新加坡證券交易所有限公司（「新交所」）、香港交易及結算所有限公司及香港聯合交易所 有限公司（「聯交所」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對本公告全部或任何部分內容而産生或因依賴該等內容而引致的任何損失 承擔任何責任。 SIIC ENVIRONMENT HOLDINGS LTD. 上海實業環境控股有限公司* （在新加坡共和國註冊成立的有限公司） （香港股份代號：807） （新加坡股份代號：BHK） 截止2025年6月30日前6個月 未經審計簡明中期財務報表和紅利公告 本海外監管公告乃根據證券及期貨條例第XIVA部及香港聯合交易所有限公司證券上市 規則第13.10B條之規定作出。 本報告乃依照新加坡證券交易所有限公司的有關規定及香港聯合交易所有限公司證券 上市規則編製。本業績公告所載之財務資料乃根據新加坡財務報告準則（國際）及國 際財務報告準則編製且未經核數師審計及審閱。上海實業環境控股有限公司股東及公 眾投資者在買賣本公司股份時應審慎操作。 承董事會命 上海實業環境控股有限公司 執行董事 汲廣林先生 新加坡和香港，2025年8月12日 於本公告日期，董事會主席兼執行 ...

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This supplementary announcement provides details on the 2020 Share Option Scheme and the current board composition [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement supplements Changyou International Group Limited's 2024 annual report, providing additional information - This is a supplementary announcement to the annual report of Changyou International Group Limited (Stock Code: 1039) for the year ended December 31, 2024[2](index=2&type=chunk) - The original annual report was published on April 28, 2025[2](index=2&type=chunk) [Supplementary Disclosure on 2020 Share Option Scheme](index=1&type=section&id=Supplementary%20Disclosure%20on%202020%20Share%20Option%20Scheme) The 2020 Share Option Scheme's available options remained unchanged in FY2024, with no impact on the annual report - The company provides supplementary information regarding the 2020 Share Option Scheme[3](index=3&type=chunk) Number of Share Options Available for Grant under 2020 Share Option Scheme | Date | Number of Share Options Available for Grant (shares) | | :--- | :--- | | 2024年1月1日 | 181,095,327 | | 2024年12月31日 | 181,095,327 | - The supplementary information does not affect any other information contained in the annual report, with all other information remaining unchanged[3](index=3&type=chunk) [Composition of the Board of Directors](index=1&type=section&id=Composition%20of%20the%20Board%20of%20Directors) The announcement lists Changyou International Group Limited's current board members, including executive, non-executive, and independent directors - Executive Directors include Mr Cheng Jerome and Mr Sun Jun[3](index=3&type=chunk) - Non-Executive Directors include Ms Hu Qing and Ms Liu Jingyan[3](index=3&type=chunk) - Independent Non-Executive Directors include Mr Wong Chi Keung, Mr Yip Wai Lun, and Mr Chan Chi Keung[3](index=3&type=chunk)

Cover and Company Information [Disclaimer](index=1&type=section&id=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) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for the accuracy or completeness of this announcement and any resulting losses - HKEX and SEHK are not responsible for the content of this announcement and bear no liability for any losses[1](index=1&type=chunk) [Company Basic Information](index=1&type=section&id=Tencent%20Music%20Entertainment%20Group%20騰訊音樂娛樂集團) Tencent Music Entertainment Group (TME) announced its unaudited financial results for the second quarter ended June 30, 2025, and provided a list of board members - TME announced its unaudited Q2 2025 financial report, available on HKEX and the company website[2](index=2&type=chunk) - Board members include Executive Directors Cussion Pang, Zhu Liang, Min Hu, James Gordon Mitchell, Brent Richard Irvin, and Wei-Yeh Tseng, along with Independent Directors Wenling Yan, Yu Kei Mak, and Jianyin Chen[2](index=2&type=chunk) Q2 2025 Financial Highlights [Key Financial Data](index=2&type=section&id=2025年第二季度財務亮點) TME achieved total revenue of **RMB 8.44 billion** in Q2 2025, a **17.9% year-over-year increase**, primarily driven by strong growth in online music services revenue, with net profit and non-IFRS net profit both seeing significant increases | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Total Revenue | 8.44 billion yuan | 7.16 billion yuan | 17.9% | | Online Music Services Revenue | 6.85 billion yuan | 5.42 billion yuan | 26.4% | | Online Music Subscription Revenue | 4.38 billion yuan | 3.74 billion yuan | 17.1% | | ARPPU | 11.7 yuan | 10.7 yuan | 9.3% | | Net Profit Attributable to Equity Holders | 2.41 billion yuan | 1.682 billion yuan | 43.2% | | Non-IFRS Net Profit Attributable to Equity Holders | 2.57 billion yuan | 1.873 billion yuan | 37.4% | | Diluted Earnings per ADS | 1.55 yuan | 1.07 yuan | 44.9% | | Non-IFRS Diluted Earnings per ADS | 1.66 yuan | 1.19 yuan | 39.5% | | Cash, Cash Equivalents, Term Deposits, and Short-term Investments Total Balance (End of Period) | 34.92 billion yuan | N/A | N/A | - Total revenue growth was primarily driven by strong growth in online music services revenue, partially offset by a decrease in social entertainment services and other services revenue[6](index=6&type=chunk) Management Comments [Cussion Pang, Executive Chairman](index=3&type=section&id=騰訊音樂娛樂集團執行董事長彭迦信表示) Cussion Pang emphasized the company's high-quality growth, with music subscription business as the core growth engine, while music-related services also showed strong momentum, aiming to build a one-stop music service platform - Achieved high-quality growth, with revenue and profit both showing steady year-over-year increases[7](index=7&type=chunk) - Music subscription business continued to be the core growth engine, with strong momentum in music-related services such as advertising, concerts, and artist merchandise[7](index=7&type=chunk) - Actively building a vibrant one-stop music service platform to empower content creators and reshape connections with music fans in more valuable ways[7](index=7&type=chunk) [Zhu Liang, CEO](index=3&type=section&id=騰訊音樂娛樂集團首席執行官梁柱表示) Zhu Liang noted that the online music business achieved steady growth through product innovation and immersive experiences, with continuous increases in paying user scale, ARPPU, and user engagement, and super member scale exceeding **15 million** - Online music business achieved steady growth through continuous product innovation and immersive experience creation[7](index=7&type=chunk) - Paying user scale and average revenue per paying user (ARPPU) continued to increase, with user engagement constantly improving[7](index=7&type=chunk) - Super member scale recently exceeded **15 million**, demonstrating users' high trust and strong stickiness to the company[7](index=7&type=chunk) Q2 2025 Business Overview [Key Operating Metrics](index=3&type=section&id=主要經營指標) In Q2 2025, online music services' monthly active users slightly decreased, but paying users and average revenue per paying user both increased, indicating enhanced user payment willingness and value | Indicator | 2025 Q2 | 2024 Q2 | YoY Change Rate | | :--- | :--- | :--- | :--- | | Online Music Services MAU (Millions) | 553 | 571 | (3.2%) | | Online Music Services Paying Users (Millions) | 124.4 | 117.0 | 6.3% | | Online Music Services ARPPU (RMB) | 11.7 | 10.7 | 9.3% | [Content Ecosystem Development](index=4&type=section&id=構建日益豐富的內容生態，為長期增長蓄力。) TME continuously enriches its content ecosystem and enhances content appeal by expanding collaborations with domestic and international record labels and artists, and innovating content co-creation and promotion models, laying a foundation for