[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)

由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣之證 券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而刊載，旨在提供 有關WMCH Global Investment Limited（「本公司」）的資料；本公司的董事（統稱或個別「董事」） 願就本報告的資料共同及個別地承擔全部責任。董事在作出一切合理查詢後，確認就其所知 及所信，本報告所載資料在各重要方面均屬準確完備，並無誤導或欺詐成份，且亦無遺漏任 何其他事項，足以令致其所載任何陳述產生誤導。 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個 上市之市場。有意投資者應了解投資該等公司之潛在風險，並應經過審慎周詳之考慮後方作 出投資決定。 審核委員會 吳成堅先 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 WMCH GLOBAL INVESTMENT LIMITED （於開曼群島註冊成立的有限公司） （股份代號：8208） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之 特 色 GEM的 定 位，乃 為 相 比 起 其 他 在 聯 交 所 上 市 之 公 司 帶 有 較 高 投 資 風 險 之 中 小 型 公 司 提 供 一 個 上 市 之 市 場。有 意 投 資 者 應 了 解 投 資 該 等 公 司 之 潛 在 風 險，並 應 經 過 審 慎 周 詳 之 考 慮 後 方 作 出 投 資 決 定 ...

Announcements and General Information This section provides details on HM International Holdings Limited's interim results announcement and clarifies the characteristics and disclaimers of the GEM market [Announcement Details](index=1&type=section&id=公告详情) HM International Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, with the full report complying with GEM Listing Rules and to be dispatched to shareholders - HM International Holdings Limited released its 2025 interim results announcement, covering the unaudited consolidated results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The announcement complies with the relevant requirements of the GEM Listing Rules of The Stock Exchange of Hong Kong Limited, and printed copies will be dispatched to shareholders and available on the GEM and company websites[3](index=3&type=chunk)[4](index=4&type=chunk) [GEM Board Characteristics and Disclaimer](index=2&type=section&id=GEM市场特色及免责声明) This section outlines the GEM Board's role in providing listing opportunities for small and medium-sized companies with high investment risks, emphasizing investor caution, and clarifies that HKEX and SEHK bear no responsibility for the report's content - The GEM Board aims to provide a listing platform for small and medium-sized companies with higher investment risks, and investors should carefully consider potential risks[5](index=5&type=chunk) - Securities listed on the GEM Board may face significant market volatility risks, and high liquidity is not guaranteed[6](index=6&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited make no representation as to the accuracy or completeness of this report's content and accept no liability whatsoever[6](index=6&type=chunk) Condensed Consolidated Financial Statements This section presents the group's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows for the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=简明综合损益及其他全面收益表) For the six months ended June 30, 2025, the Group's revenue decreased to HKD 78,465 thousand from HKD 93,109 thousand in the prior period, while profit for the period increased to HKD 7,262 thousand from HKD 5,666 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 78,465 | 93,109 | (14,644) | -15.73% | | Cost of sales | (46,012) | (55,103) | 9,091 | -16.50% | | Gross profit | 32,453 | 38,006 | (5,553) | -14.61% | | Other income and gains | 3,556 | 451 | 3,105 | 688.47% | | Selling expenses | (5,591) | (5,725) | 134 | -2.34% | | Administrative expenses | (22,256) | (26,934) | 4,678 | -17.37% | | Finance costs | (493) | (409) | (84) | 20.54% | | Profit before tax | 7,669 | 5,389 | 2,280 | 42.31% | | Income tax (expense) / credit | (407) | 277 | (684) | -246.93% | | Profit for the period | 7,262 | 5,666 | 1,596 | 28.17% | | Total comprehensive income for the period | 6,845 | 5,665 | 1,180 | 20.83% | - Basic and diluted earnings per share attributable to owners of the Company increased from **1.23 HK cents** in 2024 to **1.79 HK cents** in 2025[9](index=9&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=简明综合财务状况表) As of June 30, 2025, the Group's total assets increased to HKD 131,175 thousand, and net current assets rose to HKD 71,111 thousand, indicating a robust asset and liability structure with a notable increase in contract assets Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 21,360 | 24,539 | (3,179) | -12.96% | | Current assets | 109,815 | 97,028 | 12,787 | 13.18% | | Total assets | 131,175 | 121,567 | 9,608 | 7.90% | | Current liabilities | 38,704 | 36,117 | 2,587 | 7.16% | | Net current assets | 71,111 | 60,911 | 10,200 | 16.75% | | Non-current liabilities | 12,848 | 12,922 | (74) | -0.57% | | Net assets | 79,623 | 72,528 | 7,095 | 9.78% | | Total equity | 79,623 | 72,528 | 7,095 | 9.78% | - Contract assets significantly increased from **HKD 4,158 thousand** as of December 31, 2024, to **HKD 16,971 thousand** as of June 30, 2025[10](index=10&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=简明综合权益变动表) For the six months ended June 30, 2025, equity attributable to owners of the Company increased from HKD 76,734 thousand to HKD 80,181 thousand, primarily driven by profit for the period and share award scheme expenses, partially offset by a reduction in retained earnings due to the acquisition of non-controlling interests in a subsidiary Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Indicator | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 76,734 | 80,181 | 3,447 | | Non-controlling interests | (4,206) | (558) | 3,648 | | Total equity | 72,528 | 79,623 | 7,095 | - In June 2025, the Group acquired the remaining **49%** of the issued share capital of its indirect subsidiary, Tilt Pte. Ltd., for a cash consideration of **SGD 100**, increasing its ownership to **100%**[12](index=12&type=chunk) - The acquisition of non-controlling interests in Tilt resulted in a difference of approximately **HKD 3.9 million** transferred to retained earnings[12](index=12&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=简明综合现金流量表) For the six months ended June 30, 2025, net cash from operating activities turned into an inflow of HKD 3,155 thousand, compared to an outflow of HKD 6,129 thousand in the prior period, with cash and cash equivalents increasing to HKD 64,833 thousand at period-end Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash from / (used in) operating activities | 3,155 | (6,129) | 9,284 | | Net cash used in investing activities | (102) | (7,867) | 7,765 | | Net cash used in financing activities | (2,654) | (14,575) | 11,921 | | Net increase / (decrease) in cash and cash equivalents | 399 | (28,571) | 28,970 | | Cash and cash equivalents at end of period | 64,833 | 62,006 | 2,827 | - Operating cash flow shifted from a net outflow in the prior period of 2024 to a net inflow in the current period of 2025, indicating improved operational efficiency[13](index=13&type=chunk) Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policy applications, revenue breakdown, segment information, taxation, profit for the period, earnings per share, and trade and other receivables/payables [1. General Information](index=9&type=section&id=1.%20一般资料) HM International Holdings Limited, incorporated in the Cayman Islands with HM Ultimate Holdings Limited as its parent, has been listed on the GEM Board since January 11, 2017, primarily offering integrated printing services - The Company was incorporated in the Cayman Islands on January 13, 2016, with HM Ultimate Holdings Limited as its parent company[14](index=14&type=chunk) - The Company's shares have been listed on the GEM Board of the Stock Exchange since January 11, 2017, with its principal business being the provision of integrated printing services[14](index=14&type=chunk) - The financial statements are presented in HKD and prepared in accordance with HKAS 34 and the GEM Listing Rules, unaudited but reviewed by the audit committee[15](index=15&type=chunk)[16](index=16&type=chunk) [2. Application of Amendments to Hong Kong Financial Reporting Standards](index=9&type=section&id=2.%20香港财务报告准则修订本的应用) Amendments to Hong Kong Financial Reporting Standards, including HKAS 21 (Amendments) "Lack of Exchangeability," effective for this period, are not expected to have a significant impact on the Group's financial position and performance - Amendments to Hong Kong Financial Reporting Standards, such as HKAS 21 (Amendments) "Lack of Exchangeability," which are mandatorily effective for the current period, are not expected to have a significant impact on the Group's financial position and performance[17](index=17&type=chunk) [3. Revenue](index=10&type=section&id=3.%20收益) For the six months ended June 30, 2025, the Group's total revenue was HKD 78,465 thousand, a 15.7% decrease from HKD 93,109 thousand in the prior period, with financial printing services remaining the primary but declining revenue source Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Provision of financial printing services | 59,455 | 71,658 | (12,203) | -17.03% | | Provision of marketing collateral printing services | 7,254 | 9,609 | (2,355) | -24.51% | | Provision of other services | 11,756 | 11,842 | (86) | -0.73% | | **Total Revenue** | **78,465** | **93,109** | **(14,644)** | **-15.73%** | [4. Segment Information](index=10&type=section&id=4.%20分部资料) In accordance with HKFRS 8, the Group operates a single segment of integrated printing services, with most revenue, assets, and liabilities originating from Hong Kong, and no single customer contributed over 10% of the Group's revenue during the review period - The Group has only one operating segment, which is the provision of integrated printing services, with most of its revenue, assets, and liabilities located in Hong Kong[19](index=19&type=chunk) - For the period ended June 30, 2025, no single customer contributed more than **10%** of the Group's revenue[20](index=20&type=chunk) [5. Income Tax](index=11&type=section&id=5.%20所得税) For the six months ended June 30, 2025, the Group incurred an income tax expense of HKD 407 thousand, contrasting with an income tax credit of HKD 277 thousand in the prior period, with Hong Kong profits tax levied under a two-tiered tax rate and no income tax in the Cayman Islands and BVI Income Tax Expense/Credit (For the six months ended June 30) | Tax Type | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax - Current tax | 407 | 488 | (81) | | China Corporate Income Tax - Current tax | - | 4 | (4) | | Deferred tax credit | - | (769) | 769 | | **Total income tax expense / (credit) recognized in profit or loss** | **407** | **(277)** | **684** | - Hong Kong Profits Tax is provided at a two-tiered tax rate of **8.25%** on the first **HKD 2,000,000** of assessable profits and **16.5%** on the remaining amount[21](index=21&type=chunk) [6. Profit for the Period](index=12&type=section&id=6.