根據《香港聯合交易所有限公司證券上市規則》第三十八章，證券及期貨事務監察委員會監管香港交易及結算所有限公司 有關其股份在香港聯合交易所有限公司上市的事宜。證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （於香港註冊成立的有限公司） 股份代號：388（港幣櫃台）及 80388（人民幣櫃台） （除另有註明外，於本公告中的財務數字均以港元為單位） 2025 年中期業績、 中期股息及暫停辦理股份過戶登記手續 1 戰略及財務摘要 集團行政總裁陳翊庭表示： 香港交易所今年開局良好，上半年收入及溢利均創下集團半年度歷史新高。現貨市場、衍生產品市場及滬深港通的成 交量均創半年新高，新股市場融資額重回全球交易所榜首。我們於 2025 年上半年繼續落實多項戰略舉措，包括豐富 旗下產品生態圈，優化我們的上市制度，開拓商品業務新方向，以及在香港固定收益和貨幣產品生態圈的發展上迎來 新的里程碑。過去六個月收到的新股上市申請創歷史新高，在 2025 年下半年，我們將積極推進多項進一步提升市場 競爭力和 ...

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通告的內容概不負責，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通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。 (根據公司條例於香港註冊成立之有限公司) (股份代號: 440) 截至 6 月 30 日止 6 個月 2025 年度中期業績通告 大新金融集團有限公司 (「大新金融集團」或「本公司」) 董事會欣然宣布本公司及其附屬公司（統稱「本 集團」） 截至 2025 年 6 月 30 日止 6 個月之中期業績及簡明綜合財務報表。截至 2025 年 6 月 30 日止 6 個月 未經審核之扣除沒控制權股東溢利後股東應佔溢利為 14 億零 6 百 20 萬港元。 未經審核之中期簡明財務報表 本集團未經審核之 2025 年中期簡明綜合財務報表乃按照香港會計師公會所頒布之香港會計準則第 34 號「中 期財務報告」而編製。 未經審核之簡明綜合收益賬 截至 6 月 30 日止 6 個月 | | | | | 變動 | | --- | --- | --- | --- | --- | | 千港元 | 附註 | 2025 年 | 2024 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 截至2025年6月30日止六個月的 中期業績公告 中通快遞（開曼）有限公司董事會欣然公佈本集團截至2025年6月30日止六個月的 未經審計中期合併業績，連同2024年同期的比較數字，該等資料乃根據美國公認 會計準則編製。該等中期業績已由審計委員會審閱。本集團截至2025年6月30日 止六個月的簡明合併財務報表已由核數師按照香港會計師公會頒佈的香港審 ...

Financial Performance - Adjusted net profit reached RMB 2.0527 billion (USD 286.5 million), a decrease of 26.8% from RMB 2.8057 billion in the same period of 2024[9] - Revenue for the second quarter was RMB 11.8318 billion (USD 1.6517 billion), up 10.3% from RMB 10.726 billion in the same period of 2024[9] - Gross profit was RMB 2.9444 billion (USD 411.0 million), a decrease of 18.7% from RMB 3.6205 billion in the same period of 2024[9] - Adjusted EBITDA was RMB 3.5349 billion (USD 493.5 million), a decrease of 18.5% from RMB 4.3397 billion in the same period of 2024[9] - Basic and diluted earnings per American Depositary Share (ADS) were RMB 2.42 (USD 0.34) and RMB 2.37 (USD 0.33), down 25.3% and 25.0% respectively from RMB 3.24 and RMB 3.16 in the same period of 2024[9] - Net profit decreased by 24.8% to RMB 1,964.6 million (USD 274.2 million) compared to RMB 2,614.0 million in the same period last year[23] - The adjusted net profit for the six months ended June 30, 2025, was RMB 4,312,027, compared to RMB 5,029,768 for the same period in 2024, indicating a decrease of approximately 14.3%[43] - The net profit for the three months ended June 30, 2025, was RMB 1,964,559, down from RMB 2,613,997 in the same period of 2024, representing a decline of about 25%[43] Operational Metrics - Package volume increased by 16.5% to 9.847 billion pieces compared to 8.452 billion pieces in the same period of 2024[12] - The core express service revenue grew by 11.0% year-on-year, while freight forwarding service revenue decreased by 22.7%[14] - Operating costs increased by 25.1% year-on-year to RMB 8.89 billion (USD 1.24 billion), with significant contributions from line haul transportation and sorting center operational costs[15][16] - Operating profit fell by 23.0% to RMB 2.48 billion (USD 345.5 million), with an operating margin of 20.9% compared to 30.0% in the previous year[20] - The company adjusted its full-year business volume guidance to a range of 38.8 billion to 40.1 billion packages, corresponding to a year-on-year growth rate of 14.0% to 18.0%[13] Cash Flow and Investments - Operating cash flow net amount was RMB 2.1682 billion (USD 302.7 million), down from RMB 3.4801 billion in the same period of 2024[9] - Capital expenditures for the period amounted to RMB 1.1 billion, while operating cash flow was RMB 2.2 billion[13] - The net cash generated from operating activities for the six months ended June 30, 2025, was RMB 4,531,184, compared to RMB 5,511,115 for the same period in 2024, reflecting a decrease of approximately 17.7%[42] - The net cash used in investing activities for the six months ended June 30, 2025, was RMB 4,321,982, a decrease from RMB 7,044,941 in the same period of 2024[42] Dividends and Shareholder Returns - The company announced an interim dividend of USD 0.30 per share[7] - The company announced an interim cash dividend of USD 0.30 per American depositary share, with a payout ratio of 40%[29] Assets and Liabilities - As of June 30, 2025, total assets amounted to RMB 94,620,760, a slight increase from RMB 92,340,330 as of December 31, 2024[41] - Total liabilities as of June 30, 2025, were RMB 29,764,954, showing a marginal increase from RMB 29,665,497 as of December 31, 2024[41] - The company reported a total equity of RMB 64,855,806 as of June 30, 2025, up from RMB 62,674,833 as of December 31, 2024[41] Impairments and Other Adjustments - Goodwill impairment related to the acquisition of China Eastern Express Co., Ltd. amounted to RMB 84.4 million (USD 11.8 million)[22] - The company recognized an impairment loss on equity investments of RMB 672,816,000 for the six months ended June 30, 2024, with no such loss reported for the same period in 2025[44] - The company reported a goodwill impairment of RMB 84,431,000 for the three months ended June 30, 2025, which was not present in the previous year[44]

Financial Highlights This section summarizes the company's key financial performance indicators and operational highlights [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group experienced a slight revenue increase but an expanded loss attributable to equity holders due to declining gross profit Financial Highlights | Metric | June 30, 2025 (million HKD) | June 30, 2024 (million HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 159.20 | 157.55 | +1.05% | | Loss attributable to equity holders of the Company | (3.16) | (2.87) | +10.10% | | Gross profit margin | 19.60% | 24.67% | -5.07 percentage points | | Basic loss per share (HK cents) | (11.37) | (10.61) | +7.16% | - The **gross profit margin decreased** primarily due to increased raw material costs from global commodity price fluctuations and higher production costs from the appreciation of RMB against HKD[2](index=2&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[2](index=2&type=chunk) Interim Results This section presents the Group's condensed consolidated financial statements, including income, financial position, cash flow, and equity changes [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Group revenue slightly increased, but a significant rise in cost of sales led to a substantial drop in gross profit, expanding the loss attributable to equity holders Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 159,200 | 157,548 | +1.05% | | Cost of sales | (127,992) | (118,687) | +7.84% | | Gross profit | 31,208 | 38,861 | -19.69% | | Loss before income tax | (3,646) | (3,131) | +16.45% | | Loss for the period | (3,255) | (2,865) | +13.61% | | Loss for the period attributable to equity holders of the Company | (3,155) | (2,865) | +10.12% | - Total comprehensive loss for the period narrowed from **(HKD 4,097 thousand)** in the same period of 2024 to **(HKD 1,389 thousand)** in 2025, mainly due to a favorable change in exchange differences from loss to income[3](index=3&type=chunk)[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets and net assets increased, but net current liabilities remained negative, indicating short-term liquidity pressure Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 498,853 | 490,802 | +1.64% | | Current assets | 176,249 | 165,263 | +6.65% | | Current liabilities | 319,449 | 346,930 | -7.92% | | Net current liabilities | (143,200) | (181,667) | -21.29% | | Non-current liabilities | 65,458 | 22,286 | +193.72% | | Net assets | 290,195 | 286,849 | +1.16% | | Total equity attributable to equity holders of the Company | 289,995 | 286,549 | +1.20% | - Cash and bank balances decreased by **57.59%** from **HKD 31,493 thousand** as of December 31, 2024, to **HKD 13,353 thousand** as of June 30, 2025[5](index=5&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, operating activities shifted from net inflow to net outflow, increasing investing cash outflow and significantly reducing financing cash outflow, resulting in a net decrease of **HKD 15.877 million** in cash and cash equivalents Condensed Consolidated Statement of Cash Flows | Metric | June 30, 2025 (thousand HKD) | June 30, 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Net cash (used in) / generated from operating activities | (6,021) | 21,761 | Shift from inflow to outflow | | Net cash used in investing activities | (7,741) | (5,898) | Outflow increased (+31.25%) | | Net cash used in financing activities | (2,115) | (15,326) | Outflow decreased (-86.20%) | | Net (decrease) increase in cash and cash equivalents | (15,877) | 537 | Shift from increase to decrease | | Cash and cash equivalents at end of period | 13,353 | 23,374 | -42.87% | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, the company's total equity slightly increased, primarily due to share issuance, despite negative impacts from period loss and exchange reserve changes - Total equity attributable to equity holders of the Company as of June 30, 2025, was **HKD 289,995 thousand**, an increase from **HKD 286,549 thousand** as of January 1, 2025[8](index=8&type=chunk) - Loss for the period was **(HKD 3,155 thousand)**, with **(HKD 100 thousand)** attributable to non-controlling interests[8](index=8&type=chunk) - Exchange differences arising from the translation of financial statements of overseas operations amounted to **HKD 1,866 thousand**, positively impacting equity[8](index=8&type=chunk) - Share issuance resulted in an increase of **HKD 1,080 thousand** in share capital and **HKD 3,655 thousand** in share premium, totaling **HKD 4,735 thousand**[8](index=8&type=chunk) Notes to the Financial Statements This section provides detailed notes and disclosures supporting the condensed consolidated financial statements [1. General Information](index=8&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Golden Power Group Holdings Limited primarily manufactures and sells various batteries, including primary and rechargeable types, across China, Hong Kong, and international markets, actively developing environmentally friendly products - The Group's principal activities are the manufacture and sale of various types of batteries for electronic devices, including primary batteries (cylindrical and micro button cells) and rechargeable batteries, and other battery-related products[9](index=9&type=chunk) - Products are widely used in electric toys, watches, remote controls, alarm clocks, healthcare products, and computers[10](index=10&type=chunk) - The Group has developed mercury-free, cadmium-free, and lead-free batteries to align with the global trend towards environmentally friendly battery markets[10](index=10&type=chunk) [2. Basis of Preparation of Financial Statements](index=8&type=section&id=2.%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules on a going concern basis, despite a period loss and net current liabilities, supported by available financing and renewal capabilities - The interim financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting

[Summary](index=1&type=section&id=Summary) The Group's H1 2025 revenue decreased by 7.6% to HKD 1.295 billion, with profit attributable to shareholders falling 13.7% to HKD 322.1 million H1 2025 Key Financial Metrics (HKD) | Metric | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Revenue | 1.295 billion | 1.4008 billion | | Profit attributable to shareholders | 322.1 million | 373.1 million | | Underlying profit attributable to shareholders* | 341.8 million | 398.1 million | | Earnings per share | 0.47 | 0.54 | | Underlying earnings per share* | 0.49 | 0.58 | | Interim dividend (per share) | 0.23 | 0.23 | - The Group's revenue decreased by **7.6%** to **HKD 1.295 billion**[5](index=5&type=chunk) - Profit attributable to shareholders decreased by **13.7%** to **HKD 322.1 million**[6](index=6&type=chunk) - Underlying profit attributable to shareholders (excluding post-tax impact of investment property revaluation changes) decreased by **14.1%** to **HKD 341.8 million**[6](index=6&type=chunk) [Chairman and Chief Executive Officer's Report](index=2&type=section&id=Chairman%20and%20Chief%20Executive%20Officer's%20Report) This section provides an overview of the Group's consolidated results, interim dividend, business developments, and future outlook [Consolidated Results](index=2&type=section&id=Consolidated%20Results) Group's H1 2025 revenue decreased by 7.6% to HKD 1.295 billion, with profit attributable to shareholders down 13.7% to HKD 322.1 million, and underlying EPS at HKD 0.49 H1 2025 Consolidated Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,295,000 | 1,400,800 | -7.6% | | Profit attributable to shareholders | 322,100 | 373,100 | -13.7% | | Underlying profit attributable to shareholders | 341,800 | 398,100 | -14.1% | | Underlying earnings per share | 0.49 | 0.58 | -15.5% | [Interim Dividend](index=2&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 0.23 per share for H1 2025, consistent with the prior year, payable on October 14, 2025 Interim Dividend Per Share (HKD cents) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim dividend (per share) | HKD 23 cents | HKD 23 cents | - The interim dividend will be paid on **Tuesday, October 14, 2025**, to shareholders registered in the Company's register of members at the close of business on **Friday, September 26, 2025**[9](index=9&type=chunk) [Overview](index=2&type=section&id=Overview) Facing global economic challenges and local consumption shifts, the Group adopted a "cost-saving and innovation, steady progress" strategy, optimizing business segments and exploring new opportunities - Global economic slowdown, persistent geopolitical tensions, tariff wars, and