香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 (於香港註冊成立的有限公司) (股份代號: 291 (港幣櫃台)及 80291(人民幣櫃台)) 截至二零二五年六月三十日止六個月之中期業績 華潤啤酒(控股)有限公司 -1- ⚫ 本集團於二零二五年上半年的未經審計之綜合營業額為人民幣 23,942,000,000 元， 同比增長 0.8%。受益於啤酒業務高端化戰略的持續發展和原材料採購成本的節 約，二零二五年上半年本集團的毛利率同比上升 2.0 個百分點至創新高的 48.9%。 本集團於二零二五年上半年未經審計之未計利息及稅項前盈利及股東應佔溢利亦 分别創新高至人民幣 7,691,000,000 元及人民幣 5,789,000,000 元，分别同比增長 20.8%和 23.0%，其中，啤酒業務的未經審計之未計利息及稅項前盈利及股東應佔 溢利分別同比增長 13.8%和 17.3%。 ⚫ 啤酒業務方面，本集團於二零二五年上半年實現啤酒銷量約 6,487,00 ...

Ahsay Backup Software Development Company Limited 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，並表明概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 上述補充資料並不影響二零二四年年報所披露的其他資料。除上文所披露者外， 二零二四年年報所載的其他資料均維持不變。 承董事會命 亞勢備份軟件開發有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8290） 有關二零二四年年報 的補充公告 茲提述亞勢備份軟件開發有限公司（「本公司」）於二零二五年三月二十一日刊 發截至二零二四年十二月三十一日止年度的年度報告（「二零二四年年報」）。 除另有指明外，本公告所用詞彙與二零二四年年報所界定者具有相同涵義。 本公告乃為提供二零二四年年報的補充資料而刊發。 購股權計劃的補充資料 除二零二四年年報「董事會報告—購股權計劃」一節所披露的資料外，本公司 謹此提供以下有關本公司於二零一五年九月四日所採納的購股權計劃（「二零 一五年購股權計劃」）的補充資料。 1. 截至二零二四年一 ...

Unaudited Interim Results Announcement [Unaudited Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company experienced significant declines in both turnover and net profit, with a corresponding decrease in basic earnings per share | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | | Turnover | 3,338.064 | 4,722.048 | -29.3% | | Gross Profit | 588.035 | 760.634 | -22.7% | | Profit Before Tax | 442.980 | 616.637 | -28.2% | | Profit for the Period | 384.665 | 545.668 | -29.5% | | Profit Attributable to Equity Holders of the Company | 386.159 | 550.470 | -29.8% | | Basic and Diluted Earnings Per Share (HK Cents) | 17.12 | 24.41 | -29.9% | [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income was HKD 450.952 million, a decrease from the prior year, but foreign currency translation differences turned from loss to gain | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 384.665 | 545.668 | -29.5% | | Exchange differences on translation of foreign operations | 65.765 | (69.756) | From loss to gain | | Total Comprehensive Income for the Period | 450.952 | 476.513 | -5.4% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 451.200 | 482.170 | -6.5% | [Unaudited Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities increased, net current assets significantly improved, and shareholders' equity grew, reflecting a robust financial position | Indicator | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,943.202 | 1,928.607 | +0.76% | | Total Current Assets | 9,974.343 | 9,573.764 | +4.18% | | Total Current Liabilities | 7,300.795 | 7,343.772 | -0.59% | | Net Current Assets | 2,673.548 | 2,229.992 | +19.9% | | Total Assets Less Current Liabilities | 4,616.750 | 4,158.599 | +11.0% | | Equity Attributable to Equity Holders of the Company | 3,062.010 | 2,674.712 | +14.5% | | Total Equity | 2,947.238 | 2,560.188 | +15.1% | Notes to Financial Statements [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) These interim financial statements are prepared in accordance with HKEX Listing Rules and HKAS 34, using the historical cost basis and presented in HKD - Financial statements are prepared in accordance with Appendix D2 of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting"[7](index=7&type=chunk) - The statements are prepared on a historical cost basis, except for investment properties, and presented in HKD[8](index=8&type=chunk) [Changes in Accounting Policies and Disclosures](index=5&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period marks the first application of HKAS 21 (Amendment) "Lack of Exchangeability," which has no significant impact on the Group's results or financial position - This period marks the first application of HKAS 21 (Amendment) "Lack of Exchangeability"[9](index=9&type=chunk)[10](index=10&type=chunk) - The aforementioned amendment has no significant impact on the Group's results and financial position[10](index=10&type=chunk) [Turnover and Segment Information](index=5&type=section&id=Turnover%20and%20Segment%20Information) The Group primarily engages in curtain wall and contracting engineering and operations management businesses, with turnover mainly from Hong Kong, Mainland China, and other regions, showing a significant decline in curtain wall and contracting engineering revenue, while operations management revenue slightly decreased but gross profit increased - The Group primarily operates curtain wall and contracting engineering business and operations management business, with turnover representing revenue from engineering and management contracts[11](index=11&type=chunk) | Segment | 2025 Turnover (HKD Million) | 2024 Turnover (HKD Million) | Change Rate | 2025 Gross Profit (HKD Million) | 2024 Gross Profit (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Curtain Wall and Contracting Engineering | 2,848.698 | 4,214.456 | -32.4% | 487.186 | 665.377 | -26.8% | | Operations Management | 489.366 | 507.592 | -3.6% | 100.849 | 95.257 | +5.9% | | **Total** | **3,338.064** | **4,722.048** | **-29.3%** | **588.035** | **760.634** | **-22.7%** | - For the six months ended June 30, 2025, the majority of turnover (**HKD 3,304.264 million**) originated from Hong Kong, Mainland China, and other regions, with revenue from North America totaling **HKD 33.8 million**[14](index=14&type=chunk) [Other Income and Gains, Net](index=6&type=section&id=Other%20Income%20and%20Gains,%20Net) Other income and net gains decreased from HKD 23,097 thousand in 2024 to HKD 13,710 thousand in 2025, primarily due to a gain on disposal of property, plant, and equipment in the prior year | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Bank interest income | 4,185 | 1,193 | +250.8% | | Gain on disposal of property, plant and equipment | - | 13,128 | -100% | | Miscellaneous income | 9,525 | 8,776 | +8.5% | | **Total** | **13,710** | **23,097** | **-40.6%** | [Finance Costs](index=7&type=section&id=Finance%20Costs) Finance costs decreased from HKD 34,899 thousand in 2024 to HKD 30,507 thousand in 2025, mainly due to lower interest on bank borrowings | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 28,472 | 32,469 | -12.3% | | Interest on lease liabilities | 2,035 | 2,430 | -16.3% | | **Total** | **30,507** | **34,899** | **-12.6%** | [Profit Before Tax](index=7&type=section&id=Profit%20Before%20Tax) Total depreciation expenses deducted from profit before tax for 2025 were HKD 7,218 thousand, remaining largely consistent with the prior year | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment (net) | 3,773 | 3,255 | | Depreciation of right-of-use assets (net) | 3,445 | 3,929 | | **Total Depreciation Expense** | **7,218** | **7,184** | [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) Income tax expense decreased from HKD 70,969 thousand in 2024 to HKD 58,315 thousand in 2025, mainly due to reduced Hong Kong profits tax provision, despite an increase in Mainland China and overseas tax provisions | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 24,812 | 47,061 | -47.3% | | Mainland China and overseas tax | 30,044 | 17,530 | +71.4% | | Deferred tax | 3,459 | 6,378 | -45.7% | | **Income Tax Expense for the Period** | **58,315** | **70,969** | **-17.8%** | - Hong Kong profits tax is calculated at a rate of **16.5%**, while other regions are calculated according to local prevailing laws[19](index=19&type=chunk) [Dividends and Earnings Per Share](index=8&type=section&id=Dividends%20and%20Earnings%20Per%20Share) The 2024 final dividend was HKD 2.8 cents per share, a decrease from 2023, and the Board declared a 2025 interim dividend of HKD 5.0 cents per share, also lower than the prior year, with basic and diluted earnings per share at HKD 17.12 cents, down 29.9% year-on-year | Indicator | 2025 (HKD Million/HK Cents) | 2024 (HKD Million/HK Cents) | Change | | :--- | :--- | :--- | :--- | | 2024 Final Dividend (per share) | 2.8 HK Cents | 3.2 HK Cents | -12.5% | | 2024 Final Dividend (total) | 63.155 | 72.177 | -12.5% | | 2025 Interim Dividend (per share) | 5.0 HK Cents | 7.0 HK Cents | -28.6% | | 2025 Interim Dividend (total) | 112.752 | 157.888 | -28.6% | | Profit Attributable to Equity Holders of the Company (for EPS calculation) | 386.159 | 550.470 | -29.8% | | Basic and Diluted Earnings Per Share | 17.12 HK Cents | 24.41 HK Cents | -29.9% | - As of the period ended June 30, 2025, the company had no potential ordinary shares that could dilute earnings[20](index=20&type=chunk) [Interests in Infrastructure Project Investments](index=9&type=section&id=Interests%20in%20Infrastructure%20Project%20Investments) As of June 30, 2025, the Group no longer holds interests in infrastructure project investments, as this portion matured and was reclassified to current assets by December 31, 2024 | Item | 2025 June 30 (HKD Thousand) | 2024 Dec 31 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interests in infrastructure project investments | - | 13,705 | -100% | | Less: Portion due within one year reclassified to current assets | - | (13,705) | -100% | - This investment interest represented financing advances to Mainland China infrastructure projects, with a yield of **10.2%** per annum as of December 31, 2024[22](index=22&type=chunk)[23](index=23&type=chunk) [Trade and Other Receivables](index=9&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased to HKD 1,869.204 million from HKD 2,083.521 million at the end of 2024, primarily due to a reduction in trade receivables | Item | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Trade receivables (0-30 days) | 54.724 | 191.440 | -71.4% | | Trade receivables (31-90 days) | 56.788 | 243.507 | -76.7% | | Trade receivables (over 90 days) | 685.515 | 572.428 | +19.8% | | Retention money receivables | 988.235 | 1,017.114 | -2.8% | | Other receivables | 83.942 | 59.032 | +42.2% | | **Total Trade and Other Receivables** | **1,869.204** | **2,083.521** | **-10.3%** | - The Group generally grants customers an average credit period of no more than **90 days**, and retention money receivables are repaid approximately one year after the expiry of the project maintenance liability period[24](index=24&type=chunk) [Bank Borrowings](index=10&type=section&id=Bank%20Borrowings) As of June 30, 2025, total bank borrowings increased to HKD 1,762.669 million, primarily denominated in HKD, with the average annual interest rate significantly decreasing to 3.28% | Item | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total bank borrowings | 1,762.669 | 1,580.948 | +11.5% | | Current portion | 667.653 | 583.341 | +14.4% | | Non-current portion | 1,095.016 | 997.607 | +9.8% | | Currency | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | | :--- | :--- | :--- | | HKD | 1,408.057 | 1,377.607 | | RMB | 354.612 | 203.341 | | **Total** | **1,762.669** | **1,580.948** | - As of June 30, 2025, the average annual interest rate for bank loans was **3.28%**, a significant decrease from **4.69%** as of December 31, 2024[25](index=25&type=chunk) [Trade and Other Payables and Accrued Expenses](index=10&type=section&id=Trade%20and%20Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, total trade and other payables and accrued expenses increased to HKD 4,010.164 million, mainly due to a substantial increase in trade payables over 90 days | Item | 2025 June 30 (HKD Million) | 2024 Dec 31 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Trade payables (0-30 days) | 2,095.693 | 2,138.321 | -2.0% | | Trade payables (31-90 days) | 433.622 | 750.160 | -42.2% | | Trade payables (over 90 days) | 856.413 | 338.724 | +152.8% | | Retention money payables | 395.058 | 370.390 | +6.7% | | Other payables and accrued expenses | 229.378 | 217.398 | +5.5% | | **Total** | **4,010.164** | **3,814.993** | **+5.1%** | [Share Capital](index=11&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid share capital was HKD 22,555 thousand, with 500,000 shares repurchased during the period for a total consideration of HKD 747 thousand, which were subsequently cancelled after the reporting period | Item | 2025 June 30 (Thousand Shares/HKD Thousand) | 2024 Dec 31 (Thousand Shares/HKD Thousand) | | :--- | :--- | :--- | | Number of issued ordinary shares | 2,255,545 | 2,255,545 | | Share capital amount | 22,555 | 22,555 | | Treasury shares (HKD Thousand) | (747) | - | - For the six months ended June 30, 2025, the company repurchased **500,000** shares for a total consideration of **HKD 747,000**, all of which were cancelled on July 23, 2025[27](index=27&type=chunk) Business Review and Outlook [Market Conditions](index=12&type=section&id=Market%20Conditions) In the first half of 2025, global trade policy tensions led to slower economic growth, but China's economy maintained stable and positive momentum, with the Group solidifying its leading position in Hong Kong and Macau and steadily advancing its Building-Integrated Photovoltaics (BIPV) business - Global trade policy tensions and uncertainties severely impacted international trade and investment, potentially slowing global economic growth[29](index=29&type=chunk) - China's macroeconomic policies yielded significant results, with the economy continuing its stable and positive momentum[29](index=29&type=chunk) - The Group solidified its leading position in the Hong Kong and Macau markets, with steady progress in its Building-Integrated Photovoltaics (BIPV) business[29](index=29&type=chunk) [Construction Engineering Business](index=12&type=section&id=Construction%20Engineering%20Business) The Group's curtain wall engineering business maintains a leading position in Hong Kong and Macau, actively expanding into Mainland China, Singapore, and Belt and Road markets, with BIPV as a new key focus, achieving product commercialization and winning major projects, while continuously promoting technological innovation and digital transformation - The Group continues to strengthen its brand effect and performance capabilities, maintaining its leading position in the Hong Kong curtain wall market and deepening strategic cooperation with major clients[30](index=30&type=chunk) - In Macau, leveraging high-quality performance, the Galaxy Phase 4 project successfully completed its first phase objectives, maintaining close cooperation with major strategic clients including Sands, MGM, and Galaxy[31](index=31&type=chunk) - The Mainland China market focuses on 'large markets, large owners, large projects,' winning landmark projects such as Guangzhou Zhujiang Taikoo Julongwan and Shenzhen Huawei Baicaoyuan[32](index=32&type=chunk) - Accelerated expansion into the Singapore market, having won the Changi Airport T2 Terminal Hotel project, with market share expected to steadily increase[32](index=32&type=chunk) - Seizing development opportunities in the curtain wall market along the 'Belt and Road' countries, prudently expanding business, and focusing on large potential projects in the Middle East and Southeast Asia[32](index=32&type=chunk) [Curtain Wall Engineering Business](index=12&type=section&id=Curtain%20Wall%20Engineering%20Business) The curtain wall engineering business maintains a leading position in Hong Kong and Macau, winning multiple major medium-to-large projects and expanding into curtain wall inspection, maintenance, and renovation services, while focusing on high-end brands and challenging projects in Mainland China, accelerating its presence in Singapore, and exploring opportunities in Belt and Road countries - Hong Kong curtain wall business solidified its market leading position, winning projects such as Wharf Wheelock Man Wai Road, Swire Queen's Road East Wanchai, and New World State Theatre redevelopment[30](index=30&type=chunk) - Macau Galaxy Phase 4 project successfully completed its first phase objectives, maintaining close cooperation with major strategic key accounts[31](index=31&type=chunk) - Mainland China market won landmark projects including Guangzhou Zhujiang Taikoo Julongwan, Shenzhen Huawei Baicaoyuan, and Beijing Indigo Phase II[32](index=32&type=chunk) - Singapore market won the Changi Airport T2 Terminal Hotel project, with market share expected to steadily increase[32](index=32&type=chunk) - Seizing development opportunities in the curtain wall market along the 'Belt and Road' countries, focusing on large potential projects in the Middle East and Southeast Asia[32](index=32&type=chunk) [Building-Integrated Photovoltaics (BIPV)](index=13&type=section&id=BIPV) BIPV is a new key development area for the Group, having successfully overcome critical technologies and achieved commercial mass production, with its technical strength recognized by the market, signing a multi-billion HKD framework agreement with Kunshan Municipal Government and winning China's largest BIPV project, Shenzhen Qianhai Huafa Ice and Snow World - BIPV is a new key development area for the Group, having successfully overcome critical technologies such as ultra-thin surface layers and lightweight high-strength structures[33](index=33&type=chunk) - The mass production line officially commenced operations, achieving product commercialization, and a **multi-billion HKD** framework agreement was signed with the Kunshan Municipal People's Government[33](index=33&type=chunk) - Won China's largest BIPV project, Shenzhen Qianhai Huafa Ice and Snow World project[33](index=33&type=chunk) [Technology Innovation](index=13&type=section&id=Technology%20Innovation) The Group highly values technological innovation, promoting smart factory construction and digital transformation, possessing world-leading ultra-high-rise glass curtain wall technology and automated production lines, and enhancing management and performance quality by integrating BIM and AI technologies - Highly values technological innovation, promoting smart factory construction and accelerating digital transformation and upgrading[33](index=33&type=chunk) - Possesses world-leading ultra-high-rise glass curtain wall technology, double-curved irregular complex curtain wall technology, and industry-leading automated production lines[33](index=33&type=chunk) - Leveraging its independently developed curtain wall full industry chain intelligent manufacturing information system and Digital Far East platform, combined with BIM and AI technologies, to enhance refined management capabilities[33](index=33&type=chunk) [Contracting Business](index=14&type=section&id=Contracting%20Business) The general contracting business for construction developed steadily, actively participating in tenders for small and medium-sized building projects in Hong Kong, and winning the Tsim Sha Tsui Observatory Headquarters project - General contracting business for construction developed steadily, actively participating in tenders for small and medium-sized building projects in Hong Kong[35](index=35&type=chunk) - Won the Tsim Sha Tsui Observatory Headquarters project during the year[35](index=35&type=chunk) [Operations Management Business](index=14&type=section&id=Operations%20Management%20Business) Under operations management, China Overseas Supervision actively expanded project management and engineering consulting services, transforming into a full industry chain service, while Huanggu Thermal Power expanded its heating market, achieving energy saving and emission reduction through refined management and technological innovation - China Overseas Supervision optimized traditional supervision services, actively expanding project management and engineering consulting businesses, transforming into a 'technology + supervision + consulting + project management' full industry chain service[36](index=36&type=chunk) - Huanggu Thermal Power actively expanded its heating market, achieving energy saving, consumption reduction, and emission reduction through refined management and technological innovation[36](index=36&type=chunk) [Overall Performance and Segment Analysis](index=14&type=section&id=Overall%20Performance%20and%20Segment%20Analysis) For the six months ended June 30, 2025, the Group's total turnover and profit attributable to equity holders of the company both significantly decreased by approximately 29%, primarily due to reduced revenue from curtain wall and contracting businesses, while operations management business revenue slightly declined but achieved operating profit growth through cost control | Indicator | 2025 (HKD Million/HK Cents) | 2024 (HKD Million/HK Cents) | Change Rate | | :--- | :--- | :--- | :--- | | Total Turnover | 3,338.000 | 4,722.000 | -29.3% | | Profit Attributable to Equity Holders of the Company | 386.000 | 550.000 | -29.8% | | Basic Earnings Per Share | 17.12 HK Cents | 24.41 HK Cents | -29.9% | | Segment | 2025 Revenue (HKD Million) | 2024 Revenue (HKD Million) | Change Rate | 2025 Operating Profit (HKD Million) | 2024 Operating Profit (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Curtain Wall and Contracting Business | 2,849.000 | 4,214.000 | -32.4% | 436.000 | 636.000 | -31.4% | | Operations Management Business | 489.000 | 508.000 | -3.6% | 79.000 | 65.000 | +21.5% | - The decrease in curtain wall and contracting business revenue was primarily due to the completion of certain large-scale projects in Hong Kong and Macau in the previous year[38](index=38&type=chunk) - Operations management business revenue declined due to the depreciation of RMB, but achieved operating profit