long-term growth - Expanded collaborations with domestic and international record labels and artists, signing The Black Label and H MUSIC for the first time, and renewing contract with Wang Feng[8](index=8&type=chunk) - Innovated content co-creation and promotion models, such as collaborating with SM Entertainment to create a Chinese special for NCT member Chenle, producing the ending song for the hit movie "Chang'an's Lychee," and forming a strategic partnership with Zhejiang TV[8](index=8&type=chunk) - TME's brand and platform value continue to deepen, providing customized support for domestic and international artists, earning widespread recognition[9](index=9&type=chunk) [Product Innovation and User Stickiness](index=5&type=section&id=通過協同深耕產品創新來提高產品吸引力，有效推動用戶黏性提升，促進超級會員轉化，並拓展新的商業化路徑。) The company effectively enhanced product appeal and user stickiness, promoted super member conversion, and expanded new monetization paths by hosting large-scale concerts, developing proprietary performance IPs, introducing interactive communities, improving audio quality, and enriching member benefits - Successfully managed large-scale international tours (G-DRAGON Macau concert) and domestic artist concerts (Fiona Sit, Tia Ray, GAI Zhou Yan), attracting over **36,000 attendees**[12](index=12&type=chunk) - Created over **300 offline performance opportunities** for nearly a hundred Tencent musicians through two proprietary performance IPs, "Dang Ran Hao Ting" and "Bu Fan Xian Chang"[12](index=12&type=chunk) - Partnered with DearU to introduce the interactive community "bubble" on QQ Music, allowing users to directly interact with hundreds of K-pop artists, with plans to invite popular Chinese artists to join[12](index=12&type=chunk) - Kugou Music pioneered Viper HiFi sound quality and "One-Click Power Sound 2.0" features, and launched the industry's first "AI Chorus" function, enhancing member music experience[12](index=12&type=chunk) - Artist-related benefits (digital albums, priority ticket purchase, Star Card series) significantly drove super member activation and conversion[12](index=12&type=chunk) - Closely collaborated with leading car manufacturers and numerous car models to create a superior in-car music experience, such as with Geely Group and Xiaomi's first SUV[15](index=15&type=chunk) - Newly launched innovative advertising memberships, optimized advertising models, and incentive schemes collectively promoted increased user engagement and advertising effectiveness, driving strong year-over-year growth in advertising revenue[15](index=15&type=chunk) Q2 2025 Financial Performance Review [Revenue Analysis](index=5&type=section&id=總收入為人民幣84.4億元（11.8億美元）) Total revenue increased by **17.9% year-over-year to RMB 8.44 billion**, primarily driven by a strong **26.4% growth** in online music services revenue, with subscription revenue up **17.1%** due to improved ARPPU, and advertising, artist merchandise, and offline performance revenues also increasing, while social entertainment services revenue decreased by **8.5%** | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Total Revenue | 8.44 billion yuan | 7.16 billion yuan | 17.9% | | Online Music Services Revenue | 6.85 billion yuan | 5.42 billion yuan | 26.4% | | Online Music Subscription Revenue | 4.38 billion yuan | 3.74 billion yuan | 17.1% | | Social Entertainment Services and Other Services Revenue | 1.59 billion yuan | 1.74 billion yuan | (8.5%) | - Online music subscription revenue growth was primarily driven by an increase in average revenue per paying user (ARPPU), which grew from **RMB 10.7** in the same period of 2024 to **RMB 11.7** in Q2 2025[15](index=15&type=chunk) - Advertising business revenue increased year-over-year mainly due to a more diversified product portfolio and innovative advertising formats[15](index=15&type=chunk) - Artist merchandise and offline performance revenues also achieved strong growth[15](index=15&type=chunk) [Costs and Gross Margin](index=5&type=section&id=營業成本同比增長13.1%至人民幣46.9億元) Operating costs increased by **13.1% year-over-year to RMB 4.69 billion**, mainly due to increased IP-related costs, while gross margin improved from **42.0% to 44.4%**, driven by music subscription and advertising revenue growth and a decrease in social entertainment services revenue sharing ratio | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Operating Costs | 4.69 billion yuan | 4.15 billion yuan | 13.1% | | Gross Margin | 44.4% | 42.0% | 2.4 percentage points | - The increase in operating costs was primarily due to higher IP-related costs such as artist merchandise costs, offline performance costs, and advertising agency fees[14](index=14&type=chunk) - Gross margin improvement was mainly attributable to strong growth in music subscription revenue and advertising service revenue, and a decrease in the revenue sharing ratio for social entertainment services[14](index=14&type=chunk) [Operating Expenses and Profit](index=6&type=section&id=經營開支總額為人民幣11.6億元（1.61億美元）) Total operating expenses remained stable at **RMB 1.16 billion**, with the percentage of total revenue decreasing from **16.0% to 13.7%**, while operating profit increased by **35.5% to RMB 2.98 billion**, and net profit attributable to equity holders increased by **43.2% to RMB 2.41 billion** | Indicator | 2025 Q2 (RMB) | 2024 Q2 (RMB) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Expenses | 1.16 billion yuan | 1.148 billion yuan | 0.7% | | Operating Expenses as % of Total Revenue | 13.7% | 16.0% | (2.3) percentage points | | Operating Profit | 2.98 billion yuan | 2.198 billion yuan | 35.5% | | Net Profit Attributable to Equity Holders | 2.41 billion yuan | 1.682 billion yuan | 43.2% | - Operating expenses as a percentage of total revenue decreased from **16.0%** in the same period of 2024 to **13.7%**, indicating improved operational efficiency[16](index=16&type=chunk) [Cash and Investment Status](index=6&type=section&id=截至2025年6月30日，公司現金、現金等價物、定期存款和短期投資的合計餘額為人民幣349.2億元) As of June 30, 2025, the company's total balance of cash, cash equivalents, term deposits, and short-term investments was **RMB 34.92 billion**, a decrease from **RMB 37.67 billion** as of March 31, 2025 | Indicator | June 30, 2025 (RMB) | March 31, 2025 (RMB) | Change | | :--- | :--- | :--- | :--- | | Cash, Cash Equivalents, Term Deposits, and Short-term Investments Total Balance | 34.92 billion yuan | 37.67 billion yuan | (2.75) billion yuan | Other Information [Environmental, Social, and Governance (ESG)](index=6&type=section&id=環境、社會及管治（「ESG」）) TME continues to create social value through music, launching the "Hear Guizhou" project this quarter, utilizing AI technology to help people relax and improve sleep - Launched the "Hear Guizhou" project, utilizing AI technology to help people relax and improve sleep through natural rhythms and immersive soundscapes[19](index=19&type=chunk) [Exchange Rate Information](index=6&type=section&id=匯率) The RMB to USD exchange rate used in this announcement is the noon buying rate on June 30, 2025, at **RMB 7.1636 to USD 1.00**, provided for convenience only - The RMB to USD exchange rate is **RMB 7.1636 to USD 1.00**, which is the noon buying rate on June 