increased cross-border consumption by Hong Kong residents (over **8,600 daily vehicle trips** to mainland in H1 2025, **354,317 daily holiday border crossings** in 2024) pose severe challenges to the hotel, retail, and F&B sectors[10](index=10&type=chunk) - The Group adopted a 'cost-saving and innovation, steady progress' strategy, actively expanding flagship stores and introducing international brands in its mall business, restructuring restaurant portfolios and strictly controlling costs in F&B, while exploring new business and market opportunities[10](index=10&type=chunk) [Business Development](index=3&type=section&id=Business%20Development) The Group achieved significant milestones in business development, including Muslim-friendly certifications for its hotels and restaurants, high occupancy rates, stable rental occupancy, and ESG recognition - The Mira Hong Kong and Mira Moon Hotel both received **CrescentRating 5-level certification**, with The Mira Hong Kong awarded 'Muslim-Friendly Hotel of the Year'[11](index=11&type=chunk) - The Group's upscale Chinese restaurant 'Cuisine Cuisine' became Hong Kong's first 'Halal-Friendly' certified upscale Chinese restaurant, establishing a solid foundation for the Muslim tourism market[11](index=11&type=chunk) - The Mira Hong Kong and Mira Moon Hotel maintained high average occupancy rates of **90.3%** and **92.9%** respectively, demonstrating strong competitiveness in the high-end hotel market[12](index=12&type=chunk) - The Group's office and mall properties maintained average occupancy rates above **90%**, achieving favorable results through optimized asset management and tenant mix strategies[13](index=13&type=chunk) - The Group received the 'Best ESG (Corporate Governance) (Small Cap)' award at the **11th Hong Kong Investor Relations Awards**, demonstrating its commitment to sustainable development[13](index=13&type=chunk) [Outlook](index=4&type=section&id=Outlook) Despite global uncertainties, the Group remains confident in Hong Kong's long-term prospects, focusing on digital transformation, AI, customer experience, and cost control to drive future growth - The Group is confident in Hong Kong's long-term development, anticipating new momentum for tourism and related industries from Greater Bay Area integration policies (e.g., 'multiple-entry visas', 'southbound vehicles', and expanded 'individual visit scheme' cities) and government-promoted mega-events[14](index=14&type=chunk) - The Group will continue to prioritize 'innovation and technology empowerment to drive business development', focusing on digital transformation, AI applications, customer service experience optimization, and building a membership economy ecosystem[14](index=14&type=chunk) - The Group will strictly control costs to enhance resource efficiency, ensuring steady business progress in a volatile environment and creating long-term sustainable value for stakeholders[14](index=14&type=chunk)[15](index=15&type=chunk) [Acknowledgements](index=4&type=section&id=Acknowledgements) The Board extends gratitude to shareholders, customers, partners, and employees, and acknowledges Mr. Lau Yam Chuen's 29 years of valuable contributions upon his retirement - The Board sincerely thanks all shareholders, customers, partners, and employees for their support and trust[15](index=15&type=chunk) - Mr. Lau Yam Chuen retired as an Executive Director of the Company on **June 5, 2025**, and the Board expresses sincere gratitude for his valuable contributions over the past **29 years**[16](index=16&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's performance across its various business segments, treasury management, and financial position [Hotel and Serviced Apartment Business](index=5&type=section&id=Hotel%20and%20Serviced%20Apartment%20Business) Total revenue for hotel and serviced apartments decreased by 5.7% to HKD 280 million, with EBITDA down 29.0% to HKD 53.5 million, despite high occupancy rates, due to market challenges H1 2025 Hotel and Serviced Apartment Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 280,000 | 296,900 | -5.7% | | EBITDA | 53,500 | 75,400 | -29.0% | - Hong Kong's tourism heavily relies on the mainland market (**75.0%** of visitors are mainland tourists), but average daily room rates in the local hotel market declined, and business travel demand significantly decreased due to mainland outbound travel policies, re-imposition of hotel room tax, and US tariff wars[19](index=19&type=chunk) - The Group actively implemented various marketing strategies, including deepening cooperation with domestic and international travel agencies, local promotions, launching diverse travel packages, and leveraging government-promoted mega-events to enhance hotel visibility and occupancy[19](index=19&type=chunk) - The Mira Hong Kong and Mira Moon Hotel recorded average occupancy rates of **90.3%** and **92.9%** respectively, demonstrating relatively robust resilience despite The Mira Hong Kong undergoing large-scale IoT facility upgrades since June[20](index=20&type=chunk) [Rental Business](index=6&type=section&id=Rental%20Business) Rental business revenue decreased by 3.9% to HKD 385.5 million, with EBITDA down 5.2% to HKD 322.8 million, as the Group revitalized malls and enhanced tenant mix amidst a weak retail market H1 2025 Rental Business Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 385,500 | 401,200 | -3.9% | | EBITDA | 322,800 | 340,400 | -5.2% | - Facing a weak overall retail consumption market and sustained pressure on leasing demand in Hong Kong, the Group adopted proactive mall management strategies, including expanding flagship stores and introducing international trendy brands to refresh mall image and enhance customer choices[22](index=22&type=chunk) - Mira Place launched several innovative promotional activities, such as the 'Pottery Blossom' ceramic floral art installation and 'Mira Brew Fest', effectively attracting footfall and enhancing customer engagement[22](index=22&type=chunk) - The Group plans to apply AI in mall management to enhance tenant visit and dwell rates, and focus on deepening big data analytics applications, developing CRM and CDP systems to build a membership economy ecosystem[22](index=22&type=chunk) - During the period, the Group's office and mall properties maintained average occupancy rates above **90%**[22](index=22&type=chunk) [Changes in Fair Value of Investment Properties](index=6&type=section&id=Changes%20in%20Fair%20Value%20of%20Investment%20Properties) The fair value of investment properties decreased by HKD 14.7 million in the period, with a total book value of HKD 15 billion as of June 30, 2025, a non-cash adjustment H1 2025 Investment Property Fair Value Changes (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Net decrease in fair value of investment properties | 14,700 | 17,800 | | Book value of investment properties (June 30, 2025) | 15,000,000 | N/A | - The fair value of investment properties is determined based on opinions obtained from an external professional valuer appointed by the Group (Cushman & Wakefield Limited), measured using the income capitalization approach[23](index=23&type=chunk)[55](index=55&type=chunk) - The revaluation decrement is non-cash in nature and does not have a material impact on the Group's cash flow[23](index=23&type=chunk) [Food and Beverage Business](index=7&type=section&id=Food%20and%20Beverage%20Business) F&B revenue decreased by 2.4% to HKD 139.4 million, with a reported EBITDA loss of HKD 2.8 million, but an underlying EBITDA profit of HKD 3.8 million after adjusting for one-off closure provisions H1 2025 Food and Beverage Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 139,400 | 142,800 | -2.4% | | EBITDA (Reported) | (2,800) | 30 | N/A | | EBITDA (Excluding one-off losses) | 3,800 | N/A | N/A | | One-off loss provision and other expenses for restaurant closures | 6,600 | N/A | N/A | - Hong Kong's F&B market faces intense competition, influenced by sustained cross-border consumption by Hong Kong residents, high rents, rising operating costs, and increasingly cautious local consumers amid economic uncertainty[25](index=25&type=chunk) - The Group flexibly adjusted its restaurant portfolio, optimized operational efficiency and cost structure, and actively promoted various special events and collaborations with multiple renowned brands[25](index=25&type=chunk) - The Group's restaurant 'Cuisine Cuisine' was awarded a **One Diamond** rating in the 'Black Pearl Restaurant Guide 2025', while digital channels and online store sales promotion continued to strengthen, maintaining ideal online sales growth[25](index=25&type=chunk) [Travel Business](index=7&type=section&id=Travel%20Business) Travel business revenue decreased by 12.4% to HKD 490.5 million, with EBITDA down 61.6% to HKD 15.4 million, impacted by economic weakness, exchange rate fluctuations, and geopolitical events H1 2025 Travel Business Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 490,500 | 560,000 | -12.4% | | EBITDA | 15,400 | 40,100 | -61.6% | - Weak local economy, exchange rate fluctuations, and geopolitical security factors suppressed travel demand, especially for long-haul and high-end travel products, with incidental events (e.g., Southeast Asian telecom fraud, Japan earthquake rumors, Middle East conflicts) exacerbating challenges[27](index=27&type=chunk) - Leveraging extensive industry experience and a broad network, the Group adopted diversified cooperation and joint promotion strategies, flexibly adjusting product portfolios to launch distinctive travel solutions[27](index=27&type=chunk) - The Group, in collaboration with the Consulate General of Turkey in Hong Kong and its hotel The Mira Hong Kong, hosted Hong Kong's first Ramadan Iftar dinner, significantly enhancing the Group's position in the Muslim travel market[27](index=27&type=chunk) [Operating and Other Expenses](index=8&type=section&id=Operating%20and%20Other%20Expenses) Total operating costs decreased by 7.4% to HKD 117.2 million, but excluding exchange impacts, costs rose 10.9% to HKD 134.3 million due to inflation and increased professional fees H1 2025 Operating Costs (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Costs | 117,200 | 126,500 | -7.4% | | Operating costs excluding net exchange gains/(losses) | 134,300 | 121,000 | +10.9% | - Cost increases were primarily driven by higher basic operating expenses in an inflationary environment, as well as increased professional and investment fees[28](index=28&type=chunk) - The Group plans strategic investments in digital transformation and system upgrades to optimize its operating structure, expecting significant long-term reductions in labor costs and enhanced value creation efficiency[28](index=28&type=chunk) [Treasury Management and Financial Position](index=8&type=section&id=Treasury%20Management%20and%20Financial%20Position) The Group's financial position remains robust with HKD 6.2 billion in cash and zero debt, despite a 1.2% drop in effective annual interest rate on time deposits due to rate cuts H1 2025 Treasury Management (HKD thousand) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Effective annual interest rate on time deposits | 3.7% | 4.9% | -1.2% | | Decrease in interest income | HKD 30,400 thousand | N/A | N/A | Financial Position (HKD thousand) | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Consolidated cash | 6,200,000 | 6,000,000 | | Loans | 0 | 0 | | Total credit facilities granted | 900,000 | 900,000 | | Debt-to-capital ratio | 0 | 0 | - The Group maintains a sound financial policy with ample funds and credit facilities, actively seeking new high-growth businesses and market opportunities to enhance shareholder returns[29](index=29&type=chunk) [Consolidated Statement of Profit or Loss—Unaudited](index=9&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%E2%80%94Unaudited) The unaudited consolidated statement of profit or loss shows a 7.6% decrease in revenue to HKD 1.295 billion and a 13.7% decrease in profit attributable to shareholders to HKD 322.1 million for H1 2025 H1 2025 Consolidated Statement of Profit or Loss (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,294,971 | 1,400,837 | -7.6% | | Gross profit | 430,296 | 490,147 | -12.2% | | Profit before tax | 386,108 | 465,023 | -16.9% | | Profit for the period | 332,265 | 400,478 | -17.1% | | Profit attributable to shareholders | 322,118 | 373,111 | -13.7% | | Earnings per share (basic and diluted) | HKD 0.47 | HKD 0.54 | -13.0% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income—Unaudited](index=11&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%E2%80%94Unaudited) The unaudited consolidated statement shows a 17.1% decrease in profit for the period to HKD 332.3 million and an 11.7% decrease in total comprehensive income to HKD 365.8 million for H1 2025 H1 2025 Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the period | 332,265 | 400,478 | -17.1% | | Equity securities designated at fair value through other comprehensive income—fair value changes | 8,148 | 30,504 | -73.3% | | Exchange differences on translation of financial statements of subsidiaries outside Hong Kong | 25,435 | (16,883) | N/A | | Total comprehensive income for the period | 365,848 | 414,099 | -11.7% | | Total comprehensive income attributable to shareholders | 350,621 | 391,027 | -10.3% | [Consolidated Statement of Financial Position](index=12&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The consolidated statement of financial position as of June 30, 2025, shows total net assets of HKD 21.209 billion, with investment properties valued at HKD 15.053 billion and cash at HKD 6.250 billion Consolidated Statement of Financial Position (HKD thousand) | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Investment properties | 15,052,621 | 15,042,111 | | Other properties, plant and equipment | 245,499 | 259,950 | | Interests in associates | 1,414 | 1,289 | | Equity securities designated at fair value through other comprehensive income | 63,993 | 263,416 | | Deferred tax assets | 16,403 | 16,662 | | Inventories | 113,299 | 114,597 | | Trade and other receivables | 282,769 | 291,387 | | Financial assets at fair value through profit or loss | 652,731 | 460,427 | | Cash and bank balances | 6,249,876 | 5,994,477 | | Tax recoverable | 459 | 1,155 | | Trade and other payables | (585,806) | (450,306) | | Rental deposits received | (84,273) | (72,228) | | Contract liabilities | (140,958) | (153,338) | | Lease liabilities (current) | (45,108) | (46,349) | | Tax payable | (51,067) | (45,875) | | Deferred liabilities | (179,737) | (190,217) | | Lease liabilities (non-current) | (30,401) | (48,350) | | Deferred tax liabilities | (352,668) | (338,882) | | Share capital | 2,227,024 | 2,227,024 | | Reserves | 18,799,613 | 18,656,280 | | Total equity attributable to shareholders of the Company | 21,026,637 | 20,883,304 | | Non-controlling interests | 182,409 | 216,622 | | **Net Assets** | **21,209,046** | **21,099,926** | [Notes](index=14&type=section&id=Notes) This section details the basis of preparation, changes in accounting policies, segment reporting, profit before tax, taxation, dividends, earnings per share, investment properties, and various receivables and payables [Basis of Preparation](index=14&type=section&id=Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies with 2024, and has been reviewed by KPMG and the Audit Committee - This interim financial report has been prepared in accordance with the applicable Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard **34 'Interim Financial Reporting'** issued by the Hong Kong Institute of Certified Public Accountants[35](index=35&type=chunk) - This interim financial report has been prepared in accordance with the same accounting policies adopted in the **2024** annual financial statements, except for changes in accounting policies expected to be reflected in the **2025** annual financial statements[35](index=35&type=chunk) - This interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements **2410**, and by the Company's Audit Committee[36](index=36&type=chunk) [Changes in Accounting Policies](index=15&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 amendment on exchange rate changes, which had no material impact as it conducts no non-convertible foreign currency transactions, and no other new standards were applied - The Group has applied the amendment to Hong Kong Accounting Standard **21 'The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability'** in the current accounting period, but this amendment has no material impact on the Group's financial performance or position[38](index=38&type=chunk) - The Group does not engage in foreign currency transactions that cannot be exchanged into another currency[38](index=38&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective in the current accounting period[39](index=39&type=chunk) [Revenue and Segment Reporting](index=15&type=section&id=Revenue%20and%20Segment%20Reporting) The Group reports five segments: rental, hotel and serviced apartments, F&B, travel, and other, with segment results measured by adjusted EBITDA, and revenue recognition varying by business - The Group has identified five reportable segments: rental business, hotel and serviced apartment business, food and beverage business, travel business, and other[40](index=40&type=chunk)[41](index=41&type=chunk) - Reportable segment results are measured by 'adjusted EBITDA', which is further adjusted for items not specifically attributable to individual segments[41](index=41&type=chunk) H1 2025 Revenue and Adjusted EBITDA by Business Segment (HKD thousand) | Business Segment | H1 2025 Revenue (HKD thousand) | H1 2024 Revenue (HKD thousand) | H1 2025 Adjusted EBITDA (HKD thousand) | H1 2024 Adjusted EBITDA (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Rental Business | 385,468 | 401,156 | 322,810 | 340,418 | | Hotel and Serviced Apartment Business | 279,572 | 296,913 | 53,466 | 75,392 | | Food and Beverage Business | 139,429 | 142,787 | (2,806) | 28 | | Travel Business | 490,502 | 559,981 | 15,377 | 40,102 | | Other | — | — | (99) | (49) | | **Total** | **1,294,971** | **1,400,837** | **388,748** | **455,891** | - Hotel room rental income is recognized over time during guests' stay, F&B sales and other ancillary service income are recognized when services are provided, and travel business income is recognized upon tour departure or ticket issuance[45](index=45&type=chunk) [Profit Before Tax](index=18&type=section&id=Profit%20Before%20Tax) Profit before tax is calculated after deducting staff costs of HKD 285 million and finance costs of HKD 1.409 million, and including dividend and interest income of HKD 111.7 million H1 2025 Profit Before Tax Components (HKD thousand) | Item | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Staff costs | 284,986 | 284,933 | | - Contributions to defined contribution retirement schemes | 11,736 | 11,535 | | - Salaries, wages and other benefits | 273,250 | 273,398 | | Finance costs (interest expense on lease liabilities) | 1,409 | 992 | | Dividend and interest income | (111,736) | (143,479) | | Net investment fair value (gain)/loss on financial assets at fair value through profit or loss | (3,585) | 4,182 | [Taxation](index=19&type=section&id=Taxation) Total taxation for H1 2025 was HKD 53.843 million, comprising Hong Kong profits tax of HKD 42.848 million, overseas tax of HKD 1.857 million, and deferred tax of HKD 9.138 million H1 2025 Taxation (HKD thousand) | Item | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Taxation—Hong Kong profits tax | 42,848 | 55,021 | | Taxation—Tax outside Hong Kong | 1,857 | 299 | | Deferred tax | 9,138 | 9,225 | | **Total taxation** | **53,843** | **64,545** | - Hong Kong profits tax provision is calculated at a rate of **16.5%** on the estimated assessable profits for the period[47](index=47&type=chunk) - Tax outside Hong Kong is calculated at the applicable tax rates in the jurisdictions where the Group is assessed for tax[48](index=48&type=chunk) [Dividends](index=20&type=section&id=Dividends) The Board declared an interim dividend of HKD 0.23 per share, totaling HKD 158.9 million, consistent with the prior year, and approved a final dividend of HKD 0.30 per share for the previous fiscal year H1 2025 Dividends (HKD thousand) | Dividend Type | H1 2025 (per share) | H1 2024 (per share) | Amount (HKD thousand) | | :--- | :--- | :--- | :--- | | Interim dividend | HKD 23 cents | HKD 23 cents | 158,921 | | Dividends approved for previous fiscal year | HKD 30 cents | HKD 30 cents | 207,288 | - The interim dividend declared after the interim balance sheet date was not recognized as a liability at the end of the reporting period[49](index=49&type=chunk) - The **2024** final dividend and **2023** final dividend were paid on **July 10, 2025**, and **July 11, 2024**, respectively[51](index=51&type=chunk) [Earnings Per Share](index=20&type=section&id=Earnings%20Per%20Share) Basic and diluted EPS was HKD 0.47, calculated on profit attributable to shareholders of HKD 322.1 million, while underlying EPS was HKD 0.49, excluding investment property revaluation impacts H1 2025 Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to shareholders of the Company (HKD thousand) | 322,118 | 373,111 | | Number of shares in issue (shares) | 690,959,695 | 690,959,695 | | Basic and diluted earnings per share | HKD 0.47 | HKD 0.54 | | Underlying profit attributable to shareholders of the Company (HKD thousand) | 341,831 | 398,140 | | Underlying earnings per share | HKD 0.49 | HKD 0.58 | - As there were no potential ordinary shares outstanding for the six months ended **June 30, 2025**, and **2024**, diluted earnings per share is the same as basic earnings per share[52](index=52&type=chunk) - Underlying earnings per share is additionally calculated based on profit attributable to shareholders of the Company, excluding the post-tax impact of changes in fair value of investment properties, to assess the Group's underlying business performance[54](index=54&type=chunk) [Investment Properties](index=21&type=section&id=Investment%20Properties) Investment properties were revalued as of June 30, 2025, resulting in a net fair value decrease of HKD 14.686 million, with valuations performed by Cushman & Wakefield using an income capitalization approach H1 2025 Investment Property Fair Value Changes (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Net decrease in fair value of investment properties | 14,686 | 17,843 | - The fair value of investment properties is measured using the income capitalization approach, which capitalizes the net income from existing leases and after the expiry of current leases[55](index=55&type=chunk) - Valuations are performed by an external professional valuer—Cushman & Wakefield Limited[55](index=55&type=chunk) [Trade and Other Receivables](index=22&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables amounted to HKD 282.8 million as of June 30, 2025, with most amounts expected to be recovered within one year, adhering to credit policies of 7 to 60 days Trade and Other Receivables (HKD thousand) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 62,423 | 86,029 | | Other receivables, deposits and prepayments | 220,346 | 205,358 | | **Total** | **282,769** | **291,387** | - The Group has established credit policies, generally allowing credit terms from **7 to 60 days** from invoice date[57](index=57&type=chunk) - As of **June 30, 2025**, all trade and other receivables are expected to be recovered within one year, except for **HKD 12,041,000** which is expected to be recovered after more than one year[56](index=56&type=chunk) [Trade and Other Payables](index=22&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables were HKD 585.8 million as of June 30, 2025, including trade payables of HKD 74.656 million and dividends payable of HKD 207.288 million, all expected to be settled within one year Trade and Other Payables (HKD thousand) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade payables | 74,656 | 95,866 | | Other payables and accrued expenses | 228,979 | 279,784 | | Amounts due to non-controlling interests of subsidiaries | 70,656 | 70,420 | | Amounts due to associates | 4,227 | 4,236 | | Dividends payable | 207,288 | — | | **Total** | **585,806** | **450,306** | - All trade and other payables are expected to be settled within one year or on demand[59](index=59&type=chunk) - Amounts due to non-controlling interests of subsidiaries are unsecured, interest-free, and have no fixed repayment terms[64](index=64&type=chunk) - Amounts due to associates are unsecured, interest-free, and repayable on demand[64](index=64&type=chunk) [Share Capital](index=23&type=section&id=Share%20Capital) As of June 30, 2025, the issued and fully paid share capital remained unchanged at 690,959,695 shares, totaling HKD 2.227 billion Share Capital (HKD thousand) | Metric | June 30, 2025 (Number of shares) | June 30, 2025 (HKD thousand) | December 31, 2024 (Number of shares) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid share capital | 690,959,695 | 2,227,024 | 690,959,695 | 2,227,024 | [Employee Retirement Schemes](index=23&type=section&id=Employee%20Retirement%20Schemes) Hong Kong employees participate in defined contribution or MPF schemes, with employer and employee contributions at 5% of relevant income, while PRC employees participate in local government-managed schemes - The Group's Hong Kong employees participate in defined contribution provident fund schemes as defined by the Occupational Retirement Schemes Ordinance or schemes registered under the Mandatory Provident Fund Schemes Ordinance (MPF)[61](index=61&type=chunk) - Under the MPF scheme, both employer and employee are required to contribute **5%** of the employee's relevant income to the scheme, with a monthly relevant income cap of **HKD 30,000**[62](index=62&type=chunk) - The Group provides voluntary contribution benefits for employees participating in the MPF scheme, utilizing **HKD 47,000** in forfeited contributions to reduce employer contributions for the six months ended **June 30, 2025**[62](index=62&type=chunk) - Employees of subsidiaries in the People's Republic of China are required to participate in defined contribution retirement schemes managed and operated by local municipal governments[63](index=63&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers administrative details such as share transfer registration, employee information, training, corporate governance, audit committee review, securities transactions, and forward-looking statements [Closure of Register of Members and Record Date for Interim Dividend](index=24&type=section&id=Closure%20of%20Register%20of%20Members%20and%20Record%20Date%20for%20Interim%20Dividend) The Company will close its register of members on September 26, 2025, to determine eligibility for the interim dividend, with transfer documents due by 4:30 PM on September 25, 2025 - The Company will suspend its share transfer registration on **Friday, September 26, 2025**[65](index=65&type=chunk) - The record date for determining shareholders' entitlement to the interim dividend is the close of business on **Friday, September 26, 2025**[65](index=65&type=chunk) - All share transfer documents, together with the relevant share certificates, must be lodged with the Company's share registrar by **4:30 PM on Thursday, September 25, 2025**[65](index=65&type=chunk) [Employees](index=24&type=section&id=Employees) As of June 30, 2025, the Group had 1,307 full-time employees