growth through cost control[39](index=39&type=chunk) [Expenses and Financial Performance](index=14&type=section&id=Expenses%20and%20Financial%20Performance) The Group achieved a reduction in administrative, selling, and other operating expenses through strict cost control, and finance costs also decreased due to strategic financing adjustments, despite an increase in total bank borrowings, demonstrating significant financial management effectiveness [Administrative, Selling and Other Operating Expenses](index=14&type=section&id=Administrative,%20Selling%20and%20Other%20Operating%20Expenses) For the six months ended June 30, 2025, administrative, selling, and other operating expenses decreased to HKD 128 million, primarily due to strict cost control | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | | Administrative, Selling and Other Operating Expenses | 128 | 132 | -3.0% | - The decrease in expenses was primarily attributable to the implementation of strict cost control measures[40](index=40&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs_BusinessReview) For the six months ended June 30, 2025, finance costs decreased to HKD 31 million, primarily through bank loan replacement and early refinancing, effectively controlling financial costs | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 31 | 35 | -11.4% | - The reduction in finance costs benefited from bank loan replacement and early refinancing, demonstrating significant effectiveness in strategic financing allocation[41](index=41&type=chunk) [New Contracts Awarded](index=15&type=section&id=New%20Contracts%20Awarded) For the six months ended June 30, 2025, the Group recorded cumulative new contract awards totaling HKD 4.711 billion | Indicator | For the six months ended June 30, 2025 (HKD Billion) | | :--- | :--- | | Cumulative New Contract Awards | 4.711 | [Financial Management and Treasury Policy](index=15&type=section&id=Financial%20Management%20and%20Treasury%20Policy) As of June 30, 2025, the Group's cash and bank balances were HKD 824 million, total bank borrowings were HKD 1.763 billion, and the net gearing ratio was approximately 31.9%, with ample financial resources from HKD 7.439 billion in unutilized bank facilities, and a prudent treasury policy | Indicator | 2025 June 30 (HKD Million/Billion) | 2024 Dec 31 (HKD Million/Billion) | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 824 Million | 982 Million | -16.1% | | Total Bank Borrowings | 1.763 Billion | 1.581 Billion | +11.5% | | Net Gearing Ratio | 31.9% | 23.4% | +8.5 percentage points | - The Group possesses approximately **HKD 7.439 billion** in unutilized bank credit facilities, indicating ample financial resources[43](index=43&type=chunk) - Bank borrowings are primarily on a floating interest rate basis, with no interest rate hedging undertaken[43](index=43&type=chunk) - The treasury policy is prudent, focusing on centralized risk management and reducing funding costs, with most cash held in short-term HKD or RMB deposits[46](index=46&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total number of employees was 3,834, a decrease from the end of 2024, with an effective management incentive policy and competitive remuneration package that is reviewed periodically based on market conditions and employee performance | Indicator | 2025 June 30 | 2024 Dec 31 | Change | | :--- | :--- | :--- | :--- | | Total Number of Employees | 3,834 | 4,006 | -4.3% | - The Group has an effective management incentive policy and competitive remuneration, which includes basic salary, allowances, fringe benefits, and discretionary bonuses[47](index=47&type=chunk) [Outlook and Operating and Development Strategy](index=16&type=section&id=Outlook%20and%20Operating%20and%20Development%20Strategy) Looking ahead to the second half, global economic risks persist, but China's economy and the Hong Kong and Macau regions are expected to remain stable and positive, with the Group seizing market opportunities in Hong Kong's Northern Metropolis, Macau's large-scale projects, and Belt and Road countries to accelerate global expansion, while continuously focusing on its core curtain wall business, leveraging BIPV as a new growth driver, actively exploring the old curtain wall inspection and maintenance market, researching smart cleaning robots, and adhering to a high-quality and sustainable development strategy by integrating ESG considerations into its operations [Outlook](index=16&type=section&id=Outlook) In the second half, the global economy still faces downside risks, but China's economy is expected to maintain steady and positive growth, with Hong Kong and Macau benefiting from integration into national development, and the Hong Kong property market recovering, while the Northern Metropolis development, new large-scale projects in Macau, and Belt and Road country development plans will bring numerous project opportunities to the Group - In the second half, the global economy still faces downside risks, but China's economy is expected to maintain a stable, progressive, and positive trend[48](index=48&type=chunk) - The economies of Hong Kong and Macau will further integrate into the national development strategy, with the Hong Kong property market continuing its recovery[48](index=48&type=chunk) - The development of Hong Kong's Northern Metropolis, a new round of large-scale projects in Macau, and development plans in 'Belt and Road' countries will bring numerous project opportunities to the Group[48](index=48&type=chunk) [Operating and Development Strategy](index=16&type=section&id=Operating%20and%20Development%20Strategy) The Group will continue to focus on its core curtain wall business, strengthening brand promotion and market expansion, optimizing smart manufacturing and digitalization, with BIPV as a new growth driver for future curtain wall business, creating demonstration projects in first-tier cities to promote green building development, while actively exploring the old curtain wall inspection and maintenance market, researching the "high-altitude robot" niche, and adhering to a high-quality and sustainable development strategy by integrating ESG considerations into its business - Curtain wall business is the core principal business, operating with the philosophy of 'targeting high-end markets and providing high-quality services,' optimizing global business layout[49](index=49&type=chunk) - BIPV is a new growth driver for future curtain wall business, aiming to create demonstration projects in first-tier high-energy cities to promote near-zero energy building construction[49](index=49&type=chunk) - Actively planning for the curtain wall industry chain business, exploring the market for inspection, maintenance, and renovation of old curtain walls[50](index=50&type=chunk) - Focusing on the 'high-altitude robot' niche, exploring the design of smart cleaning and maintenance robots for curtain walls[50](index=50&type=chunk) - Adhering to a high-quality and sustainable development strategy, actively promoting environmental and social responsibility, and gradually integrating ESG considerations into business operations[50](index=50&type=chunk) Other Information [Interim Dividend](index=17&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 5.0 cents per share for 2025, to be distributed on October 24, 2025, to shareholders registered on September 19, 2025 | Indicator | 2025 (HK Cents per share) | 2024 (HK Cents per share) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend | 5.0 | 7.0 | -28.6% | - The payment date is **October 24, 2025**, with the record date for entitlement being **September 19, 2025**[51](index=51&type=chunk) [Closure of Register of Members](index=17&type=section&id=Closure%20of%20Register%20of%20Members) To determine interim dividend entitlements, the company will suspend share transfer registration from September 18 to September 19, 2025 - Share transfer registration will be suspended from **September 18 to September 19, 2025**[52](index=52&type=chunk) - Shareholders must complete share transfer registration by **4:30 p.m. on September 17, 2025**, to qualify for the interim dividend[52](index=52&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, the company repurchased 500,000 ordinary shares for a total consideration of HKD 745,840, which were cancelled on July 23, 2025, with no other purchases, sales, or redemptions of listed securities during the reporting period | Month | Number of Ordinary Shares Repurchased | Highest Purchase Price (HKD) | Lowest Purchase Price (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | 2025 June | 500,000 | 1.51 | 1.47 | 745,840 | - All repurchased shares were cancelled on **July 23, 2025**[53](index=53&type=chunk) - As of June 30, 2025, the company held no treasury shares[53](index=53&type=chunk) [Events After Reporting Period](index=18&type=section&id=Events%20After%20Reporting%20Period) As of the date of this announcement, no significant events have occurred after the reporting period - As of the date of this announcement, no significant events have occurred for the Group[54](index=54&type=chunk) [Corporate Governance and Review of Accounts](index=18&type=section&id=Corporate%20Governance%20and%20Review%20of%20Accounts) For the six months ended June 30, 2025, the company consistently complied with all applicable code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules, and the Audit Committee reviewed these interim results - During the reporting period, the company consistently complied with all applicable code provisions of Appendix C1 'Corporate Governance Code' of the Listing Rules[55](index=55&type=chunk) - The Audit Committee, comprising three independent non-executive directors, reviewed these interim results[56](index=56&type=chunk)

I Interim Report 中 期 報 告 2025 Cornerstone Technologies Holdings Limited 基 石 科 技 控 股 有 限 公 基石科技控股有限公司 I 二零二五年中期報告 2 司 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司 提供一個上市之市場。有意投資之人士應了解投資於該等公司之潛在風險，並應經 過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣之證券可能會較在聯交所主板買 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」）而刊載，旨在提供 有關基石科技控股有限公司（「本公司」）的資料；本公司董事（「董事」，各自為「董事」） 願就本報告的資料共同及個別地 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CORNERSTONE TECHNOLOGIES HOLDINGS LIMITED 基石科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8391） 截至二零二五年六月三十日止六個月之 中期業績公佈 基石科技控股有限公司（「本公司」，連同其附屬公司，「本集團」）之董事（「董事」）會（「董 事會」）欣然宣佈本集團截至二零二五年六月三十日止六個月之中期業績。本公佈載列本 公司中期報告之全文，乃符合香港聯合交易所有限公司GEM證券上市規則（「GEM上市規 則」）中有關中期業績初步公佈所附載資料之相關要求。 代表董事會 基石科技控股有限公司 聯席主席兼執行董事 梁子豪 香港，二零二五年八月十八日 於本公佈日期，執行董事為梁子豪先生、李民強先生、何家豪先生、PAN Wenyuan先生、 吳燕燕女士及葉兆康先生，非執行董事為吳健威先生及許培德先生，而獨立非執行董事 為葉嘉麗女士、李恆健先生、蘇詩韻女士及 ...

