | (147) | | Consolidated | 566,159 | 100% | (254,649) | Segment Assets and Liabilities for FY2025 | Segment | Segment Assets (HK$ thousand) | Segment Liabilities (HK$ thousand) | | :--- | :--- | :--- | | Hotel Operations | 113,058 | 36,722 | | Gaming Operations | 2,133,087 | 1,184,004 | | Live Events | 1,473 | 2,520 | | Consolidated | 2,247,618 | 1,223,246 | - Gaming operations revenue surged by **200.0%** from **HK$169,954 thousand in 2024** to **HK$509,948 thousand in 2025**, primarily due to the Group taking over casino operations and recognizing gross gaming revenue[25](index=25&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[72](index=72&type=chunk) - Hotel operations revenue slightly decreased by **6.0%** from **HK$59,832 thousand in 2024** to **HK$56,211 thousand in 2025**, mainly due to hotel rooms being closed for renovation[25](index=25&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[72](index=72&type=chunk) - Revenue from the largest customer decreased from **53% of total revenue in 2024** to **12% in 2025**, indicating reduced customer concentration[33](index=33&type=chunk) [Other Income](index=18&type=section&id=Other%20Income) Other income significantly increased this year, driven by higher interest and miscellaneous income from short-term leases Composition of Other Income (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 32,023 | 15,546 | | Miscellaneous income | 12,227 | 2,349 | | Total | 44,250 | 17,895 | - Miscellaneous income primarily includes rental income from short-term leases of idle hotel units as offices to external parties, increasing from **HK$747 thousand in 2024** to **HK$8,942 thousand in 2025**[35](index=35&type=chunk) [Loss Before Tax](index=19&type=section&id=Loss%20Before%20Tax) Loss before tax widened significantly this year, mainly due to increased staff costs, depreciation, and gaming taxes Key Components of Loss Before Tax (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Directors' emoluments | 5,488 | 5,223 | | Total staff costs | 158,025 | 87,474 | | Total depreciation | 97,264 | 43,237 | | Amortisation of intangible assets | 3,744 | 3,586 | | Fair value change of investment properties | 23,315 | 14,145 | | Auditors' remuneration (audit services) | 3,100 | 3,510 | | Cost of inventories recognised as expense | 8,845 | 5,544 | | Provision for expected credit losses — trade receivables | 4,757 | (2,294) | | Gaming taxes and levies | 180,731 | 17,792 | - Total staff costs increased significantly by **77.6%**, mainly due to the recruitment of additional staff for casino operations and management[36](index=36&type=chunk)[77](index=77&type=chunk) - Gaming taxes and levies surged from **HK$17,792 thousand in 2024** to **HK$180,731 thousand in 2025**, a primary factor contributing to the decline in gross profit margin and widening loss[36](index=36&type=chunk)[73](index=73&type=chunk) [Income Tax (Expense)/Credit](index=20&type=section&id=Income%20Tax%20(Expense)%2FCredit) The company recorded an income tax expense this year, facing significant tax disputes in the Philippines, with no provision Income Tax (Expense)/Credit (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax | (17,818) | – | | Deferred tax credit | 8,638 | 30,282 | | Income tax (expense)/credit | (9,180) | 30,282 | - Group entities engaged in gaming operations in the Philippines are exempt from corporate income tax but are subject to a **5% gaming tax** on gross gaming revenue[38](index=38&type=chunk) - The company faces tax disputes in the Philippines totaling approximately **HK$695,003 thousand**, spanning multiple financial years, but the Board, based on independent advice, believes the company has valid legal arguments for defense and no additional tax liability, thus no provision has been made[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Dividends](index=21&type=section&id=Dividends) The Board does not recommend a final dividend for the current year, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025 (2024: nil)[43](index=43&type=chunk) [Loss Per Share](index=22&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share widened this year, reflecting an increase in the company's overall loss Loss Per Share (2025 vs 2024) | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (20.61) | (9.64) | | Diluted loss per share | (20.61) | (9.64) | - The conversion of convertible bonds was not assumed in calculating diluted loss per share, as their exercise would have an anti-dilutive effect[44](index=44&type=chunk) [Investment Properties](index=23&type=section&id=Investment%20Properties) Fair value loss on investment properties increased, with reclassified properties measured at fair value by valuers Fair Value Changes of Investment Properties (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fair value loss | (23,315) | (14,145) | | Revaluation gain on transfer from owner-occupied properties to investment properties | 19,178 | – | | Fair value as at June 30 | 336,000 | – | - On May 9, 2024, all investment properties (previously