%20期内溢利) This section details expenses deducted from profit for the period, including employee benefit expenses, auditor's remuneration, asset amortization and depreciation, donations, and a significant increase in impairment loss provision for trade receivables, while employee benefit expenses and right-of-use asset depreciation decreased year-on-year Items Deducted from Profit for the Period (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total employee benefit expenses | 33,833 | 37,296 | (3,463) | -9.28% | | Auditor's remuneration | 401 | 354 | 47 | 13.28% | | Amortisation of intangible assets | 98 | 190 | (92) | -48.42% | | Depreciation of property, plant and equipment | 1,316 | 667 | 649 | 97.30% | | Depreciation of right-of-use assets | 2,114 | 5,954 | (3,840) | -64.49% | | Impairment loss provision for trade receivables | 2,646 | 177 | 2,469 | 1394.92% | - The impairment loss provision for trade receivables significantly increased from **HKD 177 thousand** in 2024 to **HKD 2,646 thousand** in 2025[22](index=22&type=chunk) [7. Dividends](index=12&type=section&id=7.%20股息) The Board of Directors does not recommend the payment of any dividends for the six months ended June 30, 2025, consistent with the prior period - The Board of Directors does not recommend the payment of any dividends for the six months ended June 30, 2025, which is the same as the corresponding period in 2024[23](index=23&type=chunk) [8. Earnings Per Share](index=13&type=section&id=8.%20每股收入) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the Company were 1.79 HK cents, up from 1.23 HK cents in the prior period, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (HKD thousands) | 7,537 | 5,192 | 2,345 | 45.16% | | Weighted average number of ordinary shares (thousands) | 421,215 | 421,215 | 0 | 0.00% | | Basic and diluted earnings per share (HK cents) | 1.79 | 1.23 | 0.56 | 45.53% | - Diluted earnings per share were not presented for the six months ended June 30, 2025, and 2024, as there were no potential ordinary shares outstanding[24](index=24&type=chunk) [9. Trade and Other Receivables](index=14&type=section&id=9.%20贸易及其他应收款项) As of June 30, 2025, total trade and other receivables were HKD 26,991 thousand, slightly lower than HKD 27,875 thousand as of December 31, 2024, with a significant increase in the impairment loss provision for trade receivables Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (gross) | 24,565 | 22,382 | 2,183 | 9.75% | | Less: Impairment loss provision | (3,547) | (870) | (2,677) | 307.70% | | Trade receivables (net) | 21,018 | 21,512 | (494) | -2.30% | | Other receivables and prepayments | 5,973 | 6,363 | (390) | -6.13% | | **Total** | **26,991** | **27,875** | **(884)** | **-3.17%** | - The impairment loss provision for trade receivables significantly increased from **HKD 870 thousand** as of December 31, 2024, to **HKD 3,547 thousand** as of June 30, 2025[25](index=25&type=chunk) - The aging analysis of trade receivables shows an increase in receivables aged **91 to 365 days**, while receivables over **365 days** have been cleared[25](index=25&type=chunk) [10. Trade and Other Payables](index=15&type=section&id=10.%20贸易及其他应付款项) As of June 30, 2025, total trade and other payables increased to HKD 26,557 thousand from HKD 22,140 thousand as of December 31, 2024, primarily due to a significant rise in trade payables Trade and Other Payables (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 15,682 | 10,014 | 5,668 | 56.60% | | Other payables and accrued expenses | 10,336 | 11,587 | (1,251) | -10.79% | | Provision for long service payments | 539 | 539 | 0 | 0.00% | | **Total** | **26,557** | **22,140** | **4,417** | **19.95%** | - Trade payables increased from **HKD 10,014 thousand** as of December 31, 2024, to **HKD 15,682 thousand** as of June 30, 2025, primarily concentrated in the **0-30 days** aging category[26](index=26&type=chunk) Management Discussion and Analysis This section provides an overview of the Group's business, financial performance, and future outlook, including a detailed review of revenue, gross profit, expenses, and liquidity [Business Review](index=16&type=section&id=业务回顾) The Group primarily offers integrated printing services to corporate clients in Hong Kong's financial and capital markets, experiencing a 15.7% year-on-year revenue decrease due to reduced orders from key clients, yet maintaining a solid customer base - The Group primarily provides integrated printing services, including financial printing, marketing collateral printing, and other services, to corporate clients in Hong Kong's financial and capital markets[27](index=27&type=chunk) - For the six months ended June 30, 2025, the Group's revenue decreased by **15.7%** year-on-year to **HKD 78.47 million**, mainly due to reduced work orders from several key clients[27](index=27&type=chunk) - Despite the decline in revenue, the Group maintains a solid customer base with ongoing business relationships, reflecting client recognition of its quality services[27](index=27&type=chunk) [Outlook](index=16&type=section&id=展望) The Group will closely monitor market trends, regularly review policies, and assess potential risks to ensure strategic consistency, confident in its core business resilience, with plans to expand into China and Southeast Asian markets while exploring complementary business opportunities - The Group will closely monitor market trends, regularly review policies, and assess potential risks to ensure strategic consistency[28](index=28&type=chunk) - The Group is confident in the resilience and sustainability of its core business and plans to expand existing operations, particularly focusing on the China and Southeast Asian markets[28](index=28&type=chunk) - The Group will explore complementary business opportunities to further expand its geographical coverage[28](index=28&type=chunk) [Financial Review](index=17&type=section&id=财务回顾) This section provides a detailed review of the Group's financial performance for the six months ended June 30, 2025, highlighting decreased revenue, reduced gross profit but improved gross margin, significantly increased other income, lower selling and administrative expenses, slightly increased finance costs, and substantial growth in profit for the period - Revenue decreased by **15.7%** year-on-year, primarily affected by a reduction in financial printing and marketing collateral printing projects[29](index=29&type=chunk) - Gross profit decreased by **14.6%** year-on-year, but the gross profit margin improved from **40.8%** to **41.4%**[30](index=30&type=chunk) - Other income and gains increased by approximately **HKD 3.11 million**, mainly due to exchange gains from the appreciation of SGD and EUR[31](index=31&type=chunk) - Administrative expenses decreased by **17.3%** year-on-year, primarily due to reduced staff costs and depreciation of right-of-use assets, partially offset by an increase in impairment loss provision for trade receivables[33](index=33&type=chunk) - Profit for the period significantly increased by **28.1%** year-on-year, reaching **HKD 7.26 million**[36](index=36&type=chunk) [Revenue](index=17&type=section&id=收益) This section details the Group's revenue composition for the six months ended June 30, highlighting a decrease across all service categories, particularly in financial printing and marketing collateral printing Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial printing projects | 59,455 | 71,658 | (12,203) | -17.03% | | Marketing collateral printing projects | 7,254 | 9,609 | (2,355) | -24.51% | | Other projects | 11,756 | 11,842 | (86) | -0.73% | | **Total Revenue** | **78,465** | **93,109** | **(14,644)** | **-15.73%** | [Gross Profit and Gross Profit Margin](index=17&type=section&id=毛利及毛利率) This section presents the Group's gross profit and gross profit margin for the six months ended June 30, showing a decrease in gross profit but an improvement in the gross profit margin Gross Profit and Gross Profit Margin (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross profit | 32,453 | 38,006 | (5,553) | -14.61% | | Gross profit margin | 41.4% | 40.8% | 0.6% | 1.47% | [Other Income and Gains](index=17&type=section&id=其他收入及利益) This section highlights a significant increase in other income and gains, primarily driven by foreign exchange gains from the appreciation of SGD and EUR - Other income and gains increased by approximately **HKD 3.11 million**, mainly due to exchange gains of approximately **HKD 2.68 million** from the appreciation of SGD and EUR[31](index=31&type=chunk) [Selling Expenses](index=18&type=section&id=销售开支) This section presents the Group's selling expenses for the six months ended June 30, showing a slight decrease year-on-year Selling Expenses (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Selling expenses | 5,591 | 5,725 | (134) | -2.34% | [Administrative Expenses](index=18&type=section&id=行政开支) This section details the Group's administrative expenses for the six months ended June 30, showing a notable decrease primarily due to lower staff costs and right-of-use asset depreciation, despite increased impairment provisions Administrative Expenses (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 22,256 | 26,934 | (4,678) | -17.37% | - The decrease in administrative expenses was mainly influenced by reduced staff costs and depreciation of right-of-use assets, partially offset by an increase in impairment loss provision for trade receivables[33](index=33&type=chunk) [Finance Costs](index=18&type=section&id=融资成本) This section presents the Group's finance costs for the six months ended June 30, indicating a slight increase primarily due to higher interest expenses on lease liabilities Finance Costs (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance costs | 493 | 409 | 84 | 20.54% | - The increase in finance costs was primarily due to higher interest expenses on lease liabilities[34](index=34&type=chunk) [Taxation](index=18&type=section&id=税项) This section outlines the Group's income tax expense or credit for the six months ended June 30, showing a shift from a credit to an expense year-on-year Income Tax Expense/Credit (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Income tax expense / (credit) | 407 | (277) | 684 | [Profit for the Period](index=18&type=section&id=期内溢利) This section presents the Group's profit for the period for the six months ended June 30, demonstrating a significant year-on-year increase Profit for the Period (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Profit for the period | 7,262 | 5,666 | 1,596 | 28.17% | [Dividends](index=18&type=section&id=股息) This section confirms that the Board of Directors does not recommend any dividend payment for the review period, consistent with the prior year - The Board of Directors does not recommend the payment of any dividends for the review period, which is the same as the corresponding period in 2024[37](index=37&type=chunk) [Employees](index=19&type=section&id=雇员) As of June 30, 2025, the Group employed 154 individuals globally, with total staff costs of approximately HKD 33.8 million, a decrease year-on-year, and utilizes share option and share award schemes to incentivize and retain talent Employee Headcount and Staff Costs (As of June 30) | Region | June 30, 2025 (Number) | December 31, 2024 (Number) | | :--- | :--- | :--- | | Hong Kong | 115 | 117 | | China | 11 | 9 | | Taiwan | 20 | 20 | | Singapore | 8 | 9 | | **Total** | **154** | **155** | | Total staff costs (HKD thousands) | 33,800 | 37,300 | - The Group incentivizes and retains qualified employees through share option schemes and share award schemes, with remuneration policies based on performance, individual contribution, and market practices[38](index=38&type=chunk)[39](index=39&type=chunk) [Financial Resources, Liquidity and Gearing Ratio](index=20&type=section&id=财务资源、流动资金及资产负债比率) As of June 30, 2025, the Group's financial position remained robust with increased total assets and equity, maintaining a current ratio of 2.8 times and a reduced gearing ratio of 19.9%, indicating strong liquidity and solvency Financial Resources and Liquidity Indicators (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total assets | 131,200 | 121,600 | 9,600 | 7.90% | | Total equity | 79,600 | 72,500 | 7,100 | 9.79% | | Current assets | 109,800 | 97,000 | 12,800 | 13.19% | | Current liabilities | 38,700 | 36,100 | 2,600 | 7.20% | | Cash and bank balances | 64,800 | 64,600 | 200 | 0.31% | | Current ratio | 2.8 times | 2.7 times | 0.1 times | 3.70% | | Lease liabilities | 15,100 | 17,200 | (2,100) | -12.21% | | Gearing ratio | 19.9% | 24.8% | -4.9% | -19.76% | - The gearing ratio decreased from **24.8%** as of December 31, 2024, to **19.9%** as of June 30, 2025, indicating reduced financial leverage[40](index=40&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=外汇风险) The Group's operations are primarily HKD-denominated in Hong Kong, with only a small portion of bank deposits in USD, EUR, RMB, SGD, and TWD; directors deem foreign exchange risk to operating cash flow and liquidity as non-material, thus no hedging was undertaken during the review period, but it will be continuously monitored - The Group's operations are primarily denominated in HKD in Hong Kong, with only a small portion of bank deposits denominated in USD, EUR, RMB, SGD, and TWD[41](index=41&type=chunk) - The Directors consider the foreign exchange risk to the Group's operating cash flow and liquidity to be non-material, and no hedging was undertaken during the review period[41](index=41&type=chunk) - The Group will review and monitor foreign exchange risk from time to time as business develops and may enter into foreign exchange hedging arrangements when appropriate[41](index=41&type=chunk) [Indebtedness and Pledge of the Group's Assets](index=21&type=section&id=债务及本集团资产抵押) As of June 30, 2025, the Group had not pledged any assets as collateral for general banking facilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had not pledged any assets as collateral for general banking facilities[42](index=42&type=chunk) [Material Investments, Material Acquisitions or Disposals](index=21&type=section&id=重大投资、重大收购或出售) As of June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries - As of June 30, 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries[43](index=43&type=chunk) [Contingent Liabilities](index=21&type=section&id=或然负债) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[44](index=44&type=chunk) [Capital Commitments](index=21&type=section&id=资本承担) As of June 30, 2025, the Group had no material capital commitments, contrasting with approximately HKD 9.2 million in capital expenditure as of June 30, 2024 - As of June 30, 2025, the Group had no material capital commitments[45](index=45&type=chunk) - As of June 30, 2024, the Group had approximately **HKD 9.2 million** in capital expenditure[45](index=45&type=chunk) [Significant Events After the Review Period](index=22&type=section&id=回顾期后重大事件) As of the date of this report, there have been no significant events affecting the Group after the review period - As of the date of this report, there have been no significant events affecting the Group after the review period[46](index=46&type=chunk) [Commitments](index=22&type=section&id=承担) As of June 30, 2025, no commitments were reported - As of June 30, 2025, no commitments were reported[47](index=47&type=chunk) Other Information This section covers directors' and substantial shareholders' interests in the Company's shares, details of the share option and share award schemes, and information on share transactions [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=22&type=section&id=董事及主要行政人员于本公司及其相联法团的股份、相关股份及债权证中的权益及淡仓) As of June 30, 2025, Mr. Yu Chi Ming and Mr. Chan Wai Lim jointly held 51.67% of the Company's shares through HM Ultimate Holdings Limited, with Ms. Chan Wai Chung beneficially owning 2.54%; Mr. Yu and Mr. Chan also beneficially owned 70.2% and 29.8% of HM Ultimate, respectively Directors' Long Positions in Shares of the Company (As of June 30, 2025) | Director Name | Nature of Interest | Number of Ordinary Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Yu Chi Ming | Jointly held with other persons; Interest in controlled corporation | 217,760,000 | 51.67% | | Mr. Chan Wai Lim | Jointly held with other persons; Interest in controlled corporation | 217,760,000 | 51.67% | | Ms. Chan Wai Chung | Beneficial owner | 10,700,000 | 2.54% | Directors' Long Positions in Shares of Associated Corporations of the Company (As of June 30, 2025) | Director Name | Name of Associated Corporation | Nature of Interest | Number of Ordinary Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Yu Chi Ming | HM Ultimate | Beneficial owner | 702 | 70.2% | | Mr. Chan Wai Lim | HM Ultimate | Beneficial owner | 298 | 29.8% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=23&type=section&id=主要股东及其他人士于本公司股份及相关股份中的权益及淡仓) As of June 30, 2025, HM Ultimate Holdings Limited held 51.67% of the Company's shares, with spouses of Mr. Yu Chi Ming and Mr. Chan Wai Lim, and former director Mr. Tse Kam Wing and his spouse, also deemed to have interests in the same shares Substantial Shareholders' and Other Persons' Long Positions in Shares of the Company (As of June 30, 2025) | Shareholder Name / Name | Nature of Interest | Number of Ordinary Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | HM Ultimate | Beneficial owner | 217,760,000 | 51.67% | | Ms. Wong Mei Chi (Spouse of Mr. Yu) | Interest of spouse | 217,760,000 | 51.67% | | Ms. Tang Wai Kwan (Spouse of Mr. Chan) | Interest of spouse | 217,760,000 | 51.67% | | Mr. Tse Kam Wing | Beneficial owner | 72,285,000 | 17.15% | | Ms. Wong Yuk Cham (Spouse of Mr. Tse) | Interest of spouse | 72,285,000 | 17.15% | [Share Option Scheme](index=24&type=section&id=购股权计划) The Company adopted a Share Option Scheme on December 15, 2016, to reward contributors, with a ten-year validity and a maximum of 40,000,000 shares issuable, and no options were granted or exercised during the review period - The Share Option Scheme was adopted on December 15, 2016, to reward eligible participants who have contributed to the Group[52](index=52&type=chunk) - Under the GEM Listing Rules, the total number of shares that may be issued under the Share Option Scheme and other share schemes combined shall not exceed **40,000,000 shares**, representing **10%** of the total issued shares on the adoption date[54](index=54&type=chunk) - The Share Option Scheme is valid for a period of **ten years** from the adoption date; no share options were granted or exercised, nor were there any outstanding share options during the review period[54](index=54&type=chunk) [Share Award Scheme](index=25&type=section&id=股份奖励计划) The Company adopted a Share Award Scheme on July 4, 2022, to recognize, reward, and retain contributors to the Group's growth, valid for ten years with a maximum of 10% of issued shares awardable, and during the review period, awards to Ms. Chan Wai Chung and 14 other employees vested, with some lapsing due to resignations - The Share Award Scheme was adopted on July 4, 2022, to recognize, reward, and retain eligible participants who have contributed to the Group's business growth[55](index=55&type=chunk) - The scheme is valid for a period of **ten years** from the adoption date, and the total number of shares awarded shall not exceed **10%** of the total issued shares on the adoption date[56](index=56&type=chunk) Share Award Scheme Vesting Status (For the six months ended June 30, 2025) | Participant Category | Unvested as of January 1, 2025 (Number of Shares) | Vested as of June 30, 2025 (Number of Shares) | Lapsed as of June 30, 2025 (Number of Shares) | Unvested as of June 30, 2025 (Number of Shares) | | :--- | :--- | :--- | :--- | :--- | | Executive Director (Ms. Chan Wai Chung) | 2,650,000 | 2,650,000 | - | - | | Other Employees (14 persons) | 11,620,000 | 10,915,000 | 705,000 | - | | **Total** | **14,270,000** | **13,565,000** | **705,000** | **-** | - Vesting conditions for the awarded shares include continued contribution to the Group's business, fulfillment of governance duties, and achievement of performance targets[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Approximately **34%** of the awarded shares vested on March 31, 2024, and approximately **66%** vested on March 31, 2025[62](index=62&type=chunk)[63](index=63&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Shares](index=29&type=section&id=购买、出售或赎回本公司上市股份) 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[67](index=67&type=chunk) Corporate Governance This section details the Company's adherence to corporate governance standards, including compliance with the Corporate Governance Code, policies on directors' and employees' securities transactions, and the role of the Audit Committee [Compliance with Corporate Governance Code](index=29&type=section&id=企业管治守则合规) The Company has adopted all code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules and confirms compliance with all provisions during the review period - The Company has adopted all code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules[68](index=68&type=chunk) - The Directors believe that the Company has complied with all code provisions contained in the Corporate Governance Code during the review period[69](index=69&type=chunk) [Directors' and Controlling Shareholders' Interests in Competing Businesses](index=29&type=section&id=董事及控股股东于竞争业务的权益) During the review period, no directors, management, controlling shareholders, or their close associates were involved in any business competing or potentially competing with the Group's business, nor were there any other conflicts of interest - During the review period, no directors, management, controlling shareholders, or their close associates were involved in any business that competes or is likely to compete with the Group's business, nor were there any other conflicts of interest[70](index=70&type=chunk) [Securities Transactions by Directors and Relevant Employees](index=29&type=section&id=董事及相关雇员进行证券交易) The Company adopted the Model Code for Securities Transactions by Directors as required by the GEM Listing Rules and established trading guidelines for employees with inside information; directors confirmed compliance, and no employee violations were found - The Company has adopted the Model Code for Securities Transactions by Directors as set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions[71](index=71&type=chunk) - The Directors confirm that they have complied with the Model Code for Securities Transactions by Directors throughout the review period[71](index=71&type=chunk) - The Company has established written trading guidelines for employees who possess inside information, and no violations were found during the review period[71](index=71&type=chunk) [Audit Committee](index=30&type=section&id=审核委员会) The Audit Committee, comprising three independent non-executive directors, reviews and oversees the Company's financial reporting, risk management, and internal control systems, and has reviewed the Group's unaudited condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors, with Mr. Ng Ho Wan as the chairman[72](index=72&type=chunk) - The primary responsibilities of the Audit Committee include reviewing and overseeing financial reporting processes, risk management, and internal control systems, and making recommendations on the appointment of auditors[72](index=72&type=chunk) - The Committee has reviewed the Group's accounting principles and practices with management and discussed audit, risk management, internal control, and financial reporting matters, including the unaudited condensed consolidated financial statements for the review period[72](index=72&type=chunk)