30, 2025, as published by the Federal Reserve Board in its H.10 statistical release[20](index=20&type=chunk) [Non-IFRS Financial Measures](index=7&type=section&id=非國際財務報告準則財務計量) The company uses non-IFRS net profit to evaluate operating performance and make decisions, believing it helps identify underlying business trends and provides clearer operating performance information, but it should not be considered a substitute for IFRS measures - The company uses non-IFRS net profit to evaluate operating performance and make financial and operating decisions[21](index=21&type=chunk) - Non-IFRS net profit excludes amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects[22](index=22&type=chunk) [About Tencent Music Entertainment Group](index=7&type=section&id=關於騰訊音樂娛樂集團) Tencent Music Entertainment Group is China's leading online music and audio entertainment platform, operating QQ Music, Kugou Music, Kuwo Music, and WeSing, with a mission to use technology to create infinite possibilities in music and provide diverse music entertainment services - Tencent Music Entertainment Group is China's leading online music and audio entertainment platform, operating QQ Music, Kugou Music, Kuwo Music, and WeSing[23](index=23&type=chunk) - Its mission is to use technology to create infinite possibilities in music, offering services such as online music, online audio, online K-singing, music-centric live streaming, and online performances[23](index=23&type=chunk) [Safe Harbor Statement](index=8&type=section&id=安全港聲明) This announcement contains forward-looking statements that involve inherent risks and uncertainties, and actual results may differ materially from expectations, with the company undertaking no obligation to update such information - This announcement contains forward-looking statements that involve inherent risks and uncertainties, and many factors could cause actual results to differ materially from those contained in any forward-looking statement[24](index=24&type=chunk) - The company undertakes no obligation to update such information, except as required by applicable law[24](index=24&type=chunk) [Investor Relations](index=8&type=section&id=投資者關係) Provides contact information for Tencent Music Entertainment Group Investor Relations - Investor Relations contact: ir@tencentmusic.com, +86 (755) 8601-3388 ext. 885034[25](index=25&type=chunk) Consolidated Financial Statements [Consolidated Statements of Profit or Loss](index=10&type=section&id=騰訊音樂娛樂集團%20合併損益表) In Q2 2025, TME's total revenue increased by **17.9% to RMB 8.44 billion**, operating profit grew by **35.5% to RMB 2.98 billion**, and net profit attributable to equity holders increased by **43.2% to RMB 2.41 billion**, driven by strong online music services revenue growth, while social entertainment services revenue decreased | Indicator (Millions RMB) | 2024 Q2 (RMB) | 2025 Q2 (RMB) | 2024 H1 (RMB) | 2025 H1 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,160 | 8,442 | 13,928 | 15,798 | | Online Music Services Revenue | 5,424 | 6,854 | 10,431 | 12,658 | | Social Entertainment Services and Other Services Revenue | 1,736 | 1,588 | 3,497 | 3,140 | | Operating Costs | (4,150) | (4,693) | (8,147) | (8,807) | | Gross Profit | 3,010 | 3,749 | 5,781 | 6,991 | | Total Operating Expenses | (1,148) | (1,156) | (2,284) | (2,299) | | Operating Profit | 2,198 | 2,978 | 4,157 | 7,814 | | Income Tax Expense | (432) | (515) | (813) | (961) | | Profit for the Period | 1,794 | 2,467 | 3,324 | 6,855 | | Profit Attributable to Equity Holders of the Company | 1,682 | 2,409 | 3,104 | 6,700 | | Diluted Earnings per ADS | 1.07 | 1.55 | 1.99 | 4.32 | [Unaudited Non-IFRS Financial Measures](index=12&type=section&id=騰訊音樂娛樂集團%20未經審計非國際財務報告準則財務計量) In Q2 2025, non-IFRS net profit was **RMB 2.64 billion**, a **32.9% year-over-year increase**, and non-IFRS net profit attributable to equity holders was **RMB 2.57 billion**, a **37.4% year-over-year increase**, with these measures excluding specific non-cash and non-operating items | Indicator (Millions RMB) | 2024 Q2 (RMB) | 2025 Q2 (RMB) | 2024 H1 (RMB) | 2025 H1 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Profit for the Period | 1,794 | 2,467 | 3,324 | 6,855 | | Non-IFRS Net Profit | 1,985 | 2,640 | 3,797 | 4,866 | | Non-IFRS Profit Attributable to Equity Holders of the Company | 1,873 | 2,574 | 3,577 | 4,698 | | Non-IFRS Diluted Earnings per ADS | 1.19 | 1.66 | 2.29 | 3.03 | - Non-IFRS adjustments include amortization of intangible assets and other assets arising from acquisitions and business combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects[33](index=33&type=chunk) [Consolidated Balance Sheets](index=14&type=section&id=騰訊音樂娛樂集團%20合併資產負債表) As of June 30, 2025, the company's total assets were **RMB 107.873 billion**, an increase from **RMB 90.444 billion** at the end of 2024, with total equity rising to **RMB 86.375 billion** and total liabilities increasing to **RMB 21.498 billion** | Indicator (Millions RMB) | December 31, 2024 (RMB) | June 30, 2025 (RMB) | | :--- | :--- | :--- | | Total Assets | 90,444 | 107,873 | | Non-current Assets | 55,900 | 76,996 | | Current Assets | 34,544 | 30,877 | | Total Equity | 69,726 | 86,375 | | Equity Attributable to Equity Holders of the Company | 67,863 | 83,878 | | Total Liabilities | 20,718 | 21,498 | | Non-current Liabilities | 4,168 | 5,002 | | Current Liabilities | 16,550 | 16,496 | [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=騰訊音樂娛樂集團%20簡明合併現金流量表) In Q2 2025, net cash inflow from operating activities was **RMB 1.638 billion**, net cash outflow from investing activities was **RMB 633 million**, and net cash outflow from financing activities was **RMB 2.056 billion**, resulting in a net decrease of **RMB 1.051 billion** in cash and cash equivalents | Indicator (Millions RMB) | 2024 Q2 (RMB) | 2025 Q2 (RMB) | 2024 H1 (RMB) | 2025 H1 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 2,944 | 1,638 | 5,630 | 4,157 | | Net Cash Inflow/(Outflow) from Investing Activities | 693 | (633) | (4,805) | (3,854) | | Net Cash Outflow from Financing Activities | (1,611) | (2,056) | (2,133) | (2,512) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 2,026 | (1,051) | (1,308) | (2,209) | | Cash and Cash Equivalents at End of Period | 12,251 | 10,999 | 12,251 | 10,999 |

2025 年中期業績 董事局主席報告 2025 年上半年，港燈電力投資及其全資附屬公司港燈在各項業務均有良好進展。集團致 力為客戶提供可靠和可負擔的低碳電力，有序地推進其發展計劃以支持香港的零碳轉 型。 期內，港燈的供電可靠度達至 99.9999% 以上的世界級水平，即每名客戶每年遇上非計劃 停電的時間平均少於半分鐘。 隨着全球燃料價格回落，令集團得以按照發展計劃進行重要資本投資的同時，可以下調 淨電費。 集團繼續向零碳營運的目標邁進，積極落實總值港幣 220 億元的 2024 – 2028 年度發展計 劃，確保所有工程如期進行。上一個五年發展計劃有助港燈在 2024 年將發電所產生的碳 排放量，相較 2005 年的基準水平減少約 40%。新的發展計劃將進一步增加港燈的燃氣發 電比例，確保能源供應長期穩定，支持香港的減碳目標。期內，各項主要工程進展順 利，包括興建一台新燃氣聯合循環發電機組 L13，以及數台可以在緊急情況下提供電力的 單循環燃油機組。 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 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 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。 Changhong Jiahua Holdings Limited 長虹佳華控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：3991） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 未 經 審 核 中 期 業 績 本 公 司 董 事 會（「董 事 會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 二 零 二 四 年 相 應 期 間 的 未 經 審 核 比 較 數 字 載 列 如 下： 簡 明 綜 合 損 益 及 其 ...