[Announcement Details](index=1&type=section&id=Announcement%20Details) This announcement presents the unaudited interim results of Yunnan Energy International Co. Limited for the six months ended June 30, 2025 [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This announcement presents the unaudited interim results of Yunnan Energy International Co. Limited for the six months ended June 30, 2025 - Company Name: Yunnan Energy International Co. Limited[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025 (first half of 2025)[2](index=2&type=chunk)[3](index=3&type=chunk) - Report Type: Unaudited condensed consolidated interim results announcement[2](index=2&type=chunk)[3](index=3&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Profit or Loss and Other Comprehensive Income Overview](index=2&type=section&id=Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20Overview) H1 2025 profit or loss shows revenue and gross profit declines, with loss attributable to owners of the parent significantly increasing Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Metric | 2025 H1 (Thousand HKD) | 2024 H1 (Thousand HKD) | Change (Thousand HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 152,546 | 218,810 | (66,264) | -30.3% | | Cost of Sales | (147,419) | (212,621) | 65,202 | -30.7% | | Gross Profit | 5,127 | 6,189 | (1,062) | -17.2% | | Other Income and Gains, Net | 1,781 | 1,142 | 639 | 56.0% | | Selling and Distribution Expenses | (1,803) | (1,029) | (774) | 75.2% | | Administrative Expenses | (5,319) | (5,213) | (106) | 2.0% | | Net Reversal of Impairment Losses on Financial Assets / (Impairment Losses) | 545 | (172) | 717 | -416.9% | | Finance Costs | (1,756) | (1,206) | (550) | 45.6% | | Loss Before Tax | (1,425) | (313) | (1,112) | 355.3% | | Income Tax | (1,230) | – | (1,230) | N/A | | Loss for the Period Attributable to Owners of the Parent | (2,655) | (313) | (2,342) | 748.2% | | Total Comprehensive Loss for the Period Attributable to Owners of the Parent | (1,037) | (974) | (63) | 6.5% | | Basic and Diluted Loss Per Share (HK cents) | (0.96) | (0.11) | (0.85) | 772.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Financial Position Overview](index=4&type=section&id=Financial%20Position%20Overview) H1 2025 financial position shows non-current assets up, current assets and liabilities down, and total equity slightly lower Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (Thousand HKD) | Dec 31, 2024 (Thousand HKD) | Change (Thousand HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Total Non-current Assets | 52,308 | 40,982 | 11,326 | 27.6% | | Total Current Assets | 326,676 | 373,742 | (47,066) | -12.6% | | **Liabilities** | | | | | | Total Current Liabilities | 204,296 | 250,607 | (46,311) | -18.5% | | Total Non-current Liabilities | 11,608 | – | 11,608 | N/A | | **Equity** | | | | | | Total Equity | 163,080 | 164,117 | (1,037) | -0.6% | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Note 1 Company and Group Information](index=6&type=section&id=Note%201%20Company%20and%20Group%20Information) Yunnan Energy International is a Bermuda-incorporated, dual-listed company, ultimately held by Yunnan Energy Investment Group - Company registration: Bermuda[9](index=9&type=chunk) - Listing locations: Hong Kong Stock Exchange (primary listing), Singapore Exchange (secondary listing)[9](index=9&type=chunk) - Ultimate holding company: Yunnan Energy Investment Group Co., Ltd. (a Chinese state-owned enterprise)[10](index=10&type=chunk) [Note 2 Basis of Preparation and Application of New and Revised IFRSs](index=6&type=section&id=Note%202%20Basis%20of%20Preparation%20and%20Application%20of%20New%20and%20Revised%20IFRSs) Interim financial statements, prepared under IAS 34, align with 2024 policies, with no significant impact from new IFRSs, covering distribution and supply chain - Basis of preparation: Prepared in accordance with International Accounting Standard 34 Interim Financial Reporting[11](index=11&type=chunk) - Accounting policies: Consistent with those used in the annual financial statements for the year ended December 31, 2024[11](index=11&type=chunk) - Impact of new standards: Adoption of new and revised IFRSs did not result in significant changes to the Group's accounting policies, financial statement presentation, or amounts[13](index=13&type=chunk) - Principal businesses: Distribution of branded analytical and laboratory instruments and life science equipment (the "Distribution Business") and supply chain business for diversified industrial and consumer products trading (the "Supply Chain Business")[12](index=12&type=chunk) [Note 3 Operating Segment Information](index=7&type=section&id=Note%203%20Operating%20Segment%20Information) The Group operates in Distribution and Supply Chain segments; H1 2025 saw Distribution revenue surge while Supply Chain revenue declined, with China as the primary revenue source - Operating segments: Distribution Business (distribution of analytical instruments, life science and general laboratory instruments and after-sales services) and Supply Chain Business (trading of commodities, diversified industrial and consumer products)[16](index=16&type=chunk) Segment Revenue and Results (Six Months Ended June 30) | Segment | 2025 H1 Revenue (Thousand HKD) | 2024 H1 Revenue (Thousand HKD) | Revenue Change Rate | 2025 H1 Results (Thousand HKD) | 2024 H1 Results (Thousand HKD) | Results Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Distribution Business | 20,661 | 3,094 | 567.7% | (215) | (70) | 207.1% | | Supply Chain Business | 131,885 | 215,716 | -38.9% | 1,724 | 3,204 | -46.2% | | **Total** | **152,546** | **218,810** | **-30.3%** | **1,509** | **3,134** | **-51.8%** | Geographical Information: Revenue from External Customers (Six Months Ended June 30) | Region | 2025 H1 Revenue (Thousand HKD) | 2024 H1 Revenue (Thousand HKD) | Change (Thousand HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | China (including Hong Kong and Macau) | 152,256 | 161,229 | (8,973) | -5.6% | | Asia (excluding China) | 290 | 57,581 | (57,291) | -99.5% | | **Total** | **152,546** | **218,810** | **(66,264)** | **-30.3%** | Major Customer Revenue Contribution (Six Months Ended June 30) | Customer | 2025 H1 Revenue (Thousand HKD) | 2024 H1 Revenue (Thousand HKD) | | :--- | :--- | :--- | | Customer A in Supply Chain Business Segment | 55,224 | N/A* | | Customer B in Supply Chain Business Segment | 16,479 | N/A* | | Customer C in Supply Chain Business Segment | 16,217 | N/A* | | Customer D in Supply Chain Business Segment | N/A* | 93,019 | | Customer E in Supply Chain Business Segment | N/A* | 32,486 | | Customer F in Supply

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1882） 截至二零二五年六月三十日止六個月 中期業績公佈 | 摘 | 要 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 截至六月三十日止六個月 | 二零二五年 | 二零二四年 | 變動 | | | | | | | | | 人民幣 | 人民幣 | 百萬元 | 百萬元 | % | | | | | | | | 9,018.3 | 收 | 入 | 8,017.8 | 12.5 | 2,960.2 | 毛 | 利 | 2,591.6 | 14.2 | | | 1,983.5 | 經營利潤 | 1,750.8 | 13.3 | 1,711.5 | ...

[Cover and Financial Highlights](index=1&type=section&id=%E5%B0%81%E9%9D%A2%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the company turned profitable with profit attributable to owners of approximately HKD 3.0 million, compared to a loss of HKD 19.0 million in the prior year, primarily due to a significant increase in gross proceeds from disposal of trading securities to HKD 187.0 million, resulting in basic earnings per share of 3.35 HK cents Financial Highlights for the Six Months Ended June 30, 2025 | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | Approx. 70,000 HKD | Approx. 77,000 HKD | | Gross Proceeds from Disposal of Trading Securities | Approx. 187.0 million HKD | Approx. 4.0 million HKD | | Profit/(Loss) Attributable to Owners of the Company | Profit approx. 3.0 million HKD | Loss approx. 19.0 million HKD | | Basic Earnings/(Loss) Per Share | Earnings 3.35 HK cents | Loss 30.32 HK cents | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The company achieved a profit before tax of HKD 3.039 million for the period, reversing a loss of HKD 18.980 million in the prior year, primarily due to a shift in "Other gains/(losses), net" from a HKD 16.839 million loss to a HKD 7.332 million gain, mainly from realized gains on financial assets Key Profit or Loss Data (For the Six Months Ended June 30) | Item (HKD '000) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 70 | 77 | | Other gains/(losses), net | 7,332 | (16,839) | | Profit/(Loss) before tax | 3,039 | (18,980) | | Profit/(Loss) for the period attributable to owners of the Company | 3,039 | (18,980) | | Basic earnings/(loss) per share (HK cents) | 3.35 | (30.32) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's net assets increased to HKD 139 million from HKD 130 million at the end of 2024, with total assets primarily composed of financial assets, of which financial assets at fair value through profit or loss represent the largest component at HKD 125 million Key Financial Position Data (HKD '000) | Item | As at June 30, 2025 (Unaudited) | As at December 31, 2024 (Audited) | | :--- | :--- | :--- | | Current assets | 156,091 | 147,456 | | Current liabilities | 16,871 | 17,392 | | Net assets | 139,220 | 130,064 | | Total equity | 139,220 | 130,064 | | Net assets per share | 1.30 HKD | 1.53 HKD | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=4&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Notes 1-3: Company Background, Accounting Policies and Segment Information](index=4&type=section&id=%E9%99%84%E8%A8%BB1-3%3A%20%E5%85%AC%E5%8F%B8%E8%83%8C%E6%99%AF%E3%80%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's principal activities involve investing in listed and potential unlisted securities, with financial information prepared under IAS 34 using consistent accounting policies, and all revenue derived from Hong Kong as a single operating segment (investment business) - The Group's principal activities are investment in securities listed on recognised stock exchanges and unlisted investments with potential for earnings growth and capital appreciation[5](index=5&type=chunk) - The Group's business activities are organised into a single operating segment, namely investment business, and therefore no segment information is presented[9](index=9&type=chunk) - For the six months ended June 30, 2025 and 2024, the Group's revenue was solely derived from Hong Kong[10](index=10&type=chunk) [Notes 4-8: Notes to Profit or Loss Items](index=5&type=section&id=%E9%99%84%E8%A8%BB4-8%3A%20%E6%90%8D%E7%9B%8A%E8%A1%A8%E9%A0%85%E7%9B%AE%E9%99%84%E8%A8%BB) During the reporting period, the Group's finance costs primarily comprised imputed interest on promissory notes totaling HKD 0.316 million, profit before tax was stated after deducting directors' emoluments and staff costs, no Hong Kong profits tax was provided due to unutilised tax losses, no dividends were declared, and basic and diluted earnings per share were 3.35 HK cents - During the reporting period, dividend income from listed investments was **HKD 70,000**. Financial assets at fair value through profit or loss recorded a net gain of **HKD 7.515 million**, primarily comprising **HKD 10.964 million** in realised gains and **HKD 3.449 million** in unrealised