casino and office floors leased to PAGCOR) were reclassified to 'Property, plant and equipment'; this year, certain areas of the hotel and casino complex, with a carrying amount of **HK$334,822 thousand**, were leased to independent tenants and reclassified from 'Property, plant and equipment' to investment properties[47](index=47&type=chunk) - Fair value is determined using the income approach, with key assumptions including a long-term revenue growth rate of **3.5%**, a discount rate of **12%**, and a capitalization rate of **7.5%**[48](index=48&type=chunk) [Loans Receivable](index=24&type=section&id=Loans%20Receivable) The Group provided three partially secured loans to associates, with sufficient collateral and no significant credit losses - Two loans were granted to associate HVPHI: one with a principal of **HK$46,892 thousand (2024: HK$45,285 thousand)** at an annual interest rate of **3.5%**, secured by land; and another with a principal of **HK$12,798 thousand (2024: HK$12,317 thousand)** at an annual interest rate of **3.5%**, unsecured and repayable on demand[50](index=50&type=chunk)[51](index=51&type=chunk) - This year, a loan facility of **PHP500,000,000 (approximately HK$69,366 thousand)** was granted to associate PBBI at an annual interest rate of **6%**, secured by apartment properties, with **HK$40,302 thousand** already drawn down[51](index=51&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=25&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's unlisted fund investments are measured at fair value through profit or loss, recording a fair value loss Financial Assets at Fair Value Through Profit or Loss (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Unlisted fund investments | 4,423 | 4,481 | - Unlisted fund investments refer to approximately **48% equity interest** in Foresight Fund III Limited Partnership, over which the Group has no control or significant influence[52](index=52&type=chunk)[53](index=53&type=chunk) - A fair value loss of **HK$533 thousand (2024: HK$723 thousand)** was recorded this year, with fair value determined using the sum-of-the-net-assets method and market approach[54](index=54&type=chunk) [Trade Receivables](index=25&type=section&id=Trade%20Receivables) Trade receivables significantly increased this year, with a corresponding rise in provision for expected credit losses Trade Receivables and Provisions (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 42,818 | 1,972 | | Less: Provision for expected credit losses | (5,213) | (574) | | Net | 37,605 | 1,398 | Ageing Analysis of Trade Receivables (2025 vs 2024) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 22,211 | 1,025 | | 31 to 60 days | 7,160 | – | | 61 to 90 days | 5,713 | 23 | | Over 90 days | 2,521 | 350 | | Total | 37,605 | 1,398 | - The Group generally grants credit terms of **0 to 90 days** to customers and holds no collateral as security[57](index=57&type=chunk) [Other Receivables, Deposits and Prepayments](index=26&type=section&id=Other%20Receivables%2C%20Deposits%20and%20Prepayments) Total other receivables, deposits, and prepayments slightly increased, mainly due to other recoverable taxes and prepayments Other Receivables, Deposits and Prepayments (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deposits | 16,144 | 3,773 | | Other recoverable taxes | – | 44,422 | | Other receivables | 889 | 26,720 | | Prepayments — acquisition of property, plant and equipment | 81,099 | 58,111 | | Prepayments — others | 40,000 | 3,258 | | Interest receivable | 13,540 | 1,661 | | Total | 139,301 | 150,316 | | Non-current portion | 104,092 | 71,615 | | Current portion | 35,209 | 78,701 | [Trade Payables, Other Payables and Accruals](index=27&type=section&id=Trade%20Payables%2C%20Other%20Payables%20and%20Accruals) Total trade payables and other payables increased, driven by significant growth in unredeemed chips and gaming tax provisions Trade Payables, Other Payables and Accruals (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 1,209 | 4,133 | | Unredeemed chips | 12,727 | 1,967 | | Interest payable | 17,411 | 17,156 | | Provision for gaming taxes | 25,706 | 9,815 | | Jackpot accruals | 19,014 | 12,796 | | Professional service fees | 9,783 | 6,397 | | Others | 53,202 | 47,333 | | Total | 137,843 | 95,464 | - Unredeemed chips significantly increased from **HK$1,967 thousand in 2024** to **HK$12,727 thousand in 2025**, a net increase of **HK$10,760 thousand**, reflecting a rise in chips held by customers and gaming promoters[59](index=59&type=chunk) Ageing Analysis of Trade Payables (2025 vs 2024) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 614 | 2,472 | | 31 to 60 days | 230 | 1,565 | | 61 to 90 days | 200 | 96 | | Over 90 days | 165 | – | | Total | 1,209 | 4,133 | [Promissory Notes](index=28&type=section&id=Promissory%20Notes) The company issued new promissory notes to replace maturing ones, increasing the total, and all are classified as non-current - On March 31, 2025, the company issued new promissory notes totaling approximately **HK$467,986 thousand** to replace maturing debts from 2024 promissory notes, at an annual interest rate of **6%**[62](index=62&type=chunk) - The 2025 promissory notes mature on March 31, 2027, and the company has the right to defer repayment for at least twelve months after the reporting period, thus all are classified as non-current liabilities[62](index=62&type=chunk) [Bank Borrowings](index=29&type=section&id=Bank%20Borrowings) Bank borrowings significantly increased this year for casino operations and resort development, secured by assets, with covenants Bank Borrowings (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank borrowings — secured | 990,067 | 578,360 | - Two bank facilities were obtained this year: one for **PHP4,320,000,000 (fully drawn)**, bearing floating interest at the higher of one-year PHP BVAL Reference Rate +2% or **7.5% per annum**; and another for **US$50,000,000 (approximately HK$392,387 thousand, fully drawn)**, bearing interest at **3.75% per annum**[65](index=65&type=chunk) - Bank borrowings are secured by property, plant and equipment, investment properties, bank balances, land use rights of associates, and apartment units, with financial guarantees provided by associates[66](index=66&type=chunk) - The company must comply with financial covenants requiring a debt-to-equity ratio of no more than **2.33 times** and a debt service coverage ratio of at least **1.10 times**[67](index=67&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's financial and business performance, outlook, liquidity, risks, and future plans for the year [Financial Review](index=31&type=section&id=Financial%20Review) FY2025 financial performance saw significant revenue growth from gaming, but increased expenses led to a wider loss - The Philippine casino gaming market is projected to grow at a compound annual growth rate of **9.2%** between 2023 and 2033, driven by enhanced local spending power and tourism development[70](index=70&type=chunk)[71](index=71&type=chunk) - Total revenue significantly increased from approximately **HK$229,800 thousand in 2024** to approximately **HK$566,200 thousand in 2025**, primarily driven by a **200.0% surge** in gaming operations revenue to approximately **HK$509,900 thousand**[72](index=72&type=chunk) - Gross profit margin decreased from **57.6% in 2024** to **48.3% in 2025**, mainly due to increased gaming taxes and levies after taking over casino operations[73](index=73&type=chunk) - Selling and marketing expenses increased by **1,665.3%** to approximately **HK$74,500 thousand**, primarily for marketing activities related to casino operations[76](index=76&type=chunk) - General and administrative expenses increased by **56.8%** to approximately **HK$326,600 thousand**, mainly due to the recruitment of additional staff and higher utility costs from casino business expansion[77](index=77&type=chunk) - Finance costs increased by **30.0%** to approximately **HK$91,800 thousand**, primarily due to new bank borrowings[78](index=78&type=chunk) - A loss of approximately **HK$282,100 thousand** and a loss per share of approximately **HK$20.61 cents** were recorded this year, significantly wider than last year's loss of **HK$132,000 thousand** and loss per share of **HK$9.64 cents**[78](index=78&type=chunk)[79](index=79&type=chunk) [Business Review](index=34&type=section&id=Business%20Review) The Group's principal businesses include gaming, hotel, and live events, with gaming operations showing strong growth - Gaming operations revenue significantly increased by **200.0%** to approximately **HK$509,900 thousand**, accounting for **90.1% of the Group's total revenue**, primarily benefiting from taking over casino operations[81](index=81&type=chunk) - Hotel operations revenue slightly decreased by **6.0%** to approximately **HK$56,200 thousand**, mainly due to hotel room renovations and upgrades[82](index=82&type=chunk) - The live events segment did not host any live poker events this year, resulting in no revenue[83](index=83&type=chunk) [Outlook](index=35&type=section&id=Outlook) The company is cautiously optimistic about the Philippine gaming industry, planning renovations and diversified financing - The Philippine gaming industry has immense growth potential, benefiting from diversified gaming facilities and government tourism support policies, with international visitor numbers continuously increasing[84](index=84&type=chunk)[85](index=85&type=chunk) - The Group has been granted a provisional license by PAGCOR, committing to a total investment of **US$1,000,000,000 to US$1,200,000,000** for establishing and operating a casino and hotel[86](index=86&type=chunk) - The company plans hotel renovations to upgrade facilities and enhance customer experience, and will create additional gaming space in the casino basement, increasing the maximum number of gaming tables to over **110** and slot machines to over **920**[87](index=87&type=chunk) - The Board will consider various financing methods, including bank borrowings, debt