Stock Options - The total number of stock options available under the 2022 stock option plan as of January 1, 2024, is 12,051,087 shares, representing approximately 4.0% of the total issued shares as of the annual report date [3]. - The total number of stock options available under the 2022 stock option plan as of December 31, 2024, is 15,063,857 shares, representing approximately 5.0% of the total issued shares as of the annual report date [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 • 上半年公司經營業績穩健增長，收入規模穩中有升，營業收入突破人民幣2,000 億元，同比增長1.5%；盈利能力持續增強，稅前利潤達到人民幣178億元，同比 增長5.1%。 • 公司業務結構持續優化。聯網通信收入達到人民幣1,319億元；算網數智收入達 到人民幣454億元，佔比提升到26%；國際業務收入達到人民幣68億元，同比增 長11%；戰略性新興產業收入佔比提升到86%，成為公司高質量發展的新動能。 • 公司始終高度重視股東回報，在實現經營業績穩健增長的同時，致力於和股東共 享發展紅利，今年將繼續派發中期股息，董事會決定派發中期股息每股人民幣 0.2841元（含稅），同比提升14.5%。 董事長報告書 尊敬的各位股東： 上半年，公司搶抓戰略機遇，有力應對挑戰，全面推進融合創新，培育壯大新質生產 力，經營發展保持良好勢頭，高質量發展的基礎更穩，動能更強，質量更優。 （在香港註冊成立之有限公司） （股份 ...

[Financial Performance Summary](index=1&type=section&id=Financial_Performance_Summary) The company reported a **23.9%** decline in revenue for H1 2025, but achieved significant growth in operating profit and net profit attributable to equity holders. H1 2025 Financial Performance Summary | Metric | H1 2025 (RMB '000) | H1 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | (23.9%) | | Gross Profit | 1,612,384 | 2,083,230 | (22.6%) | | Operating Profit | 875,799 | 454,449 | 92.7% | | Profit for the Period | 849,565 | 503,932 | 68.6% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | 68.5% | | Non-IFRS Profit Attributable to Equity Holders of the Company | 507,807 | 702,061 | (27.7%) | [Business Review and Outlook](index=2&type=section&id=Business_Review_and_Outlook) The company continues to expand its IP ecosystem through creation, visualization, and commercialization, while actively integrating new technologies like AI to drive future growth. [IP Creation](index=2&type=section&id=IP_Creation) In H1 2025, the company's online reading content ecosystem continued to thrive, with a significant increase in writers and works, substantial growth in high-revenue works, and enhanced user community engagement, driving online business revenue up **2.3% to RMB 1.99 billion** and monthly paying users (MPU) up **4.5% to 9.2 million** - Content ecosystem expanded, with approximately **200,000 new writers**, **410,000 new novels**, and **20 billion characters** added in H1[6](index=6&type=chunk) - Strong output of quality content, with newly signed works generating over **RMB 1 million in revenue up 63% YoY**, and newly signed writers achieving average subscriptions over **10,000 up 45% YoY**[6](index=6&type=chunk) Online Business Key Metrics | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Online Business Revenue | RMB 1.99 billion | +2.3% | | Average Monthly Paying Users (MPU) | 9.2 million | +4.5% | [IP Visualization](index=3&type=section&id=IP_Visualization) The company demonstrated strong performance in IP visualization, with significant achievements in premium film, television, animation, and short-form dramas, as multiple Yuewen IP-adapted works topped popular charts and short-form drama revenue for a single project exceeded **RMB 80 million** - Significant achievements in premium film and television adaptations, with **6 of the top 10** long-form dramas by effective viewership in H1 2025 adapted from Yuewen IPs, according to Yunhe Data[8](index=8&type=chunk) - Solid advantages in animation, with **8 of the top 10** animated works by effective viewership adapted from Yuewen IPs, and 'Battle Through the Heavens' annual series ranking first on Tencent Video's paid content chart[8](index=8&type=chunk) - Strong growth in short-form drama business, with a single project's highest revenue exceeding **RMB 80 million**, and over **2,000 web novel IPs** made available for short-form drama adaptation to promote high-quality industry development[10](index=10&type=chunk) [IP Commercialization and Monetization](index=4&type=section&id=IP_Commercialization_and_Monetization) In H1 2025, IP derivative business achieved significant growth, with GMV reaching **RMB 480 million**, nearly equaling last year's total, driven by product development, channel expansion, user operations, and brand licensing, while multiple licensed game adaptations obtained publishing licenses for future launch - IP derivative business GMV reached **RMB 480 million** in H1, nearly equaling the **RMB 500 million** total for full-year 2024[11](index=11&type=chunk) - Business growth attributed to efforts including **3-4x faster new product launches**, expansion of online and offline channels, deep user engagement, and licensing partnerships with **230 brands**[11](index=11&type=chunk) - Game licensing business continued to advance, with 'Soul Land: Hunting World' receiving enthusiastic feedback post-launch, and multiple games including 'Under One Person' and 'Lord of the Mysteries' obtaining publishing licenses[12](index=12&type=chunk) [Exploration of New Technologies](index=5&type=section&id=Exploration_of_New_Technologies) The company actively integrated AI technology into its operations, launching the industry's first AI web novel knowledge base 'Miaobi Tongjian,' significantly boosting daily active users and AI feature usage for writer assistants, while AI translation models drove a **38% YoY increase** in AI-translated work revenue, accounting for over **35%** of total overseas platform novel revenue - Launched AI web novel knowledge base 'Miaobi Tongjian,' driving 'Writer Assistant' daily active users up over **40% YoY** and AI feature weekly usage to nearly **70%**[13](index=13&type=chunk) - On overseas reading platform WebNovel, AI-translated work revenue increased **38% YoY**, accounting for over **35%** of the platform's total novel revenue[13](index=13&type=chunk) - AI-translated works on WebNovel reached **7,200 titles**, representing **70%** of total Chinese translated works[13](index=13&type=chunk) [Future Outlook](index=5&type=section&id=Future_Outlook) Looking ahead, the company believes the rise of diverse content consumption forms like short-form dramas and trendy toys highlights the core value of creative transformation of quality IP, positioning Yuewen Group to lead industry development and drive the leapfrog evolution of China's IP ecosystem through its vast IP reserves and full industry chain synergy - The company believes the underlying logic of phenomenal growth stems from the creative transformation and deep scenario-based cultivation of quality IP[14](index=14&type=chunk) - The company's strategy will be based on its vast IP reserves, leveraging full industry chain synergy to lead industry restructuring[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management_Discussion_and_Analysis) This section provides a detailed analysis of the company's financial performance, including revenue, costs, profitability, segment results, and liquidity, highlighting key drivers and trends. [Financial Results Overview](index=6&type=section&id=Financial_Results_Overview) In H1 