losses[8](index=8&type=chunk) - No provision for Hong Kong profits tax has been made for the six months ended June 30, 2025, due to sufficient unutilised tax losses available for offset[13](index=13&type=chunk) - No dividends were paid or proposed for declaration by the Company for the six months ended June 30, 2025[15](index=15&type=chunk) [Notes 9-11: Key Asset Items](index=8&type=section&id=%E9%99%84%E8%A8%BB9-11%3A%20%E4%B8%BB%E8%A6%81%E8%B3%87%E7%94%A2%E9%A0%85%E7%9B%AE) At the end of the reporting period, the Group's core assets were financial assets, with financial assets at fair value through profit or loss totaling approximately HKD 125 million, representing 80.31% of total assets, primarily invested in listed equity securities in Hong Kong and the US, alongside an unlisted equity investment (Perfect Path Limited) valued at HKD 28.865 million, designated at fair value through other comprehensive income - Financial assets at fair value through profit or loss amounted to approximately **HKD 125 million**, representing **80.31%** of the Group's total assets[19](index=19&type=chunk) Major Investments in Listed Equity Securities (As at June 30, 2025) | Stock Name | Market Value (HKD '000) | Percentage of Group's Total Assets | | :--- | :--- | :--- | | Winchester Holding Group | 43,767 | 28.04% | | Readen Holding Corporation | 8,477 | 5.43% | | GSGG Group Inc. | 7,936 | 5.08% | | Alibaba Group Holding Limited | 6,632 | 4.25% | | Xiaomi Corporation | 5,755 | 3.69% | - The Group holds a **20%** equity interest in Perfect Path Limited, a private entity registered in Anguilla, classified as a financial asset at fair value through other comprehensive income, with a fair value of **HKD 28.865 million**[24](index=24&type=chunk)[26](index=26&type=chunk) [Notes 12-15: Liabilities, Equity and Subsequent Events](index=12&type=section&id=%E9%99%84%E8%A8%BB12-15%3A%20%E8%B2%A0%E5%82%B5%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) At the end of the reporting period, the Group's current liabilities primarily included other payables of HKD 2.984 million and promissory notes of HKD 13.887 million, with share capital increasing during the period through new share placements and exercise of share options, and a subsequent share placement completed on August 7, 2025, raising net proceeds of approximately HKD 3.749 million - As at June 30, 2025, the balance of promissory notes was **HKD 13.887 million**, all classified as current liabilities[27](index=27&type=chunk) - During the reporting period, the Company issued **17,853,962** new shares through placement and **4,316,722** new shares upon exercise of share options, increasing issued share capital from **HKD 850 million** to **HKD 1,071 million**[29](index=29&type=chunk) - On August 7, 2025, the Company completed the placement of **21,424,755** new shares at **HKD 0.178** per share, raising net proceeds of approximately **HKD 3.749 million**[31](index=31&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review, Prospects and Future Plans](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E3%80%81%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Management believes that despite challenging macroeconomic conditions in the first half of 2025, both Hong Kong and US stock markets demonstrated resilience, and the company remains optimistic about future market prospects, planning to capitalize on growth opportunities through a diversified investment portfolio, particularly in technology and green energy, while maintaining strategic flexibility - Management is optimistic about the prospects of the Hong Kong and US stock markets for the second half of 2025[35](index=35&type=chunk) - The Company's strategic initiatives include expanding investments in markets and industries such as technology and green energy to diversify its investment portfolio, mitigate risks, and enhance returns[35](index=35&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the Group's revenue was approximately HKD 70,000, a 9.1% year-on-year decrease; however, due to realized gains from disposal of trading securities of approximately HKD 11.0 million significantly exceeding unrealized fair value losses of HKD 3.4 million, the Group successfully turned profitable, recording a profit attributable to owners of approximately HKD 3.0 million, with net assets increasing to approximately HKD 139 million at period-end Performance and Financial Position | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | Approx. 70,000 HKD | Approx. 77,000 HKD | | Gross Proceeds from Disposal of Trading Securities | Approx. 187.0 million HKD | Approx. 4.0 million HKD | | Realized Gains on Listed Securities | Approx. 11.0 million HKD | Approx. 1.9 million HKD | | Unrealized Fair Value Losses on Listed Securities | Approx. 3.4 million HKD | Approx. 18.7 million HKD | | Profit/(Loss) Attributable to Owners | Profit approx. 3.0 million HKD | Loss approx. 19.0 million HKD | - As at June 30, 2025, the Group's net assets were approximately **HKD 139 million**, an increase from **HKD 130 million** as at December 31, 2024[37](index=37&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group held approximately HKD 1.4 million in available funds, with shareholders' funds at approximately HKD 139 million and borrowings at approximately HKD 13.9 million, resulting in a gearing ratio (borrowings/net assets) decreasing to approximately 9.97% from 10.72% at the end of the previous year, and 4,316,722 ordinary shares were issued during the period due to the exercise of share options Capital Structure Metrics | Metric | As at June 30, 2025 | As at December 31, 2024 | | :--- | :--- | :--- | | Available Funds | Approx. 1.4 million HKD | Approx. 2.7 million HKD | | Shareholders' Funds | Approx. 139.2 million HKD | Approx. 130.1 million HKD | | Borrowings | Approx. 13.9 million HKD | Approx. 13.9 million HKD | | Gearing Ratio | Approx. 9.97% | 10.72% | [Fundraising Activities](index=17&type=section&id=%E9%9B%86%E8%B3%87%E6%B4%BB%E5%8B%95) The company conducted several new share placements during and prior to the reporting period to raise capital, with Placement A completed in September 2024 raising net proceeds of approximately HKD 4.2 million for investments and general working capital, and Placement B completed in June 2025 raising net proceeds of approximately HKD 2.9 million, which has been utilized as planned for investments and working capital - A placement completed on September 11, 2024, raised net proceeds of approximately **HKD 4.2 million**, intended for investments (**HKD 3.7 million**) and general working capital (**HKD 0.5 million**)[41](index=41&type=chunk)[44](index=44&type=chunk) - A placement completed on June 12, 2025, raised net proceeds of approximately **HKD 2.9 million**, intended for investments (**HKD 2.5 million**) and general working capital (**HKD 0.4 million**), and the funds have been utilized as planned[45](index=45&type=chunk)[46](index=46&type=chunk) [Investment Review and Significant Investments](index=19&type=section&id=%E6%8A%95%E8%B3%87%E5%9B%9E%E9%A1%A7%E5%8F%8A%E9%87%8D%E8%A6%81%E6%8A%95%E8%B3%87) As an investment company listed on the Main Board of the Stock Exchange (in compliance with Chapter 21 of the Listing Rules), the Group primarily invests in listed and unlisted securities, holding 23 investments at period-end, including significant investments in gold mining (Perfect Path), renewable energy (LNPR), and prominent listed companies such as Tencent, Alibaba, and Xiaomi - The Company is an investment company listed on the Main Board of the Stock Exchange under Chapter 21 of the Listing Rules, primarily engaged in investments in listed and unlisted securities[47](index=47&type=chunk) - As at June 30, 2025, the Company held **23** investments, including **13** Hong Kong listed equity securities, **8** US listed equity securities, an interest in an Anguilla private entity, and an interest in a US private entity[47](index=47&type=chunk) - Key investment projects include: private equity investments in Perfect Path (gold mining) and LNPR Group (renewable energy); and listed equity investments in Tencent, Winchester Holding, Alibaba, Readen Holding, Sante Technology, Xiaomi, Bright Smart Securities, and GSG Group[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) [Other Operational and Policy Information](index=22&type=section&id=%E5%85%B6%E4%BB%96%E7%87%9F%E9%81%8B%E5%8F%8A%E6%94%BF%E7%AD%96%E4%BF%A1%E6%81%AF) As of June 30, 2025, the Group employed 5 staff members, maintained a conservative treasury policy with continuous liquidity risk monitoring, operated as a single segment for securities investment, perceived no significant foreign exchange risk, and had no material contingent liabilities or pledged assets at period-end - As at June 30, 2025, the Group employed a total of **5** employees (including executive directors)[58](index=58&type=chunk) - The Group's business activities are organised into a single operating segment, namely investment in securities listed on recognised stock exchanges and unlisted investments with potential for earnings growth and capital appreciation[60](index=60&type=chunk) - As at June 30, 2025, the Group had no material contingent liabilities and no assets were pledged[62](index=62&type=chunk)[63](index=63&type=chunk) [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Directors' Interests and Corporate Governance](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The report discloses the long position interests of three directors in the company's shares, and while the company has adopted relevant corporate governance codes, there is a deviation where the roles of Chairman and Chief Executive Officer are held by the same person (Mr. Chow Wai Hing), with the CEO position continuously vacant since June 2022, an arrangement the Board believes enhances execution efficiency and will be regularly reviewed Directors' Long Positions in the Company's Shares (As at June 30, 2025) | Director's Name | Capacity | Number of Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Chow Wai Hing | Beneficial Owner | 849,530 | 0.79% | | Wu Mingjia | Beneficial Owner | 849,530 | 0.79% | | Wong Sze Lok | Beneficial Owner | 69,072 | 0.06% | - The Company deviates from the Corporate Governance Code's requirement for separation of Chairman and Chief Executive Officer roles, with Mr. Chow Wai Hing currently holding both responsibilities and the CEO position remaining vacant since June 2022[66](index=66&type=chunk)[67](index=67&type=chunk) - The Audit Committee has reviewed the unaudited interim financial statements for the period and considers them to be in compliance with applicable accounting standards and the Listing Rules[70](index=70&type=chunk)

*僅供識別 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，並表明概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 CHINA MEDICAL SYSTEM HOLDINGS LIMITED 康 哲 藥 業 控 股 有 限 公 司 * （於開曼群島註冊成立的有限公司） （香港股份代號：867） （新加坡股份代號：8A8） 截至二零二五年六月三十日止六個月之中期業績公告及非執行董事辭任 China Medical System Holdings Limited（「本公司」）之董事會（「董事會」）欣然公佈本公司及其附屬 公司（「本集團」或「康哲藥業」）截至二零二五年六月三十日止六個月(「報告期」)之未經審計簡明 合併業績。 財務摘要 1 營業額同比增長 10.8%至人民幣 4,002.0 百萬元（二零二四年中期：人民幣 3,611.1 百萬元）；若全 按藥品銷售收入計算則營業額同比增長 8.9%至人民幣 4,669.6 百萬元（二零二四年中期：人民幣 4,287.5 百萬元） 毛利同比增長 7.2%至人民幣 2,8 ...