[Company Information](index=1&type=section&id=Company%20Information) This section provides essential company details, including disclaimers and identification information [Disclaimer](index=1&type=section&id=Disclaimer) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited bear no responsibility for this announcement's content, make no representations, and expressly disclaim liability for any losses arising from or relying on its contents - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited bear no responsibility for this announcement's content, make no representations, and expressly disclaim liability for any losses arising from or relying on its contents[1](index=1&type=chunk) [Company Name and Stock Code](index=1&type=section&id=Company%20Name%20and%20Stock%20Code) This announcement is issued by Grand Pharmaceutical Group Limited, incorporated in Bermuda, with stock code 00512 - The company name is Grand Pharmaceutical Group Limited, stock code: **00512**[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company achieved record-high revenue, with innovation and barrier products significantly contributing to sustainable growth despite profit decline due to investment fair value changes and increased promotion expenses Key Financial Indicators for H1 2025 | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 6,107,320,000 | 6,047,240,000 | +1.0% | | Revenue (RMB basis) | - | - | +2.0% | | Revenue (RMB basis, excluding VBP impact) | - | - | +13.0% | | Revenue contribution from innovative and barrier products | 51.0% | 36.1% | +14.9 percentage points | | Profit attributable to owners of the Company for the period | 1,169,020,000 | 1,557,950,000 | -25.0% | | Profit attributable to owners of the Company for the period (RMB basis) | - | - | -24.2% | | Fair value change and disposal gains from Telix investment | 151,730,000 | 476,630,000 | -324,910,000 | | Normalized profit (excluding Telix investment impact) | 1,017,290,000 | - | -5.9% (RMB basis -5.0%) | | Revenue from Nuclear Medicine Anti-tumor Diagnosis and Treatment segment | 421,780,000 | 207,240,000 | +105.5% (excluding exchange rate impact) | | R&D work and project investment | 1,022,000,000 | - | - | [Letter to Shareholders](index=3&type=section&id=Letter%20to%20Shareholders) This section outlines the company's strategic direction, industry review, business achievements, and future outlook, emphasizing innovation and global expansion [Industry Review](index=3&type=section&id=Industry%20Review) China's pharmaceutical industry is undergoing transformation, with traditional sectors facing price restructuring and policies encouraging innovation, creating broader development space for new drugs - China's pharmaceutical industry is undergoing transformation, with traditional sectors facing price restructuring, demanding higher requirements for product structure, cost control, and operational efficiency[5](index=5&type=chunk) - Policies encourage genuine innovation, and systems like commercial health insurance innovative drug catalogs are expected to open broader development space for innovative drugs[5](index=5&type=chunk) [Business Summary](index=3&type=section&id=Business%20Summary) Grand Pharmaceutical achieved revenue growth despite VBP impact, with innovative products driving performance and significant progress in nuclear medicine and global R&D platforms - The company adheres to the 'integrated advantages, innovation-led, global expansion' strategy, achieving high-quality sustainable growth and continuously strengthening development resilience[6](index=6&type=chunk)[7](index=7&type=chunk) - Revenue from innovative and barrier products accounted for approximately **51.0%** of total revenue, an increase of **14.9 percentage points** year-on-year, with products like Yigantai® and LavaTM rapidly scaling up[3](index=3&type=chunk)[7](index=7&type=chunk) - Revenue from the Nuclear Medicine Anti-tumor Diagnosis and Treatment segment doubled, with Yigantai® Yttrium [90Y] Microspheres Injection domestic revenue doubling and LavaTM rapidly increasing overseas[8](index=8&type=chunk)[10](index=10&type=chunk) - Eight global R&D platforms have been established across three major countries/regions, covering cutting-edge technologies such as nuclear medicine, high-end medical devices, glycomics, and mRNA, fully enabling the global value realization path for innovative drugs[9](index=9&type=chunk) - Yigantai® Yttrium [90Y] Microspheres Injection received approval for a new HCC indication, becoming the world's first and only selective internal radiation therapy product approved by the FDA for dual indications of unresectable HCC and colorectal cancer liver metastases[10](index=10&type=chunk) [Future Outlook](index=5&type=section&id=Future%20Outlook) The company is committed to a 'Go Global' strategy, expanding its global footprint, advancing R&D pipelines, and becoming a leading international pharmaceutical enterprise - The company will deeply implement the 'global expansion' strategy, becoming a leader in the global layout of Chinese pharmaceutical enterprises and a key definer of the global pharmaceutical innovation landscape[11](index=11&type=chunk) - Actively advance the R&D of high-potential blockbuster products like STC3141, with market potential reaching **tens of billions**, and incubate self-developed nuclear medicine products such as GPN02006[11](index=11&type=chunk) - Continue to improve the layout of various business segments through independent innovation and M&A, focusing on differentiated large-scale products, aiming to become a comprehensive enterprise with significant advantages in niche areas[12](index=12&type=chunk) - Firmly establish a 'Go Global' model to build a global pharmaceutical brand, holding global rights for multiple products like Yigantai® and STC3141, enhancing global market penetration and influence[12](index=12&type=chunk) - Committed to becoming a global pharmaceutical enterprise capable of competing with top international multinational pharmaceutical companies, bringing more hope for life and health to global patients[13](index=13&type=chunk) [Corporate Positioning](index=7&type=section&id=Corporate%20Positioning) Grand Pharmaceutical Group is a technology-innovative international pharmaceutical enterprise focusing on nuclear medicine anti-tumor diagnosis, cardiovascular precision interventional diagnosis, pharmaceutical technology, and biotechnology - The Group is a technology-innovative international pharmaceutical enterprise, with core businesses spanning three major areas: nuclear medicine anti-tumor diagnosis and treatment, cardiovascular precision interventional diagnosis and treatment technology, pharmaceutical technology, and biotechnology[14](index=14&type=chunk) - Centered on patient needs and driven by technological innovation, the company increases investment in global innovative products and advanced technologies to enrich and improve its product pipeline[14](index=14&type=chunk) - Adhering to the development philosophy of 'integrated advantages, innovation-led, and global expansion,' the company adopts a strategy of 'dual-driven independent R&D and global expansion, global operational layout, and dual-cycle business development'[14](index=14&type=chunk) [Business Review and Outlook](index=7&type=section&id=Business%20Review%20and%20Outlook) This section reviews significant milestones, including product launches, clinical advancements, strategic acquisitions, and the construction of key R&D and production facilities [Significant Milestone Progress](index=7&type=section&id=Significant%20Milestone%20Progress) As of the announcement date, Grand Pharmaceutical Group achieved 38 significant milestones in H1 2025, including product launches, clinical advancements, and strategic construction projects, with key products entering rapid growth phases - As of the announcement date, the Group achieved **38 significant milestones**, including **16 innovative products**, **13 generic products**, **3 API products**, **2 industrial layouts**, and **4 major construction projects**[15](index=15&type=chunk) - Products such as Yigantai® Yttrium [90Y] Microspheres Injection and LavaTM in the Nuclear Medicine Anti-tumor segment, Enzhuorun® Bisheler®, Enmingrun® Bisheler®, Budesonide Nasal Spray, and Fluticasone Propionate Nasal Spray in the Respiratory and Critical Care segment, and Nengqilang® Coenzyme Q10 Tablets in the Cardiovascular Emergency segment have entered a rapid ramp-up phase[15](index=15&type=chunk) [Innovative Product Progress](index=8&type=section&id=Innovative%20Product%20Progress) Innovative products in nuclear medicine, respiratory, and ophthalmology segments achieved significant clinical and commercial milestones, including FDA approvals and successful clinical trial endpoints - The innovative radionuclide-conjugated drug ITM-11 completed the first patient enrollment and dosing in its GEP-NETs Phase III clinical study in China[16](index=16&type=chunk) - The urinary tract tumor early detection product Youai® achieved its first commercial prescription in mainland China, being the only approved methylation + gene mutation dual-mechanism product for urothelial cancer early detection[16](index=16&type=chunk) - The global innovative radioactive product SIR-Spheres® Yttrium [90Y] Microspheres Injection received early FDA approval for a new indication to treat unresectable hepatocellular carcinoma[16](index=16&type=chunk) - The global innovative drug STC3141 successfully reached its clinical endpoint in the Phase II clinical study for sepsis conducted in China[16](index=16&type=chunk) - The