globally, adhering to equal opportunity principles and regularly reviewing compensation and benefits to attract and retain talent Number of Employees (June 30, 2025) | Region | Number of Employees (June 30, 2025) | | :--- | :--- | | Hong Kong | 1,276 | | People's Republic of China | 19 | | Overseas | 12 | | **Total** | **1,307** | - The Group is an 'equal opportunity employer', promoting a merit-based culture and utilizing 'total rewards management' to attract, recognize, and retain employees[66](index=66&type=chunk) - The Group regularly reviews its compensation and benefits schemes to ensure compliance with the latest legal requirements and market practices, and to stay competitive with market conditions and salary levels[66](index=66&type=chunk) [Training and Development](index=24&type=section&id=Training%20and%20Development) The Group prioritizes continuous learning for employees, offering comprehensive training programs covering various skills, and has consistently received the "Manpower Developer Award Scheme" since 2011 - The Group is committed to providing a continuous learning environment and opportunities for employees at all levels to support their growth and enhance productivity[67](index=67&type=chunk) - The Group actively develops a comprehensive learning and development blueprint for employees at all levels, including internal and external training courses covering management/supervisory skills, business knowledge, specialized skills, customer service techniques, and language proficiency[67](index=67&type=chunk) - The Group has consistently received the 'Manpower Developer Award Scheme' award from the Employees Retraining Board since **2011**[67](index=67&type=chunk) [Corporate Governance Code](index=25&type=section&id=Corporate%20Governance%20Code) The Company complied with the Corporate Governance Code for H1 2025, except for combining the roles of Chairman and CEO, which the Board believes provides consistent leadership and efficient strategy execution - The Company complied with the code provisions set out in Appendix C1 of the Listing Rules, 'Corporate Governance Code', for the six months ended **June 30, 2025**[68](index=68&type=chunk) - The Company has not separated the roles of Chairman and Chief Executive Officer as required by the Corporate Governance Code[68](index=68&type=chunk) - The Board believes that the dual role of Dr. Lee Ka Shing as Chairman and Chief Executive Officer is in the best interests of the Company, providing consistent leadership and ensuring efficiency in formulating and executing corporate strategies[68](index=68&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's H1 2025 financial results and discussed internal controls, risk management, and financial reporting with the Head of Audit, Risk Management, and Corporate Services and independent auditors - The Audit Committee has reviewed the Group's financial results for the six months ended **June 30, 2025**[69](index=69&type=chunk) - The Audit Committee discussed matters related to the Group's internal controls, risk management, and financial reporting with the Head of Audit, Risk Management and Corporate Services and the independent auditors[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[70](index=70&type=chunk) [Standard Code for Securities Transactions by Directors](index=25&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Listing Rules' Standard Code for Securities Transactions by Directors and confirmed all directors complied with its standards during the reporting period - The Company has adopted the 'Standard Code for Securities Transactions by Directors of Listed Issuers' as set out in Appendix C3 of the Listing Rules as its code for directors' dealings in the Company's securities[71](index=71&type=chunk) - Following specific enquiry, the Company confirmed that all Directors complied with the required standards set out in the Standard Code during the accounting period covered by the interim report[71](index=71&type=chunk) [Review of Interim Results](index=25&type=section&id=Review%20of%20Interim%20Results) The unaudited interim results for the six months ended June 30, 2025, have been reviewed by KPMG, the Company's auditor, in accordance with HKSAE 2410 - The unaudited interim results for the six months ended **June 30, 2025**, have been reviewed by KPMG, the Company's auditor, in accordance with Hong Kong Standard on Review Engagements **2410** issued by the Hong Kong Institute of Certified Public Accountants[72](index=72&type=chunk) [Forward-Looking Statements](index=26&type=section&id=Forward-Looking%20Statements) This announcement contains forward-looking statements based on current beliefs and expectations, which are subject to risks and uncertainties that may cause actual results to differ materially - This announcement contains certain forward-looking statements or uses similar forward-looking terminology, reflecting the Board's current beliefs, assumptions, and expectations regarding the industry and markets in which the Company operates[73](index=73&type=chunk) - These forward-looking statements are subject to various risks, uncertainties, and other factors beyond the Company's control, which may cause actual results or performance to differ materially from those expressed or implied by such statements[73](index=73&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is available on the Company's and HKEXnews websites, with the full interim report to be dispatched to shareholders and uploaded later - This interim results announcement is published on the Company's website (www.miramar-group.com) and the HKEXnews website (www.hkexnews.hk)[74](index=74&type=chunk) - The Company's **2025** interim results report will be dispatched to shareholders and uploaded to the aforementioned websites in due course[74](index=74&type=chunk)

[Interim Results](index=1&type=section&id=Interim%20Results) [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company achieved significant revenue growth, leading to substantial increases in gross profit and operating profit, ultimately doubling profit attributable to owners of the company year-on-year Key Data from Condensed Consolidated Income Statement (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 221,708 | 161,393 | +37.4% | | Cost of Sales | (157,437) | (117,992) | +33.4% | | Gross Profit | 64,271 | 43,401 | +48.1% | | Operating Profit | 21,682 | 8,570 | +153.0% | | Profit Before Tax | 21,682 | 8,564 | +153.2% | | Profit for the Period Attributable to Owners of the Company | 17,691 | 7,800 | +126.8% | | Basic and Diluted Earnings Per Share (HK cents) | 8.9 | 3.9 | +128.2% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly increased due to a shift from loss to gain in exchange differences on translation of foreign operations, boosting total comprehensive income attributable to owners of the company Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Y-o-Y Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Profit for the Period | 17,691 | 7,800 | +9,891 | | Exchange Differences on Translation of Financial Statements of Foreign Operations | 3,673 | (4,581) | +8,254 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 21,364 | 3,219 | +18,145 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and total equity both increased, with current assets rising while the liability structure remained stable Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Total Assets | 514,900 | 495,982 | +18,918 | | Non-current Assets | 210,313 | 218,479 | -8,166 | | Current Assets | 304,587 | 277,503 | +27,084 | | Total Equity | 447,045 | 431,650 | +15,395 | | Total Liabilities | 67,855 | 64,332 | +3,523 | | Current Liabilities | 59,746 | 56,226 | +3,520 | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, the company's total equity changed due to an increase in total comprehensive income for the period and dividend payments, with other reserves shifting from loss to gain due to exchange differences Key Data from Condensed Consolidated Statement of Changes in Equity (As of June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Equity at January 1 | 431,650 | 409,524 | | Total Comprehensive Income for the Period | 21,364 | 3,219 | | Dividends Paid | (5,969) | – | | Total Equity at June 30 | 447,045 | 412,796 | [Condensed Consolidated Cash Flow Statement](index=6&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash used in operating activities, net cash generated from investing activities, and net cash used in financing activities resulted in a net decrease in cash and cash equivalents Key Data from Condensed Consolidated Cash Flow Statement (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash (Used in) Generated from Operating Activities | (11,215) | 20,185 | | Net Cash Generated from (Used in) Investing Activities | 6,627 | (7,197) | | Net Cash Used in Financing Activities | (6,055) | (225) | | Net (Decrease) Increase in Cash and Cash Equivalents | (10,643) | 12,763 | | Cash and Cash Equivalents at June 30 | 42,785 | 51,443 | [Notes to Unaudited Interim Condensed Consolidated Financial Information](index=7&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides essential context for understanding the interim financial report, detailing its preparation basis, accounting policies, estimates, and specific financial item disclosures [General Information](index=7&type=section&id=General%20Information) The company is an investment holding company primarily engaged in the manufacturing and trading of wire and cable products, incorporated in Bermuda - The Group is principally engaged in the manufacturing and trading of wire and cable products[11](index=11&type=chunk) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The unaudited interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[12](index=12&type=chunk) [Accounting Policies](index=7&type=section&id=Accounting%20Policies) The accounting policies adopted are consistent with the 2024 annual consolidated financial statements, with new/revised Hong Kong Financial Reporting Standards applied for the first time, but not expected to have a significant impact - Accounting policies are consistent with the 2024 annual consolidated financial statements, with the first-time application of HKAS 21 and HKFRS 1 (Amendments) 'Lack of Exchangeability,' which are not expected to have a significant impact[13](index=13&type=chunk)[15](index=15&type=chunk) - The company has not early adopted new/revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and their future adoption is not expected to impact operating results or financial position[16](index=16&type=chunk)[19](index=19&type=chunk) [Estimates](index=8&type=section&id=Estimates) The preparation of interim financial information involves management's judgments, estimates, and assumptions, consistent with those used in the 2024 annual consolidated financial statements, with carrying amounts of financial assets and liabilities approximating their fair values - Significant management judgments and sources of estimation uncertainty in preparing the interim financial information are consistent with those in the 2024 annual consolidated financial statements[17](index=17&type=chunk) - The carrying amounts of financial assets and liabilities approximate their fair values due to their short-term maturity[18](index=18&type=chunk) [Revenue](index=9&type=section&id=Revenue) The Group is primarily engaged in manufacturing and trading wire and cable products, with revenue of HK$221,708 thousand for the six months ended June 30, 2025, a year-on-year increase of 37.4%, with the Americas segment contributing the majority of revenue and two major customers accounting for over 10% of total revenue Revenue and Segment Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Segment Results (HK$ thousand) | 2024 Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 11,631 | 14,641 | 3,545 | 1,319 | | China (excluding Hong Kong) | 17,965 | 21,779 | (3,564) | 2,172 | | Americas | 174,528 | 113,532 | 20,163 | 5,290 | | Vietnam | 9,877 | 95 | 1,706 | 10 | | Japan | 7,224 | 9,746 | 1,248 | 1,146 | | Other Countries | 483 | 1,600 | 83 | 198 | | **Total** | **221,708** | **161,393** | **23,181** | **10,135** | Major Customer Revenue Contribution (For the six months ended June 30) | Customer | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Customer A | 114,714 | 60,3