[Company Information and Announcements](index=1&type=section&id=Company%20Information%20and%20Announcements) [Company Profile](index=1&type=section&id=Company%20Profile) TK Group (Holdings) Limited, stock code 2283, announced its interim results for the six months ended June 30, 2025 - Company Name: **TK Group (Holdings) Limited** - Stock Code: **2283**[2](index=2&type=chunk) - Announcement Content: Interim results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) [Financial Performance Summary](index=2&type=section&id=Financial%20Performance%20Summary) [Key Financial Indicators](index=2&type=section&id=Key%20Financial%20Indicators) For the six months ended June 30, 2025, revenue increased by 4.3% to HKD 1,050,255 thousand, profit for the period rose 8.8% to HKD 86,774 thousand, basic earnings per share increased to HKD 10.5 cents, and both gross and net margins improved 2025 H1 Key Financial Indicators Comparison (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,050,255 | 1,007,209 | 4.3% | | Profit for the period | 86,774 | 79,742 | 8.8% | | Basic EPS (HK cents) | 10.5 | 9.6 | 9.4% | | Proposed Interim Dividend (HK cents) | 4.3 | 4.0 | 7.5% | | Gross Margin | 25.3% | 24.8% | +0.5pp | | Net Margin | 8.3% | 7.9% | +0.4pp | | Return on Equity | 5.2% | 5.1% | +0.1pp | | Return on Assets | 3.4% | 3.2% | +0.2pp | | Inventory Turnover Days | 106 | 104 | +2 days | | Trade Receivables Turnover Days | 72 | 66 | +6 days | | Trade Payables Turnover Days | 72 | 71 | +1 day | [Financial Position](index=2&type=section&id=Financial%20Position) As of June 30, 2025, net current assets slightly decreased, but the current ratio remained high at 262.6% with no bank borrowings, indicating a robust financial structure 2025 June 30 Financial Position Comparison (HKD thousands) | Indicator | 2025 June 30 (HKD thousands) | 2024 Dec 31 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 1,249,384 | 1,264,692 | -1.2% | | Current Ratio | 262.6% | 263.4% | -0.8pp | | Quick Ratio | 201.6% | 209.2% | -7.6pp | | Gearing Ratio | Not Applicable | Not Applicable | - | | Bank Borrowings | None | None | - | [Interim Condensed Consolidated Financial Statements](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) In H1 2025, revenue grew 4.3% and gross profit 6.1%, but operating profit decreased 10.9% due to non-recurring items; profit for the period increased 8.8%, and total comprehensive income significantly rose to HKD 126,789 thousand, mainly from foreign currency translation differences 2025 H1 Consolidated Statement of Comprehensive Income Key Data (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,050,255 | 1,007,209 | 4.3% | | Cost of Sales | (784,872) | (757,191) | 3.7% | | Gross Profit | 265,383 | 250,018 | 6.1% | | Operating Profit | 90,969 | 102,045 | -10.9% | | Profit Before Income Tax | 101,360 | 111,439 | -9.0% | | Income Tax Expense | (14,586) | (31,697) | -54.0% | | Profit for the Period | 86,774 | 79,742 | 8.8% | | Total Comprehensive Income for the Period | 126,789 | 32,694 | 287.8% | | Basic and Diluted EPS (HK cents) | 10.5 | 9.6 | 9.4% | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets, non-current assets, and current assets slightly decreased, while total equity and total liabilities also saw minor reductions, maintaining a stable financial structure with no bank borrowings 2025 June 30 Consolidated Statement of Financial Position Key Data (HKD thousands) | Indicator | 2025 June 30 (HKD thousands) | 2024 Dec 31 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 519,273 | 538,074 | -3.5% | | Current Assets | 2,017,732 | 2,038,669 | -1.0% | | Total Assets | 2,537,005 | 2,576,743 | -1.5% | | **Equity** | | | | | Total Equity | 1,682,585 | 1,711,287 | -1.7% | | **Liabilities** | | | | | Non-current Liabilities | 86,072 | 91,479 | -5.9% | | Current Liabilities | 768,348 | 773,977 | -0.7% | | Total Liabilities | 854,420 | 865,456 | -1.3% | | Total Equity and Liabilities | 2,537,005 | 2,576,743 | -1.5% | [Notes to the Interim Financial Information](index=7&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) [General Information](index=7&type=section&id=General%20Information) The company, registered in the Cayman Islands, primarily manufactures, sells, and modifies moulds and injection moulding components in China, with shares listed on the HKEX since 2013 - Company registered in the Cayman Islands, primarily engaged in the manufacturing, sale, subcontracting, production, and modification of moulds and injection moulding components in China[9](index=9&type=chunk) - Listed on the Hong Kong Stock Exchange on **December 20, 2013**[10](index=10&type=chunk) - Financial information presented in **HKD** and approved for publication by the Board on August 18, 2025, unaudited but reviewed by the Audit Committee[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared in accordance with HKAS 34 and consistent with the 2024 annual financial statements, with no significant impact from new or revised standards adopted this period - Basis of Preparation: Prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants[14](index=14&type=chunk) - Accounting Policies: Consistent with the previous financial year, with no significant impact on financial performance or position from new and revised standards adopted during the period[15](index=15&type=chunk)[16](index=16&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) In H1 2025, mould manufacturing revenue grew strongly by 30.4% to HKD 350,548 thousand, while plastic injection moulding components manufacturing revenue decreased by 5.2% to HKD 699,707 thousand 2025 H1 Segment Revenue and Results (HKD thousands) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Revenue Change (%) | 2025 Results (HKD thousands) | 2024 Results (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mould Manufacturing | 350,548 | 268,912 | 30.4% | 115,385 | 90,055 | | Plastic Injection Moulding Components Manufacturing | 699,707 | 738,297 | -5.2% | 149,998 | 159,963 | | Total (External Customers) | 1,050,255 | 1,007,209 | 4.3% | 265,383 | 250,018 | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense significantly decreased by 54.0% to HKD 14,586 thousand in H1 2025, with the effective tax rate falling to 14.4%, primarily due to reduced withholding income tax 2025 H1 Income Tax Expense (HKD thousands) | Tax Type | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current Income Tax | 11,169 | 16,398 | -31.9% | | Deferred Income Tax | 3,417 | 15,299 | -77.7% | | Total Income Tax Expense | 14,586 | 31,697 | -54.0% | | Effective Tax Rate | 14.4% | 28.4% | -14.0pp | - China corporate income tax rate is **25%**, with some high-tech enterprises enjoying a **15%** preferential tax rate; withholding income tax is typically **10%**, with a **5%** preferential rate for Hong Kong tax residents[21](index=21&type=chunk) [Earnings Per Share](index=10&type=section&id=Earnings%20Per%20Share) Basic earnings per share for H1 2025 increased by 9.4% to HKD 10.5 cents, with diluted earnings per share being substantially the same due to minimal dilutive potential shares 2025 H1 Earnings Per Share Calculation | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period (HKD thousands) | 86,774 | 79,742 | | Weighted Average Number of Ordinary Shares (thousands of shares) | 829,149 | 827,529 | | Basic EPS (HK cents) | 10.5 | 9.6 | | Diluted EPS | Substantially the same | Substantially the same | [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to HKD 481,677 thousand, with net trade receivables at HKD 421,241 thousand, mostly within three months 2025 June 30 Trade and Other Receivables (HKD thousands) | Item | 2025 June 30 (HKD thousands) | 2024 Dec 31 (HKD thousands) | | :--- | :--- | :--- | | Net Trade Receivables | 421,241 | 399,686 | | Prepayments and Deposits | 23,383 | 26,740 | | Recoverable VAT | 13,887 | 14,226 | | Advances to Employees | 4,562 | 4,364 | | Loans to Associates | 1,193 | 808 | | Export Tax Refund Receivables | 3,115 | 1,281 | | Others | 14,296 | 7,161 | | **Total** | **481,677** | **454,266** | Trade Receivables Ageing Analysis (HKD thousands) | Ageing | 2025 June 30 (HKD thousands) | 2024 Dec 31 (HKD thousands) | | :--- | :--- | :--- | | Within 3 months | 376,509 | 358,739 | | Over 3 months but within 1 year | 54,005 | 48,030 | | Over 1 year | 2,231 | 2,643 | | **Total** | **432,745** | **409,412** | - No new loans were provided to associates during the period[27](index=27&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to HKD 450,423 thousand, with trade payables at HKD 333,371 thousand, mostly due within 90 days 2025 June 30 Trade and Other Payables (HKD thousands) | Item | 2025 June 30 (HKD thousands) | 2024 Dec 31 (HKD thousands) | | :--- | :--- | :--- | | Trade Payables | 333,371 | 292,330 | | Accrued Wages and Employee Benefits | 85,844 | 117,135 | | Accrued Expenses and Other Payables | 16,818 | 14,071 | | Other Tax Payables | 14,390 | 12,368 | | **Total** | **450,423** | **435,904** | Trade Payables Ageing Analysis (HKD thousands) | Ageing | 2025 June 30 (HKD thousands) | 2024 Dec 31 (HKD thousands) | | :--- | :--- | :--- | | Within 90 days | 260,207 | 214,374 | | 91 to 120 days | 52,306 | 47,414 | | 121 to 365 days | 12,894 | 22,236 | | Over 365 days | 7,964 | 8,306 | | **Total** | **333,371** | **292,330** | [Share Capital and Share Premium](index=12&type=section&id=Share%20Capital%20and%20Share%20Premium) As of June 30, 2025, the company's authorized and issued share capital remained unchanged at 2,000,000 thousand shares and 833,260 thousand shares respectively, with share premium also stable at HKD 251,293 thousand Share Capital and Share Premium (HKD thousands) | Item | Number of Ordinary Shares (thousands of shares) | Par Value (HKD thousands) | Share Premium (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Authorized Share Capital | 2,000,000 | 200,000 | - | - | | Issued and Fully Paid Share Capital | 833,260 | 83,326 | 251,293 | 334,619 | [Dividends](index=12&type=section&id=Dividends) The Board resolved to declare an interim dividend of HKD 4.3 cents per share for H1 2025, an increase from the prior year, with 2024 final and special dividends already paid in June 2025 - On August 18, 2025, the Board resolved to declare an interim dividend of **HKD 4.3 cents per share** (2024 interim: HKD 4.0 cents), totaling approximately **HKD 35,830,000**[31](index=31&type=chunk) - The 2024 final dividend (HKD 8.8 cents per share) and special dividend (HKD 10.0 cents per share) were paid on **June 12, 2025**[31](index=31&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=13&type=section&id=Business%20Review) In H1 2025, despite global economic challenges, the company's total revenue grew 4.3%, driven by a strong 30.4% increase in mould manufacturing, offsetting a 5.2% decline in plastic injection moulding components manufacturing - Global economic environment faces challenges, with slowing US economic growth and weak consumer spending; the Eurozone shows a moderate recovery; China's GDP grew **5.3%**, demonstrating