2025, total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to uneven scheduling of film and TV projects, yet operating profit surged **92.7% to RMB 876 million** and net profit attributable to equity holders grew **68.5% to RMB 850 million**, driven by gains from deemed disposal of investees and cost control, with non-IFRS net profit attributable to equity holders (excluding New Classics Media) increasing **35.7%** H1 2025 Consolidated Income Statement Core Data | Metric (RMB '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | -23.9% | | Gross Profit | 1,612,384 | 2,083,230 | -22.6% | | Operating Profit | 875,799 | 454,449 | +92.7% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | +68.5% | - Operating profit significantly increased primarily due to net other income of **RMB 582 million** (compared to a loss of **RMB 3.7 million** in the prior period) and reduced selling, marketing, and administrative expenses[27](index=27&type=chunk)[28](index=28&type=chunk) - Excluding the impact of New Classics Media, non-IFRS net profit attributable to equity holders increased **35.7%** from **RMB 402 million** in the prior period to **RMB 545 million**[29](index=29&type=chunk) [Revenue Analysis](index=7&type=section&id=Revenue_Analysis) Total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to a **48.4% YoY decline** in copyright operations revenue impacted by film and TV project scheduling, while online business revenue remained robust, growing **2.3% to RMB 1.99 billion**, with proprietary platform product revenue up **3.1%** and third-party platform revenue up **23.1%** Segment Revenue Details (RMB million) | Segment | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Online Business** | **1,985.4** | **1,940.4** | **+2.3%** | | - Proprietary Platform Products | 1,746.0 | 1,694.2 | +3.1% | | - Tencent Product Channels | 97.1 | 130.7 | -25.6% | | - Third-Party Platforms | 142.2 | 115.5 | +23.1% | | **Copyright Operations and Others** | **1,205.2** | **2,250.6** | **-46.4%** | | - Copyright Operations | 1,137.5 | 2,202.8 | -48.4% | | **Total Revenue** | **3,190.6** | **4,190.9** | **-23.9%** | - Decline in copyright operations revenue primarily due to New Classics Media having no new film or TV series launched in H1, compared to **RMB 1.05 billion** revenue contribution in the prior period[23](index=23&type=chunk) [Operating Data](index=8&type=section&id=Operating_Data) Despite monthly active users (MAU) decreasing **19.7% to 141.3 million** due to channel optimization, core monthly paying users (MPU) increased **4.5% to 9.2 million**, indicating stronger user willingness to pay, with average monthly revenue per paying user (ARPPU) remaining stable at **RMB 31.3** Key Operating Data | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Average Monthly Active Users (MAU) | 141.3 million | 176.0 million | -19.7% | | Average Monthly Paying Users (MPU) | 9.2 million | 8.8 million | +4.5% | | Average Monthly Revenue Per Paying User (ARPPU) | RMB 31.3 | RMB 31.7 | -1.3% | - MAU decline primarily due to Tencent channel optimization efforts reducing active users in free reading channels[22](index=22&type=chunk) [Cost and Expenses Analysis](index=9&type=section&id=Cost_and_Expenses) Cost of revenue decreased **25.1% to RMB 1.58 billion** YoY, mainly due to a corresponding reduction in film and TV production costs, while selling and marketing expenses and general and administrative expenses also decreased **20.4%** and **11.0%** respectively, reflecting effective cost control, with gross margin slightly increasing to **50.5%** - Cost of revenue decreased **25.1% YoY**, primarily because no new film or TV series were launched in H1, resulting in no corresponding production cost recognition[23](index=23&type=chunk) - Selling and marketing expenses decreased **20.4% YoY**, mainly due to reduced promotional expenses related to film and TV series[27](index=27&type=chunk) - Gross margin improved from **49.7%** in the prior period to **50.5%**[27](index=27&type=chunk) [Segment Information](index=11&type=section&id=Segment_Information) By business segment, online business gross profit was **RMB 990 million** with a gross margin of **49.8%**, remaining largely stable, while copyright operations and others gross profit decreased to **RMB 620 million** due to lower revenue, but its gross margin improved from **49.3% to 51.7%** Segment Results (RMB '000) | H1 2025 | Online Business | Copyright Operations and Others | Total | | :--- | :--- | :--- | :--- | | Segment Revenue | 1,985,359 | 1,205,225 | 3,190,584 | | Gross Profit | 989,474 | 622,910 | 1,612,384 | | **Gross Margin** | **49.8%** | **51.7%** | **50.5%** | | **H1 2024** | **Online Business** | **Copyright Operations and Others** | **Total** | | Segment Revenue | 1,940,377 | 2,250,556 | 4,190,933 | | Gross Profit | 974,426 | 1,108,804 | 2,083,230 | | **Gross Margin** | **50.2%** | **49.3%** | **49.7%** | [Non-IFRS Measures and Liquidity](index=12&type=section&id=Non-IFRS_Measures_and_Liquidity) The company's financial position remained robust, with net cash of **RMB 9.57 billion** and a debt-to-asset ratio decreasing from **19.9% to 17.4%** as of June 30, 2025, while adjusted EBITDA was **RMB 387 million**, a decrease YoY, with zero leverage and **RMB 1.57 billion** in unutilized bank facilities Key Financial Position Metrics (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Cash | 9,572,967 | 9,935,700 | | Total Assets | 23,203,000 | 22,945,400 | | Total Liabilities | 4,043,200 | 4,569,300 | | Debt-to-Asset Ratio | 17.4% | 19.9% | - Adjusted EBITDA decreased from **RMB 588 million** in the prior period to **RMB 387 million**, with the adjusted EBITDA margin declining from **14.0% to 12.1%**[31](index=31&type=chunk)[32](index=32&type=chunk) - The company maintains zero leverage with no total borrowings and **RMB 1.57 billion** in unutilized bank facilities[39](index=39&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed_Consolidated_Financial_Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income, financial position, changes in equity, and cash flows, providing a summary of the company's financial performance and position. [Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Condensed_Consolidated_Statement_of_Comprehensive_Income) During the reporting period, the company achieved revenue of **RMB 3.19 billion**, operating profit of **RMB 876 million**, and profit for the period of **RMB 850 million**, with basic earnings per share significantly increasing to **RMB 0.84** from **RMB 0.50** in the prior period Condensed Consolidated Statement of Comprehensive Income Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | | Operating Profit | 875,799 | 454,449 | | Profit Before Income Tax | 999,044 | 602,996 | | Profit for the Period | 849,565 | 503,932 | | Basic Earnings Per Share (RMB) | 0.84 | 0.50 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed_Consolidated_Statement_of_Financial_Position) As of June 30, 2025, the company's total assets were **RMB 23.20 billion**, total liabilities