Interim Results Announcement 2025 [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated statement of profit or loss, statement of profit or loss and other comprehensive income, and statement of financial position for the six months ended June 30, 2025, providing an overview of the company's financial performance and position during the reporting period [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The company achieved revenue of HK$199,158 thousand, operating profit of HK$113,085 thousand, and profit for the period of HK$121,314 thousand in the first half of 2025, with basic and diluted earnings per share of HK$0.34, showing significant growth compared to the prior year | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 199,158 | 210,743 | -5.49% | | Direct Costs | (120,811) | (130,787) | -7.63% | | Other Income | 28,154 | 34,824 | -19.15% | | Fair Value Gain on Investment Properties | 51,912 | 2,020 | +2479.80% | | Operating Profit | 113,085 | 72,436 | +56.11% | | Profit Before Tax | 121,846 | 95,617 | +27.44% | | Profit for the Period | 121,314 | 87,480 | +38.68% | | Profit Attributable to Equity Holders of the Company | 121,860 | 89,596 | +36.01% | | Earnings Per Share – Basic and Diluted (HK$) | 0.34 | 0.25 | +36.00% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company reported a profit for the period of HK$121,314 thousand in the first half of 2025, with total comprehensive income reaching HK$132,063 thousand after revaluation of financial assets, representing a 35.10% increase year-on-year | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 121,314 | 87,480 | +38.68% | | Financial Assets at Fair Value Through Other Comprehensive Income – Net Change in Revaluation Reserve | 10,749 | 10,270 | +4.66% | | Total Comprehensive Income for the Period | 132,063 | 97,750 | +35.10% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 132,609 | 99,866 | +32.79% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities were HK$7,242,162 thousand, with net assets of HK$7,131,905 thousand, a slight increase from December 31, 2024, primarily due to significant growth in investment properties | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Properties | 4,285,490 | 2,495,790 | +71.63% | | Other Property, Plant and Equipment | 77,958 | 60,015 | +29.90% | | Interests in Joint Ventures | 666,250 | 691,388 | -3.63% | | Current Assets | 2,332,202 | 3,866,733 | -39.67% | | Inventories | 75,381 | 1,803,089 | -95.81% | | Cash and Bank Balances | 2,077,414 | 1,876,592 | +10.70% | | Current Liabilities | (394,769) | (228,010) | +73.14% | | Net Current Assets | 1,937,433 | 3,638,723 | -46.75% | | Net Assets | 7,131,905 | 7,053,283 | +1.12% | | Total Equity Attributable to Equity Holders of the Company | 7,141,887 | 7,062,719 | +1.12% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, changes in accounting policies, segment reporting, other net income, profit before tax components, taxation, dividends, earnings per share, and trade and other receivables/payables for the interim financial report [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The interim results report is prepared in accordance with the HKEX Listing Rules and HKAS 34 Interim Financial Reporting, and is extracted from the interim financial report - The interim results report is prepared in accordance with the Hong Kong Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[10](index=10&type=chunk) - Comparative financial information for the fiscal year ended December 31, 2024, is extracted from the statutory annual consolidated financial statements and has been filed with the Registrar of Companies[10](index=10&type=chunk) - The company's auditor has issued an unqualified auditor's report on the 2024 financial statements[11](index=11&type=chunk) [Changes in Accounting Policies](index=5&type=section&id=Changes%20in%20Accounting%20Policies) The Group has applied HKAS 21 (Revised) The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, which has no material impact on the Group's interim financial results or financial position - The Group has applied Hong Kong Accounting Standard 21 (Revised) "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability"[12](index=12&type=chunk) - This revision has no material impact on the Group's results and financial position for the current or prior accounting periods[12](index=12&type=chunk) [Segment Reporting](index=6&type=section&id=Segment%20Reporting) The Group's business is divided into five reportable segments: property development, property investment, ferry, shipyard and related businesses, medical, health and beauty services, and securities investment, based on internal reports reviewed by the chief operating decision maker, primarily operating in Hong Kong - The Group has five reportable segments: **Property Development**, **Property Investment**, **Ferry, Shipyard and Related Businesses**, **Medical, Health and Beauty Services**, and **Securities Investment**[13](index=13&type=chunk)[16](index=16&type=chunk) - The vast majority of the Group's revenue and operating profit are derived from Hong Kong, thus no geographical segment information is provided[14](index=14&type=chunk) [Segment Revenue](index=7&type=section&id=Segment%20Revenue) In the first half of 2025, total revenue from external customers was HK$227,312 thousand, with property investment and ferry, shipyard and related businesses being major contributors, though ferry business revenue decreased | Segment | 2025 Revenue from External Customers (HK$ Thousand) | 2024 Revenue from External Customers (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Investment | 82,195 | 87,045 | -5.69% | | Ferry, Shipyard and Related Businesses | 73,871 | 88,923 | -16.82% | | Medical, Health and Beauty Services | 25,477 | 18,954 | +34.41% | | Securities Investment | 5,695 | 4,185 | +36.08% | | Others | 40,074 | 46,460 | -13.74% | | **Total** | **227,312** | **245,567** | **-7.44%** | [Segment Results](index=8&type=section&id=Segment%20Results) In the first half of 2025, the property investment segment's performance significantly improved, mainly due to investment property revaluation gains, while the ferry, shipyard and related businesses segment's loss widened | Segment | 2025 Reportable Segment (Loss) / Profit (HK$ Thousand) | 2024 Reportable Segment (Loss) / Profit (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property Development | (6,039) | (2,966) | +103.61% | | Property Investment | 83,585 | 45,416 | +84.04% | | Ferry, Shipyard and Related Businesses | (12,510) | (2,975) | +320.00% | | Medical, Health and Beauty Services | (3,785) | (17,087) | -77.86% | | Securities Investment | 15,374 | 4,500 | +241.64% | | **Total** | **76,625** | **26,888** | **+185.72%** | - The **Property Investment** segment results include a fair value gain on investment properties of **HK$51,912,000** (2024: HK$2,020,000)[20](index=20&type=chunk) [Reconciliation of Reportable Segment Profit](index=8&type=section&id=Reconciliation%20of%20Reportable%20Segment%20Profit) Profit before tax of HK$121,846 thousand is derived by reconciling reportable segment profit, other profit, interest on lease liabilities, and share of profits from associates and joint ventures | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit from Reportable Segments from External Customers | 76,625 | 26,888 | | Other Profit from External Customers | 36,460 | 45,548 | | Interest on Lease Liabilities | (206) | (218) | | Share of Profits of Associates and Joint Ventures (Net) | 8,967 | 23,399 | | **Profit Before Tax in Consolidated Statement of Profit or Loss** | **121,846** | **95,617** | [Other Net Income](index=9&type=section&id=Other%20Net%20Income) In the first half of 2025, total other net income was HK$14,734 thousand, primarily from fair value changes of other financial assets designated at fair value through profit or loss, a substantial increase year-on-year | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Change of Other Financial Assets Designated at Fair Value Through Profit or Loss | 11,269 | 3,394 | +232.05% | | Miscellaneous Income | 2,892 | 2,632 | +9.88% | | Income from Sale of Parts | 487 | 296 | +64.00% | | Net Exchange Gain / (Loss) | 15 | (4) | N/A | | **Total** | **14,734** | **6,318** | **+133.22%** | [Profit Before Tax](index=9&type=section&id=Profit%20Before%20Tax) Profit before tax is net of amortization of leasehold land, cost of inventories, depreciation, and includes dividend income from listed investments and interest income | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Amortisation of Leasehold Land | 685 | 685 | | Cost of Inventories | 7,471 | 10,287 | | Depreciation – Owned Property, Plant and Equipment | 5,165 | 5,463 | | Depreciation – Right-of-Use Assets | 3,722 | 3,474 | | Dividend Income from Listed Investments | (4,343) | (1,329) | | Interest Income | (39,957) | (48,418) | [Taxation](index=9&type=section&id=Taxation) In the first half of 2025, total taxation was HK$532 thousand, a significant decrease year-on-year, mainly due to the emergence and reversal of deferred tax | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current Tax – Hong Kong Profits Tax Provision for the Period | 1,520 | 3,427 | -55.64% | | Deferred Tax – Emergence and Reversal of Temporary Differences | (988) | 4,710 | -120.98% | | **Total** | **532** | **8,137** | **-93.46%** | - Hong Kong profits tax provision is calculated at an estimated annual effective tax rate of **16.5%**, with a tax rate of **8.25%** for the first HK$2 million of assessable profits for qualifying subsidiaries under the two-tiered profits tax regime[24](index=24&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board declared an interim dividend of HK$0.10 per ordinary share, consistent with the prior year, and a final dividend of HK$0.15 per ordinary share for the previous financial year was approved and paid - An interim dividend of **HK$0.10** per ordinary share (2024: HK$0.10 per ordinary share) was declared, payable on September 26, 2025[26](index=26&type=chunk) - A final dividend of **HK$0.15** per ordinary share (2024: HK$0.15 per ordinary share) for the previous financial year was approved and paid[28](index=28&type=chunk) [Earnings Per Share](index=10&type=section&id=Earnings%20Per%20Share) In the first half of 2025, basic earnings per share increased to HK$0.34 from HK$0.25 in the prior year, with diluted earnings per share being the same as basic earnings per share due to the absence of dilutive potential ordinary shares | Indicator | 2025 (HK$) | 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.34 | 0.25 | +36.00% | | Diluted Earnings Per Share | 0.34 | 0.25 | +36.00% | - Basic earnings per share are calculated based on profit attributable to equity holders of the company of **HK$121,860,000** and **356,273,883** ordinary shares in issue during the period[29](index=29&type=chunk) - There were no dilutive potential ordinary shares during the period, so diluted earnings per share are the same as basic earnings per share[29](index=29&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, non-current installment receivables were HK$72,640 thousand and current trade and other receivables were HK$179,235 thousand, with most trade receivables being current or short-term overdue | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Installment Receivables | 69,771 | 83,304 | -16.25% | | Current Trade Receivables | 70,651 | 70,356 | +0.42% | | Current Other Receivables and Prepayments | 71,428 | 79,285 | -9.91% | | Current Amounts Due from Joint Ventures | 35,379 | 33,973 | +4.14% | | **Total Current Trade and Other Receivables** | **179,235** | **186,214** | **-3.75%** | | Ageing of Trade Receivables | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current | 33,303 | 32,465 | | Overdue 1 to 3 Months | 33,001 | 30,805 | | Overdue More Than 3 Months but Less Than 12 Months | 5,740 | 9,503 | | Overdue More Than 12 Months | 384 | 183 | | **Total** | **72,428** | **72,956** | [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables were HK$368,852 thousand, with most expected to be settled within one year, and the majority of trade payables being current or due within one month | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Other Payables | 368,852 | 206,577 | +78.56% | | Amounts Due to Related Companies | 21,874 | 29,110 | -24.86% | | **Total Trade Payables** | **100,862** | **120,170** | **-16.07%** | | Ageing of Trade Payables | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current or Due Within 1 Month | 99,910 | 118,912 | | Due After 1 Month but Within 3 Months | 931 | 1,256 | | Due After 3 Months but Within 12 Months | 4 | – | | Due After 12 Months | 17 | 2 | | **Total** | **100,862** | **120,170** | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's operating results, segment performance, market outlook, and financial position for the first half of 2025, outlining future strategies and employee remuneration policies [Interim Results and Dividends](index=13&type=section&id=Interim%20Results%20and%20Dividends) The Group's underlying profit for the first half of 2025 was HK$69 million, a 19% decrease year-on-year, while profit attributable to shareholders, including fair value changes of investment properties, increased by 36% to HK$122 million, with an interim dividend of HK$0.10 per share declared | Indicator | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Underlying Profit | 69 | 85.2 | -19.01% | | Profit Attributable to Shareholders (including fair value changes of investment properties) | 122 | 89.7 | +36.01% | | Earnings Per Share (HK$) | 0.34 | 0.25 | +36.00% | - The Board declared an interim dividend of **HK$0.10** per ordinary share for the six months ended June 30, 2025, consistent with the prior year[36](index=36&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) During the review period, the Group's operating profit primarily stemmed from shop and mall rental income, bank deposit interest, and revaluation gains on investment properties, with no borrowings, while actively adjusting leasing strategies, expanding medical services, and addressing ferry business challenges - The Group's operating profit primarily derived from **shop and mall rental income**, **bank deposit interest income**, and **revaluation gains on investment properties**[37](index=37&type=chunk) - The Group had **no borrowings** during the review period[37](index=37&type=chunk) [Property Development and Investment Business](index=13&type=section&id=Property%20Development%20and%20Investment%20Business) The Group's gross rental income from shops and malls decreased by 5% year-on-year, with occupancy rates declining, leading to adjustments in leasing strategies, successful conversion of 'The Horizon' residential units to youth hostels, and the acquisition of a shop in 'Grand Place (Tsuen Wan) Centre' for HK$260 million with an expected annual rental yield of 5.6% - Gross rental income from shops and malls was **HK$60 million**, a **5% decrease** compared to the prior year[38](index=38&type=chunk) - Occupancy rates for "The Apex Plaza" and "Grand Waterfront Plaza" were **87%** and **80%** respectively, showing a decrease[38](index=38&type=chunk) - The Group received approval