financing, and/or equity financing, to support the further development of the integrated resort and maintain liquidity levels[88](index=88&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=36&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) Net current assets improved, but net assets decreased, with reallocated placement proceeds supporting renovation - Net current assets increased from **HK$16,200 thousand in 2024** to **HK$524,600 thousand in 2025**[89](index=89&type=chunk) - Net assets attributable to owners of the company decreased by **24.0%** from **HK$1,016,800 thousand in 2024** to **HK$773,100 thousand in 2025**[91](index=91&type=chunk) - The 2025 promissory notes (totaling approximately **HK$468,000 thousand**) have been classified as non-current liabilities, while convertible bonds (totaling approximately **HK$53,000 thousand**) were fully repaid during the year[90](index=90&type=chunk) - The gearing ratio increased from **64.7% in 2024** to **114.0% in 2025**[96](index=96&type=chunk) Use and Application of Placement Proceeds (as at June 30, 2025) | Intended Use (HK$ million) | Revised Allocation (HK$ million) | Utilized (HK$ million) | Unutilized (HK$ million) | | :--- | :--- | :--- | :--- | | Hotel renovation | 150.0 | 150.0 | – | | Development and financing of new hotel plot | 52.6 | 52.6 | – | | Potential land acquisition | – | – | – | | General working capital | 38.5 | 38.5 | – | | Contract price payment for construction service agreements | 117.4 | 103.4 | 14.0 | | Total | 358.5 | 344.5 | 14.0 | - The company has reallocated the entire unutilized net proceeds from the placement, approximately **HK$117,400 thousand**, as contract price payments for construction contracts, expected to be fully utilized by the end of 2025[93](index=93&type=chunk) [Risks and Uncertainties](index=39&type=section&id=Risks%20and%20Uncertainties) The company faces market competition, economic uncertainties, regulatory risks, and tax disputes, with pledged assets - The Group's casinos and hotels face intense market competition and significant risks from new entrants potentially intensifying competition[99](index=99&type=chunk) - The company's business is highly sensitive to economic downturns, political and social conditions, and changes in relevant laws and regulations in its operating locations[100](index=100&type=chunk) - Certain of the company's subsidiaries operating in the Philippines are involved in tax disputes with the Philippine Bureau of Internal Revenue (BIR), creating uncertainties[100](index=100&type=chunk) - Bank borrowings and bank facilities are secured by the Group's properties, bank balances, land use rights of associates, and apartment units[102](index=102&type=chunk) [Significant Acquisitions and Disposals and Material Investments](index=40&type=section&id=Significant%20Acquisitions%20and%20Disposals%20and%20Material%20Investments) This year, the company entered construction service agreements for hotel renovation and obtained a provisional casino license - On May 30, 2025, the company entered into a second phase construction service agreement with a total contract price of approximately **HK$136,910 thousand** for hotel renovation and construction works[103](index=103&type=chunk) - On February 14, 2025, the company entered into a first phase construction service agreement with a total contract price of approximately **HK$191,320 thousand** for hotel renovation and construction works[104](index=104&type=chunk) - The Group has been granted a provisional license by PAGCOR to establish and operate a casino and develop an integrated resort in the Philippines, with a total investment commitment of no less than **US$1,000,000,000** and no more than **US$1,200,000,000**[105](index=105&type=chunk) [Future Plans for Material Investments or Capital Assets](index=41&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group will explore market opportunities, including property renovations, to enhance profitability and returns - The Group will continue to explore the market and identify business opportunities with growth and development potential, including renovation plans to improve the Group's owned and leased properties to enhance profitability[107](index=107&type=chunk) [Exchange Rate Fluctuation Risk and Any Related Hedging](index=41&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Any%20Related%20Hedging) The company faces currency risk from multi-currency denominations of assets, liabilities, income, and expenses, with no current hedging - The company's functional currency is the Philippine Peso, but the consolidated financial statements are presented in Hong Kong Dollars[108](index=108&type=chunk) - The Group's assets, liabilities, income, and expenses are primarily denominated in Hong Kong Dollars, US Dollars, Philippine Pesos, and Euros, thus exposing it to currency risk[109](index=109&type=chunk) - The Group currently does not have any foreign exchange hedging policy in place, but management will monitor foreign exchange risk and