were **RMB 4.04 billion**, and total equity was **RMB 19.16 billion**, maintaining a robust asset structure with comparable non-current and current asset sizes Condensed Consolidated Statement of Financial Position Summary (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 23,203,016 | 22,945,442 | | Total Liabilities | 4,043,249 | 4,569,254 | | Total Equity | 19,159,767 | 18,376,188 | | Cash and Cash Equivalents | 2,025,285 | 3,264,188 | [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed_Consolidated_Statement_of_Changes_in_Equity) As of June 30, 2025, total equity attributable to equity holders of the company increased to **RMB 19.16 billion** from **RMB 18.37 billion** at the beginning of the period, primarily driven by **RMB 850 million** in profit for the period, with share repurchases and cancellations totaling approximately **RMB 147 million** in consideration during the period - Beginning equity totaled **RMB 18.38 billion**, with total comprehensive income for the period of **RMB 868 million**, and transactions with owners resulting in an **RMB 84.53 million** decrease in equity, leading to an ending equity total of **RMB 19.16 billion**[48](index=48&type=chunk) - During the reporting period, share repurchases and cancellations resulted in a **RMB 147 million** reduction in share premium[48](index=48&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed_Consolidated_Statement_of_Cash_Flows) In H1 2025, cash flow from operating activities was a net outflow of **RMB 72 million**, compared to a net inflow of **RMB 1.61 billion** in the prior period, with both investing and financing activities resulting in net cash outflows, and cash and cash equivalents at period-end totaling **RMB 2.03 billion** Condensed Consolidated Statement of Cash Flows Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | (72,474) | 1,613,843 | | Net Cash Flows Used in Investing Activities | (975,563) | (1,477,826) | | Net Cash Flows Used in Financing Activities | (188,977) | (63,231) | | Cash and Cash Equivalents at End of Period | 2,025,285 | 2,898,306 | [Notes to the Interim Financial Information](index=24&type=section&id=Notes_to_the_Interim_Financial_Information) This section provides detailed notes to the interim financial information, covering segment reporting, intangible assets, and share-based payment arrangements. [Note 4: Segment Information](index=26&type=section&id=Note_4_Segment_Information) The company's reportable segments are 'Online Business' and 'Copyright Operations and Others,' with online business contributing **RMB 1.99 billion** in revenue and **RMB 990 million** in gross profit in H1 2025, and copyright operations and others contributing **RMB 1.21 billion** in revenue and **RMB 620 million** in gross profit, with the vast majority of revenue and non-current assets located in China - The Group's reportable segments are Online Business (online text, advertising, game distribution, etc.) and Copyright Operations and Others (film and TV, copyright licensing, derivative sales, etc.)[62](index=62&type=chunk) - For the six months ended June 30, 2025, no single customer, other than Tencent, contributed more than **10%** of the Group's total revenue[65](index=65&type=chunk) [Note 11: Intangible Assets](index=34&type=section&id=Note_11_Intangible_Assets) As of June 30, 2025, the net book value of intangible assets was **RMB 6.14 billion**, with goodwill accounting for **RMB 5.53 billion**, and while impairment tests were conducted on goodwill from acquired film and TV businesses with no impairment loss recognized, a **RMB 13.9 million** impairment provision was made for certain content copyrights Intangible Assets Composition (RMB '000) | Category | Net Book Value as of June 30, 2025 | | :--- | :--- | | Goodwill | 5,528,215 | | Trademarks | 507,577 | | Content Copyrights | 88,621 | | Others | 13,267 | | **Total** | **6,137,680** | - Management conducted an impairment review of goodwill from acquired film and TV businesses, with no impairment loss recognized[81](index=81&type=chunk)[82](index=82&type=chunk) - An impairment provision of approximately **RMB 13.904 million** was made for certain content copyrights[83](index=83&type=chunk) [Note 18: Share-based Payments](index=42&type=section&id=Note_18_Share-based_Payments) The company implemented 2014 and 2020 Restricted Share Unit (RSU) schemes and a 2021 Share Option Scheme, with **13,137,330** unexercised RSUs and **9,167,836** unexercised share options as of June 30, 2025, and share-based compensation expenses for H1 totaling approximately **RMB 65.92 million** - As of June 30, 2025, the unexercised balance for the 2014 RSU Scheme was **1,219,235 units**, and for the 2020 RSU Scheme was **11,918,095 units**[97](index=97&type=chunk)[100](index=100&type=chunk) - As of June 30, 2025, unexercised share options totaled **9,167,836 units** with a weighted average exercise price of **HKD 39.98**[102](index=102&type=chunk) - For the six months ended June 30, 2025, share-based compensation expenses were approximately **RMB 65,916,000**[69](index=69&type=chunk) [Other Information](index=46&type=section&id=Other_Information) This section covers additional information regarding the company's operations, including dividend policy, share repurchases, and corporate governance practices. [Dividends](index=46&type=section&id=Dividends) The Board decided not to recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for 2025[108](index=108&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=46&type=section&id=Purchase_Sale_or_Redemption_of_Listed_Securities) For the six months ended June 30, 2025, the company repurchased a total of **6,338,800 shares** on the Stock Exchange for a total consideration of **HKD 158 million**, with the repurchased shares subsequently cancelled Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HKD) | | :--- | :--- | :--- | | January | 2,400,000 | 58,929,370 | | April | 2,738,800 | 68,997,960 | | May | 1,000,000 | 24,917,320 | | June | 200,000 | 5,178,550 | | **Total** | **6,338,800** | **158,023,200** | [Corporate Governance](index=47&type=section&id=Corporate_Governance) The company is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code, with the Audit Committee reviewing the unaudited interim results and deeming the company's risk management and internal control systems effective and adequate - For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code[112](index=112&type=chunk) - The Audit Committee reviewed the interim results and deemed the company's risk management and internal control systems effective and adequate[114](index=114&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） （股份代號：27） 截至二零二五年六月三十日止六個月 之中期業績公佈 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 我很高興向大家報告澳門市場及銀娛在二零二五年第二季度及上半年的穩健表現。儘管面對 全球關稅糾紛、經濟持續放緩及區域競爭等因素，整體澳門市場於二零二五年第二季度表現 仍然強韌，博彩收益總額按年增長 8%，按季增長 6%，達到 593 億港元。銀娛在競爭激烈的 市場環境下，取得穩健的表現，市場佔有率亦上升。我們成功推動各項業務板塊的發展，特 別是高端中場。 二零二五年上半年，集團錄得淨收益為 232 億港元，按年上升 8%。經調整 EBITDA 為 69 億 港元，較去年增加 14%。第二季度，集團淨收益為 120 億港元，按年增加 10%，按季增加 8%。經調整 ...