resilience[32](index=32&type=chunk) 2025 H1 Revenue by Business Segment Comparison (HKD millions) | Business Segment | 2025 H1 (HKD millions) | 2024 H1 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Mould Manufacturing | 350.6 | 268.9 | 30.4% | | Plastic Injection Moulding Components Manufacturing | 699.7 | 738.3 | -5.2% | | **Total Revenue** | **1,050.3** | **1,007.2** | **4.3%** | [Revenue by Downstream Industry Analysis](index=13&type=section&id=Revenue%20by%20Downstream%20Industry%20Analysis) In H1 2025, revenue from automotive, medical & personal care, and other industries grew significantly, with automotive up 30.3%, while mobile & wearables, smart home, e-vaporizers, and commercial communication equipment saw declines, with the latter down 45.4% 2025 H1 Revenue by Downstream Industry Analysis (HKD millions) | Industry | 2025 (HKD millions) | 2025 (%) | 2024 (HKD millions) | 2024 (%) | Change (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mobile & Wearables | 313.7 | 29.9 | 326.2 | 32.4 | -12.5 | -3.8 | | Automotive | 187.3 | 17.8 | 143.7 | 14.3 | 43.6 | 30.3 | | Medical & Personal Care | 163.6 | 15.6 | 142.5 | 14.1 | 21.1 | 14.8 | | Smart Home | 99.2 | 9.4 | 99.9 | 9.9 | -0.7 | -0.7 | | E-vaporizers | 77.5 | 7.4 | 95.5 | 9.5 | -18.0 | -18.8 | | Commercial Communication Equipment | 49.1 | 4.7 | 90.0 | 8.9 | -40.9 | -45.4 | | Others | 159.9 | 15.2 | 109.4 | 10.9 | 50.5 | 46.2 | | **Total** | **1,050.3** | **100.0** | **1,007.2** | **100.0** | **43.1** | **4.3** | [Overall Financial Highlights](index=14&type=section&id=Overall%20Financial%20Highlights) In H1 2025, gross profit increased 6.1% to HKD 265.4 million, gross margin improved by 0.5 percentage points to 25.3%, profit attributable to owners rose 8.8% to HKD 86.8 million, basic EPS increased to HKD 10.5 cents, and sales orders on hand grew 12.4% 2025 H1 Overall Financial Highlights (HKD millions) | Indicator | 2025 H1 (HKD millions) | 2024 H1 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 265.4 | 250.0 | 6.1% | | Gross Margin | 25.3% | 24.8% | +0.5pp | | Profit Attributable to Owners | 86.8 | 79.7 | 8.8% | | Net Margin | 8.3% | 7.9% | +0.4pp | | Basic EPS (HK cents) | 10.5 | 9.6 | 9.4% | | Net Cash | 1,067.2 | 1,060.5 | 0.6% | | Sales Orders on Hand | 999.3 | 889.1 (2024 Dec 31) | 12.4% | [Business Segment Analysis](index=14&type=section&id=Business%20Segment%20Analysis) Mould manufacturing revenue surged 30.4% due to automotive recovery and market demand, though gross margin slightly decreased due to investment in precision moulds; plastic injection moulding components revenue fell 5.2% due to a slowdown in consumer markets, but medical & personal care performed strongly [Mould Manufacturing Business](index=14&type=section&id=Mould%20Manufacturing%20Business) Mould manufacturing revenue grew 30.4% to HKD 350.6 million, driven by automotive parts demand and market expansion, but gross margin slightly decreased to 32.9% due to increased investment in precision mould manufacturing capabilities - Mould manufacturing business revenue: **HKD 350.6 million**, a **30.4% year-on-year increase**, accounting for **33.4%** of total revenue[36](index=36&type=chunk) - Business Focus: Super-large standard moulds primarily for automotive parts, while precision moulds cover high-end consumer electronics such as mobile phones, wearables, smart home devices, and medical & personal care products[36](index=36&type=chunk) - Strategy: Increased investment to enhance precision mould manufacturing capabilities and refinement, actively expanding into medical, consumer electronics, and smart home markets to diversify client base[37](index=37&type=chunk) - Gross Margin: **32.9%**, a **0.6 percentage point year-on-year decrease**, mainly due to increased investment in precision mould manufacturing capabilities[37](index=37&type=chunk)[41](index=41&type=chunk) [Plastic Injection Moulding Components Manufacturing Business](index=15&type=section&id=Plastic%20Injection%20Moulding%20Components%20Manufacturing%20Business) Plastic injection moulding components revenue decreased 5.2% to HKD 699.7 million due to weak consumer confidence, though medical & personal care showed strong growth, while e-vaporizers declined due to regulatory tightening, resulting in a slight gross margin drop to 21.4% - Plastic injection moulding components manufacturing business revenue: **HKD 699.7 million**, a **5.2% year-on-year decrease**, accounting for **66.6%** of total revenue[38](index=38&type=chunk) - Key Impact: Weak consumer confidence in Europe and America led to shrinking product demand, with some brand clients adjusting orders or delaying shipments[38](index=38&type=chunk) Plastic Injection Business Key Downstream Industry Revenue Changes | Industry | Revenue Change (%) | | :--- | :--- | | Mobile & Wearables | -3.8% | | Smart Home | -0.7% | | Commercial Communication Equipment | -45.4% | | Medical & Personal Care | +14.8% (Medical Consumables +24.0%, Personal Care +4.5%) | | E-vaporizers | -18.8% | - Strategy: Continuously strengthening efforts to expand overseas and domestic medical brand clients, seizing development opportunities in the medical and health industry[39](index=39&type=chunk) - Gross Margin: **21.4%**, a slight **0.3 percentage point year-on-year decrease**, mainly due to the slowdown in the consumer market affecting order volumes[39](index=39&type=chunk)[41](index=41&type=chunk) [Analysis of Statement of Profit or Loss Items](index=16&type=section&id=Analysis%20of%20Statement%20of%20Profit%20or%20Loss%20Items) This section details the changes and drivers for revenue, gross profit, other income, selling expenses, administrative expenses, finance income, share of results of associates, operating profit, income tax expense, and profit for the period in H1 2025 [Revenue](index=16&type=section&id=Revenue) H1 2025 revenue increased 4.3% to HKD 1,050.3 million, primarily driven by a 30.4% growth in mould manufacturing, offsetting a 5.2% decline in plastic injection moulding components manufacturing - Total Revenue: **HKD 1,050.3 million**, a **4.3% year-on-year increase**[40](index=40&type=chunk) - Driving Factors: Mould manufacturing business grew **30.4%**, while plastic injection moulding components manufacturing business decreased **5.2%**[40](index=40&type=chunk) [Gross Profit](index=16&type=section&id=Gross%20Profit) Gross profit increased 6.1% to HKD 265.4 million, with gross margin rising 0.5 percentage points to 25.3%, mainly due to the growth of higher-margin mould manufacturing business - Gross Profit: **HKD 265.4 million**, a **6.1% year-on-year increase**; Gross Margin: **25.3%**, up **0.5 percentage points**[41](index=41&type=chunk) - Mould Manufacturing Segment Gross Margin: **32.9%**, down **0.6 percentage points**, due to increased investment in precision mould manufacturing capabilities[41](index=41&type=chunk) - Plastic Injection Moulding Components Manufacturing Segment Gross Margin: **21.4%**, down **0.3 percentage points**, due to the slowdown in the consumer market affecting order volumes[41](index=41&type=chunk) [Other Income](index=16&type=section&id=Other%20Income) Other income decreased by 34.4% to HKD 12.8 million, primarily due to a reduction in government grants - Other Income: **HKD 12.8 million**, a **34.4% year-on-year decrease**, mainly due to reduced government grants[42](index=42&type=chunk) [Other (Losses)/Gains – Net](index=17&type=section&id=Other%20%28Losses%29%E2%88%95Gains%E2%80%93Net) Other net losses amounted to HKD 0.2 million this period, a shift from a HKD 5.9 million gain in the prior year, mainly due to reduced exchange gains - Other (Losses)/Gains – Net: A **loss of HKD 0.2 million** this period, compared to a gain of HKD 5.9 million in the prior year, primarily due to reduced exchange gains[43](index=43&type=chunk) [Selling Expenses](index=17&type=section&id=Selling%20Expenses) Selling expenses decreased by 28.3% to HKD 24.6 million, representing 2.3% of total revenue, primarily due to lower transportation costs - Selling Expenses: **HKD 24.6 million**, a **28.3% year-on-year decrease**, representing **2.3%** of total revenue, mainly due to reduced transportation costs[44](index=44&type=chunk) [Administrative Expenses](index=17&type=section&id=Administrative%20Expenses) Administrative expenses increased by 18.8% to HKD 160.9 million, representing 15.3% of total revenue, mainly due to higher R&D staff costs and consulting fees for organizational diagnosis and strategic enhancement - Administrative Expenses: **HKD 160.9 million**, an **18.8% year-on-year increase**, representing **15.3%** of total revenue[45](index=45&type=chunk) - Driving Factors: 1) Increased employee expenses for R&D personnel; 2) Increased consulting service fees for organizational diagnosis and strategic enhancement[45](index=45&type=chunk) [Finance Income – Net](index=17&type=section&id=Finance%20Income%E2%80%93Net) Net finance income increased by 12.9% to HKD 9.5 million, primarily driven by higher interest income - Net Finance Income: **HKD 9.5 million**, a **12.9% year-on-year increase**, primarily due to higher interest income[46](index=46&type=chunk) [Share of Results of Associates](index=17&type=section&id=Share%20of%20Results%20of%20Associates) Share of profit from associates decreased by 9.0% to HKD 0.9 million - Share of Profit from Associates: **HKD 0.9 million**, a **9.0% year-on-year decrease**[47](index=47&type=chunk) [Operating Profit](index=17&type=section&id=Operating%20Profit) Operating profit decreased by 10.9% to HKD 91.0 million, primarily impacted by non-recurring items, while core operating profit (excluding non-recurring items) increased by 8.8% to HKD 95.6 million - Operating Profit: **HKD 91.0 million**, a **10.9% year-on-year decrease**, primarily impacted by non-recurring items[48](index=48&type=chunk) - Core Operating Profit (excluding non-recurring items): **HKD 95.6 million**, an **8.8% year-on-year increase**[48](index=48&type=chunk) [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) Income tax expense significantly decreased by 54.0% to HKD 14.6 million, with the effective tax rate falling to 14.4%, mainly due to reduced withholding income tax - Income Tax Expense: **HKD 14.6 million**, a **54.0% year-on-year decrease**; Effective Tax Rate: **14.4%**, a **14.0 percentage point year-on-year decrease**, mainly due to reduced withholding income tax[49](index=49&type=chunk) [Profit for the Period](index=18&type=section&id=Profit%20for%20the%20Period) Profit for the period increased by 8.8% to HKD 86.8 million - Profit for the Period: **HKD 86.8 million**, an **8.8% year-on-year increase**[50](index=50&type=chunk) [Seasonality](index=18&type=section&id=Seasonality) Company sales are seasonal, with higher demand in the second half of the year driven by holiday seasons and new product launches, accounting for 57% of 2024 revenue - Sales are subject to seasonality, with demand typically higher in the second half of the year, driven by seasonal consumption patterns (e.g., Thanksgiving, Christmas