from the Urban Renewal Authority to convert the residential portion of "The Horizon" into a youth hostel and has begun collecting market-rate rent[40](index=40&type=chunk) - Acquired a shop at the ground floor of "Grand Place (Tsuen Wan) Centre" for **HK$260 million**, with an expected annualized gross rental yield of approximately **5.6%**[41](index=41&type=chunk) [Ferry, Shipyard and Related Businesses](index=14&type=section&id=Ferry%2C%20Shipyard%20and%20Related%20Businesses) The ferry, shipyard, and related businesses recorded a loss of HK$12.5 million, an increase of HK$9.5 million year-on-year, mainly due to reduced revenue from the 'Bauhinia Victoria Harbour Cruise' business caused by a ferry engine replacement, though a successful fare increase for dangerous goods vehicle ferry services is expected to reduce losses in the second half - The ferry, shipyard, and related businesses recorded a **loss of HK$12.5 million**, an increase of **HK$9.5 million** compared to the prior year[42](index=42&type=chunk) - The increased loss was primarily due to reduced revenue from the "Bauhinia Victoria Harbour Cruise" business as one ferry underwent engine replacement in the first half[42](index=42&type=chunk) - The Group successfully applied to the Transport Department for a fare increase for dangerous goods vehicle ferry services between North Point and Kwun Tong, with new fares effective April 12, 2025[42](index=42&type=chunk) [Medical, Health and Beauty Services](index=14&type=section&id=Medical%20Health%20and%20Beauty%20Services) The Group's specialist services at H Zentre in Tsim Sha Tsui are profitable, the Spine and Pain Centre is gaining traction, and AMOUR Medical Beauty Centre's turnover increased by 26% year-on-year, expanding its leased area to accommodate client growth - The Group provides specialist services in cardiology, surgery, orthopaedics, plastic surgery, and urology at H Zentre in Tsim Sha Tsui, with steadily improving performance and continued profitability[43](index=43&type=chunk) - The Spine and Pain Centre, established under the "Total Healthcare" brand, is gaining traction, with plans to establish a physiotherapy center at H Zentre[43](index=43&type=chunk) - AMOUR Medical Beauty Centre's turnover was **HK$22 million**, a **26% increase** compared to the prior year, and its leased area has been expanded[44](index=44&type=chunk) - Although the health and beauty business did not record a net profit, its profit before interest, tax, depreciation, and amortization (EBITDA) was positive overall[44](index=44&type=chunk) [Outlook](index=15&type=section&id=Outlook) Facing global tariff impacts and financial market volatility, Hong Kong's property price index slightly corrected, but the private residential rental market maintains an upward trend driven by talent policies; the Group anticipates second-half revenue primarily from property rentals and bank deposit interest, while adjusting leasing strategies and seeking investment opportunities - Frequent tariff policies by the US government pose a significant impact on global supply chains, with Hong Kong experiencing relatively minor effects so far[45](index=45&type=chunk) - In the first half of 2025, Hong Kong's private residential property price index slightly corrected by approximately **0.9%**, while the private residential rental index increased by approximately **1.6%**[45](index=45&type=chunk) - The Hong Kong government continues to implement policies such as the Northern Metropolis development plan, expansion of the talent list, and "mega event economy" strategy to address global uncertainties and promote economic growth[46](index=46&type=chunk) - The Group expects second-half revenue primarily from **property rentals** and **bank deposit interest income**, and will adjust leasing strategies, optimize tenant mix, and seek suitable investment opportunities[47](index=47&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) The Group's revenue for the first half of 2025 decreased by approximately 5% year-on-year, but consolidated net profit after tax increased by approximately 39%, with shareholders' equity rising by about 1% to HK$7.1 billion, and the current ratio decreasing to 5.9 times mainly due to reduced inventories, while maintaining no bank borrowings and centralized financial management [Results Review](index=16&type=section&id=Results%20Review) For the six months ended June 30, 2025, the Group's revenue was HK$199 million, a decrease of approximately 5% year-on-year, primarily due to reduced income from ferry, shipyard, and related businesses, while consolidated net profit after tax increased by approximately 39% to HK$121 million | Indicator | H1 2025 (HK$ Million) | H1 2024 (HK$ Million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 199 | 210 | -5.24% | | Consolidated Net Profit After Tax | 121 | 87 | +39.08% | - The decrease in revenue was primarily due to reduced income from the **ferry, shipyard and related businesses**[48](index=48&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group's shareholders' equity increased by approximately 1% to HK$7.1 billion from December 31, 2024, mainly due to property leasing and investment property revaluation gains, with the current ratio decreasing to 5.9 times primarily due to reduced inventories - The Group's shareholders' equity increased by approximately **1%** to **HK$7.1 billion**, mainly due to profits from property leasing and investment property revaluation gains, net of dividends paid[49](index=49&type=chunk) - The Group's capital structure remained unchanged[50](index=50&type=chunk) - Current assets were **HK$2.332 billion**, current liabilities were **HK$395 million**, and the current ratio decreased to **5.9 times**, primarily due to a reduction in inventories[50](index=50&type=chunk) [Capital and Gearing Ratios and Financial Management](index=17&type=section&id=Capital%20and%20Gearing%20Ratios%20and%20Financial%20Management) The Group has no bank borrowings, thus no capital and gearing ratios are presented, and its financing and treasury matters are centrally managed at the Group level with financing arrangements primarily denominated in HKD - The Group has **no bank borrowings**, therefore no capital and gearing ratios are presented[51](index=51&type=chunk) - The Group's financing and treasury matters are centrally managed at the Group level, with financing arrangements primarily denominated in **HKD**[51](index=51&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately 318 employees, with remuneration determined by market trends and industry salary levels, supplemented by year-end bonuses, medical insurance, retirement schemes, and training allowances - As of June 30, 2025, the Group had approximately **318 employees**[52](index=52&type=chunk) - Employee remuneration is determined by **market trends** and **industry salary levels**, with discretionary year-end bonuses[52](index=52&type=chunk) - Other employee benefits include **medical insurance**, **retirement protection schemes**, **employee training**, and **education allowances**[52](index=52&type=chunk) [Other Information](index=17&type=section&id=Other%20Information) This section provides additional important information regarding share registration, trading of listed securities, corporate governance, directors' securities transactions, audit and remuneration committee operations, forward-looking statements, and the publication of the interim results report [Closure of Register of Members](index=17&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend share transfer registration on September 11 and 12, 2025, requiring shareholders to complete share transfers by 4:30 p.m. on September 10, 2025 - To determine eligibility for the interim dividend, the company will suspend share transfer registration on **Thursday, September 11, 2025**, and **Friday, September 12, 2025**[53](index=53&type=chunk) - All share transfer documents, along with the relevant share certificates, must be submitted to the share registrar by **4:30 p.m. on Wednesday, September 10, 2025**[53](index=53&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[54](index=54&type=chunk) [Arrangements for Purchase of Shares, Warrants, Options or Debentures](index=17&type=section&id=Arrangements%20for%20Purchase%20of%20Shares%2C%20Warrants%2C%20Options%20or%20Debentures) At no time during the period did the company or its subsidiaries engage in any arrangements enabling directors, chief executives, or their associates to benefit from purchasing shares, options, debentures, or warrants of the company or any other body corporate - At no time during the period did the company or its subsidiaries engage in any arrangements enabling the company's directors, chief executives, or their spouses or children under 18 to benefit from purchasing shares, options, debentures, or warrants of the company or any other body corporate[55](index=55&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The company is committed to maintaining high standards of corporate governance and confirms compliance with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The company is committed to maintaining a **high level of corporate governance** and has complied with the code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules[56](index=56&type=chunk) [Directors' Securities Transactions](index=18&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirms all directors complied with the required standards during the review period, also providing written guidelines for relevant employees - The company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[57](index=57&type=chunk) - The company confirms that all directors complied with the required standards set out in the Model Code for the six months ended June 30, 2025[57](index=57&type=chunk) - The company has also adopted written guidelines for employees who may possess inside information, with standards no less exacting than those set out in the Model Code[57](index=57&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee met in August 2025 to review the Group's accounting principles, internal controls, and financial reporting matters without disagreement, and the interim financial report, though unaudited, was reviewed by KPMG - The Audit Committee held a meeting in **August 2025** to review the Group's adopted accounting principles and practices, and discussed the interim review, internal controls, and financial reporting matters with management[58](index=58&type=chunk) - The unaudited interim financial report for the six months ended June 30, 2025, was reviewed by the company's Audit Committee, with no disagreements[58](index=58&type=chunk) - The interim financial report, though unaudited, was reviewed by **KPMG** in accordance with Hong Kong Standard on Review Engagements 2410[58](index=58&type=chunk) [Remuneration Committee](index=18&type=section&id=Remuneration%20Committee) The Remuneration Committee met in May 2025 and currently comprises three independent non-executive directors and two executive directors - The Remuneration Committee held a meeting in **May 2025**[59](index=59&type=chunk) - The Remuneration Committee currently comprises **three independent non-executive directors** and **two executive directors**[59](index=59&type=chunk) [Forward-Looking Statements](index=19&type=section&id=Forward-Looking%20Statements) This announcement's forward-looking statements are based on the Board's current beliefs, assumptions, and expectations, and actual results may differ materially due to risks, uncertainties, and other factors beyond the company's control - Forward-looking statements are based on the Board's current beliefs, assumptions, and expectations[60](index=60&type=chunk) - Actual results or performance may differ materially from forward-looking statements due to risks, uncertainties, and other factors beyond the company's control[60](index=60&type=chunk) [Publication of Interim Results and Interim Financial Report](index=19&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Financial%20Report) This interim results announcement is published on the company's website and HKEXnews website, and the 2025 interim financial report will be dispatched to shareholders and uploaded to these websites in due course - This interim results announcement is published on the company's website (www.hkf.com) and the HKEXnews website (www.hkexnews.hk)[61](index=61&type=chunk) - The company's 2025 interim financial report will be dispatched to shareholders and uploaded to the aforementioned websites in due course[61](index=61&type=chunk) [Board of Directors](index=19&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors includes executive directors Dr. Lam Ko Yin, NING Li, and Ka Ho LI (Group General Manager), non-executive director Mr. Au Siu Kee, and independent non-executive directors Mr. Ho Hau Cheong, Ms. Wong Yu Pok, Mr. Woo King Cheong, and Mr. Chan Wai Yan - Executive Directors: **Dr. Lam Ko Yin** (Chairman), **Mr. NING Li**, and **Mr. Ka Ho LI** (Group General Manager)[63](index=63&type=chunk) - Non-executive Director: **Mr. Au Siu Kee**[63](index=63&type=chunk) - Independent Non-executive Directors: **Mr. Ho Hau Cheong**, **Ms. Wong Yu Pok**, **Mr. Woo King Cheong**, and **Mr. Chan Wai Yan**[63](index=63&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本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 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 之 任 何 報 失 承 任 何 責 任。 JL MAG RARE-EARTH CO., LTD. 江 西 金 力 永 磁 科 技 股 份 有 限 公 司 （ 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 碼：06680） 截 至2025年6月30日止六個月之中期業績公告 江 西 金 力 永 磁 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及其附屬公司截至2025年6月30日 止 六 個 月 之 未 經 審 計 業 績。本 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 資 料 之 要 求。本 公 ...