[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Group Performance Overview](index=1&type=section&id=%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) The Group achieved a 3% increase in underlying net profit to HKD 2.035 billion, turning around to a HKD 535 million profit attributable to shareholders, while maintaining a low gearing ratio and stable interim dividend Half-Year Core Financial Indicators | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | +3% | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | Turnaround to Profit | Interim Dividend | Item | Amount | | :--- | :--- | | First Interim Dividend | HKD 0.20 per share | | Total Dividend Payout | HKD 611 million | - The Group's financial strategy emphasizes prudent management, including asset revaluation, maintaining a **low gearing ratio**, and using RMB debt for risk hedging and cost savings[6](index=6&type=chunk) [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%AD%B0) [Macroeconomic Environment](index=2&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces challenges from tariffs and geopolitical instability, while Hong Kong's residential market shows resilience, Mainland China's property market remains weak, and the Group maintains a healthy financial position with a 4.4% gearing ratio - The global economy faces multiple pressures from **US tariffs**, **policy uncertainties**, and **geopolitical instability**[7](index=7&type=chunk) - The Hong Kong residential market demonstrated resilience, contrasting with the **weak Mainland China property market** and subdued consumer sentiment[7](index=7&type=chunk) - The Group maintained a **healthy financial position** with a **low gearing ratio of 4.4%** and ample liquidity at period-end[7](index=7&type=chunk) [Hong Kong Property](index=2&type=section&id=%E9%A6%99%E6%B8%AF%E7%89%A9%E6%A5%AD) The Group strategically focused on the high-end residential market, achieving a record-breaking sale at Mount Nicholson, yet operating profit for development properties declined despite increased recognized revenue - A penthouse unit at Mount Nicholson sold for **HKD 609 million**, achieving a record-breaking **HKD 144,000 per square foot** for stratified units[8](index=8&type=chunk) Hong Kong Development Property Financial Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Recognized Revenue | HKD 475 million | - | | Operating Profit | HKD 31 million | HKD 179 million | [Mainland China Investment Property](index=2&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) Mainland China investment properties faced challenges from weak consumer sentiment, oversupply, and e-commerce trends, leading to pressure on office rents and occupancy, with both segment revenue and operating profit declining Mainland China Investment Property Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 2.244 billion | -4% | | Operating Profit | HKD 1.470 billion | -5% | [Mainland China Development Property](index=3&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E7%99%BC%E5%B1%95%E7%89%A9%E6%A5%AD) The Group's decision to halt land replenishment reduced portfolio risk, resulting in limited contracted sales and significant declines in recognized revenue and operating profit, alongside impairment provisions for slow-selling office inventory Mainland China Development Property Financial and Sales Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Contracted Sales | RMB 859 million | RMB 699 million | | Recognized Revenue | HKD 520 million | - (YoY -79%) | | Operating Profit | HKD 40 million | - (YoY -92%) | | Impairment Provisions | HKD 522 million | HKD 564 million | [Hotels](index=3&type=section&id=%E9%85%92%E5%BA%97) The hotel business faced a challenging environment with pressured room rates and declining Mainland China occupancy due to competition, resulting in an overall operating loss despite revenue growth Hotel Segment Financial Performance | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | HKD 312 million | - (YoY +7%) | | Operating Profit/(Loss) | (HKD 11 million) | HKD 12 million | [Logistics Infrastructure](index=3&type=section&id=%E7%89%A9%E6%B5%81%E5%9F%BA%E5%BB%BA) The logistics business was impacted by shipping alliance restructuring and trade concerns, with Hong Kong throughput declining but Shenzhen terminals growing, leading to a slight revenue increase and double-digit operating profit growth - Throughput at Hong Kong Modern Terminals decreased by **3% to 1.7 million TEUs**, while Shenzhen Da Chan Bay and Shekou Container Terminals grew by **20% and 11%** respectively[12](index=12&type=chunk) Logistics Segment Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.076 billion | Slight increase | | Operating Profit | HKD 137 million | +11% | [Outlook](index=3&type=section&id=%E5%B1%95%E6%9C%9B) Future market volatility is expected due to geopolitical and trade uncertainties, while Mainland China's property market faces fundamental recovery challenges, and Hong Kong's property market depends on interest rates and economic recovery, requiring the Group to remain vigilant - Future markets will continue to be impacted by complex external factors like **geopolitical developments** and **trade uncertainties**, limiting global economic growth[15](index=15&type=chunk) - Mainland China's property market recovery faces fundamental challenges including **oversupply**, **weak confidence**, and a **sluggish job market**[15](index=15&type=chunk) [Financial Review](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A9%95%E8%AD%B0) [Interim Results Review](index=4&type=section&id=(I)%20%E4%BA%8C%E2%97%8B%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E8%A9%95%E8%AD%B0) The Group's underlying net profit increased by 3% to HKD 2.035 billion, achieving a turnaround to HKD 535 million profit attributable to shareholders, despite declines in total revenue and operating profit primarily from development properties [Revenue and Operating Profit](index=4&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E7%87%9F%E6%A5%AD%E7%9B%88%E5%88%A9) Group total revenue decreased by 19% to HKD 5.669 billion and operating profit by 14% to HKD 2.657 billion, primarily due to development property declines and weak investment property rents, while hotels turned to loss and logistics profit rose Revenue and Operating Profit Performance by Business Segment | Business Segment | Revenue Change (YoY) | Operating Profit/Loss Change (YoY) | Main Reason | | :--- | :--- | :--- | :--- | | Investment Property | -4% | -6% | Soft mall and office rents | | Development Property | -64% | -82% | Slow sales of Mainland inventory | | Hotels | +7% | Turnaround from profit to loss | New Changsha hotel in early operation | | Logistics | Slight increase | +11% | Increased Mainland throughput and favorable cargo mix | | Investments | - | -2% | Reduced dividend income | [Profit/(Loss) Attributable to Shareholders](index=5&type=section&id=%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E7%9B%88%E5%88%A9%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Underlying net profit increased by 3% to HKD 2.035 billion, driven by logistics and development property improvements, but offset by investment property declines, resulting in HKD 535 million profit attributable to shareholders and HKD 0.18 basic EPS after revaluation adjustments Profitability Indicators Comparison | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Liquidity, Financial Resources and Capital