holidays) and new product launches[51](index=51&type=chunk) - 2024 Revenue Distribution: **43%** in H1, **57%** in H2[51](index=51&type=chunk) [Liquidity, Financial Resources and Ratios](index=18&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Ratios) As of June 30, 2025, net current assets slightly decreased, but cash and bank balances remained high, and the current ratio was robust, with no bank borrowings and an inapplicable gearing ratio [Liquidity Position](index=18&type=section&id=Liquidity%20Position) As of June 30, 2025, net current assets were HKD 1,249.4 million, cash and bank balances were HKD 1,067.2 million, the current ratio was 262.6%, total equity was HKD 1,682.6 million, and there were no bank borrowings 2025 June 30 Liquidity Position (HKD millions) | Indicator | 2025 June 30 (HKD millions) | 2024 Dec 31 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Net Current Assets | 1,249.4 | 1,264.7 | -1.2% | | Cash and Bank Balances | 1,067.2 | 1,164.8 | -8.4% | | Current Ratio | 262.6% | 263.4% | -0.8pp | | Total Equity | 1,682.6 | 1,711.3 | -1.7% | | Bank Borrowings | None | None | - | | Gearing Ratio | Not Applicable | Not Applicable | - | [Maturity Profile of Borrowings](index=19&type=section&id=Maturity%20Profile%20of%20Borrowings) As of June 30, 2025, the Group had no bank borrowings - The Group had **no bank borrowings** as of June 30, 2025, and December 31, 2024[53](index=53&type=chunk) [Liquidity Ratios](index=19&type=section&id=Liquidity%20Ratios) Inventory turnover days slightly increased by 2 days to 106 days, trade receivables turnover days increased by 6 days to 72 days due to domestic business expansion, and trade payables turnover days slightly increased by 1 day to 72 days, while the current ratio slightly decreased by 0.8 percentage points to 262.6% 2025 H1 Liquidity Ratios | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory Turnover Days | 106 | 104 | +2 days | | Trade Receivables Turnover Days | 72 | 66 | +6 days | | Trade Payables Turnover Days | 72 | 71 | +1 day | | Current Ratio | 262.6% | 263.4% | -0.8pp | - The increase in trade receivables turnover days is mainly due to the expansion of domestic business, where domestic sales customers enjoy longer credit terms[56](index=56&type=chunk) [Pledged Assets](index=20&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets - The Group had **no pledged assets** as of June 30, 2025, and December 31, 2024[59](index=59&type=chunk) [Risk Management and Capital Structure](index=20&type=section&id=Risk%20Management%20and%20Capital%20Structure) The company prudently manages foreign exchange risk through natural hedging and close monitoring of exchange rate fluctuations, maintaining an unchanged capital structure primarily composed of ordinary shares and other reserves [Foreign Exchange Risk Management](index=20&type=section&id=Foreign%20Exchange%20Risk%20Management) The company primarily faces foreign exchange risks from USD, EUR, and RMB, managed prudently through CEO-approved policies, CFO-executed daily management, and natural hedging, with regular policy reviews - Primary foreign exchange risks: **USD, EUR, and RMB**[60](index=60&type=chunk) - Management Strategy: Policies approved by the CEO, daily management executed by the CFO, primarily using prudent measures such as **natural hedging**, with regular evaluations and reviews[60](index=60&type=chunk) [RMB Exchange Rate Risk](index=20&type=section&id=RMB%20Exchange%20Rate%20Risk) The company's revenue is primarily denominated in USD, EUR, RMB, and HKD, while expenses are mainly in RMB, with no RMB hedging agreements currently in place - Revenue is primarily denominated in **USD, EUR, RMB, and HKD**, while expenses are mainly in **RMB**[61](index=61&type=chunk) - No RMB hedging agreements have been entered into[61](index=61&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) The company's capital structure remained unchanged during the period, consisting mainly of ordinary shares and other reserves - The capital structure remained **unchanged** during the period, comprising ordinary shares and other reserves[62](index=62&type=chunk) [Material Capital Investment Plans](index=20&type=section&id=Material%20Capital%20Investment%20Plans) The company plans to invest in capacity expansion and projects as outlined in the prospectus to capture future business growth, primarily funded by internal resources - Plans to invest in **capacity expansion and investment projects** to capture future business growth[63](index=63&type=chunk) - Future funding sources will primarily be **internal resources**[63](index=63&type=chunk) [Employees and Remuneration Policies](index=21&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the company had 3,861 full-time employees and 292 dispatched workers, offering competitive remuneration, a share award scheme, training, and mandatory social security contributions for Chinese employees Employee Count Comparison | Employee Type | 2025 June 30 | 2024 Dec 31 | | :--- | :--- | :--- | | Full-time Employees | 3,861 | 3,687 | | Dispatched Workers | 292 | 114 | - Remuneration Policy: Offers competitive remuneration packages, a share award scheme, and training and development programs[64](index=64&type=chunk) - Benefits for Chinese Employees: Contributes to mandatory social security funds (pension, medical, unemployment, work injury, maternity insurance, and housing provident fund)[64](index=64&type=chunk) [Material Acquisitions and Disposals](index=21&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries - No material acquisitions or disposals of subsidiaries occurred during the period[65](index=65&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - The Group had **no material contingent liabilities** as of June 30, 2025, and December 31, 2024[66](index=66&type=chunk) [Outlook](index=22&type=section&id=Outlook) For the second half, global economic uncertainty persists, but China's economy is expected to remain stable; the company will pursue technological innovation, deepen TactoTek collaboration for IMSE® technology, target AI-driven consumer electronics, enhance global supply chain resilience with a "China + Vietnam" strategy, and implement strategic upgrades with BCG to drive innovation and consolidate market leadership - Macroeconomic Outlook: High global economic uncertainty, with the World Bank lowering 2025 global GDP growth forecast to **2.3%**; China's economy is expected to continue its stable and improving trend, with GDP growth forecast maintained at **4.5%**, and policy stimuli expected to boost H2 consumer demand[67](index=67&type=chunk) - Technological Innovation: Strategic cooperation with Finland's TactoTek, obtaining IMSE® technology patent license, becoming the first local Chinese automotive-grade IMSE® electrical functional film supplier, with IMSE® production lines deployed, shortening product development cycles by over **50%**[68](index=68&type=chunk) - Market Opportunities: AI large model technology drives innovation in smart terminal industries, with consumer electronics (mobile phones, AR, AIPC, smart home) becoming key for AI implementation; the company has entered the supply chain of a metaverse industry leader, supporting AR glasses R&D[69](index=69&type=chunk) - Supply Chain Layout: Completed "China + Vietnam" dual production base deployment, with Vietnam factory expanded by **5,000 square meters** to enhance global supply chain resilience; domestic production bases (Suzhou, Shenzhen Guangming District) upgraded, expanding capacity, and strengthening medical consumables cleanrooms and mould manufacturing technology[70](index=70&type=chunk) - Strategic Upgrade: Engaged Boston Consulting Group (BCG) for an organizational diagnosis and strategic upgrade project to identify improvement areas and formulate solutions[71](index=71&type=chunk) - Future Development: Responding to the national "new quality productive forces" strategy, optimizing production management with data middle platform, AI, and Industry 4.0 technologies to improve efficiency and reduce costs; maintaining rigorous financial management to consolidate leading strengths in innovative technology and high-end manufacturing[72](index=72&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period[73](index=73&type=chunk) [Post Balance Sheet Events](index=24&type=section&id=Post%20Balance%20Sheet%20Events) No material post balance sheet events affecting the Group occurred from June 30, 2025, up to the date of this announcement - No material post balance sheet events occurred from the end of the reporting period until the announcement date[74](index=74&type=chunk) [Corporate Governance Code](index=24&type=section&id=Corporate%20Governance%20Code) The Board is committed to maintaining and promoting investor confidence and sustainable development, has established appropriate corporate governance policies, and believes it complied with all code provisions in Appendix C1 of the HKEX Listing Rules for the six months ended June 30, 2025 - The company is committed to strengthening corporate governance measures to ensure transparency and accountability[75](index=75&type=chunk) - The Board believes it complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules during the period[76](index=76&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting policies, risk management, internal controls, and financial reporting matters, including this interim financial information - The Audit Committee, composed of three independent non-executive directors, has reviewed accounting policies, risk management, internal controls, and financial reporting matters, including this interim financial information[77](index=77&type=chunk) [Declaration and Payment of Dividends](index=25&type=section&id=Declaration%20and%20Payment%20of%20Dividends) The Board resolved on August 18, 2025, to declare an interim dividend of HKD 4.3 cents per share for the six months ended June 30, 2025, totaling HKD 35,830,180, payable on September 17, 2025 - The Board resolved to declare an interim dividend of **HKD 4.3 cents per share**, totaling **HKD 35,830,180**[78](index=78&type=chunk) - The interim dividend is expected to be paid on **September 17, 2025**, to shareholders whose names appear on the register of members on August 29, 2025[78](index=78&type=chunk) [Closure of Register of Members](index=25&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend share transfer registration from August 28 to August 29, 2025; unregistered shareholders must register by 4:30 p.m. on August 27, 2025 - Share transfer registration suspension dates: **August 28 to August 29, 2025** (both days inclusive)[79](index=79&type=chunk) - Deadline for registration to qualify for the dividend: **4:30 p.m. on August 27, 2025**[79](index=79&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published on the same websites in due course - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.tkmold.com)[80](index=80&type=chunk) - The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[81](index=81&type=chunk)