innovative modified new drug CBT-001 completed enrollment and dosing of all patients in its international multi-center Phase III clinical study in China[19](index=19&type=chunk) - The global innovative ophthalmic drug GPN01768 (TP-03) received marketing approval from the Macao Pharmaceutical Administration Bureau of the Government of the Macao Special Administrative Region of China[19](index=19&type=chunk) - The world's first innovative product, Varenicline Tartrate Nasal Spray (OC-01), achieved its first commercial prescription in mainland China after official approval[19](index=19&type=chunk) [Generic Product Progress](index=9&type=section&id=Generic%20Product%20Progress) During the reporting period, the Group obtained marketing approval from the China NMPA for 13 generic products - **13 generic products** received marketing approval from the China NMPA[17](index=17&type=chunk) [API Product Progress](index=9&type=section&id=API%20Product%20Progress) During the reporting period, the Group obtained marketing approval from the China NMPA for 3 API products - **3 API products** received marketing approval from the China NMPA[18](index=18&type=chunk) [Industrial Layout and Base Construction](index=10&type=section&id=Industrial%20Layout%20and%20Base%20Construction) The Group strengthened its cardiovascular and traditional Chinese medicine segments through strategic acquisitions and completed construction of key R&D and production bases, enhancing nuclear medicine and pharmaceutical capacities - Completed the acquisition of **30.64%** equity in Nanjing Kainer Medical Technology Co., Ltd., increasing its stake to **59.91%**, strengthening the 'cardio-cerebral co-treatment' strategy in the cardiovascular precision interventional diagnosis and treatment segment[20](index=20&type=chunk) - Completed the acquisition of **80%** equity in Qinghai Yixin Pharmaceutical Co., Ltd., obtaining exclusive rights to several traditional Chinese medicine products like Danzhen Headache Capsules, consolidating competitiveness in chronic disease treatment with TCM[20](index=20&type=chunk) - Grand Pharmaceutical Radioactive Drug R&D and Production Base, the world's first closed-loop platform for the entire nuclear medicine industry chain, officially commenced operations at the end of June 2025, achieving independent nuclear medicine production and addressing 'bottleneck' issues[22](index=22&type=chunk) - Grand Pharmaceutical Yongsheng Pharmaceutical Factory (Phase I) completed its main structure, expanding pharmaceutical technology production capacity; Huangshi Great Health Nutrition Product Production Base civil engineering is largely complete; Xiantao Amino Acid Production Base Phase II topped out, further expanding high-quality amino acid product capacity[23](index=23&type=chunk)[24](index=24&type=chunk) [Core Business Segment Details](index=12&type=section&id=Core%20Business%20Segment%20Details) This section provides detailed insights into the Group's core business segments, including nuclear medicine anti-tumor, cardiovascular precision interventional, pharmaceutical technology, API, and biotechnology, highlighting key products, R&D pipelines, and strategic advantages [Nuclear Medicine Anti-tumor Diagnosis and Treatment & Cardiovascular Precision Interventional Diagnosis and Treatment Technology](index=12&type=section&id=Nuclear%20Medicine%20Anti-tumor%20Diagnosis%20and%20Treatment%20%26%20Cardiovascular%20Precision%20Interventional%20Diagnosis%20and%20Treatment%20Technology) The Group is a leader in nuclear medicine anti-tumor diagnosis and a comprehensive cardiovascular precision interventional platform, with over 30 products in its pipeline and multiple innovative devices approved for market - The Group has become a leading enterprise in China's nuclear medicine anti-tumor diagnosis and treatment and a comprehensive cardiovascular precision interventional diagnosis and treatment technology platform with international cutting-edge technologies[26](index=26&type=chunk) - This segment has a pipeline of over **30 products**, with **22 products** in the access management direction approved for marketing in China and **1 product** in the structural heart disease direction approved for marketing in China[46](index=46&type=chunk) - Products such as the multi-polar renal denervation radiofrequency ablation system IberisTM, transcatheter mitral valve clip system NeoNova®, and coronary shockwave system DEEPQUAKE-CTM have received marketing approval from the China NMPA[46](index=46&type=chunk) [Nuclear Medicine Anti-tumor Diagnosis and Treatment Segment](index=12&type=section&id=Nuclear%20Medicine%20Anti-tumor%20Diagnosis%20and%20Treatment%20Segment) This segment boasts a globalized R&D, production, and sales network, with 15 innovative products in its pipeline covering various radionuclides and cancer types, and multiple RDC drugs in Phase III clinical trials - The Nuclear Medicine Anti-tumor Diagnosis and Treatment segment has achieved a comprehensive global layout in R&D, production, distribution, and sales, with over **900 global employees** and a sales network covering over **50 countries and regions**[27](index=27&type=chunk) - The R&D and registration pipeline includes **15 innovative products**, covering **5 radionuclides** (68Ga, 177Lu, 131I, 90Y, 89Zr) and **7 cancer types** (liver cancer, prostate cancer, brain cancer, etc.)[28](index=28&type=chunk) - Globally, **five RDC drugs** have been approved for clinical studies, with **four** already in Phase III clinical stages (TLX591-CDx, TLX591, TLX250-CDx, ITM-11)[29](index=29&type=chunk) [Core Products](index=13&type=section&id=Core%20Products) Core products include Yigantai® Yttrium [90Y] Microspheres Injection, LavaTM liquid embolic agent, and Youai® urothelial cancer early detection product, each offering significant clinical advantages and global recognition - Yigantai® Yttrium [90Y] Microspheres Injection is the world's first and only SIRT product approved by the FDA for dual indications of unresectable HCC and colorectal cancer liver metastases, used in over **150,000 patient-times** across more than **50 countries and regions** globally[30](index=30&type=chunk) - LavaTM is the first liquid embolic agent approved in the US for treating peripheral arterial hemorrhage, offering convenient preparation (**2 minutes**), excellent imaging, and two viscosity options[33](index=33&type=chunk) - Youai® is currently the only methylation + gene mutation dual-mechanism urothelial cancer early detection product approved in China, with **92.5% sensitivity** and **95.8% specificity**, and has achieved commercial prescription rollout[34](index=34&type=chunk) [Innovative R&D Pipeline](index=16&type=section&id=Innovative%20R%26D%20Pipeline) The innovative R&D pipeline includes interventional therapies like GPN00289, KonaTM, and AuroLase®, alongside a robust RDC drug portfolio with multiple products in advanced clinical stages for various cancer indications - Interventional therapy pipeline includes: global innovative temperature-sensitive embolic agent GPN00289 (completed first patient enrollment in registrational clinical study); global innovative liquid embolic agent KonaTM (PMA application submitted to FDA); global innovative solid tumor ablation technology AuroLase® (PMA application submitted to FDA)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - RDC drug pipeline includes: TLX591/TLX591-CDx (TLX591 approved by China NMPA for international multi-center Phase III clinical trial, TLX591-CDx in China completed Phase III clinical patient enrollment); TLX250/TLX250-CDx (TLX250-CDx granted FDA Breakthrough Therapy designation, NDA accepted and granted Priority Review); ITM-11/TOCscan® (ITM-11 reached primary endpoint in overseas Phase III clinical trial, approved in China for international multi-center Phase III clinical study); GPN02006 (achieved breakthrough progress in HCC diagnostic IIT clinical study)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[45](index=45&type=chunk) [Cardiovascular Precision Interventional Diagnosis and Treatment Segment](index=20&type=section&id=Cardiovascular%20Precision%20Interventional%20Diagnosis%20and%20Treatment%20Segment) This segment has established a comprehensive 'passive + active' innovative device platform, with over 30 products in its pipeline, including multiple approved devices and advanced R&D projects for structural heart disease and heart failure - The Group has achieved comprehensive construction of a 'passive + active' innovative device platform in the cardiovascular precision interventional diagnosis and treatment segment, collaborating with clinical centers in the US, Canada, Germany, and other countries[47](index=47&type=chunk) - Products such as the multi-polar renal denervation radiofrequency ablation system IberisTM, transcatheter mitral valve clip system NeoNova®, and coronary shockwave system DEEPQUAKE-CTM have received marketing approval from the China NMPA[46](index=46&type=chunk) [Core Products](index=20&type=section&id=Core%20Products) Core products include RESTORE DEB® coronary drug-eluting balloon, APERTO® OTW dialysis access drug-eluting balloon, NOVASIGHT/NOVASYNC dual-mode imaging devices, Cormorant® intracranial thrombectomy stent, IberisTM renal denervation system, DEEPQUAKE-CTM/DEEPQUAKETM shockwave systems, and NeoNova® transcatheter mitral valve clip system, all demonstrating significant technical advantages - RESTORE DEB® coronary drug-eluting balloon: China's first drug-eluting balloon with dual indications for primary coronary artery disease and in-stent restenosis, featuring unique SAFEPAX patented technology[48](index=48&type=chunk) - APERTO® OTW dialysis access drug-eluting balloon: The first drug-eluting balloon specifically for arteriovenous fistula stenosis in dialysis patients, showing significant advantages in target lesion patency rate at six months post-procedure[49](index=49&type=chunk) - NOVASIGHT intravascular dual-mode imaging device and its localized product NOVASYNC: Integrates IVUS and OCT technologies to provide precise intravascular images, with NOVASYNC being a localized iterative product[50](index=50&type=chunk) - Cormorant®: China's first domestically produced adjustable intracranial thrombectomy stent, featuring a round wire braided structure that allows manual diameter adjustment to match target vessels, improving recanalization rates and safety[51](index=51&type=chunk) - IberisTM multi-polar renal denervation radiofrequency ablation system: The world's only RDN product with CE Mark approval and dual radial and femoral artery access design, used for uncontrolled essential hypertension[52](index=52&type=chunk) - DEEPQUAKE-CTM and DEEPQUAKETM domestic coronary and peripheral shockwave systems: Uses pulsed acoustic pressure waves to disrupt calcified plaques, with adjustable energy and multiple electrodes to enhance treatment safety and efficacy[53](index=53&type=chunk) - NeoNova® domestic transcatheter mitral valve clip system: Performs edge-to-edge mitral valve repair via interventional approach, offering convenient operation, good safety, and an elastic self-locking mechanism[54](index=54&type=chunk) [Innovative R&D Pipeline](index=23&type=section&id=Innovative%20R%26D%20Pipeline) The innovative R&D pipeline includes aXess for ESRD patients, Saturn transcatheter mitral valve replacement system, and CoRISMA wireless-powered ventricular assist device for heart failure, all in advanced clinical development - Global innovative endogenous tissue repair product aXess: Used for establishing AVG in ESRD patients, with critical clinical study patient enrollment completed in the US and Europe[55](index=55&type=chunk) - Global innovative mitral valve replacement system Saturn: For mitral valve replacement, implanted via transseptal interventional approach, with clinical study patient enrollment completed in Europe[56](index=56&type=chunk) - Global innovative ventricular assist device CoRISMA: Treats Class III and end-stage heart failure, utilizing wireless power supply, developed in collaboration with Yale University[57](index=57&type=chunk) [Pharmaceutical Technology](index=23&type=section&id=Pharmaceutical%20Technology) The Group's pharmaceutical technology segment excels in respiratory, critical care, ophthalmology, and cardiovascular emergency fields, with leading market share, exclusive products, and a robust R&D pipeline supported by global research centers - The pharmaceutical technology segment holds leading market share with high-barrier and exclusive products in respiratory and critical care, ophthalmology, and cardiovascular emergency fields[58](index=58&type=chunk) - Established Wuhan Optics Valley International R&D Center, Australian Glycomics R&D Center, and Nanjing Auro mRNA R&D Center, combining global technological cooperation with independent R&D[59](index=59&type=chunk) [Respiratory and Critical Care Segment](index=24&type=section&id=Respiratory%20and%20Critical%20Care%20Segment) This segment offers a wide range of products for respiratory diseases, featuring exclusive core products and a strong innovative R&D pipeline, including Ryaltris and STC3141, both showing promising clinical results - The Respiratory and Critical Care segment's products cover multiple indications such as rhinitis, bronchitis, pneumonia, asthma, and COPD, with core products Cherno®, Enzhuorun® Bisheler®, and Enmingrun® Bisheler® being national exclusive varieties[60](index=60&type=chunk) [Respiratory Products](index=24&type=section&id=Respiratory%20Products) Core respiratory products include Cherno® (mucolytic expectorant), Enzhuorun® Bisheler® (first triple-combination inhaler for asthma in China), Enmingrun® Bisheler® (innovative ICS/LABA combination), and Budesonide/Fluticasone nasal sprays, all widely recognized and included in medical guidelines - Cherno®: National exclusive variety, national TCM protection product, included in national medical insurance and essential drug catalogs, recommended by multiple guidelines, continuously leading the oral cough and expectorant drug market[62](index=62&type=chunk)[63](index=63&type=chunk) - Enzhuorun® Bisheler®: China's first triple-combination inhaled preparation approved for asthma indication, administered once daily, significantly improving clinical symptoms and lung function in moderate-to-severe asthma patients, reducing acute exacerbation risk[63](index=63&type=chunk) - Enmingrun® Bisheler®: Innovative ICS and LABA dual-combination preparation, significantly improving patient lung function and reducing acute exacerbation risk, included in the national medical insurance catalog[64](index=64&type=chunk) - Budesonide Nasal Spray and Fluticasone Propionate Nasal Spray: First-line treatments for allergic rhinitis, first domestic generics, expected to change the competitive landscape dominated by foreign enterprises[65](index=65&type=chunk)[66](index=66&type=chunk) [Innovative R&D Pipeline](index=27&type=section&id=Innovative%20R%26D%20Pipeline) The innovative R&D pipeline includes Ryaltris, a novel compound nasal spray for seasonal allergic rhinitis with successful Phase III clinical results in China, and STC3141, a global first-in-class sepsis treatment with promising Phase II clinical outcomes - Novel compound nasal spray Ryaltris (GSP 301 NS): Already marketed in multiple countries, China Phase III clinical trial successfully reached its endpoint, NDA accepted by NMPA, with superior efficacy compared to single-agent originator preparations[68](index=68&type=chunk) - STC3141: World's first sepsis treatment focusing on immune homeostasis reconstruction, with **seven clinical approvals** in China, Australia, Belgium, UK, and Poland[69](index=69&type=chunk) - STC3141's Phase II clinical study for sepsis in China successfully reached its primary clinical endpoint, showing a significant decrease in SOFA scores in the treatment group and good safety and tolerability[69](index=69&type=chunk) [Ophthalmology, ENT, and Oral Care Segment](index=29&type=section&id=Ophthalmology%2C%20ENT%2C%20and%20Oral%20Care%20Segment) This segment covers a broad range of ophthalmic, ENT, and oral diseases with a diverse product portfolio and a strong R&D pipeline of global innovative products for dry eye, blepharitis, and myopia - The Ophthalmology, ENT, and Oral Care segment covers diseases across ophthalmology, otolaryngology, and stomatology, with products including chemical preparations, traditional Chinese medicine preparations, and health products[70](index=70&type=chunk) - Through a strategy combining collaborative introduction and independent R&D, the company has a pipeline of global innovative products for dry eye, demodex blepharitis, post-ophthalmic surgery anti-inflammatory and analgesic, pterygium, and myopia[70](index=70&type=chunk) [Ophthalmology, ENT, and Oral Care Products](index=29&type=section&id=Ophthalmology%2C%20ENT%2C%20and%20Oral%20Care%20Products) Core products include Hexuemingmu Tablets (exclusive TCM for eye diseases), Jinsang series (exclusive for throat diseases), Duoputai® (TCM for cardiovascular diseases), Reizhu® (preservative-free artificial tears), Nuotong (xylometazoline nasal spray), and Danzhen Headache Capsules (exclusive TCM for headaches), alongside OC-01 nasal spray for dry eye - Hexuemingmu Tablets: National exclusive variety, national TCM protection product, included in national medical insurance and essential drug catalogs, used for fundus diseases caused by yin deficiency, liver hyperactivity, and heat damaging collaterals[72](index=72&type=chunk)[73](index=73&type=chunk) - Jinsang series products: National exclusive products, covering all throat diseases, with Jinsang Sanjie Capsules and Jinsang Kaiyin Capsules included in the national medical insurance catalog[74](index=74&type=chunk) - Duoputai® (Maixuekang Capsules and Maixuekang Enteric-coated Tablets): The only traditional Chinese medicine in China labeled with antithrombin activity units, used for cardiovascular and cerebrovascular diseases such as coronary heart disease and acute cerebral infarction[75](index=75&type=chunk) - Reizhu® (Polyvinyl Alcohol Eye Drops): Single-dose, preservative-free artificial tears, a first-line treatment for dry eye, awarded the CPhI Gold Award for nine consecutive years[76](index=76&type=chunk) - Nuotong (Xylometazoline Hydrochloride Nasal Spray/Nasal Drops): A nasal decongestant for relieving nasal congestion, with the nasal spray being a domestically exclusive dosage form[77](index=77&type=chunk) - Varenicline Tartrate Nasal Spray (OC-01): The world's first and only preservative-free nasal spray approved for treating mild, moderate, and severe dry eye, launched in the US, Macao, and mainland China[79](index=79&type=chunk) [Innovative R&D Pipeline](index=32&type=section&id=Innovative%20R%26D%20Pipeline) The innovative R&D pipeline features four drugs addressing post-ophthalmic surgery inflammation, pterygium, myopia, and demodex blepharitis, with GPN00833, GPN00153, GPN00884, and GPN01768 all in advanced development or approved - Hormone nanosuspension eye drops GPN00833: Approved for marketing by the US FDA, China Phase III clinical trial successfully reached its endpoint, NDA preparation underway, possessing high local anti-inflammatory activity[81](index=81&type=chunk) - Modified new drug GPN00153 (CBT-001) for treating pterygium: Phase II clinical trials completed in the US, all patients enrolled in China Phase III clinical trial[82](index=82&type=chunk) - Novel ophthalmic preparation GPN00884 for slowing the progression of myopia in children: China Phase I clinical study completed, no pupil dilation effect, potentially improving patient compliance[83](index=83&type=chunk) - Global innovative ophthalmic preparation GPN01768 (TP-03): Approved for marketing by the US FDA and Macao Pharmaceutical Administration Bureau, the first and only FDA-approved drug for demodex blepharitis, China NDA accepted[84](index=84&type=chunk) [Cardiovascular Emergency Segment](index=34&type=section&id=Cardiovascular%20Emergency%20Segment) This segment manages both emergency and chronic cardiovascular diseases, offering over 30 products, including 14 in national emergency drug catalogs and 16 in shortage drug catalogs, with key products like Hexinshuang®, Nengqilang®, and Jext® - The Cardiovascular Emergency segment has over **30 products**, with **14** included in China's national emergency drug catalog and **16** in the shortage drug catalog[85](index=85&type=chunk) [Cardiovascular Emergency Products](index=34&type=section&id=Cardiovascular%20Emergency%20Products) Core products include Hexinshuang®/Hebeishuang® (calcium channel blockers), Nengqilang® (Coenzyme Q10 tablets), Nuofukang (methoxamine hydrochloride injection), Limaitong® Eplerenone Tablets (novel MRA), Jext® pre-filled adrenaline auto-injector, and Runmode Lin® Treprostinil Injection, covering various cardiovascular needs - Hexinshuang®/Hebeishuang®: Classic calcium channel blockers, available in oral immediate-release, sustained-release, and injectable forms, widely used for hypertension, coronary heart disease, etc.