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) Provides an overview of the interim results announcement, including disclaimers and company information [Disclaimer](index=1&type=section&id=Disclaimer) HKEX and SEHK are not responsible for the announcement's content, accuracy, or completeness - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, do not guarantee its accuracy or completeness, and assume no liability for any loss[1](index=1&type=chunk) [Company and Report Information](index=1&type=section&id=Company%20and%20Report%20Information) Identifies Kam Hing International Holdings Limited (Stock Code: 02307) and the reporting period - Company Name: Kam Hing International Holdings Limited, Stock Code: **02307**[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[2](index=2&type=chunk) [Interim Results Announcement Summary](index=1&type=section&id=Interim%20Results%20Announcement%20Summary) Presents the unaudited condensed consolidated financial results for the six months ended June 30, 2025 - This announcement contains the unaudited condensed consolidated financial results of the Group for the six months ended June 30, 2025, including comparative figures for the corresponding period in 2024[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Presents the group's financial performance and position for the interim period [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Group revenue increased by 1.8% to HKD 1,842,985 thousand, with profit before tax up 114.7% to HKD 9,026 thousand Condensed Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,842,985 | 1,810,902 | 1.8% | | Cost of sales | (1,633,465) | (1,613,029) | 1.3% | | Gross profit | 209,520 | 197,873 | 5.9% | | Other income and gains, net | 35,823 | 33,274 | 7.7% | | Selling and distribution expenses | (65,039) | (52,551) | 23.8% | | Impairment loss on financial assets reversed, net | 224 | 4,727 | -95.3% | | Administrative expenses | (135,128) | (138,618) | -2.5% | | Other operating expenses, net | (13,641) | (8,667) | 57.4% | | Finance costs | (22,374) | (31,766) | -29.6% | | Share of loss of an associate | (359) | (68) | 427.9% | | Profit before tax | 9,026 | 4,204 | 114.7% | | Income tax expense | (2,716) | (234) | 1060.7% | | Profit for the period | 6,310 | 3,970 | 59.0% | | Profit attributable to owners of the Company | 6,411 | 3,815 | 68.0% | | Basic earnings per share | 0.7 HK cents | 0.4 HK cents | 75.0% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period was HKD 6,310 thousand, consistent with profit for the period Condensed Consolidated Statement of Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the period | 6,310 | 3,970 | | Other comprehensive income | – | – | | Total comprehensive income for the period | 6,310 | 3,970 | | Attributable to owners of the Company | 6,411 | 3,815 | | Attributable to non-controlling interests | (101) | 155 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total non-current assets increased by 2.8%, while net current assets grew by 11.6% to HKD 762,789 thousand Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 856,042 | 875,715 | -2.2% | | Right-of-use assets | 190,521 | 162,277 | 17.4% | | Goodwill | 32,621 | 405 | 7943.5% | | Total non-current assets | 1,302,049 | 1,266,432 | 2.8% | | **Current assets** | | | | | Inventories | 840,921 | 826,683 | 1.7% | | Trade and bills receivables | 526,094 | 518,455 | 1.5% | | Cash and cash equivalents | 637,150 | 672,814 | -5.4% | | Total current assets | 2,180,635 | 2,169,299 | 0.5% | | **Current liabilities** | | | | | Trade and bills payables | 562,680 | 607,894 | -7.4% | | Interest-bearing bank borrowings | 691,018 | 697,123 | -0.9% | | Total current liabilities | 1,417,846 | 1,485,664 | -4.6% | | Net current assets | 762,789 | 683,635 | 11.6% | | **Non-current liabilities** | | | | | Interest-bearing bank borrowings | 298,754 | 189,812 | 57.4% | | Total non-current liabilities | 342,711 | 228,161 | 50.2% | | Net assets | 1,722,127 | 1,721,906 | 0.0% | | Total equity | 1,722,127 | 1,721,906 | 0.0% | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) Details the basis of presentation, accounting policies, segment information, and other financial disclosures [Basis of Presentation and Accounting Policies](index=6&type=section&id=Basis%20of%20Presentation%20and%20Accounting%20Policies) Interim financial statements are prepared under HKAS 34 and Appendix D2, reviewed by the Audit Committee - The interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, unaudited but reviewed by the Audit Committee[8](index=8&type=chunk) - Accounting policies are consistent with the previous year, with the initial adoption of amended HKFRS 21 "Lack of Exchangeability" having no material impact on financial performance or position[9](index=9&type=chunk)[10](index=10&type=chunk) [Operating Segment Information](index=6&type=section&id=Operating%20Segment%20Information) The Group operates in fabric, garment, and "other" segments, with fabric being the primary revenue and profit contributor - The Group's operating segments include fabric (production and sale of knitted fabrics, dyed yarn, and processing services), garment (production and sale of garment products and processing services), and "other" (sewage treatment and air/sea freight services)[11](index=11&type=chunk)[12](index=12&type=chunk) [Description of Segment Operations](index=6&type=section&id=Description%20of%20Segment%20Operations) The Group's segments include fabric, garment, and "other" businesses, with performance monitored separately - The Group has three reportable operating segments: fabric, garment, and "other", whose results are separately monitored by management for decision-making[11](index=11&type=chunk) - The fabric segment is engaged in the production and sale of knitted fabrics, sale of dyed yarn, and provision of related processing services[12](index=12&type=chunk) - The garment segment is engaged in the production and sale of garment products and provision of related processing services; the "other" segment includes the provision of sewage treatment services and air and sea freight services[12](index=12&type=chunk) [Segment Results for H1 2025](index=7&type=section&id=Segment%20Results%20for%20H1%202025) Fabric segment generated most external revenue and profit, while garment and "other" segments recorded losses Segment Results for H1 2025 | Indicator | Fabric (HKD thousands) | Garment (HKD thousands) | Other (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 1,432,714 | 410,271 | – | 1,842,985 | | Segment profit/(loss) | 29,828 | (283) | (574) | 28,971 | | Profit/(loss) before tax | 10,220 | (641) | (553) | 9,026 | | Profit/(loss) for the period | 7,121 | (476) | (335) | 6,310 | | Segment assets | 2,691,656 | 627,441 | 123,721 | 3,442,818 | | Capital expenditure | 51,417 | 1,190 | 172 | 52,779 | [Segment Results for H1 2024](index=8&type=section&id=Segment%20Results%20for%20H1%202024) Fabric segment was the main revenue and profit source, with garment and "other" segments also profitable Segment Results for H1 2024 | Indicator | Fabric (HKD thousands) | Garment (HKD thousands) | Other (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 1,477,142 | 333,760 | – | 1,810,902 | | Segment profit | 30,858 | 212 | 197 | 31,267 | | Profit before tax | 3,732 | 257 | 215 | 4,204 | | Profit/(loss) for the period | 3,665 | (31) | 336 | 3,970 | | Segment assets | 2,602,921 | 630,202 | 160,107 | 3,393,230 | | Capital expenditure | 27,654 | 15,292 | 3,373 | 46,319 | [Revenue and Non-current Assets by Geographical Location](index=9&type=section&id=Revenue%20and%20Non-current%20Assets%20by%20Geographical%20Location) Revenue primarily from Korea, Mainland China, and Singapore; non-current assets mainly in Mainland China, Cambodia, and Vietnam Revenue by Geographical Location | Revenue Source | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Korea | 815,989 | 795,036 | | Mainland China | 262,248 | 281,639 | | Singapore | 164,003 | 137,956 | | Hong Kong | 132,745 | 141,684 | | Taiwan | 90,856 | 80,562 | | United States | 76,654 | 67,125 | | Vietnam | 49,114 | 62,666 | | Other | 251,376 | 244,234 | | **Total** | **1,842,985** | **1,810,902** | Non-current Assets by Geographical Location | Non-current Asset Location | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Mainland China | 775,139 | 907,950 | | Cambodia | 140,819 | 146,083 | | Hong Kong | 118,570 | 74,171 | | Vietnam | 104,776 | 4,859 | | Singapore | 1,824 | 2,191 | | Other | – | 317 | | **Total** | **1,141,128** | **1,135,571** | [Major Customer Information](index=10&type=section&id=Major%20Customer%20Information) Customer A contributed over 10% of total revenue, mainly from sales of knitted fabrics and dyed yarn Major Customer Revenue | Major Customer | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Customer A | 348,155 | 319,916 | - Revenue from Customer A primarily derived from the sale of knitted fabrics and dyed yarn[18](index=18&type=chunk) [Revenue, Other Income and Gains Analysis](index=10&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains%20Analysis) Revenue primarily from knitted fabrics, dyed yarn, and garment products; other income includes sewage treatment fees and government grants Revenue, Other Income and Gains | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Revenue from contracts with customers** | | | | Production and sale of knitted fabrics and dyed yarn | 1,432,714 | 1,477,142 | | Production and sale of garment products and provision of related processing services | 410,271 | 333,760 | | **Total Revenue** | **1,842,985** | **1,810,902** | | **Other income** | | | | Bank interest income | 2,034 | 4,348 | | Government grants | 4,212 | 48 | | Sewage treatment service income | 14,831 | 12,061 | | Freight service income | 3,622 | 3,778 | | Other | 11,222 | 13,033 | | **Total Other Income** | **35,921** | **33,268** | | Fair value (loss)/gain, net | (98) | 6 | | **Total Other Income and Gains** | **35,823** | **33,274** | [Components of Profit Before Tax](index=11&type=section&id=Components%20of%20Profit%20Before%20Tax) Profit before tax is influenced by cost of sales, employee benefits, depreciation, and R&D expenses Components of Profit Before Tax | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cost of sales of inventories and services provided | 1,633,465 | 1,613,029 | | Research and development costs | 20,595 | 26,011 | | Depreciation of property, plant and equipment items | 91,273 | 111,029 | | Depreciation of right-of-use assets | 7,118 | 2,278 | | Employee benefit expenses (including directors' emoluments) | 286,840 | 278,319 | | Loss on disposal of property, plant and equipment items | 1,908 | 298 | | Impairment loss on trade receivables reversed, net | (224) | (4,727) | | Exchange differences, net | (3,043) | (2,620) | [Income Tax](index=12&type=section&id=Income%20Tax) Income tax expense significantly increased due to higher deferred tax and other regional tax expenses Income Tax Expense | Item | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | | :--- | :--- | :--- | | Current tax – Hong Kong | (165) | 288 | | Current tax – Other regions | 794 | (91) | | Deferred tax expense | 2,087 | 37 | | **Total tax expense for the period** | **2,716** | **234** | - Hong Kong profits tax rate is **16.5%**, with eligible entities paying **8.25%** on the first HKD 2,000,000 of assessable profits[22](index=22&type=chunk) - Mainland China enterprise income tax rate is **25%**, with some subsidiaries enjoying a **15%** preferential rate for high-tech enterprises; Macau subsidiaries are exempt on the first MOP 600,000 of assessable profits, with the remainder taxed at **12%**; Vietnam subsidiaries are taxed at **20%**[23](index=23&type=chunk) [Dividends](index=13&type=section&id=Dividends) The Board resolved not to declare any interim dividend for the period, consistent with the prior year - The Board resolved not to declare any interim dividend (nil for both H1 2025 and H1 2024)[24](index=24&type=chunk) [Earnings Per Share Attributable to Owners of the Company](index=13&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic earnings per share increased to 0.7 HK cents, driven by higher profit attributable to owners Earnings Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | HKD 6,411,000 | HKD 3,815,000 | | Number of ordinary shares in issue | 869,919,000 shares | 869,919,000 shares | | Basic earnings per share | 0.7 HK cents | 0.4 HK cents | - The Group had no potential dilutive ordinary shares in issue during the period[25](index=25&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=Trade%20and%20Bills%20Receivables) Trade and bills receivables totaled HKD 526,094 thousand, with credit risk closely monitored Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 1 month | 355,925 | 361,744 | | 1 to 2 months | 117,894 | 94,236 | | 2 to 3 months | 32,379 | 37,422 | | Over 3 months | 19,896 | 25,053 | | **Total** | **526,094** | **518,455** | - The Group generally grants interest-free credit periods of up to three months to customers, extendable to six months for some long-term customers[26](index=26&type=chunk) - The Group closely monitors outstanding receivables and has a credit control department to minimize credit risk[26](index=26&type=chunk) [Trade and Bills Payables](index=14&type=section&id=Trade%20and%20Bills%20Payables) Trade and bills payables decreased to HKD 562,680 thousand, generally settled within one to five months Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 501,084 | 513,855 | | 3 to 6 months | 56,708 | 88,900 | | Over 6 months | 4,888 | 5,139 | | **Total** | **562,680** | **607,894** | - Trade and bills payables are interest-free and generally settled within a credit period of one to five months[27](index=27&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) Discusses market conditions, business performance, and future strategies amidst global economic uncertainties [Market Review](index=15&type=section&id=Market%20Review) Global textile and garment industry faces uncertainties from US economy, trade tensions, and cautious consumer spending - The global textile and garment industry faces significant uncertainties from mixed US economic performance, trade tensions, and tariff policies[28](index=28&type=chunk) - Early shipments to the US were a distortion of tariff policies, not actual demand growth; upstream textile suppliers face delayed and reduced orders, with ongoing industry consolidation[28](index=28&type=chunk) - Chinese consumer confidence shows initial signs of stabilization but remains cautious, with consumption shifting towards value-oriented spending[29](index=29&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) Group achieved stable performance with revenue growth, improved gross profit, and expanded production capacity in Southeast Asia - The Group's textile and garment business performed stably, with overall revenue increasing by **1.8%** year-on-year to **HKD 1,843 million**, and gross profit increasing by **5.9%** year-on-year to **HKD 209.5 million**[30](index=30&type=chunk) - Profit attributable to owners of the Company was **HKD 6.4 million**, a **68.0%** year-on-year increase; basic earnings per share were approximately **0.7 HK cents**[30](index=30&type=chunk) - Successful acquisition of Korea Textile & Dyeing Support Services Joint Stock Company (now Kam Hing (Vietnam) Textile Printing and Dyeing Company Limited) significantly enhanced Vietnam's textile production capacity, with investments in renovation and production line upgrades[31](index=31&type=chunk) - Investments in Cambodia's garment production capacity expansion have shown results, improving order fulfillment