consider appropriate hedging policies as needed in the future[109](index=109&type=chunk) [Final Dividend](index=42&type=section&id=Final%20Dividend) The Board does not recommend a final dividend for the current year, consistent with the prior year - The Board does not recommend the payment of any dividend for the current year (prior year: nil)[110](index=110&type=chunk) [Employees and Remuneration Policy](index=42&type=section&id=Employees%20and%20Remuneration%20Policy) Total employees and staff costs increased due to casino expansion, with remuneration based on performance, experience, and market Number of Employees and Staff Costs (2025 vs 2024) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total number of employees | 1,312 | 1,001 | | Total staff costs | 158,000 HK$ thousand | 87,500 HK$ thousand | - The increase in staff costs was primarily due to the recruitment of additional staff for casino operations and management[77](index=77&type=chunk)[111](index=111&type=chunk) - The remuneration policy, recommended by the Remuneration Committee, is determined based on individual performance, experience, Group performance, industry remuneration benchmarks, and market conditions, and includes medical, insurance, and retirement benefits[111](index=111&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities this year - During the current year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[112](index=112&type=chunk) [Sufficiency of Public Float](index=42&type=section&id=Sufficiency%20of%20Public%20Float) As of the announcement date, the company maintained a sufficient public float as required by the Listing Rules - As of the date of this annual results announcement, the company maintained a sufficient public float as required by the Listing Rules throughout the year[113](index=113&type=chunk) [Corporate Governance and Other Information](index=43&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance standards, auditor's scope, and other relevant disclosures [Compliance with Corporate Governance Code](index=43&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with the Corporate Governance Code, though combined Chairman and CEO roles deviate but enhance efficiency - The company has complied with the applicable provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules for the current year[114](index=114&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Ho Wong Meng, which deviates from Code Provision C.2.1, but the Board believes this arrangement contributes to strong leadership and efficient business decision-making[115](index=115&type=chunk) [Standard Securities Dealing Code for Directors](index=43&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The company adopted the Standard Code for directors' securities transactions, with all directors confirming compliance for the year - The company has adopted the Standard Code as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[116](index=116&type=chunk) - All directors have confirmed that they have complied with the Standard Code throughout the current year and up to the date of this annual results announcement[116](index=116&type=chunk) [Scope of Work of the Auditor](index=43&type=section&id=Scope%20of%20Work%20of%20the%20Auditor) The auditor agreed financial data is consistent with audited statements, but their work is not an assurance engagement - The Group's auditor, BDO Limited, has agreed that the financial data contained in this annual results announcement is consistent with the amounts set out in the Group's audited consolidated financial statements for the current year[117](index=117&type=chunk) - The work performed by the auditor in this respect does not constitute an assurance engagement and consequently no assurance has been expressed on this annual results announcement[117](index=117&type=chunk) [Review by Audit Committee](index=44&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed audited consolidated financial statements, deeming them prepared according to standards and Listing Rules - The Audit Committee has reviewed the Group's audited consolidated financial statements for the current year and is of the opinion that such statements were prepared in accordance with applicable accounting standards and the Listing Rules[118](index=118&type=chunk) - The Audit Committee comprises three independent non-executive directors, with changes in membership after the announcement date[118](index=118&type=chunk) [Publication of Annual Results and Annual Report](index=44&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) This annual results announcement is published online, and the full annual report will be dispatched to shareholders and published - This annual results announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the company's website (www.ientcorp.com)[119](index=119&type=chunk) - The company's annual report for the current year, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the websites of the Stock Exchange and the company in due course[119](index=119&type=chunk)