[87](index=87&type=chunk) - Nengqilang® (Coenzyme Q10 Tablets): Used to improve myocardial metabolism and energy supply, significantly improving symptoms in patients with chronic heart failure, recommended by multiple authoritative guidelines[88](index=88&type=chunk) - Limaitong® Eplerenone Tablets: Novel MRA drug, filling the gap for second-generation selective aldosterone receptor antagonists in China, included in the national medical insurance catalog in November 2024[90](index=90&type=chunk) - Jext® pre-filled adrenaline auto-injector: For emergency treatment of severe allergic reactions, marketed in **21 countries or regions** globally, and obtained approval for urgently needed imported Hong Kong and Macao drugs in the Guangdong-Hong Kong-Macao Greater Bay Area[91](index=91&type=chunk) - Runmode Lin® Treprostinil Injection: A rare disease drug for pulmonary hypertension, one of only two treprostinil products approved in China, included in the national medical insurance catalog in January 2023[92](index=92&type=chunk) [API Segment](index=37&type=section&id=API%20Segment) The API segment features a rich product pipeline with global sales channels, supporting integrated pharmaceutical production and R&D across five major therapeutic areas, and an mRNA platform developing innovative anti-tumor and anti-infective drugs - The API segment has a rich product pipeline, with both bulk APIs and specialty APIs sold globally, and sales channels covering the world[93](index=93&type=chunk) - The API production and R&D layout focuses on five major areas: cardiovascular and cerebrovascular, anti-infective, antipyretic-analgesic, digestive system, and anti-tumor, achieving integrated upstream and downstream industrial advantages[93](index=93&type=chunk) [mRNA Platform](index=38&type=section&id=mRNA%20Platform) The mRNA platform focuses on developing anti-tumor and anti-infective mRNA drugs, having established mRNA production and LNP delivery technologies, with ARC01 (A002) being China's first HPV-positive related tumor mRNA therapeutic vaccine in clinical trials - The mRNA platform focuses on developing anti-tumor and anti-infective mRNA drugs, having completed the establishment of mRNA production technology and LNP delivery technology platforms[94](index=94&type=chunk) - The therapeutic tumor vaccine ARC01 (A002) was approved for Phase I clinical study in China in January 2024, making it China's first HPV-positive related tumor mRNA therapeutic vaccine approved for clinical trials[94](index=94&type=chunk) - ARC01 (A002) utilizes exclusive patented LNP delivery technology and TriMix® immune adjuvant, significantly enhancing the body's immune response[94](index=94&type=chunk) [Biotechnology](index=38&type=section&id=Biotechnology) The biotechnology segment, centered on amino acid products, is a global high-quality amino acid service provider, emphasizing technological innovation, quality systems, and international expansion into high-value-added fields - The Biotechnology segment, with amino acid products as its core business, is positioned as a global high-quality amino acid service provider, committed to green, low-carbon, and sustainable development principles[95](index=95&type=chunk) - Holds over **200 invention patents**, led and participated in formulating over **60 national, industry, and group standards**, and received multiple national-level honors such as National Green Factory[95](index=95&type=chunk) - With over **20 years of experience** in the amino acid field, the Group pioneered globally leading bio-manufacturing new technologies for various amino acids based on synthetic biology, filling industry gaps and undertaking national industrial strengthening projects[96](index=96&type=chunk) [New Technologies](index=39&type=section&id=New%20Technologies) The Group has established eight synthetic biology technology platforms, integrating new product development, engineering, and application solutions, leveraging collaborations with research institutions to develop innovative amino acid fermentation and enzyme expression systems that reduce carbon emissions - Eight technology platforms, including synthetic biology, enzyme engineering, and fermentation engineering, have been established, forming an integrated synergistic system for 'new product development, new technology engineering and industrialization, and application solutions'[97](index=97&type=chunk) - Established long-term deep cooperation with multiple research institutions, including Wuhan University and Huazhong University of Science and Technology, to develop novel amino acid fermentation technologies and enzyme expression systems[97](index=97&type=chunk) - Fermentation processes centered on strain construction optimization and enzyme conversion processes centered on immobilized enzymes can replace traditional chemical synthesis, significantly reducing carbon dioxide emissions and aligning with 'carbon peak and carbon neutrality' goals[97](index=97&type=chunk) [High Quality](index=40&type=section&id=High%20Quality) The Group's amino acid products have comprehensive domestic and international quality certification systems, including EU GMP and US FDA certifications, ensuring compliance and market expansion - Amino acid products have obtained drug/food system certifications and registrations from multiple countries and regions, including EU GMP certification, EU REACH registration, US FDA certification, and South Korea KFDA registration[99](index=99&type=chunk) [Industrial Chain](index=40&type=section&id=Industrial%20Chain) The Group possesses nearly 50 amino acids and derivatives, with 26 API registration numbers, the most in China, and is actively expanding into functional dietary supplements and food products, with two products commercialized in the US - Owns nearly **50 types of amino acids** and their derivatives, with **26 amino acid API registration numbers**, making it the pharmaceutical enterprise with the most amino acid API registration numbers in China[100](index=100&type=chunk) - Added multiple food-grade and feed-grade amino acid products, actively expanding into formulation products, with two independently developed functional dietary supplements certified by the US FDA and commercialized in the US[100](index=100&type=chunk) [Internationalization](index=41&type=section&id=Internationalization) The amino acid segment's sales network spans over 140 countries, with overseas business accounting for 40%, and future focus on high-value-added areas like parenteral nutrition, innovative peptides, and cell culture media - The amino acid segment's sales network covers over **140 countries and regions** globally, with overseas business accounting for approximately **40%**, and some amino acid varieties ranking among the top three in market share[101](index=101&type=chunk) - Future focus will be on high-value-added areas such as high-end parenteral nutrition preparations, innovative peptide drugs, cell culture media, and major health consumption areas like sports protection, to provide sustained strong development momentum[101](index=101&type=chunk) [Financial Review](index=42&type=section&id=Financial%20Review) This section provides a detailed financial overview, including revenue, profit, distribution and administrative costs, financial expenses, R&D investment, and changes in receivables and payables [Revenue and Profit](index=42&type=section&id=Revenue%20and%20Profit) For H1 2025, the Group's revenue increased by 1.0% to HKD 6.107 billion, with innovative products driving growth, while profit attributable to owners decreased by 25.0% due to fair value changes and increased expenses H1 2025 Revenue and Profit Overview | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 6,107,320,000 | 6,047,240,000 | +1.0% | | Revenue (RMB basis) | - | - | +2.0% | | Revenue (RMB basis, excluding VBP impact) | - | - | +13.0% | | Revenue contribution from innovative and barrier products | 51.0% | 36.1% | +14.9 percentage points | | Profit attributable to owners of the Company for the period | 1,169,020,000 | 1,557,950,000 | -25.0% | | Normalized profit (excluding Telix investment impact) | 1,017,290,000 | - | -5.9% | | Revenue from Nuclear Medicine Anti-tumor Diagnosis and Treatment & Cardiovascular Precision Interventional Diagnosis and Treatment Technology | 577,740,000 | 342,750,000 | +70.2% | | Revenue from Nuclear Medicine Anti-tumor segment | 421,780,000 | 207,240,000 | +105.5% | | Revenue from Pharmaceutical Technology products | 3,845,190,000 | 3,772,940,000 | +2.9% | | Revenue from Respiratory and Critical Care segment | 1,047,350,000 | 962,550,000 | +9.9% | | Revenue from Ophthalmology, ENT, and Oral Care segment | 1,494,710,000 | 1,230,820,000 | +22.6% | | Revenue from Cardiovascular Emergency segment | 904,410,000 | 1,167,410,000 | -21.8% | | Revenue from Cardiovascular Emergency segment (excluding VBP impact) | - | - | +64.3% | | Revenue from Biotechnology products | 1,684,390,000 | 1,931,540,000 | -11.9% | [Distribution Costs and Administrative Expenses](index=44&type=section&id=Distribution%20Costs%20and%20Administrative%20Expenses) For H1 2025, distribution costs increased by HKD 304.34 million due to intensified new product promotion, and administrative expenses rose by HKD 85.55 million due to new subsidiary consolidation and business expansion Distribution Costs and Administrative Expenses | Item | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Distribution Costs | 1,916,290,000 | 1,611,950,000 | +304,340,000 | | Administrative Expenses | 691,750,000 | 606,200,000 | +85,550,000 | - The increase in distribution costs was primarily due to intensified market promotion for new products during the year[107](index=107&type=chunk) - The increase in administrative expenses was primarily due to the consolidation of new subsidiaries and business expansion during the period[107](index=107&type=chunk) [Finance Costs](index=44&type=section&id=Finance%20Costs) For H1 2025, finance costs decreased to HKD 80.35 million, primarily due to a lower comprehensive interest rate from loan replacement Finance Costs | Item | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs | 80,350,000 | 86,120,000 | -5,770,000 | - The decrease in finance costs was due to a lower comprehensive interest rate resulting from loan replacement[108](index=108&type=chunk) [R&D and Project Investment](index=44&type=section&id=R%26D%20and%20Project%20Investment) For H1 2025, the Group invested approximately HKD 1.022 billion in R&D and projects, continuing to allocate resources for ongoing and new innovative initiatives - The Group's investment in R&D work and projects amounted to approximately **HKD 1.022 billion**[109](index=109&type=chunk) - Resources continue to be invested in advancing ongoing R&D projects and introducing innovative projects[109](index=109&type=chunk) [Trade and Other Receivables and Payables](index=45&type=section&id=Trade%20and%20Other%20Receivables%20and%20Payables) As of June 30, 2025, trade and other receivables increased by HKD 1.296 billion to HKD 4.75 billion, and trade and other payables increased by HKD 664 million to HKD 3.592 billion, both primarily due to business expansion Changes in Trade and Other Receivables and Payables | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Trade and other receivables | 4,750,240,000 | 3,454,590,000 | +1,295,650,000 | | Trade and other payables | 3,591,890,000 | 2,928,090,000 | +

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Zylox-Tonbridge Medical Technology Co., Ltd. 歸創通橋醫療科技股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2190） 截至2025年6月30日止六個月的中期業績公告 歸創通橋醫療科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然 宣佈本公司及其附屬公司（統稱為「本集團」）截至2025年6月30日止六個月的未 經審核簡明綜合中期業績，連同截至2024年6月30日止六個月的比較數字。 | 財務摘要 | | | | | --- | --- | --- | --- | | 截至6月30日止六個月 | | | | | 2025年 | | 2024年 | 同比變動 | | 人民幣千元 | 人民幣千元 | | | | （未經審核）（未經審核） | | | | | 收入 | 481,969 | ...