Commitments](index=6&type=section&id=(III)%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E8%88%87%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group maintained a robust financial position with shareholders' equity increasing to HKD 143.3 billion, net debt decreasing to HKD 6.5 billion, and a low 4.4% gearing ratio, supported by ample credit facilities and a liquid investment portfolio [Shareholders' Equity and Asset Position](index=6&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%8F%8A%E7%B8%BD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, shareholders' equity increased by 5% to HKD 143.3 billion, with NAV per share at HKD 46.89, and total operating assets grew 3% to HKD 185 billion, primarily in property, logistics, and investments Equity and Asset Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Equity | HKD 143.3 billion | HKD 136.8 billion | | Net Asset Value Per Share | HKD 46.89 | HKD 44.77 | | Total Operating Assets | HKD 185.0 billion | HKD 179.6 billion | [Long-Term Investments](index=7&type=section&id=%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87) Long-term investments increased by 15% to HKD 48.4 billion, with listed equities at HKD 39.8 billion, primarily concentrated in Hong Kong across property, new economy, and financial sectors Long-Term Investment Portfolio Analysis (HKD billion) | By Industry | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property | 19.6 | 17.6 | | New Economy | 14.1 | 12.6 | | Financial & Others | 14.7 | 11.8 | | **Total** | **48.4** | **42.0** | [Net Debt and Gearing Ratio](index=7&type=section&id=%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D%E5%8F%8A%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) Net debt decreased by 9% to HKD 6.5 billion due to operating cash flow and dividend income, maintaining a low 4.4% gearing ratio against total equity Debt Position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | HKD 6.5 billion | HKD 7.1 billion | | Gearing Ratio | 4.4% | 5.0% | [Capital Commitments](index=10&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's estimated future capital expenditures total HKD 17.6 billion, with HKD 9.5 billion committed primarily for development and investment property construction in Hong Kong and Mainland China Future Major Expenditure Commitments (HKD million) | Segment | Committed | Uncommitted | Total | | :--- | :--- | :--- | :--- | | Investment Property | 33 | 6,448 | 6,481 | | Development Property | 8,120 | 1,643 | 9,763 | | Others | 1,336 | 55 | 1,391 | | **Group Total** | **9,489** | **8,146** | **17,635** | [Human Resources](index=10&type=section&id=(IV)%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately 6,000 staff, with remuneration based on responsibilities and market trends, including discretionary performance bonuses linked to individual and Group performance - The Group employed approximately **6,000 staff**, with about **1,200** in management operations[45](index=45&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Income Statement](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Income Statement shows the Group's operating results for the six months ended June 30, 2025, with revenue at HKD 5.669 billion, and a turnaround to HKD 592 million profit from a prior-year loss, largely due to a narrowed fair value decrease in investment properties Key Items from Consolidated Income Statement (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 5,669 | 7,032 | | Operating Profit | 2,657 | 3,085 | | Profit/(Loss) Before Tax | 755 | (5,543) | | Profit/(Loss) for the Period | 592 | (2,558) | | Profit/(Loss) Attributable to Company Shareholders | 535 | (2,637) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Consolidated Statement of Comprehensive Income](index=12&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Statement of Comprehensive Income shows a significant improvement to HKD 7.182 billion total comprehensive income for the period, primarily driven by a HKD 5.966 billion gain from fair value changes in equity investments, compared to a prior-year comprehensive loss Key Items from Consolidated Statement of Comprehensive Income (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 592 | (2,558) | | Fair Value Change of Equity Investments | 5,966 | (4,920) | | Other Comprehensive Income for the Period | 6,590 | (5,073) | | Total Comprehensive Income for the Period | 7,182 | (7,631) | [Consolidated Statement of Financial Position](index=13&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Consolidated Statement of Financial Position as of June 30, 2025, shows total assets at HKD 198.606 billion, total liabilities at HKD 49.565 billion, and net assets at HKD 149.041 billion, all increasing from year-end 2024 Key Items from Consolidated Statement of Financial Position (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 148,390 | 142,597 | | Current Assets | 50,216 | 47,442 | | **Total Assets** | **198,606** | **190,039** | | Total Liabilities | (49,565) | (47,569) | | **Net Assets** | **149,041** | **142,470** | | Shareholders' Equity | 143,304 | 136,832 | [Notes to the Financial Statements](index=14&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Segment Information](index=15&type=section&id=2.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This note details revenue and performance for the Group's five operating segments, highlighting investment property and investments as key operating profit contributors, with Mainland China generating most revenue and Hong Kong showing stable operating profit Revenue and Operating Profit by Business Segment (H1 2025, HKD million) | Business Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Investment Property | 2,281 | 1,484 | | Development Property | 739 | 71 | | Hotels | 312 | (11) | | Logistics | 1,076 | 137 | | Investments | 1,000 | 1,000 | Revenue and Operating Profit by Geographical Segment (H1 2025, HKD million) | Region | Revenue | Operating Profit | | :--- | :--- | :--- | | Hong Kong | 2,316 | 1,147 | | Mainland China | 3,219 | 1,379 | | Others | 134 | 131 | [Dividends Attributable to Shareholders](index=21&type=section&id=8.%20%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E8%82%A1%E6%81%AF) The Board declared a first interim dividend of HKD 0.20 per share for the half-year ended June 30, 2025, consistent with the prior year, totaling HKD 611 million First Interim Dividend Details | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividend Per Share | HKD 0.20 | HKD 0.20 | | Total Dividend | HKD 611 million | HKD 611 million | [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E8%A8%8A) [Corporate Governance Code](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code, except for the combined Chairman and CEO roles, which the Board believes enhances strategic efficiency and maintains a balance of power - The company deviated from Corporate Governance Code Rule C.2.1 regarding the separation of **Chairman and CEO roles**, which the Board considers more effective[68](index=68&type=chunk) [Interim Dividend Related Dates](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E7%9B%B8%E9%97%9C%E6%97%A5%E6%9C%9F) The announcement details the 2025 first interim dividend payment schedule, requiring share transfer documents by September 1, 2025, with the dividend payable on September 16 Key Dividend Payment Dates | Item | Date | | :--- | :--- | | Ex-dividend Date | August 29, 2025 | | Latest Time for Lodging Transfer Documents | September 1, 2025 | | Record Date | September 1, 2025 | | Payment Date | September 16, 2025 |