efficiency and R&D capabilities[32](index=32&type=chunk) - The Group strategically expanded in Southeast Asia, secured new financing to strengthen its capital base, and reduced finance costs by approximately **31.0%** due to lower interest rates despite increased bank borrowings[32](index=32&type=chunk) [Outlook](index=17&type=section&id=Outlook) The Group will manage risks through its "China + Vietnam + Cambodia" production network and focus on sustainable development - The global economic growth outlook remains fragile and uncertain, with high tariffs and weak consumer confidence continuing to pressure the textile and garment industry[33](index=33&type=chunk) - The Group will continue to leverage its "China + Vietnam + Cambodia" production triangle to manage geopolitical and market risks[33](index=33&type=chunk) - Plans include utilizing the vertically integrated manufacturing network in Southeast Asia, increasing local sourcing, strengthening supply chain management, and committing to sustainable development[33](index=33&type=chunk) [Details of Financial Performance](index=18&type=section&id=Details%20of%20Financial%20Performance) Provides a detailed breakdown of revenue, profit margins, operating expenses, and finance costs [Revenue](index=18&type=section&id=Revenue) Overall sales revenue increased by 1.8% to HKD 1,843 million, supported by stable demand Overall Sales Revenue | Indicator | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Overall sales revenue | 1,843,000,000 | 1,810,900,000 | 1.8% | - Sales revenue remained stable, benefiting from consistent demand for the Group's fabric and garment products[34](index=34&type=chunk) [Gross Profit and Gross Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 5.9% to HKD 209.5 million, with margin improving to 11.4% due to better order mix Gross Profit and Gross Margin | Indicator | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 209,500,000 | 197,900,000 | 5.9% | | Gross margin | 11.4% | 10.9% | 0.5 percentage points | - The increase in gross margin was primarily due to a higher proportion of relatively profitable orders compared to the same period last year[35](index=35&type=chunk) [Other Income and Gains, Net](index=18&type=section&id=Other%20Income%20and%20Gains%2C%20Net) Net other income and gains were HKD 35.9 million, primarily from sewage treatment, grants, and bank interest Other Income and Gains, Net | Item | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | | :--- | :--- | :--- | | Other income and gains, net | 35,900,000 | 33,300,000 | | Sewage treatment service income | 14,800,000 | 12,100,000 | | Freight service income | 3,600,000 | 3,800,000 | | Government grants | 4,200,000 | 100,000 | | Bank interest income | 2,000,000 | 4,300,000 | [Selling and Distribution Expenses](index=18&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased to HKD 65 million, mainly due to higher freight costs Selling and Distribution Expenses | Indicator | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 65,000,000 | 52,600,000 | 23.6% | - The increase in expenses was primarily due to a significant rise in freight costs[37](index=37&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) Administrative expenses decreased to HKD 135.1 million, reflecting effective cost control and organizational optimization Administrative Expenses | Indicator | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 135,100,000 | 138,600,000 | -2.5% | - The reduction in administrative expenses is attributed to the Group's prudent cost control measures and continuous efforts to optimize its organizational structure[38](index=38&type=chunk) [Other Operating Expenses, Net](index=19&type=section&id=Other%20Operating%20Expenses%2C%20Net) Net other operating expenses were HKD 13.6 million, including sewage treatment costs and asset disposal losses Other Operating Expenses, Net | Item | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | | :--- | :--- | :--- | | Other operating expenses, net | 13,600,000 | 8,700,000 | | Sewage treatment operating expenses | 14,700,000 | 11,000,000 | | Loss on disposal of property, plant and equipment items | 1,900,000 | 300,000 | | Exchange gains | 3,000,000 | 2,600,000 | [Finance Costs](index=19&type=section&id=Finance%20Costs) Finance costs decreased by 29.6% to HKD 22.4 million, primarily due to lower prevailing bank interest rates in Hong Kong Finance Costs | Item | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | | :--- | :--- | :--- | | Total finance costs | 22,400,000 | 31,800,000 | | Interest on bank loans | 15,800,000 | 21,400,000 | | Interest on trade loans and discounted bills | 4,400,000 | 8,900,000 | | Interest on lease liabilities | 800,000 | 400,000 | - The decrease in finance costs was mainly due to a reduction in prevailing bank interest rates in Hong Kong compared to the same period last year[40](index=40&type=chunk) [Net Profit](index=19&type=section&id=Net%20Profit) Net profit attributable to owners increased significantly to HKD 6.4 million, driven by improved margins and reduced costs Net Profit Attributable to Owners | Indicator | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | | :--- | :--- | :--- | | Net profit attributable to owners of the Company | 6,400,000 | 3,800,000 | - The increase in profit was primarily attributable to improved gross margin and reduced administrative and finance costs[41](index=41&type=chunk) [Liquidity and Financial Management](index=20&type=section&id=Liquidity%20and%20Financial%20Management) Discusses the Group's liquidity position, financing, and risk management strategies [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) The Group had no material contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no material contingent liabilities[42](index=42&type=chunk) [Overview of Liquidity and Financial Resources](index=20&type=section&id=Overview%20of%20Liquidity%20and%20Financial%20Resources) Net current assets increased to HKD 762.8 million, maintaining a stable current ratio of 1.5 times Liquidity and Financial Resources | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Net current assets | 762,800,000 | 683,600,000 | 11.6% | | Cash and cash equivalents | 637,200,000 | 672,800,000 | -5.3% | | Current ratio | 1.5 times | 1.5 times | 0.0% | | Total bank borrowings | 989,800,000 | 886,900,000 | 11.6% | | Net debt to equity ratio | 39.0% | 37.3% | 1.7 percentage points | - The Group finances its working capital through internally generated resources and long-term bank loans to maintain a sound financial position[43](index=43&type=chunk) [Financing Activities](index=20&type=section&id=Financing%20Activities) Long-term loans significantly increased to HKD 298.8 million, primarily comprising bank term loans Long-term Loans | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Long-term loans | 298,800,000 | 189,800,000 | 57.4% | [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Board resolved not to recommend any interim dividend for the period - The Board resolved not to recommend any interim dividend for the period (nil for both H1 2025 and H1 2024)[45](index=45&type=chunk) [Foreign Exchange and Interest Rate Risks](index=21&type=section&id=Foreign%20Exchange%20and%20Interest%20Rate%20Risks) The Group is exposed to RMB-related foreign exchange risk and floating interest rate risk, which are actively monitored - Approximately **84.2%** of the Group's sales are denominated in US dollars, primarily exposing it to RMB-related foreign exchange risk[46](index=46&type=chunk) - The Group's borrowings are mainly interest-bearing at floating rates, and management closely monitors interest rate movements, utilizing hedging instruments when necessary[46](index=46&type=chunk) [Pledges of the Group's Assets](index=21&type=section&id=Pledges%20of%20the%20Group%27s%20Assets) HKD 35.4 million in deposits were pledged for HKD 87.4 million in bills payable - As of June 30, 2025, the Group had no pledged land and buildings[47](index=47&type=chunk) - **HKD 35.4 million** in deposits were pledged as security for **HKD 87.4 million** in bills payable[47](index=47&type=chunk) - Restricted bank deposits were nil (HKD 1.3 million at year-end due to a freezing order from a local court in China)[47](index=47&type=chunk) [Capital Expenditure](index=21&type=section&id=Capital%20Expenditure) Capital expenditure was HKD 52.8 million, mainly for plant and machinery, with significant commitments for new facilities Capital Expenditure | Indicator | Six Months Ended June 30, 2025 (HKD) | Six Months Ended June 30, 2024 (HKD) | | :--- | :--- | :--- | | Capital expenditure | 52,800,000 | 46,300,000 | | Proportion for purchase of plant and machinery | 97.8% | 74.4% | Capital Commitments | Capital Commitment | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Property, plant and equipment and right-of-use assets | 37,000,000 | 13,000,000 | | Construction of new production facilities | 176,200,000 | 176,200,000 | [Other Corporate Information](index=22&type=section&id=Other%20Corporate%20Information) Covers material investments, acquisitions, post-reporting events, treasury policy, and employee details [Material Investments](index=22&type=section&id=Material%20Investments) The Group held no material investments representing 5% or more of its total assets - As of June 30, 2025, the Group held no material investments representing **5%** or more of its total assets[49](index=49&type=chunk) [Material Acquisitions and Disposals](index=22&type=section&id=Material%20Acquisitions%20and%20Disposals) The Group completed the acquisition of KHV in Vietnam for HKD 83.892 million to boost textile production - The acquisition of the entire equity interest in Korea Textile & Dyeing Support Services Joint Stock Company (KHV) was completed in April 2025[50](index=50&type=chunk) - The cash consideration for the acquisition included a purchase price of **USD 4,347,894** (approximately **HKD 33,913,000**) and repayment of debts of **USD 6,407,597** (approximately **HKD 49,979,000**)[50](index=50&type=chunk) - Other than the aforementioned acquisition, the Group did not undertake any other material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[50](index=50&type=chunk) [Events After Reporting Period](index=22&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the reporting period that materially affected operations or financial performance - No significant events occurred after the reporting period that materially affected the Group's operations and financial performance[51](index=51&type=chunk) [Treasury Policy](index=22&type=section&id=Treasury%20Policy) The Group maintains a prudent treasury policy focused on risk control and managing liquidity and financing needs - The Group adopts a prudent treasury policy, placing high importance on risk control and transactions, aiming to mitigate the impact of interest rate and exchange rate fluctuations[52](index=52&type=chunk) - The Group regularly reviews its liquidity and financing needs to minimize financial risks[52](index=52&type=chunk) [Equity Fund Raising Activities](index=22&type=section&id=Equity%20Fund%20Raising%20Activities) The Company did not undertake any equity fund-raising activities or sell treasury shares during the period - The Company did not undertake any equity fund-raising activities or sell treasury shares during the period[53](index=53&type=chunk) - There were no unutilized proceeds carried forward from any equity securities issued or treasury shares sold in previous financial years[53](index=53&type=chunk) [Employee Information](index=23&type=section&id=Employee%20Information) The Group had 7,220 employees globally, with compensation based on market terms and performance Employee Headcount by Region | Region | June 30, 2025 (Number of Employees) | December 31, 2024 (Number of Employees) | | :--- | :--- | :--- | | China | 3,575 | 3,638 | | Cambodia | 3,348 | 3,356 | | Hong Kong, Macau, Singapore and other regions | 297 | 187 | | **Total** | **7,220** | **7,181** | - Remuneration packages are determined with reference to market terms and individual qualifications, reviewed annually, and discretionary bonuses are awarded based on performance[54](index=54&type=chunk) - The Group provides defined contribution retirement benefit schemes and medical insurance for Hong Kong employees, participates in defined contribution and insurance schemes in other jurisdictions, and offers various insurance and social welfare benefits for Mainland China employees[54](index=54&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=23&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, redeemed, or sold any listed securities during the period - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the period[55](index=55&type=chunk) - As of June 30, 2025, the Company held no treasury shares[55](index=55&type=chunk) [Corporate Governance and Board of Directors](index=23&type=section&id=Corporate%20Governance%20and%20Board%20of%20Directors) Details the Company's commitment to corporate governance, the role of the Audit Committee, and Board composition [Corporate Governance](index=23&type=section&id=Corporate%20Governance) The Company adheres to good corporate governance practices and complies with the Listing Rules - The Company is committed to maintaining good corporate governance practices and has applied the relevant principles and complied with the code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules throughout the period[56](index=56&type=chunk) [Audit Committee](index=24&type=section&id=Audit%20Committee) Composed of three independent non-executive directors, the committee reviews financial reporting and internal controls - The Audit Committee comprises three independent non-executive directors: Mr. Ng Tak Lung (Chairman), Mr. Ho Chi Hang, and Mr. Ding Kee Lung[57](index=57&type=chunk) - Its primary responsibilities include reviewing and overseeing the Group's financial reporting, risk management, and internal controls[57](index=57&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial statements for the period[57](index=57&type=chunk) [Standard Code for Securities Transactions by Directors](index=24&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) All directors confirmed compliance with the Standard Code for securities transactions during the period - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[58](index=58&type=chunk) - Following specific inquiries, each director confirmed compliance with the standards required by the Standard Code during the period[58](index=58&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=24&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is published online, and the interim report will be dispatched to shareholders - This interim results announcement is published on the HKEX website (www.hkex.com.hk) and the Company's website (www.kamhingintl.com)[59](index=59&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the HKEX and Company websites in due course[59](index=59&type=chunk) [Acknowledgement and Board Members](index=24&type=section&id=Acknowledgement%20and%20Board%20Members) The Board expresses gratitude to stakeholders and lists its current executive, non-executive, and independent non-executive directors - The Board extends its sincere gratitude to shareholders, investors, business partners, and employees for their continuous support and diligent work[60](index=60&type=chunk) - The Board members include Executive Directors Mr. Tai Kam Chun, Mr. Tai Kam Man, Ms. Cheung So Wan, and Ms. Wong Siu Yuk; Non-executive Director Mr. Li Xiangmin; and Independent Non-executive Directors Mr. Ho Chi Hang, Mr. Ding Kee Lung, and Mr. Ng Tak Lung[61](index=61&type=chunk)