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 告 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 ， 概 不 對任 何 就 因本 公 告 全 部 或任 何 部 分 內容 而 產 生 或 因倚 賴 該 等 內 容而 引 致 的 任何 損失承擔責任。 建 業 新 生 活 有 限 公 司 Central China New Life Limited （ 於開曼群島註冊成立的有限公司） （股份代號：9983） 補充公告 有關2024年年報 茲提述建業新生活有限公司（「本公司」）截至2024年12月31日止年度的年報 （「2024 年 年 報」）。 除 另 有 說 明 外 ， 本 公 告 所 用 詞 彙 與 2024 年 年 報 所 採 用 者 具有相同涵義。 建業新生活有限公司 股份於緊接2023年獎勵股份歸屬日期前的加權平均收市價為1.14港元。 根據2023年股份獎勵計劃可予發行的股份總數為106,072,600股，佔2024年年 報日期（ 2025年3月26日 ）已發行股份總數（ 1,299,27 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」或「公 司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 子 公 司（「本集團」或「集 團」）截 至2025年6月30日 止6個 月 之 未 經 審 計 綜 合 中 期 業 績，連 同2024年 同 期 的 比 較 數 字。該業績乃按照 國際會計準則理事會頒佈的《國際會計準則》第34號「 中期財務報告 」以 及《香 港聯合交易所有限公司證券上市規則》（「《上市規則》」）的披露要求而編製。 – 1 – 截 至2025年6月30日 止6個月之中期業績公佈 財務摘要 ‧ 截 至2025年6月30日 止6個 月，收 入 人 民 幣156.57億 元，全 部 來 自 於 持 續 經 營，比2024年同期收入人民幣192.36億 元（其中持續經營 收 入 人民幣151.86億 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2025, revenue slightly decreased to HKD 121 million, but net profit increased 2.7% to HKD 41.77 million, with basic EPS at 5.26 HK cents Consolidated Statement of Profit or Loss Summary (For the Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 121,045 | 122,652 | -1.3% | | Operating Profit | 34,251 | 33,952 | +0.9% | | Profit Before Tax | 47,366 | 46,003 | +2.9% | | Profit for the Period | 41,773 | 40,693 | +2.7% | | Basic Earnings Per Share (HK cents) | 5.26 | 5.12 | +2.7% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were HKD 530 million, net assets decreased to HKD 370 million due to dividends, while liquidity remained robust with HKD 453 million in cash Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Period Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 42,699 | 41,439 | +3.0% | | Current Assets | 487,772 | 494,698 | -1.4% | | Current Liabilities | 155,648 | 152,571 | +2.0% | | Net Assets | 369,808 | 378,795 | -2.4% | | Total Equity | 369,808 | 378,795 | -2.4% | [Consolidated Statement of Changes in Equity](index=4&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity decreased from HKD 379 million at the beginning of the year to HKD 370 million, primarily due to a HKD 50.86 million dividend payment, partially offset by HKD 41.77 million in profit for the period - The decrease in total equity for the six months ended June 30, 2025, was primarily influenced by the distribution of prior year's dividends of **HKD 50.857 million**, partially offset by profit for the period of **HKD 41.773 million**[7](index=7&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [4. Segment Reporting](index=7&type=section&id=4.%20Segment%20Reporting) Company operations span E-commerce, Identity Management, and Other Services; E-commerce is the largest revenue source, while Identity Management profit significantly declined H1 2025 Business Segment Performance (HKD thousands) | Business Segment | External Customer Revenue (2025 H1) | Reportable Segment Profit (2025 H1) | External Customer Revenue (2024 H1) | Reportable Segment Profit (2024 H1) | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 83,951 | 27,554 | 85,211 | 27,140 | | Identity Management | 21,631 | 960 | 22,242 | 2,393 | | Other Services | 15,463 | 9,652 | 15,199 | 9,129 | | **Total** | **121,045** | **38,166** | **122,652** | **38,662** | - The Group's revenue and operating profit are predominantly derived from the Hong Kong Special Administrative Region, thus no geographical information is presented[18](index=18&type=chunk) [8. Dividends](index=11&type=section&id=8.%20Dividends) The Board has declared an interim dividend of 3.7 HK cents per share for the six months ended June 30, 2025, consistent with the prior year - The Board declared an interim dividend of **3.7 HK cents per share**[23](index=23&type=chunk) [9. Earnings Per Share](index=12&type=section&id=9.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share increased to 5.26 HK cents from 5.12 HK cents in the prior year, with diluted earnings per share being identical due to the absence of potential dilutive shares - Basic earnings per share are calculated based on the profit attributable to ordinary equity holders of the Company of **HKD 41.773 million** and the weighted average number of ordinary shares in issue during the period of **794.634 million shares**[24](index=24&type=chunk) - Basic earnings per share are the same as diluted earnings per share due to the absence of potential dilutive shares[25](index=25&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=16&type=section&id=Business%20Review) H1 2025 saw mixed segment performance: E-commerce revenue slightly declined but GETS stable, Identity Management revenue and profit fell, and Other Services grew [E-commerce Business Review](index=16&type=section&id=E-commerce%20Business%20Review) E-commerce revenue slightly decreased to HKD 84 million, with stable GETS sub-segment growth offset by Supply Chain Solutions decline, as the company develops a new 'T+' platform - The overall number of import and export trade declarations in Hong Kong decreased due to geopolitical tensions and uncertainties in US tariff policies, leading to a **7.4% decline** in the company's GETS transaction volume[40](index=40&type=chunk) - The company is reallocating resources to develop a new generation electronic platform named "T+" to gradually transform from a GETS provider to a comprehensive value-added service provider for the Hong Kong trade community[42](index=42&type=chunk) [Identity Management Business Review](index=17&type=section&id=Identity%20Management%20Business%20Review) Identity Management revenue fell to HKD 21.6 million, profit sharply declined to HKD 1 million, yet digital certificate solutions gained regulatory approval and new government arrangements - The company's digital certificate solutions have received formal recognition from major financial regulators in Hong Kong for remote account opening[43](index=43&type=chunk) - In June 2025, the company entered into a significant multi-year commercial arrangement with a Hong Kong government department to design, implement, and issue a new type of digital certificate[43](index=43&type=chunk) [Other Services Business Review](index=18&type=section&id=Other%20Services%20Business%20Review) Other Services revenue grew to HKD 15.5 million, despite POS decline, driven by a 73.9% increase in GETS-related trade finance referral income from PAObank collaboration - Smart Point-of-Sale (POS) and related business performance decreased by approximately **16%** year-on-year, primarily due to ongoing disruptions in the local retail sector and changes in consumer spending patterns[47](index=47&type=chunk) - Referral income from the collaboration with PAObank increased by **73.9%**, becoming the main driver of revenue growth for the GETS-related services sub-segment[48](index=48&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) H1 2025 revenue slightly decreased to HKD 121 million, but operating profit increased 0.9% to HKD 34.3 million due to cost control, with profit after tax rising 2.7% to HKD 41.8 million H1 2025 Financial Performance Summary | Indicator | Amount (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 121,000 | -1.3% | | Operating Expenses Before Depreciation | 82,900 | -1.3% | | Operating Profit | 34,300 | +0.9% | | Net Other Income | 12,900 | +9.3% | | Profit After Tax | 41,800 | +2.7% | | Basic Earnings Per Share (HK cents) | 5.26 | +2.7% | [Liquidity and Financial Position](index=20&type=section&id=Liquidity%20and%20Financial%20Position) As of June 30, 2025, the Group's financial position remains robust with no bank borrowings, total cash and bank deposits at HKD 453 million, largely unchanged from the year-end, and net assets reduced to HKD 370 million due to dividend distribution - As of June 30, 2025, the Group's total cash and bank deposits amounted to **HKD 453.3 million**, largely consistent with **HKD 453.1 million** as of December 31, 2024[53](index=53&type=chunk) - As of June 30, 2025, the Group had no borrowings[54](index=54&type=chunk) [Employee and Remuneration Policies](index=21&type=section&id=Employee%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had 222 employees with HKD 54.3 million in related costs, adhering to a market-based remuneration policy including benefits - As of June 30, 2025, the Group had **222 employees**, comprising 186 in Hong Kong and 36 in Guangzhou[61](index=61&type=chunk) [Other Information](index=21&type=section&id=Other%20Information) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company is committed to maintaining high corporate governance standards, confirming compliance with all applicable code provisions during the reporting period, with a Board of eight members including executive, non-executive, and independent non-executive directors - The company confirms compliance with all applicable Corporate Governance Code provisions for the six months ended June 30, 2025[63](index=63&type=chunk) [Interim Dividend Details](index=23&type=section&id=Interim%20Dividend%20Details) The Board declared an interim dividend of 3.7 HK cents per share, payable on October 8, 2025, to shareholders on record as of September 22, 2025, representing a payout ratio of 70.4% of profit attributable to shareholders - The interim dividend of **3.7 HK cents per share** is expected to be paid on October 8, 2025[69](index=69&type=chunk) - To determine eligibility for the dividend, share transfer registration will be suspended from September 22 to September 24, 2025[71](index=71&type=chunk)

[Announcement Overview and Purpose](index=1&type=section&id=Announcement%20Overview%20and%20Purpose) This supplemental announcement from Grand Ocean Advanced Resources (Stock Code: 65) provides additional disclosures on the share option scheme for the 2024 annual report - This announcement provides supplementary disclosure regarding Grand Ocean Advanced Resources Company Limited's share option scheme in the 2024 annual report[2](index=2&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) [Supplemental Details of Share Option Scheme](index=1&type=section&id=Supplemental%20Details%20of%20Share%20Option%20Scheme) This chapter supplements four key aspects of the company's share option scheme: exercisable period, vesting period, acceptance amount and payment deadline, and subscription price determination basis [Exercisable Period of Share Options](index=1&type=section&id=(i)%20Period%20for%20Exercising%20Share%20Options) Share options are exercisable within a board-determined period, not exceeding ten years from the grant date - The maximum exercisable period for share options is **ten years** from the grant date[5](index=5&type=chunk) [Vesting Period of Granted Share Options](index=1&type=section&id=(ii)%20Vesting%20Period%20of%20Granted%20Share%20Options) The minimum vesting period for granted share options is twelve months from the fulfillment of vesting conditions, with discretion for the Board or Remuneration Committee to shorten it for employee participants - The minimum vesting period for share options is **12 months** after conditions are met, with Board or Remuneration Committee discretion to shorten it[6](index=6&type=chunk) [Acceptance Amount and Payment Deadline for Share Options](index=2&type=section&id=(iii)%20Amount%20Payable%20Upon%20Acceptance%20of%20Share%20Options%20and%20Payment%20Deadline) The share option acceptance amount is at the Board's discretion, with a maximum acceptance period of thirty business days from the grant date, potentially including a non-refundable payment - Share option acceptance amount is Board-determined, with a maximum **30 business day** acceptance period, potentially requiring a non-refundable payment[7](index=7&type=chunk) [Basis for Determining Subscription Price](index=2&type=section&id=(iv)%20Basis%20for%20Determining%20Subscription%20Price) The share option subscription price is Board-determined, not less than the highest of the closing price, average closing price, or par value on the Stock Exchange - The subscription price must not be less than the highest of (i) the closing price on the grant date, (ii) the average closing price over the **five business days** preceding the grant date, or (iii) the par value on the grant date[8](index=8&type=chunk) [Board and Other Statements](index=2&type=section&id=Board%20and%20Other%20Statements) Additional information in this supplemental announcement does not affect other 2024 annual report details and outlines the Board's composition as of the announcement date - This supplementary information does not affect other details contained in the **2024 annual report**[8](index=8&type=chunk) - As of the announcement date, the Board comprises **one Executive Director** (Mr. Ng Ying Kit), **one Non-executive Director** (Ms. Kuang Pei Hsien), and **three Independent Non-executive Directors** (Mr. Li Wai Ming, Mr. Chang Hsueh Chun, and Mr. Li Kui Fai)[9](index=9&type=chunk)